0001445546-12-005273.txt : 20121204
0001445546-12-005273.hdr.sgml : 20121204
20121204100624
ACCESSION NUMBER: 0001445546-12-005273
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 6
FILED AS OF DATE: 20121204
DATE AS OF CHANGE: 20121204
EFFECTIVENESS DATE: 20121204
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIRST TRUST EXCHANGE-TRADED FUND
CENTRAL INDEX KEY: 0001329377
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-125751
FILM NUMBER: 121239352
BUSINESS ADDRESS:
STREET 1: 120 EAST LIBERTY DRIVE, SUITE 400
CITY: WHEATON
STATE: IL
ZIP: 60187
BUSINESS PHONE: 630-765-8000
MAIL ADDRESS:
STREET 1: 120 EAST LIBERTY DRIVE, SUITE 400
CITY: WHEATON
STATE: IL
ZIP: 60187
0001329377
S000010977
First Trust US IPO Index Fund
C000030351
First Trust US IPO Index Fund
FPX
0001329377
S000012478
First Trust NYSE Arca Biotechnology Index Fund
C000033929
First Trust NYSE Arca Biotechnology Index Fund
FBT
0001329377
S000017177
First Trust ISE-Revere Natural Gas Index Fund
C000047627
First Trust ISE-Revere Natural Gas Index Fund
FCG
497
1
etf1_497xbrl.txt
INTERACTIVE DATA
CHAPMAN AND CUTLER LLP 111 WEST MONROE STREET
CHICAGO, ILLINOIS 60603
December 4, 2012
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: First Trust Exchange-Traded Fund
(Registration Nos. 333-125751, 811-21774)
------------------------------------------------------
Ladies and Gentlemen:
On behalf of First Trust Exchange-Traded Fund (the "Registrant"), we are
transmitting for electronic filing pursuant to Rule 497(e) under the Securities
Act of 1933, as amended, the exhibits containing interactive data format
risk/return summary information that mirrors the risk/return summary information
in the forms of Supplements to the Prospectus and Statement of Additional
Information for the Registrant filed pursuant to Rule 497 on November 13, 2012.
The Registration Statement relates to First Trust ISE-Revere Natural Gas Index
Fund, First Trust NYSE Arca Biotechnology Index Fund and First Trust US IPO
Index Fund, each a series of the Registrant.
If you have any questions or comments, please telephone the undersigned at
(312) 845-3484.
Very truly yours,
CHAPMAN AND CUTLER LLP
By: /s/ Morrison C. Warren
----------------------------
Morrison C. Warren
Enclosures
EX-101.INS
2
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<p>SUMMARY INFORMATION</p>
<p>SUMMARY INFORMATION</p>
<p>SUMMARY INFORMATION</p>
<p>INVESTMENT OBJECTIVE</p>
<p>INVESTMENT OBJECTIVE</p>
<p>INVESTMENT OBJECTIVE</p>
<p>The First Trust ISE-Revere Natural Gas Index Fund (the "Fund") seeks investment results that correspond generally to the
price and yield (before the Fund's fees and expenses) of an equity index called the ISE-REVERE Natural Gas Index(TM) (the
"Index").</p>
<p>The First Trust NYSE Arca Biotechnology Index Fund (the "Fund") seeks investment results that correspond generally to the
price and yield (before the Fund's fees and expenses) of an equity index called the NYSE Arca Biotechnology Index(SM) (the
"Index").</p>
<p>The First Trust US IPO Index Fund (the "Fund") seeks investment results that correspond generally to the price and yield
(before the Fund's fees and expenses) of an equity index called the IPOX(R)-100 U.S. Index (the "Index"). The investment objective
of the Fund is a fundamental policy that may be changed only with shareholder approval.</p>
<p>FEES AND EXPENSES OF THE FUND</p>
<p>FEES AND EXPENSES OF THE FUND</p>
<p>FEES AND EXPENSES OF THE FUND</p>
<p>The following table describes the fees and expenses you may pay if you buy and hold Shares of the Fund. Investors purchasing
and selling Shares may be subject to costs (including customary brokerage commissions) charged by their broker.</p>
<p>The following table describes the fees and expenses you may pay if you buy and hold Shares of the Fund. Investors purchasing
and selling Shares may be subject to costs (including customary brokerage commissions) charged by their broker.</p>
<p>The following table describes the fees and expenses you may pay if you buy and hold Shares of the Fund. Investors purchasing
and selling Shares may be subject to costs (including customary brokerage commissions) charged by their broker.</p>
<p>SHAREHOLDER FEES (fees paid directly from your investment)</p>
<p>SHAREHOLDER FEES (fees paid directly from your investment)</p>
<p>SHAREHOLDER FEES (fees paid directly from your investment)</p>
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<p>ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)</p>
<p>ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)</p>
<p>ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)</p>
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<p>EXAMPLE</p>
<p>EXAMPLE</p>
<p>EXAMPLE</p>
<p>The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other
funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling Shares
of the Fund in the secondary market.</p>
<p>The example assumes that you invest $10,000 in the Fund for the time periods indicated and then you retain the Shares or
redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each
year and that the Fund's annual operating expenses remain at current levels until April 30, 2013. The example assumes that
the Fund imposes a 12b-1 fee of 0.25% per annum of the Fund's average daily net assets following April 30, 2013. Additionally,
