First Trust Advisors L.P. (“FTA”) announced today that the reorganization of First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB), a closed-end management investment company, managed by FTA and sub-advised by Confluence Investment Management LLC (“Confluence”), into FT Confluence BDC & Specialty Finance Income ETF (NYSE: FBDC), an actively managed exchange-traded fund (“ETF”) managed by FTA and sub-advised by Confluence, was completed prior to the open of the NYSE on June 30, 2025.

As previously announced, the shareholders of FGB approved FGB’s reorganization into FBDC at a Special Meeting of Shareholders on May 5, 2025. The reorganization was approved by the Board of Trustees of each of FGB and FBDC on September 8-9, 2024.

In the reorganization, the assets of FGB were transferred to, and the liabilities of FGB were assumed by, FBDC. The shareholders of FGB received shares of FBDC with a value equal to the aggregate net asset value of the shares of FGB held by them.