FBDC Fees and Costs — FT Confluence BDC & Specialty Finance Income ETF
Data updated: 2026-07-23
The net expense ratio is 12.44%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $82K in broker commissions, 0.1510% of average net assets, and portfolio turnover was 28%.
FBDC Fees and Expenses
Annual operating expenses and sales charges of FBDC. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 12.44% |
| Fee waiver | — |
| Net expense ratio | 12.44% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FBDC Costs Over Time
On $10,000 invested in FBDC, assuming 5% a year before costs, total costs come to $6,251 over 5 years, cutting the return by 13.22% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 12.44%) | $1,306 | $3,605 | $5,542 |
| Trading costs (broker commissions) | $16 | $44 | $67 |
| Lost growth on money paid in costs | $0 | $196 | $641 |
| Total costs | $1,322 | $3,845 | $6,251 |
| Value after costs | $9,178 | $7,731 | $6,512 |
| Impact on return, per year | 13.22% | 13.22% | 13.22% |
FBDC Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1510%
- Total broker commissions: $82K
- Bought from dealers (principal trades, not a cost): $20.4M
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
FBDC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $67K | 81.09% |
| J.P. Morgan Securities LLC | $8K | 9.30% |
| NATIONAL FINANCIAL SERVICES LLC | $6K | 7.23% |
| OPPENHEIMER & CO. INC. | $2K | 2.16% |
| BTIG, LLC | $186 | 0.23% |
FBDC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $14.5M | 70.97% |
| JANE STREET CAPITAL, LLC | $4.0M | 19.69% |
| VIRTU AMERICAS LLC | $942K | 4.62% |
| RBC CAPITAL MARKETS, LLC | $544K | 2.66% |
| BOFA SECURITIES, INC. | $419K | 2.05% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.