0001445546-13-003849.txt : 20130815
0001445546-13-003849.hdr.sgml : 20130815
20130815155951
ACCESSION NUMBER: 0001445546-13-003849
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 6
FILED AS OF DATE: 20130815
DATE AS OF CHANGE: 20130815
EFFECTIVENESS DATE: 20130815
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIRST TRUST EXCHANGE-TRADED FUND V
CENTRAL INDEX KEY: 0001549548
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-181507
FILM NUMBER: 131042232
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
0001549548
S000037848
First Trust Morningstar Managed Futures Strategy Fund
C000116776
First Trust Morningstar Managed Futures Strategy Fund
FMF
497
1
etf5_497xbrl.txt
INTERACTIVE DATA
CHAPMAN AND CUTLER LLP 111 WEST MONROE STREET
CHICAGO, ILLINOIS 60603
August 15, 2013
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: First Trust Exchange-Traded Fund V
(Registration Nos. 333-181507, 811-22709)
--------------------------------------------------
Ladies and Gentlemen:
On behalf of First Trust Exchange-Traded Fund V (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 form of Prospectus for the Registrant filed pursuant to Rule 497(c) on
August 2, 2013. The Registration Statement relates to First Trust Morningstar
Managed Futures Strategy Fund, 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
fmf497-20130815.xml
XBRL INSTANCE FILE
00015495482013-08-152013-08-150001549548FMF497:S000037848Member2013-08-152013-08-150001549548FMF497:S000037848MemberFMF497:C000116776Member2013-08-152013-08-15iso4217:USDxbrli:pure4972013-07-23First Trust Exchange-Traded Fund V0001549548false2013-08-152013-07-232013-07-23<p>SUMMARY INFORMATION</p><p>INVESTMENT OBJECTIVE</p><p>The Fund seeks to provide investors with positive returns.</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, which are
not reflected in the example below.</p><p>SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)</p><div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact FMF497_S000037848Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><p>ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)</p><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact FMF497_S000037848Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><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 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 operating
expenses remain at current levels until July 31, 2014 and thereafter at 1.20% to represent the imposition of the 12b-1 fee
of 0.25% per annum of the Fund's average daily net assets. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:</p><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact FMF497_S000037848Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><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.</p><p>PRINCIPAL INVESTMENT STRATEGIES</p><p>The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve positive returns that are not directly correlated
to broad market equity or fixed income returns. The Fund uses as a benchmark, the Morningstar Diversified Futures Index (the "Benchmark"),
which is developed, maintained and sponsored by Morningstar, Inc. ("Morningstar"). The Fund seeks to exceed the performance of
the Benchmark by actively selecting investments for the Fund with varying maturities from the underlying components of the Benchmark.
The Fund is not an "index tracking" ETF and is not required to invest in all of the components of the Benchmark. However, the
Fund will generally seek to hold similar instruments to those included in the Benchmark and seek exposure to commodities, currencies
and equity indexes included in the Benchmark.</p>
<p>The Fund is not sponsored, endorsed, sold or promoted by Morningstar. Morningstar's only relationship to the Fund is the
licensing of certain service marks and service names of Morningstar and of the Benchmark, which is determined, composed and
calculated by Morningstar without regard to the Fund's advisor or the Fund. Morningstar has no obligation to take the needs
of the Fund's advisor or the Fund into consideration in determining, composing or calculating the Benchmark. The Benchmark
seeks to reflect trends (in either direction) in the commodity futures, currencies futures and financial futures markets.
The Benchmark is a fully collateralized futures index that includes highly-liquid futures contracts in commodities, currencies
and equity indexes. However, the Fund is not obligated to invest in the same instruments included in the Benchmark. There
can be no assurance that the Fund's performance will exceed the performance of the Benchmark at any time.</p>
<p>Under normal market conditions, the Fund through a wholly-owned subsidiary of the Fund organized under the laws of the
Cayman Islands (the "Subsidiary"), invests in a portfolio of exchange-listed commodity futures, currency futures and equity
index futures (collectively, "Futures Instruments").</p>
<p>The Fund will not invest directly in Futures Instruments. The Fund expects to gain exposure to these investments exclusively
by investing in the Subsidiary. The Subsidiary is advised by First Trust Advisors L.P., the Fund's advisor. The Fund's investment
in the Subsidiary is intended to provide the Fund with exposure to commodity markets within the limits of current federal
income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest
directly in Futures Instruments. The Subsidiary has the same investment objective as the Fund, but unlike the Fund, it may
invest without limitation in Futures Instruments. Except as otherwise noted, for purposes of this prospectus, references to
the Fund's investments include the Fund's indirect investments through the Subsidiary. The Fund will invest up to 25% of its
total assets in the Subsidiary. The Subsidiary's investments provide the Fund with exposure to domestic and international
markets.</p>
<p>The Benchmark and the Subsidiary's holdings in futures contracts will consist of, but are not limited to, commodities,
equity indexes and currencies (Euro, Japanese Yen, British Pound, Canadian Dollar, Australian Dollar and Swiss Franc). The
Subsidiary's exposure is generally weighted 50% in commodity futures, 25% in equity futures and 25% in currency futures. The
base weights are typically rebalanced quarterly to maintain the 50%/25%/25% allocation.</p>
<p>The Fund through the Subsidiary attempts to capture the economic benefit derived from rising and declining trends based
on the "moving average" price changes of commodity futures, currency futures and equity index futures. Each of the Subsidiary's
investments will generally be positioned long, short or flat based on its price relative to its average price over a recent
period, with the ability to change positions as frequently as daily if the Benchmark is so adjusted. As a result, the Fund
may frequently trade commodity futures contracts. To be "long" means to hold or be exposed to a security or instrument with
the expectation that its value will increase over time. To be "short" means to sell or be exposed to a security or instrument
with the expectation that it will fall in value. To be "flat" means to move a position to cash. The Fund, through the Subsidiary,
will benefit if it has a long position in a security or instrument that increases in value or a short position in a security
or instrument that decreases in value. Conversely, the Fund, through the Subsidiary, will be adversely impacted if it holds
a long position in a security or instrument that decreases in value and a short position that increases in value. The Fund
through the Subsidiary may have a higher or lower exposure to any sector or component within the Benchmark at any time.</p>
<p>The remainder of the Fund's assets will be invested in (1) short-term investment grade fixed income securities that include
U.S. government and agency securities, sovereign debt obligations of non-U.S. countries and repurchase agreements, (2) money
market instruments, (3) ETFs and other investment companies and (4) cash and other cash equivalents. The Fund uses fixed income
securities as investments and to collateralize the Subsidiary's commodity exposure on a day-to-day basis. The Fund may also
invest directly in ETFs and other investment companies, including closed-end funds, that provide exposure to commodities,
equity securities and fixed income securities to the extent permitted under the Investment Company Act of 1940, as amended
(the "1940 Act").</p>
<p>The Fund may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase
agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously
commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest
unrelated to the coupon rate or maturity of the purchased obligations.</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. There can be no assurance that the
Fund's investment objective will be achieved. The risks of the Fund will result from both the Fund's direct investments and
its indirect investments made through the Subsidiary. Accordingly, the risks that result from the Subsidiary's activities
will be described herein as the Fund's risks.</p>
<p>BENCHMARK RISK. The Fund seeks to exceed the performance of the Benchmark. The Benchmark is entirely model-based. As market
dynamics shift over time, the model may become outdated or inaccurate. The Benchmark and the Fund will take both long and
short positions and should not be used as proxies for taking long-only positions. The Benchmark and the Fund could lose significant
value during periods when long-only indexes rise. Similarly, the Benchmark and the Fund are not a substitute for short-only
positions. The Benchmark is based on historical price trends. There can be no assurance that such trends will be reflected
in future market movements. In markets without sustained price trends, or markets with significant price movements that quickly
reverse, the Benchmark and the Fund may suffer significant losses. The Benchmark is based on the price of futures contracts.
Futures contracts reflect the expected future value of a commodity, currency or equity index. The Benchmark and the Fund do
not reflect "spot" prices. Spot prices reflect immediate delivery value, not expected future value.</p>
<p>CASH TRANSACTION RISK. Unlike most ETFs, the Fund currently intends to effect most creations and redemptions, in whole
or in part, for cash, rather than in-kind, because of the nature of the Fund's underlying investments. As a result, an investment
in the Fund may be less tax efficient than an investment in a more conventional ETF.</p>
<p>CLEARING BROKER RISK. The failure or bankruptcy of the Fund's and the Subsidiary's clearing broker could result in a substantial
loss of Fund assets. Under current Commodity Futures Trading Commission ("CFTC") regulations, a clearing broker maintains
customers' assets in a bulk segregated account. If a clearing broker fails to do so, or is unable to satisfy a substantial
deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that clearing
broker's bankruptcy. In that event, the clearing broker's customers, such as the Fund and the Subsidiary, are entitled to
recover, even in respect of property specifically traceable to them, only a proportional share of all property available for
distribution to all of that clearing broker's customers.</p>
<p>COMMODITY RISK. The value of Futures Instruments typically is based upon the price movements of a physical commodity or
an economic variable linked to such price movements. The prices of Futures Instruments may fluctuate quickly and dramatically
and may not correlate to price movements in other asset classes. An active trading market may not exist for certain commodities.
Each of these factors and events could have a significant negative impact on the Fund.</p>
<p>COUNTERPARTY RISK. The Fund bears the risk that the counterparty to a commodity derivative or other contract with a third
party may default on its obligations or otherwise fail to honor its obligations. If a counterparty defaults on its payment
obligations, the Fund will lose money and the value of an investment in Fund shares may decrease. In addition, the Fund may
engage in such investment transactions with a limited number of counterparties.</p>
<p>CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest
and/or principal payments when due and the related risk that the value of a security may decline because of concerns about
the issuer's ability to make such payments.</p>
<p>CURRENCY EXCHANGE RATE RISK. The Fund holds investments that are denominated in non-U.S. currencies, or in securities that
provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in
currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the
value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result,
the value of an investment in the Fund may change quickly and without warning and you may lose money.</p>
<p>ETF RISK. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally
reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more
volatile and ETFs have management fees that increase their costs.</p>
<p>FOREIGN COMMODITY MARKETS RISK. The Fund, through the Subsidiary, will engage in trading on commodity markets outside the
United States on behalf of the Fund. Trading on such markets is not regulated by any United States government agency and may
involve certain risks not applicable to trading on United States exchanges. The Fund may not have the same access to certain
trades as do various other participants in foreign markets. Furthermore, as the Fund will determine its net assets in United
States dollars, with respect to trading in foreign markets the Fund will be subject to the risk of fluctuations in the exchange
rate between the local currency and dollars as well as the possibility of exchange controls. Certain futures contracts traded
on foreign exchanges are treated differently for federal income tax purposes than are domestic contracts.</p>
<p>FREQUENT TRADING RISK. The Fund regularly purchases and subsequently sells, i.e. "rolls," individual commodity futures
contracts throughout the year so as to maintain a fully invested position. As the commodity contracts near their expiration
dates, the Fund rolls them over into new contracts. This frequent trading of contracts may increase the amount of commissions
or mark-ups to broker-dealers that the Fund pays when it buys and sells contracts, which may detract from the Fund's performance.</p>
<p>FUTURES RISK. The Fund invests in futures through the Subsidiary. All futures and futures-related products are highly volatile.
Price movements are influenced by, among other things, changing supply and demand relationships; climate; government agricultural,
trade, fiscal, monetary and exchange control programs and policies; national and international political and economic events;
crop diseases; the purchasing and marketing programs of different nations; and changes in interest rates. In addition, governments
from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies.</p>
<p>GAP RISK. The Fund is subject to the risk that a commodity price will change from one level to another with no trading
in between. Usually such movements occur when there are adverse news announcements, which can cause a commodity price to drop
substantially from the previous day's closing price.</p>
<p>INCOME RISK. Income from the Fund's fixed income investments could decline during periods of falling interest rates.</p>
<p>INTEREST RATE RISK. Interest rate risk is the risk that the value of the securities in the Fund will decline because of
rising market interest rates. Interest rate risk is generally lower for shorter term investments and higher for longer term
investments.</p>
<p>INVESTMENT COMPANIES RISK. The Fund may invest in securities of other investment companies, including ETFs. As a shareholder
in other investment companies, the Fund will bear its ratable share of that investment company's expenses, and would remain
subject to payment of the Fund's advisory and administrative fees with respect to assets so invested. In addition, the Fund
will incur brokerage costs when purchasing and selling shares of ETFs or other exchange-traded investment companies.</p>
<p>ISSUER SPECIFIC RISK. Issuer specific events, including changes in the financial condition of an issuer, can have a negative
impact on the value of the Fund.</p>
<p>LIQUIDITY RISK. The Fund invests in Futures Instruments, which may be less liquid than other types of investments. The
illiquidity of Futures Instruments could have a negative effect on the Fund's ability to achieve its investment objective
and may result in losses to Fund shareholders.</p>
<p>MANAGEMENT RISK. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor will apply
investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that the
Fund will meet its investment objective.</p>
<p>MARKET RISK. The trading prices of commodities futures, fixed income securities and other instruments fluctuate in response
to a variety of factors. The Fund's net asset value and market price may fluctuate significantly in response to these factors.
As a result, an investor could lose money over short or long periods of time.</p>
<p>NEW FUND RISK. The Fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows
and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending
on the direction of market movement during the period affected.</p>
<p>NON-CORRELATION RISK. The Fund's return may not correlate the return of the Benchmark for a number of reasons. For example,
the Fund incurs operating expenses not applicable to the Benchmark, 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 Benchmark. In addition,
the Fund's portfolio holdings may not exactly replicate the securities included in the Benchmark or the ratios between the
securities included in the Benchmark.</p>
<p>NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only
limited as to the percentage of its assets that 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>NON-U.S. INVESTMENT RISK. The Fund may invest in commodity futures contracts traded on non-U.S. exchanges. Transactions
on non-U.S. exchanges or with non-U.S. counterparties present risks because they may not subject to the same degree of regulation
as their U.S. counterparts.</p>
<p>PORTFOLIO TURNOVER RISK. The Fund's strategy may frequently involve buying and selling portfolio securities to rebalance
the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction
costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to
be less than you expect.</p>
<p>REGULATORY RISK. The CFTC has adopted amendments to CFTC Rule 4.5, which subject the Fund and the Subsidiary to regulation
by the CFTC and may impose additional disclosure, reporting and recordkeeping rules on the Fund and the Subsidiary. Compliance
with these additional rules may increase Fund expenses. Certain of the rules that would apply to the Fund and the Subsidiary
have not yet been adopted, and it is unclear what effect such rules would have on the Fund and the Subsidiary if they are
adopted. In addition, certain exchanges may limit the maximum net long or net short speculative positions that a party may
hold or control in any particular futures or options contracts, and it is possible that other regulatory authorities may adopt
similar limits. Position limits are currently the subject of disputes being resolved in the U.S. court system. The Fund's
investment decisions may need to be modified, and commodity contract positions held by the Fund may have to be liquidated
at disadvantageous times or prices, to avoid exceeding any applicable position limits, potentially subjecting the Fund to
substantial losses. The regulation of commodity transactions in the United States is a rapidly changing area of law and is
subject to ongoing modification by government, self-regulatory and judicial action. The effect of any future regulatory change
on the Fund is impossible to predict, but could be substantial and adverse to the Fund.</p>
<p>REPURCHASE AGREEMENT RISK. The Fund's investment in repurchase agreements may be subject to market and credit risk with
respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to
the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement
term.</p>
<p>SHORT SALES RISK. The Fund may engage in "short sale" transactions. The Fund will lose value if the security or instrument
that is the subject of a short sale increases in value. The Fund also may enter into a short derivative position through a
futures contracts, or short positions on currency futures. If the price of the security or derivative that is the subject
of a short sale increases, then the Fund will incur a loss equal to the increase in price from the time that the short sale
was entered into plus any premiums and interest paid to a third party in connection with the short sale. Therefore, short
sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.
Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the
Fund.</p>
<p>SUBSIDIARY INVESTMENT RISK. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and
the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively
affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor
protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to
investors in registered investment companies.</p>
<p>TAX RISK. The Fund intends to treat any income it may derive from Futures Instruments (other than derivatives described
in Revenue Rulings 2006-1 and 2006-31) received by the Subsidiary as "qualifying income" under the provisions of the Internal
Revenue Code of 1986, as amended, applicable to "regulated investment companies" ("RICs"), based on a tax opinion received
from special counsel which was based, in part, on numerous private letter rulings ("PLRs") provided to third parties not associated
with the Fund or its affiliates (which only those parties may rely on as precedent). Shareholders and potential investors
should be aware, however, that, in July 2011, the Internal Revenue Service ("IRS") suspended the issuance of such PLRs pending
its re-examination of the policies underlying them, which was still ongoing at the date of this prospectus. If, at the end
of that re-examination, the IRS changes its position with respect to the conclusions reached in those PLRs, then the Fund
may be required to restructure its investments to satisfy the qualifying income requirement or might cease to qualify as a
RIC.</p>
<p>If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's
taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is
distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized
gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities
than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund's Board
of Trustees may determine to reorganize or close the Fund or materially change the Fund's investment objective and strategies.</p>
<p>In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of
that failure.</p>
<p>The Fund may invest a portion of its assets in equity repurchase agreements. Recent changes in the law have the potential
of changing the character and source of such instruments potentially subjecting them to unexpected U.S. taxation. Depending
upon the terms of the contracts, the Fund may be required to indemnify the counterparty for such increased tax.</p>
<p>U.S. GOVERNMENT AND AGENCY SECURITIES RISK. The Fund may invest in U.S. government obligations. U.S. government obligations
include U.S. Treasury obligations and securities issued or guaranteed by various agencies of the U.S. government or by various
instrumentalities which have been established or sponsored by the U.S. government. U.S. Treasury obligations are backed by
the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government
sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government.</p>
<p>VOLATILITY RISK. The Fund seeks to exceed the performance of the Benchmark. The Fund and Benchmark are designed to capture
the long-term economic benefits of rising or declining market trends. Frequent or significant short-term price movements could
adversely impact the performance of the Benchmark and the Fund. In addition, the net asset value of the Fund over short-term
periods may be more volatile than other investment options because of the Fund's significant use of financial instruments
that have a leveraging effect. For example, because of the low margin deposits required, futures trading involves an extremely
high degree of leverage and as a result, a relatively small price movement in a Futures Instrument may result in immediate
and substantial losses to the Fund.</p>
<p>WHIPSAW MARKETS RISK. The Fund may be subject to the forces of "whipsaw" markets (as opposed to choppy or stable
markets), in which significant price movements develop but then repeatedly reverse, which could cause substantial losses to
the Subsidiary.</p><p>PERFORMANCE</p><p>The Fund has not yet commenced operations and, therefore, does not have a performance history. Once available, the Fund's
performance information will be available on the Fund's website at www.ftportfolios.com.</p>0.0095.0000.0000.0000.009597356Although the Fund has adopted a 12b-1 plan that permits it to pay up to 0.25% per annum, it will not pay 12b-1 fees at any time before July 31, 2014.The Fund had not fully commenced operations as of the date of this prospectus. "Total Other Expenses" are estimates based on the expenses the Fund expects to incur for the current fiscal year.Pursuant to the Investment Management Agreement, First Trust will manage the investment of the Fund's assets and will be responsible for the Fund and the Subsidiary's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a 12b-1 plan, if any, and extraordinary expenses.EX-101.SCH
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1990Annual Return 1991Annual Return 1992Annual Return 1993Annual Return 1994Annual Return 1995Annual Return 1996Annual Return 1997Annual Return 1998Annual Return 1999Annual Return 2000Annual Return 2001Annual Return 2002Annual Return 2003Annual Return 2004Annual Return 2005Annual Return 2006Annual Return 2007Annual Return 2008Annual Return 2009Annual Return 2010Annual Return 2011Annual Return 2012Annual Return 2013Annual Return 2014Annual Return 2015Annual Return 2016Annual Return 2017Annual Return 2018Annual Return 2019Annual Return 2020Label1 Year5 Years10 YearsSince InceptionInception DateRisk/Return Detail [Table]Document TypeDocument Period End DateRegistrant NameCentral Index KeyAmendment FlagAmendment DescriptionTrading SymbolDocument Creation DateDocument Effective DateProspectus DateFee Waiver or Reimbursement over Assets, Date of TerminationPortfolio Turnover, RateExpense Breakpoint Discounts [Text]Expense Breakpoint, Minimum Investment Required [Amount]Expense Exchange 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2.4.0.8040000 - Disclosure - Risk/Return Detail Data {Elements}truetruefalse1falsefalsefalseAsOf2013-08-15http://www.sec.gov/CIK0001549548duration2013-08-15T00:00:002013-08-15T00:00:001true1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2dei_DocumentTypedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00497falsefalsefalsedei:submissionTypeItemTypestringThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".No definition available.false03false2dei_DocumentPeriodEndDatedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-07-23falsefalsetruexbrli:dateItemTypedateThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.No definition available.false04false2dei_EntityRegistrantNamedei_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00First Trust Exchange-Traded Fund Vfalsefalsefalsexbrli:normalizedStringItemTypenormalizedstringThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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false010false0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsetruefalseAsOf2013-08-15_custom_S000037848Memberhttp://www.sec.gov/CIK0001549548duration2013-08-15T00:00:002013-08-15T00:00:00falsefalseFirst Trust Morningstar Managed Futures Strategy Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldiFMF497_S000037848Memberdei_LegalEntityAxisexplicitMembernanafalse011true1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse012false2rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>SUMMARY INFORMATION</p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef
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-Number N-1A
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false014false2rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>The Fund seeks to provide investors with positive returns.</p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 2
-Subsection a
false015false2rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>FEES AND EXPENSES OF THE FUND</p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Subsection instructions
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false016false2rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. Investors purchasing
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not reflected in the example below.</p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection instructions
-Paragraph 1
-Subparagraph b
false017false2rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)</p>falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection table
-Paragraph 1
false018false2rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)</p>falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection table
-Paragraph 1
-Subparagraph 7
false019false2rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>PORTFOLIO TURNOVER</p>falsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection instructions
-Paragraph 5
false020false2rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<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.</p>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection example
-Paragraph 3
false021false2rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>EXAMPLE</p>falsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection instructions
-Paragraph 4
false022false2rr_ExpenseExampleNoRedemptionNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<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 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 operating
expenses remain at current levels until July 31, 2014 and thereafter at 1.20% to represent the imposition of the 12b-1 fee
of 0.25% per annum of the Fund's average daily net assets. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:</p>falsefalsefalsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ExpenseExampleNoRedemption.No definition available.false023false2rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>PRINCIPAL INVESTMENT STRATEGIES</p>falsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 4
-Subsection a
false024false2rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve positive returns that are not directly correlated
to broad market equity or fixed income returns. The Fund uses as a benchmark, the Morningstar Diversified Futures Index (the "Benchmark"),
which is developed, maintained and sponsored by Morningstar, Inc. ("Morningstar"). The Fund seeks to exceed the performance of
the Benchmark by actively selecting investments for the Fund with varying maturities from the underlying components of the Benchmark.
The Fund is not an "index tracking" ETF and is not required to invest in all of the components of the Benchmark. However, the
Fund will generally seek to hold similar instruments to those included in the Benchmark and seek exposure to commodities, currencies
and equity indexes included in the Benchmark.</p>
<p>The Fund is not sponsored, endorsed, sold or promoted by Morningstar. Morningstar's only relationship to the Fund is the
licensing of certain service marks and service names of Morningstar and of the Benchmark, which is determined, composed and
calculated by Morningstar without regard to the Fund's advisor or the Fund. Morningstar has no obligation to take the needs
of the Fund's advisor or the Fund into consideration in determining, composing or calculating the Benchmark. The Benchmark
seeks to reflect trends (in either direction) in the commodity futures, currencies futures and financial futures markets.
The Benchmark is a fully collateralized futures index that includes highly-liquid futures contracts in commodities, currencies
and equity indexes. However, the Fund is not obligated to invest in the same instruments included in the Benchmark. There
can be no assurance that the Fund's performance will exceed the performance of the Benchmark at any time.</p>
<p>Under normal market conditions, the Fund through a wholly-owned subsidiary of the Fund organized under the laws of the
Cayman Islands (the "Subsidiary"), invests in a portfolio of exchange-listed commodity futures, currency futures and equity
index futures (collectively, "Futures Instruments").</p>
<p>The Fund will not invest directly in Futures Instruments. The Fund expects to gain exposure to these investments exclusively
by investing in the Subsidiary. The Subsidiary is advised by First Trust Advisors L.P., the Fund's advisor. The Fund's investment
in the Subsidiary is intended to provide the Fund with exposure to commodity markets within the limits of current federal
income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest
directly in Futures Instruments. The Subsidiary has the same investment objective as the Fund, but unlike the Fund, it may
invest without limitation in Futures Instruments. Except as otherwise noted, for purposes of this prospectus, references to
the Fund's investments include the Fund's indirect investments through the Subsidiary. The Fund will invest up to 25% of its
total assets in the Subsidiary. The Subsidiary's investments provide the Fund with exposure to domestic and international
markets.</p>
<p>The Benchmark and the Subsidiary's holdings in futures contracts will consist of, but are not limited to, commodities,
equity indexes and currencies (Euro, Japanese Yen, British Pound, Canadian Dollar, Australian Dollar and Swiss Franc). The
Subsidiary's exposure is generally weighted 50% in commodity futures, 25% in equity futures and 25% in currency futures. The
base weights are typically rebalanced quarterly to maintain the 50%/25%/25% allocation.</p>
<p>The Fund through the Subsidiary attempts to capture the economic benefit derived from rising and declining trends based
on the "moving average" price changes of commodity futures, currency futures and equity index futures. Each of the Subsidiary's
investments will generally be positioned long, short or flat based on its price relative to its average price over a recent
period, with the ability to change positions as frequently as daily if the Benchmark is so adjusted. As a result, the Fund
may frequently trade commodity futures contracts. To be "long" means to hold or be exposed to a security or instrument with
the expectation that its value will increase over time. To be "short" means to sell or be exposed to a security or instrument
with the expectation that it will fall in value. To be "flat" means to move a position to cash. The Fund, through the Subsidiary,
will benefit if it has a long position in a security or instrument that increases in value or a short position in a security
or instrument that decreases in value. Conversely, the Fund, through the Subsidiary, will be adversely impacted if it holds
a long position in a security or instrument that decreases in value and a short position that increases in value. The Fund
through the Subsidiary may have a higher or lower exposure to any sector or component within the Benchmark at any time.</p>
<p>The remainder of the Fund's assets will be invested in (1) short-term investment grade fixed income securities that include
U.S. government and agency securities, sovereign debt obligations of non-U.S. countries and repurchase agreements, (2) money
market instruments, (3) ETFs and other investment companies and (4) cash and other cash equivalents. The Fund uses fixed income
securities as investments and to collateralize the Subsidiary's commodity exposure on a day-to-day basis. The Fund may also
invest directly in ETFs and other investment companies, including closed-end funds, that provide exposure to commodities,
equity securities and fixed income securities to the extent permitted under the Investment Company Act of 1940, as amended
(the "1940 Act").</p>
<p>The Fund may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. A repurchase
agreement is a transaction in which the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously
commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest
unrelated to the coupon rate or maturity of the purchased obligations.</p>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 4
-Subsection a
false025false2rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>PRINCIPAL RISKS</p>falsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 4
-Subsection b
-Paragraph 1
false026false2rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<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. There can be no assurance that the
Fund's investment objective will be achieved. The risks of the Fund will result from both the Fund's direct investments and
its indirect investments made through the Subsidiary. Accordingly, the risks that result from the Subsidiary's activities
will be described herein as the Fund's risks.</p>
<p>BENCHMARK RISK. The Fund seeks to exceed the performance of the Benchmark. The Benchmark is entirely model-based. As market
dynamics shift over time, the model may become outdated or inaccurate. The Benchmark and the Fund will take both long and
short positions and should not be used as proxies for taking long-only positions. The Benchmark and the Fund could lose significant
value during periods when long-only indexes rise. Similarly, the Benchmark and the Fund are not a substitute for short-only
positions. The Benchmark is based on historical price trends. There can be no assurance that such trends will be reflected
in future market movements. In markets without sustained price trends, or markets with significant price movements that quickly
reverse, the Benchmark and the Fund may suffer significant losses. The Benchmark is based on the price of futures contracts.
