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UNITED\nSTATES
SECURITIES AND EXCHANGE COMMISSION
\nWashington, D.C. 20549

FORM\nN-CSR

CERTIFIED\nSHAREHOLDER REPORT OF REGISTERED

MANAGEMENT\nINVESTMENT COMPANIES

Investment\nCompany Act file number (811-23312)

Tidal\nTrust III
(Exact name of\nregistrant as specified in charter)

234\nWest Florida Street, Suite 700

Milwaukee,\nWisconsin 53204
(Address\nof principal executive offices) (Zip code)

Eric\nW. Falkeis

Tidal\nTrust III
234\nWest Florida Street, Suite 700

Milwaukee,\nWisconsin 53204
(Name and\naddress of agent for service)

(844)\n986-7700

Registrant’s\ntelephone number, including area code

Date\nof fiscal year end: July 31

Date\nof reporting period: July 31, 2026

Item\n1. Reports to Stockholders.

VistaShares\nTarget 15 ACKtivist Distribution ETF Tailored\nShareholder Report

annual\nshareholder report July\n31, 2026

VistaShares\nTarget 15 ACKtivist Distribution ETF

Ticker:\nACKY\n(Listed on NYSE Arca, Inc.)

This\nannual shareholder report contains important information about the VistaShares\nTarget 15 ACKtivist Distribution ETF (the \"Fund\") for the period September\n8, 2025 (the Fund's \"inception\") to July 31, 2026. You can find\nadditional information about the Fund at www.vistashares.com. You can\nalso request this information by contacting us at (844) 875‑2288\nor by writing to VistaShares Target 15 ACKtivist Distribution ETF, c/o U.S.\nBank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What\nwere the Fund costs for the period?

(based\non a hypothetical $10,000 investment)

\n \n \n \n \n \n \n \n \n

\n Fund\n Name	\n Costs\n of a $10,000 investment	\n Costs\n paid as a percentage of a $10,000 investment*
\n VistaShares\n Target 15 ACKtivist Distribution ETF	\n $86	\n 0.96%

\n\n

Costs paid as a percentage of investment are annualized.

Cumulative\nPerformance

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Date	\n VistaShares Target 15 ACKtivist Distribution ETF - at NAV\n - $10,117	\n S&P 500® Total Return - $11,650
\n 9/8/2025	\n 10000	\n 10000
\n 9/30/2025	\n 10094	\n 10304
\n 10/31/2025	\n 10181	\n 10545
\n 11/30/2025	\n 10454	\n 10571
\n 12/31/2025	\n 10309	\n 10578
\n 1/31/2026	\n 10505	\n 10731
\n 2/28/2026	\n 10066	\n 10650
\n 3/31/2026	\n 9518	\n 10119
\n 4/30/2026	\n 10486	\n 11181
\n 5/31/2026	\n 10429	\n 11770
\n 6/30/2026	\n 9804	\n 11657
\n 7/31/2026	\n 10117	\n 11650

$\"line\"$

Annual\nPerformance

\n \n \n \n \n \n \n \n \n \n

\n	\n Since\n Inception \n (9/8/2025)
\n VistaShares\n Target 15 ACKtivist \n Distribution\n ETF - at NAV	\n 1.16%
\n S&P\n 500® Total Return	\n 16.50%

Since\n Inception

(9/8/2025)

VistaShares\n Target 15 ACKtivist

Distribution\n ETF - at NAV

1.16%

S&P\n 500® Total Return

16.50%

The\nFund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction\nof taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Visit\nwww.vistashares.com for more recent performance information.

How\ndid the Fund perform during the period ended July\n31, 2026?

The\nVistaShares Target 15™ ACKtivist Distribution ETF (“ACKY” or the “Fund”) commenced operations on September\n8, 2025. The discussion that follows covers the period from that date through July 31, 2026, which represents the Fund’s first fiscal\nperiod and is shorter than a full fiscal year. Over that period the Fund pursued its primary objective of current income while holding\na concentrated portfolio of equity securities constructed to reflect the publicly disclosed positions of a well known activist investment\nmanager. The Fund paid distributions monthly from the first full month of operations in a manner consistent with its stated annual income\ntarget of 15% of net asset value. Results reflected the concentrated nature of the underlying portfolio, premium income produced by the\nFund’s options strategy, and the effect of that strategy on participation in advancing markets. Because the portfolio holds a small\nnumber of positions at significant weights, individual holdings had a proportionally larger influence on results than would be the case\nin a broadly diversified fund.

VistaShares\nTarget 15 ACKtivist Distribution ETF Tailored\nShareholder Report

What\nfactors influenced the Fund's performance?

Concentration\nin a focused equity portfolio.\nThe Fund’s equity sleeve consists of a small number of positions held at substantial weights, spanning large capitalization technology\nand internet businesses, consumer facing franchises, real estate and alternative asset management. This structure means that Fund results\nwere shaped principally by developments at individual companies rather than by broad market movement. Several positions carried double\ndigit portfolio weights during the period, and changes in the market’s view of those specific businesses were the dominant influence\non the equity component of return. Concentration of this kind increases both the potential contribution and the potential detraction from\nany single holding.

Activist\ncatalysts and company specific developments. The\nreference portfolio is built around positions in which an activist manager has taken a public stake, and such positions frequently carry\nidentifiable catalysts, including operational restructuring, capital allocation changes, governance actions and corporate transactions.\nProgress or delay on those catalysts, rather than sector level trends, was a principal driver of individual position performance during\nthe period. Positions where operating improvement became evident generally contributed more consistently than those where the market awaited\nfurther evidence.

Income\ngeneration through the options strategy.\nPremium collected through the Fund’s options strategy was the principal source of distributions during the period. The concentrated,\nevent driven character of the underlying portfolio generally supported implied volatility levels above those of the broad market, which\nwas constructive for premium capture. That same characteristic required attentive management of strike selection, expiration and coverage\nlevels, since sharp single stock moves can both increase premium and limit upside participation. In periods when individual holdings advanced\nbeyond written strikes, participation in those advances was limited by the design of the strategy.

Portfolio\nconstruction, disclosure timing and distribution policy. The\nAdviser maintained the equity portfolio in accordance with a rules based methodology tied to publicly disclosed position data. Because\nsuch data is reported on a lagged basis, the portfolio reflects positions as of the most recent available reporting date rather than positions\nheld in real time, and this timing difference can affect results in periods when the underlying manager changes positioning. Periodic\nreconstitution and rebalancing were used to refresh exposures and to manage position level concentration. Distributions were paid monthly\nin accordance with the Fund’s income objective. To the extent distributions exceeded net investment income and net realized gains,\nthey constituted a return of capital, which reduces a shareholder’s cost basis. Shareholders should refer to the Financial Highlights\nand the notes to the financial statements for the character of distributions paid.

VistaShares\nTarget 15 ACKtivist Distribution ETF Tailored\nShareholder Report

Key\nFund Statistics

(as\nof July 31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund\n Size (Thousands)	\n $44,947
\n Number\n of Holdings	\n 43
\n Total\n Advisory Fee	\n $372,873
\n Portfolio\n Turnover Rate	\n 360%

What\ndid the Fund invest in?

(as\nof July 31, 2026)

Sector\nBreakdown

(%\nof Total Net Assets)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n sector	\n %
\n Consumer Discretionary	\n 0.112
\n Communications	\n 0.100
\n Financials	\n 0.096
\n Real Estate	\n 0.090
\n Purchased Call Options	\n 0.089
\n Technology	\n 0.001
\n Cash & Other	\n 0.512

$\"bar\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Top\n Ten Holdings	\n (%\n of Total Net Assets)
\n Restaurant\n Brands International, Inc.	\n 11.0%
\n Pershing\n Square USA Ltd.	\n 9.6%
\n Meta\n Platforms, Inc. - Class A	\n 9.4%
\n Howard\n Hughes Holdings, Inc.	\n 8.2%
\n Amazon.com,\n Inc., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $230.00	\n 2.6%
\n Microsoft\n Corp., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $390.00	\n 2.5%
\n Microsoft\n Corp., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $435.00	\n 1.1%
\n Uber\n Technologies, Inc., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $67.50	\n 1.0%
\n Seaport\n Entertainment Group, Inc.	\n 0.8%
\n Brookfield\n Corp., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $42.00	\n 0.7%

For\nadditional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.vistashares.com.

Householding

Householding\nis an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual\ninvestor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their\naccounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested\nin enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer.\nIf you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

VistaShares\nTarget 15 Berkshire Select Income ETF Tailored\nShareholder Report

annual\nshareholder report July\n31, 2026

VistaShares\nTarget 15 Berkshire Select Income ETF

Ticker:\nOMAH\n(Listed on NYSE Arca, Inc.)

This\nannual shareholder report contains important information about the VistaShares\nTarget 15 Berkshire Select Income ETF (the \"Fund\") for the period March\n1, 2026 to July 31, 2026. You can find additional information about\nthe Fund at www.vistashares.com. You can also request this information\nby contacting us at (844) 875‑2288 or by writing to VistaShares\nTarget 15 Berkshire Select Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What\nwere the Fund costs for the period?

(based\non a hypothetical $10,000 investment)

\n \n \n \n \n \n \n \n \n

\n Fund\n Name	\n Costs\n of a $10,000 investment	\n Costs\n paid as a percentage of a $10,000 investment*
\n VistaShares\n Target 15 Berkshire Select Income ETF	\n $42	\n 0.95%

\n\n

Costs paid as a percentage of investment are annualized.

Cumulative\nPerformance

\n Date	\n VistaShares Target 15 Berkshire Select Income ETF - at NAV\n - $11,638	\n S&P 500® Total Return - $13,187
\n 3/4/2025	\n 10000	\n 10000
\n 3/31/2025	\n 9973	\n 9723
\n 4/30/2025	\n 9760	\n 9657
\n 5/31/2025	\n 9902	\n 10265
\n 6/30/2025	\n 10120	\n 10787
\n 7/31/2025	\n 10110	\n 11029
\n 8/31/2025	\n 10530	\n 11253
\n 9/30/2025	\n 10488	\n 11664
\n 10/31/2025	\n 10435	\n 11937
\n 11/30/2025	\n 10664	\n 11966
\n 12/31/2025	\n 10608	\n 11973
\n 1/31/2026	\n 10521	\n 12147
\n 2/28/2026	\n 10666	\n 12055
\n 3/31/2026	\n 10617	\n 11454
\n 4/30/2026	\n 11104	\n 12656
\n 5/31/2026	\n 11243	\n 13322
\n 6/30/2026	\n 11270	\n 13196
\n 7/31/2026	\n 11638	\n 13187

$\"line\"$

Annual\nPerformance

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n 1\n Year	\n Since\n Inception \n (3/4/2025)
\n VistaShares\n Target 15 Berkshire \n Select\n Income ETF - at NAV	\n 8.91%	\n 11.38%
\n S&P\n 500® Total Return	\n 19.56%	\n 21.71%

1\n Year

Since\n Inception

(3/4/2025)

VistaShares\n Target 15 Berkshire

Select\n Income ETF - at NAV

8.91%

11.38%

S&P\n 500® Total Return

19.56%

21.71%

Visit\nwww.vistashares.com for more recent performance information.

How\ndid the Fund perform during the period ended July\n31, 2026?

During\nthe fiscal year ended July 31, 2026, the VistaShares Target 15™ Berkshire Select Income ETF (“OMAH” or the “Fund”)\npursued its primary objective of current income while maintaining equity exposure to a portfolio constructed to reflect the largest publicly\ndisclosed equity holdings of Berkshire Hathaway Inc., together with direct exposure to Berkshire Hathaway Class B shares. The Fund paid\ndistributions monthly throughout the period in a manner consistent with its stated annual income target of 15% of net asset value. The\nFund’s total return reflected three components working together: appreciation and depreciation within the underlying equity portfolio,\npremium income generated by the Fund’s options strategy, and the effect of that options strategy on participation in advancing markets.\nConsistent with the design of the strategy, upside participation was moderated in periods when individual holdings advanced sharply, while\noption premium supported the income stream and provided a partial cushion during weaker windows. The Fund’s market price generally\ntracked net asset value over the period, and the Fund maintained its monthly distribution schedule without interruption.

VistaShares\nTarget 15 Berkshire Select Income ETF Tailored\nShareholder Report

What\nfactors influenced the Fund's performance?

Composition\nof the underlying equity portfolio. The\nFund’s equity sleeve is concentrated in large capitalization U.S. businesses with established earnings power and long operating\nhistories, spanning financial services, consumer staples, energy, technology and health care services, alongside a direct position in\nBerkshire Hathaway itself. Results over the period were driven more by company level fundamentals within this comparatively narrow group\nthan by broad market direction. The portfolio’s orientation toward cash generative, valuation sensitive businesses meant that Fund\nreturns did not move in step with the more growth led segments of the market, and dispersion among the underlying positions was a meaningful\ninfluence on results.

Market\nenvironment and rate expectations.\nShifts\nin interest rate expectations, the trajectory of corporate earnings and changes in risk appetite influenced the broader equity market\nduring the fiscal year. Holdings weighted toward durable franchises with comparatively stable cash flows generally showed less sensitivity\nto sentiment driven rotations than the market as a whole. Energy and financial positions responded to commodity price movements and to\nthe shape of the yield curve, while consumer staples exposure contributed relative stability during more volatile stretches.

Income\ngeneration through the options strategy. The\nFund employs a data driven options strategy written against its equity positions and against Berkshire Hathaway Class B shares. Option\npremium collected across the fiscal year was the principal source of the Fund’s distributions. The premium available varied with\nimplied volatility, which in turn reflected both market wide conditions and single stock events among the underlying holdings. Periods\nof elevated volatility improved premium capture, while quieter periods called for more active management of strike selection and expiration\nin order to maintain the income profile. The strategy is calibrated to balance income generation against retained upside participation,\nand in months when underlying holdings advanced beyond written strikes that participation was limited by design.

Portfolio\nconstruction, rebalancing and distribution policy. The\nAdviser maintained the equity portfolio in accordance with its rules based methodology, with periodic reconstitution to reflect changes\nin the publicly disclosed holdings the portfolio is designed to track. Because those holdings are disclosed on a lagged basis, the portfolio\nreflects positions as of the most recent available reporting date rather than positions held in real time. Rebalancing was used to manage\nposition level concentration and to refresh exposures as the reference portfolio evolved. Distributions were paid monthly in accordance\nwith the Fund’s income objective. To the extent distributions exceeded net investment income and net realized gains, they constituted\na return of capital, which reduces a shareholder’s cost basis. Shareholders should refer to the Financial Highlights and the notes\nto the financial statements for the character of distributions paid.

VistaShares\nTarget 15 Berkshire Select Income ETF Tailored\nShareholder Report

Key\nFund Statistics

(as\nof July 31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund\n Size (Thousands)	\n $990,104
\n Number\n of Holdings	\n 76
\n Total\n Advisory Fee	\n $3,140,789
\n Portfolio\n Turnover Rate	\n 22%

What\ndid the Fund invest in?

(as\nof July 31, 2026)

Sector\nBreakdown

(%\nof Total Net Assets)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n sector	\n %
\n Financials	\n 0.383
\n Communications	\n 0.226
\n Consumer Staples	\n 0.131
\n Energy	\n 0.087
\n Technology	\n 0.068
\n Industrials	\n 0.053
\n Health Care	\n 0.052
\n Purchased Call Options	\n 0.006
\n Cash & Other	\n -0.006

$\"bar\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Top\n Ten Holdings	\n (%\n of Total \n Net\n Assets)
\n Berkshire\n Hathaway, Inc. - Class B	\n 10.1%
\n Apple,\n Inc.	\n 6.8%
\n American\n Express Co.	\n 5.7%
\n Delta\n Air Lines, Inc.	\n 5.3%
\n DaVita,\n Inc.	\n 5.2%
\n Bank\n of America Corp.	\n 4.9%
\n Sirius\n XM Holdings, Inc.	\n 4.7%
\n Chubb\n Ltd.	\n 4.7%
\n Coca-Cola\n Co.	\n 4.7%
\n Kraft\n Heinz Co.	\n 4.6%

For\nadditional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.vistashares.com.

Householding

VistaShares\nTarget 15 DRUKMacro Distribution ETF Tailored\nShareholder Report

annual\nshareholder report July\n31, 2026

VistaShares\nTarget 15 DRUKMacro Distribution ETF

Ticker:\nDRKY\n(Listed on NYSE Arca, Inc.)

This\nannual shareholder report contains important information about the VistaShares\nTarget 15 DRUKMacro Distribution ETF (the \"Fund\") for the period October\n7, 2025 (the Fund's \"inception\") to July 31, 2026. You can find\nadditional information about the Fund at www.vistashares.com. You can\nalso request this information by contacting us at (844) 875‑2288\nor by writing to VistaShares Target 15 DRUKMacro Distribution ETF, c/o U.S.\nBank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What\nwere the Fund costs for the period?

(based\non a hypothetical $10,000 investment)

\n \n \n \n \n \n \n \n \n

\n Fund\n Name	\n Costs\n of a $10,000 investment	\n Costs\n paid as a percentage of a $10,000 investment*
\n VistaShares\n Target 15 DRUKMacro Distribution ETF	\n $82	\n 0.95%

\n\n

Costs paid as a percentage of investment are annualized.

Cumulative\nPerformance

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Date	\n VistaShares Target 15 DRUKMacro Distribution ETF - at NAV\n - $11,175	\n S&P 500® Total Return - $11,259
\n 10/7/2025	\n 10000	\n 10000
\n 10/31/2025	\n 10519	\n 10192
\n 11/30/2025	\n 11259	\n 10217
\n 12/31/2025	\n 11223	\n 10223
\n 1/31/2026	\n 11283	\n 10371
\n 2/28/2026	\n 10762	\n 10292
\n 3/31/2026	\n 10394	\n 9780
\n 4/30/2026	\n 11153	\n 10806
\n 5/31/2026	\n 11205	\n 11375
\n 6/30/2026	\n 11586	\n 11267
\n 7/31/2026	\n 11175	\n 11259

$\"line\"$

Annual\nPerformance

\n \n \n \n \n \n \n \n \n \n

\n	\n Since\n Inception \n (10/7/2025)
\n VistaShares\n Target 15 DRUKMacro \n Distribution\n ETF - at NAV	\n 11.74%
\n S&P\n 500® Total Return	\n 12.59%

Since\n Inception

(10/7/2025)

VistaShares\n Target 15 DRUKMacro

Distribution\n ETF - at NAV

11.74%

S&P\n 500® Total Return

12.59%

Visit\nwww.vistashares.com for more recent performance information.

How\ndid the Fund perform during the period ended July\n31, 2026?

The\nVistaShares Target 15™ DRUKMacro Distribution ETF (“DRKY” or the “Fund”) commenced operations on October\n7, 2025. The discussion that follows covers the period from that date through July 31, 2026, which represents the Fund’s first fiscal\nperiod and is shorter than a full fiscal year. Over that period the Fund pursued its primary objective of current income while holding\na portfolio of equity securities constructed to reflect the publicly disclosed positions of a macro oriented family office. The Fund paid\ndistributions monthly from the first full month of operations in a manner consistent with its stated annual income target of 15% of net\nasset value. Results reflected the concentrated and thematically distinctive composition of the underlying portfolio, premium income produced\nby the Fund’s options strategy, and the effect of that strategy on participation in advancing markets. The portfolio’s substantial\nweighting in health care and semiconductors meant that Fund results were tied more closely to developments within those areas than to\nthe direction of the broad equity market.

VistaShares\nTarget 15 DRUKMacro Distribution ETF Tailored\nShareholder Report

What\nfactors influenced the Fund's performance?

Health\ncare and life sciences exposure.\nHealth care represented the largest sector weighting in the portfolio during the period, including significant positions in diagnostics\nand biopharmaceutical companies. Holdings in this area are driven by clinical, regulatory and adoption milestones rather than by general\neconomic conditions, and they carry higher security level volatility than the broad market. Progress on test volumes, reimbursement, trial\nresults and product launches was the dominant influence on this portion of the portfolio, and given the size of the weighting, movement\nin a small number of names had a pronounced effect on Fund results in both directions.

Semiconductor\nand global macro positioning. The\nportfolio also carried meaningful exposure to semiconductor manufacturers and to companies domiciled outside the United States, reflecting\nthe macro orientation of the reference portfolio. Semiconductor holdings responded to capacity utilization, pricing and demand associated\nwith artificial intelligence and industrial end markets. International positions introduced currency and country specific factors, including\nlocal policy and commodity price developments, that would not have influenced a portfolio limited to domestic large capitalization equities.

Income\ngeneration through the options strategy.\nPremium collected through the Fund’s options strategy was the principal source of distributions during the period. The elevated\nvolatility characteristic of the underlying holdings, particularly within health care and semiconductors, generally supported premium\nlevels above those available on lower volatility portfolios. That same volatility required careful management of strike selection, expiration\nand coverage, because sharp moves in a small number of large positions can meaningfully affect both premium capture and retained upside.\nIn periods when holdings advanced beyond written strikes, participation in those advances was limited by the design of the strategy.

Portfolio\nconstruction, disclosure timing and distribution policy. The\nAdviser maintained the equity portfolio in accordance with a rules based methodology tied to publicly disclosed position data. Because\nsuch data is reported on a lagged basis, the portfolio reflects positions as of the most recent available reporting date rather than positions\nheld in real time, and this timing difference can affect results in periods when the underlying manager changes positioning. Periodic\nreconstitution and rebalancing were used to refresh exposures and to manage the concentration that arises when individual positions appreciate\nmaterially. Distributions were paid monthly in accordance with the Fund’s income objective. To the extent distributions exceeded\nnet investment income and net realized gains, they constituted a return of capital, which reduces a shareholder’s cost basis. Shareholders\nshould refer to the Financial Highlights and the notes to the financial statements for the character of distributions paid.

VistaShares\nTarget 15 DRUKMacro Distribution ETF Tailored\nShareholder Report

Key\nFund Statistics

(as\nof July 31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund\n Size (Thousands)	\n $16,757
\n Number\n of Holdings	\n 81
\n Total\n Advisory Fee	\n $103,324
\n Portfolio\n Turnover Rate	\n 239%

What\ndid the Fund invest in?

(as\nof July 31, 2026)

Sector\nBreakdown

(%\nof Total Net Assets)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n sector	\n %
\n Health Care	\n 0.201
\n Technology	\n 0.136
\n Consumer Discretionary	\n 0.069
\n Consumer Staples	\n 0.047
\n Materials	\n 0.046
\n Purchased Call Options	\n 0.045
\n Communications	\n 0.045
\n Financials	\n 0.015
\n Industrials	\n 0.002
\n Purchased Put Options	\n 0.001
\n Energy	\n 0.000*
\n Cash & Other	\n 0.393

$\"bar\"$

\n\n

Does not round to 0.1

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Top\n Ten Holdings	\n (%\n of Total \n Net\n Assets)
\n Insmed,\n Inc.	\n 7.5%
\n Taiwan\n Semiconductor Manufacturing \n Co.\n Ltd., ADR	\n 7.1%
\n BBB\n Foods, Inc. - Class A	\n 4.7%
\n Roku,\n Inc. - Class A	\n 4.5%
\n Teva\n Pharmaceutical Industries Ltd., ADR	\n 4.0%
\n NewAmsterdam\n Pharma Co. N.V.	\n 3.6%
\n STMicroelectronics\n NV	\n 3.4%
\n Option\n Care Health, Inc.	\n 3.1%
\n Broadcom,\n Inc.	\n 3.0%
\n Coupang,\n Inc. - Class A	\n 2.7%

For\nadditional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.vistashares.com.

Householding

VistaShares\nTarget 15 USA Quality Income ETF Tailored\nShareholder Report

annual\nshareholder report July\n31, 2026

VistaShares\nTarget 15 USA Quality Income ETF

Ticker:\nQUSA\n(Listed on NYSE Arca, Inc.)

This\nannual shareholder report contains important information about the VistaShares\nTarget 15 USA Quality Income ETF (the \"Fund\") for the period March 1,\n2026 to July 31, 2026. You can find additional information about\nthe Fund at www.vistashares.com. You can also request this information\nby contacting us at (844) 875‑2288 or by writing to VistaShares\nTarget 15 USA Quality Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What\nwere the Fund costs for the period?

(based\non a hypothetical $10,000 investment)

\n \n \n \n \n \n \n \n \n

\n Fund\n Name	\n Costs\n of a $10,000 investment	\n Costs\n paid as a percentage of a $10,000 investment*
\n VistaShares\n Target 15 USA Quality Income ETF	\n $41	\n 0.95%

\n\n

Costs paid as a percentage of investment are annualized.

Cumulative\nPerformance

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Date	\n VistaShares Target 15 USA Quality Income ETF - at NAV -\n $10,790	\n S&P 500® Total Return - $13,457
\n 5/5/2025	\n 10000	\n 10000
\n 5/31/2025	\n 10308	\n 10475
\n 6/30/2025	\n 10319	\n 11008
\n 7/31/2025	\n 10392	\n 11255
\n 8/31/2025	\n 10437	\n 11483
\n 9/30/2025	\n 10414	\n 11903
\n 10/31/2025	\n 10072	\n 12181
\n 11/30/2025	\n 9950	\n 12211
\n 12/31/2025	\n 9997	\n 12219
\n 1/31/2026	\n 10172	\n 12396
\n 2/28/2026	\n 10316	\n 12302
\n 3/31/2026	\n 9857	\n 11689
\n 4/30/2026	\n 10561	\n 12915
\n 5/31/2026	\n 10958	\n 13595
\n 6/30/2026	\n 11141	\n 13466
\n 7/31/2026	\n 10790	\n 13457

$\"line\"$

Annual\nPerformance

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n 1\n Year	\n Since\n Inception \n (5/5/2025)
\n VistaShares\n Target 15 USA Quality \n Income\n ETF - at NAV	\n 4.56%	\n 6.34%
\n S&P\n 500® Total Return	\n 19.56%	\n 27.10%

1\n Year

Since\n Inception

(5/5/2025)

VistaShares\n Target 15 USA Quality

Income\n ETF - at NAV

4.56%

6.34%

S&P\n 500® Total Return

19.56%

27.10%

Visit\nwww.vistashares.com for more recent performance information.

How\ndid the Fund perform during the period ended July\n31, 2026?

During\nthe fiscal year ended July 31, 2026, the VistaShares Target 15™ USA Quality Income ETF (“QUSA” or the “Fund”)\npursued its primary objective of current income while holding a diversified portfolio of U.S. companies selected for quality characteristics,\ndefined principally by high profitability, low variability of earnings and conservative balance sheet leverage. The Fund paid distributions\nmonthly throughout the period in a manner consistent with its stated annual income target of 15% of net asset value. Results over the\nfiscal year reflected the interaction of three elements: total return within the underlying equity portfolio, premium income produced\nby the Fund’s options strategy, and the moderating effect of that strategy on participation in rising markets. The quality orientation\nof the equity portfolio proved supportive of the income objective, as companies with steadier earnings profiles generally exhibited more\npredictable option pricing behavior across the period. The Fund’s market price generally tracked net asset value, and the monthly\ndistribution schedule was maintained without interruption.

VistaShares\nTarget 15 USA Quality Income ETF Tailored\nShareholder Report

What\nfactors influenced the Fund's performance?

Quality\nscreening and its effect on portfolio behavior. The\nFund’s equity portfolio is constructed around measurable quality attributes rather than around sector themes or momentum. Companies\nthat clear those screens tend to carry higher returns on capital, less cyclical earnings and lower financial leverage than the broad market.\nOver the fiscal year this profile influenced returns in two ways. It reduced the Fund’s participation in the most speculative areas\nof the market, and it produced an underlying portfolio whose drawdowns were generally shallower than those of higher beta segments during\nperiods of market stress.

Sector\ncomposition and dispersion.\nPortfolio weights were concentrated in industrials, financials and consumer staples, with meaningful positions in large capitalization\ntechnology. Industrial holdings responded to capital spending trends and to order and backlog conditions across their end markets. Financial\nholdings were influenced by the shape of the yield curve and by credit conditions. Consumer staples positions contributed comparative\nstability. Dispersion among these groups, rather than broad market direction, accounted for much of the difference in contribution across\nthe portfolio.

Income\ngeneration through the options strategy.\nPremium collected through the Fund’s options strategy was the principal source of distributions during the fiscal year. Because\nthe Fund’s underlying holdings are screened for earnings stability, implied volatility across those names was generally lower than\nfor the broad market, which required disciplined management of strike selection, expiration and position level coverage in order to meet\nthe income objective. Elevated volatility around earnings events and macroeconomic releases improved premium capture during those windows.\nIn months when holdings advanced beyond written strikes, upside participation was limited by the design of the strategy.

Portfolio\nconstruction, rebalancing and distribution policy. The\nAdviser maintained a diversified, rules based portfolio spanning approximately ninety positions, which limited single name concentration\nand reduced the influence of any individual holding on Fund results. Periodic rebalancing was used to restore target weights, to reflect\nchanges in the quality screens as company fundamentals evolved, and to keep the portfolio aligned with the Fund’s investment objective.\nDistributions were paid monthly in accordance with the Fund’s income objective. To the extent distributions exceeded net investment\nincome and net realized gains, they constituted a return of capital, which reduces a shareholder’s cost basis. Shareholders should\nrefer to the Financial Highlights and the notes to the financial statements for the character of distributions paid.

VistaShares\nTarget 15 USA Quality Income ETF Tailored\nShareholder Report

Key\nFund Statistics

(as\nof July 31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund\n Size (Thousands)	\n $21,448
\n Number\n of Holdings	\n 88
\n Total\n Advisory Fee	\n $74,132
\n Portfolio\n Turnover Rate	\n 4%

What\ndid the Fund invest in?

(as\nof July 31, 2026)

Sector\nBreakdown

(%\nof Total Net Assets)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n sector	\n %
\n Technology	\n 0.363
\n Consumer Staples	\n 0.171
\n Financials	\n 0.143
\n Communications	\n 0.115
\n Health Care	\n 0.107
\n Industrials	\n 0.1
\n Purchased Call Options	\n 0.008
\n Cash & Other	\n -0.007

$\"bar\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Top\n Ten Holdings	\n (%\n of Total \n Net\n Assets)
\n Microsoft\n Corp.	\n 5.7%
\n Apple,\n Inc.	\n 5.5%
\n Berkshire\n Hathaway, Inc. - Class B	\n 5.4%
\n NVIDIA\n Corp.	\n 5.2%
\n Broadcom,\n Inc.	\n 5.1%
\n Caterpillar,\n Inc.	\n 4.9%
\n Costco\n Wholesale Corp.	\n 4.7%
\n Walmart,\n Inc.	\n 4.3%
\n Coca-Cola\n Co.	\n 4.3%
\n Eli\n Lilly & Co.	\n 4.2%

For\nadditional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.vistashares.com.

Householding

Item\n2. Code of Ethics.

The\nregistrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer.\nThe registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant\nhas not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A\ncopy of the registrant’s Code of Ethics is filed herewith.

Item\n3. Audit Committee Financial Expert.

The\nregistrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on\nits audit committee. Ms. Monica Byrd is the “audit committee financial expert” and is considered to be “independent”\nas each term is defined in Item 3 of Form N-CSR.

Item\n4. Principal Accountant Fees and Services.

The\nregistrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during\nthe past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements\nor services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal\nyear. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably\nrelated to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant\nfor tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The\nfollowing table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related\nfees, tax fees and other fees by the principal accountant.

VistaShares\nTarget 15 ACKtivist Distribution ETF

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	FYE 7/31/2026	FYE 7/31/2025
(a) Audit Fees	$11,300	N/A
(b) Audit-Related Fees	N/A	N/A
(c) Tax Fees	$3,000	N/A
(d) All Other Fees	N/A	N/A

VistaShares\nTarget 15 DRUKMacro Distribution ETF

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	FYE 7/31/2026	FYE 7/31/2025
(a) Audit Fees	$11,300	N/A
(b) Audit-Related Fees	N/A	N/A
(c) Tax Fees	$3,000	N/A
(d) All Other Fees	N/A	N/A

VistaShares\nTarget 15 Berkshire Select Income ETF

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	FYE 7/31/2026*	FYE 2/28/2026
(a) Audit Fees	$5,000	$11,000
(b) Audit-Related Fees	N/A	N/A
(c) Tax Fees	$2,500	$3,000
(d) All Other Fees	N/A	N/A

VistaShares\nTarget 15 USA Quality Income ETF

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	FYE 7/31/2026*	FYE 2/28/2026
(a) Audit Fees	$5,000	$11,000
(b) Audit-Related Fees	N/A	N/A
(c) Tax Fees	$2,500	$3,000
(d) All Other Fees	N/A	N/A

*\nEffective as of the close of business on March 19, 2026, the VistaShares Target 15 Berkshire Select Income ETF and the VistaShares Target\n15 USA Quality Income ETF changed their fiscal year end from February 28 to July 31. Amounts shown for FYE 7/31/2026 for these Funds relate\nto the fiscal period March 1, 2026 through July 31, 2026.

