Impact Shares Affordable Housing MBS ETF

C000226008 Fund Overview

Impact Shares Affordable Housing MBS ETF is a US ETF managed by Tidal Trust III, categorised as Long Securitized (MBS/ABS/CMBS) Bond. 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: Long Securitized (MBS/ABS/CMBS) Bond
• Assets under management: $119.66M
• 1-year return: 4.4%
• SEC CIK: 0001722388
• SEC series ID: S000071211
• Share class ID: C000226008

C000226008 Investment Objective and Strategy

Impact Shares Affordable Housing MBS ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust III.

Investment objective

The primary investment objective of the Impact Shares Affordable Housing MBS ETF (the Fund or the Affordable Housing ETF) is to generate current income.

Principal investment strategy

Under normal circumstances, the Fund will invest at least 80% of its net assets in mortgage-backed securities backed by pools of mortgage loans that CCM believes were made to minority families, low-income families, and/or families that live in persistent poverty areas. These loans include home loans in census tracts where more than 50% of the population is non-white and at least 40% of the population is living at or below the poverty line (defined as a racially or ethnically concentrated areas of poverty or R/ECAP); loans in counties where, for more than 20 years, 20% or more of the population has lived in poverty (defined as a persistent poverty county or PPC); and loans to minority borrowers or loans originated in a census tract where more than 50% of the population is a minority (also referred to as a majority-minority census tract).

The Fund will invest at least 51% of its net assets in mortgage-backed securities that the Funds investment advisor believes will be deemed to be qualified under the Community Reinvestment Act of 1977 (CRA), so that financial institutions that are subject to the CRA may receive investment test or similar consideration/credit under the CRA with respect to shares of the Fund held by them. The Fund may also invest in mortgage-backed securities backed by pools of loans sourced from non-traditional originators including Community Development Financial Institutions (CDFIs) and minority-owned banks. The mortgage-backed securities in which the Fund invests are issued and/or guaranteed by government- sponsored enterprises (each a GSE), such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Bank (Freddie Mac) and are therefore rated investment grade.

To create the mortgage-backed securities in which the Fund invests, these GSEs securitize pools of mortgage loans and each mortgage loan in the pool must meet the conforming underwriting standards of the relevant agency. While securities issued or guaranteed by Ginnie Mae are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by Fannie Mae and Freddie Mac are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. Using a proprietary algorithm, CCM screens mortgage origination tapes to identify loans that are made to low- and moderate-income families and minorities. A low-income borrower is a person whose total annual income is 50% or less of the area median income (AMI) or average income for the community where they live.

A moderate-income borrower is person whose total annual income is above 50% but less than 80% of the AMI or average income for the community where they live. CCM will designate a borrower as living in a persistent poverty area if the borrowers address is located in one of the Federally designated PPCs. In addition, CCM assesses the loan-to-value and FICO scores of borrowers before selecting a mortgage for inclusion in the pools underlying the mortgage-backed securities for the Funds portfolio. When making investment decisions, CCM will consider coupon payments of the qualifying mortgage-backed security pools to manage the prepayment and/or extension risk of the Funds portfolio. The Fund is a non-diversified fund as defined in the Investment Company Act of 1940, as amended (the 1940 Act), but intends to adhere to the diversification requirements applicable to regulated investment companies (RICs) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).

As a non-diversified fund, the Fund may invest in a limited number of securities, potentially exposing investors to higher risk because its portfolio may be more concentrated than a diversified fund. The Fund is not intended to be a complete investment program.

C000226008 Holdings

Top 10 holdings of Impact Shares Affordable Housing MBS ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000226008 holdings

C000226008 Portfolio Allocation

Asset-class allocation of Impact Shares Affordable Housing MBS ETF by percentage of net assets, from the latest SEC N-PORT filing.

C000226008 Performance

Total returns for C000226008 (as of 2026-10-01), from SEC filings.

C000226008 Risk Information

Risk metrics for C000226008, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 9.2%

C000226008 Costs and Fees

C000226008 costs about $30 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.30%
• Gross expense ratio: 0.51%
• Portfolio turnover: 26%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000226008 Cashflows

Over the 12 months to 2023-12, Impact Shares Affordable Housing MBS ETF had net inflows of $17.83M, from monthly SEC N-PORT filings.

C000226008 Debt Constituents

Largest debt holdings of Impact Shares Affordable Housing MBS ETF by percentage of net assets, from the latest SEC N-PORT filing.

C000226008 Prospectus and SEC Filings

Official Impact Shares Affordable Housing MBS ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-10-27
• Prospectus (485BPOS) — filed 2022-10-20
• Prospectus supplement (497) — filed 2021-07-26
• Portfolio holdings (N-PORT) — filed 2024-02-28
• Portfolio holdings (N-PORT) — filed 2023-11-29
• Portfolio holdings (N-PORT) — filed 2023-08-28
• Annual census (N-CEN) — filed 2023-09-08
• Annual census (N-CEN) — filed 2022-09-12

Related Funds

Other Long Securitized (MBS/ABS/CMBS) Bond funds tracked on ABC INVEST:

• PIMCO Income Fund (PONAX)
• Bridge Builder Core Plus Bond Fund (BBCPX)
• iShares MBS ETF (MBB)
• Guggenheim Total Return Bond Fund (GIBAX)
• Janus Henderson AAA CLO ETF (JAAA)

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.