First Trust Exchange-Traded Fund III - First Trust Institutional Preferred Securities and Income ETF is an exchange traded fund launched and managed by First Trust Advisors L.P. The fund is co-managed by Stonebridge Advisors, LLC. It invests in fixed income markets of global region. The fund invests in preferred securities. It employs fundamental research with bottom-up and top-down securities picking approach to create its portfolio. The fund seeks to benchmark the performance of its portfolio against the ICE BofA US Investment Grade Institutional Capital Securities Index, Bloomberg US Aggregate Bond Index and a blended index comprising of 45% of the ICE BofA US Investment Grade Institutional Capital Securities Index, 40% of the ICE USD Contingent Capital Index and 15% of the ICE BofA US High Yield Institutional Capital Securities Index. First Trust Exchange-Traded Fund III - First Trust Institutional Preferred Securities and Income ETF was formed on August 22, 2017 and is domiciled in the United States.