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)
US:NYSE Investor Relations:
ftportfolios.com/retail/cef/cefsummary.aspx?ticker=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
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News
- First Trust Specialty Finance and Financial Opportunities Fund Declares its Quarterly Distribution of $0.10 Per ShareBusiness Wire
- First Trust Specialty Finance and Financial Opportunities Fund Announces Results of Special Meeting of Shareholders Relating to the Proposed Reorganization with and into abrdn Total Dynamic Dividend FundBusiness Wire
- First Trust Announces Adjournment of Special Meeting of Shareholders Relating to the Reorganization of First Trust Specialty Finance and Financial Opportunities Fund with and into abrdn Total Dynamic Dividend FundBusiness Wire
FGB
Sec Filings
- 11/6/24 - Form SC
- 10/24/24 - Form NPORT-P
- 10/15/24 - Form SC
- FGB's page on the SEC website