First Trust Senior Floating Rate Income Fund II
FCT
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- First Trust Senior Floating Rate Income Fund II (NYSE: FCT) is a closed-end management investment company that seeks a high level of current income with capital preservation as a secondary objective; it pursues these objectives by investing primarily in a diversified portfolio of senior secured floating-rate corporate loans to companies rated below investment grade, commonly referred to as high-yield or junk securities; the Fund may allocate up to 10% of its managed assets to revolving credit facilities, investment grade debtor-in-possession financing, unsecured loans, or other floating-rate debt securities such as notes, bonds, and asset-backed securities; it employs leverage to enhance returns, benchmarks performance against the S&P/LSTA Leveraged Loan Index, and declares regular monthly common share distributions, most recently at $0.097 per share for December 2025. The Fund was launched in 2004 and is managed by First Trust Advisors L.P., headquartered in Wheaton, Illinois; First Trust oversees approximately $304 billion in collective assets under management or supervision as of late 2025. In a major strategic shift announced in December 2025, the Board of Trustees approved the reorganization of FCT into First Trust Flexible Income ETF, a newly created, actively managed exchange-traded fund that will continue under First Trust Advisors L.P. management and trade on the NYSE; this tax-free conversion, pending shareholder approval and regulatory clearances, is expected to complete during 2026 and represents a transition from a closed-end fund structure to an ETF format offering intraday liquidity and closer net asset value tracking. The Fund operates within the U.S. fixed income markets, focusing on leveraged loan segments with exposure to sectors including healthcare, information technology, and highly leveraged issuers; its portfolio, as of mid-2025, includes approximately 208 holdings such as IRB Holding Corporation, Acrisure LLC, and Camelot U.S. Acquisition LLC; it targets income-oriented investors seeking floating-rate exposure amid interest rate fluctuations.