First Trust Advisors L.P. (“FTA”) announced that the Board of Trustees of First Trust Senior Floating Rate Income Fund II (NYSE: FCT), a closed-end fund managed by FTA, approved the reorganization (the “Reorganization”) of FCT into First Trust Flexible 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. Under the terms of the Reorganization, which is expected to be tax free, the assets of FCT would be transferred to, and the liabilities of FCT would be assumed by, the new ETF, and shareholders of FCT would receive shares of the new ETF with a value equal to the aggregate net asset value of the FCT shares held by them. It is currently expected that the Reorganization will be consummated during 2026, subject to requisite approval by the shareholders of FCT and satisfaction of applicable regulatory requirements and approvals and customary closing conditions. There is no assurance when or whether such approvals, or any other approvals required for the Reorganization, will be obtained. More information on the Reorganization will be contained in a registration statement and or proxy materials that will be filed with the SEC in the coming weeks.
FT Sr Flt Rt Incm Fd II
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