Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-23312)

Tidal Trust III
(Exact name of registrant as specified in charter)

234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

Eric W. Falkeis
Tidal Trust III
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Name and address of agent for service)

(844) 986-7700
Registrant's telephone number, including area code

Date of fiscal year end: January 31

Date of reporting period: July 31, 2025

Item 1. Reports to Stockholders.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)

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

(b)

Not applicable.

1

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

Financial Statements

July 31, 2025

Tidal Trust III

Intech S&P Large Cap Diversified Alpha ETF	| LGDX | NYSE Arca, Inc.
Intech S&P Small-Mid Cap Diversified Alpha ETF	| SMDX | NYSE Arca, Inc.

Intech ETFs

Table of Contents

	Page
Schedules of Investments:
Intech S&P Large Cap Diversified Alpha ETF	1
Intech S&P Small-Mid Cap Diversified Alpha ETF	8
Statements of Assets and Liabilities	21
Statements of Operations	22
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	26

Intech S&P Large Cap Diversified Alpha ETF

Schedule of Investments

July 31, 2025 (Unaudited)

COMMON STOCKS - 99.6%		Shares				Value
Banking - 1.9%
Bank of America Corp.			148			$	6,996
Citigroup, Inc.			224				20,989
Citizens Financial Group, Inc.			3,268				155,949
Huntington Bancshares, Inc.			5,507				90,480
JPMorgan Chase & Co.			1,244				368,522
KeyCorp			6,948				124,508
M&T Bank Corp.			258				48,685
PNC Financial Services Group, Inc.			102				19,407
Regions Financial Corp.			2,076				52,585
Wells Fargo & Co.			12,628				1,018,196
							1,906,317
Consumer Discretionary Products - 5.2%
Aptiv PLC(a)			5,992				411,291
Deckers Outdoor Corp.(a)			3,655				388,051
Ford Motor Co.			21,608				239,201
General Motors Co.			21,835				1,164,679
Masco Corp.			3,484				237,365
Nike, Inc. - Class B			1,880				140,417
Ralph Lauren Corp. - Class A			678				202,553
Tapestry, Inc.			2,299				248,361
Tesla, Inc.(a)			6,838				2,107,950
							5,139,868
Consumer Discretionary Services - 0.9%
Chipotle Mexican Grill, Inc. - Class A(a)			16,575				710,736
McDonald's Corp.			12				3,601
Norwegian Cruise Line Holdings Ltd.(a)			8,233				210,436
Royal Caribbean Cruises Ltd.			4				1,271
Starbucks Corp.			55				4,904
							930,948
Consumer Staple Products - 2.9%
Altria Group, Inc.			10,704				663,006
Campbell's Co.			1,717				54,806
Coca-Cola Co.			136				9,233
Colgate-Palmolive Co.			13,872				1,163,167
Conagra Brands, Inc.			1,276				23,300
General Mills, Inc.			356				17,437
Hershey Co.			59				10,982
J.M. Smucker Co.			127				13,632
Kellanova			212				16,924
Kenvue, Inc.			886				18,996
Lamb Weston Holdings, Inc.			167				9,531

The accompanying notes are an integral part of these financial statements.

McCormick & Co., Inc.			607			$	42,872
Molson Coors Beverage Co. - Class B			5,919				288,374
Mondelez International, Inc. - Class A			25				1,617
PepsiCo, Inc.			109				15,033
Philip Morris International, Inc.			2,935				481,487
Procter & Gamble Co.			124				18,658
Tyson Foods, Inc. - Class A			970				50,731
							2,899,786
Financial Services - 5.8%
American Express Co.			3,349				1,002,389
Bank of New York Mellon Corp.			7,894				800,846
Blackrock, Inc.			4				4,424
Cboe Global Markets, Inc.			1,187				286,115
Charles Schwab Corp.			1,014				99,098
CME Group, Inc. - Class A			638				177,543
Coinbase Global, Inc. - Class A(a)			245				92,551
FactSet Research Systems, Inc.			130				52,377
Fair Isaac Corp.(a)			411				590,492
Fidelity National Information Services, Inc.			1,095				86,954
Fiserv, Inc.(a)			2,098				291,496
Global Payments, Inc.			812				64,920
Goldman Sachs Group, Inc.			1,758				1,272,071
Intercontinental Exchange, Inc.			213				39,369
Jack Henry & Associates, Inc.			263				44,661
MarketAxess Holdings, Inc.			1,208				248,244
Mastercard, Inc. - Class A			7				3,965
Morgan Stanley			115				16,383
PayPal Holdings, Inc.(a)			525				36,099
S&P Global, Inc.			7				3,858
Synchrony Financial			5,797				403,877
Verisk Analytics, Inc. - Class A			23				6,410
Visa, Inc. - Class A			435				150,280
							5,774,422
Health Care - 8.5%
Abbott Laboratories, ADR			26				3,281
AbbVie, Inc.			56				10,585
Amgen, Inc.			413				121,876
Boston Scientific Corp.(a)			7,500				786,900
Bristol-Myers Squibb Co.			197				8,532
Cardinal Health, Inc.			474				73,574
Cencora, Inc.			157				44,915
Centene Corp.(a)			2,125				55,399
Cigna Group			268				71,658
CVS Health Corp.			117				7,266
DaVita, Inc.(a)			184				25,828
Dexcom, Inc.(a)			4,110				331,965
Elevance Health, Inc.			262				74,167
Eli Lilly & Co.			1,965				1,454,237
GE HealthCare Technologies, Inc.			7,386				526,769

The accompanying notes are an integral part of these financial statements.

Gilead Sciences, Inc.			1,763			$	197,967
HCA Healthcare, Inc.			2,195				777,008
Hologic, Inc.(a)			424				28,332
Humana, Inc.			363				90,703
Incyte Corp.(a)			1,148				85,974
Intuitive Surgical, Inc.(a)			542				260,751
Johnson & Johnson			22				3,624
McKesson Corp.			381				264,239
Medtronic PLC			201				18,138
Merck & Co., Inc.			19,134				1,494,748
Pfizer, Inc.			348				8,105
Quest Diagnostics, Inc.			159				26,618
Regeneron Pharmaceuticals, Inc.			49				26,727
ResMed, Inc.			345				93,819
Solventum Corp(a)			1,677				119,671
Thermo Fisher Scientific, Inc.			7				3,274
UnitedHealth Group, Inc.			3,946				984,764
Universal Health Services, Inc. - Class B			1,917				319,085
							8,400,499
Industrial Products - 2.8%
3M Co.			3,504				522,867
Axon Enterprise, Inc.(a)			153				115,590
Caterpillar, Inc.			1,552				679,807
Emerson Electric Co.			31				4,511
GE Vernova, Inc.			11				7,263
General Electric Co.			1,056				286,260
Lockheed Martin Corp.			665				279,952
Northrop Grumman Corp.			163				93,987
Veralto Corp.			7,430				778,887
							2,769,124
Industrial Services - 2.5%
CH Robinson Worldwide, Inc.			54				6,227
Cintas Corp.			564				125,518
Delta Air Lines, Inc.			4,237				225,451
FedEx Corp.			4,590				1,025,819
Jacobs Solutions, Inc.			2,946				417,949
Norfolk Southern Corp.			15				4,170
United Airlines Holdings, Inc.(a)			4,145				366,045
United Parcel Service, Inc. - Class B			1,363				117,436
United Rentals, Inc.			254				224,267
Waste Management, Inc.			16				3,667
							2,516,549
Insurance - 5.8%
Aflac, Inc.			2,037				202,396
Allstate Corp.			2,316				470,727
American International Group, Inc.			571				44,327
Aon PLC - Class A			1,563				555,975
Arch Capital Group Ltd.			2,803				241,226

The accompanying notes are an integral part of these financial statements.

