# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-004524
**Filing Date:** 2025-11
**Character Count:** 9224
**Document Hash:** 7fdadd51063c5db3b1a42a3598a1032b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004524.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002000324-25-004524

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 251527398

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113

## Series and Classes Contracts Data

### USCF Daily Target 2X Copper Index ETF (Series ID: S000089593)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000256205 | USCF Daily Target 2X Copper Index ETF | CPXR            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **USCF Daily Target 2X Copper Index ETF** | **USCF Daily Target 2X Copper Index ETF** | **USCF Daily Target 2X Copper Index ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 80.7%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 80.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(a)</sup> | 1798854 | $1798854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $1,798,854)** |  | 1798854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 80.7% (Cost $1,798,854)** |  | $1798854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 19.3% |  | 429845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $2228699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **USCF Daily Target 2X Copper Index ETF** | **USCF Daily Target 2X Copper Index ETF** | **USCF Daily Target 2X Copper Index ETF** | **USCF Daily Target 2X Copper Index ETF** | **USCF Daily Target 2X Copper Index ETF** |
| **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **FUTURES CONTRACTS - 11.4%** | **FUTURES CONTRACTS - 11.4%** | **FUTURES CONTRACTS - 11.4%** | **FUTURES CONTRACTS - 11.4%** | **FUTURES CONTRACTS - 11.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Contracts<br> Purchased** | **Expiration Date** | **Notional Value** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper<sup>(a)</sup> | 12 | 12/29/2025 | $1456950 | $83345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper<sup>(a)</sup> | 11 | 03/27/2026 | 1353000 | 75011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper<sup>(a)</sup> | 11 | 05/27/2026 | 1362350 | 90699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micro Copper<sup>(a)</sup> | 8 | 11/25/2025 | 97130 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micro Copper<sup>(a)</sup> | 14 | 02/25/2026 | 172200 | 2280 |
|  |  |  |  | 253595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized Appreciation (Depreciation)** |  |  |  | $253595 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the investment is a holding of the USCF Copper Cayman Subsidiary.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tidal Trust III

- **b. Investment Company Act file number:** 811-23312

- **c. CIK number of Registrant:** 0001722388

- **d. LEI of Registrant:** 254900O7GV43AAUCM784

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 234 West Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

**Item A.2. Information about the Series.**

- **a. Name of Series:** Uscf Daily Target 2x Copper Index ETF

- **b. EDGAR series identifier (if any):** S000089593

- **c. LEI of Series:** 254900K777E7918KGT32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2230693.19

**Total Liabilities:** $1995.50

**Net Assets:** $2228697.69

**Amount of Assets Invested in Other Investment Companies:** $426362.42

**Cash Not Reported:** $457454.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256205 | -32.77%              | 7.41%                | 12.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** United States Copper Index Fund ETV

- **Index Identifier:** CPER

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1798854 | NS      | $1798854.47   | 80.71%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | COPPER FUTURE     Dec25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        12 | NC      | $83345.11     | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | COPPER FUTURE     Mar26                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        11 | NC      | $75011.41     | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | COPPER FUTURE     May26                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        11 | NC      | $90698.61     | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | MICRO COPPER      Dec25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |         8 | NC      | $2259.79      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | MICRO COPPER      Mar26                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        17 | NC      | $4081.71      | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer