First Trust Senior Floating Rate Income Fund II (FCT) is downgraded to 'Hold' as its discount to NAV has narrowed to -1%. FCT's upcoming conversion to an ETF (FFLX), pending a June 2026 shareholder vote, will eliminate leverage and discount volatility. Post-conversion, FFLX will offer less risk and volatility but will no longer provide leveraged exposure to floating rate loans.
1607 Capital Partners LLC cut its position in shares of First Trust Senior Floating Rate Income Fund II (NYSE: FCT) by 66.2% during the undefined quarter, according to the company in its most recent filing with the SEC. The firm owned 53,461 shares of the investment management company's stock after selling 104,500 shares