(e)(1)\nThe audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and\nnon-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2)\nThe percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement\nwere as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	FYE 7/31/2026	Prior\n Fiscal Year**
Audit-Related\n Fees	\n 0%	\n 0%
Tax\n Fees	\n 0%	\n 0%
All\n Other Fees	\n 0%	\n 0%

(f)\nAll of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed\nby full-time permanent employees of the principal accountant.

(g)\nThe following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to\nthe registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the\nlast two years.

\n \n \n \n \n \n \n \n \n \n \n \n \n

Non-Audit\n Related Fees	FYE 7/31/2026	Prior\n Fiscal Year**
Registrant	$11,000	$6,000
Registrant’s\n Investment Adviser	N/A	N/A

**\nFor the VistaShares Target 15 Berkshire Select Income ETF and the VistaShares Target 15 USA Quality Income ETF, the prior fiscal year\nended February 28, 2026. The VistaShares Target 15 ACKtivist Distribution ETF and the VistaShares Target 15 DRUKMacro Distribution ETF\ncommenced operations during the fiscal period ended July 31, 2026 and had no prior fiscal year.

(h)\nThe audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to\nthe registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded\nthat the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i)\nThe registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered\npublic accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board\nis unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j)\nThe registrant is not a foreign issuer.

Item\n5. Audit Committee of Listed Registrants.

(a)\nThe registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated\nstanding audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as\nfollows: Monica Byrd, Lawrence Jules, Ethan Powell and Pamela Cryton.

(b)\nNot applicable

Item\n6. Investments.

\n \n \n \n

(a)

Schedule\n of Investments is included within the financial statements filed under Item 7 of this Form.

\n \n \n \n

(b)

Not\n applicable.

Item\n7. Financial Statements and Financial Highlights for Open-End Investment Companies.

\n \n \n \n

(a)

$\"\"$

Financial\nStatements

July\n31, 2026

Tidal\nTrust III

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

VistaShares Target 15 ACKtivist\n Distribution ETF	\| ACKY	\| NYSE Arca, Inc.
VistaShares Target 15 DRUKMacro\n Distribution ETF	\| DRKY	\| NYSE Arca, Inc.
VistaShares Target 15 Berkshire\n Select Income ETF	\| OMAH	\| NYSE Arca, Inc.
VistaShares Target 15 USA\n Quality Income ETF	\| QUSA	\| NYSE Arca, Inc.

VistaShares\nETFs

Table\nof Contents

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedules\n of Investments	1
Statements\n of Assets and Liabilities	15
Statements\n of Operations	16
Statements\n of Changes in Net Assets	17
Financial\n Highlights	19
Notes\n to Financial Statements	20
Report\n of Independent Registered Public Accounting Firm	37
Other\n Non-Audited Information	39

VistaShares\nTarget 15 ACKtivist Distribution ETF

Schedule\nof Investments

July\n31, 2026

COMMON STOCKS - 30.3%	Shares		Value
Consumer Discretionary Services - 11.0%
Restaurant\n Brands International, Inc.^(a)		66,597		$	4,929,510

Financial\n Services - 0.0%^(b)
Brookfield\n Corp. - Class A^(a)		64			2,722

Media - 10.0%
Alphabet, Inc.\n - Class A^(a)		74			26,354
Alphabet, Inc.\n - Class C^(a)		730			260,354
Meta\n Platforms, Inc. - Class A^(a)		7,611			4,237,120
					4,523,828

Real Estate - 9.0%
Howard Hughes\n Holdings, Inc.^(a)(c)		57,847			3,697,580
Seaport\n Entertainment Group, Inc.^(a)(c)		14,029			367,981
					4,065,561

Retail & Wholesale - Discretionary - 0.2%
Amazon.com, Inc.^(a)(c)		31			8,419
Hertz\n Global Holdings, Inc.^(a)(c)		42,307			67,056
					75,475

Software & Tech Services - 0.1%
Microsoft Corp.		65			30,207

TOTAL COMMON STOCKS (Cost $15,037,312)					13,627,303

INVESTMENT COMPANIES - 9.6%			Shares		Value
Pershing\n Square USA Ltd.^(c)				114,623		4,298,362

TOTAL INVESTMENT COMPANIES (Cost $4,846,183)						4,298,362

PURCHASED\n OPTIONS - 8.9%^(c)(d)(e)(f)		Notional\n Amount		Contracts		Value
Call Options - 8.9%
Alphabet, Inc. - Class C, Expiration: 8/21/2026; Exercise Price: $380.00	$	249,655		7		2,398
Amazon.com, Inc., Expiration: 8/21/2026; Exercise Price: $275.00		7,414,134		273		192,465
Amazon.com, Inc., Expiration: 8/21/2026; Exercise Price: $230.00		7,414,134		273		1,154,108
Brookfield Corp., Expiration: 8/21/2026; Exercise Price: $48.00		6,685,716		1,572		31,440
Brookfield Corp., Expiration: 8/21/2026; Exercise Price: $44.00		127,590		30		1,725
Brookfield Corp., Expiration: 8/21/2026; Exercise Price: $42.00		6,813,306		1,602		324,405
Howard Hughes Holdings, Inc., Expiration: 8/21/2026; Exercise Price: $80.00		3,656,224		572		8,580
Meta Platforms, Inc., Expiration: 8/21/2026; Exercise Price: $575.00		4,175,325		75		104,250
Meta Platforms, Inc., Expiration: 8/21/2026; Exercise Price: $570.00		55,671		1		1,570
Microsoft Corp., Expiration: 8/21/2026; Exercise Price: $490.00		46,472		1		447
Microsoft Corp., Expiration: 8/21/2026; Exercise Price: $435.00		6,784,912		146		508,445
Microsoft Corp., Expiration: 8/21/2026; Exercise Price: $390.00		6,831,384		147		1,123,448
Restaurant Brands International, Inc., Expiration: 8/21/2026; Exercise Price: $80.00		4,922,330		665		43,225
Uber Technologies, Inc., Expiration: 8/21/2026; Exercise Price: $77.50		6,114,284		869		82,555
Uber Technologies, Inc., Expiration: 8/21/2026; Exercise Price: $67.50		6,114,284		869		427,982
Total Call Options						4,007,043

TOTAL PURCHASED OPTIONS (Cost $2,010,295)						4,007,043

The\naccompanying notes are an integral part of these financial statements.

SHORT-TERM\n INVESTMENTS - 53.5%
Money Market Funds - 53.5%	Shares		Value
First\n American Government Obligations Fund - Class X, 3.58%^(g)(h)	24,045,756	$	24,045,756

TOTAL SHORT-TERM INVESTMENTS (Cost $24,045,756)			24,045,756

TOTAL INVESTMENTS - 102.3% (Cost $45,939,546)		$	45,978,464
Liabilities in Excess of Other Assets - (2.3)%			(1,031,870	)
TOTAL NET ASSETS - 100.0%		$	44,946,594

Percentages\nare stated as a percent of net assets.

\n \n \n \n \n

(a)

All or a portion of this security\n has been pledged as collateral for written options. As of July 31, 2026, the total value of securities pledged as collateral is $12,067,396.

\n \n \n \n

(b)

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

\n \n \n \n

(c)

Non-income producing security.

\n \n \n \n

(d)

Exchange-traded.

\n \n \n \n

(e)

100 shares per contract.

\n \n \n \n

(f)

Held in connection with written\n option contracts. See Schedule of Written Options Contracts for further information.

\n \n \n \n

(g)

The rate shown represents the 7-day\n annualized effective yield as of July 31, 2026.

(h) \nFair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial\nstatements, is available from the SEC’s EDGAR database at www.sec.gov.

The\naccompanying notes are an integral part of these financial statements.

VistaShares\nTarget 15 ACKtivist Distribution ETF

Schedule\nof Written Options Contracts

July\n31, 2026

	Notional
WRITTEN\n OPTIONS - (4.1)%^(a)(b)	Amount			Contracts		Value
Call Options - (3.4)%
Alphabet, Inc. - Class C, Expiration: 8/21/2026; Exercise Price: $365.00	$	(249,655	)		(7	)	$	(5,267	)
Amazon.com, Inc., Expiration: 8/21/2026; Exercise Price: $265.00		(7,414,134	)		(273	)		(337,838	)
Brookfield Corp., Expiration: 8/21/2026; Exercise Price: $46.00		(6,685,716	)		(1,572	)		(58,950	)
Brookfield Corp., Expiration: 8/21/2026; Exercise Price: $43.00		(127,590	)		(30	)		(2,850	)
Howard Hughes Holdings, Inc., Expiration: 8/21/2026; Exercise Price: $75.00		(3,656,224	)		(572	)		(5,720	)
Howard Hughes Holdings, Inc., Expiration: 8/21/2026; Exercise Price: $70.00		(38,352	)		(6	)		(210	)
Meta Platforms, Inc., Expiration: 8/21/2026; Exercise Price: $565.00		(4,175,325	)		(75	)		(132,750	)
Meta Platforms, Inc., Expiration: 8/21/2026; Exercise Price: $550.00		(55,671	)		(1	)		(2,457	)
Microsoft Corp., Expiration: 8/21/2026; Exercise Price: $470.00		(46,472	)		(1	)		(1,113	)
Microsoft Corp., Expiration: 8/21/2026; Exercise Price: $415.00		(6,784,912	)		(146	)		(770,515	)
Restaurant Brands International, Inc., Expiration: 8/21/2026; Exercise Price: $77.50		(4,922,330	)		(665	)		(66,500	)
Uber Technologies, Inc., Expiration: 8/21/2026; Exercise Price: $75.00		(6,114,284	)		(869	)		(133,826	)
Total Call Options								(1,517,996	)

Put Options - (0.7)%
Amazon.com, Inc., Expiration: 8/21/2026; Exercise Price: $230.01		(7,414,134	)		(273	)		(11,466	)
Brookfield Corp., Expiration: 8/21/2026; Exercise Price: $42.01		(6,813,306	)		(1,602	)		(151,549	)
Microsoft Corp., Expiration: 8/21/2026; Exercise Price: $390.01		(6,831,384	)		(147	)		(11,282	)
Uber Technologies, Inc., Expiration: 8/21/2026; Exercise Price: $67.51		(6,114,284	)		(869	)		(160,757	)
Total Put Options								(335,054	)

TOTAL WRITTEN OPTIONS (Premiums received $2,299,100)							$	(1,853,050	)

Percentages are stated as a percent of net assets.

\n \n \n \n \n \n \n

(a)	Exchange-traded.
(b)	100 shares per contract.

The\naccompanying notes are an integral part of these financial statements.

VistaShares\nTarget 15 DRUKMacro Distribution ETF

Schedule\nof Investments

July\n31, 2026

COMMON STOCKS - 56.1%	Shares		Value
Consumer Discretionary Services - 1.8%
Restaurant\n Brands International, Inc.^(a)		3,976		$	294,304

Financial Services - 1.5%
Figure\n Technology Solutions, Inc. - Class A^(b)		10,377			258,491

Health Care - 20.1%
Caris Life Sciences,\n Inc.^(b)		19,900			311,833
Insmed, Inc.^(a)(b)		12,744			1,256,558
Natera, Inc.^(a)(b)		73			19,547
NewAmsterdam\n Pharma Co. N.V.^(a)(b)		21,490			597,207
Option Care Health,\n Inc.^(b)		22,568			519,741
Teva\n Pharmaceutical Industries Ltd., ADR^(a)(b)		19,026			666,100
					3,370,986

Industrial Products - 0.2%
Woodward,\n Inc.^(a)		96			34,632


Materials - 4.6%
Alcoa Corp.^(a)		9,795			443,322
CRH PLC		3,509			333,390
					776,712
Media - 4.5%
Roku,\n Inc. - Class A^(b)		5,165			748,977

Oil\n & Gas - 0.0%^(c)
YPF\n SA - Class D, ADR^(a)(b)		134			7,040


Retail & Wholesale - Discretionary - 5.1%
Amazon.com, Inc.^(a)(b)		1,446			392,705
Coupang, Inc.\n - Class A^(a)(b)		27,834			455,086
Sea\n Ltd. - Class A, ADR^(a)(b)		84			8,966
					856,757
Retail & Wholesale - Staples - 4.7%
BBB\n Foods, Inc. - Class A^(a)(b)		18,857			779,360

Tech Hardware & Semiconductors - 13.6%
Broadcom, Inc.^(a)		1,299			505,674
STMicroelectronics NV		10,836			567,698
Taiwan\n Semiconductor Manufacturing Co. Ltd., ADR^(a)		2,963			1,197,793
					2,271,165

TOTAL COMMON STOCKS (Cost $10,209,361)					9,398,424

The\naccompanying notes are an integral part of these financial statements.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

PURCHASED\n OPTIONS - 4.6%^(b)(d)(e)(f)	Notional Amount		Contracts		Value
Call Options - 4.5%
Alcoa Corp., Expiration: 8/21/2026; Exercise Price: $55.00	$	429,970		95		$	1,615
Alcoa Corp., Expiration: 8/21/2026; Exercise Price: $49.50		9,052		2			176
Amazon.com, Inc., Expiration: 8/21/2026; Exercise Price: $275.00		380,212		14			9,870
BBB Foods, Inc., Expiration: 8/21/2026; Exercise Price: $50.00		777,004		188			2,350
Broadcom, Inc., Expiration: 8/21/2026; Exercise Price: $410.00		467,136		12			11,670
Caris Life Sciences, Inc., Expiration: 8/21/2026; Exercise Price: $22.50		302,431		193			10,132
Coupang, Inc., Expiration: 8/21/2026; Exercise Price: $19.00		454,530		278			8,201
CRH PLC, Expiration: 8/21/2026; Exercise Price: $110.00		323,034		34			1,870
CRH PLC, Expiration: 8/21/2026; Exercise Price: $102.00		9,501		1			98
Figure Technology Solutions, Inc., Expiration: 8/21/2026; Exercise Price: $37.50		249,100		100			2,500
Figure Technology Solutions, Inc., Expiration: 8/21/2026; Exercise Price: $30.00		7,473		3			255
Insmed, Inc., Expiration: 8/21/2026; Exercise Price: $125.00		1,212,780		123			8,918
Insmed, Inc., Expiration: 8/21/2026; Exercise Price: $115.00		39,440		4			900
Natera, Inc., Expiration: 8/21/2026; Exercise Price: $320.00		4,525,144		169			44,362
Natera, Inc., Expiration: 8/21/2026; Exercise Price: $290.00		133,880		5			4,075
Natera, Inc., Expiration: 8/21/2026; Exercise Price: $260.00		4,659,024		174			363,660
NewAmsterdam Pharma Co. N.V., Expiration: 8/21/2026; Exercise Price: $45.00		578,032		208			27,040
NewAmsterdam Pharma Co. N.V., Expiration: 8/21/2026; Exercise Price: $35.00		16,674		6			960
Option Care Health, Inc., Expiration: 8/21/2026; Exercise Price: $27.50		518,175		225			5,625
Restaurant Brands International, Inc., Expiration: 8/21/2026; Exercise Price: $82.50		288,678		39			1,268
Roku, Inc., Expiration: 8/21/2026; Exercise Price: $150.00		739,551		51			6,120
Sea Ltd., Expiration: 8/21/2026; Exercise Price: $120.00		885,942		83			26,975
Sea Ltd., Expiration: 8/21/2026; Exercise Price: $104.00		885,942		83			75,115
STMicroelectronics NV, Expiration: 8/21/2026; Exercise Price: $56.00		565,812		108			24,570
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/21/2026; Exercise Price: $460.00		1,172,325		29			8,729
Teva Pharmaceutical Industries Ltd., Expiration: 8/21/2026; Exercise Price: $36.00		665,190		190			15,105
Woodward, Inc., Expiration: 8/21/2026; Exercise Price: $440.00		685,425		19			2,375
Woodward, Inc., Expiration: 8/21/2026; Exercise Price: $410.00		685,425		19			3,087
YPF SA, Expiration: 8/21/2026; Exercise Price: $50.00		1,134,864		216			78,840
Total Call Options							746,461

Put Options - 0.1%
YPF SA, Expiration: 8/21/2026; Exercise Price: $47.00		1,140,118		217			14,647

TOTAL PURCHASED OPTIONS (Cost $1,063,231)							761,108

The\naccompanying notes are an integral part of these financial statements.

