GATE — VistaShares Target 15 GATE Endowment Distribution ETF

GATE Fund Overview

GATE — VistaShares Target 15 GATE Endowment Distribution ETF is a US ETF managed by Tidal Trust III, categorised as Developed ex-US Blend / Core 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: Developed ex-US Blend / Core Equity
• Ticker: GATE
• SEC CIK: 0001722388
• SEC series ID: S000100959
• Share class ID: C000270880

GATE Investment Objective and Strategy

VistaShares Target 15 GATE Endowment Distribution ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust III.

Investment objective

The VistaShares Target 15 GATE Endowment Distribution ETF primarily seeks income

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks to generate cash distributions based on a targeted annual cash distribution level of 15% (the Annual 15% Target), and secondarily, long-term capital appreciation. The Funds strategy involves two components: (1) investing, directly or indirectly, in a portfolio of equity securities based on the BITA VistaShares Gates Foundation Select Index (the Index Strategy); and (2) generating options premiums through an options portfolio (the Options Strategies). Primarily through the Funds Options Strategies, the Fund seeks to achieve the Annual 15% Target. While the Fund is actively managed, its Index Strategy generally seeks to track the composition and performance of the BITA VistaShares Gates Foundation Select Index (the Index) and its Options Strategies use options strategies applied to the same portfolio of equity securities included in the Index (Underlying Securities).

The Funds investment sub-adviser, VistaShares Advisors, LLC (VistaShares), uses investment discretion when implementing the Funds Options Strategies and with respect to the Funds Index Strategy: (i) to determine whether, in VistaShares judgement, it is more favorable to the Fund for it to invest directly or synthetically in each security in the Index: (ii) to reallocate each Funds portfolio holdings more frequently than the Index is rebalanced, when VistaShares believes doing so is in the Funds interest; and (iii) to the extent required for the Funds portfolio to comply with relevant regulatory requirements, invest in securities not currently included in the Index, but which have been publicly disclosed as holdings by the Gates Foundation (defined below). In addition, the Fund will maintain an allocation to cash and/or U.S.

Treasuries. The Funds strategies are overseen by the Adviser and VistaShares. Index Strategy The Fund invests directly or indirectly in the Underlying Securities that make up the Index. The Index includes the top 20 U.S.-listed equity securities, to the extent available, as measured by their weight within the publicly disclosed investment portfolio of the Gates Foundation Trust (the Gates Foundation), a private foundation established to manage the investment assets for the Bill & Melinda Gates Foundation, and receive significant gifts, such as those from Warren Buffett, and to financially support the Gates Foundations charitable activities. The Index is constructed by BITA GmbH (the Index Provider) using a rules-based methodology that identifies the top 20 U.S.-listed equity securities, to the extent available, as measured by their weight within the Gates Foundations portfolio, as publicly disclosed in its most recent 13F filing, which generally will reflect the Gates Foundations holdings from the prior fiscal quarter.

Companies that meet the criteria described above are included in the Index. The Index is generally expected to be comprised of between 10 and 20 constituents. The Index may include securities of small-, mid-, and large-capitalization companies. The Index is reconstituted and rebalanced quarterly (reconstitution means the Index is updated with new eligible companies based on current data; rebalancing means the weights of the companies in the Index are adjusted). In addition, the Index Provider may determine to substitute an Index constituent or make an extraordinary adjustment to the Index if it determines an extraordinary event has occurred. The determination date for regular adjustments (each a Selection Day) takes place at the close of business five business days before the first trading day of the rebalancing month.

On each Selection Day, Index constituents are weighted based on their allocation in the Gates Foundations portfolio, as publicly disclosed in its most recent 13F filing. If the number of eligible holdings in the Gates Foundations portfolio exceeds 20, the Index will select the 20 highest ranked ones among them in descending order of their weight, and the weight of excluded holdings is proportionally redistributed among the 20 selected constituents. If fewer than 20 holdings are eligible, all eligible holdings are selected for inclusion in the Index. Descriptions herein to the Indexs top 20 U.S.-listed equity securities, to the extent available, refer to instances when fewer than 20 such holdings are eligible. The Index is owned, calculated, administered, and disseminated by the Index Provider.

