NBIM — VistaShares Nordic Wealth Select ETF

NBIM Fund Overview

NBIM — VistaShares Nordic Wealth Select ETF is a US ETF managed by Tidal Trust III, categorised as Global (incl. 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: Global (incl. US) Blend / Core Equity
• Ticker: NBIM
• SEC CIK: 0001722388
• SEC series ID: S000100958
• Share class ID: C000270879

NBIM Investment Objective and Strategy

VistaShares Nordic Wealth Select ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust III.

Investment objective

The VistaShares Nordic Wealth Select ETF seeks long-term capital appreciation.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks long term capital appreciation by investing, directly or indirectly, in a portfolio of equity securities based on the BITA VistaShares Norway Sovereign Select Index (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 Norges Bank Investment Management (NBIM), the investment manager of Norways Government Pension Fund Global, its sovereign wealth fund established to invest surplus revenues from the countrys oil and gas sector. While the Fund is actively managed, it generally seeks to track the composition and performance of the Index, but it will not strictly replicate the Index, as the Funds investment sub-adviser, VistaShares Advisors, LLC (VistaShares), exercises investment discretion in constructing the Funds investment portfolio.

For example, VistaShares: (i) determines whether, in its judgement, it is more favorable to the Fund for it to invest directly or synthetically in each security in the Index; (ii) reallocates the 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, invests in securities not currently included in the Index, but which have been publicly disclosed as holdings by NBIM. In addition, the Fund will maintain an allocation to cash and/or U.S. Treasuries. The Fund invests directly or indirectly in the equity securities that make up the Index (Underlying Securities). 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 NBIMs portfolio, as publicly disclosed in its most recent 13F filing, which generally will reflect NBIMs 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 NBIMs portfolio, as publicly disclosed in its most recent 13F filing. If the number of eligible holdings in the NBIMs 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, the Fund may invest in securities not currently included in the Index, but which have been publicly disclosed as holdings by NBIM. VistaShares will select these securities. In these instances, the Fund anticipates that any investments of this nature will be limited and made only to the extent required to satisfy applicable regulatory obligations. 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. Collateral In addition, the Fund will hold cash and/or short-term U.S. Treasury securities as collateral for the Funds derivatives transactions. 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 NORGES BANK INVESTMENT MANAGEMENT. The Fund was not developed or created by, and is not sponsored, endorsed, or approved by Norges Bank Investment Management. Moreover, Norges Bank Investment Management did not participate in the development of the Funds investment strategy. Norges Bank Investment Management does not select or approve the Funds portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Norges Bank Investment Management does not provide any assurances, guarantees, or representations regarding the Fund or its performance.

Nothing herein shall be construed as an offer of any security by Norges Bank Investment Management. The publicly disclosed investments of Norges Bank Investment Management on Form 13F or elsewhere represent only a subset of its overall investment portfolio. Investors should not expect the Funds returns to mirror those of Norges Bank Investment Management, as it is able to invest in assets and engage in strategies not available to the Fund, or that may be available to the Fund only on a limited basis. An investment in the Fund is NOT an investment in any security of Norges Bank Investment Management. All rights in trademarks are reserved by their respective owners.

NBIM Costs and Fees

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

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

NBIM Debt Constituents

No individual debt constituents are reported in VistaShares Nordic Wealth Select ETF's latest SEC N-PORT filing.

NBIM Prospectus and SEC Filings

Official VistaShares Nordic Wealth Select 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 Global (incl. US) Blend / Core Equity funds tracked on ABC INVEST:

• Strategic Advisers Fidelity International Fund (FUSIX)
• Strategic Advisers International Fund (FILFX)
• First American Multi-Manager International Equity Fund (FAIEX)
• Symmetry Panoramic International Equity Fund (SPILX)
• FPA Paramount Fund, Inc. (FPRAX)

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.