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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BdKcgdVg8+DNMA3FkfH4GIxBS50eBetzRZz0CzLURXx4Zm0nkOdEavANX11LXBpj
 G/Swf4JgY/7fqaGBGu/ehg==

<SEC-DOCUMENT>0001445546-09-001164.txt : 20090507
<SEC-HEADER>0001445546-09-001164.hdr.sgml : 20090507
<ACCEPTANCE-DATETIME>20090507182641
ACCESSION NUMBER:		0001445546-09-001164
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090506
FILED AS OF DATE:		20090507
DATE AS OF CHANGE:		20090507

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST SPECIALTY FINANCE & FINANCIAL OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001392994
		IRS NUMBER:				061810845

	BUSINESS ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TRUST/GALLATIN SPECIALTY FINANCE & FINANCIAL OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20070320

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TRUST/GALLATIN SPECIALTY FINANCE FUND
		DATE OF NAME CHANGE:	20070313

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST PORTFOLIOS LP
		CENTRAL INDEX KEY:			0001184765

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22039
		FILM NUMBER:		09807148

	BUSINESS ADDRESS:	
		STREET 1:		12O EAST LIBERTY DRIVE
		STREET 2:		SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		12O EAST LIBERTY DRIVE
		STREET 2:		SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ftp_fgb4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-05-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001392994</issuerCik>
        <issuerName>FIRST TRUST SPECIALTY FINANCE &amp; FINANCIAL OPPORTUNITIES FUND</issuerName>
        <issuerTradingSymbol>FGB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001184765</rptOwnerCik>
            <rptOwnerName>FIRST TRUST PORTFOLIOS LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>12O EAST LIBERTY DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 400</rptOwnerStreet2>
            <rptOwnerCity>WHEATON</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60187</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Affiliate of Issuer's Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2009-05-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5352.3556</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.10</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ W. Scott Jardine</signatureName>
        <signatureDate>2009-05-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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