[SCHEDULE 13G/A] First Trust Structured Credit Income Opportunities ETF SEC Filing

Rhea-AI Filing Summary

Schedule 13G/A filing dated 07 July 2025 discloses that three affiliated First Trust entities—First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation—jointly report beneficial ownership of 9,878,678 shares of FT Vest SMID Rising Dividend Achievers Target Income ETF, a series of First Trust Exchange-Traded Fund IV (CUSIP 33738D820).

This stake represents 40.16 % of the ETF’s outstanding shares. The reporting persons:

• Have shared voting power over 108,330 shares but no sole voting power.
• Possess shared dispositive power over the full 9,878,678 shares; no sole dispositive authority is claimed.
• File as (i) broker-dealer (BD), (ii) investment adviser (IA) and (iii) holding company/parent control person (HC) under Rule 13d-1(b).

The ownership arises primarily through unit investment trusts (UITs) sponsored by First Trust Portfolios L.P. The UITs collectively hold the ETF shares; individual UITs each own less than 3 % of any registered investment company. Voting rights for these shares are generally exercised by the UIT trustees so that votes mirror those of unaffiliated shareholders. All three filers expressly disclaim beneficial ownership beyond the reported shared dispositive authority.

No intent to influence control of the issuer is stated, and the securities are reported as held in the ordinary course of business. A joint-filing agreement is included as Exhibit 99.1.

Insights

ETF Analyst

TL;DR — Filing shows First Trust affiliates hold 40 % of ETF shares, with limited voting power; impact on investors is modest.

The 13G/A confirms a large block—nearly 10 million shares—held via First Trust-sponsored UITs. While the concentration appears high, the filers do not exercise direct voting control, and UIT trustees vote proportionally to third-party holders. Liquidity risk is minimal because UITs tend to be passive, long-term owners. No change in strategy, fees or portfolio composition is implied. For ETF investors, the disclosure is mostly procedural, though it highlights that roughly 40 % of the float is effectively locked up in affiliated vehicles, which could expand bid-ask spreads during stress events.

Governance Specialist

TL;DR — High ownership concentration flagged, but filers disclaim control; corporate-governance risk low.

From a governance lens, a 40 % stake ordinarily raises influence concerns. Here, however, shared voting power covers only 108k shares (<1 %), and voting is delegated to independent trustees. The certification under Item 10 affirms no intent to influence control. Accordingly, board independence and tracking-error risk remain unchanged. Investors should nonetheless monitor future amendments: if UIT redemption activity accelerates, large secondary-market flows could emerge.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

First Trust Exchange-Traded Fund IV

(Name of Issuer)

FT Vest SMID Rising Dividend Achievers Target Income ETF

(Title of Class of Securities)

33738D820

(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. 33738D820

1

Names of Reporting Persons

First Trust Portfolios L.P.

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

ILLINOIS

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 9,770,348.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,878,678.00

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)

40.16 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 33738D820

1

Names of Reporting Persons

First Trust Advisors L.P.

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 108,330.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,878,678.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,878,678.00

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)

40.16 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 33738D820

1

Names of Reporting Persons

The Charger Corporation

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 108,330.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,878,678.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,878,678.00

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)

40.16 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Trust Exchange-Traded Fund IV
(b)	Address of issuer's principal executive offices: Attn: Legal Department, 120 East Liberty Drive, Suite 400, Wheaton, IL 60187, USA
Item 2.
(a)	Name of person filing: First Trust Portfolios L.P. First Trust Advisors L.P. The Charger Corporation
(b)	Address or principal business office or, if none, residence: 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187
(c)	Citizenship: Illinois, USA
(d)	Title of class of securities: FT Vest SMID Rising Dividend Achievers Target Income ETF
(e)	CUSIP No.: 33738D820
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: 9,878,678
(b)	Percent of class: 40.16 %
(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: 108,330
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 9,878,678
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. This Schedule 13G filing is jointly filed by The Charger Corporation, First Trust Portfolios L.P. and First Trust Advisors L.P. pursuant to Rule 13d-1(k)(1). The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P. First Trust Portfolios L.P. acts as sponsor of certain unit investment trusts which hold shares of the issuer. The total number of shares of the issuer held by these unit investment trusts is set forth in Row (8) above with respect to First Trust Portfolios L.P. No individual unit investment trust sponsored by First Trust Portfolios L.P. holds more than 3% of any registered investment company issuer's shares. First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., acts as portfolio supervisor of the unit investment trusts sponsored by First Trust Portfolios L.P., certain of which hold shares of the issuer. Neither First Trust Portfolios L.P., First Trust Advisors L.P. nor The Charger Corporation have the power to vote the shares of the issuer held by these unit investment trusts sponsored by First Trust Portfolios L.P. These shares are voted by the trustee of such unit investment trusts so as to insure that the shares are ordinarily voted as closely as possible in the same manner and in the same general proportion as are the shares held by owners other than such unit investment trusts. Subject to the requirements of Rule 12d1-4 under the Investment Company Act of 1940 and as further explained in the Standard Terms and Conditions of Trust and related Trust Agreements of the unit investment trusts, First Trust Portfolios L.P., on behalf of the unit investment trusts, may enter into an agreement with a deposited fund which may permit the shares of such fund to be voted in the best interest of unit holders at the discretion of First Trust Portfolios L.P. The difference, if any, between the aggregate amount of shares beneficially owned by each reporting person, as set forth in Row (9) above, and the number of shares of the issuer held by the unit investment trusts sponsored by First Trust Portfolios L.P. represents shares of the issuer which are either held in other registered investment companies, pooled investment vehicles and/or separately managed accounts for which First Trust Advisors L.P. serves as investment advisor and/or investment sub-advisor. Each of First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation disclaims beneficial ownership of the shares of the issuer identified in this filing.
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 Item 6.
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.

First Trust Portfolios L.P.

Signature:	/s/ James M. Dykas
Name/Title:	James M. Dykas, Chief Financial Officer
Date:	07/07/2025

First Trust Advisors L.P.

Signature:	/s/ James M. Dykas
Name/Title:	James M. Dykas, Chief Financial Officer
Date:	07/07/2025

The Charger Corporation

Signature:	/s/ James M. Dykas
Name/Title:	James M. Dykas, Chief Financial Officer and Treasurer
Date:	07/07/2025

Exhibit Information

Please see Exhibit 99.1 for Joint Filing Agreement

FAQ

How many shares of the FT Vest SMID Rising Dividend Achievers Target Income ETF are reported in the Schedule 13G/A?

The filing reports 9,878,678 shares beneficially owned.

What percentage of the ETF’s outstanding shares does First Trust own?

The reported stake equals 40.16 % of the total shares outstanding.

Do the reporting persons have voting control over all the shares?

No. They have shared voting power over only 108,330 shares and no sole voting authority.

Why are these shares held by First Trust entities?

The shares are primarily held within unit investment trusts sponsored by First Trust Portfolios L.P. as part of their investment products.

Does the filing indicate an attempt to influence the ETF’s management?

No. Item 10 certifications state the shares are held in the ordinary course and not for control purposes.

What is the CUSIP number referenced in the filing?

The CUSIP for the ETF is 33738D820.