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First Trust Advisors has announced a 1-for-5 reverse share split for its FT Confluence BDC & Specialty Finance ETF (NYSE Arca: FBDC), effective around August 4, 2025. The split will result in shareholders receiving one share for every five currently held, with the share price increasing approximately five-fold.
The actively managed ETF, which focuses on business development companies and specialty finance firms, will maintain its ticker symbol FBDC but receive a new CUSIP number. While the split won't affect total investment value, fractional shares will be paid in cash. First Trust manages approximately $278.7 billion in assets as of June 30, 2025, while sub-advisor Confluence Investment Management oversees $12.7 billion in assets.
First Trust Advisors L.P. has completed the reorganization of First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) into FT Confluence BDC & Specialty Finance Income ETF (NYSE: FBDC) on June 30, 2025. The reorganization, previously approved by shareholders on May 5, 2025, and by the Board of Trustees in September 2024, involved transferring FGB's assets and liabilities to FBDC.
FBDC is an actively managed ETF that aims to provide high current income with a secondary objective of attractive total return by investing in BDCs and specialty finance companies. First Trust Advisors manages $268 billion in assets as of May 31, 2025, while sub-advisor Confluence Investment Management oversees $12.7 billion in assets ($7.2B under management, $5.5B under advisement) as of March 31, 2025.
[ "Streamlined investment structure through conversion from closed-end fund to ETF format", "Access to experienced management team with over 600 years of combined financial experience", "Maintained investment strategy focusing on high current income and total return potential" ]FAQ
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