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Stock impact report

Board of First Trust Specialty Finance and Financial Opportunities Fund Approves Conversion into an ETF and sets date of Annual Shareholder Meeting

First Trust Specialty Finance and Financial Opportunities Fund (FGB) 
Company Research Source: Business Wire
WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that the Board of Trustees of First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB), a closed-end fund managed by FTA, approved the reorganization (the “Reorganization”) of FGB into FT Confluence BDC & Specialty Finance Income ETF, a newly created exchange-traded fund (“ETF”) that will be traded on the NYSE and will be an actively managed ETF managed by FTA and sub-advised by Confluence Investment Management LLC (“Confluence” or the “Sub-Advisor”), FGB’s current sub-advisor.Under the terms of the Reorganization, which is expected to be tax-free, the assets of FGB would be transferred to, and the liabilities of FGB would be assumed by, the new ETF, and shareholders of FGB would receive shares of the new ETF with a value equal to the aggregate net asset value of the FGB shares held by them. It is currently expected that the Reorganization will be consummated during 2025, subject to Show less Read more
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