SHORT-TERM INVESTMENTS -\n 38.7%
Money Market Funds - 38.7%	Shares		Value
First\n American Government Obligations Fund - Class X, 3.58%^(g)(h)		6,493,117		$	6,493,117

TOTAL SHORT-TERM INVESTMENTS (Cost $6,493,117)					6,493,117

TOTAL INVESTMENTS - 99.4% (Cost $17,765,709)				$	16,652,649
Other Assets in Excess of Liabilities - 0.6%					104,105
TOTAL NET ASSETS - 100.0%				$	16,756,754

Percentages are stated as a percent of net assets.

\n \n \n \n \n \n \n \n \n \n \n \n \n

ADR	American Depositary Receipt
PLC	Public Limited Company

\n \n \n \n \n

(a)

All or a portion of this security\n has been pledged as collateral for written options. As of July 31, 2026, the total value of securities pledged as collateral is $3,383,373.

\n \n \n \n

(b)

Non-income producing security.

\n \n \n \n

(c)

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

\n \n \n \n

(d)

Exchange-traded.

\n \n \n \n

(e)

100 shares per contract.

\n \n \n \n

(f)

Held in connection with written\n option contracts. See Schedule of Written Options Contracts for further information.

\n \n \n \n

(g)

The rate shown represents the 7-day\n annualized effective yield as of July 31, 2026.

\n \n \n \n

(h)

Fair value of this security exceeds\n 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the\n SEC’s EDGAR database at www.sec.gov.

The\naccompanying notes are an integral part of these financial statements.

VistaShares\nTarget 15 DRUKMacro Distribution ETF

Schedule\nof Written Options Contracts

July\n31, 2026

WRITTEN\n OPTIONS - (4.8)%^(a)(b)	Notional Amount			Contracts		Value
Call Options - (2.3)%
Alcoa Corp., Expiration: 8/21/2026; Exercise Price: $50.00	$	(429,970	)		(95	)	$	(6,745	)
Alcoa Corp., Expiration: 8/21/2026; Exercise Price: $47.00		(9,052	)		(2	)		(303	)
Amazon.com, Inc., Expiration: 8/21/2026; Exercise Price: $260.00		(380,212	)		(14	)		(21,945	)
BBB Foods, Inc., Expiration: 8/21/2026; Exercise Price: $45.00		(777,004	)		(188	)		(14,100	)
Broadcom, Inc., Expiration: 8/21/2026; Exercise Price: $390.00		(467,136	)		(12	)		(21,510	)
Caris Life Sciences, Inc., Expiration: 8/21/2026; Exercise Price: $20.00		(311,833	)		(199	)		(3,482	)
Coupang, Inc., Expiration: 8/21/2026; Exercise Price: $18.00		(454,530	)		(278	)		(14,734	)
CRH PLC, Expiration: 8/21/2026; Exercise Price: $105.00		(323,034	)		(34	)		(3,315	)
CRH PLC, Expiration: 8/21/2026; Exercise Price: $98.00		(9,501	)		(1	)		(210	)
Figure Technology Solutions, Inc., Expiration: 8/21/2026; Exercise Price: $35.00		(249,100	)		(100	)		(2,750	)
Figure Technology Solutions, Inc., Expiration: 8/21/2026; Exercise Price: $28.50		(7,473	)		(3	)		(390	)
Insmed, Inc., Expiration: 8/21/2026; Exercise Price: $120.00		(1,212,780	)		(123	)		(17,220	)
Insmed, Inc., Expiration: 8/21/2026; Exercise Price: $110.00		(39,440	)		(4	)		(1,320	)
Natera, Inc., Expiration: 8/21/2026; Exercise Price: $300.00		(4,525,144	)		(169	)		(96,330	)
Natera, Inc., Expiration: 8/21/2026; Exercise Price: $280.00		(133,880	)		(5	)		(5,725	)
NewAmsterdam Pharma Co. N.V., Expiration: 8/21/2026; Exercise Price: $40.00		(578,032	)		(208	)		(33,280	)
NewAmsterdam Pharma Co. N.V., Expiration: 8/21/2026; Exercise Price: $30.00		(16,674	)		(6	)		(1,410	)
Option Care Health, Inc., Expiration: 8/21/2026; Exercise Price: $25.00		(518,175	)		(225	)		(3,937	)
Restaurant Brands International, Inc., Expiration: 8/21/2026; Exercise Price: $77.50		(288,678	)		(39	)		(3,900	)
Roku, Inc., Expiration: 8/21/2026; Exercise Price: $145.00		(739,551	)		(51	)		(16,703	)
Sea Ltd., Expiration: 8/21/2026; Exercise Price: $115.00		(885,942	)		(83	)		(41,915	)
STMicroelectronics NV, Expiration: 8/21/2026; Exercise Price: $55.00		(565,812	)		(108	)		(28,350	)
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/21/2026; Exercise Price: $440.00		(1,172,325	)		(29	)		(18,342	)
Teva Pharmaceutical Industries Ltd., Expiration: 8/21/2026; Exercise Price: $34.00		(665,190	)		(190	)		(35,910	)
Woodward, Inc., Expiration: 8/21/2026; Exercise Price: $420.00		(685,425	)		(19	)		(2,803	)
Total Call Options								(396,629	)

Put Options - (2.5)%
Natera, Inc., Expiration: 8/21/2026; Exercise Price: $260.01		(4,659,024	)		(174	)		(218,488	)
Sea Ltd., Expiration: 8/21/2026; Exercise Price: $104.01		(885,942	)		(83	)		(51,650	)
Woodward, Inc., Expiration: 8/21/2026; Exercise Price: $410.01		(685,425	)		(19	)		(95,598	)
YPF SA, Expiration: 8/21/2026; Exercise Price: $50.01		(1,134,864	)		(216	)		(25,929	)
YPF SA, Expiration: 8/21/2026; Exercise Price: $49.00		(1,140,118	)		(217	)		(22,243	)
Total Put Options								(413,908	)
TOTAL WRITTEN OPTIONS (Premiums received $1,260,004)							$	(810,537	)

Percentages\nare stated as a percent of net assets.

\n \n \n \n

(a)

Exchange-traded.

\n \n \n \n

(b)

100 shares per contract.

The\naccompanying notes are an integral part of these financial statements.

VistaShares\nTarget 15 Berkshire Select Income ETF

Schedule\nof Investments

July\n31, 2026

COMMON STOCKS - 100.0%	Shares		Value
Banking - 4.9%
Bank\n of America Corp.^(a)		773,785		$	47,935,981

Consumer Staple Products - 9.3%
Coca-Cola Co.^(a)		529,133			46,346,759
Kraft\n Heinz Co.^(a)		1,761,346			45,530,794
					91,877,553

Financial Services - 18.6%
Ally Financial, Inc.		876,366			37,972,939
American Express\n Co.^(a)		167,125			56,195,781
Capital One Financial\n Corp.^(a)		213,035			44,526,445
Moody's\n Corp.^(a)		95,151			45,518,336
					184,213,501

Health Care - 5.2%
DaVita,\n Inc.^(a)(b)		214,452			51,487,781

Industrial Services - 5.3%
Delta Air Lines, Inc.		595,486			52,069,296

Insurance - 14.8%
Berkshire Hathaway,\n Inc. - Class B^(a)(b)		196,105			100,315,551
Chubb\n Ltd.^(a)		132,657			46,520,157
					146,835,708

Media - 22.6%
Alphabet, Inc. - Class A		104,814			37,327,410
Alphabet, Inc. - Class C		98,508			35,132,878
Liberty Live\n Holdings, Inc. - Class C^(b)		290,504			28,643,694
New York Times Co. - Class A		454,141			34,010,619
Sirius XM Holdings,\n Inc.^(a)		1,573,080			46,594,630
VeriSign,\n Inc.^(a)		145,428			42,177,029
					223,886,260

Oil & Gas - 8.7%
Chevron Corp.^(a)		226,521			44,586,128
Occidental\n Petroleum Corp.^(a)		728,139			41,554,893
					86,141,021

Retail & Wholesale - Staples - 3.8%
Kroger\n Co.^(a)		655,307			37,837,426

Tech Hardware & Semiconductors - 6.8%
Apple,\n Inc.^(a)		218,710			67,561,707

TOTAL COMMON STOCKS (Cost $880,292,142)					989,846,234

The\naccompanying notes are an integral part of these financial statements.

PURCHASED\n OPTIONS - 0.6%^(b)(c)(d)(e)	Notional Amount		Contracts		Value
Call Options - 0.6%
Ally Financial, Inc., Expiration: 8/21/2026; Exercise Price: $50.00	$	37,242,135		8,595		$	42,975
Ally Financial, Inc., Expiration: 8/21/2026; Exercise Price: $48.00		727,944		168			1,680
Alphabet, Inc. - Class A, Expiration: 8/7/2026; Exercise Price: $365.00		37,322,424		1,048			332,740
Alphabet, Inc. - Class C, Expiration: 8/7/2026; Exercise Price: $365.00		35,130,025		985			320,125
American Express Co., Expiration: 8/7/2026; Exercise Price: $347.50		56,187,375		1,671			169,607
Apple, Inc., Expiration: 8/7/2026; Exercise Price: $312.50		67,558,617		2,187			869,333
Bank of America Corp., Expiration: 8/7/2026; Exercise Price: $65.00		47,930,715		7,737			27,080
Berkshire Hathaway, Inc., Expiration: 8/7/2026; Exercise Price: $520.00		100,312,994		1,961			325,526
Capital One Financial Corp., Expiration: 8/7/2026; Exercise Price: $217.50		44,519,130		2,130			170,400
Chevron Corp., Expiration: 8/7/2026; Exercise Price: $202.50		44,581,995		2,265			263,872
Chubb Ltd., Expiration: 8/21/2026; Exercise Price: $380.00		1,367,652		39			3,022
Chubb Ltd., Expiration: 8/21/2026; Exercise Price: $375.00		45,132,516		1,287			138,352
Coca-Cola Co., Expiration: 8/7/2026; Exercise Price: $94.00		46,230,002		5,278			18,473
Coca-Cola Co., Expiration: 8/7/2026; Exercise Price: $89.00		113,867		13			631
DaVita, Inc., Expiration: 8/21/2026; Exercise Price: $260.00		51,475,296		2,144			1,243,520
Delta Air Lines, Inc., Expiration: 8/7/2026; Exercise Price: $93.00		52,061,776		5,954			205,413
Kraft Heinz Co., Expiration: 8/7/2026; Exercise Price: $29.00		45,227,160		17,496			192,456
Kraft Heinz Co., Expiration: 8/7/2026; Exercise Price: $27.50		302,445		117			1,872
Kroger Co., Expiration: 8/7/2026; Exercise Price: $63.00		37,109,498		6,427			38,562
Kroger Co., Expiration: 8/7/2026; Exercise Price: $60.00		727,524		126			2,268
Liberty Live Holdings, Inc., Expiration: 8/21/2026; Exercise Price: $110.00		28,643,300		2,905			108,938
Moody's Corp., Expiration: 8/21/2026; Exercise Price: $540.00		45,493,938		951			49,927
New York Times Co., Expiration: 8/21/2026; Exercise Price: $82.50		34,007,549		4,541			499,510
Occidental Petroleum Corp., Expiration: 8/7/2026; Exercise Price: $62.00		41,552,667		7,281			211,149
Sirius XM Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $31.50		46,592,260		15,730			157,300
VeriSign, Inc., Expiration: 8/21/2026; Exercise Price: $310.00		41,472,860		1,430			461,175
VeriSign, Inc., Expiration: 8/21/2026; Exercise Price: $300.00		696,048		24			13,680
Total Call Options							5,869,586

TOTAL PURCHASED OPTIONS (Cost $7,507,183)							5,869,586

SHORT-TERM\n INVESTMENTS - 1.0%
Money Market Funds - 1.0%	Shares		Value
First\n American Government Obligations Fund - Class X, 3.58%^(f)		10,358,398			10,358,398

TOTAL SHORT-TERM INVESTMENTS (Cost $10,358,398)					10,358,398

TOTAL INVESTMENTS - 101.6% (Cost $898,157,723)				$	1,006,074,218
Liabilities in Excess of Other Assets - (1.6)%					(15,970,332	)
TOTAL NET ASSETS - 100.0%				$	990,103,886

Percentages\nare stated as a percent of net assets.

\n \n \n \n \n

(a)	All or a portion of this security has been pledged\n as collateral for written options. As of July 31, 2026, the total value of securities pledged as collateral is $243,054,330.

\n \n \n \n

(b)	Non-income\n producing security.

\n \n \n \n

(c)	Exchange-traded.

\n \n \n \n

(d)	100 shares\n per contract.

\n \n \n \n

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

\n \n \n \n

(f)	The rate\n shown represents the 7-day annualized effective yield as of July 31, 2026.

The accompanying\nnotes are an integral part of these financial statements.

VistaShares\nTarget 15 Berkshire Select Income ETF

Schedule\nof Written Options Contracts

July\n31, 2026

	Notional
WRITTEN\n OPTIONS - (1.2)%^(a)(b)	Amount			Contracts		Value
Call Options - (1.2)%
Ally Financial, Inc., Expiration: 8/21/2026; Exercise Price: $47.00	$	(37,242,135	)		(8,595	)	$	(171,900	)
Ally Financial, Inc., Expiration: 8/21/2026; Exercise Price: $45.00		(727,944	)		(168	)		(7,980	)
Alphabet, Inc. - Class A, Expiration: 8/7/2026; Exercise Price: $357.50		(37,322,424	)		(1,048	)		(626,180	)
Alphabet, Inc. - Class C, Expiration: 8/7/2026; Exercise Price: $357.50		(35,130,025	)		(985	)		(603,313	)
American Express Co., Expiration: 8/7/2026; Exercise Price: $342.50		(56,187,375	)		(1,671	)		(371,798	)
Apple, Inc., Expiration: 8/7/2026; Exercise Price: $307.50		(67,558,617	)		(2,187	)		(1,454,355	)
Bank of America Corp., Expiration: 8/7/2026; Exercise Price: $63.00		(47,930,715	)		(7,737	)		(208,899	)

Berkshire Hathaway, Inc., Expiration: 8/7/2026; Exercise Price: $512.50		(100,312,994	)		(1,961	)		(829,503	)
Capital One Financial Corp., Expiration: 8/7/2026; Exercise Price: $212.50		(44,519,130	)		(2,130	)		(473,925	)
Chevron Corp., Expiration: 8/7/2026; Exercise Price: $197.50		(44,581,995	)		(2,265	)		(644,392	)
Chubb Ltd., Expiration: 8/21/2026; Exercise Price: $360.00		(1,367,652	)		(39	)		(14,625	)
Chubb Ltd., Expiration: 8/21/2026; Exercise Price: $355.00		(45,132,516	)		(1,287	)		(727,155	)
Coca-Cola Co., Expiration: 8/7/2026; Exercise Price: $92.00		(46,230,002	)		(5,278	)		(36,946	)
Coca-Cola Co., Expiration: 8/7/2026; Exercise Price: $88.00		(113,867	)		(13	)		(1,131	)
DaVita, Inc., Expiration: 8/21/2026; Exercise Price: $250.00		(51,475,296	)		(2,144	)		(1,972,480	)
Delta Air Lines, Inc., Expiration: 8/7/2026; Exercise Price: $91.00		(52,061,776	)		(5,954	)		(378,079	)
Kraft Heinz Co., Expiration: 8/7/2026; Exercise Price: $28.50		(45,227,160	)		(17,496	)		(166,212	)
Kraft Heinz Co., Expiration: 8/7/2026; Exercise Price: $27.00		(302,445	)		(117	)		(2,983	)
Kroger Co., Expiration: 8/7/2026; Exercise Price: $62.00		(37,109,498	)		(6,427	)		(57,843	)
Kroger Co., Expiration: 8/7/2026; Exercise Price: $59.00		(727,524	)		(126	)		(5,040	)
Liberty Live Holdings, Inc., Expiration: 8/21/2026; Exercise Price: $105.00		(28,643,300	)		(2,905	)		(290,500	)
Moody's Corp., Expiration: 8/21/2026; Exercise Price: $520.00		(45,493,938	)		(951	)		(104,610	)
New York Times Co., Expiration: 8/21/2026; Exercise Price: $77.50		(34,007,549	)		(4,541	)		(1,078,488	)
Occidental Petroleum Corp., Expiration: 8/7/2026; Exercise Price: $60.00		(41,552,667	)		(7,281	)		(429,579	)
Sirius XM Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $31.00		(46,592,260	)		(15,730	)		(235,950	)
VeriSign, Inc., Expiration: 8/21/2026; Exercise Price: $290.00		(41,472,860	)		(1,430	)		(1,372,800	)
VeriSign, Inc., Expiration: 8/21/2026; Exercise Price: $280.00		(696,048	)		(24	)		(38,640	)
Total Call Options								(12,305,306	)

TOTAL WRITTEN OPTIONS (Premiums received $15,161,664)							$	(12,305,306	)

Percentages are stated as a percent of net assets.