the example assumes that First Trust's agreement to waive fees and/or pay the Fund's expenses to the extent necessary to prevent
the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, taxes, and
extraordinary expenses) from exceeding 0.60% of average daily net assets per year will be terminated following April 30, 2013.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p>The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other
funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling Shares
of the Fund in the secondary market.</p>
<p>The example assumes that you invest $10,000 in the Fund for the time periods indicated and then you retain the Shares or
redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each
year and that the Fund's annual operating expenses remain at current levels until April 30, 2013. The example assumes that
the Fund imposes a 12b-1 fee of 0.25% per annum of the Fund's average daily net assets following April 30, 2013. Additionally,
the example assumes that First Trust's agreement to waive fees and/or pay the Fund's expenses to the extent necessary to prevent
the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, taxes, and
extraordinary expenses) from exceeding 0.60% of average daily net assets per year will be terminated following April 30, 2013.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p>The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other
funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling Shares
of the Fund in the secondary market.</p>
<p>The example assumes that you invest $10,000 in the Fund for the time periods indicated and then you retain the Shares or
redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each
year and that the Fund's annual operating expenses remain at current levels until April 30, 2013. The example assumes that
the Fund imposes a 12b-1 fee of 0.25% per annum of the Fund's average daily net assets following April 30, 2013. Additionally,
the example assumes that First Trust's agreement to waive fees and/or pay the Fund's expenses to the extent necessary to prevent
the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, taxes, and
extraordinary expenses) from exceeding 0.60% of average daily net assets per year will be terminated following April 30, 2013.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
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<p>PORTFOLIO TURNOVER</p>
<p>PORTFOLIO TURNOVER</p>
<p>PORTFOLIO TURNOVER</p>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are
held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value
of its portfolio.</p>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are
held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value
of its portfolio.</p>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are
held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value
of its portfolio.</p>
<p>PRINCIPAL INVESTMENT STRATEGIES</p>
<p>PRINCIPAL INVESTMENT STRATEGIES</p>
<p>PRINCIPAL INVESTMENT STRATEGIES</p>
<p>The Fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes
in common stocks that comprise the Index. The Fund, using an "indexing" investment approach, attempts to replicate, before
fees and expenses, the performance of the Index. First Trust seeks a correlation of 0.95 or better (before fees and expenses)
between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. First
Trust will regularly monitor the Fund's tracking accuracy and will seek to maintain an appropriate correlation.</p>
<p>The Index is developed and owned by the International Securities Exchange, LLC ("ISE" or the "Index Provider"), in consultation
with S&P(R), which calculates and maintains the Index. The Index is designed to objectively identify and select those
stocks from the universe of stocks of companies that are involved in the exploration and production of natural gas, screened
by stock performance variables as well as statistical factors to optimize Index performance and ensure the Index has significant
correlation to the price of natural gas. The Index is an equal-weighted index comprised of exchange-listed companies that
derive a substantial portion of their revenues from the exploration and production of natural gas. The inception date of the
Index was October 4, 2006. As of March 31, 2012, there were 28 securities that comprised the Index.</p>
<p>The Fund intends to invest entirely in securities included in the Index; however, there may also be instances in which
the Fund may be overweighted in certain securities in the Index, purchase securities not in the Index that are appropriate
to substitute for certain securities in the Index or utilize various combinations of the above techniques in seeking to track
the Index.</p>
<p>The Fund may lend securities representing up to 20% of the value of its total assets to broker-dealers, banks and other
institutions to generate additional income. When the Fund loans its portfolio securities, it will receive, at the inception
of each loan, cash collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the
market value of the loaned securities.</p>
<p>The Fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes
in common stocks that comprise the Index. The Fund, using an "indexing" investment approach, attempts to replicate, before
