---
ticker: "FBDC"
name: "FT Confluence BDC & Specialty Finance Income ETF"
url: "https://etf.net/etf/FBDC"
grade: "B"
score: 55
graded_at: "2026-10-12"
category: "Listed Private Markets"
category_rank: "5 of 12"
methodology: "https://etf.net/methodology"
---

# FBDC: FT Confluence BDC & Specialty Finance Income ETF

Grade **B**, Score 55 of 100. Rank 5 of 12 in Listed Private Markets.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 52 | 6 of 12 |
| Mission | 79 | 2 of 4 |
| Risk | 56 | 4 of 12 |
| Tradability | 67 | 3 of 12 |
| Holdings | 36 | 10 of 11 |
| Durability | 73 | 3 of 12 |

## Top holdings

The fund holds 21 positions. These are the largest 21, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | MAIN | Main Street Capital Corporation | 12.47% |
| 2 | HTGC | Hercules Capital, Inc. | 11.39% |
| 3 | ARCC | Ares Capital Corporation | 9.61% |
| 4 | GBDC | Golub Capital BDC, Inc. | 9.11% |
| 5 | TSLX | Sixth Street Specialty Lending, Inc. | 8.23% |
| 6 | BXSL | Blackstone Secured Lending Fund | 6.80% |
| 7 | OBDC | Blue Owl Capital Corporation | 6.12% |
| 8 | CSWC | Capital Southwest Corporation | 5.29% |
| 9 | BBDC | Barings BDC, Inc. | 5.17% |
| 10 | NMFC | New Mountain Finance Corporation | 3.98% |
| 11 | — | US Dollar | 3.17% |
| 12 | OTF | Blue Owl Technology Finance Corp. | 2.83% |
| 13 | MFIC | MidCap Financial Investment Corporation | 2.48% |
| 14 | BCSF | Bain Capital Specialty Finance, Inc. | 2.22% |
| 15 | OCSL | Oaktree Specialty Lending Corporation | 2.18% |
| 16 | MSDL | Morgan Stanley Direct Lending Fund | 1.96% |
| 17 | KBDC | Kayne Anderson BDC, Inc. | 1.87% |
| 18 | NCDL | Nuveen Churchill Direct Lending Corp. | 1.70% |
| 19 | SLRC | SLR Investment Corp. | 1.45% |
| 20 | GAIN | Gladstone Investment Corporation | 1.01% |
| 21 | MSIF | MSC Income Fund, Inc. | 0.96% |

Source: etf.net, https://etf.net/etf/FBDC. Please cite the page URL.