# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-004542
**Filing Date:** 2025-11
**Character Count:** 16351
**Document Hash:** 1834194fec21c0db61215c5b0ed5169c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004542.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002000324-25-004542

**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:** 251527526

**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

### MRP SynthEquity ETF (Series ID: S000090663)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000257943 | MRP SynthEquity ETF | SNTH            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **MRP SynthEquity ETF** | **MRP SynthEquity ETF** | **MRP SynthEquity ETF** | **MRP SynthEquity ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 15.7%<sup>(a)(b)(c)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 15.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 1/16/2026; Exercise Price: $5,300.00 | $668846 | 1 | $145595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 6/18/2026; Exercise Price: $7,400.00 | 48825758 | 73 | 752630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 6/18/2026; Exercise Price: $7,300.00 | 14045766 | 21 | 279405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 7/17/2026; Exercise Price: $7,600.00 | 60196140 | 90 | 679050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 8/21/2026; Exercise Price: $8,000.00 | 15383458 | 23 | 82455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 8/21/2026; Exercise Price: $6,800.00 | 201322646 | 301 | 13385470 |
|  |  |  | 15324605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Put Options - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 1/16/2026; Exercise Price: $7,400.00 | 668846 | 1 | 65355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $14,216,084)** |  |  | 15389960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. TREASURY SECURITIES - 83.1%** | **Interest<br> Rate** | **Maturity<br> Date** | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note/Bond | 4.13% | 06/15/2026 | $20209000 | 20257072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note/Bond | 4.63% | 03/15/2026 | 20388000 | 20457194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note/Bond | 4.00% | 12/15/2025 | 20260000 | 20262889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note/Bond | 4.63% | 09/15/2026 | 20294000 | 20466498 |
|  |  |  |  | 81443653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. TREASURY SECURITIES (Cost $81,398,416)** |  |  |  | 81443653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.2%** |  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> |  |  | 205949 | 205949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $205,949)** |  |  |  | 205949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 99.0% (Cost $95,820,449)** |  |  |  | $97039562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 1.0% |  |  |  | 1028998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  |  | $98068560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

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

---

| | | | |
|:---|:---|:---|:---|
| **MRP SynthEquity ETF** | **MRP SynthEquity ETF** | **MRP SynthEquity ETF** | **MRP SynthEquity ETF** |
| **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (1.1)%<sup>(a)(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (1.1)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 1/16/2026; Exercise Price: $7,400.00 | $(668846) | (1) | $(1235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 6/18/2026; Exercise Price: $7,600.00 | (48825758) | (73) | (438000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 6/18/2026; Exercise Price: $7,500.00 | (14045766) | (21) | (165690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 7/17/2026; Exercise Price: $7,800.00 | (60196140) | (90) | (397350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 8/21/2026; Exercise Price: $8,200.00 | (15383458) | (23) | (48875) |
|  |  |  | (1051150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Put Options - 0.0%<sup>(c)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 1/16/2026; Exercise Price: $5,300.00 | (668846) | (1) | (2495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $584,684)** |  |  | $(1053645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 100 shares per contract.

(b) Exchange-traded.

(c) Does not round to 0.1% or (0.1)%, as applicable.

## 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:** MRP SynthEquity ETF

- **b. EDGAR series identifier (if any):** S000090663

- **c. LEI of Series:** 254900QMDDEEQBC7Y131

**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:** $97362054.23

**Total Liabilities:** $1119711.25

**Net Assets:** $96242342.98

**Cash Not Reported:** $17026.46

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -1372.28 | **1-Year:** -3407.31 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000257943 | 2.53%                | 2.01%                | 4.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-18235.50                                 |
| Month 2  | $0.00                    | $41205.60                                  |
| Month 3  | $0.00                    | $24375.70                                  |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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        |    205949 | NS      | $205949.02    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                              | SPX US 01/16/26 C5300                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $145595.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 01/16/26 C7400                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-1235.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 01/16/26 P5300                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-2495.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 01/16/26 P7400                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $65355.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 06/18/26 C7300                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        21 | NC      | $279405.00    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 06/18/26 C7400                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        73 | NC      | $752630.00    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 06/18/26 C7500                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -21 | NC      | $-165690.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 06/18/26 C7600                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -73 | NC      | $-438000.00   | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 07/17/26 C7600                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        90 | NC      | $679050.00    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 07/17/26 C7800                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -90 | NC      | $-397350.00   | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 08/21/26 C6800                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       295 | NC      | $13118650.00  | 13.63%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 08/21/26 C8000                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        23 | NC      | $82455.00     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                              | SPX US 08/21/26 C8200                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -23 | NC      | $-48875.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond | United States Treasury Note/Bond           | CUSIP: 91282CGA3<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  20260000 | PA      | $20262888.67  | 21.05%            | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                  | United States Treasury Note/Bond           | CUSIP: 91282CGR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20388000 | PA      | $20457193.41  | 21.26%            | 2026-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                  | United States Treasury Note/Bond           | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20209000 | PA      | $20257072.36  | 21.05%            | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                  | United States Treasury Note/Bond           | CUSIP: 91282CHY0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20294000 | PA      | $20466498.19  | 21.27%            | 2026-09-15      | Fixed         | 4.62%                 | No            |                  2 | 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