SPXM

About SPXM

The Tidal Trust III - Azoria 500 Meritocracy ETF is an actively managed exchange-traded fund designed to track a portfolio of approximately 400 to 500 of the largest publicly traded U.S. companies by market capitalization. Its defining characteristic is the exclusion of companies that, according to the fund’s investment sub-adviser, have disclosed explicit quantitative demographic hiring targets, such as race- or gender-based quotas, in their employment practices. This selection approach differentiates the ETF from traditional large-cap benchmarks like the S&P 500, as it specifically omits firms that prioritize diversity, equity, and inclusion (DEI) initiatives in hiring, pay, or promotion decisions. By constructing its portfolio in this way, the Azoria 500 Meritocracy ETF seeks to provide investors with exposure to leading U.S. companies while emphasizing merit-based employment philosophies. The ETF’s strategy has emerged within the broader context of evolving ESG and "anti-woke" investment themes, and it is positioned as both a performance and advocacy tool for shareholders favoring meritocratic corporate practices. The fund does not pay dividends and is not leveraged, operating purely as a stock-based vehicle within the U.S. equity market.