VUSA — VistaShares Target 15 USA Value Income ETF

VUSA Fund Overview

VUSA — VistaShares Target 15 USA Value Income 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: VUSA
• SEC CIK: 0001722388
• SEC series ID: S000090691
• Share class ID: C000257975

VUSA Investment Objective and Strategy

VistaShares Target 15 USA Value Income 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 USA Value Income ETF primarily seeks income,

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks income, and secondarily, long term capital appreciation. The Funds strategy involves two components: (1) purchasing a portfolio of U.S. equity securities with strong value characteristics (the Equity Strategy); and (2) generating income through an options portfolio (the Options Strategies), each as described below. Primarily through the Funds Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below. The Funds strategies are overseen by the Adviser and the Funds investment sub-adviser, VistaShares, LLC (VistaShares). VistaShares selects the equity securities for the Funds Equity Strategy, and the Adviser is responsible for implementing the Funds Options Strategies. Additionally, the Fund will maintain a minor allocation to cash or U.S.

Treasuries, not exceeding ten percent of its total assets. Equity Strategy VistaShares The Fund invests in U.S. equity securities (Underlying Securities) selected by VistaShares. The Funds equity strategy focuses on identifying value stocks, which are equity securities that are considered undervalued based on a systematic evaluation of their fundamental attributes. VistaShares employs a quantitatively driven methodology, selecting stocks with strong value characteristics using a composite score based on key valuation metrics, including: ? Price-to-Book Ratio (P/B): A companys market value compared to its book value. ? Cash Flow-to-Price Ratio (CF/P): A companys cash flow relative to its market price. ? Earnings-to-Price Ratio (E/P): A companys earnings relative to its market price. ? EBITDA-to-Enterprise Value Ratio (EBITDA/EV): A measure of a companys EBITDA compared to its enterprise value.

? Sales-to-Enterprise Value Ratio (Sales/P): A companys sales relative to its enterprise value. In addition to these primary metrics, the strategy considers complementary factors such as dividend yield (a measure of shareholder returns), free cash flow (cash generated after covering operating expenses and capital expenditures), and earnings quality (an assessment of the sustainability and reliability of a companys profits). The Funds strategy employs a quarterly reallocation process to align the Funds portfolio with updated value data and market conditions. Additionally, VistaShares may reallocate the Funds equity holdings more frequently if necessary to comply with regulatory constraints. For additional information about VistaShares security selection processes, please the section in the Funds Prospectus titled Additional Information About the Funds.

The Funds equity strategy will generally allocate to between 20 and 50 securities, aiming to maintain consistent exposure to value-driven opportunities across a broad range of industries. The Fund invests in both large-capitalization securities, defined as those with a market capitalization exceeding $10 billion, and mid-capitalization securities, defined as those with a market capitalization between $2 billion and $10 billion. Options Strategies the Adviser The Fund seeks to generate income primarily through the use of options strategies involving options contracts on certain or all of its Underlying Securities. These strategies are expected to derive the majority of the Funds yield, with the Fund aiming to achieve an annual income target of 15% (the Annual 15% Target). The Fund earns income by collecting premiums from selling (writing) options.

When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. The Adviser employs different options strategies based on its market outlook, selecting one or a combination of strategies it believes will achieve the Funds income target, while also allowing for potential capital appreciation (growth in asset value). The Adviser also evaluates the performance of the Underlying Securities when choosing which options strategies to deploy. The specific options strategies the Fund employs may alter its overall risk and return profile, affecting volatility, income, potential for capital appreciation, and the preservation of capital. For instance, by writing covered calls (selling call options on securities already held by the Fund), the Fund may limit its potential gains in exchange for premium income.

Premiums received from selling options are influenced by market volatility, with higher levels of volatility generally leading to higher premiums. As such, the Adviser carefully monitors market conditions to determine when and which options strategies to implement, with a focus on enhancing the Funds income generation. Through the active management of its options positions, the Adviser seeks to optimize the Funds ability to generate consistent income. For additional information about options and options strategies, please the section in the Funds Prospectus titled Additional Information About the Funds. Treasuries In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Funds income generation.

Why invest in the Fund? ? The Fund seeks to generate income at the Annual 15% Target, which is not dependent on the value of the Underlying Securities. ? The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. 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. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. equity securities exhibiting strong value characteristics as selected via the Funds Equity Strategy or options contracts that provide exposure to those securities. The Fund considers a security to be a U.S.

equity security if it is listed on a U.S. exchange and (i) the issuer is incorporated or organized under the laws of the United States or (ii) the issuer derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located within the United States. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value.

VUSA Costs and Fees

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

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

VUSA Debt Constituents

No individual debt constituents are reported in VistaShares Target 15 USA Value Income ETF's latest SEC N-PORT filing.

VUSA Prospectus and SEC Filings

Official VistaShares Target 15 USA Value Income ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-06-25

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.