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First Trust Dynamic Europe Equity Income Fund (FDEU)
Investment Objective/Strategy - First Trust Dynamic Europe Equity Income Fund (the "Fund") is a 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 pursues its 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 stocks that pay dividends, depositary receipts, and real estate investment trusts ("REITs"). "Managed Assets" means the total asset value of the Fund minus the sum of the Fund's liabilities other than the principal amount of borrowings, if any.
There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.
Fund Overview
Fund TypeEquity Income
Investment AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorJanus Henderson Investors US LLC
Investor Servicing AgentComputershare Trust Company, N.A.
Fiscal Year-End12/31
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 9/29/2023)
Closing NAV1$13.05
Closing Market Price2$12.40
Discount to Net Asset Value (NAV)4.98%
Total Managed Assets$297,542,661
Common Shares Outstanding17,231,908
Dividend FrequencyMonthly
Dividend Per Share Amt3$0.0700
Distribution Rate46.77%
Daily Volume28,659
Average 30-Day Daily Volume29,749
Closing Market Price 52-Week High/Low$13.71 / $9.48
Closing NAV 52-Week High/Low$14.30 / $10.64
Expense Ratios (as of 6/30/2023)
Annual ExpensesPercent of
Net Assets
Percent of
Management Fees1.45%1.10%
Other Expenses
Total Operating Expenses1.86%1.41%
Leverage Costs1.42%1.07%
Total Annual Expenses3.28%2.48%
Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
Leverage Information (as of 9/29/2023)5
Total Net Assets with Leverage$297,542,661
Amount Attributable to Common Shares$224,935,486
Amount Attributable to Other Borrowings$72,607,175
Leverage (% of Total Adjusted Net Assets)24.40%
Top 10 Holdings (as of 8/31/2023)6
Holding Percent
Sanofi (EUR) 3.68%
AstraZeneca PLC (GBP) 3.25%
Nestle S.A. (CHF) 3.03%
Unilever PLC (EUR) 2.88%
RELX PLC (GBP) 2.77%
Novartis AG (CHF) 2.73%
SAP SE (EUR) 2.46%
Cie Financier Richemont S.A., Class A (CHF) 2.45%
Imperial Brands PLC (GBP) 2.36%
Roche Holding AG (CHF) 2.35%
Portfolio Information (as of 8/31/2023)
% of Portfolio with Call Options36.84%
Market Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Top Countries (as of 8/31/2023)6
Country Percent
United Kingdom 36.77%
France 17.31%
Switzerland 12.83%
Netherlands 8.52%
Germany 7.42%
Spain 4.33%
Australia 3.77%
Sweden 2.58%
Italy 2.57%
Denmark 2.00%
Norway 1.17%
Finland 0.73%
Sector Breakdown (as of 8/31/2023)6
  Sector Percent
Financials 18.17%
Health Care 15.45%
Consumer Staples 14.01%
Industrials 13.77%
Consumer Discretionary 8.51%
Utilities 7.30%
Materials 7.20%
Energy 5.64%
Communication Services 4.76%
Information Technology 3.64%
Real Estate 1.55%
Performance (as of 8/31/2023)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 4.76% 10.10% 20.47% 9.76% 3.10% N/A 3.84%
Market Price 5.83% 21.11% 30.95% 14.01% 3.93% N/A 2.77%

*Total return is the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and changes in the NAV and Market Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Past performance is not indicative of future results.

1 The fund's NAV is calculated by dividing the value of all the fund's assets, less all liabilities, by the total number of common shares outstanding.
2 Fund shares are purchased and sold on an exchange at their market 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 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.
6 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-PORT Part F) that are based on trade date recording of security transactions. Holdings are subject to change.
7 Inception Date is 9/24/2015

Risk Considerations

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.

The fund is subject to risks, including the fact that it is a 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.

In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease. 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.

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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2023 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

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, 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.
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