SEC Form SC 13G filed by Aqua Metals Inc.

[X]

Rule 13d-1(b)

[   ]

Rule 13d-1(c)

[   ]

Rule 13d-1(d)

SCHEDULE 13G

Aqua Metals, Inc.

CUSIP No. 03837J101

1.

Names of Reporting Persons

I.R.S. Identification Nos. of Above Persons (Entities Only)

Robert W. Baird & Co. Incorporated

39-6037917

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

Wisconsin

Number of

Shares

Beneficially

Owned by

Each Reporting

Person

With:

5.

Sole Voting Power

4,598,878

6.

Shared Voting Power

0

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

4,598,878

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

4,598,878

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

  (See Instructions)   [ ]

11.

Percent of Class Represented by Amount in Row (9)

5.9%

12.

Type of Reporting Person (See Instructions)

IA

(a)

Aqua Metals, Inc.

(b)

5370 Kietzke Lane

Suite 201

Reno, NV 89511

(a)

Robert W. Baird & Co. Incorporated

(b)

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

(c)

Wisconsin corporation

(d)

Common Stock

(e)

03837J101

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 (15 U.S.C. 80a-8).

(e)

[X]

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 plan, in accordance with §240.13d-1(b)(1)(ii)(G).  (Note:  See Item 7).

(h)

[ ]

A savings association 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)

[ ]

Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4.

Ownership.

(a)

4,598,878. All 4,598,878 Shares of Common Stock (“Shares”) are ultimately owned by certain individual and institutional clients for which Robert W. Baird & Co. Incorporated (“Baird”) serves as investment advisor.  Baird may be deemed to beneficially own such Shares within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Act”), by virtue of the investment discretion and voting authority granted to Baird by such clients over such Shares.  The investment discretion and voting authority granted to Baird may be revoked at any time.

(b)

5.9%.  The percentage was calculated based upon 78,386,746 Shares of Common Stock outstanding at October 28, 2022, as reported by the Issuer in its Quarterly Report on Form 10-Q for the period ended September 30, 2022.

(c)

(i)

Sole power to vote or to direct the vote

4,598,878.

(ii)

Shared power to vote or to direct the vote

0.

(iii)

Sole power to dispose or to direct the disposition of

0.

(iv)

Shared power to dispose or to direct the disposition of

4,598,878.

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:  [ ]

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Certain individual and institutional clients of Baird ultimately own all of the Shares included on this Schedule and have the right to receive or the power to direct the receipt of dividends and proceeds from the sale of such Shares.  No one client has granted Baird investment discretion or voting authority over 5% or more of the Shares.

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.

Certification.

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.

February 9, 2023

Date

/s/ Paul L. Schultz

Signature

Paul L. Schultz, Secretary & General Counsel

Name/Title