Arthur J. Gallagher & Co.			5			$	1,436
Assurant, Inc.			1,641				307,359
Berkshire Hathaway, Inc. - Class B(a)			35				16,516
Brown & Brown, Inc.			3,604				329,297
Chubb Ltd.			47				12,504
Cincinnati Financial Corp.			258				38,058
Erie Indemnity Co. - Class A			953				339,497
Everest Group Ltd.			1,068				358,634
Globe Life, Inc.			708				99,453
Hartford Financial Services Group, Inc.			997				124,017
Loews Corp.			594				53,781
Progressive Corp.			7,148				1,730,102
Travelers Cos., Inc.			1,871				486,909
W.R. Berkley Corp.			2,119				145,808
Willis Towers Watson PLC			693				218,856
							5,776,878
Materials - 2.0%
Air Products and Chemicals, Inc.			33				9,500
Ball Corp.			4,442				254,349
CF Industries Holdings, Inc.			5,307				492,649
Linde PLC			313				144,061
Newmont Corp.			1,631				101,285
Nucor Corp.			2,262				323,624
Packaging Corp. of America			1,752				339,450
Steel Dynamics, Inc.			2,485				316,987
							1,981,905
Media - 12.7%
Alphabet, Inc. - Class A			5,442				1,044,320
Alphabet, Inc. - Class C			4,432				854,756
Booking Holdings, Inc.			199				1,095,308
Comcast Corp. - Class A			7,748				257,466
Expedia Group, Inc. - Class A			1,878				338,453
Fox Corp. - Class A			4,881				272,165
GoDaddy, Inc. - Class A(a)			4,482				724,202
Match Group, Inc.			1,298				44,482
Meta Platforms, Inc. - Class A			6,190				4,787,594
Netflix, Inc.(a)			2,085				2,417,349
Uber Technologies, Inc.(a)			3,000				263,250
VeriSign, Inc.			1,228				330,172
Walt Disney Co.			777				92,548
							12,522,065
Oil & Gas - 3.7%
APA Corp.			2,001				38,599
Chevron Corp.			24				3,639
EOG Resources, Inc.			149				17,883
Exxon Mobil Corp.			13,586				1,516,741
Halliburton Co.			905				20,272
ONEOK, Inc.			9,623				790,145

The accompanying notes are an integral part of these financial statements.

Targa Resources Corp.			3,981			$	662,478
Valero Energy Corp.			760				104,356
Williams Cos., Inc.			7,592				455,140
							3,609,253
Real Estate - 2.7%
American Tower Corp. - REIT			7				1,459
CBRE Group, Inc. - Class A(a)			8,418				1,311,019
Digital Realty Trust, Inc. - REIT			111				19,585
Equinix, Inc. - REIT			1,120				879,390
Extra Space Storage Inc - REIT			940				126,299
Iron Mountain, Inc. - REIT			698				67,957
Simon Property Group, Inc. - REIT			368				60,275
Ventas, Inc. - REIT			1,134				76,182
Welltower, Inc. - REIT			700				115,549
							2,657,715
Retail & Wholesale - Discretionary - 5.6%
Amazon.com, Inc.(a)			20,102				4,706,079
AutoZone, Inc.(a)			12				45,221
CarMax, Inc.(a)			4,146				234,705
Copart, Inc.(a)			2,294				103,987
eBay, Inc.			4,267				391,497
Home Depot, Inc.			9				3,308
Lowe's Cos., Inc.			15				3,354
Lululemon Athletica, Inc.(a)			174				34,892
TJX Cos., Inc.			16				1,992
							5,525,035
Retail & Wholesale - Staples - 2.2%
Bunge Global SA			2,183				174,116
Costco Wholesale Corp.			446				419,079
Dollar General Corp.			1,307				137,104
Dollar Tree, Inc.			404				45,874
Kroger Co.			3,386				237,359
Target Corp.			2,240				225,120
Walmart, Inc.			9,063				887,993
							2,126,645
Software & Tech Services - 13.6%
Accenture PLC - Class A			1,218				325,328
Adobe, Inc.(a)			5,171				1,849,615
Akamai Technologies, Inc.(a)			1,365				104,163
Autodesk, Inc.(a)			14				4,244
EPAM Systems, Inc.(a)			181				28,546
Fortinet, Inc.(a)			14,198				1,418,380
Gartner, Inc.(a)			71				24,044
Gen Digital, Inc.			5,019				148,010
International Business Machines Corp.			1,710				432,887
Intuit, Inc.			24				18,843
Leidos Holdings, Inc.			3,423				546,482

The accompanying notes are an integral part of these financial statements.

Microsoft Corp.			9,793			$	5,224,565
Oracle Corp.			2,305				584,940
Palantir Technologies, Inc. - Class A(a)			7,462				1,181,608
Palo Alto Networks, Inc.(a)			1,875				325,500
Roper Technologies, Inc.			23				12,659
Salesforce, Inc.			4,545				1,174,110
Workday, Inc. - Class A(a)			196				44,958
							13,448,882
Tech Hardware & Semiconductors - 17.2%
Advanced Micro Devices, Inc.(a)			55				9,697
Apple, Inc.			20,958				4,350,252
Broadcom, Inc.			10,750				3,157,275
Cisco Systems, Inc.			7,641				520,199
Corning, Inc.			9,870				624,179
F5, Inc.(a)			1,421				445,370
Intel Corp.			401				7,940
Motorola Solutions, Inc.			3				1,317
NVIDIA Corp.			43,956				7,818,454
QUALCOMM, Inc.			198				29,058
Texas Instruments, Inc.			19				3,440
							16,967,181
Telecommunications - 0.0%(b)
AT&T, Inc.			303				8,305
Verizon Communications, Inc.			231				9,878
							18,183
Utilities - 3.6%
Alliant Energy Corp.			699				45,442
CenterPoint Energy, Inc.			1,629				63,238
CMS Energy Corp.			420				30,996
Consolidated Edison, Inc.			3,103				321,160
Constellation Energy Corp.			342				118,961
Edison International			10,274				535,481
Evergy, Inc.			748				52,958
Exelon Corp.			508				22,829
FirstEnergy Corp.			695				29,683
NextEra Energy, Inc.			3,324				236,203
NiSource, Inc.			6,379				270,789
NRG Energy, Inc.			2,983				498,758
PG&E Corp.			47,440				665,109
Pinnacle West Capital Corp.			692				62,709
Vistra Corp.			2,759				575,362
WEC Energy Group, Inc.			132				14,399
Xcel Energy, Inc.			290				21,298
							3,565,375
TOTAL COMMON STOCKS (Cost $86,118,274)							98,536,630

The accompanying notes are an integral part of these financial statements.

MONEY MARKET FUND - 0.4%		Shares				Value
Money Market Funds - 0.4%
First American Government Obligations Fund - Class X, 4.214%(c)			364,810			$	364,810
TOTAL MONEY MARKET FUND (Cost $364,810)							364,810
TOTAL INVESTMENTS - 100.0% (Cost $86,483,084)						$	98,901,440
Other Assets in Excess of Liabilities - 0.0%(b)							14,203
TOTAL NET ASSETS - 100.0%						$	98,915,643

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

(a)

Non-income producing security.

(b)

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

(c)

The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

The accompanying notes are an integral part of these financial statements.

Intech S&P Small-Mid Cap Diversified Alpha ETF

Schedule of Investments

July 31, 2025 (Unaudited)

COMMON STOCKS - 99.6%		Shares				Value
Banking - 5.5%
Ameris Bancorp			927			$	63,360
Associated Banc-Corp			2,223				54,997
Axos Financial, Inc.(a)			1,191				102,843
Banc of California, Inc.			4,669				67,794
Bancorp, Inc.(a)			295				18,632
Bank OZK			2,684				132,321
BankUnited, Inc.			2,572				93,801
Banner Corp.			360				22,347
Berkshire Hills Bancorp, Inc.			888				21,880
Brookline Bancorp, Inc.			10,666				110,073
Cadence Bank			1,346				46,908
Central Pacific Financial Corp.			2,728				72,728
Columbia Banking System, Inc.			2,164				51,503
Customers Bancorp, Inc.(a)			2,192				139,740
CVB Financial Corp.			756				14,130
Dime Community Bancshares, Inc.			1,231				34,111
East West Bancorp, Inc.			2,803				281,001
First BanCorp, Inc.			29,837				621,505
First Bancorp/Southern Pines NC			308				15,428
First Commonwealth Financial Corp.			2,501				41,292
First Financial Bancorp			842				20,410
First Horizon Corp.			15,113				329,615
Flagstar Financial, Inc.			6,975				78,748
Glacier Bancorp, Inc.			583				25,553
Hancock Whitney Corp.			609				36,369
Hanmi Financial Corp.			2,379				54,265
Heritage Financial Corp.			406				9,151
Hope Bancorp, Inc.			4,059				40,549
Independent Bank Corp.			650				41,308
National Bank Holdings Corp. - Class A			673				24,941
Northwest Bancshares, Inc.			1,523				17,819
OFG Bancorp			7,482				318,883
Pacific Premier Bancorp, Inc.			613				13,284
Pathward Financial, Inc.			4,985				376,991
Pinnacle Financial Partners, Inc.			1,083				95,185
Seacoast Banking Corp. of Florida			1,758				49,558
ServisFirst Bancshares, Inc.			773				60,796
Simmons First National Corp.			852				16,333
Stellar Bancorp, Inc.			314				9,272
Synovus Financial Corp.			2,186				103,267
Texas Capital Bancshares, Inc.(a)			1,574				132,169
Tompkins Financial Corp			330				21,344
Triumph Financial, Inc.(a)			336				19,058
TrustCo Bank Corp. NY			1,371				46,011
United Community Banks, Inc.(a)			3,617				110,318

The accompanying notes are an integral part of these financial statements.

Valley National Bancorp			16,008			$	148,394
Veritex Holdings, Inc.			605				19,191
Webster Financial Corp.			2,006				115,646
Wintrust Financial Corp.			197				25,212
WSFS Financial Corp.			605				33,178
Zions Bancorp. NA			635				34,049
							4,433,261
Consumer Discretionary Products - 6.8%
Adient PLC(a)			10,863				232,903
American Axle & Manufacturing Holdings, Inc.(a)			6,190				27,545
American Woodmark Corp.(a)			662				34,828
Autoliv, Inc.			1,584				176,695
Cavco Industries, Inc.(a)			162				65,395
Century Communities, Inc.			296				16,662
Crocs, Inc.(a)			2,109				210,331
Dana, Inc.			17,456				277,900
Dorman Products, Inc.(a)			923				111,332
Gentex Corp.			12,080				319,154
Goodyear Tire & Rubber Co.(a)			4,475				46,003
Griffon Corp.			2,011				163,434
Hanesbrands, Inc.(a)			22,229				90,917
Harley-Davidson, Inc.			1,317				32,043
HNI Corp.			329				16,924
Interface, Inc.			13,675				281,978
Kontoor Brands, Inc.			4,099				228,150
LCI Industries			179				17,005
LGI Homes, Inc.(a)			337				17,952
M/I Homes, Inc.(a)			372				44,711
Mattel, Inc.(a)			15,170				258,042
Meritage Homes Corp.			1,648				110,976
MillerKnoll, Inc.			4,305				81,709
Newell Brands, Inc.			4,440				24,908
Oxford Industries, Inc.			336				12,828
PVH Corp.			7,030				516,143
Scotts Miracle-Gro Co.			6,856				429,597
Skechers USA, Inc. - Class A(a)			2,190				138,517
Tempur Sealy International, Inc.			1,848				133,758
Thor Industries, Inc.			252				22,929
Toll Brothers, Inc.			2,543				300,989
Under Armour, Inc. - Class A(a)			23,739				157,627
Visteon Corp.			2,411				267,983
Winnebago Industries, Inc.			522				15,514
Wolverine World Wide, Inc.			3,306				74,649
XPEL, Inc.(a)			432				14,122
YETI Holdings, Inc.(a)			15,957				586,260
							5,558,413
Consumer Discretionary Services - 3.7%
Adtalem Global Education, Inc.(a)			978				111,756
Bloomin' Brands, Inc.			14,723				134,126

The accompanying notes are an integral part of these financial statements.

Brinker International, Inc.(a)			905			$	142,628
Cheesecake Factory, Inc.			1,597				102,064
Cinemark Holdings, Inc.			1,055				28,348
Dave & Buster's Entertainment, Inc.(a)			7,329				214,300
Graham Holdings Co. - Class B			176				167,936
Grand Canyon Education, Inc.(a)			809				136,422
Light & Wonder, Inc.(a)			1,047				100,847
Perdoceo Education Corp.			6,090				175,270
Planet Fitness, Inc. - Class A(a)			245				26,752
PROG Holdings, Inc.			9,613				306,078
Sabre Corp.(a)			7,945				24,073
Service Corp. International			2,181				166,432
Shake Shack, Inc. - Class A(a)			1,347				162,098
Strategic Education, Inc.			388				28,768
Stride, Inc.(a)			771				98,865
Texas Roadhouse, Inc. - Class A			368				68,128
Upbound Group, Inc.			12,528				258,515
Wendy's Co.			8,541				84,129
Wingstop, Inc.			1,131				426,772
Wyndham Hotels & Resorts, Inc.			300				25,800
							2,990,107
Consumer Staple Products - 3.0%
B&G Foods, Inc.			1,860				7,626
BellRing Brands, Inc.(a)			8,094				441,771
Boston Beer Co., Inc. - Class A(a)			25				5,177
Cal-Maine Foods, Inc.(a)			6,295				699,626
Celsius Holdings, Inc.(a)			2,345				106,322
Central Garden & Pet Co. - Class A(a)			846				30,050
Coca-Cola Consolidated, Inc.			1,588				177,459
Darling Ingredients, Inc.(a)			3,567				115,500
elf Beauty, Inc.(a)			460				55,747
Ingredion, Inc.			3,137				412,641
Interparfums, Inc.			593				71,516
Marzetti Co.			444				78,925
MGP Ingredients, Inc.			851				24,066
Pilgrim's Pride Corp.			3,449				163,448
Post Holdings, Inc.(a)			178				18,834
Quanex Building Products Corp.			1,645				32,045
TreeHouse Foods, Inc.(a)			359				6,900
Universal Corp.			409				22,278
							2,469,931
Financial Services - 7.2%
Affiliated Managers Group, Inc.			782				164,118
Apollo Commercial Real Estate Finance, Inc. - REIT			2,455				23,617
ARMOUR Residential REIT, Inc. - REIT			1,240				20,225
Bread Financial Holdings, Inc.			361				22,129
Ellington Financial, Inc. - REIT			1,064				13,502
Enova International, Inc.(a)			1,397				146,070
Essent Group Ltd.			10,358				579,945

The accompanying notes are an integral part of these financial statements.

Euronet Worldwide, Inc.(a)			63			$	6,122
Evercore, Inc. - Class A			1,702				512,540
EVERTEC, Inc.			437				15,798
EZCORP, Inc. - Class A(a)			9,701				138,918
First American Financial Corp.			1,791				107,550
HA Sustainable Infrastructure Capital, Inc. - REIT			2,593				67,340
Hamilton Lane, Inc. - Class A			613				93,360
Interactive Brokers Group, Inc. - Class A			24,012				1,574,227
Janus Henderson Group PLC			4,770				206,541
Jefferies Financial Group, Inc.			15,077				869,340
KKR Real Estate Finance Trust, Inc. - REIT			2,806				25,366
Mr. Cooper Group, Inc.(a)			1,740				270,953
New York Mortgage Trust, Inc. - REIT			2,433				15,401
Payoneer Global, Inc.(a)			8,336				54,768
Ready Capital Corp. - REIT			4,282				18,027
Redwood Trust, Inc. - REIT			7,316				39,945
SEI Investments Co.			347				30,578
SLM Corp.			8,948				284,546
StepStone Group, Inc. - Class A			765				45,411
Stewart Information Services Corp.			381				24,738
StoneX Group, Inc.(a)			2,245				218,304
Two Harbors Investment Corp. - REIT			3,075				29,981
Virtus Investment Partners, Inc.			91				17,591
Walker & Dunlop, Inc.			1,181				88,587
Western Union Co.			5,767				46,424
WEX, Inc.(a)			193				32,748
							5,804,710
Health Care - 9.4%
Acadia Healthcare Co., Inc.(a)			5,474				119,169
AdaptHealth Corp.(a)			5,034				45,155
Addus HomeCare Corp(a)			363				38,761
Amphastar Pharmaceuticals, Inc.(a)			2,616				54,805
ANI Pharmaceuticals, Inc.(a)			906				57,395
Artivion, Inc.(a)			1,129				34,897
Astrana Health, Inc.(a)			2,218				52,921
BioLife Solutions, Inc.(a)			980				20,835
Catalyst Pharmaceuticals, Inc.(a)			2,516				53,666
Certara, Inc.(a)			1,876				18,460
Collegium Pharmaceutical, Inc.(a)			5,996				179,041
CONMED Corp.			797				40,767
CorVel Corp.(a)			650				57,590
DENTSPLY SIRONA, Inc.			4,479				64,095
Embecta Corp.			2,511				25,512
Encompass Health Corp.			1,167				128,498
Exelixis, Inc.(a)			22,388				810,893
Glaukos Corp.(a)			933				80,322
Globus Medical, Inc. - Class A(a)			1,191				62,682
Haemonetics Corp.(a)			903				66,858
Halozyme Therapeutics, Inc.(a)			5,729				343,568
HealthEquity, Inc.(a)			756				73,332

The accompanying notes are an integral part of these financial statements.

ICU Medical, Inc.(a)			468			$	60,096
Inspire Medical Systems, Inc.(a)			2,106				262,281
Integer Holdings Corp.(a)			404				43,838
Jazz Pharmaceuticals PLC(a)			709				81,273
Lantheus Holdings, Inc.(a)			2,892				205,881
LeMaitre Vascular, Inc.			620				50,369
LivaNova PLC(a)			1,043				44,004
Masimo Corp.(a)			1,959				301,275
Medpace Holdings, Inc.(a)			761				325,099
Merit Medical Systems, Inc.(a)			1,226				104,038
NeoGenomics, Inc.(a)			6,881				33,304
Neurocrine Biosciences, Inc.(a)			1,136				145,669
Omnicell, Inc.(a)			3,627				112,473
Option Care Health, Inc.(a)			3,630				106,541
Pediatrix Medical Group, Inc.(a)			2,369				29,020
Penumbra, Inc.(a)			2,724				687,183
Premier, Inc. - Class A			7,022				150,833
Progyny, Inc.(a)			3,985				93,687
QuidelOrtho Corp.(a)			4,950				113,949
RadNet, Inc.(a)			1,546				84,613
Repligen Corp.(a)			1,879				219,975
Select Medical Holdings Corp.			8,702				128,703
STAAR Surgical Co.(a)			999				17,897
Tandem Diabetes Care, Inc.(a)			3,223				50,214
Tenet Healthcare Corp.(a)			6,359				1,025,580
TransMedics Group, Inc.(a)			2,159				256,856
U.S. Physical Therapy, Inc.			430				31,455
United Therapeutics Corp.(a)			1,535				421,665
Vericel Corp.(a)			1,137				39,727
							7,656,720
Industrial Products - 7.5%
AAR Corp(a)			276				20,620
Acuity Brands, Inc.			1,938				603,396
AeroVironment, Inc.(a)			675				180,657
AGCO Corp			103				12,151
Alamo Group, Inc.			434				96,600
Astec Industries, Inc.			407				16,142
ATI, Inc.(a)			1,692				130,182
AZZ, Inc.			576				63,072
Badger Meter, Inc.			901				170,073
Belden, Inc.			318				39,321
BWX Technologies, Inc.			1,377				209,208
Chart Industries, Inc.(a)			493				98,023
Cognex Corp.			5,815				237,077
Crane Co.			147				28,778
Curtiss-Wright Corp.			901				441,688
Enerpac Tool Group Corp.			358				13,787
Enpro, Inc.			306				64,997
Esab Corp.			341				45,752
ESCO Technologies, Inc.			1,424				275,829

The accompanying notes are an integral part of these financial statements.

Federal Signal Corp.			975			$	123,406
Flowserve Corp.			1,687				94,539
Franklin Electric Co., Inc.			662				62,195
Gibraltar Industries, Inc.(a)			1,430				94,423
Graco, Inc.			1,451				121,855
Greenbrier Cos., Inc.			842				38,311
Hillenbrand, Inc.			1,122				23,237
Itron, Inc.(a)			2,320				288,933
ITT, Inc.			923				156,873
Lindsay Corp.			255				34,810
Littelfuse, Inc.			107				27,534
Mercury Systems, Inc.(a)			420				22,088
Middleby Corp.(a)			165				23,958
Moog, Inc. - Class A			324				62,720
Mueller Industries, Inc.			6,364				543,295
nVent Electric PLC			3,708				290,781
Oshkosh Corp.			586				74,147
OSI Systems, Inc.(a)			93				20,554
Proto Labs, Inc.(a)			470				20,266
Regal Rexnord Corp.			1,225				187,278
Sensata Technologies Holding PLC			936				28,791
SPX Technologies, Inc.(a)			562				102,503
Titan International, Inc.(a)			2,232				18,883
Toro Co.			3,486				258,835
Valmont Industries, Inc.			665				242,027
Vontier Corp.			672				27,868
Woodward, Inc.			1,450				372,766
							6,110,229
Industrial Services - 10.7%
ABM Industries, Inc.			2,770				127,780
AECOM			5,023				566,293
Alarm.com Holdings, Inc.(a)			955				52,172
AMN Healthcare Services, Inc.(a)			1,239				22,723
ArcBest Corp.			346				25,303
Arcosa, Inc.			1,389				119,287
Brady Corp. - Class A			1,239				87,436
Brink's Co.			363				31,704
Clean Harbors, Inc.(a)			1,201				283,208
Comfort Systems USA, Inc.			932				655,476
CoreCivic, Inc. - REIT(a)			3,514				70,421
CSG Systems International, Inc.			777				48,531
Dycom Industries, Inc.(a)			2,824				759,119
EMCOR Group, Inc.			3,200				2,007,968
Enviri Corp.(a)			3,429				30,861
Everus Construction Group, Inc.(a)			3,345				248,400
Fluor Corp.(a)			11,924				676,925
Forward Air Corp. - Class A(a)			1,720				52,271
Frontdoor, Inc.(a)			5,677				332,105
GEO Group, Inc. - REIT(a)			2,660				68,947
Granite Construction, Inc.			643				60,744

The accompanying notes are an integral part of these financial statements.

H&R Block, Inc.			5,320			$	289,089
Healthcare Services Group, Inc.(a)			1,134				14,753
Heidrick & Struggles International, Inc.			534				23,779
Insperity, Inc.			675				40,217
Installed Building Products, Inc.			437				88,401
Kirby Corp.(a)			293				27,926
Korn Ferry			1,842				130,543
MasTec, Inc.(a)			1,269				240,107
Matson, Inc.			526				56,166
MYR Group, Inc.(a)			632				122,292
Resideo Technologies, Inc.(a)			2,859				78,051
Ryder System, Inc.			678				120,487
Saia, Inc.(a)			133				40,198
SkyWest, Inc.(a)			1,397				161,996
Sterling Infrastructure, Inc.(a)			225				60,208
Tetra Tech, Inc.			1,685				61,907
TopBuild Corp.(a)			229				84,828
UniFirst Corp.(a)			300				51,309
Verra Mobility Corp.(a)			1,107				27,963
Watsco, Inc.			501				225,891
World Kinect Corp.			2,333				63,621
XPO, Inc.(a)			3,187				383,364
							8,720,770
Insurance - 6.1%
American Financial Group, Inc.			400				49,960
AMERISAFE, Inc.			516				23,107
Assured Guaranty Ltd.			7,940				671,565
CNO Financial Group, Inc.			2,381				87,716
Employers Holdings, Inc.			691				28,525
Genworth Financial, Inc. - Class A(a)			10,966				86,193
Goosehead Insurance, Inc. - Class A			141				12,818
Hanover Insurance Group, Inc.			175				30,035
HCI Group, Inc.			298				41,732
Horace Mann Educators Corp.			1,149				48,867
Jackson Financial, Inc.			3,576				313,115
Kemper Corp.			2,826				174,053
Kinsale Capital Group, Inc.			638				281,160
Mercury General Corp.			136				9,418
NMI Holdings, Inc.(a)			5,184				193,467
Old Republic International Corp.			11,564				418,270
Palomar Holdings, Inc.(a)			5,359				710,014
Primerica, Inc.			721				191,519
ProAssurance Corp.(a)			764				18,153
Reinsurance Group of America, Inc.			3,023				581,776
RenaissanceRe Holdings Ltd.			1,420				346,111
SiriusPoint Ltd.(a)			1,712				33,572
Trupanion, Inc.(a)			2,254				106,862
Unum Group			6,452				463,318
							4,921,326

The accompanying notes are an integral part of these financial statements.

Materials - 5.9%
Advanced Drainage Systems, Inc.			784			$	89,964
AdvanSix, Inc.			1,023				20,583
Alcoa Corp.			1,004				30,090
Alpha Metallurgical Resources, Inc.(a)			100				11,807
Apogee Enterprises, Inc.			1,395				58,576
Avient Corp.			1,950				61,561
Axalta Coating Systems Ltd.(a)			1,295				36,674
Balchem Corp.			2,944				448,872
Boise Cascade Co.			1,590				133,258
Carlisle Cos, Inc.			1,851				656,568
Carpenter Technology Corp.			830				206,994
Century Aluminum Co.(a)			2,885				61,104
Commercial Metals Co.			645				33,450
Eagle Materials, Inc.			818				183,469
Hawkins, Inc.			232				37,881
HB Fuller Co.			724				40,689
Innospec, Inc.			168				13,423
Kaiser Aluminum Corp.			2,060				159,259
Koppers Holdings, Inc.			509				16,726
Louisiana-Pacific Corp.			2,245				202,970
Materion Corp.			3,560				374,868
Metallus, Inc.(a)			1,831				28,930
NewMarket Corp.			36				24,732
O-I Glass, Inc.(a)			1,645				21,401
Olin Corp.			1,576				29,849
Owens Corning			1,176				163,970
Peabody Energy Corp.			12,575				203,086
Reliance, Inc.			1,589				461,017
Royal Gold, Inc.			1,266				191,698
RPM International, Inc.			2,438				286,246
Sensient Technologies Corp.			828				92,976
Simpson Manufacturing Co., Inc.			626				112,323
Stepan Co.			252				12,794
SunCoke Energy, Inc.			3,784				27,964
Sylvamo Corp.			456				21,008
Trex Co., Inc.(a)			2,114				135,803
Warrior Met Coal, Inc.			369				18,959
WD-40 Co.			269				57,674
							4,769,216
Media - 1.0%
Angi, Inc.(a)			357				5,791
CarGurus, Inc. - Class A(a)			2,161				70,924
HealthStream, Inc.			1,666				43,583
New York Times Co. - Class A			6,850				355,447
QuinStreet, Inc.(a)			1,352				22,186
Scholastic Corp.			693				17,096
TripAdvisor, Inc. - Class A(a)			18,962				331,645
							846,672

The accompanying notes are an integral part of these financial statements.

Oil & Gas - 4.8%
Antero Midstream Corp.			13,247			$	243,083
Antero Resources Corp.(a)			21,980				767,761
Archrock, Inc.			9,406				219,724
Bristow Group, Inc.(a)			3,131				108,239
CNX Resources Corp.(a)			13,525				409,943
Comstock Resources, Inc.(a)			3,801				67,924
Core Laboratories, Inc.			1,430				15,644
DNOW, Inc.(a)			1,279				19,901
DT Midstream, Inc.			8,396				862,521
Helix Energy Solutions Group, Inc.(a)			6,197				36,748
Helmerich & Payne, Inc.			1,998				32,388
HF Sinclair Corp.			811				35,635
Innovex International, Inc.(a)			1,147				18,834
Matador Resources Co.			610				30,427
Murphy Oil Corp.			4,106				101,870
Murphy USA, Inc.			892				323,332
Northern Oil & Gas, Inc.			704				19,825
Oceaneering International, Inc.(a)			2,312				50,170
Par Pacific Holdings, Inc.(a)			1,883				59,089
Patterson-UTI Energy, Inc.			13,420				79,312
PBF Energy, Inc. - Class A			385				8,701
ProPetro Holding Corp.(a)			6,430				34,465
Range Resources Corp.			2,869				105,350
RPC, Inc.			5,697				26,491
SM Energy Co.			3,397				93,723
Talos Energy, Inc.(a)			4,029				34,448
Vital Energy, Inc.(a)			1,931				36,090
Weatherford International PLC			777				43,939
							3,885,577
Real Estate - 5.9%
Acadia Realty Trust - REIT			772				14,452
American Assets Trust, Inc. - REIT			2,123				40,401
Armada Hoffler Properties, Inc. - Class A - REIT			5,861				40,031
Brandywine Realty Trust - REIT			11,665				46,660
Brixmor Property Group, Inc. - REIT			4,985				130,258
CareTrust REIT, Inc. - REIT(a)			14,997				476,905
Centerspace - REIT			252				13,716
COPT Defense Properties - REIT			578				15,768
Cousins Properties, Inc. - REIT			3,785				102,574
Cushman & Wakefield PLC(a)			46,523				567,115
DiamondRock Hospitality Co - REIT			2,375				18,335
Easterly Government Properties, Inc. - REIT			1,424				31,328
EPR Properties - REIT			1,528				84,101
Equity LifeStyle Properties, Inc. - REIT			1,187				71,125
eXp World Holdings, Inc.			3,176				34,237
First Industrial Realty Trust, Inc. - REIT			2,694				131,252
Getty Realty Corp. - REIT			1,155				32,097
Global Net Lease, Inc. - REIT			8,674				60,631
Healthcare Realty Trust, Inc. - REIT			2,285				35,098

The accompanying notes are an integral part of these financial statements.

