First Trust Advisors L.P. announced that the Board of Trustees of First Trust Senior Floating Rate Income Fund II $(FCT)$ has approved a plan to reorganize the closed-end fund into the newly created First Trust Flexible Income ETF, an actively managed exchange-traded fund that will be traded on the NYSE. The proposed reorganization, expected to be tax-free, will see FCT's assets and liabilities transferred to the new ETF, with FCT shareholders receiving ETF shares equivalent to the net asset value of their current holdings. The transaction is anticipated to be completed in 2026, pending shareholder and regulatory approvals. Additional details will be provided in forthcoming registration and proxy materials to be filed with the SEC.