George Spritzer scores with this action on one of his oddball cef write-ups. He is able to smoke out the quirky cefs that offer unusual potential. In general they don't react right away after hre IDs them over a period of time his analysis proves potent. This is another example of his work. http://finance.yahoo.com/news/board-first-trust-dynamic-europe-132500737.html
AFAIK this is the first cef to ETF transition that I've heard but I think Phil Goldstein thought it had occurred before. Of this one hasn't occurred either but management willing to come out with the statement moves it a long way towards getting it done. I think a conversion like this is far better for shareholders than the traditional liquidation of the vehicle or the occasional conversion to a mutual fund.
The market certainly liked the announcement as FDEU soared on a day when most everything else tanked. How it will actually happen remains to be seen since I think its going to be the first but if it's successful I would think others may follow the trail.
Here's the Spritzer S A piece.