First Trust Senior Floating Rate Income Fund II Reorganizes into ETF FFLX

What Happened

• First Trust Advisors L.P. announced that the reorganization of First Trust Senior Floating Rate Income Fund II (NYSE: FCT), a closed-end management investment company, into First Trust Flexible Income ETF (NYSE: FFLX), an actively managed exchange-traded fund, was completed prior to the open of the NYSE on August 10, 2026.
• Shareholders of FCT previously approved the reorganization at a Special Meeting on June 25, 2026, and the Boards of Trustees for both FCT and FFLX approved the transaction on December 7–8, 2025.

Key Details

• Reorganization completed: prior to NYSE open on August 10, 2026.
• Shareholder approval: Special Meeting held June 25, 2026.
• Board approvals: Trustees of FCT and FFLX approved on December 7–8, 2025.
• Manager: Both funds are/were managed by First Trust Advisors L.P.; FCT converted from a closed-end fund structure to an actively managed ETF (FFLX).

Why It Matters

• The filing confirms the structural conversion is final: holders of FCT have been transitioned into the ETF structure (FFLX).
• For investors, this is an administrative and structural change confirmed by shareholder and board approvals; it replaces the closed-end fund vehicle with an actively managed ETF under the same adviser.