Independence Realty Trust, Inc. - REIT			2,856			$	47,895
Innovative Industrial Properties, Inc. - Class A - REIT			1,532				79,204
Jones Lang LaSalle, Inc.(a)			3,788				1,024,124
Kilroy Realty Corp. - REIT			2,855				105,235
Kite Realty Group Trust - REIT			1,071				23,541
Lamar Advertising Co. - Class A - REIT			540				66,015
LXP Industrial Trust - REIT			2,670				20,719
National Storage Affiliates Trust - REIT			1,802				53,087
NexPoint Residential Trust, Inc. - REIT			1,537				47,924
Omega Healthcare Investors, Inc. - REIT			12,674				493,019
Outfront Media, Inc. - REIT			2,459				43,106
Park Hotels & Resorts, Inc. - REIT			9,490				101,163
PotlatchDeltic Corp. - REIT			1,430				58,473
Rexford Industrial Realty, Inc. - REIT			1,979				72,293
Sabra Health Care REIT, Inc. - REIT			7,942				143,194
Safehold, Inc. - REIT			2,065				28,889
SITE Centers Corp. - REIT			7,669				82,595
SL Green Realty Corp - Class Common Stock - REIT			779				44,598
St. Joe Co.			514				25,957
Summit Hotel Properties, Inc. - REIT			4,664				24,346
Tanger, Inc. - REIT			1,346				40,407
Uniti Group, Inc. - REIT			17,210				91,557
Universal Health Realty Income Trust - REIT			217				8,417
Vornado Realty Trust - REIT			3,450				132,549
							4,804,391
Renewable Energy - 0.1%
EnerSys			644				59,486
REX American Resources Corp.(a)			420				21,958
							81,444
Retail & Wholesale - Discretionary - 4.9%
Abercrombie & Fitch Co.(a)			1,900				182,438
Academy Sports & Outdoors, Inc.			847				43,019
American Eagle Outfitters, Inc.			8,598				92,858
Asbury Automotive Group, Inc.(a)			38				8,441
AutoNation, Inc.(a)			473				91,119
Avis Budget Group, Inc.(a)			901				153,386
Bath & Body Works, Inc.			4,963				143,728
Boot Barn Holdings, Inc.(a)			676				116,204
Buckle, Inc.			3,237				159,811
Burlington Stores, Inc.(a)			592				161,592
Dick's Sporting Goods, Inc.			3,216				680,216
ePlus, Inc.			252				16,325
Ethan Allen Interiors, Inc.			962				28,639
FirstCash Holdings, Inc.			701				93,436
Foot Locker, Inc.(a)			1,721				43,094
GameStop Corp. - Class A(a)			5,786				129,896
Gap, Inc.			9,039				175,899
G-III Apparel Group Ltd.(a)			1,456				34,362
GMS, Inc.(a)			926				101,527

The accompanying notes are an integral part of these financial statements.

Group 1 Automotive, Inc.			193			$	79,545
Hertz Global Holdings, Inc.(a)			21,491				137,757
La-Z-Boy, Inc.			2,009				72,264
Liquidity Services, Inc.(a)			3,275				78,207
Lithia Motors, Inc.			499				143,712
Macy's, Inc.			7,072				89,319
National Vision Holdings, Inc.(a)			1,989				48,253
OPENLANE, Inc.(a)			6,217				153,187
Patrick Industries, Inc.			285				27,713
RH(a)			492				101,165
Sally Beauty Holdings, Inc.(a)			1,160				11,298
Signet Jewelers Ltd.			5,788				457,831
Urban Outfitters, Inc.(a)			1,205				90,712
Valvoline, Inc.(a)			210				7,403
Victoria's Secret & Co.(a)			744				13,987
							3,968,343
Retail & Wholesale - Staples - 3.0%
Andersons, Inc.			431				15,482
BJ's Wholesale Club Holdings, Inc.(a)			3,753				397,443
Casey's General Stores, Inc.			600				312,078
Five Below, Inc.(a)			1,572				214,609
Grocery Outlet Holding Corp(a)			17,987				236,889
Hims & Hers Health, Inc. - Class A(a)			760				50,297
Ollie's Bargain Outlet Holdings, Inc.(a)			852				116,409
PriceSmart, Inc.			238				25,585
Sprouts Farmers Market, Inc.(a)			6,606				1,001,073
United Natural Foods, Inc.(a)			1,718				47,485
							2,417,350
Software & Tech Services - 6.5%
ACI Worldwide, Inc.(a)			712				30,303
Adeia, Inc.			20,797				269,321
Agilysys, Inc., ADR(a)			4,250				484,840
BILL Holdings, Inc.(a)			3,522				150,918
Blackbaud, Inc.(a)			733				49,419
Box, Inc. - Class A(a)			727				23,337
CACI International, Inc. - Class A(a)			192				88,429
Commvault Systems, Inc.(a)			1,848				351,027
Concentrix Corp.			588				30,558
Digi International, Inc.(a)			523				17,055
DoubleVerify Holdings, Inc.(a)			10,778				165,119
Doximity, Inc. - Class A(a)			3,688				216,670
Dropbox, Inc. - Class A(a)			14,000				380,380
Duolingo, Inc. - Class A(a)			771				267,190
Insight Enterprises, Inc.(a)			858				101,741
KBR, Inc.			13,135				613,930
Kyndryl Holdings, Inc.(a)			8,036				303,520
LiveRamp Holdings, Inc.(a)			1,854				60,848
Manhattan Associates, Inc.(a)			2,332				512,247
Maximus, Inc.			5,088				375,800

The accompanying notes are an integral part of these financial statements.

Paylocity Holding Corp.(a)			594			$	109,819
Progress Software Corp.			2,199				105,728
Qualys, Inc.(a)			245				32,602
Science Applications International Corp.			4,718				525,963
SPS Commerce, Inc.(a)			357				38,865
							5,305,629
Tech Hardware & Semiconductors - 6.2%
Arlo Technologies, Inc.(a)			1,205				19,521
Ciena Corp.(a)			7,201				668,541
Cirrus Logic, Inc.(a)			768				77,345
Coherent Corp.(a)			3,978				428,033
Crane NXT Co.			1,783				105,803
Extreme Networks, Inc.(a)			6,554				115,744
Harmonic, Inc.(a)			28,370				241,429
InterDigital, Inc.			2,538				655,312
Lattice Semiconductor Corp.(a)			942				46,940
Lumentum Holdings, Inc.(a)			1,895				208,602
NCR Voyix Corp.(a)			1,598				21,765
Pitney Bowes, Inc.			7,099				80,645
Pure Storage, Inc. - Class A(a)			3,193				190,047
Rambus, Inc.(a)			1,917				141,724
Sanmina Corp.(a)			1,345				156,074
Semtech Corp.(a)			442				22,586
Silicon Laboratories, Inc.(a)			1,157				152,458
SiTime Corp.(a)			1,338				271,413
Sonos, Inc.(a)			3,030				32,754
Synaptics, Inc.(a)			449				28,152
TD SYNNEX Corp.			1,249				180,343
TTM Technologies, Inc.(a)			2,888				136,458
Universal Display Corp.			5,799				837,375
Viasat, Inc.(a)			13,177				216,498
Vicor Corp.(a)			402				17,865
							5,053,427
Telecommunications - 0.7%
Cogent Communications Holdings, Inc.			1,279				58,310
Frontier Communications Parent, Inc.(a)			1,559				57,278
Gogo, Inc.(a)			1,732				27,469
Iridium Communications, Inc.			3,660				89,524
Lumen Technologies, Inc.(a)			30,470				135,591
Telephone and Data Systems, Inc.			5,034				196,527
							564,699
Utilities - 0.7%
Northwest Natural Holding Co.			460				18,363
ONE Gas, Inc.			2,121				154,197
Otter Trail Corp.			2,325				179,443
Southwest Gas Holdings, Inc.			544				42,508
Spire, Inc.			1,331				99,120

The accompanying notes are an integral part of these financial statements.

UGI Corp.			1,824			$	65,992
							559,623
TOTAL COMMON STOCKS (Cost $75,776,722)							80,921,838

MONEY MARKET FUND - 0.4%		Shares				Value
Money Market Funds - 0.4%
First American Government Obligations Fund - Class X, 4.214%(b)			289,217				289,217
TOTAL MONEY MARKET FUND (Cost $289,217)							289,217
TOTAL INVESTMENTS - 100.0% (Cost $76,065,939)						$	81,211,055
Other Assets in Excess of Liabilities - 0.0%(c)							24,101
TOTAL NET ASSETS - 100.0%						$	81,235,156

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
PLC	Public Limited Company

(a)

Non-income producing security.

(b)

The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

(c)

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

The accompanying notes are an integral part of these financial statements.

