FCT is effectively delisted as of this filing — shareholders now hold FFLX shares and should monitor FFLX's distribution policy and expense ratio. No further standalone FCT trading is expected. Liquidate or reposition FCT positions accordingly.
Price Chart
Executive Summary
First Trust Senior Floating Rate Income Fund II (FCT) completed its reorganization into First Trust Flexible Income ETF (FFLX) on August 10, 2026. FCT shareholders received FFLX shares equal to the net asset value of their FCT holdings. This is a terminal event for FCT as a standalone closed-end fund — it ceases to exist post-merger, with all assets and liabilities transferred to the ETF.
Key Facts
- Reorganization of FCT into FFLX completed prior to NYSE open on August 10, 2026
- Shareholders approved the reorganization at a Special Meeting on June 25, 2026
- Board of Trustees approved the reorganization on December 7-8, 2025
- FCT assets transferred to, and liabilities assumed by, FFLX
- FCT shareholders received FFLX shares equal to the aggregate NAV of their FCT shares
- FCT will cease trading as a standalone closed-end fund
- FFLX is an actively managed ETF seeking to maximize current income
Financial Impact
Event marks the end of FCT as a publicly-traded closed-end fund. No financial figures for deal consideration or net asset values were disclosed in the filing.
Risk Factors
- FCT ticker will be delisted — no further standalone trading possible
- FFLX has a different investment strategy (broader fixed income) than FCT (senior floating rate loans)
- Potential NAV realization mismatch if FCT traded at a discount or premium pre-merger
Market Snapshot
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (FCT) — Batch item 1 | 0001445546-26-005855 |
| Exhibit: ex_99.htm | 0001445546-26-005855 |
| Document: 0001445546-26-005855-index-headers.html | 0001445546-26-005855 |
| Document: 0001445546-26-005855-index.html | 0001445546-26-005855 |
| Document: 0001445546-26-005855.txt | 0001445546-26-005855 |
| 8-K Filing (FCT) — Batch item 6 | 0001445546-26-005855 |
| Exhibit: ex_99.htm | 0001445546-26-005855 |
| Document: 0001445546-26-005855-index-headers.html | 0001445546-26-005855 |
| Document: 0001445546-26-005855-index.html | 0001445546-26-005855 |
| Document: 0001445546-26-005855.txt | 0001445546-26-005855 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 25-NSE | $9.67 | awaiting T+20 | — | — |
Aug 10, 2026 11w ago | 8-K | $9.67 | awaiting T+20 | — | — |
Jun 25, 2026 17w ago | 8-K | $9.70 $9.63 | ▼ −0.72% | ▼ −1.98% | — |
Jun 16, 2026 19w ago | DEFA14A | $9.59 $9.61 | ▲ +0.21% | ▲ +0.01% | — |
Jun 9, 2026 20w ago | DEFA14A | $9.57 $9.60 | ▲ +0.31% | ▼ −3.31% | — |
Jun 9, 2026 20w ago | DEFA14A | $9.57 $9.60 | ▲ +0.31% | ▼ −3.31% | — |
May 29, 2026 21w ago | DEFA14A | $9.66 $9.61 | ▼ −0.52% | ▲ +1.28% | — |
May 14, 2026 23w ago | 8-K | $9.66 $9.60 | ▼ −0.64% | ▼ −2.76% | — |
US Market Status
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