Monitor the reconvened meeting on June 25, 2026 for the vote outcome. If the reorganization passes, FCT shares will be exchanged for FFLX ETF shares, altering the fund structure from closed-end to open-end ETF, which could affect discount/premium dynamics. The fee waiver is modest and unlikely to move the stock materially on its own.
Price Chart
Executive Summary
First Trust Senior Floating Rate Income Fund II (FCT) adjourned its June 9, 2026 special meeting of shareholders to June 25, 2026, to allow additional time to solicit votes on the proposed reorganization of the closed-end fund into First Trust Flexible Income ETF (FFLX). If approved, FTA also agreed to waive 0.10% of its annual unitary management fee for FFLX through the first year, reducing the fee to 0.65%.
Key Financial Metrics
Key Facts
- Special meeting adjourned from June 9 to June 25, 2026 to extend shareholder voting on the reorganization.
- Reorganization would combine FCT (closed-end fund) with and into First Trust Flexible Income ETF (FFLX), a newly formed series of First Trust Exchange-Traded Fund VIII.
- FTA agreed to waive 0.10% of the annual unitary management fee for FFLX through the twelve-month anniversary of the closing, resulting in a 0.65% fee rate for the first year if approved.
- The Board of Trustees recommends shareholders vote FOR the reorganization.
- Record date for voting is February 10, 2026.
Financial Impact
Fee waiver of 0.10% annually on assets under management for FFLX through the first year post-reorganization; no dollar figure disclosed.
Risk Factors
- Shareholder approval is not guaranteed despite board recommendation.
- If reorganization fails, FCT remains a closed-end fund which may trade at a persistent discount.
- Execution risk around the third-quarter closing timeline.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001445546-26-004309 |
| Document: 0001445546-26-004309-index-headers.html | 0001445546-26-004309 |
| Document: 0001445546-26-004309-index.html | 0001445546-26-004309 |
| Document: 0001445546-26-004309.txt | 0001445546-26-004309 |
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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