Statements of Assets and Liabilities

July 31, 2025 (Unaudited)

		Intech S&P Large Cap Diversified Alpha ETF				Intech S&P Small-Mid Cap Diversified Alpha ETF
ASSETS:
Investments, at value (cost $86,483,084 and $76,065,939) (Note 2)		$	98,901,440			$	81,211,055
Dividends receivable			32,497				15,677
Interest receivable			1,537				1,119
Dividend tax reclaim receivable			419				-
Receivable for investments sold			-				2,871
Receivable for fund shares sold			-				2,148,710
Total assets			98,935,893				83,379,432
LIABILITIES:
Payable to adviser (Note 5)			20,250				23,123
Payable for investments purchased			-				1,041,328
Payable to custodian			-				1,079,825
Total liabilities			20,250				2,144,276
NET ASSETS		$	98,915,643			$	81,235,156
NET ASSETS CONSISTS OF:
Paid-in capital		$	85,700,328			$	74,837,745
Total distributable earnings/(accumulated losses)			13,215,315				6,397,411
Total Net Assets		$	98,915,643			$	81,235,156
Net assets		$	98,915,643			$	81,235,156
Shares issued and outstanding(a)			4,571,944				3,800,000
Net asset value per share		$	21.64			$	21.38

(a)

Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

Statements of Operations

For the Period Ended July 31, 2025 (Unaudited)

		Intech S&P Large Cap Diversified Alpha ETF(a)				Intech S&P Small-Mid Cap Diversified Alpha ETF(b)
INVESTMENT INCOME:
Dividend income		$	346,306			$	363,301
Less: Dividend withholding taxes			-				(1,411	)
Less: Issuance fees			-				(11	)
Interest income			5,298				4,249
Total investment income			351,604				366,128
EXPENSES:
Investment advisory fee (Note 5)			79,476				89,331
Total expenses			79,476				89,331
NET INVESTMENT INCOME (LOSS)			272,128				276,797
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments(c)			(1,025,020	)			(804,662	)
Redemptions-in-kind			1,549,851				1,780,165
Net realized gain (loss)			524,831				975,498
Net change in unrealized appreciation (depreciation) on:
Investments			7,384,122				5,145,116
Net change in unrealized appreciation (depreciation)			7,384,122				5,145,116
Net realized and unrealized gain (loss)			7,908,953				6,120,614
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	8,181,081			$	6,397,411

(a)

Effective February 27, 2025, the Intech U.S. Enhanced Plus Fund LLC reorganized into the Intech S&P Large Cap Diversified Alpha ETF. (See Note 3 in Notes to Financial Statements)

(b)

Inception date for the Fund was February 27, 2025.

(c)

Includes realized gain (loss) as a result on in-kind redemptions. (See Note 7 in Notes to Financial Statements.)

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (Unaudited)

		Intech S&P Large Cap Diversified Alpha ETF(a)				Intech S&P Small-Mid Cap Diversified Alpha ETF(b)
		Period Ended July 31, 2025 (Unaudited)				Period Ended July 31, 2025 (Unaudited)
OPERATIONS:
Net investment income (loss)		$	272,128			$	276,797
Net realized gain (loss)			524,831				975,498
Net change in unrealized appreciation (depreciation)			7,384,122				5,145,116
Net increase (decrease) in net assets resulting from operations			8,181,081				6,397,411
CAPITAL TRANSACTIONS:
Subscriptions			98,091,087				83,229,465
Redemptions			(7,356,525	)			(8,391,720	)
Net increase (decrease) in net assets from capital transactions			90,734,562				74,837,745
NET INCREASE (DECREASE) IN NET ASSETS			98,915,643				81,235,156
NET ASSETS:
Beginning of the period			-				-
End of the period		$	98,915,643			$	81,235,156
SHARES TRANSACTIONS
Subscriptions			4,921,944				4,200,000
Redemptions			(350,000	)			(400,000	)
Total increase (decrease) in shares outstanding			4,571,944				3,800,000

(a)

Effective February 27, 2025, the Intech U.S. Enhanced Plus Fund LLC reorganized into the Intech S&P Large Cap Diversified Alpha ETF. (See Note 3 in Notes to Financial Statements)

(b)

Inception date for the Fund was February 27, 2025.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

For a share outstanding throughout the period presented

		Intech S&P Large Cap Diversified Alpha ETF
		Period Ended July 31, 2025(a) (Unaudited)
PER SHARE DATA:
Net asset value, beginning of period		$	20.00
INVESTMENTS OPERATIONS:
Net investment income (loss)(b)			0.07
Net realized and unrealized gain (loss)(c)			1.57
Total from investment operations			1.64
CAPITAL TRANSACTIONS:
Net asset value, end of period		$	21.64
TOTAL RETURN(d)			8.20	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)		$	98,916
Ratio of expenses to average net assets(e)			0.25	%
Ratio of net investment income to average net assets(f)			0.86	%
Portfolio turnover rate(d)(f)			43	%

(a)

Effective February 27, 2025, the Intech U.S. Enhanced Plus Fund LLC reorganized into the Intech S&P Large Cap Diversified Alpha ETF. (See Note 3 in Notes to Financial Statements)

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

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

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

For a share outstanding throughout the period presented

		Intech S&P Small-Mid Cap Diversified Alpha ETF
		Period Ended July 31, 2025(a) (Unaudited)
PER SHARE DATA:
Net asset value, beginning of period		$	20.00
INVESTMENTS OPERATIONS:
Net investment income (loss)(b)			0.09
Net realized and unrealized gain (loss)(c)			1.29
Total from investment operations			1.38
Net asset value, end of period		$	21.38
TOTAL RETURN(d)			6.90	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)		$	81,235
Ratio of expenses to average net assets(e)			0.35	%
Ratio of net investment income to average net assets(e)			1.09	%
Portfolio turnover rate(d)(f)			61	%

(a)

Inception date for the Fund was February 27, 2025.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

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

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

July 31, 2025 (Unaudited)

NOTE 1 - ORGANIZATION

The Intech S&P Large Cap Diversified Alpha ETF (the "Large Cap ETF") and the Intech S&P Small-Mid Cap Diversified Alpha ETF(the "Small-Mid Cap ETF"), (each, a "Fund," and collectively, the "Funds") are each a diversified series of shares of beneficial interest of Tidal Trust III (the "Trust"). The Trust was organized as a Delaware statutory trust on May 19, 2016 and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open -end management investment company and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds and Intech Investment Management LLC (the "Sub-Adviser") serves as sub-adviser. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services - Investment Companies." Both Funds commenced operations on February 27, 2025.

The investment objective for both Funds is seek long-term capital appreciation.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Security Valuation - Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (the "NASDAQ")), including securities traded over-the- counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (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 reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

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

Notes to Financial Statements

July 31, 2025 (Unaudited)

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

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

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

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

The following is a summary of the inputs used to value each Fund's investments as of July 31, 2025:

Large Cap ETF
		Level 1				Level 2				Level 3				Total
Assets:
Investments:
Common Stocks		$	98,536,630			$	-			$	-			$	98,536,630
Money Market Funds			364,810				-				-				364,810
Total Investments		$	98,901,440			$	-			$	-			$	98,901,440

Small-Mid Cap ETF
		Level 1				Level 2				Level 3				Total
Assets:
Investments:
Common Stocks		$	80,921,838			$	-			$	-			$	80,921,838
Money Market Funds			289,217				-				-				289,217
Total Investments		$	81,211,055			$	-			$	-			$	81,211,055

Refer to the Schedules of Investments for further disaggregation of investment categories.

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

Notes to Financial Statements

July 31, 2025 (Unaudited)

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax 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 taking 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 for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of July 31, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

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

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

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

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

Notes to Financial Statements

July 31, 2025 (Unaudited)

Guarantees and Indemnifications - In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may 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 Securities - Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund's net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market 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 the Fund's net assets, the Fund will take such steps as set forth in the Program.

