First Trust Dynamic Europe Equity Income Fund Declares its Monthly Common Share Distribution of $0.07 Per Share for November
- First Trust Dynamic Europe Equity Income Fund (FDEU) has declared a monthly common share distribution of $0.07 per share payable on November 15, 2023. Shareholders have approved the reorganization of FDEU into First Trust Active Global Quality Income ETF (AGQI), expected to close on or around November 20, 2023.
- None.
First Trust Dynamic Europe Equity Income Fund (FDEU): |
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Distribution per share: |
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Distribution Rate based on the October 20, 2023 NAV of |
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Distribution Rate based on the October 20, 2023 closing market price of |
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The distribution will be paid entirely in cash, with no option for dividend reinvestment. This distribution may consist of net investment income earned by the Fund, net short-term and long-term capital gains and/or tax deferred return of capital. The final determination of the source and tax status of all distributions paid in 2023 will be made after the end of 2023 and will be provided on Form 1099-DIV.
Shareholders of FDEU, have approved the reorganization of FDEU into First Trust Active Global Quality Income ETF (“AGQI”), an actively managed exchange-traded fund (“ETF”) that will be traded on the NYSE Arca and will be managed by FTA and sub-advised by Janus Henderson Investors. Subject to the satisfaction of certain customary closing conditions, the reorganization of FDEU into AGQI is expected to close on or around November 20, 2023. No assurance can be given as to the exact timing of the closing of the transaction. Upon the completion of the reorganization, which is expected to be tax-free, the assets of FDEU will be transferred to, and the liabilities of FDEU will be assumed by, AGQI. The shareholders of FDEU will receive shares of AGQI with a value equal to the aggregate net asset value of the shares of FDEU held by them.
First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor. 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
Janus Henderson Investors US LLC, formerly Janus Capital Management LLC ("Janus Henderson" or the "Sub-Advisor"), a legal entity of Janus Henderson Investors, serves as the Fund's investment sub-advisor. Janus Henderson Investors is headquartered in
Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements and other information that is available for review.
Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.
Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.
Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. In February 2022,
Net investment income paid by the Fund to its shareholders is derived from the premiums it receives from writing (selling) call options and from the dividends and interest it receives from the equity securities and other investments held in the Fund's portfolio and short-term gains thereon. Premiums from writing (selling) call options and dividends and interest payments made by the securities in the Fund's portfolio can vary widely over time. Dividends on equity securities are not fixed but are declared at the discretion of an issuer's board of directors. There is no guarantee that the issuers of the equity securities in which the Fund invests will declare dividends in the future or that if declared they will remain at current levels. The Fund cannot assure as to what percentage of the distributions paid on the common shares, if any, will consist of qualified dividend income or long-term capital gains, both of which are taxed at lower rates for individuals than are ordinary income and short-term capital gains.
Because the Fund will invest primarily in securities of non-
Investments in securities of issuers located in emerging market countries are considered speculative and there is a heightened risk of investing in emerging markets securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the
Political or economic disruptions in European countries, even in countries in which a fund is not invested, may adversely affect security values and thus the fund's holdings. A significant number of countries in
Investments in issuers located in the
The Fund will engage in practices and strategies that will result in exposure to fluctuations in foreign exchange rates, thus subjecting it to foreign currency risk.
The market value of REIT shares and the ability of the REITs to distribute income may be adversely affected by several factors.
The Fund's use of derivatives may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.
Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
In the event of conversion to an open-end management investment company, the Common Shares would cease to be listed on the NYSE or other national securities exchange, and such Common Shares would thereafter be redeemable at NAV at the option of the Common Shareholder, rather than traded in the secondary market at market price, which, for closed-end fund shares, may at times be at a premium to NAV. Any Borrowings or Preferred Shares of the Fund would need to be repaid or redeemed upon conversion and, accordingly, a portion of the Fund's portfolio may need to be liquidated, potentially resulting in, among other things, lower current income.
The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
The Fund's daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at https://www.ftportfolios.com or by calling 1-800-988-5891.
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Source: First Trust Dynamic Europe Equity Income Fund
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