0001445546-12-005275.txt : 20121204
0001445546-12-005275.hdr.sgml : 20121204
20121204100838
ACCESSION NUMBER: 0001445546-12-005275
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 ALPHADEX FUND
CENTRAL INDEX KEY: 0001383496
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-140895
FILM NUMBER: 121239361
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
0001383496
S000017338
First Trust Mid Cap Core AlphaDEX Fund
C000047996
First Trust Mid Cap Core AlphaDEX Fund
FNX
0001383496
S000017339
First Trust Small Cap Core AlphaDEX Fund
C000047997
First Trust Small Cap Core AlphaDEX Fund
FYX
0001383496
S000017698
First Trust Energy AlphaDEX Fund
C000048898
First Trust Energy AlphaDEX Fund
FXN
497
1
adex_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 AlphaDEX(R) Fund
(Registration Nos. 333-140895 and 811-22019)
---------------------------------------------------------
Ladies and Gentlemen:
On behalf of First Trust Exchange-Traded AlphaDEX(R) 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
Energy AlphaDEX(R) Fund, First Trust Mid Cap Core AlphaDEX(R) Fund and First
Trust Small Cap Core AlphaDEX(R) 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
EX-101.INS
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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 Energy AlphaDEX(R) 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 StrataQuant(R) Energy Index (the "Index").</p>
<p>The First Trust Mid Cap Core AlphaDEX(R) 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 Defined Mid Cap Core Index (the "Index").</p>
<p>The First Trust Small Cap Core AlphaDEX(R) 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 Defined Small Cap Core Index (the "Index").</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 net annual operating expenses remain at current levels until December 6, 2012. Additionally, 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 November
28, 2012. 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 0.70% of average daily net assets per year will be terminated following
December 6, 2012. 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 net annual operating expenses remain at current levels until December 6, 2012. Additionally, 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 November
28, 2012. 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 0.70% of average daily net assets per year will be terminated following
December 6, 2012. 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 net annual operating expenses remain at current levels until December 6, 2012. Additionally, 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 November
28, 2012. 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 0.70% of average daily net assets per year will be terminated following
December 6, 2012. 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 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 101% 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 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 86% 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 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 90% 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 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 in the "StrataQuant(R) Series," a family of custom enhanced indices developed, maintained and sponsored by
NYSE Euronext or its affiliates ("NYSE Euronext" or an "Index Provider"), and licensed to First Trust Portfolios L.P. by Archipelago
Holdings, Inc. ("Archipelago"), an affiliate of NYSE Euronext. Prior to the acquisition of the American Stock Exchange LLC
(the "AMEX") by NYSE Euronext, the equity indices in the StrataQuant(R) Series were developed, maintained and sponsored by
the AMEX. The Index is a modified equal-dollar weighted index designed by NYSE Euronext to objectively identify and select
stocks from the Russell 1000(R) Index in the energy sector that may generate positive alpha relative to traditional passive-style
indices through the use of the AlphaDEX(R) screening methodology. Alpha is an indication of how much an investment outperforms
or underperforms on a risk-adjusted basis relative to its benchmark. As of December 31, 2010, the Index was comprised of 55
stocks. The Index is rebalanced and reconstituted as of the last business day of each calendar quarter. Changes to the Index
will be effective at the open of trading on the fourth business day of the following month.</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 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 in the "Defined Index Series," a family of custom enhanced indices developed, maintained and sponsored by
Standard & Poor's Financial Services LLC ("S&P" or an "Index Provider"). The Index is a modified equal-dollar weighted
index designed by S&P to objectively identify and select stocks from the S&P MidCap 400 Index that may generate positive
alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) screening methodology. Alpha is an
indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. As of
December 31, 2010, the Index was comprised of 296 stocks. The Index is rebalanced and reconstituted as of the last business
day of each calendar quarter. Changes to the Index will be effective at the open of trading on the sixth business day of the
following month.</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 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 in the "Defined Index Series," a family of custom enhanced indices developed, maintained and sponsored by
Standard & Poor's Financial Services LLC ("S&P" or an "Index Provider"). The Index is a modified equal-dollar weighted
index designed by S&P to objectively identify and select stocks from the S&P SmallCap 600 Index that may generate
positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) screening methodology. Alpha
is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.
As of December 31, 2010, the Index was comprised of 444 stocks. The Index is rebalanced and reconstituted as of the last business
day of each calendar quarter. Changes to the Index will be effective at the open of trading on the sixth business day of the
following month.</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. Companies with smaller market capitalizations are generally subject to additional
market risk.</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.</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 that Fund's Index.</p>
<p>ENERGY SECTOR RISK. The Fund invests in the securities of companies in the energy sector. The companies in the energy sector
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 issuers in the energy sector include volatile fluctuations in price and supply of energy
fuels, international politics, terrorist attacks, reduced demand, 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, 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, oil prices have been extremely volatile.</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. Companies with smaller market capitalizations are generally subject to additional
market risk.</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.</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 that Fund's Index.</p>
<p>MARKET CAPITALIZATION RISK. The Fund normally invests at least 90% of its assets in common stocks that comprise the Index.