fees and expenses, the performance of the Index. First Trust seeks a correlation of 0.95 or better (before fees and expenses)
between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. First
Trust will regularly monitor the Fund's tracking accuracy and will seek to maintain an appropriate correlation.</p>
<p>The Index is developed, maintained and sponsored by NYSE Arca ("NYSE Arca" or the "Index Provider"). The Index is an equal-dollar
weighted index designed to measure the performance of a cross section of companies in the biotechnology industry that are
primarily involved in the use of biological processes to develop products or provide services. Such processes include, but
are not limited to, recombinant DNA technology, molecular biology, genetic engineering, monoclonal antibody-based technology,
lipid/liposome technology, and genomics. The Index was established with a benchmark value of 200.00 on October 18, 1991. Real-time
publication of the Index began on April 1, 1992. The Index is rebalanced quarterly based on closing prices on the third Friday
in January, April, July and October to ensure that each component stock continues to represent approximately equal weight
in the Index. The companies that comprise the Index trade on various exchanges. As of March 31, 2012, the Index was composed
of 20 companies.</p>
<p>The Fund intends to invest entirely in securities included in the Index; however, there may also be instances in which
the Fund may be overweighted in certain securities in the Index, purchase securities not in the Index that are appropriate
to substitute for certain securities in the Index or utilize various combinations of the above techniques in seeking to track
the Index.</p>
<p>The Fund may lend securities representing up to 20% of the value of its total assets to broker-dealers, banks and other
institutions to generate additional income. When the Fund loans its portfolio securities, it will receive, at the inception
of each loan, cash collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the
market value of the loaned securities.</p>
<p>The Fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes
in common stocks that comprise the Index. The Fund, using an "indexing" investment approach, attempts to replicate, before
fees and expenses, the performance of the Index. First Trust seeks a correlation of 0.95 or better (before fees and expenses)
between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. First
Trust will regularly monitor the Fund's tracking accuracy and will seek to maintain an appropriate correlation.</p>
<p>The Index is developed, maintained and sponsored by IPOX(R) Schuster LLC ("IPOX(R)" or the "Index Provider"). The Index
is a modified, value-weighted price index measuring the performance of the top U.S. companies ranked quarterly by market capitalization
in the IPOX(R) Global Composite Index. The Index utilizes a 10% capping on all constituents and includes the 100 largest,
typically best performing and most liquid initial public offerings ("IPOs") in the IPOX(R) Global Composite Index. The Index
is derived by ranking the applicable stocks by total market capitalization, which is the total number of shares outstanding
times closing price. The inception date of the Index was January 3, 1989.</p>
<p>The Fund intends to invest entirely in securities included in the Index; however, there may also be instances in which
the Fund may be overweighted in certain securities in the Index, purchase securities not in the Index that are appropriate
to substitute for certain securities in the Index or utilize various combinations of the above techniques in seeking to track
the Index.</p>
<p>The Fund may lend securities representing up to 20% of the value of its total assets to broker-dealers, banks and other
institutions to generate additional income. When the Fund loans its portfolio securities, it will receive, at the inception
of each loan, cash collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the
market value of the loaned securities.</p>
<p>PRINCIPAL RISKS</p>
<p>PRINCIPAL RISKS</p>
<p>PRINCIPAL RISKS</p>
<p>You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</p>
<p>MARKET RISK. Market risk is the risk that a particular stock owned by the Fund, Shares of the Fund or stocks in general
may fall in value. Shares are subject to market fluctuations caused by such factors as economic, political, regulatory or
market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally
or could underperform other investments.</p>
<p>NON-CORRELATION RISK. The Fund's return may not match the return of the Index for a number of reasons. For example, the
Fund incurs operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially
when rebalancing the Fund's portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund's
portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included
in the Index.</p>
<p>REPLICATION MANAGEMENT RISK. The Fund is exposed to additional market risk due to its policy of investing principally in
the securities included in the Index. As a result of this policy, securities held by the Fund will generally not be bought
or sold in response to market fluctuations, and the securities may be issued by companies concentrated in a particular industry.
