ANIM — VistaShares Animal Spirits Strategy ETF

ANIM Fund Overview

ANIM — VistaShares Animal Spirits Strategy ETF is a US ETF managed by Tidal Trust III, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Tidal Trust III
• Category: Money Market
• Ticker: ANIM
• SEC CIK: 0001722388
• SEC series ID: S000092978
• Share class ID: C000261032

ANIM Investment Objective and Strategy

VistaShares Animal Spirits Strategy ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust III.

Investment objective

The VistaShares Animal Spirits Strategy ETF seeks capital appreciation.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks capital appreciation by investing in equity securities of companies that attract significant investor interest and market activity, particularly those that are the primary focus of the largest and fastest-growing single-stock leveraged ETFs (e.g., 2X funds) (collectively, Leveraged Funds). Importantly, the Fund is not a fund of funds and does not invest in the Leveraged Funds themselves. Instead, the Fund invests directly and indirectly (via derivatives) in the companies that these Leveraged Funds track. The Funds portfolio securities are selected by the Funds sub-adviser, VistaShares Advisors LLC (the Sub-Adviser). The Sub-Adviser seeks to invest the Funds assets to achieve returns similar to those of the BITA VistaShares Animal Spirits Index (the Index), which is owned, calculated, administered, and disseminated by BITA GmbH (the Index Provider).

The Index Provider is not affiliated with the Funds investment adviser or the Sub-Adviser. The Funds strategy aligns with an animal spirits investing approach, which seeks to capitalize on the behavioral and psychological factors that drive investor sentiment and market trends. By targeting companies that garner heightened attention from Leveraged Funds, the Fund aims to benefit from the high asset levels and increased market activity typically associated with such securities. This approach reflects the influence of investor optimism, speculative behavior, and herd mentalitykey elements of animal spirits in financial markets. While the Indexs methodology serves as the primary basis for the Funds portfolio construction and the identification of animal spirits companies, the Sub-Adviser will actively manage the Fund.

The BITA VistaShares Animal Spirits Index Index Overview: The Index seeks to provide exposure to U.S. equities that are linked to the largest and fastest-growing Leveraged Funds. The Index selects securities based on the total assets and net flows of Leveraged Funds that correspond to underlying stocks. By analyzing these metrics, the Index aims to identify underlying stocks that demonstrate strong investor demand and high liquidity. For analysis purposes, the Indexs initial universe is comprised of all US-listed, leveraged equity ETFs based on single stocks ( i.e. , equity ETFs that seek to provide leveraged exposure to the returns of a single underlying security, which may include a security of a foreign issuer listed in the U.S. via American Depositary Receipts (ADRs)). The Index considers only long Leveraged Funds (e.g., 2X) and excludes inverse leveraged funds (e.g., -2X).

To be eligible to be one of the Indexs portfolio securities, a security must meet both of the following criteria: ? Size: Market capitalization of at least $200 million. ? Liquidity: Three-month average daily traded value of at least $1 million. The Index assigns each eligible security a relevance score based on two factors: 40% from an AUM Score and 60% from a Net Fund Flow Score. For the AUM Score, the Index looks at the total amount of assets invested in single-stock leveraged ETFs linked to each security and compares this figure to the average for all eligible securities. Similarly, for the Net Fund Flow Score, the Index measures the net cash inflows into these ETFs and compares each securitys inflow to the typical amount. For both the AUM Score and the Net Fund Flow Score, the Index measures figures from the last business day of the month.

These combined scores determine the overall relevance score for each underlying security. The Index is comprised of the top five ranked eligible securities. The Index is generally reconstituted and rebalanced monthly. In addition, the Index Provider may determine to substitute an Index constituent or perform an extraordinary adjustment to the Index upon the occurrence of an extraordinary event as deemed by the Index Provider. On each determination day, the Index constituents are equally weighted. Active Management While the Indexs methodology serves as the primary basis for the Funds portfolio construction and the identification of animal spirits companies, the Sub-Adviser will actively manage the Fund. The Sub-Adviser may buy or sell securities not yet included in, or not yet removed from, as the case may be, the Index prior to the Indexs rebalancing and reconstitution.

Generally, the Sub-Adviser will use the Indexs criteria to guide its decisions. If the Sub-Adviser receives new information about an existing portfolio security or an emerging animal spirits company after the Indexs last rebalancing and reconstitution, it has the discretion to trade those securities before the next Index rebalancing and reconstitution. For example, the Sub-Adviser may identify negative issues with a companys outlook, or potential opportunities to add new holdings. To further the example, the Fund may sell portfolio holdings of a company that has experienced a negative change in business circumstances or invest in a company that has recently been tracked by a Leveraged Fund. Accordingly, there may be times when the Funds holdings and performance deviate significantly from those of the Index.

Additionally, if liquidity constraints affect the derivative instruments of an Index security, or if regulatory constraints arise (e.g., industry concentration or due to the Indexs composition negatively impacting the Funds derivatives portfolio), the Sub-Adviser may adjust the Funds portfolio. Accordingly, the Funds portfolio holdings, weightings, and performance may deviate significantly from those of the Index. Direct/Synthetic Investments : The Fund will invest in underlying securities either directly or indirectly (synthetically) using swaps and options (as described below). Derivatives Portfolio Selection: To achieve synthetic exposure, the Fund may enter into one or more derivatives transactions, such as swap agreements, with financial institutions. These swap agreements are designed to synthetically replicate the performance of the securities in the Funds portfolio.

The agreements will have specified durations, which will typically coincide with the Indexs reconstitution periods, but may range from one day to more than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) based on the performance of a particular securitys share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or swapped between the parties is calculated with respect to a notional amounta predetermined dollar value representing the underlying security that the Fund seeks to replicate synthetically. In addition to swaps, the Fund may also utilize listed options to achieve synthetic exposure to the portfolio securities. The Fund primarily employs short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the underlying securities, offering immediate intrinsic value).

These options allow the Fund to synthetically replicate the performance of underlying securities without direct ownership. The Fund may also utilize other option strategies to achieve similar synthetic exposure, including purchasing call options and selling put options with identical strike prices. These derivatives strategies enable the Fund to respond flexibly to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. For additional details about the Funds use of options, please refer to the section of the Prospectus entitled Additional Information About the Fund. Collateral If the Fund engages in derivatives transactions to gain indirect (synthetic) exposure to securities, the Fund will hold assets to serve as collateral.

For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. Fund Attributes The Fund is classified as non-diversified, which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Under normal circumstances, the Fund will have at least 80% exposure to securities or financial instruments, plus borrowings for investment purposes, in animal spirits companies. The Fund defines an animal spirit company as one that attracts significant investor interest and market activity, which is determined by whether such company is the primary focus of the largest and fastest-growing single-stock leveraged ETFs.

The Fund may invest up to 20% of its net assets in companies that are not included in the 80% test noted above. These investments can include equity securities of issuers that are not Index constituents but that the Sub-Adviser would characterize as animal spirits companies, based on the Sub-Advisers analysis of investor sentiment and market trends. This 20% of the Funds portfolio may also be invested in cash or cash equivalents (including money market funds).

ANIM Costs and Fees

ANIM costs about $75 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.75%
• Gross expense ratio: 0.75%

ANIM Debt Constituents

No individual debt constituents are reported in VistaShares Animal Spirits Strategy ETF's latest SEC N-PORT filing.

ANIM Prospectus and SEC Filings

Official VistaShares Animal Spirits Strategy ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-05-30

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.