SCHEDULE: Truist Financial Files Amended Schedule 13G for First Trust Exchange-Traded Fund III, Correcting Prior Oversight

Truist Financial Corporation has filed an amended Schedule 13G for First Trust Exchange-Traded Fund III, reporting zero beneficial ownership as part of an internal effort to remediate previously unsubmitted filings from 2021.

Summary

• Truist Financial Corporation, as a Parent Holding Company for Truist Advisory Services, Inc., has filed an Amendment No. 2 to Schedule 13G regarding its beneficial ownership in FIRST TRUST EXCHANGE-TRADED FUND III.
• The filing indicates that Truist Financial Corporation holds 0.00 shares, representing 0.0% of the class of EXCHANGE TRADED FUNDS (CUSIP 33739P509).
• The filing was completed as part of an internal effort to remediate filings not previously submitted, specifically noting that a filing for less than 5% ownership should have been submitted in 2021.
• Truist Financial Corporation is a North Carolina Corporation, and Truist Advisory Services, Inc. is a Delaware Corporation.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is neutral in terms of business operations or financial performance. It is a compliance filing correcting a past oversight, which is a positive for regulatory adherence but not directly impactful on current business sentiment.

Positives

• Truist Financial Corporation is actively addressing and remediating past compliance oversights by submitting previously unfiled Schedule 13G statements.
• The filing confirms that Truist Financial Corporation's current ownership of First Trust Exchange-Traded Fund III is 0.0%, indicating no significant concentrated holding.

Negatives

• The need for this amendment stems from a past oversight where a filing for less than 5% ownership should have been submitted in 2021 but was not.

Risks

• The document highlights a past compliance oversight where a required filing was not submitted in 2021, which could indicate historical deficiencies in regulatory reporting processes, though it is now being remediated.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's financial performance or strategic direction, as it is a compliance filing related to past beneficial ownership.

Management Comments

• The filing was completed as part of an 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.

Industry Context

Schedule 13G filings are standard regulatory disclosures for institutional investors to report passive beneficial ownership of 5% or more (or less, if correcting prior omissions) in a company's equity. This filing underscores the ongoing importance of strict regulatory compliance and timely disclosure for financial institutions like Truist Financial Corporation within the investment advisory and banking sectors.

Stakeholder Impact

• Shareholders: Provides transparency regarding Truist Financial Corporation's beneficial ownership, confirming no significant stake in First Trust Exchange-Traded Fund III.
• Regulatory Bodies: Demonstrates Truist Financial Corporation's commitment to compliance by remediating past filing oversights.

Key Dates

Keywords

Truist Financial Corporation, First Trust Exchange-Traded Fund III, Schedule 13G, SEC filing, beneficial ownership, investment adviser, parent holding company, compliance, ETF, remediation