Board of First Trust Dynamic Europe Equity Income Fund Approves Conversion into an ETF

First Trust Advisors L.P. (“FTA”) announced today that the Board of Trustees of First Trust Dynamic Europe Equity Income Fund (NYSE: FDEU), a closed-end fund managed by FTA, approved the reorganization of FDEU into a to be-created exchange-traded fund (“ETF”), that will be traded on the NYSE Arca and will be an actively managed ETF managed by FTA and sub-advised by Janus Henderson Investors, FDEU’s current sub-advisor.

Under the terms of the proposed transaction, which is expected to be tax‑free, the assets of FDEU would be transferred to, and the liabilities of FDEU would be assumed by, the new ETF, and shareholders of FDEU would receive shares of the new ETF with a value equal to the aggregate net asset value of the FDEU shares held by them. It is currently expected that the transaction will be consummated during 2023, subject to requisite shareholder approval of FDEU and satisfaction of applicable regulatory requirements and approvals and customary closing conditions. There is no assurance when or whether such approvals, or any other approvals required for the transaction, will be obtained. More information on the proposed transaction will be contained in registration statement/proxy materials that will be filed with the SEC in the coming weeks. Upon completion of the proposed transaction, the investment objectives and strategies of FDEU will be modified to reflect the change to an ETF.

FDEU is a diversified, closed‑end management investment company that seeks to provide a high level of current income with a secondary focus on capital appreciation. Under normal market conditions, FDEU pursues its investment objectives by investing at least 80% of its Managed Assets in a portfolio of equity securities of European companies of any market capitalization, including, but not limited to, common and preferred stocks that pay dividends, depositary receipts, and real estate investment trusts. “Managed Assets” means the total asset value of FDEU minus the sum of FDEU’s liabilities other than the principal amount of borrowings, if any.

FTA is a federally registered investment advisor and serves as the investment advisor of FDEU. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $196 billion as of February 28, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.