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First Trust Dynamic Europe Equity Income Fund (FDEU)
  • 2017 Estimated Capital Gain Distributions
    Certain First Trust Closed-End Funds are expected to pay a long-term capital gain distribution in December. For a list of closed-end funds expected to pay a long-term capital gain distribution, please click here. Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and could differ from the expectations noted above.
Investment Objective/Strategy - First Trust Dynamic Europe Equity Income Fund (the "Fund") is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide a high level of current income with a secondary focus on capital appreciation. Under normal market conditions, the Fund will seek to achieve its investment objective 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 stock that pay dividends, depositary receipts and real estate investment trusts. The Fund will seek to focus its equity investments on income producing securities. The Fund will utilize a dynamic currency hedging process, which will include, at the discretion of the portfolio managers, the use of forward foreign currency exchange contracts to hedge a portion of the Fund's currency exposure. To generate additional income, the Fund currently expects to write (or sell) call options on portfolio equity securities and certain broad-based securities indices in an amount up to 40% of the value of its Managed Assets.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerFDEU
Fund TypeEquity Income
Investment AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorHenderson Global Investors (North America) Inc.
Investor Servicing AgentComputershare Trust Company, N.A.
CUSIP33740D107
Fiscal Year-End12/31
ExchangeNYSE
Inception9/24/2015
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 11/16/2017)
Closing NAV1$19.23
Closing Share Price2$18.03
Discount to NAV6.24%
Total Managed Assets$431,387,152
Common Shares Outstanding17,231,908
Dividend FrequencyMonthly
Dividend Per Share Amt3$0.1210
Distribution Rate48.05%
Daily Volume95,311
Average 30-Day Daily Volume65,528
Closing Share Price 52-Week High/Low$19.58 / $14.67
Closing NAV 52-Week High/Low$20.15 / $16.84
Expense Ratios (as of 6/30/2017)
Annual ExpensesPercent of
Net Assets
Percent of
Managed
Assets
Management Fees1.43%1.10%
Other Expenses
0.16%
0.12%
Total Operating Expenses1.59%1.22%
 
Leverage Costs0.25%0.19%
 
Total Annual Expenses1.84%1.41%
 
Leverage costs include the interest expense on investments sold short.
Leverage Information (as of 11/16/2017)6
Total Net Assets with Leverage$431,387,152
Amount Attributable to Common Shares$331,337,904
Amount Attributable to Preferred Shares$0
Amount Attributable to Other Borrowings$100,049,248
Leverage (% of Total Net Assets)23.19%
Top 10 Holdings (as of 9/30/2017)7
Holding Percent
Bayer AG (EUR) 3.15%
ING Groep N.V. (EUR) 3.02%
Diageo PLC (GBP) 2.91%
BNP Paribas (EUR) 2.90%
Telenor ASA (NOK) 2.67%
TOTAL S.A. (EUR) 2.67%
Vodafone Group PLC (GBP) 2.66%
Siemens AG (EUR) 2.65%
Adecco Group AG (CHF) 2.47%
Assicurazioni Generali S.p.A. (EUR) 2.39%
Portfolio Information (as of 9/30/2017)7
% of Portfolio with Call Options31.30%
Share Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Cumulative Total Returns (as of 10/31/2017)5
Period Share Price NAV
3 Months 3.45% 2.59%
6 Months 13.18% 8.39%
1 Year 39.36% 24.82%
Year to Date 34.18% 19.24%
Inception to Date 14.98% 23.82%
Calendar Year Returns (as of 12/30/2016)5
Period Share Price NAV
2016 -0.80% 3.30%
Average Annual Returns (as of 10/31/2017)5
Period Share Price NAV
Inception to Date 6.87% 10.70%
Top Countries (as of 9/30/2017)7
Country Percent
United Kingdom 27.48%
France 17.08%
Germany 11.84%
Italy 9.48%
Netherlands 8.72%
Switzerland 8.03%
Norway 4.02%
Sweden 3.87%
Spain 3.82%
Luxembourg 2.18%
Portugal 1.99%
Belgium 1.49%
Sector Breakdown (as of 9/30/2017)7
  Sector Percent
Industrials 19.57%
Financials 19.28%
Energy 10.69%
Utilities 9.53%
Telecommunication Services 9.24%
Consumer Staples 8.66%
Consumer Discretionary 7.75%
Health Care 6.98%
Real Estate 6.56%
Materials 1.74%
Footnotes
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's common shares outstanding.
2 Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
4 Distribution rates are calculated by annualizing the most recent distribution paid or declared through today's date and then dividing by the most recent market price. The distribution consists of the sum of net investment income, net realized short-term capital gains, net realized long-term capital gains, and return of capital. Distribution rates may vary. Any distribution adjustment will not be reflected until after the declaration date for the next distribution. See the fund's 19a-1 Notices, if any, located under the "News & Literature" section of the website for estimates of distribution sources. Final determination of the source and tax status of all distributions paid in the current year will be made after year-end.
5 Total return is the combination of reinvested dividend income and reinvested capital gains distributions, at prices obtained by the Dividend Reinvestment Plan, if any, and changes in the NAV and Share Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Past performance is not indicative of future results.
6 Leverage is a technique where a closed-end fund's manager borrows assets at one rate and invests the proceeds from the borrowed assets at another rate, seeking to increase yield and total return. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
7 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-Q) that are based on trade date recording of security transactions. Holdings are subject to change.
Downloads and Links to Recently Posted Fund Information

Risk Considerations

The fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company. 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.

Because the fund will invest primarily in securities of non-U.S issuers, which are generally denominated in non-U.S. currencies, there are risks not typically associated with investing in securities of U.S. issuers. Non-U.S. issuers are subject to higher volatility than securities of U.S. issuers. An investor may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

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.

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 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.

The risks of investing in the fund are spelled out in the prospectus, shareholder report and other regulatory filings.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
 
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 and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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