DVBL — VistaShares DIVBoost Dividend Leaders Distribution ETF

DVBL Fund Overview

DVBL — VistaShares DIVBoost Dividend Leaders Distribution ETF is a US ETF managed by Tidal Trust III, categorised as United States Value Equity. 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: United States Value Equity
• Ticker: DVBL
• SEC CIK: 0001722388
• SEC series ID: S000098902
• Share class ID: C000268637

DVBL Investment Objective and Strategy

VistaShares DIVBoost Dividend Leaders Distribution ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust III.

Investment objective

The Funds primary investment objective is to seek current income.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks current income and capital appreciation. The Funds strategy involves: (1) investing (directly, indirectly or synthetically) in a basket of 20 to 40 U.S. large-cap companies that have increased their dividend yields consecutively for at least 25 years; and (2) generating option premiums from selling (writing) options on the Funds portfolio holdings (or economically correlated securities), indices focused on economically correlated securities, and ETFs focused on economically correlated securities. Additionally, the Fund will maintain an allocation to cash, money market funds or U.S. Treasuries to meet collateral requirements for derivatives transactions and to provide liquidity for operational purposes. Equity Strategy The Fund invests primarily in a portfolio of equity securities of large-capitalization companies that have increased their dividend yields consecutively for at least 25 years (the Leaders Portfolio).

From all such securities, the Sub-Adviser will select the securities for inclusion in the Leaders Portfolio that it believes offers the most potential for attractive returns for the Fund based on factors, including dividend levels, size, liquidity, trading volume, and diversification. The selected securities are equally weighted within the portfolio. In addition, to a lesser extent, the Fund will invest in shares of other ETFs that provide the Fund with similar economic exposure to direct investments in portions of or all of, the Nobles Portfolio, when the Funds portfolio managers believe doing so is in the Funds interest. On at least a quarterly basis, VistaShares Advisors LLC (the Sub-Adviser) reallocates the Leaders Portfolio holdings back to an equal weighting. The Portfolio is also reconstituted annually, meaning the investment universe is re-evaluated and the holdings are reset to add companies that meet the strategys criteria and remove those that no longer qualify.

The Sub-Adviser may also consider additional factors, including, but not limited to, compliance with applicable regulatory or tax requirements such as diversification and concentration limits under the 1940 Act and the Internal Revenue Code. The Sub-Adviser may further take into account considerations relating to sector exposure, market capitalization, liquidity, or overall risk characteristics when constructing the Leaders Portfolio. Direct/Synthetic Investments : The Fund will invest in the securities of the companies in the Leaders Portfolio either directly, or indirectly (synthetically) through the use of options and swaps (as described below). Synthetic replication of the Leaders Portfolio does not include dividends. The Fund may utilize listed options to achieve synthetic exposure to the Funds 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 options or 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.

In addition to options, the Fund may enter into 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 strategys 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 particular underlying security that the Fund seeks to replicate synthetically.

Options Strategies Seeking Premiums Separately, the Fund employs an actively managed options overlay strategy designed to generate premiums. Generally speaking, the Fund sells (writes) options on (i) select underlying securities included in the Leaders Portfolio, (ii) options on indices that are composed of, or closely correlated with, securities in the Leaders Portfolio, and (iii) options on other ETFs that seek to track the performance of the a portfolio composed of, or closely correlated with, securities in the Leaders Portfolio (together, the Underlying Securities). The Fund receives premiums from counterparties that pay for the right to buy or sell at a set price. These premiums are an important driver of the Funds distributions but do not always represent income, depending on the outcome of the overall options transaction.

Distributions may include a significant portion classified as return of capital (ROC). ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. Premium levels are influenced by market conditions, particularly volatility, and the Adviser may adjust the Funds options strategies depending on the outlook for the Underlying Securities. While option selling may provide premium opportunities, it may also limit upside gains or increase downside risk ( i.e., the Fund may experience larger losses than if it invested directly in the Underlying Securities). The options strategy most frequently utilized by the Fund is a covered call spread, which involves selling a call option while buying another at a higher strike price, with both profit and loss capped.

See the prospectus section titled Additional Information About the Fund for a list of the options strategies that the Fund may utilize, together with a description of each strategy. DIVBoost Target Distributions As discussed above, the Funds options strategies are designed to generate option premiums to support cash distributions. The Fund has established a target distribution level equal to approximately double the annualized distribution yield of the Leaders Portfolio (the DIVBoost Target). For example, if the Leaders Portfolios aggregate annualized distribution yield is 4%, the Funds aim would be to make cash distributions at a rate of approximately 8%. The DIVBoost Target is not a guarantee, nor does it represent a yield or total return. It is distinct from the Funds SEC yield, which reflects the Funds income based on standardized calculations and may be significantly lower than the DIVBoost Target.

Actual distributions may be higher or lower than the DIVBoost Target depending on market conditions and the Funds results. To the extent the Funds returns fall short of the DIVBoost Target, distributions will reduce the Funds net asset value (NAV). Although stated as an annualized target, distributions are paid more frequently, and any amount the Fund pays in excess of its earnings will reduce NAV. If the Funds NAV declines over time, the dollar amount of future distributions will also decrease. Distributions may include a significant portion classified as ROC. ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. See the prospectus section titled Additional Information About the Fund for more information about option premiums and ROC.

Cash and Treasuries The Fund will hold cash or short-term U.S. Treasury securities, as well as money market vehicles, including money market funds. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Funds income generation. Fund Characteristics The Funds investment strategy is expected to result in high portfolio turnover on an annual basis. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in a combination of equity securities and derivatives instruments that provide exposure to dividend paying securities. For purposes of compliance with this investment policy, derivative instruments will be valued at their notional value. The Fund will seek to provide cash distributions at least monthly.

There is no guarantee that the Funds investment strategy will be properly implemented, and an investor may lose some or all of its investment. There is no guarantee that the Fund will achieve the DIVBoost Target with respect to any particular distribution or over any specific period of time. The Funds exposure to the Leaders Portfolio may significantly influence the Funds overall performance. If the value of the securities in the Leaders Portfolio declines, such losses may fully offset, or even exceed, the income generated by the portfolio, resulting in negative returns. The pursuit of income does not protect the Fund from losses associated with adverse movements in the Leaders Portfolio. To the extent the Funds performance is less than the DIVBoost Target, the Funds NAV will decrease as a result of distributions made in furtherance of the DIVBoost Target.

A decline in the Funds NAV over time would reduce the total amount of each subsequent cash distribution.

DVBL Costs and Fees

DVBL costs about $82 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.82%
• Gross expense ratio: 0.82%

DVBL Debt Constituents

No individual debt constituents are reported in VistaShares DIVBoost Dividend Leaders Distribution ETF's latest SEC N-PORT filing.

DVBL Prospectus and SEC Filings

Official VistaShares DIVBoost Dividend Leaders Distribution ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-01-08

Related Funds

Other United States Value Equity funds tracked on ABC INVEST:

• Dfa International Value Portfolio (DFIVX)
• Dfa International Value Portfolio III (DFVIX)
• HCM Dividend Sector Plus Fund (HCMNX)
• Eaton Vance Emerging Markets Local Income Fund (EEIAX)
• Eaton Vance High Income Opportunities Fund (ETHIX)

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.