Robert W. Baird Reporting 47,657-Share (9.5%) Stake in First Trust ETF

Rhea-AI Filing Summary

This Schedule 13G/A reports that Robert W. Baird & Co. Incorporated, Baird Financial Corporation and Baird Financial Group, Inc. (the "Baird Reporting Units") collectively hold 47,657 shares of the Shares of Beneficial Interests of First Trust RiverFront Dynamic Emerging Markets ETF, CUSIP 33739P707. The position represents 9.5% of the class, based on 500,002 shares outstanding as reported by the issuer on its website as of August 11, 2025.

The filing shows no sole voting or dispositive power and reports shared voting and shared dispositive power for the 47,657 shares. The filing states the shares are held subject to investment discretion or voting authority granted by clients and that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing control. The statement is certified and signed on 08/12/2025.

Positive

• Material disclosure: The reporting persons collectively hold 47,657 shares (9.5%) of the class, triggering public disclosure and transparency for investors.
• Passive designation: The filing states the position is held in the ordinary course of business and not to influence control, reducing governance risk for the issuer.

Negative

• No sole voting or dispositive power: Reporting persons report 0 sole voting and dispositive power, indicating they do not exercise direct control over the shares held.
• Concentration risk for clients: Clients’ accounts aggregated by the reporting units account for a 9.5% stake, which is material to the ETF’s shareholder base.

Insights

Securities Analyst

TL;DR: Baird Reporting Units hold a material, passive 9.5% stake (47,657 shares) in the First Trust RiverFront Dynamic Emerging Markets ETF.

The filing discloses a material stake above the 5% threshold, which is meaningful for disclosure purposes but is reported as passive with shared voting and dispositive power only. The position is aggregated across RWB, BFC and BFG and is based on 500,002 outstanding shares as of August 11, 2025. This limits direct control implications while signaling notable client-directed exposure to the ETF.

Corporate Governance Expert

TL;DR: The Schedule 13G/A indicates passive ownership and explicitly disclaims an intent to influence control despite a near-10% holding.

From a governance perspective, the filing’s certification that the securities are held in the ordinary course of business and not for control purposes is important. The disclosure of zero sole voting/dispositive power and only shared powers across reporting entities reduces likelihood of immediate governance action by the reporting persons. The filing is signed and dated 08/12/2025, confirming the reporting units’ aggregated position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

FIRST TRUST EXCHANGE-TRADED FUND III

(Name of Issuer)

Shares of Beneficial Interests of First Trust RiverFront Dynamic Emerging Markets ETF

(Title of Class of Securities)

33739P707

(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. 33739P707

1

Names of Reporting Persons

BAIRD ROBERT W & CO INC /WI/

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

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 47,657.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 47,657.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

47,657.00

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)

9.5 %

12

Type of Reporting Person (See Instructions)

IA, CO

Comment for Type of Reporting Person: Items (6), (8), (9) and (11) reflect Shares of Beneficial Interests ("Shares") that Robert W. Baird & Co. Incorporated ("RWB") may be deemed to beneficially own within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Act"), by virtue of the investment discretion or voting authority granted to it by its clients over such Shares.

SCHEDULE 13G

CUSIP No. 33739P707

1

Names of Reporting Persons

BAIRD 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

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 47,657.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 47,657.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

47,657.00

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)

9.5 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: Items (6), (8), (9) and (11) consist of Share held by Robert W. Baird & Co. Incorporated.

SCHEDULE 13G

CUSIP No. 33739P707

1

Names of Reporting Persons

Baird Financial Group, Inc.

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

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 47,657.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 47,657.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

47,657.00

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)

9.5 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated.

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, SUITE 400, WHEATON, ILLINOIS, 60187.
Item 2.
(a)	Name of person filing: (1) Robert W. Baird & Co. Incorporated ("RWB") (2) Baird Financial Corporation ("BFC") (3) Baird Financial Group, Inc. ("BFG")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of RWB, BFC and BFG is: 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202
(c)	Citizenship: RWB, BFC and BFG are Wisconsin corporations.
(d)	Title of class of securities: Shares of Beneficial Interests of First Trust RiverFront Dynamic Emerging Markets ETF
(e)	CUSIP No.: 33739P707
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: See the responses to Item (9) on the foregoing cover pages. This Schedule includes those securities beneficially owned by, or deemed beneficially owned by, RWB, BFC, and BFG (collectively, "Baird Reporting Units") that have been aggregated together in accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release") for purposes of filing this Schedule. This Schedule does not include securities, if any, beneficially owned by, or deemed beneficially owned by, RWB, BFC or BFG or their respective subsidiaries or affiliates that has been disaggregated from that of the Baird Reporting Units in accordance with the Release. In accordance with Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this Schedule shall not be construed as an admission that a Reporting Person is, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this Schedule.
(b)	Percent of class: See the responses to Item (11) on the foregoing cover pages. The percentage was calculated based upon 500,002 Shares of Beneficial Interests outstanding at August 11, 2025 as reported by the Issuer on its website.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the responses to Item (5) on the foregoing cover pages.
	(ii) Shared power to vote or to direct the vote: See the responses to Item (6) on the foregoing cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See the responses to Item (7) on the foregoing cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item (8) on the foregoing cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Clients of the Reporting Persons or their affiliates have or may have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares held in such clients' accounts that are reported on this Schedule. To the knowledge of the Reporting Persons, no single such client account holds more than 5% of the outstanding Shares reported on this Schedule.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See the response to Item 3 above. RWB is owned directly by BFC. BFC is, in turn, owned by BFG, which is the ultimate parent company of RWB.
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.

BAIRD ROBERT W & CO INC /WI/

Signature:	Paul L. Schultz
Name/Title:	Secretary & General Counsel
Date:	08/12/2025

BAIRD FINANCIAL CORP

Signature:	Paul L. Schultz
Name/Title:	Secretary
Date:	08/12/2025

Baird Financial Group, Inc.

Signature:	Paul L. Schultz
Name/Title:	Secretary
Date:	08/12/2025

FAQ

What stake do the Baird reporting persons hold in the First Trust RiverFront Dynamic Emerging Markets ETF?

They collectively hold 47,657 shares, representing 9.5% of the class (based on 500,002 shares outstanding as of August 11, 2025).

Which entities filed the Schedule 13G/A for this position?

The filing was made by Robert W. Baird & Co. Incorporated, Baird Financial Corporation, and Baird Financial Group, Inc.

Does the filing indicate control intent over the issuer?

No. The filing certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

What voting and dispositive powers are reported for the 47,657 shares?

The reporting persons report 0 sole voting power and 0 sole dispositive power, with 47,657 shared voting and 47,657 shared dispositive power.

What are the issuer and CUSIP for the reported securities?

Issuer: First Trust Exchange-Traded Fund III (Shares of Beneficial Interests of First Trust RiverFront Dynamic Emerging Markets ETF); CUSIP: 33739P707.

When was the filing certified and signed?

The Schedule 13G/A was signed and certified on 08/12/2025 by Paul L. Schultz in his capacity as Secretary & General Counsel/Secretary.