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FBDC vs XOVR

FT Confluence BDC & Specialty Finance Income ETF

FBDCDNYSE Arca

ERShares Private-Public Crossover ETF

XOVRBNasdaq

Overlap

Expense ratio

XOVR −11.61pt a year

FBDC12.44%XOVR0.83%

Avg volume · 30D

XOVR 314.6×the volume

FBDC13.3KXOVR4.17M

FBDC vs XOVR Performance

Oct 31, 2025 – Nov 2, 2026

−1.9%FBDC−7.9%XOVR

Oct 31, 2025 to Nov 2, 2026. FBDC −1.9%. XOVR −7.9%. Use the arrow keys to read each point.−20%−15%5%Oct 2025May 2026Nov 2026
Expense ratio
FBDC 12.44%
XOVR 0.83%, better
Fund size
FBDC $38M
XOVR $1.39B
1Y total return
FBDC −1.9%, better
XOVR −7.9%
Yield (12M)
FBDC 11.71%, better
XOVR 0.00%
Holdings
FBDC 21
XOVR 33
Avg volume (30D)
FBDC 13.3K sh
XOVR 4.17M sh, better
NAV per share
FBDC $16.78
XOVR $19.93
52W range

ETF.net Grade

FBDC: Cost 3, Risk 54, Mission 77, Tradability 67, Holdings 33, Durability 77. XOVR: Cost 76, Risk 26, Mission not scored, Tradability 59, Holdings 37, Durability 72.
Pillar letters and Scores for FBDC, XOVR, with each pillar’s weight
PillarFBDCXOVR
Cost30% weightF3A76Higher
Mission25% weightA77Not scored
Risk15% weightC54HigherD26
Tradability15% weightB67HigherB59
Holdings10% weightD33D37Higher
Durability5% weightA77HigherA72

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 XOVR 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 ›

XOVR ranks 4th 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 3BBUYOKraneShares Man Buyout Beta Index ETFScore 63
  4. Rank 4BXOVRERShares Private-Public Crossover ETFScore 57
  5. Rank 5CPSPInvesco Global Listed Private Equity ETFScore 54
  6. Rank 10DVPCVirtus Private Credit Strategy ETFScore 37
  7. Rank 11DFBDCFT Confluence BDC & Specialty Finance Income ETFScore 34
  8. Rank 11DLBOWHITEWOLF Publicly Listed Private Equity ETFScore 34

Our read on each fund

ETF.net Research

FBDCDFT Confluence BDC & Specialty Finance Income ETF

XOVRBERShares Private-Public Crossover 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.

XOVR A regular brokerage account, a slice of SpaceX. XOVR wraps about 30 public growth names around select late-stage private stakes held through special-purpose vehicles, with no accredited-investor hoops. Fee: 1.81%, no waiver.

Stated mandate

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

XOVR The fund seeks long-term capital appreciation through a broader crossover strategy combining public equities with select private-company exposure.

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.
  • XOVR Roughly 30 listed growth names plus stakes in late-stage private companies like SpaceX, held through special-purpose vehicles inside a 1940 Act ETF.prnewswire.com
  • No accredited-investor status, capital calls or lockups. Private-market access arrives in a brokerage account, which is the structure's whole reason to exist.prnewswire.com
  • 1.81%, no waiver. Steep next to index funds, yet below the median for listed private-markets funds, a category where BIZD's 9.69% marks the high end.
  • A billion-dollar-plus fund that trades actively, unusual for a niche thematic strategy, and listed since 2017.

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.
  • XOVR Private stakes have no closing price. They are marked by the fund's valuation process and can reprice on a funding round or an IPO rather than day to day.
  • About 30 holdings, with the private sleeve concentrated in a single name, so one company's mark can move the fund more than a broad equity ETF would.prnewswire.com
  • Cheaper shelf-mates exist, GPZ at 0.40% and GTPE at 0.50%, but neither is built around direct late-stage private stakes.

Full FBDC profile⁠

Full XOVR profile⁠

FBDC vs XOVR 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 XOVR Cost

Overpaying FBDC vs XOVR

$58,396

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

  • FBDC 12.44%

    $74,255

  • XOVR 0.83%

    $15,859

$10,000
30 years

Cost over time

  • FBDC 12.44%
  • XOVR 0.83%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$20K$40K$60K$80K051015202530FBDC $74,255XOVR $15,859

Year by year

YearFBDCXOVROverpaying
10$13,956$1,474$12,482
20$35,430$5,581$29,849
30$74,255$15,859$58,396

Expense ratio

  • 12.44%FBDC
  • 0.83%XOVR, cheaper
  • Middle half of Listed Private Markets funds
  • Median 2.25%

XOVR 3rd cheapest of 12 funds

FBDC 12th cheapest of 12 funds

FBDC vs XOVR Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
FBDC 11.71%, better
XOVR 0.00%
Payout (12M)
FBDC $1.99
XOVR None
Last payment
FBDC $0.14
XOVR No data
Ex-dividend
FBDC Oct 21, 2026
XOVR No data
Paid on
FBDC Oct 30, 2026
XOVR No data
Frequency
FBDC Monthly
XOVR No data

Distribution history

Per share, 2023 to 2026, same scale for both

FBDCMonthly · 16 paymentsAll FBDC payments⁠
One bar per payment. 16 payments from 2023 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$0.2020232026YTD
XOVRAll XOVR payments⁠

No distribution history available.

FBDC vs XOVR 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 2025XOVR 24.2%since Sep 2024
Return per unit of riskSharpe ratio, 3 years
FBDC −0.50since Jul 2025XOVR 0.43since Sep 2024
Worst fallMax drawdown, 5 years
FBDC −20.6%since Jun 2025XOVR −25.2%since Aug 2024
Market sensitivityBeta, 5 years
FBDC 0.48XOVR 1.20

FBDC and XOVR in the news

All news⁠

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