\n \n \n \n

(a)

Exchange-traded.

\n \n \n \n \n

(b)

100 shares per contract.

The\naccompanying notes are an integral part of these financial statements.

VistaShares\nTarget 15 USA Quality Income ETF

Schedule\nof Investments

July\n31, 2026

COMMON STOCKS - 99.9%	Shares		Value
Consumer Staple Products - 8.1%
Coca-Cola\n Co.^(a)		10,517		$	921,184
Procter\n & Gamble Co.^(a)		5,621			812,178
					1,733,362

Financial Services - 8.9%
BlackRock, Inc.^(a)		598			652,053
Mastercard, Inc.\n - Class A^(a)		950			544,445
Visa,\n Inc. - Class A^(a)		1,962			718,347
					1,914,845

Health Care - 10.7%
Abbott Laboratories^(a)		4,919			519,938
Eli Lilly &\n Co.^(a)		789			906,435
Johnson &\n Johnson^(a)		2,326			596,270
Merck\n & Co., Inc.^(a)		2,060			268,212
					2,290,855

Industrial Products - 10.0%
Caterpillar,\n Inc.^(a)		1,301			1,060,068
GE Aerospace		1,874			674,771
Lockheed\n Martin Corp.^(a)		711			414,328
					2,149,167

Insurance - 5.4%
Berkshire\n Hathaway, Inc. - Class B^(a)(b)		2,246			1,148,919

Media - 11.5%
Alphabet, Inc.\n - Class A^(a)		1,361			484,693
Alphabet, Inc.\n - Class C^(a)		1,140			406,581
Meta Platforms,\n Inc. - Class A^(a)		1,378			767,146
Netflix,\n Inc.^(a)(b)		11,328			812,331
					2,470,751

Retail & Wholesale - Staples - 9.0%
Costco Wholesale\n Corp.^(a)		1,055			1,004,244
Walmart,\n Inc.^(a)		8,369			930,633
					1,934,877

Software & Tech Services - 9.5%
Adobe, Inc.^(a)(b)		2,001			501,071
Fortinet, Inc.^(a)(b)		1,881			304,628
Microsoft\n Corp.^(a)		2,638			1,225,931
					2,031,630

Tech\n Hardware & Semiconductors - 26.8%^(c)
Apple, Inc.^(a)		3,816			1,178,801
Applied Materials,\n Inc.^(a)		1,259			639,156
Broadcom, Inc.		2,818			1,096,991
KLA\n Corp.^(a)		3,257			595,445
Lam Research\n Corp.^(a)		2,582			756,578
NVIDIA Corp.^(a)		5,575			1,119,181
QUALCOMM,\n Inc.^(a)		2,353			347,327
					5,733,479

TOTAL COMMON STOCKS (Cost $20,139,496)					21,407,885

The\naccompanying notes are an integral part of these financial statements.

PURCHASED\n OPTIONS - 0.8%^(b)(d)(e)(f)	Notional Amount		Contracts		Value
Call Options - 0.8%
Abbott Laboratories, Expiration: 8/7/2026; Exercise Price: $109.00	$	517,930		49		$	2,940
Adobe, Inc., Expiration: 8/7/2026; Exercise Price: $270.00		500,820		20			3,060
Alphabet, Inc. - Class A, Expiration: 8/7/2026; Exercise Price: $365.00		462,969		13			4,128
Alphabet, Inc. - Class C, Expiration: 8/7/2026; Exercise Price: $365.00		392,315		11			3,575
Apple, Inc., Expiration: 8/7/2026; Exercise Price: $312.50		1,173,858		38			15,105
Applied Materials, Inc., Expiration: 8/7/2026; Exercise Price: $570.00		609,204		12			7,710
Berkshire Hathaway, Inc., Expiration: 8/7/2026; Exercise Price: $520.00		1,125,388		22			3,652
BlackRock, Inc., Expiration: 8/7/2026; Exercise Price: $1,135.00		545,195		5			1,862
Broadcom, Inc., Expiration: 8/7/2026; Exercise Price: $425.00		1,089,984		28			3,626
Caterpillar, Inc., Expiration: 8/7/2026; Exercise Price: $870.00		1,059,253		13			13,650
Coca-Cola Co., Expiration: 8/7/2026; Exercise Price: $94.00		919,695		105			368
Costco Wholesale Corp., Expiration: 8/7/2026; Exercise Price: $1,035.00		951,890		10			405
Eli Lilly & Co., Expiration: 8/7/2026; Exercise Price: $1,255.00		804,188		7			6,370
Fortinet, Inc., Expiration: 8/7/2026; Exercise Price: $170.00		291,510		18			3,069
GE Aerospace, Expiration: 8/7/2026; Exercise Price: $377.50		648,126		18			1,737
Johnson & Johnson, Expiration: 8/7/2026; Exercise Price: $265.00		589,605		23			1,725
KLA Corp., Expiration: 8/21/2026; Exercise Price: $190.00		585,024		32			36,960
Lam Research Corp., Expiration: 8/7/2026; Exercise Price: $325.00		732,550		25			11,938
Lockheed Martin Corp., Expiration: 8/7/2026; Exercise Price: $595.00		407,918		7			2,835
Mastercard, Inc., Expiration: 8/7/2026; Exercise Price: $597.50		515,790		9			1,395
Merck & Co., Inc., Expiration: 8/7/2026; Exercise Price: $136.00		260,400		20			2,880
Meta Platforms, Inc., Expiration: 8/7/2026; Exercise Price: $570.00		723,723		13			9,230
Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $482.50		1,208,272		26			6,279
Netflix, Inc., Expiration: 8/7/2026; Exercise Price: $76.00		810,323		113			2,881
NVIDIA Corp., Expiration: 8/7/2026; Exercise Price: $207.50		1,104,125		55			9,763
Procter & Gamble Co., Expiration: 8/7/2026; Exercise Price: $147.00		809,144		56			5,348
QUALCOMM, Inc., Expiration: 8/14/2026; Exercise Price: $162.50		339,503		23			4,347
Visa, Inc., Expiration: 8/7/2026; Exercise Price: $380.00		695,647		19			1,377
Walmart, Inc., Expiration: 8/7/2026; Exercise Price: $115.00		922,960		83			3,527
Total Call Options							171,742

TOTAL PURCHASED OPTIONS (Cost $175,099)							171,742

The\naccompanying notes are an integral part of these financial statements.

SHORT-TERM\nINVESTMENTS - 0.7%

Money Market Funds - 0.7%	Shares		Value
First\n American Government Obligations Fund - Class X, 3.58%^(g)		159,753		$	159,753

TOTAL SHORT-TERM INVESTMENTS (Cost $159,753)					159,753

TOTAL INVESTMENTS - 101.4% (Cost $20,474,348)				$	21,739,380
Liabilities in Excess of Other Assets - (1.4)%					(291,493	)
TOTAL NET ASSETS - 100.0%				$	21,447,887

Percentages\nare stated as a percent of net assets.

\n \n \n \n \n

(a)	All or a portion of this security\n has been pledged as collateral for written options. As of July 31, 2026, the total value of securities pledged as collateral is $4,604,235.

\n \n \n \n

(b)	Non-income\n producing security.

\n \n \n \n

(c)	To\n the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive\n to developments that significantly affect those industries or sectors.

\n \n \n \n

(d)	Exchange-traded.

\n \n \n \n

(e)	100\n shares per contract.

\n \n \n \n

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

\n \n \n \n

(g)	The\n rate shown represents the 7-day annualized effective yield as of July 31, 2026.

The\naccompanying notes are an integral part of these financial statements.

VistaShares\nTarget 15 USA Quality Income ETF

Schedule\nof Written Options Contracts

July\n31, 2026

	Notional
WRITTEN\n OPTIONS - (1.3)%^(a)(b)	Amount			Contracts		Value
Call Options - (1.3)%
Abbott Laboratories, Expiration: 8/7/2026; Exercise Price: $107.00	$	(517,930	)		(49	)	$	(5,635	)
Adobe, Inc., Expiration: 8/7/2026; Exercise Price: $265.00		(500,820	)		(20	)		(4,550	)
Alphabet, Inc. - Class A, Expiration: 8/7/2026; Exercise Price: $357.50		(462,969	)		(13	)		(7,767	)
Alphabet, Inc. - Class C, Expiration: 8/7/2026; Exercise Price: $357.50		(392,315	)		(11	)		(6,737	)
Apple, Inc., Expiration: 8/7/2026; Exercise Price: $307.50		(1,173,858	)		(38	)		(25,270	)
Applied Materials, Inc., Expiration: 8/7/2026; Exercise Price: $560.00		(609,204	)		(12	)		(9,900	)
Berkshire Hathaway, Inc., Expiration: 8/7/2026; Exercise Price: $512.50		(1,125,388	)		(22	)		(9,306	)
BlackRock, Inc., Expiration: 8/7/2026; Exercise Price: $1,110.00		(545,195	)		(5	)		(4,525	)
Broadcom, Inc., Expiration: 8/7/2026; Exercise Price: $410.00		(1,089,984	)		(28	)		(10,150	)
Caterpillar, Inc., Expiration: 8/7/2026; Exercise Price: $855.00		(1,059,253	)		(13	)		(19,045	)
Coca-Cola Co., Expiration: 8/7/2026; Exercise Price: $92.00		(919,695	)		(105	)		(735	)
Costco Wholesale Corp., Expiration: 8/7/2026; Exercise Price: $1,010.00		(951,890	)		(10	)		(755	)
Eli Lilly & Co., Expiration: 8/7/2026; Exercise Price: $1,230.00		(804,188	)		(7	)		(9,310	)
Fortinet, Inc., Expiration: 8/7/2026; Exercise Price: $165.00		(291,510	)		(18	)		(6,030	)
GE Aerospace, Expiration: 8/7/2026; Exercise Price: $370.00		(648,126	)		(18	)		(4,860	)
Johnson & Johnson, Expiration: 8/7/2026; Exercise Price: $260.00		(589,605	)		(23	)		(4,612	)
KLA Corp., Expiration: 8/21/2026; Exercise Price: $185.00		(585,024	)		(32	)		(43,200	)
Lam Research Corp., Expiration: 8/7/2026; Exercise Price: $320.00		(732,550	)		(25	)		(15,500	)
Lockheed Martin Corp., Expiration: 8/7/2026; Exercise Price: $585.00		(407,918	)		(7	)		(5,600	)
Mastercard, Inc., Expiration: 8/7/2026; Exercise Price: $590.00		(515,790	)		(9	)		(2,250	)
Merck & Co., Inc., Expiration: 8/7/2026; Exercise Price: $133.00		(260,400	)		(20	)		(4,130	)
Meta Platforms, Inc., Expiration: 8/7/2026; Exercise Price: $557.50		(723,723	)		(13	)		(15,665	)
Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $472.50		(1,208,272	)		(26	)		(13,260	)
Netflix, Inc., Expiration: 8/7/2026; Exercise Price: $74.00		(810,323	)		(113	)		(6,667	)
NVIDIA Corp., Expiration: 8/7/2026; Exercise Price: $202.50		(1,104,125	)		(55	)		(19,663	)
Procter & Gamble Co., Expiration: 8/7/2026; Exercise Price: $145.00		(809,144	)		(56	)		(9,996	)
QUALCOMM, Inc., Expiration: 8/14/2026; Exercise Price: $157.50		(339,503	)		(23	)		(6,682	)
Visa, Inc., Expiration: 8/7/2026; Exercise Price: $372.50		(695,647	)		(19	)		(4,237	)
Walmart, Inc., Expiration: 8/7/2026; Exercise Price: $113.00		(922,960	)		(83	)		(7,304	)
Total Call Options								(283,341	)

TOTAL WRITTEN OPTIONS (Premiums received $278,174)							$	(283,341	)

Percentages are stated as a percent of net assets.

\n \n \n \n

(a)

Exchange-traded.

\n \n \n \n

(b)

100\n shares per contract.

The\naccompanying notes are an integral part of these financial statements.

Statements\nof Assets and Liabilities

July\n31, 2026

	VistaShares Target 15 ACKtivist \n Distribution ETF			VistaShares Target 15 DRUKMacro \n Distribution ETF			VistaShares Target 15 Berkshire\n Select Income ETF		VistaShares Target 15 USA Quality \n Income ETF
ASSETS:
Investments, at value (cost $45,939,546, $17,765,709, $898,157,723, and $20,474,348)\n (Note 2)	$	45,978,464			$	16,652,649		$	1,006,074,218	$	21,739,380
Deposit at broker for option contracts		834,977				923,616			–		–
Receivable for fund shares sold		–				–			2,351,587		–
Dividend tax reclaim receivable		12,371				243			–		–
Interest receivable		9,699				2,780			18,995		504
Dividends receivable		–				–			414,444		13,575
Cash		–				1,266			65,670		–
Total assets		46,835,511				17,580,554			1,008,924,914		21,753,459

LIABILITIES:
Written option contracts, premiums received ($2,299,100, $1,260,004, $15,161,664, and $278,174)		1,853,050				810,537			12,305,306		283,341
Due to broker		–				–			3,419,851		5,763
Payable for investments purchased		–				–			2,332,681		–
Payable to adviser (Note 4)		35,867				13,263			763,012		16,468
Interest payable		–				–			178		–
Total liabilities		1,888,917				823,800			18,821,028		305,572
NET ASSETS	$	44,946,594			$	16,756,754		$	990,103,886	$	21,447,887

NET ASSETS CONSISTS OF:
Paid-in capital	$	48,533,803			$	18,453,340		$	948,911,778	$	21,612,485
Total distributable earnings/(accumulated losses)		(3,587,209	)			(1,696,586	)		41,192,108		(164,598	)
Total Net Assets	$	44,946,594			$	16,756,754		$	990,103,886	$	21,447,887

Net assets	$	44,946,594			$	16,756,754		$	990,103,886	$	21,447,887
Shares issued and outstanding^(a)		2,550,000				850,000			52,750,000		1,200,000
Net asset value per share	$	17.63			$	19.71		$	18.77	$	17.87

(a)\nUnlimited shares authorized without par value.

The\naccompanying notes are an integral part of these financial statements.

Statements\nof Operations

For\nthe Periods Ended July 31, 2026

	VistaShares \n Target 15 ACKtivist Distribution ETF^(a)			VistaShares \n Target 15 DRUKMacro Distribution ETF^(b)			VistaShares \n Target 15 Berkshire\n Select Income ETF^(c)		VistaShares \n Target 15 USA\n Quality Income ETF^(c)
INVESTMENT INCOME:
Dividend income	$	219,976			$	27,525		$	4,929,178		$	72,610
Interest income		67,713				10,384			81,324			2,386
Less: Dividend withholding taxes		(36,895	)			(3,659	)		–			–
Total investment income		250,794				34,250			5,010,502			74,996

EXPENSES:
Investment advisory fee (Note 4)		372,873				103,324			3,140,789			74,132
Interest expense		2,624				357			–			62
Total expenses		375,497				103,681			3,140,789			74,194
NET INVESTMENT INCOME (LOSS)		(124,703	)			(69,431	)		1,869,713			802

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(2,404,117	)			(1,247,801	)		266,936			(9,668	)
In-kind redemptions		103,472				1,467,421			23,655,860			42,212
Written option contracts		1,405,004				307,885			(35,636,298	)		(133,558	)
Net realized gain (loss)		(895,641	)			527,505			(11,713,502	)		(101,014	)
Net change in unrealized appreciation (depreciation) on:
Investments		38,918				(1,113,060	)		74,078,218			870,162
Written option contracts		446,050				449,467			4,217,859			4,165
Net change in unrealized appreciation (depreciation)		484,968				(663,593	)		78,296,077			874,327
Net realized and unrealized gain (loss)		(410,673	)			(136,088	)		66,582,575			773,313
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(535,376	)		$	(205,519	)	$	68,452,288		$	774,115

\n \n \n \n

(a)	Inception\n date of the Fund was September 8, 2025.

