Truist Financial Holds 134k Units of First Trust UCON ETF – 13G/A

Rhea-AI Filing Summary

Truist Financial Corp (NYSE: TFC) has filed Amendment No. 4 to Schedule 13G reporting its passive ownership in the First Trust Exchange-Traded Fund VIII – First Trust Smith Unconstrained Bond ETF (ticker UCON). As of 30 Sep 2024, Truist – acting as parent holding company for Truist Advisory Services, Inc. – beneficially owned 134,428 shares, representing 13.1 % of the ETF’s outstanding units. All shares are held with sole voting and dispositive power; no shared authority is reported.

The amendment states that the only change from prior filings is a correction of the issuer’s CIK number; the economic ownership figures remain unchanged. Truist certifies that the position is held in the ordinary course of business with no intent to influence control, qualifying the filing under Rules 13d-1(b) and 13d-1(c). Truist classifies itself as both a Holding Company (HC) and an Investment Adviser (IA).

Because UCON is a relatively small ETF, a 13.1 % stake implies meaningful concentration. For existing unit-holders, Truist’s presence may add liquidity and signal institutional confidence, yet it also introduces single-holder concentration risk should the firm materially change its position.

Positive

• Institutional backing: Truist’s 13.1 % stake signals confidence and may enhance secondary-market liquidity for UCON units.

Negative

• Concentration risk: A single holder controlling over 10 % of shares could amplify volatility if it liquidates or redeems positions.

Insights

Portfolio Manager

TL;DR – Truist’s 13.1 % passive stake boosts institutional ownership; impact on ETF price/liquidity modest unless stake is quickly reversed.

Owning more than 10 % of an ETF is unusual because most funds have widely distributed floats. The 134 k units equal 13.1 % of shares outstanding, implying that UCON’s asset base is relatively small (≈1 M units). Truist likely holds the units for discretionary client accounts rather than proprietary trading. The filing is passive (Schedule 13G), so no governance or activist angle exists. Liquidity could improve given Truist’s market-making capacity, but the flip side is concentration risk; if Truist redeems or sells, outflows could widen bid-ask spreads. From a valuation standpoint, the disclosure is neutral—it does not change the ETF’s underlying NAV, strategy, or fee structure.

Corporate Governance Analyst

TL;DR – Filing is housekeeping; only CIK typo fixed. No control intent, therefore governance impact minimal.

The amendment simply corrects an administrative error in the issuer’s CIK. Truist maintains sole voting/dispositive power but expressly disclaims any intent to influence management of the ETF. Because exchange-traded funds have no traditional board elections in which unit-holders vote, Truist’s ownership does not translate into governance leverage. Regulatory compliance appears intact: the firm checked HC and IA boxes, consistent with its status. Consequently, the disclosure is procedural and should be considered non-impactful for governance risk assessment.

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 VIII

(Name of Issuer)

Exchange Traded Fund

(Title of Class of Securities)

33740F391

(CUSIP Number)

09/30/2024

(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. 33740F391

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 134,428.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 134,428.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

134,428.00

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)

13.1 %

12

Type of Reporting Person (See Instructions)

HC, IA

Comment for Type of Reporting Person: The amendment is being filed solely to correct a typographical error in the Issuer CIK number listed in the Amended Schedule G filing in November 2024. The Issuer CIK number listed as 0001552740 (FIRST TR EXCHNG TRADED FD VI) instead of 0001667919 (FIRST TR EXCHNG TRADED FD VIII).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FIRST TRUST EXCHANGE-TRADED FUND VIII
(b)	Address of issuer's principal executive offices: 120 EAST LIBERTY DRIVE, SUITE 400, 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 Fund
(e)	CUSIP No.: 33740F391
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: 134,428.00
(b)	Percent of class: 13.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 134,428.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 134,428.00
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	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:	07/15/2025

FAQ

How many UCON ETF shares does Truist Financial own?

Truist reports ownership of 134,428 UCON units with sole voting and dispositive power.

What percentage of the UCON ETF does Truist’s stake represent?

The filing states that Truist’s holdings equal 13.1 % of the ETF’s outstanding shares.

Is Truist’s filing activist or passive?

It is a passive Schedule 13G; Truist certifies no intent to influence control of the issuer.

Why was Amendment No. 4 necessary?

The amendment corrects a typographical error in the issuer’s CIK number from a prior filing—no ownership change occurred.

Does Truist share voting power with any other entity?

No. The filing lists zero shared voting or dispositive power; authority is solely with Truist.