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FBDC vs GTPE

FT Confluence BDC & Specialty Finance Income ETF

FBDCDNYSE Arca

Goldman Sachs MSCI World Private Equity Return Tracker ETF

GTPEANasdaq

Overlap

Expense ratio

GTPE −11.94pt a year

FBDC12.44%GTPE0.50%

Avg volume · 30D

FBDC 4.7×the volume

FBDC13.3KGTPE2.79K

FBDC vs GTPE Performance

Oct 31, 2025 – Nov 2, 2026

−1.9%FBDC+16.7%GTPE

Oct 31, 2025 to Nov 2, 2026. FBDC −1.9%. GTPE +16.7%. Use the arrow keys to read each point.−10%10%Oct 2025May 2026Nov 2026
Expense ratio
FBDC 12.44%
GTPE 0.50%, better
Fund size
FBDC $38M
GTPE $30M
1Y total return
FBDC −1.9%
GTPE +16.7%, better
Yield (12M)
FBDC 11.71%
GTPE No data
Holdings
FBDC 21
GTPE 1590
Avg volume (30D)
FBDC 13.3K sh, better
GTPE 2.79K sh
NAV per share
FBDC $16.78
GTPE $59.28
52W range

ETF.net Grade

FBDC: Cost 3, Risk 54, Mission 77, Tradability 67, Holdings 33, Durability 77. GTPE: Cost 87, Risk 89, Mission not scored, Tradability 35, Holdings 73, Durability 45.
Pillar letters and Scores for FBDC, GTPE, with each pillar’s weight
PillarFBDCGTPE
Cost30% weightF3A87Higher
Mission25% weightA77Not scored
Risk15% weightC54A89Higher
Tradability15% weightB67HigherD35
Holdings10% weightD33A73Higher
Durability5% weightA77HigherC45

Rank among Listed Private Markets funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FBDC and GTPE are both graded against the same 12 Listed Private Markets funds, so their Grades compare head to head.

Listed Private Markets⁠

Category · 12 funds
See all 12 ›

GTPE ranks 1st and FBDC 11th of 12 funds in the Listed Private Markets Category.

  1. Rank 1AGTPEGoldman Sachs MSCI World Private Equity Return Tracker ETFScore 72
  2. Rank 2BGPZVanEck Alternative Asset Manager ETFScore 66
  3. Rank 10DVPCVirtus Private Credit Strategy ETFScore 37
  4. Rank 11DFBDCFT Confluence BDC & Specialty Finance Income ETFScore 34
  5. Rank 11DLBOWHITEWOLF Publicly Listed Private Equity ETFScore 34

Our read on each fund

ETF.net Research

FBDCDFT Confluence BDC & Specialty Finance Income ETF

GTPEAGoldman Sachs MSCI World Private Equity Return Tracker ETF

In short

FBDC First 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.

GTPE Private equity returns, minus the lockup. GTPE tracks an MSCI index that rebuilds buyout-style return patterns out of public developed-market stocks, so the exposure trades on an exchange instead of sitting in a locked-up partnership.

Stated mandate

FBDC The Fund seeks a high level of current income and, secondarily, an attractive total return.

GTPE The Fund seeks to track, before fees and expenses, the MSCI World Private Equity Return Tracker Index (Net, USD, Unhedged).

Why people hold it

  • FBDC Income is the stated job: the objective puts a high level of current income first and total return second. Distributions go out monthly.
  • Narrow by design. Where XLF and VFH own the whole financial sector, this one concentrates on business development companies and specialty finance.
  • It is a 1940 Act registered fund, so tax reporting arrives on a 1099 rather than a partnership K-1.
  • GTPE Peers like PSP and GPZ own listed buyout shops and alt managers. GTPE goes wider: roughly 1,600 developed-market stocks tilted to growth, value, momentum and low volatility.
  • 0.50% a year sits at the low end of the listed private-markets shelf, where the long-running incumbent PSP charges 1.80%.
  • A plain 1940 Act ETF holding public equities: trades any market day, no capital calls, no lockup, no accreditation requirement.

Worth knowing

  • FBDC The headline expense ratio is 12.44%, against a 0.44% median across its financials cohort. Cost is the dominant trade-off here.
  • Small asset base and light trading: spreads can run wide, and a sizable order can push the price around.
  • One slice of US financials, not the sector as a whole, so it can behave very differently from broad financial-sector funds.
  • GTPE A proxy, not the real thing. You own public stocks selected to echo private equity's return pattern, not stakes in private companies.
  • Launched in October 2025 and still small and thinly traded, which can mean wider bid-ask spreads and a short record to judge it on.
  • Developed markets only. Private-market activity in emerging economies sits outside the mandate.

Full FBDC profile⁠

Full GTPE profile⁠

FBDC vs GTPE Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FBDC vs GTPE Cost

Overpaying FBDC vs GTPE

$64,276

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FBDC 12.44%

    $74,255

  • GTPE 0.50%

    $9,979

$10,000
30 years

Cost over time

  • FBDC 12.44%
  • GTPE 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$20K$40K$60K$80K051015202530FBDC $74,255GTPE $9,979

Year by year

YearFBDCGTPEOverpaying
10$13,956$900$13,056
20$35,430$3,460$31,970
30$74,255$9,979$64,276

Expense ratio

  • 12.44%FBDC
  • 0.50%GTPE, cheaper
  • Middle half of Listed Private Markets funds
  • Median 2.25%

GTPE 2nd cheapest of 12 funds

FBDC 12th cheapest of 12 funds

FBDC vs GTPE Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
FBDC 11.71%
GTPE No data
Payout (12M)
FBDC $1.99
GTPE None
Last payment
FBDC $0.14
GTPE No data
Ex-dividend
FBDC Oct 21, 2026
GTPE No data
Paid on
FBDC Oct 30, 2026
GTPE No data
Frequency
FBDC Monthly
GTPE No data

Distribution history

Per share, 2025 to 2026, same scale for both

FBDCMonthly · 16 paymentsAll FBDC payments⁠
One bar per payment. 16 payments from 2025 to 2026 YTD. Jul 22, 2025 $0.18; Aug 21, 2025 $0.18; Sep 25, 2025 $0.18; Oct 21, 2025 $0.18; Nov 21, 2025 $0.18; Dec 12, 2025 $0.18; Jan 21, 2026 $0.18; Feb 20, 2026 $0.18; Mar 26, 2026 $0.18; Apr 21, 2026 $0.18; May 21, 2026 $0.18; Jun 25, 2026 $0.18; Jul 21, 2026 $0.15; Aug 21, 2026 $0.15; Sep 24, 2026 $0.15; Oct 21, 2026 $0.14. Use the arrow keys to read each point.$0$0.202026YTD
GTPEAll GTPE payments⁠

No distribution history available.

FBDC vs GTPE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FBDC 16.5%since Jul 2025GTPE 15.3%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
FBDC −0.50since Jul 2025GTPE 0.88since Nov 2025
Worst fallMax drawdown, 5 years
FBDC −20.6%since Jun 2025GTPE −8.9%since Oct 2025
Market sensitivityBeta, 5 years
FBDC 0.48GTPE 0.99

FBDC and GTPE in the news

All news⁠

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