[SCHEDULE 13G/A] First Trust RiverFront Dynamic Developed International ETF SEC Filing

Rhea-AI Filing Summary

J.P. Morgan Efficiente® Plus DS 5 Index (Net ER) – July 2025 performance update

The rules-based Index reallocates monthly among 20 liquid U.S.-listed ETFs and a cash component, then scales exposure daily to target 5 % annualized volatility. It is calculated on an excess-return basis, deducting a 0.85 % p.a. index fee plus a notional 3-month cash financing cost.

Long-term risk/return

• 10-year annualized return: 3.02 % with 6.37 % volatility.
• Sharpe ratio: 0.47 versus 0.25 for a domestic 30/70 equity-bond mix.
• 1-year return to 30 Jun 2025: 2.81 %.

Recent positioning (Feb–Jul 2025) shows a defensive tilt: cash has ranged from 30 % to 50 %, U.S. large-cap equities (VOO) around 20 %, and smaller allocations (≤10 %) to gold (IAU), EM bonds (EMB) and investment-grade credit (LQD/VCSH). Exposure limits and a 50 % daily adjustment cap constrain portfolio shifts.

Historical pattern

• Back-tested data run from Jun 2015; live data since 31 Dec 2014.
• Monthly returns reveal moderate drawdowns (e.g., -9.00 % in Dec 2018) and muted upside (best calendar year +8.26 % in 2016).

Key risks: limited operating history, momentum strategy may lag in regime shifts, fee and financing drag, potential conflicts as JPMS plc is both sponsor and calculation agent, and the index may underperform alternative strategies or fail to meet its 5 % volatility target. Past or back-tested performance is not indicative of future results.

The filing supplies updated data for investors in notes or certificates linked to the Index; it does not change terms of existing securities.

Positive

• Sharpe ratio 0.47 exceeds domestic 30/70 portfolio’s 0.25, indicating better risk-adjusted performance.
• Volatility held near 5 % over 10 years, showing strategy effectiveness in meeting target.
• Diversified 20-ETF universe provides multi-asset exposure with built-in concentration limits.

Negative

• 0.85 % annual fee plus financing cost is a persistent drag on returns.
• Limited live history (since 2014); most data are back-tested.
• High cash allocations (30-50 %) cap upside during equity rallies.
• Sponsor conflict of interest: JPMS plc controls methodology and rebalancing.

Insights

Financial Analyst

TL;DR: Update shows modest risk-adjusted outperformance versus 30/70 portfolios but fee drag and high cash weight cap upside.

The Index’s 10-year Sharpe of 0.47 and annualized return of 3.02 % beat the domestic and global 30/70 comparators, validating the low-volatility objective. However, with cash at up to 50 % and a 0.85 % fee plus financing cost, forward returns will likely remain subdued relative to equities. The disclosure is informational; it does not introduce structural changes or new economics to outstanding ETNs, so market impact is limited.

Risk Analyst

TL;DR: Volatility targeting and momentum filters mitigate risk, yet sponsor conflict and strategy constraints remain material.

Rebalancing and exposure caps aim to control 5 % volatility, but can whipsaw in rapidly changing markets. The 50 % daily adjustment limit, instituted after Dec 2017, may hamper risk reduction during extreme moves. Sponsor discretion, constituent substitutions, correlation spikes among ETFs, and sizeable cash allocations can all erode performance. Investors should weigh these against seemingly attractive historical Sharpe metrics. Overall, disclosure maintains status quo—risk profile unchanged.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

FIRST TRUST EXCHANGE-TRADED FUND III

(Name of Issuer)

EXCHANGE TRADED FUNDS

(Title of Class of Securities)

33739P509

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 33739P509

1

Names of Reporting Persons

TRUIST FINANCIAL CORP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NORTH CAROLINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IA, HC

Comment for Type of Reporting Person: Filing completed as part of internal effort to remediate filings not previously submitted. Current ownership is less than 5%. Filing of less than 5% ownership should have been submitted in 2021.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FIRST TRUST EXCHANGE-TRADED FUND III
(b)	Address of issuer's principal executive offices: 120 EAST LIBERTY DRIVE, 120 EAST LIBERTY DRIVE, WHEATON, ILLINOIS, 60187.
Item 2.
(a)	Name of person filing: Truist Financial Corporation as Parent Holding Company for Truist Advisory Services, Inc. an affiliated Registered Investment Advisor
(b)	Address or principal business office or, if none, residence: 214 North Tryon Street Charlotte, NC 28202
(c)	Citizenship: Truist Financial Corporation is a North Carolina Corporation; Truist Advisory Services, Inc. is a Delaware Corporation
(d)	Title of class of securities: EXCHANGE TRADED FUNDS
(e)	CUSIP No.: 33739P509
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

TRUIST FINANCIAL CORP

Signature:	Edward M. Kwiatkowski
Name/Title:	Vice President
Date:	07/11/2025