SCHEDULE 13G/A 0000810972 XXXXXXXX LIVE 6 Shares of Beneficial Interests of First Trust RiverFront Dynamic Emerging Markets ETF 12/31/2025 0001424212 FIRST TRUST EXCHANGE-TRADED FUND III 33739P707 120 EAST LIBERTY DRIVE SUITE 400 WHEATON IL 60187 Rule 13d-1(b) Robert W. Baird & Co. Inc WI 0.00 45049.00 0.00 45049.00 45049.00 6.9 IA CO 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. BAIRD FINANCIAL CORP WI 0.00 45049.00 0.00 45049.00 45049.00 6.9 HC CO Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated. Baird Financial Group, Inc. WI 0.00 45049.00 0.00 45049.00 45049.00 6.9 HC CO Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated. FIRST TRUST EXCHANGE-TRADED FUND III 120 EAST LIBERTY DRIVE, SUITE 400, WHEATON, ILLINOIS, 60187. (1) Robert W. Baird & Co. Incorporated ("RWB") (2) Baird Financial Corporation ("BFC") (3) Baird Financial Group, Inc. ("BFG") The address of the principal business office of each of RWB, BFC and BFG is: 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 RWB, BFC and BFG are Wisconsin corporations. N IA HC 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. See the responses to Item (11) on the foregoing cover pages. The percentage was calculated based upon 700,002 Shares of Beneficial Interests outstanding at February 5, 2026 as reported by the Issuer on its website. See the responses to Item (5) on the foregoing cover pages. See the responses to Item (6) on the foregoing cover pages. See the responses to Item (7) on the foregoing cover pages. See the responses to Item (8) on the foregoing cover pages. Y N 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. N 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. Y Y N 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. Robert W. Baird & Co. Inc Paul L. Schultz 02/06/2026 BAIRD FINANCIAL CORP Paul L. Schultz 02/06/2026 Baird Financial Group, Inc. Paul L. Schultz 02/06/2026