First Trust Specialty Finance and Financial Opportunities Fund
(the "Fund") (NYSE: FGB) has increased its regularly scheduled
quarterly distribution to $0.10 per share from $0.0825 per share
The distribution will be payable on May 31, 2024, to shareholders
of record as of May 23, 2024. The ex-dividend date is expected to
be May 22, 2024. The quarterly distribution information for the
Fund appears below.
First Trust Specialty Finance and
Financial Opportunities Fund (FGB):
Distribution per share:
$0.10
Distribution Rate based on the May 10,
2024 NAV of $4.47:
8.95%
Distribution Rate based on the May 10,
2024 closing market price of $3.88:
10.31%
Increase from previous distribution of
$0.0825:
21.21%
A portion of the distribution may be treated as paid from
sources other than net investment income, including short-term
capital gain, long-term capital gain and return of capital. The
final determination of the source and tax status of all
distributions paid in 2024 will be made after the end of 2024 and
will be provided on Form 1099-DIV.
The Fund is a diversified, closed-end management investment
company that seeks to provide a high level of current income. As a
secondary objective, the Fund seeks to provide attractive total
return. The Fund pursues these investment objectives by investing
at least 80% of its managed assets in a portfolio of securities of
specialty finance and other financial companies that the Fund's
investment sub-advisor believes offer attractive opportunities for
income and capital appreciation.
First Trust Advisors L.P. ("FTA") is a federally registered
investment advisor and serves as the Fund's investment advisor. FTA
and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA
registered broker-dealer, are privately-held companies that provide
a variety of investment services. FTA has collective assets under
management or supervision of approximately $218 billion as of April
30, 2024 through unit investment trusts, exchange-traded funds,
closed-end funds, mutual funds and separate managed accounts. FTA
is the supervisor of the First Trust unit investment trusts, while
FTP is the sponsor. FTP is also a distributor of mutual fund shares
and exchange-traded fund creation units. FTA and FTP are based in
Wheaton, Illinois.
Confluence Investment Management LLC ("Confluence"), an SEC
registered investment advisor, serves as the Fund's investment
sub-advisor. The Confluence team has more than 600 years of
combined financial experience and 400 years of portfolio
management/research experience, maintaining a track record that
dates back to 1994. As of March 31, 2024, Confluence had $13.0
billion in assets under management and advisement (assets under
management = $7.5 billion; assets under advisement = $5.5
billion).
Principal Risk Factors: Risks are inherent in all investing.
Certain risks applicable to the Fund are identified below, which
includes the risk that you could lose some or all of your
investment in the Fund. The principal risks of investing in the
Fund are spelled out in the Fund's annual shareholder reports. The
order of the below risk factors does not indicate the significance
of any particular risk factor. The Fund also files reports, proxy
statements and other information that is available for
review.
Past performance is no assurance of future results. Investment
return and market value of an investment in the Fund will
fluctuate. Shares, when sold, may be worth more or less than their
original cost. There can be no assurance that the Fund's investment
objectives will be achieved. The Fund may not be appropriate for
all investors.
Market risk is the risk that a particular investment, or shares
of a fund in general may fall in value. Investments held by the
Fund are subject to market fluctuations caused by real or perceived
adverse economic conditions, political events, regulatory factors
or market developments, changes in interest rates and perceived
trends in securities prices. Shares of a fund could decline in
value or underperform other investments as a result. In addition,
local, regional or global events such as war, acts of terrorism,
market manipulation, government defaults, government shutdowns,
regulatory actions, political changes, diplomatic developments, the
imposition of sanctions and other similar measures, spread of
infectious disease or other public health issues, recessions,
natural disasters or other events could have significant negative
impact on a fund and its investments.
Current market conditions risk is the risk that a particular
investment, or shares of the fund in general, may fall in value due
to current market conditions. As a means to fight inflation, the
Federal Reserve and certain foreign central banks have raised
interest rates and expect to continue to do so, and the Federal
Reserve has announced that it intends to reverse previously
implemented quantitative easing. Recent and potential future bank
failures could result in disruption to the broader banking industry
or markets generally and reduce confidence in financial
institutions and the economy as a whole, which may also heighten
market volatility and reduce liquidity. Ongoing armed conflicts
between Russia and Ukraine in Europe and among Israel, Hamas and
other militant groups in the Middle East, have caused and could
continue to cause significant market disruptions and volatility
within the markets in Russia, Europe, the Middle East and the
United States. The hostilities and sanctions resulting from those
hostilities have and could continue to have a significant impact on
certain fund investments as well as fund performance and liquidity.
The COVID-19 global pandemic, or any future public health crisis,
and the ensuing policies enacted by governments and central banks
have caused and may continue to cause significant volatility and
uncertainty in global financial markets, negatively impacting
global growth prospects.
The Fund invests in business development companies ("BDCs")
which may be subject to a high degree of risks, including
management's ability to meet the BDC's investment objective, and to
manage the BDC's portfolio when the underlying securities are
redeemed or sold, during periods of market turmoil and as
investors' perceptions regarding a BDC or its underlying
investments change.
Investing in real estate investment trusts ("REITs") involves
certain unique risks in addition to investing in the real estate
industry in general. REITs are subject to interest rate risk and
the risk of default by lessees or borrowers.
The Fund may invest in a variety of other mortgage-related
securities. Rising interest rates tend to extend the duration of
mortgage-related securities, making them more sensitive to changes
in interest rates, and may reduce the market value of the
securities. In addition, mortgage-related securities are subject to
the risk that borrowers may pay off their mortgages sooner than
expected, particularly when interest rates decline. This can reduce
the Fund's returns. The Fund's investments in other asset-backed
securities are subject to risks similar to those associated with
mortgage-backed securities, as well as additional risks associated
with the nature of the assets and the servicing of those
assets.
Because the Fund is concentrated in the financials sector, it
will be more susceptible to adverse economic or regulatory
occurrences affecting this sector, such as changes in interest
rates, availability and cost of capital funds, and competition.
Use of leverage can result in additional risk and cost, and can
magnify the effect of any losses.
The risks of investing in the Fund are spelled out in the
shareholder report and other regulatory filings.
The information presented is not intended to constitute an
investment recommendation for, or advice to, any specific person.
By providing this information, First Trust is not undertaking to
give advice in any fiduciary capacity within the meaning of ERISA,
the Internal Revenue Code or any other regulatory framework.
Financial professionals are responsible for evaluating investment
risks independently and for exercising independent judgment in
determining whether investments are appropriate for their
clients.
The Fund’s daily closing New York Stock Exchange price and net
asset value per share as well as other information can be found at
https://www.ftportfolios.com or by calling 1-800-988-5891.
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