NOTE 3 - REORGANIZATION APPROVAL

At a meeting held on February 24, 2025, the Board discussed the reorganization between the Trust, on behalf of the Intech S&P Large Cap Diversified Alpha ETF and Intech U.S. Enhanced Plus Fund LLC (the "Predecessor Account").

The reorganization provided for the transfer of all the assets of the Predecessor Account to the Intech S&P Large Cap Diversified Alpha ETF (the "Acquiring Fund"). For financial reporting purposes, assets received, and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Account was carried forward to align ongoing reporting of the Acquiring Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquiring Fund was created to carry out the reorganization and have substantially similar investment objectives and substantially similar principal investment strategies as the Predecessor Account. Costs incurred by the Fund in connection with the reorganization were paid by the Sub-Adviser. The reorganization of the Intech S&P Large Cap Diversified Alpha ETF was effective after the close of business on February 27, 2025.

The following table illustrates the specifics of the reorganization of the RGEF Predecessor Accounts into the Intech S&P Large Cap Diversified Alpha ETF:

Predecessor Accounts		Shares Issued to Limited Partners of Predecessor Accounts				Predecessor Accounts Cost				Predecessor Accounts Market Value				Unrealized Appreciation (Depreciation) of Predecessor Accounts				Tax Status of Transfer
Intech U.S. Enhanced Plus Fund LLC			1,995,601			$	12,404,663			$	17,438,897			$	5,034,234			Non-taxable

NOTE 4 - PRINCIPAL INVESTMENT RISKS

Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in a Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which a Fund invests.

Notes to Financial Statements

July 31, 2025 (Unaudited)

Index Concentration Risk. To the extent that an Index becomes concentrated in a few large issuers, a Fund may be unable to achieve similar weights in these positions due to a Fund's status as a diversified Fund. This could impact a Fund's ability to achieve its investment objective.

Market Capitalization Risk.

Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. Some medium capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.

As with 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 to the above principal risks, as well as other principal risks which may adversely affect each Fund's NAV, trading price, yield, total return and/or ability to meet their objectives. For more information about the risks of investing in the Funds, see the section in each Fund's Prospectus titled "Additional Information About the Fund - Principal Investment Risks."

NOTE 5 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

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

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of each Fund as follows:

Fund	Investment Advisory Fee
Intech S&P Large Cap Diversified Alpha ETF	0.25%
Intech S&P Small-Mid Cap Diversified Alpha ETF	0.35%

Notes to Financial Statements

July 31, 2025 (Unaudited)

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses") and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the period ended July 31, 2025 are disclosed in the Statements of Operations.

The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub- Adviser with respect to the Funds (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Funds' portfolio, including determining the securities purchased and sold by the Funds, subject to 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, at an annual rate of 0.04% of the Funds' average daily net assets. The Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Funds, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub -Adviser the profits, if any, generated by the Funds' Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.

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

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting services for the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b- 1 under the 1940 Act. In accordance with the 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 the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out each Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

Notes to Financial Statements

July 31, 2025 (Unaudited)

NOTE 6 - SEGMENT REPORTING

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

Each Fund's investment activities are managed by the Adviser, which serves as the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Adviser evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

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

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

NOTE 7 - PURCHASES AND SALES OF SECURITIES

For the period ended July 31, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:

Fund		Purchases				Sales
Intech S&P Large Cap Diversified Alpha ETF		$	32,117,543			$	30,797,125
Intech S&P Small-Mid Cap Diversified Alpha ETF		$	34,392,535			$	33,917,999

For the period ended, there were no purchases or sales of long-term U.S. government securities.

For the period ended, in-kind transactions associated with creations and redemptions for the Funds were as follows:

Fund		Purchases				Sales
Intech S&P Large Cap Diversified Alpha ETF		$	78,304,740			$	6,414,643
Intech S&P Small-Mid Cap Diversified Alpha ETF		$	81,778,330			$	7,448,651

NOTE 8 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds are subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at the fiscal year-end; accordingly, tax basis balances have not been determined for the period ended July 31, 2025. Differences between the tax cost of investments and the cost noted in the Schedules of Investments will be determined at fiscal year-end. The Funds did not have any distributions for the period ended July 31, 2025.

Notes to Financial Statements

July 31, 2025 (Unaudited)

NOTE 9 - SHARES TRANSACTIONS

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

The Funds currently offer one class of shares, which have no front- end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee is $500 for the Intech S&P Large Cap Diversified Alpha ETF and $750 for the Intech S&P Small-Mid Cap Diversified Alpha ETF, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

NOTE 10 - RECENT MARKET EVENTS

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

NOTE 11 - SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

(b)

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

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

In connection with the reorganization on February 27, 2025, the Tidal Trust III Audit Committee approved the decision to appoint Tait, Weller & Baker as the Intech S&P Large cap Diversified Alpha ETF's independent registered public accounting firm.

Item 9. Proxy Disclosure for Open-End Investment Companies.

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

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

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

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on February 24, 2025, the Board of Trustees (the "Board") of Tidal Trust III (the "Trust") considered the approval of:

●

the Investment Advisory Agreement (each, an "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF (each an "Intech ETF" and together, the "Intech ETFs");

●

an Investment Sub-Advisory Agreement (a "Sub-Advisory Agreement and together with the Advisory Agreements, the "Agreements") between the Adviser and Intech Investment Management LLC ("Intech") with respect to the Intech ETFs;

Pursuant to 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 or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. It was noted that in accordance with the SEC's temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and each Sub-Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund's shareholders by the Adviser and Sub-Advisers; (ii) the costs of the services to be provided and the profits to be realized by the Adviser and Sub-Advisers from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser or Sub-Advisers and their affiliates resulting from services rendered to the Funds. The Board's review included written and oral information furnished to the Board prior to and at the meeting held on February 24, 2025. Among other things, each of the Adviser and Sub-Advisers provided responses to a detailed series of questions, which included information about the Adviser's and Sub-Advisers' operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser's oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

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

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser and Sub-Advisers; the Board reviewed the Adviser's and Sub-Advisers' compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and Sub-Advisers working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser and Sub-Advisers, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser and Sub Sub-Advisers based on their experience, personnel, operations and resources.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review. With respect to the Intech ETFs, the Board did review similarly managed account performance.

Cost of Services Provided, Profitability and Economies of Scale. The Board reviewed the proposed advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a "unified fee."

The Board noted the importance of the fact that the proposed advisory fee for each Fund is a "unified fee," meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Fund's other expenses (except as noted above) out of its own fees and resources. The Board further noted that because the Funds are new, it was difficult to estimate the profitability of each Fund to the Adviser. The Board, however, considered collateral or "fall-out" benefits that the Adviser and its affiliates may derive as a result of their relationship with the Funds.

The Board noted that because the Funds are new, it also was difficult to estimate whether the Fund would experience economies of scale. The Board noted that the Adviser will review expenses as each Fund's assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the Funds achieved asset growth.

The Board also reviewed the proposed sub-advisory fee paid to each Sub-Adviser for their services. The Board considered each of these fees in light of the services being provided. The Board determined that the proposed fees reflected an appropriate allocation of the advisory fee paid to the Adviser and each Sub-Adviser given the work performed by each firm. The Board also considered that each Fund had one or more sponsors, who had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

The Board also considered that the sub-advisory fees paid to the Sub-Advisers is paid out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and the Sub-Advisers. For these reasons, the Trustees determined that the profitability to the Sub-Advisers from respective relationships with the respective Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements. The Board considered that, because these fees are paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub-advisory fee.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board's deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser's and Sub-Adviser's fees are reasonable in light of the services that the Adviser and Sub-Advisers will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 16. Controls and Procedures.

(a)

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

(b)

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable

(b) Not Applicable

Item 19. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable

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

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

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

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

(b)

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

SIGNATURES

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

(Registrant)

Tidal Trust III

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

Date

October 3, 2025

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

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

Date

October 3, 2025

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

Date

October 3, 2025