Filings Digest
11 Strive funds will move to NYSE Arca on Dec. 15
FT Confluence BDC & Specialty Finance Income ETF
$17.01+0.24 (+1.43%)
- 12.44%
- $38M
- −3.2%
- 11.87%
- 13.3K sh
- low $16.00high $20.17
The ETF.net FBDC Grade
D
Score 34 out of 100
- 11 of 12
Score 34 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F3 out of 100Rank 12 of 12Mission
Whether the fund did what it promised, tested against its stated mandate.A77 out of 100Rank 2 of 4Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C54 out of 100Rank 6 of 12Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B67 out of 100Rank 2 of 12Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D33 out of 100Rank 10 of 11Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A77 out of 100Rank 2 of 12
Our read on FBDC
In short
DFirst Trust points this one at business development companies and specialty finance lenders, a narrow lending corner of US financials, with income as the stated first job and payouts on a monthly cadence.
Stated mandate
The Fund seeks a high level of current income and, secondarily, an attractive total return.
Why people hold it
Worth knowing
FBDC Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
FBDC$9,682
Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FBDC |
|---|---|
| Year to date | −4.9% |
| 1 month | 0.0% |
| 3 months | +2.5% |
| 1 year | −3.2% |
| 3 years | |
| 5 years | |
| 10 years |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FBDC |
|---|---|---|
| 2026 YTD | −4.9% | |
| 2025 | −2.5% |
FBDC in the news
FBDC Dividends
- 11.87%
- $1.99
- $0.14 per share
- Monthly
FBDC Risk
- 16.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.50
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −20.6%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.48
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.
FBDC Cost
Overpaying vs GPZ, cheapest in Listed Private Markets
$66,165
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
FBDC 12.44%
$74,255
GPZ 0.40% Cheapest
$8,090
Cost over time
Year by year
| Year | FBDC | GPZ | Overpaying |
|---|---|---|---|
| 10 | $13,956 | $723 | $13,233 |
| 20 | $35,430 | $2,793 | $32,637 |
| 30 | $74,255 | $8,090 | $66,165 |
Other funds in Listed Private Markets
- CPEVCPacer PE/VC ETFExpense ratio 0.85%1 year return +3.6%
- DPBDCPutnam BDC Income ETFExpense ratio 11.77%1 year return −5.5%
- DPEXProShares Global Listed Private Equity ETFExpense ratio 2.75%1 year return −6.5%
- DVPCVirtus Private Credit Strategy ETFExpense ratio 10.60%1 year return −11.8%
- DLBOWHITEWOLF Publicly Listed Private Equity ETFExpense ratio 6.53%1 year return −6.3%
