First Trust Specialty Finance and Financial Opportunities Fund (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to seek a high level of current income. Its secondary objective is to seek an attractive total return. The Fund invests at least 80% of its managed assets in a portfolio of securities of specialty finance and other financial companies. The Fund invests in restricted securities. The Fund invests in industries, such as capital markets, real estate investment trusts, diversified financial services, insurance, and healthcare equipment and supplies. The Fund's investment advisors are First Trust Advisors L.P. (First Trust) and sub-advisor is Confluence Investment Management LLC (Confluence).