Therefore, the Fund will generally not sell a stock because the stock's issuer is in financial trouble, unless that stock
is removed or is anticipated to be removed from the Index.</p>
<p>NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended
(the "1940 Act"). As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities
of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code").
The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be
more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience
increased volatility and be highly concentrated in certain issuers.</p>
<p>INDEX TRACKING RISK. You should anticipate that the value of Fund Shares will decline, more or less, in correlation with
any decline in the value of the Fund's Index.</p>
<p>NON-U.S. SECURITIES AND EMERGING MARKETS RISK. The Fund invests in securities of non-U.S. issuers in the form of U.S. dollar-denominated
securities of non-U.S. issuers traded in the United States. Such securities are subject to higher volatility than securities
of domestic issuers due to possible adverse political, social or economic developments; restrictions on foreign investment
or exchange of securities; lack of liquidity; excessive taxation; government seizure of assets; different legal or accounting
standards; and less government supervision and regulation of exchanges in foreign countries. These risks may be heightened
for securities of companies located in, or with significant operations in, emerging market countries.</p>
<p>DEPOSITARY RECEIPTS RISK. Depositary receipts may be less liquid than the underlying shares in their primary trading market.
Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders
of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact
the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary
receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium
to the market price of the depositary receipts.</p>
<p>ENERGY COMPANIES RISK. The Fund invests in energy companies. Energy companies include integrated oil companies that are
involved in the exploration, production and refining process, gas distributors and pipeline-related companies and other energy
companies involved with mining, producing and delivering energy-related services and drilling. General problems of energy
companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reduced
demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, clean-up
and litigation costs relating to oil spills and environmental damage, and tax and other regulatory policies of various governments.
Natural disasters such as hurricanes in the Gulf of Mexico will also impact the petroleum industry. Oil production and refining
companies are subject to extensive federal, state and local environmental laws and regulations regarding air emissions and
the disposal of hazardous materials. In addition, recently oil prices have been extremely volatile.</p>
<p>NATURAL GAS COMPANIES RISK. One of natural gas companies' primary risks is the competitive risk associated with the prices
of alternative fuels, such as coal and oil. For example, major natural gas customers such as industrial users and electric
power generators often have the ability to switch between the use of coal, oil or natural gas. During periods when competing
fuels are less expensive, the revenues of gas utility companies may decline with a corresponding impact on earnings. After
years of booming production, natural gas firms have recently begun scaling back after record low prices and huge surpluses.
Weather is another risk that may affect natural gas companies. Recent overproduction and a mild winter have contributed to
a scaled back demand for natural gas in the United States and declining stock prices for natural gas companies. Additionally,
natural gas companies are sensitive to increased interest rates because of the capital intensive nature of their business.</p>
<p>Furthermore, there are additional risks and hazards that are inherent to natural gas companies that may cause the price
of natural gas to widely fluctuate. The exploration for, and production of, natural gas is an uncertain process with many
risks. The cost of drilling, completing and operating wells for natural gas is often uncertain, and a number of factors can
delay or prevent drilling operations or production, including:</p>
<p>o unexpected drilling conditions;<br />
o pressure or irregularities in formations;<br />
o equipment failures or repairs;<br />
o fires or other accidents;<br />
o adverse weather conditions;<br />
o pipeline ruptures or spills; and<br />
o shortages or delays in the availability of drilling rigs and the delivery of equipment.</p>
<p>SMALLER COMPANY RISK. The Fund invests in small and mid capitalization companies. Such companies may be more vulnerable
to adverse general market or economic developments, and their securities may be less liquid and may experience greater price
volatility than larger, more established companies as a result of several factors, including limited trading volumes, products
or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally
subject to greater market risk than larger, more established companies.</p>
<p>SECURITIES LENDING RISK. The Fund may engage in securities lending. Securities lending involves the risk that the Fund
may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at
all. The Fund could also lose money in the event of a decline in the value of the collateral provided for the loaned securities
or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences
for the Fund.</p>
<p>You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</p>
<p>MARKET RISK. Market risk is the risk that a particular stock owned by the Fund, Shares of the Fund or stocks in general
may fall in value. Shares are subject to market fluctuations caused by such factors as economic, political, regulatory or
market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally
or could underperform other investments.</p>
<p>NON-CORRELATION RISK. The Fund's return may not match the return of the Index for a number of reasons. For example, the
Fund incurs operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially
when rebalancing the Fund's portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund's
portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included
in the Index.</p>
<p>REPLICATION MANAGEMENT RISK. The Fund is exposed to additional market risk due to its policy of investing principally in
the securities included in the Index. As a result of this policy, securities held by the Fund will generally not be bought
or sold in response to market fluctuations, and the securities may be issued by companies concentrated in a particular industry.
Therefore, the Fund will generally not sell a stock because the stock's issuer is in financial trouble, unless that stock
is removed or is anticipated to be removed from the Index.</p>
<p>NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended
(the "1940 Act"). As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities
of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code").
The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be
more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience
increased volatility and be highly concentrated in certain issuers.</p>
<p>INDEX TRACKING RISK. You should anticipate that the value of Fund Shares will decline, more or less, in correlation with
any decline in the value of the Fund's Index.</p>
<p>HEALTH CARE COMPANIES RISK. The Fund invests in health care companies. Health care companies are involved in medical services
or health care, including biotechnology research and production, drugs and pharmaceuticals and health care facilities and
services, and are subject to extensive competition, generic drug sales or the loss of patent protection, product liability
litigation and increased government regulation. Research and development costs of bringing new drugs to market are substantial,
and there is no guarantee that the product will ever come to market. Health care facility operators may be affected by the
demand for services, efforts by government or insurers to limit rates, restriction of government financial assistance and
competition from other providers.</p>
<p>SMALLER COMPANY RISK. The Fund invests in small and mid capitalization companies. Such companies may be more vulnerable
to adverse general market or economic developments, and their securities may be less liquid and may experience greater price
volatility than larger, more established companies as a result of several factors, including limited trading volumes, products
or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally
subject to greater market risk than larger, more established companies.</p>
<p>SECURITIES LENDING RISK. The Fund may engage in securities lending. Securities lending involves the risk that the Fund
may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at
all. The Fund could also lose money in the event of a decline in the value of the collateral provided for the loaned securities
or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences
for the Fund.</p>
<p>You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</p>
<p>MARKET RISK. Market risk is the risk that a particular stock owned by the Fund, Shares of the Fund or stocks in general
may fall in value. Shares are subject to market fluctuations caused by such factors as economic, political, regulatory or
market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally
or could underperform other investments.</p>
<p>NON-CORRELATION RISK. The Fund's return may not match the return of the Index for a number of reasons. For example, the
Fund incurs operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially
when rebalancing the Fund's portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund's
portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included
in the Index.</p>
<p>REPLICATION MANAGEMENT RISK. The Fund is exposed to additional market risk due to its policy of investing principally in
the securities included in the Index. As a result of this policy, securities held by the Fund will generally not be bought
or sold in response to market fluctuations, and the securities may be issued by companies concentrated in a particular industry.
Therefore, the Fund will generally not sell a stock because the stock's issuer is in financial trouble, unless that stock
is removed or is anticipated to be removed from the Index.</p>
<p>NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended
(the "1940 Act"). As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities
of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code").