The Index Provider is not affiliated with the Fund, the Adviser, or VistaShares. If necessary to comply with regulatory requirements or to enable the Fund to meet the Annual 15% Target, the Fund may invest in securities not currently included in the Index, but which have been publicly disclosed as holdings by the Gates Foundation. In these cases, VistaShares will select these securities. The Fund anticipates that any investments of this nature will be limited and made only to the extent required to satisfy applicable regulatory obligations or to enable the Fund to meet the Annual 15% Target. Direct/Synthetic Investments : The Fund will invest in the equity securities either directly or indirectly (synthetically) using options and swaps (as described below). The Fund will generally invest indirectly to satisfy applicable tax requirements for regulated investment companies.

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 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 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.

Options Strategies Seeking Premiums Separately, the Fund employs various options strategies focused on generating premiums. Generally speaking, the Fund sells (writes) options on certain or all of its Underlying Securities, receiving 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. On a monthly or more frequent basis, the Adviser uses one or more options strategies to seek to generate net premiums (i.e., option premiums received, less option premiums paid) with a target of approximately 1.3% per month. Actual results may vary and are not guaranteed. Receipt of an option premium does not always represent income; depending on the outcome of the overall options transaction. Premium levels are influenced by market conditions, particularly volatility, and the Adviser may adjust the Funds options strategies depending on the outlook for a particular Underlying Security.

While option selling may provide premium opportunities, it may also limit upside gains or increase downside risk. The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectus section titled Additional Information About the Funds for a list of the options strategies that the Fund may utilize, together with a description of each options strategy. Annual 15% Target Distribution As discussed above, the Funds options strategies are designed to seek net premiums of approximately 1.3% per month. The Fund has also established a target annual cash distribution level of approximately 15% of its net asset value (the Annual 15% Target).

This target reflects the Advisers expectations based on the premiums the Fund seeks to generate and the annualized effect of those premiums. In practice, the Funds options strategies are designed to seek monthly distribution levels of roughly 1.3%, which, when annualized, correspond to the Annual 15% Target. The Annual 15% Target is not a guarantee, nor does it represent a 15% yield or a 15% total return. Actual distributions may be higher or lower depending on market conditions and the Funds results. To the extent the Funds returns fall short of the Annual 15% Target, distributions will reduce the Funds net asset value (NAV). Although stated as an annual 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 return of capital (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 Funds for more information about option premiums and ROC. The Fund seeks to pay distributions on a monthly or more frequent basis, but there is no assurance the Fund will achieve the Annual 15% Target in any year. Collateral In addition, the Fund will hold cash and/or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Funds derivatives transactions and contributing to the Funds income generation. Fund Attributes The Fund is classified as non-diversified under the 1940 Act.

The Funds investment strategy is expected to result in high portfolio turnover on an annual basis. To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of the date of this Prospectus, the Index is not concentrated in any industry or group of related industries. The Funds U.S.-listed equity securities may include securities of foreign issuers listed in the U.S. via American Depositary Receipts (ADRs). 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 included in the Index or derivatives instruments that provide exposure to those securities.

For purposes of compliance with this investment policy, derivative instruments will be valued at their notional value. NONE OF THE FUND, THE TRUST, THE ADVISER, THE SUB-ADVISER, OR THE INDEX PROVIDER ARE AFFILIATED, CONNECTED, OR ASSOCIATED WITH THE GATES FOUNDATION. The Fund was not developed or created by, and is not sponsored, endorsed, or approved by the Gates Foundation.

GATE Costs and Fees

GATE costs about $95 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.95%
• Gross expense ratio: 0.95%

GATE Debt Constituents

No individual debt constituents are reported in VistaShares Target 15 GATE Endowment Distribution ETF's latest SEC N-PORT filing.

GATE Prospectus and SEC Filings

Official VistaShares Target 15 GATE Endowment Distribution ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-01-26
• Prospectus supplement (497) — filed 2026-03-19

Related Funds

Other Developed ex-US Blend / Core Equity funds tracked on ABC INVEST:

• State Street International Stock Selection Fund (SSAIX)
• Columbia Pyrford International Stock Fund (PISJX)
• Core Market Neutral Fund (STTKX)
• Long Cramer Tracker ETF (LJIM)
• Baillie Gifford International Smaller Companies Fund (BICKX)

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.