\n \n \n \n

(b)	Inception\n date of the Fund was October 7, 2025.

\n \n \n \n

(c)	The\n Fund changed its fiscal year end from February 28 to July 31 effective as of the close of business on March 19, 2026. The\n information presented is from March 1, 2026 to July 31, 2026.

The\naccompanying notes are an integral part of these financial statements.

Statements\nof Changes in Net Assets

	VistaShares\n Target 15 ACKtivist Distribution ETF		VistaShares\n Target 15 DRUKMacro Distribution ETF
	Period\n Ended July 31, 2026^(a)		Period\n Ended July 31, 2026^(b)
OPERATIONS:
Net\n investment income (loss)	$	(124,703	)	$	(69,431	)
Net realized\n gain (loss)		(895,641	)		527,505
Net change in\n unrealized appreciation (depreciation)		484,968			(663,593	)
Net increase (decrease) in net assets\n resulting from operations		(535,376	)		(205,519	)

DISTRIBUTIONS TO\n SHAREHOLDERS:
From earnings		(2,971,274	)		(37,782	)
From\n return of capital		(3,226,516	)		(1,681,316	)
Total distributions\n to shareholders		(6,197,790	)		(1,719,098	)

CAPITAL TRANSACTIONS:
Subscriptions		60,495,835			30,255,610
Redemptions		(8,836,025	)		(11,578,467	)
ETF transaction\n fees (Note 8)		19,950			4,228
Net\n increase (decrease) in net assets from capital transactions		51,679,760			18,681,371

NET INCREASE (DECREASE) IN NET ASSETS		44,946,594			16,756,754

NET ASSETS:
Beginning of the period		–			–
End of the period	$	44,946,594		$	16,756,754

SHARES TRANSACTIONS
Subscriptions		3,025,000			1,425,000
Redemptions		(475,000	)		(575,000	)
Total increase\n (decrease) in shares outstanding		2,550,000			850,000

\n \n \n \n

(a)	Inception\n date of the Fund was September 8, 2025.

\n \n \n \n

(b)	Inception\n date of the Fund was October 7, 2025.

The\naccompanying notes are an integral part of these financial statements.

Statements\nof Changes in Net Assets

	VistaShares\n Target 15 Berkshire Select Income ETF			VistaShares\n Target 15 USA Quality Income ETF
	Period\n Ended July 31, 2026^(a)			Period\n Ended February 28, 2026^(b)			Period\n Ended July 31, 2026^(a)		Period\n Ended February 28, 2026^(c)
OPERATIONS:
Net\n investment income (loss)	$	1,869,713			$	2,639,401		$	802		$	39,258
Net realized\n gain (loss)		(11,713,502	)			451,363			(101,014	)		(451,750	)
Net change in\n unrealized appreciation (depreciation)		78,296,077				32,476,776			874,327			385,538
Net increase (decrease) in net assets\n resulting from operations		68,452,288				35,567,540			774,115			(26,954	)

DISTRIBUTIONS TO\n SHAREHOLDERS:
From earnings		(1,805,421	)			(34,989,236	)		(114,120	)		(686,090	)
From\n return of capital		(49,483,311	)			(31,565,538	)		(1,070,001	)		(1,283,222	)
Total distributions\n to shareholders		(51,288,732	)			(66,554,774	)		(1,184,121	)		(1,969,312	)

CAPITAL TRANSACTIONS:
Subscriptions		427,530,161				755,763,956			4,560,329			22,958,682
Redemptions		(143,177,089	)			(36,345,533	)		(448,379	)		(3,218,532	)
ETF transaction\n fees (Note 8)		84,493				71,576			376			1,683
Net\n increase (decrease) in net assets from capital transactions		284,437,565				719,489,999			4,112,326			19,741,833

NET INCREASE (DECREASE) IN NET ASSETS		301,601,121				688,502,765			3,702,320			17,745,567

NET ASSETS:
Beginning of the period		688,502,765				–			17,745,567			–
End of the period	$	990,103,886			$	688,502,765		$	21,447,887		$	17,745,567

SHARES TRANSACTIONS
Subscriptions		22,875,000				39,450,000			250,000			1,150,000
Redemptions		(7,650,000	)			(1,925,000	)		(25,000	)		(175,000	)
Total increase\n (decrease) in shares outstanding		15,225,000				37,525,000			225,000			975,000

\n \n \n \n

(a)	The\n Fund changed its fiscal year end from February 28 to July 31 effective as of the close of business on March 19, 2026. The information\n presented is from March 1, 2026 to July 31, 2026.

\n \n \n \n

(b)	Inception\n date of the Fund was March 4, 2025.

\n \n \n \n

(c)	Inception\n date of the Fund was May 5, 2025.

The\naccompanying notes are an integral part of these financial statements.

Financial\nHighlights

For\na share outstanding throughout the periods presented

	VistaShares \n Target 15 ACKtivist Distribution ETF	VistaShares \n Target 15 DRUKMacro Distribution ETF	VistaShares\n Target 15 Berkshire Select Income ETF	VistaShares\n Target 15 USA Quality Income ETF
	Period\n Ended July 31, 2026^(a)	Period\n Ended July 31, 2026^(b)	Period\n Ended July 31, 2026^(c)	Period\n Ended February 28, 2026^(d)	Period\n Ended July 31, 2026^(c)	Period\n Ended February 28, 2026^(e)
PER SHARE DATA:

Net asset value, beginning of period	$20.00	$20.00	$18.35	$20.00	$18.20	$20.00

INVESTMENTS OPERATIONS:
Net investment income (loss)^(f)	(0.05)	(0.11)	0.04	0.12	0.00^(g)	0.05
Net realized and unrealized gain (loss)^(h)	0.27	2.39	1.54	1.10	0.80	0.56
Total from investment operations	0.22	2.28	1.58	1.22	0.80	0.61

LESS DISTRIBUTIONS FROM:
Net investment income	(1.25)	(0.06)	(0.04)	(1.51)	(0.11)	(0.84)
Return of capital	(1.35)	(2.52)	(1.12)	(1.36)	(1.02)	(1.57)
Total distributions	(2.60)	(2.58)	(1.16)	(2.87)	(1.13)	(2.41)

CAPITAL TRANSACTIONS:
ETF transaction fees per share	0.01	0.01	0.00^(g)	0.00^(g)	0.00^(g)	0.00^(g)
Net asset value, end of period	$17.63	$19.71	$18.77	$18.35	$17.87	$18.20
TOTAL RETURN⁽ⁱ⁾	1.17%	11.74%	8.91%	6.61%	4.56%	3.15%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$44,947	$16,757	$990,104	$688,503	$21,448	$17,746
Ratio of expenses to average net assets^(j)	0.96%	0.95%	0.95%	0.98%	0.95%	0.97%
Ratio of interest expense to average net assets^(j)	0.01%	0.00%^(k)	–	0.03%	0.00%^(k)	0.02%
Ratio of operational expenses to average net assets excluding\n interest expense on written options^(j)	0.95%	0.95%	0.95%	0.95%	0.95%	0.95%
Ratio of net investment income to average net assets^(j)	(0.32)%	(0.64)%	0.57%	0.63%	0.01%	0.32%
Portfolio turnover rate^(i)(l)	360%	239%	22%	34%	4%	175%

\n \n \n \n

(a)	Inception\n date of the Fund was September 8, 2025.

\n \n \n \n

(b)	Inception\n date of the Fund was October 7, 2025.

\n \n \n \n

(c)	The\n Fund changed its fiscal year end from February 28 to July 31 effective as of the close of business on March 19, 2026. The information\n presented is from March 1, 2026 to July 31, 2026.

\n \n \n \n

(d)	Inception\n date of the Fund was March 4, 2025.

\n \n \n \n

(e)	Inception\n date of the Fund was May 5, 2025.

\n \n \n \n

(f)	Net\n investment income per share has been calculated based on average shares outstanding during the periods.

\n \n \n \n

(g)	Amount\n represents less than $0.005 per share.

\n \n \n \n \n

(h)

Realized and unrealized gains and\n losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods,\n and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

\n \n \n \n

(i)	Not\n annualized for periods less than one year.

\n \n \n \n

(j)	Annualized\n for periods less than one year.

\n \n \n \n

(k)	Amount\n represents less than 0.005%.

\n \n \n \n

(l)	Portfolio\n turnover rate excludes in-kind transactions, if any.

The\naccompanying notes are an integral part of these financial statements.

Notes\nto Financial Statements

July\n31, 2026

NOTE\n1 - ORGANIZATION

The\nVistaShares Target 15 ACKtivist Distribution ETF (the “ACKY ETF”), the VistaShares Target 15 DRUKMacro Distribution ETF (the\n“DRKY ETF”), the VistaShares Target 15 Berkshire Select Income ETF (the “OMAH ETF”), and the VistaShares Target\n15 USA Quality Income ETF (the “QUSA ETF”) are each non-diversified series of shares (each, a “Fund,” and collectively,\nthe “Funds”) of beneficial interest of Tidal Trust III (the “Trust”). The Trust was organized as a Delaware statutory\ntrust on May 19, 2016 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company\nAct of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s\nshares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees\n(the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group\ncompany, serves as investment adviser to the Funds and VistaShares Advisors LLC (the “Sub-Adviser”) serves as investment sub-adviser\nto the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the\nFinancial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services —\nInvestment Companies.” The VistaShares Target 15 ACKtivist Distribution ETF commenced operations on September 8, 2025, the VistaShares\nTarget 15 DRUKMacro Distribution ETF commenced operations on October 7, 2025, the VistaShares Target 15 Berkshire Select Income ETF commenced\noperations on March 4, 2025, and the VistaShares Target 15 USA Quality Income ETF commenced operations on May 5, 2025. VistaShares Target\n15 Berkshire Select Income ETF and VistaShares Target 15 USA Quality Income ETF changed their fiscal year ends from February 28 to July\n31 effective as of the close of business on March 19, 2026.

The\nprimary investment objective of each Fund is to seek income. The secondary investment objective of each Fund is to seek long-term capital\nappreciation.

NOTE\n2 - SIGNIFICANT ACCOUNTING POLICIES

The\nfollowing is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting\nprinciples generally accepted in the United States of America (“U.S. GAAP”).

Security\nValuation. Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily\navailable (except for securities traded on The Nasdaq Stock Market, LLC (“NASDAQ”)), including securities traded over-the-counter,\nare valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation\ndate (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such\nreported sale on the valuation date, at the most recent quoted bid price. For a security that trades on multiple exchanges, the primary\nexchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the\nNASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized\nindependent pricing agents each day that the Funds are open for business.

Investments\nin money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of\nthe valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as\npermitted by Rule 2a-7 under the 1940 Act.

Options\nare valued at the last quoted sales price. If there is no such reported sale on the valuation date, both long and short positions are\nvalued at the mean between the most recent quoted bid and ask prices.

Notes\nto Financial Statements

July\n31, 2026

Under\nRule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation\nDesignee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the\nAdviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances\nrelevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy\nand Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining\nfair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund\nmay cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As\ndescribed above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes\na hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level\n1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level\n2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly\nor indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments,\ninterest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level\n3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the\nFunds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based\non the best information available.

The\navailability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example,\nthe type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics\nparticular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the\nmarket, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value\nis greatest for instruments categorized in Level 3.

The\ninputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,\nthe level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest\nlevel input that is significant to the fair value measurement in its entirety.

The\nfollowing is a summary of the inputs used to value each Fund’s investments as of July 31, 2026:

ACKY ETF
	Level 1		Level 2	Level 3		Total
Assets:
Investments:
Common Stocks	$	13,627,303		$	–		$	–	$	13,627,303
Investment Companies		4,298,362			–			–		4,298,362
Purchased Options		–			4,007,043			–		4,007,043
Money Market Funds		24,045,756			–			–		24,045,756
Total Investments	$	41,971,421		$	4,007,043		$	–	$	45,978,464
Liabilities:
Investments:
Written Options	$	–		$	(1,853,050	)	$	–	$	(1,853,050	)
Total Investments	$	–		$	(1,853,050	)	$	–	$	(1,853,050	)

Notes\nto Financial Statements

July\n31, 2026

DRKY ETF
	Level 1		Level 2	Level 3		Total
Assets:
Investments:
Common Stocks	$	9,398,424		$	–		$	–	$	9,398,424
Purchased Options		–			761,108			–		761,108
Money Market Funds		6,493,117			–			–		6,493,117
Total Investments	$	15,891,541		$	761,108		$	–	$	16,652,649
Liabilities:
Investments:
Written Options	$	–		$	(810,537	)	$	–	$	(810,537	)
Total Investments	$	–		$	(810,537	)	$	–	$	(810,537	)

OMAH ETF
		Level\n 1			Level\n 2			Level\n 3		Total
Assets:
Investments:
Common Stocks	$	989,846,234		$	–		$	–	$	989,846,234
Purchased Options		–			5,869,586			–		5,869,586
Money Market Funds		10,358,398			–			–		10,358,398
Total Investments	$	1,000,204,632		$	5,869,586		$	–	$	1,006,074,218
Liabilities:
Investments:
Written Options	$	–		$	(12,305,306	)	$	–	$	(12,305,306	)
Total Investments	$	–		$	(12,305,306	)	$	–	$	(12,305,306	)

QUSA ETF
		Level\n 1			Level\n 2			Level\n 3		Total
Assets:
Investments:
Common Stocks	$	21,407,885		$	–		$	–	$	21,407,885
Purchased Options		–			171,742			–		171,742
Money Market Funds		159,753			–			–		159,753
Total Investments	$	21,567,638		$	171,742		$	–	$	21,739,380
Liabilities:
Investments:
Written Options	$	–		$	(283,341	)	$	–	$	(283,341	)
Total Investments	$	–		$	(283,341	)	$	–	$	(283,341	)

Refer\nto the Schedules of Investments for further disaggregation of investment categories.

Notes\nto Financial Statements

July\n31, 2026

Derivative\nInstruments. As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or\nsecurity) at the exercise price at any time during the option period (for American style options). Each Fund may enter into closing sale\ntransactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying\nreference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before\nthe purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund\nmay expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option\nplus related transaction costs.

As\nthe buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during\nthe option period (for American style options). Like a call option, each Fund may enter into closing sale transactions with respect to\nput options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund\n(a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying\nreference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option,\nis able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s\nmarket price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in\nthe value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument\nwhen the Sub-Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for\nthe put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument\nis eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit\nfrom a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If\na put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference\ninstrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon\nexercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In\norder for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently\nbelow the exercise price to cover the premium and transaction costs.

Writing\noptions may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of\nan option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased\n(in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American\nstyle options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised,\nthe writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference\ninstrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

Notes\nto Financial Statements

July\n31, 2026

If\na Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option\nwill be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the\nunderlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect\nto the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the\nwriter of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should\nthe underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price\nof the call option, the reference instrument will likely be “called away,” requiring a Fund to sell the underlying instrument\nat the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market\nvalue, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If\na call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying\nreference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received\nto hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon\nthe expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money),\nor above the current value of the underlying reference instrument at the time the option is written.

As\nthe writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of\nthe underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as\nthe writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the\nunderlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying\nreference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received\nfrom the buyer of the put option. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount\nof the premium received.

By\nvirtue of each Fund’s investments in option contracts, the Funds are exposed to common stocks indirectly which subjects the Funds\nto equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and\ndebt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities\nmay experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect\nsecurities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.

