First Trust Specialty Finance and Financial Opportunities Fund, the New York Stock Exchange listed closed-end fund that traded under the symbol FGB, no longer exists as an operating entity. Its assets moved into FT Confluence BDC and Specialty Finance Income ETF in the last month of June 2025, its registration under the 1940 Act was terminated by SEC order in late September, and the shares ceased trading that same summer. The vehicle is defunct, and this note documents the arc.
The fund spent nearly eighteen years as a small, levered, high-yield income product built almost entirely on business development company equities. It finished fiscal 2024 at net asset value of 4.38 per share, with net assets near the low sixties in millions and the book built almost entirely on BDC equities. The last filed financial statements, the semi-annual report dated May 31 of 2025, show the fund already in liquidation mode, with the final term loan repaid and a one-time conversion charge booked ahead of the reorganization.