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First Trust Advisors L.P. announced plans to reorganize the First Trust Dynamic Europe Equity Income Fund (NYSE: FDEU) into an actively managed exchange-traded fund (ETF). This reorganization aims for a tax-free transfer of assets to the new ETF, with shareholders receiving ETF shares equal to their current net asset value in FDEU. The transaction requires shareholder approval and regulatory compliance, expected to complete in 2023. FDEU, focusing on high current income and capital appreciation through European equity investments, will modify its investment objectives post-reorganization. The final registration statement and proxy materials will be filed with the SEC soon.