The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be
more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience
increased volatility and be highly concentrated in certain issuers.</p>
<p>INDEX TRACKING RISK. You should anticipate that the value of Fund Shares will decline, more or less, in correlation with
any decline in the value of the Fund's Index.</p>
<p>IPO RISK. The Fund invests in companies that have recently conducted an initial public offering. The stocks of such companies
are often subject to extreme price volatility and speculative trading. These stocks may have exhibited above-average price
appreciation in connection with the initial public offering prior to inclusion in the Index. The price of stocks included
in the Index may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited
in the past.</p>
<p>INFORMATION TECHNOLOGY COMPANIES RISK. The Fund invests in information technology companies. Information technology companies
are generally subject to the risks of rapidly changing technologies; short product life cycles; fierce competition; aggressive
pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving
industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced
companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel.
Information technology company stocks, especially those which are Internet-related, have experienced extreme price and volume
fluctuations that are often unrelated to their operating performance.</p>
<p>SMALLER COMPANY RISK. The Fund invests in mid capitalization companies. Such companies may be more vulnerable to adverse
general market or economic developments, and their securities may be less liquid and may experience greater price volatility
than larger, more established companies as a result of several factors, including limited trading volumes, products or financial
resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject
to greater market risk than larger, more established companies.</p>
<p>SECURITIES LENDING RISK. The Fund may engage in securities lending. Securities lending involves the risk that the Fund
may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at
all. The Fund could also lose money in the event of a decline in the value of the collateral provided for the loaned securities
or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences
for the Fund.</p>
<p>ANNUAL TOTAL RETURN</p>
<p>ANNUAL TOTAL RETURN</p>
<p>ANNUAL TOTAL RETURN</p>
<p>The bar chart and table below illustrate the annual calendar year returns of the Fund based on NAV for the past four years
as well as the average annual Fund and Index returns for the one year and since inception periods ended December 31, 2011.
The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance
from year-to-year and by showing how the Fund's average annual total returns based on NAV compare to those of the Index, a
broad-based market index and a specialized securities market index. See "Total Return Information" for additional performance
information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.</p>
<p>Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local
tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns
after taxes on distributions and sale of Shares assume you sold your Shares at period end, and, therefore, are also adjusted
for any capital gains or losses incurred. Returns for the market indices do not include expenses, which are deducted from
Fund returns, or taxes.</p>
<p>Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund Shares in tax-deferred accounts such as individual retirement accounts
(IRAs) or employee-sponsored retirement plans.</p>
<p>The bar chart and table below illustrate the annual calendar year returns of the Fund based on NAV for the past five years
as well as the average annual Fund and Index returns for the one year, five year and since inception periods ended December
31, 2011. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's
performance from year-to-year and by showing how the Fund's average annual total returns based on NAV compare to those of
the Index, a broad-based market index and two specialized securities market indices. See "Total Return Information" for additional
performance information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.</p>
<p>Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local
tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns
after taxes on distributions and sale of Shares assume you sold your Shares at period end, and, therefore, are also adjusted
for any capital gains or losses incurred. Returns for the market indices do not include expenses, which are deducted from
Fund returns, or taxes.</p>
<p>Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund Shares in tax-deferred accounts such as individual retirement accounts
(IRAs) or employee-sponsored retirement plans.</p>
<p>The bar chart and table below illustrate the annual calendar year returns of the Fund based on NAV for the past five years
as well as the average annual Fund and Index returns for the one year, five year and since inception periods ended December
31, 2011. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's
performance from year-to-year and by showing how the Fund's average annual total returns based on NAV compare to those of
the Index and a broad-based market index. See "Total Return Information" for additional performance information regarding
the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.</p>
<p>Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local
tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns
after taxes on distributions and sale of Shares assume you sold your Shares at period end, and, therefore, are also adjusted
for any capital gains or losses incurred. Returns for the market indices do not include expenses, which are deducted from
Fund returns, or taxes.</p>
<p>Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund Shares in tax-deferred accounts such as individual retirement accounts
(IRAs) or employee-sponsored retirement plans.</p>
<p>FIRST TRUST ISE-REVERE NATURAL GAS INDEX FUND--TOTAL RETURNS</p>
<p>FIRST TRUST NYSE ARCA BIOTECHNOLOGY INDEX FUND--TOTAL RETURNS</p>
<p>FIRST TRUST US IPO INDEX FUND--TOTAL RETURNS</p>
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<p>During the four-year period ended December 31, 2011, the Fund's highest and lowest calendar quarter returns were 34.52%
and -40.35%, respectively, for the quarters ended June 30, 2008 and December 31, 2008. The Fund's past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>During the five-year period ended December 31, 2011, the Fund's highest and lowest calendar quarter returns were 32.14%
and -24.61%, respectively, for the quarters ended September 30, 2009 and September 30, 2011. The Fund's past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>During the five-year period ended December 31, 2011, the Fund's highest and lowest calendar quarter returns were 18.93%
and -26.27%, respectively, for the quarters ended June 30, 2009 and December 31, 2008. The Fund's past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2011</p>
<p>AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2011</p>
<p>AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2011</p>
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2007-05-08
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2006-04-12
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-.0001
First Trust has agreed to waive fees and/or pay the Fund's expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, taxes, and extraordinary expenses) from exceeding 0.60% of its average daily net assets per year at least until April 30, 2013. Expenses borne or fees waived by First Trust are subject to reimbursement by the Fund for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by the Fund at any time if it would result in the Fund's expenses exceeding 0.60% of its average daily net assets per year. The agreement may be terminated by the Trust on behalf of the Fund at any time and by First Trust only after April 30, 2013 upon 60 days' written notice.