Each\nFund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity\nintending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives,\nhow derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

Notes\nto Financial Statements

July\n31, 2026

For\nthe periods ended July 31, 2026, the Funds’ monthly average notional amounts are described below:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund	\n Average\n Notional \n Amount
\n ACKY\n ETF

	Purchased Options	$51,872,603
	Written Options	(48,279,492)
DRKY ETF

	Purchased Options	15,819,847
	Written Options	(15,392,997)
OMAH ETF

	Purchased Options	847,019,321
	Written Options	(847,354,211)
QUSA ETF

	Purchased Options	$19,120,090
	Written Options	(19,120,090)

Notes\nto Financial Statements

July\n31, 2026

Statements\nof Assets and Liabilities

Fair\nvalue of derivative instruments as of July 31, 2026:

		Asset Derivatives as of July 31, 2026	Liability Derivatives as of July 31, 2026
\n Fund	\n Instrument	\n Balance\n Sheet \n Location \n	\n Fair\n Value	\n Balance\n Sheet \n Location \n	\n Fair\n Value
ACKY ETF
	Equity Contracts:
	\n Purchased\n Options	\n Investments,\n at \n value \n	\n $4,007,043 \n	\n None \n	\n $–
	\n Written\n Options	\n None	\n $– \n	\n Written\n option contracts, premiums received	\n $1,853,050
DRKY ETF
	Equity Contracts:
	\n Purchased\n Options	\n Investments,\n at \n value \n	\n $761,108 \n	\n None \n	\n $–
	\n Written\n Options	\n None	\n $– \n	\n Written\n option contracts, premiums received	\n $810,537
OMAH ETF
	Equity Contracts:
	\n Purchased\n Options	\n Investments,\n at \n value \n	\n $5,869,586 \n	\n None \n	\n $–
	\n Written\n Options	\n None	\n $– \n	\n Written\n option contracts, premiums received	\n $12,305,306
QUSA ETF
	Equity Contracts:
	\n Purchased\n Options	\n Investments,\n at \n value \n	\n $171,742 \n	\n None \n	\n $–
	\n Written\n Options	\n None	\n $– \n	\n Written\n option \n contracts,\n premiums received	\n $283,341

Notes\nto Financial Statements

July\n31, 2026

Statements\nof Operations

The\neffect of derivative instruments on the Statements of Operations for the periods ended July 31, 2026:

\n Fund	\n Instrument	\n Location\n of Gain (Loss) on Derivatives Recognized in Income	\n Realized\n Gain (Loss) on Derivatives Recognized in \n Income \n	\n Change\n in Unrealized Appreciation (Depreciation) on Derivatives \n Recognized\n in Income
ACKY ETF	\n \n Equity\n Contracts:
	Purchased Options	Net realized loss from Investments	$(1,567,612)	$1,996,747
	Written Options	\n Net\n realized gain from Written option \n contracts \n	\n $1,405,004 \n	\n $446,050 \n
DRKY ETF	\n \n Equity\n Contracts:
	Purchased Options	Net realized loss from Investments	$(414,191)	$(302,123)
	Written Options	\n Net\n realized gain from Written option \n contracts \n	\n $307,885 \n	\n $449,467 \n
OMAH ETF	\n \n Equity\n Contracts:
	Purchased Options	Net realized gain from Investments	$13,462,620	$(2,217,974)
	Written Options	\n Net\n realized loss from Written option \n contracts \n	\n $(35,636,298) \n	\n $4,217,859 \n
QUSA ETF	\n \n Equity\n Contracts:
	Purchased Options	Net realized loss from Investments	$(54,934)	$2,272
	Written Options	\n Net\n realized loss from Written option \n contracts \n	\n $(133,558) \n	\n $4,165 \n

The\nFunds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.

Notes\nto Financial Statements

July\n31, 2026

Federal\nIncome Taxes. Each Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially\nall taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the\n“Code”), applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In\norder to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least\n98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during\nthe twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise\ntax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not\ntaking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted\nfor certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to\nuse the Funds’ fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize\n(but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when\nit is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the\nbenefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available\nfor investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations,\nif applicable.

As\nof July 31, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority.\nGenerally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction\nas U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible\nthat the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related\nto unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

Securities\nTransactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized\non sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized\nover the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest\nincome is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property\nreceived. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable\ncountry’s tax rules and rates.

Distributions\nto Shareholders. Distributions to shareholders from net investment income, if any, for the Funds are declared and paid monthly. Distributions\nto shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions\nare recorded on the ex-dividend date.

Use\nof Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial\nstatements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results\ncould differ from those estimates.

Share\nValuation. The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus\ncash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund\nShares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

Notes\nto Financial Statements

July\n31, 2026

Guarantees\nand Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general\nindemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that\nmay be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Illiquid\nSecurities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the\n“Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than\n15% of the value of the Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold\nor disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the\nmarket value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of\nthe Fund’s net assets, the Fund will take such steps as set forth in the Program.

Reclassification\nof Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between\nfinancial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due\nto redemptions in kind. For the periods ended July 31, 2026, the following adjustments were made:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund	\n Paid-In\n Capital	Total\n Distributable Earnings/(Accumulated Losses)
ACKY ETF	$80,559	$(80,559)
DRKY ETF	1,453,285	(1,453,285)
OMAH ETF	21,973,179	(21,973,179)
QUSA ETF	33,330	(33,330)

NOTE\n3 - PRINCIPAL INVESTMENT RISKS

Berkshire\nHathaway Management Change (OMAH ETF Only). The share price of Berkshire Hathaway’s stock (including BRK.B) has been significantly\naffected by the leadership and public profile of Warren E. Buffett, who has long shaped Berkshire Hathaway’s strategy and image.\nMr. Buffett stepped down as CEO on January 1, 2026, with Greg Abel succeeding him. While the succession plan offers continuity, Mr. Buffett’s\ncontinued role as Chairman and any changes in his involvement may impact investor sentiment and lead to increased volatility. The market’s\nperception of Mr. Abel’s leadership and potential strategic shifts could also introduce uncertainty and materially affect the Fund’s\nperformance.

Counterparty\nRisk. Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation.\nWhere the Funds enter into derivative contracts that are exchange-traded, the Funds are subject to the counterparty risk associated with\nthe Funds’ clearing broker or clearinghouse. Relying on a counterparty exposes the Funds to the risk that a counterparty will not\nsettle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona\nfide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. If a counterparty defaults on its payment\nobligations to the Funds, this default will cause the value of an investment in the Funds to decrease. In addition, to the extent the\nFunds deal with a limited number of counterparties, they will be more susceptible to the credit risks associated with those counterparties.

Notes\nto Financial Statements

July\n31, 2026

Derivatives\nRisk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds,\nor funds (including ETFs), interest rates or indexes. The Funds’ investments in derivatives may pose risks in addition to, and greater\nthan, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect\ncorrelation with underlying investments or the Funds’ other portfolio holdings, higher price volatility, lack of availability, counterparty\nrisk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques\nand risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger\nlosses or smaller gains than directly investing in securities. When the Funds use derivatives, there may be an imperfect correlation between\nthe value of the Underlying Security and the derivative, which may prevent the Funds from achieving their investment objectives. Because\nderivatives often require only a limited initial investment, the use of derivatives may expose the Funds to losses in excess of those\namounts initially invested. In addition, the Funds’ investments in derivatives are subject to the following risks:

\n \n \n \n

●

Options Contracts. The use\n of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.\n The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying\n instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international\n political developments, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of\n the option contract and economic events. For the Funds in particular, the value of the options contracts in which they invest are substantially\n influenced by the value of the relevant Underlying Securities. The Funds may experience substantial downside from specific option positions\n and certain option positions held by the Funds may expire worthless. The options held by the Funds are exercisable at the strike price\n on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying\n instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying\n instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying\n instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the\n Funds will be determined based on market quotations or other recognized pricing methods. Additionally, as the Funds may continuously maintain\n indirect exposure to one or more of the Underlying Securities through the use of options contracts, as the options contracts they hold\n are exercised or expire they will enter into new options contracts, a practice referred to as “rolling.” If the expiring options\n contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Funds may experience losses.

\n \n \n \n

●

Swap Agreements (ACKY ETF and\n DRKY ETF Only). The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different\n from those associated with ordinary portfolio securities transactions. Whether the Funds will be successful in using swap agreements to\n achieve their investment goals depends on the ability of the Adviser to structure such swap agreements in accordance with the Funds’\n investment objectives and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs\n associated with using swap transactions may also have the effect of lowering the Funds’ return.

The\nswap agreements in which the Funds invest are generally traded in the over-the-counter market, which generally has less transparency than\nexchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in\nrates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return\nto be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular\ndollar amount invested in a basket of securities.

If\nan underlying security has a dramatic move that causes a material decline in the Funds’ net assets, the terms of a swap agreement\nbetween the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that\nevent, the Fund could be forced to invest directly in the underlying security at a potentially unfavorable time.

Notes\nto Financial Statements

July\n31, 2026

Index/Strategy\nRisks (ACKY ETF Only). The Index’s holdings are derived from publicly available data, which may be delayed relative to the then-current\nportfolio of Pershing Square. Consequently, the Fund’s holdings, which are based on the Index, may not accurately reflect Pershing\nSquare’s most recent publicly-disclosed investment positions and may deviate substantially from its actual current portfolio. The\nequity securities represented in the Index are subject to a range of risks, including, but not limited to, fluctuations in market conditions,\nincreased competition, and evolving regulatory environments, all of which could adversely affect their performance. Moreover, while the\nFund seeks to incorporate aspects of Pershing Square’s investment philosophy, past performance of the companies included in the\nIndex does not guarantee future results. There is no assurance that these companies will deliver positive performance or generate long-term\ncapital appreciation.

Index/Strategy\nRisks (DRKY ETF Only). The Index’s holdings are derived from publicly available data, which may be delayed relative to the then-current\nportfolio of Duquesne. Consequently, the Fund’s holdings, which are based on the Index, may not accurately reflect Duquesne’s\nmost recent publicly-disclosed investment positions and may deviate substantially from its actual current portfolio. The equity securities\nrepresented in the Index are subject to a range of risks, including, but not limited to, fluctuations in market conditions, increased\ncompetition, and evolving regulatory environments, all of which could adversely affect their performance. Moreover, while the Fund seeks\nto incorporate aspects of Duquesne’s investment philosophy, past performance of the companies included in the Index does not guarantee\nfuture results. There is no assurance that these companies will deliver positive performance or generate long-term capital appreciation.

Quality\nStyle Investing Risks (QUSA ETF Only). Securities included in the Fund’s Equity Strategy are deemed by VistaShares to be quality\nstocks, but there is no guarantee that the past performance of these stocks will continue. Companies that issue these stocks may experience\na decline in value, as well as increased leverage, resulting in lower than expected or negative returns to the Fund’s shareholders.\nMany factors can affect a stock’s quality and performance, and the impact of these factors on a stock or its price can be difficult\nto predict.

As\nwith any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject\nto the above principal risks, as well as other principal risks which may adversely affect each Fund’s NAV, trading price, yield,\ntotal return and/or ability to meet their objectives. For more information about the risks of investing in the Funds, see the section\nin each Fund’s Prospectus titled “Additional Information About the Fund — Principal Investment Risks.”

NOTE\n4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The\nAdviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf\nof the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Funds\nand oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible\nfor trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions. The Adviser\nprovides oversight of the Sub-Adviser and review of the Sub-Adviser’s performance.

Notes\nto Financial Statements

July\n31, 2026

Pursuant\nto the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the\naverage daily net assets of each Fund as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fund	Investment\n Advisory Fee
ACKY ETF	0.95%
DRKY ETF	0.95%
OMAH ETF	0.95%
QUSA ETF	0.95%

Out\nof the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds,\nincluding the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds\nto operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the\nFunds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions\nand other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund\nfees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any\ndistribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”) and the Investment\nAdvisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees\nfor the periods ended July 31, 2026 are disclosed in the Statements of Operations.

The\nSub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser\nwith respect to the Funds (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible\nfor the day-to-day management of each Fund’s portfolio, including determining the securities purchased and sold by the Funds, subject\nto the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly,\nat an annual rate of 0.04% of each Fund’s average daily net assets (the “Sub-Advisory Fee”). The Sub-Adviser has agreed\nto assume all or a portion of the Adviser’s obligation to pay all expenses incurred by the Funds, except for the Sub-Advisory Fee\npayable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligation for a portion of each Fund’s expenses, the\nAdviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Funds’ Investment Advisory Fees, less a contractual\nfee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below),\nwhich is an affiliate of the Adviser.

Tidal\nETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator\nand, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related\nexpenses and manages the Trust’s relationships with its various service providers. Tidal prepares various federal and state regulatory\nfilings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials\nto be supplied to the Board; and monitors the activities of the Funds’ custodian.

U.S.\nBancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’\nfund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the\nFunds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian.

Foreside\nFund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the\nFunds’ Shares.

Certain\nofficers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive\ncompensation from the Funds.

Notes\nto Financial Statements

July\n31, 2026

The\nBoard has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with\nthe Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for\nthe sale and distribution of their Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these\nfees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of each Fund’s assets on an\nongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales\ncharges.

NOTE\n5 - SEGMENT REPORTING

In\naccordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures\n(“ASU 2023-07”), each Fund has evaluated their business activities and determined that they each operate as a single reportable\nsegment.

Each\nFund’s investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker.\nThe Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making\nthese assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by\nseparate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional\nsegment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The\nFunds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred,\nincluding management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated\nto specific segments or business lines.

Management\nhas determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate\nits reporting requirements in accordance with applicable accounting standards.

Notes\nto Financial Statements

July\n31, 2026

NOTE\n6 - PURCHASES AND SALES OF SECURITIES

For\nthe periods ended July 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments,\nU.S. government securities, and in-kind transactions were:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fund	Purchases	Sales
ACKY ETF	$126,272,220	$141,359,895
DRKY ETF	29,644,160	30,488,108
OMAH ETF	182,358,852	192,002,210
QUSA ETF	791,093	2,056,559

For\nthe periods ended July 31, 2026, there were no purchases or sales of long-term U.S. government securities.

For\nthe periods ended July 31, 2026, in-kind transactions associated with creations and redemptions for the Funds were:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fund	Purchases	Sales
ACKY ETF	$44,572,189	$8,868,117
DRKY ETF	21,695,968	11,273,004
OMAH ETF	365,243,178	146,314,993
QUSA ETF	4,480,725	442,421

NOTE\n7 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The\ntax character of distributions paid during the periods ended July 31, 2026 and the prior fiscal periods ended February 28, 2026 were as\nfollows:

Distributions paid from:	July 31, 2026		February\n 28, 2026^(a)
ACKY ETF
Ordinary Income	$	2,971,274		$	N/A
Return of Capital		3,226,516			N/A
DRKY ETF
Ordinary Income		37,782			N/A
Return of Capital		1,681,316			N/A
OMAH ETF
Ordinary Income		1,805,421			34,989,236
Return of Capital		49,483,311			31,565,538
QUSA ETF
Ordinary Income		114,120			686,005
Return of Capital		1,070,001			1,283,222
Long-Term Capital Gains		–			85

\n \n \n \n

(a)

OMAH ETF and QUSA ETF changed their\n fiscal year ends from February 28 to July 31 effective as of the close of business on March 19, 2026.

Notes\nto Financial Statements

July\n31, 2026

As\nof the fiscal periods ended July 31, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	ACKY ETF		DRKY ETF	OMAH ETF		QUSA ETF
Cost of investments^(a)	$	47,396,405		$	17,871,875		$	930,946,344		$	21,401,627
Gross tax unrealized appreciation		2,001,645			458,379			99,890,270			1,588,355
Gross tax unrealized depreciation		(3,419,586	)		(1,677,605	)		(24,762,396	)		(1,250,602	)
Net tax unrealized appreciation (depreciation)		(1,417,941	)		(1,219,226	)		75,127,874			337,753
Undistributed ordinary income (loss)		–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–
Other accumulated gain (loss)		(2,169,268	)		(477,360	)		(33,935,766	)		(502,351	)
Total distributable earnings/(accumulated losses)	$	(3,587,209	)	$	(1,696,586	)	$	41,192,108		$	(164,598	)

\n \n \n \n

(a)	The difference between book and tax-basis\n unrealized appreciation is primarily due to wash sale adjustments.

Net\ncapital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses),\nand within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the\nfiscal period ended July 31, 2026, the Funds had elected to defer the following post-October or late-year losses:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund	\n Post-October \n Losses		\n Late-Year \n Losses
ACKY ETF	$	–		$	115,000
DRKY ETF		798,517			66,404
OMAH ETF		–			–
QUSA ETF		–			–

As\nof July 31, 2026, OMAH had $7,762,817 short-term capital loss carryover, and $730,533 long-term capital loss carryover.