The securities of companies represented in the Index generally have market capitalizations that are consistent with the name
of the Index. For purposes of determining the market capitalization range of such securities, the Fund will use the current
range of the Index. However, the Fund will not be forced to sell a stock because the stock has exceeded or fallen below the
current market capitalization range of the Index. Because of market movement, there can be no assurance that the securities
in the Fund will stay within a given market capitalization range. As a result, the Fund may be exposed to additional risk
or may not give investors the opportunity to invest fully in a given market capitalization range.</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>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. Companies with smaller market capitalizations are generally subject to additional
market risk.</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.</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 that Fund's Index.</p>
<p>MARKET CAPITALIZATION RISK. The Fund normally invests at least 90% of its assets in common stocks that comprise the Index.
The securities of companies represented in the Index generally have market capitalizations that are consistent with the name
of the Index. For purposes of determining the market capitalization range of such securities, the Fund will use the current
range of the Index. However, the Fund will not be forced to sell a stock because the stock has exceeded or fallen below the
current market capitalization range of the Index. Because of market movement, there can be no assurance that the securities
in the Fund will stay within a given market capitalization range. As a result, the Fund may be exposed to additional risk
or may not give investors the opportunity to invest fully in a given market capitalization range.</p>
<p>SMALLER COMPANY RISK. The Fund invests in small 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 three years
as well as the average annual Fund and Index returns for the one year and since inception periods ended December 31, 2010.
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. With respect to the Russell 1000(R) Energy Index,
on or about September 18, 2008, Russell Investment Group ("Russell") began calculating its Russell U.S. Indices using an enhanced
Russell sector scheme, the Russell Global Sectors (the "RGS"). The RGS and the former U.S. sector scheme ran in tandem until
June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme.
In addition to the implementation of the RGS, Russell combined the Russell 1000(R) Integrated Oils Index and the Russell 1000(R)
Other Energy Index into one index, the Russell 1000(R) Energy Index. Consequently, performance data is not available for the
Russell 1000(R) Energy Index for the entire "Since Inception" period set forth in the table because performance data does
not exist using solely the U.S. sector scheme or alternatively, using solely the RGS. 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 three years
as well as the average annual Fund and Index returns for the one year and since inception periods ended December 31, 2010.
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 index 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 three years
as well as the average annual Fund and Index returns for the one year and since inception periods ended December 31, 2010.
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 index 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 ENERGY ALPHADEX(R) FUND-TOTAL RETURNS(1)</p>
<p>FIRST TRUST MID CAP CORE ALPHADEX(R) FUND-TOTAL RETURNS(1)</p>
<p>FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND-TOTAL RETURNS(1)</p>
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<p>(1) The Fund's year-to-date return based on NAV for the period 12/31/2010 to 9/30/2011 was -21.46%.</p>
<p>(1) The Fund's year-to-date return based on NAV for the period 12/31/2010 to 9/30/2011 was -12.13%.</p>
<p>(1) The Fund's year-to-date return based on NAV for the period 12/31/2010 to 9/30/2011 was -14.66%.</p>
<p>During the three-year period ended December 31, 2010, the Fund's highest and lowest calendar quarter returns were 29.92%
and -38.75%, 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 three-year period ended December 31, 2010, the Fund's highest and lowest calendar quarter returns were 24.50%
and -26.89%, 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>During the three-year period ended December 31, 2010, the Fund's highest and lowest calendar quarter returns were 29.60%
and -27.22%, 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, 2010</p>
<p>AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2010</p>
<p>AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2010</p>
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0
0
0
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.0000
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.0020
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.0075
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72
72
72
279
269
276
517
492
508
1201
1135
1177
-.5078
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-.3428
.4752
.4738
.3712
.2777
.2703
.2692
2007-05-08
2007-05-08
2007-05-08
.2777
.2749
.1803
.2870
.1610
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.2111
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.2680
.1755
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.0195
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.0265
-0.0236
.0243
.0293
.0269
.0234
.0370
.0200
.0037
.0024
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.0125
.0022
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 0.70% of its average daily net assets per year at least until December 6, 2012. Expenses borne by First Trust are subject to reimbursement by the Fund for up to three years from the date the fee 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 0.70% 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 December 6, 2012 upon 60 days' written notice.
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First Trust Energy AlphaDEX Fund
Legal Entity [Axis]
First Trust Energy AlphaDEX Fund
Share Class [Axis]
After Taxes on Distributions
Performance Measure [Axis]
After Taxes on Distributions and Sales
StrataQuant(R) Energy Index
Russell 1000(R) Index
S&P 500(R) Energy Index
Russell 1000(R) Energy Index
First Trust Mid Cap Core AlphaDEX Fund
First Trust Mid Cap Core AlphaDEX Fund
Defined Mid Cap Core Index
S&P MidCap 400 Index
First Trust Small Cap Core AlphaDEX Fund
First Trust Small Cap Core AlphaDEX Fund
Defined Small Cap Core Index
S&P SmallCap 600 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 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
C000048898Member
C000047996Member
C000047997Member
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
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