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First Trust ISE-Revere Natural Gas Index Fund
Legal Entity [Axis]
First Trust ISE-Revere Natural Gas Index Fund
Share Class [Axis]
After Taxes on Distributions
Performance Measure [Axis]
After Taxes on Distributions and Sales
ISE-REVERE Natural Gas Index(TM)
Russell 3000(R) Index
S&P Composite 1500 Energy Index
First Trust NYSE Arca Biotechnology Index Fund
First Trust NYSE Arca Biotechnology Index Fund
NYSE Arca Biotechnology Index(SM)
NASDAQ(R) Biotechnology Index
S&P 500(R) Index
S&P Composite 1500 Health Care Index
First Trust US IPO Index Fund
First Trust US IPO Index Fund
IPOX(R)-100 U.S. Index
Risk/Return:
Risk/Return [Heading]
Objective [Heading]
Objective, Primary [Text Block]
Objective, Secondary [Text Block]
Expense [Heading]
Expense Narrative [Text Block]
Shareholder Fees Caption [Text]
Shareholder Fees [Table]
Operating Expenses Caption [Text]
Annual Fund Operating Expenses [Table]
Expense Footnotes [Text Block]
Expenses Deferred Charges [Text Block]
Expenses Range of Exchange Fees [Text Block]
Expense Example [Heading]
Expense Example by Year [Heading]
Expense Example Narrative [Text Block]
Expense Example by, Year, Caption [Text]
Expense Example, With Redemption [Table]
Expense Example, No Redemption Narrative [Text Block]
Expense Example, No Redemption, By Year, Caption [Text]
Expense Example, No Redemption [Table]
Expense Example Footnotes [Text Block]
Expense Example Closing [Text Block]
Portfolio Turnover [Heading]
Portfolio Turnover [Text Block]
Strategy [Heading]
Strategy Narrative [Text Block]
Risk [Heading]
Risk Narrative [Text Block]
Risk Footnotes [Text Block]
Risk Closing [Text Block]
Bar Chart and Performance Table [Heading]
Performance Narrative [Text Block]
Bar Chart Narrative [Text Block]
Bar Chart [Heading]
Bar Chart [Table]
Bar Chart Footnotes [Text Block]
Bar Chart Closing [Text Block]
Performance Table Heading
Performance Table Narrative
Performance [Table]
Market Index Performance [Table]
Performance Table Footnotes
Performance Table Closing [Text Block]
Shareholder Fees:
Shareholder Fees Column [Text]
Maximum Cumulative Sales Charge (as a percentage of Offering Price)
Maximum Cumulative Sales Charge (as a percentage)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
Maximum Deferred Sales Charge (as a percentage of Offering Price)
Maximum Deferred Sales Charge (as a percentage)
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)
Redemption Fee (as a percentage of Amount Redeemed)
Redemption Fee
Exchange Fee (as a percentage of Amount Redeemed)
Exchange Fee
Maximum Account Fee (as a percentage of Assets)
Maximum Account Fee
Shareholder Fee, Other
Operating Expenses:
Operating Expenses Column [Text]
Management Fees
Distribution and Service (12b-1) Fees
Distribution or Similar (Non 12b-1) Fees
Component1 Other Expenses
Component2 Other Expenses
Component3 Other Expenses
Other Expenses
Acquired Fund Fees and Expenses
Total Annual Fund Operating Expenses
Fee Waiver and Expense Reimbursement
Total Net Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement
Expense Example:
Expense Example, By Year, Column [Text]
1 Year
3 Years
5 Years
10 Years
Expense Example, No Redemption:
Expense Example, No Redemption, By Year, Column [Text]
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Bar Chart Table:
Annual Return Caption [Text]
Annual Return, Column [Text]
Annual Return, Inception Date
Annual Return 1990
Annual Return 1991
Annual Return 1992
Annual Return 1993
Annual Return 1994
Annual Return 1995
Annual Return 1996
Annual Return 1997
Annual Return 1998
Annual Return 1999
Annual Return 2000
Annual Return 2001
Annual Return 2002
Annual Return 2003
Annual Return 2004
Annual Return 2005
Annual Return 2006
Annual Return 2007
Annual Return 2008
Annual Return 2009
Annual Return 2010
Annual Return 2011
Annual Return 2012
Annual Return 2013
Annual Return 2014
Average Annual Return:
Label
1 Year
5 Years
10 Years
Since Inception
Inception Date
Risk/Return Detail [Table]
Document Type
Document Period End Date
Registrant Name
Central Index Key
Amendment Flag
Amendment Description
Trading Symbol
Document Creation Date
Document Effective Date
Prospectus Date
Fee Waiver and Expense Reimbursement
Fee Waiver or Reimbursement over Assets, Date of Termination
Portfolio Turnover, Rate
Expense Breakpoint Discounts [Text]
Expense Breakpoint, Minimum Investment Required [Amount]
Expense Exchange Traded Fund Commissions [Text]
Expenses Represent Both Master and Feeder [Text]
Expenses Explanation of Nonrecurring Account Fee [Text]
Other Expenses, New Fund, Based on Estimates [Text]
Acquired Fund Fees and Expenses, Based on Estimates [Text]
Expenses Other Expenses Had Extraordinary Expenses Been Included [Text]
Expenses Restated to Reflect Current [Text]
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]
Strategy Portfolio Concentration [Text]
Risk Lose Money [Text]
Risk Nondiversified Status [Text]
Risk Money Market Fund [Text]
Risk Not Insured Depository Institution [Text]
Risk Caption
Risk Column [Text]
Risk [Text]
Performance Information Illustrates Variability of Returns [Text]
Performance One Year or Less [Text]
Performance Additional Market Index [Text]
Performance Availability Phone [Text]
Performance Availability Website Address [Text]
Performance Past Does Not Indicate Future [Text]
Bar Chart Does Not Reflect Sales Loads [Text]
Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text]
Bar Chart, Returns for Class Not Offered in Prospectus [Text]
Year to Date Return, Label
Bar Chart, Year to Date Return, Date
Bar Chart, Year to Date Return
Highest Quarterly Return, Label
Highest Quarterly Return, Date
Highest Quarterly Return
Lowest Quarterly Return, Label
Lowest Quarterly Return, Date
Lowest Quarterly Return
Performance Table Does Reflect Sales Loads
Performance Table Market Index Changed
Index No Deduction for Fees, Expenses, Taxes [Text]
Performance Table Uses Highest Federal Rate
Performance Table Not Relevant to Tax Deferred
Performance Table One Class of after Tax Shown [Text]
Performance Table Explanation after Tax Higher
Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text]
Caption
Column
Money Market Seven Day Yield, Caption [Text]
Money Market Seven Day Yield Column [Text]
Money Market Seven Day Yield Phone
Money Market Seven Day Yield
Money Market Seven Day Tax Equivalent Yield
Thirty Day Yield Caption
Thirty Day Yield Column [Text]
Thirty Day Yield Phone
Thirty Day Yield
Thirty Day Tax Equivalent Yield
C000047627Member
C000033929Member
C000030351Member
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
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