NOTE\n8 - SHARES TRANSACTIONS

Shares\nof the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their NAV. The Funds issue\nand redeem shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued\nand redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary\nmarket at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities\nof the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer\nor other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation\nor (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most\nretail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they\nare unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary\nmarket with the assistance of a broker and are subject to customary brokerage commissions or fees.

Notes\nto Financial Statements

July\n31, 2026

Each\nFund currently offers one class of Shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed\ntransaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard\nfixed transaction fee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the\nFunds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser,\nhas agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and\nRedemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable\nfees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds,\nif any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited\nnumber of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

NOTE\n9 - RECENT MARKET EVENTS

U.S.\nand international markets have experienced and may continue to experience significant periods of volatility in recent years and months\ndue to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest\nrate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and\ngeopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial\nasset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government\nefforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and Sub-Adviser will monitor developments\nand seek to manage the Funds in a manner consistent with achieving each Fund’s investment objective, but there can be no assurance\nthat they will be successful in doing so.

NOTE\n10 - UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES

Each\nFund currently invests a portion of its assets in First American Government Obligations Fund Institutional Class shares (“FGXXX”).\nThe Funds may redeem its investment from FGXXX at any time if the Adviser determines that it is in the best interest of the Funds and\nits shareholders to do so.

The\nperformance of the Funds will be directly affected by the performance of FGXXX. The financial statements of the FGXXX, including the portfolio\nof investments, can be found at the SEC’s website www.sec.gov and should be read in conjunction with the Funds’ financial\nstatements. As of the period ended July 31, 2026, the percentages of each Fund’s net assets invested in FGXXX are as follows:

\n \n \n \n \n \n \n \n \n \n \n

ACKY\n ETF	DRKY\n ETF	OMAH\n ETF	QUSA\n ETF
53.5%	38.7%	1.0%	0.7%

NOTE\n11 - SUBSEQUENT EVENTS

In\npreparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through\nthe date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized\nor disclosed in the Funds’ financial statements.

$\"\"$

REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To\nthe Shareholders of

VistaShares\nTarget 15 ACKtivist Distribution ETF

VistaShares\nTarget 15 DRUKMacro Distribution ETF

VistaShares\nTarget 15 Berkshire Select Income ETF and

VistaShares\nTarget 15 USA Quality Income ETF

The\nBoard of Trustees of

Tidal\nTrust III

Opinion\non the Financial Statements

We\nhave audited the accompanying statements of assets and liabilities of Income ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares\nTarget 15 DRUKMacro Distribution ETF, VistaShares Target 15 Berkshire Select and VistaShares Target 15 USA Quality Income ETF (collectively\nthe “Funds”), each a series of Tidal Trust III (the “Trust”), including the schedules of investments, as of July\n31, 2026, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the\nperiods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our\nopinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of July 31, 2026, and\nthe results of their operations, the changes in their net assets and the financial highlights for the periods indicated in the table below,\nin conformity with accounting principles generally accepted in the United States of America.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Individual\n Funds constituting \n \n Tidal Trust III	\n Statements\n of \n operations	\n Statements\n of \n \n changes in net assets	\n Financial\n highlights
VistaShares Target 15 ACKtivist Distribution\n ETF	For the period September 8, 2025 (commencement\n of operations) through July 31, 2026	For the period September 8, 2025 (commencement\n of operations) through July 31, 2026	For the period September 8, 2025 (commencement of operations)\n through July 31, 2026

\n VistaShares\n Target 15 DRUKMacro Distribution ETF \n	\n For\n the period October 7, 2025 (commencement of operations) through July 31, 2026	\n For\n the period October 7, 2025 (commencement of operations) through July 31, 2026	\n For\n the period October 7, 2025 (commencement of operations) through July 31, 2026

\n VistaShares\n Target 15 Berkshire Select Income ETF \n	\n For\n the five months period ended July 31, 2026 \n	\n For\n the five months period ended July 31, 2026, and for the period March 4, 2025 (commencement of operations) through February 28, 2026	\n For\n the five months period ended July 31, 2026, and for the period March 4, 2025 (commencement of operations) through February 28, 2026

VistaShares Target 15 USA Quality Income\n ETF	For the five months period ended July\n 31, 2026	For the five months period ended July\n 31, 2026, and for the period May 5, 2025 (commencement of operations) through February 28, 2026	\n For\n the five months period ended July 31, 2026, and for the period May 5, 2025 (commencement of operations) through February 28, 2026

Basis\nfor Opinion

These\nfinancial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal\nsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the\nauditor of one or more of the funds in the Trust since 2025.

We\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds\nare not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our\naudits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing\nan opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

To\nthe Shareholders of

VistaShares\nTarget 15 ACKtivist Distribution ETF

VistaShares\nTarget 15 DRUKMacro Distribution ETF

VistaShares\nTarget 15 Berkshire Select Income ETF and

VistaShares\nTarget 15 USA Quality Income ETF

The\nBoard of Trustees of

Tidal\nTrust III

Page\nTwo

Our\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or\nfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation\nof securities owned as of July 31, 2026 by correspondence with the custodian and prime brokers. We believe that our audits provide a reasonable\nbasis for our opinion.

\n \n \n \n \n \n \n \n \n \n

	$\"\"$

	\n TAIT,\n WELLER & BAKER LLP

Philadelphia,\nPennsylvania

September\n29, 2026

Other\nNon-Audited Information

July\n31, 2026

QUALIFIED\nDIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For\nthe period ended July 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by\nthe Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared\nfrom ordinary income designated as qualified dividend income was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

VistaShares Target 15 ACKtivist Distribution\n ETF	2.84%
VistaShares Target 15 DRUKMacro Distribution ETF	48.23%
VistaShares Target 15 Berkshire Select Income ETF	100.00%
VistaShares Target 15 USA Quality Income ETF	57.71%

For\ncorporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the\nperiod ended July 31, 2026, was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

VistaShares Target 15 ACKtivist Distribution\n ETF	0.48%
VistaShares Target 15 DRUKMacro Distribution ETF	17.68%
VistaShares Target 15 Berkshire Select Income ETF	100.00%
VistaShares Target 15 USA Quality Income ETF	50.31%

The\npercentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue\nSection 871(k)(2)(c) for the period ended July 31, 2026, was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

VistaShares Target 15 ACKtivist Distribution\n ETF	0.00%
VistaShares Target 15 DRUKMacro Distribution ETF	0.00%
VistaShares Target 15 Berkshire Select Income ETF	0.00%
VistaShares Target 15 USA Quality Income ETF	0.00%

\n \n \n \n

(b)

Financial\n Highlights are included within the financial statements filed under Item 7(a) of this Form.

Item\n8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There\nhave been no changes in or disagreements with the Fund’s accountants.

Item\n9. Proxy Disclosure for Open-End Investment Companies.

There\nwere no matters submitted to a vote of shareholders during the period covered by the report.

Item\n10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See\nItem 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed\nto pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

Item\n11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Pursuant\nto Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 10-11, 2026 (the “Meeting”),\nthe Board of Trustees (the “Board”) of Tidal Trust III (the “Trust”) considered the approval of the renewal of:

\n \n \n \n

●

the\n Investment Advisory Agreements (each an “Advisory Agreement”) between Tidal Investments LLC (the “Adviser”) and\n the Trust, on behalf of each Fund;

\n \n \n \n

●

Sub-Advisory\n Agreement, as amended, between the Adviser and VistaShares Advisors LLC with respect to the VistaShares ETFs;

Pursuant\nto Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements\nor “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in\nperson at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed\na wide variety of information from the Adviser and Sub-Advisers.

In\nreaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the\nnature, extent and quality of the services provided to each Fund’s shareholders by the Adviser and Sub-Advisers; (ii) the costs\nof the services provided and the profits realized by the Adviser and Sub-Advisers from services to be provided to the Funds, including\nany fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment\nobjectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund\nreflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser or Sub-Advisers and their\naffiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to\nthe Board prior to and at the executive session of the Independent Trustees held on May 8, 2026 and the meetings held on June 10-11, 2026.\nAmong other things, each of the Adviser and Sub- Advisers provided responses to a detailed series of questions, which included information\nabout the Adviser’s and Sub-Adviser’s operations, service offerings, personnel, compliance program and financial condition.\nThe Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations\nand any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

The\nIndependent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied\nupon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the\nrenewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were\nbased on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed\nvarying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves\nand independent legal counsel in executive sessions both with and without representatives of management.

Nature,\nExtent and Quality of Services Provided. The Trustees considered the nature, extent and quality of services provided under the Advisory\nAgreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services provided by the Adviser and Sub-Advisers,\nthe Board reviewed the Adviser’s and each Sub-Adviser’s compliance infrastructure and its financial strength and resources.\nThe Board also considered the experience of the personnel of the Adviser and Sub-Adviser working with each ETF. The Board also considered\nother services provided to the Funds by the Adviser and Sub-Adviser, such as selecting broker-dealers for executing portfolio transactions,\nmonitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures\nand with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it\nwas satisfied with the nature, extent and quality of the services provided to each Fund by the Adviser and Sub-Adviser based on their\nexperience, personnel, operations and resources.

Historical\nPerformance. The Board considered the investment performance of each Fund against relevant benchmarks, such as the Fund’s stated\ninvestment objectives, a comparative peer group of similar funds and/or its respective securities benchmark index, as deemed appropriate\nby the Board. In doing so, the Board recognized that many of the Funds have specialized strategies that have specific targeted goals while\nothers may have more generalized strategies but are significantly different from other funds in the same investment universe. In these\ncircumstances, the Board considered that it was t difficult to fairly benchmark performance against peers and also took into account that\ncertain Funds had a very limited universe of peers. In these circumstances the Board placed greater emphasis on other means of measuring\nperformance. The Board considered that the majority of the Funds were relatively new and had not been in operation for a sufficient time\nperiod to establish a meaningful track record.

The\nBoard reviewed each Fund’s performance on a case-by-case basis. The Board also took into account that each Fund’s track record\nwas measured as of a specified date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund\nthat is currently underperforming or not meeting its investment goals, the Board also considered the market conditions experienced during\nthe periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. A summary of\neach Fund’s performance track record as of February 27, 2026, is provided below:

\n \n \n \n

●

For\n VistaShares Target 15 Berkshire Select Income ETF, the Board noted that the Fund did not yet have a year of performance history.

\n \n \n \n

●

For\n VistaShares Target 15 USA Quality Income ETF, the Board noted that the Fund did not yet have a year of performance history.

After\nconsidering all of the information, the Board concluded that the performance of each Fund was satisfactory.

Cost\nof Services Provided, Profitability and Economies of Scale. The Board reviewed the advisory fees for each Fund and compared them to\nthe management fees and total operating expenses of its Peer Group. The Trustees further took into account that many of the Funds had\ndistinctive investment strategies and styles which resulted in the Funds being significantly different from many of the funds in the comparative\nuniverse, which made certain peer group analysis less relevant from an expense perspective. The Board noted that the comparisons to the\ntotal expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a “unified fee.”\nTo the extent applicable, the Board also considered fees charged to any similarly managed funds or accounts by the Adviser.

The\nBoard noted the importance of the fact that the advisory fee for each Fund is a “unified fee,” meaning that the shareholders\nof the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes,\nbrokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments,\nacquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution\nplan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the “1940 Act”), litigation\nexpenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the\nAdviser was responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses (except\nas noted above) out of its own fees and resources.

The\nBoard’s overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense\nratio to be paid by investors in the Fund, which is most representative of an investor’s net experience, was fair and reasonable.

\n \n \n \n

●

For\n VistaShares Target 15 Berkshire Select Income ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above\n the peer group average.

\n \n \n \n

●

For\n VistaShares Target 15 USA Quality Income ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer\n group average.

The\nBoard also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from\ntheir relationship with each of the Funds, and concluded that many of the Funds was profitable to the Adviser, the fees had not been,\nand currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Funds from the revenues\nof its overall investment advisory business. In considering profitability, the Board discuss and considered the methodology used by the\nAdviser in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial\nrisk undertaken by the Adviser in launching and maintaining the Funds.

The\nBoard also reviewed the sub-advisory fee paid to each Sub-Adviser for its services under the Sub-Advisory Agreement. The Board considered\nthis fee in light of the services each Sub-Adviser provides as investment sub-adviser to each of the Sub-advised Funds, as applicable.\nThe Board determined that the fee reflected an appropriate allocation of the advisory fee paid to the Adviser and Sub-Adviser given the\nwork performed by each firm. To the extent applicable, the Board also considered fees charged to any similarly managed funds or accounts\nby the Sub-Adviser. The Board also considered that each Fund had one or more sponsors, each which had agreed to assume the payment of\nany fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including\na payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of\nthe unitary fee to the sponsor(s) out of its profits. The Board concluded that the sub-advisory fee for each Sub-advised Fund was reasonable\nin light of the services rendered.

The\nBoard discussed that as each Fund was relatively new, there were not yet any economies of scale to consider. The Board noted that the\nAdviser will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis.

The\nBoard also considered that the sub-advisory fee paid to each Sub-Adviser is paid out of the Adviser’s unified fee and represents\nan arm’s-length negotiation between the Adviser and each Sub- Adviser. For these reasons, the Trustees determined that the profitability\nto the Sub-Adviser from its relationship with the respective Fund was not a material factor in their deliberations with respect to consideration\nof approval of each Sub-Advisory Agreement. The Board considered that, because the sub-advisory fee was paid by the Adviser out of its\nunified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval\nof the respective sub-advisory fee.

Conclusion.\nNo single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the\ninformation described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously:\n(a) concluded that the terms of each Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b) concluded that each of\nthe Adviser’s and Sub-Adviser’s fees are reasonable in light of the services that the Adviser and Sub-Adviser provide to each\nFund; and (c) agreed to approve renewal of the Advisory Agreement and Sub-Advisory Agreement for a term of one year.

Item\n12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not\napplicable to open-end investment companies.

Item\n13. Portfolio Managers of Closed-End Management Investment Companies.

Not\napplicable to open-end investment companies.

Item\n14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not\napplicable to open-end investment companies.

Item\n15. Submission of Matters to a Vote of Security Holders.

There\nhave been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during\nthe period covered by this report.

Item\n16. Controls and Procedures.

\n \n \n \n

(a)

The\n Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s\n disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”))\n as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or\n 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls\n and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,\n summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

\n \n \n \n

(b)

There\n were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred\n during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s\n internal control over financial reporting.

Item\n17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not\napplicable to open-end investment companies.

Item\n18. Recovery of Erroneously Awarded Compensation.

(a)\nNot Applicable

(b)\nNot Applicable

Item\n19. Exhibits.

\n \n \n \n

(a)

(1)\n Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the\n extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2)\nAny policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered\nnational securities exchange or registered national securities association upon which the registrant’s securities are listed. Not\napplicable.

(3)\nA separate certification for each principal executive officer and principal financial officer pursuant to Section 302\nof the Sarbanes-Oxley Act of 2002. Filed herewith.

(4)\nAny written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report\nby or on behalf of the registrant to 10 or more persons. Not applicable.

(5)\nChange in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange\nAct (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not\npreviously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

\n \n \n \n

(b)

Certifications\n pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant\nto the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this\nreport to be signed on its behalf by the undersigned, thereunto duly authorized.

\n \n \n \n \n

(Registrant)

Tidal Trust III

\n \n \n \n \n \n \n \n

By (Signature and Title)*	/s/ Eric W. Falkeis
	Eric W. Falkeis, President/Principal Executive Officer

\n \n \n \n \n

Date

October 6, 2026

Pursuant\nto the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by\nthe following persons on behalf of the registrant and in the capacities and on the dates indicated.

\n \n \n \n \n \n \n \n

By (Signature and Title)*	/s/ Eric W. Falkeis
	Eric W. Falkeis, President/Principal Executive Officer

\n \n \n \n \n

Date

October 6, 2026

\n \n \n \n \n \n \n \n

By (Signature and Title)*	/s/ Aaron J. Perkovich
	Aaron J. Perkovich, Treasurer/Principal Financial\n Officer

\n \n \n \n \n

Date

October 6, 2026

*\nPrint the name and title of each signing officer under his or her signature.

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