Futures contracts reflect the expected future value of a commodity, currency or equity index. The Benchmark and the Fund do
not reflect "spot" prices. Spot prices reflect immediate delivery value, not expected future value.</p>
<p>CASH TRANSACTION RISK. Unlike most ETFs, the Fund currently intends to effect most creations and redemptions, in whole
or in part, for cash, rather than in-kind, because of the nature of the Fund's underlying investments. As a result, an investment
in the Fund may be less tax efficient than an investment in a more conventional ETF.</p>
<p>CLEARING BROKER RISK. The failure or bankruptcy of the Fund's and the Subsidiary's clearing broker could result in a substantial
loss of Fund assets. Under current Commodity Futures Trading Commission ("CFTC") regulations, a clearing broker maintains
customers' assets in a bulk segregated account. If a clearing broker fails to do so, or is unable to satisfy a substantial
deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that clearing
broker's bankruptcy. In that event, the clearing broker's customers, such as the Fund and the Subsidiary, are entitled to
recover, even in respect of property specifically traceable to them, only a proportional share of all property available for
distribution to all of that clearing broker's customers.</p>
<p>COMMODITY RISK. The value of Futures Instruments typically is based upon the price movements of a physical commodity or
an economic variable linked to such price movements. The prices of Futures Instruments may fluctuate quickly and dramatically
and may not correlate to price movements in other asset classes. An active trading market may not exist for certain commodities.
Each of these factors and events could have a significant negative impact on the Fund.</p>
<p>COUNTERPARTY RISK. The Fund bears the risk that the counterparty to a commodity derivative or other contract with a third
party may default on its obligations or otherwise fail to honor its obligations. If a counterparty defaults on its payment
obligations, the Fund will lose money and the value of an investment in Fund shares may decrease. In addition, the Fund may
engage in such investment transactions with a limited number of counterparties.</p>
<p>CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest
and/or principal payments when due and the related risk that the value of a security may decline because of concerns about
the issuer's ability to make such payments.</p>
<p>CURRENCY EXCHANGE RATE RISK. The Fund holds investments that are denominated in non-U.S. currencies, or in securities that
provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in
currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the
value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result,
the value of an investment in the Fund may change quickly and without warning and you may lose money.</p>
<p>ETF RISK. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally
reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more
volatile and ETFs have management fees that increase their costs.</p>
<p>FOREIGN COMMODITY MARKETS RISK. The Fund, through the Subsidiary, will engage in trading on commodity markets outside the
United States on behalf of the Fund. Trading on such markets is not regulated by any United States government agency and may
involve certain risks not applicable to trading on United States exchanges. The Fund may not have the same access to certain
trades as do various other participants in foreign markets. Furthermore, as the Fund will determine its net assets in United
States dollars, with respect to trading in foreign markets the Fund will be subject to the risk of fluctuations in the exchange
rate between the local currency and dollars as well as the possibility of exchange controls. Certain futures contracts traded
on foreign exchanges are treated differently for federal income tax purposes than are domestic contracts.</p>
<p>FREQUENT TRADING RISK. The Fund regularly purchases and subsequently sells, i.e. "rolls," individual commodity futures
contracts throughout the year so as to maintain a fully invested position. As the commodity contracts near their expiration
dates, the Fund rolls them over into new contracts. This frequent trading of contracts may increase the amount of commissions
or mark-ups to broker-dealers that the Fund pays when it buys and sells contracts, which may detract from the Fund's performance.</p>
<p>FUTURES RISK. The Fund invests in futures through the Subsidiary. All futures and futures-related products are highly volatile.
Price movements are influenced by, among other things, changing supply and demand relationships; climate; government agricultural,
trade, fiscal, monetary and exchange control programs and policies; national and international political and economic events;
crop diseases; the purchasing and marketing programs of different nations; and changes in interest rates. In addition, governments
from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies.</p>
<p>GAP RISK. The Fund is subject to the risk that a commodity price will change from one level to another with no trading
in between. Usually such movements occur when there are adverse news announcements, which can cause a commodity price to drop
substantially from the previous day's closing price.</p>
<p>INCOME RISK. Income from the Fund's fixed income investments could decline during periods of falling interest rates.</p>
<p>INTEREST RATE RISK. Interest rate risk is the risk that the value of the securities in the Fund will decline because of
rising market interest rates. Interest rate risk is generally lower for shorter term investments and higher for longer term
investments.</p>
<p>INVESTMENT COMPANIES RISK. The Fund may invest in securities of other investment companies, including ETFs. As a shareholder
in other investment companies, the Fund will bear its ratable share of that investment company's expenses, and would remain
subject to payment of the Fund's advisory and administrative fees with respect to assets so invested. In addition, the Fund
will incur brokerage costs when purchasing and selling shares of ETFs or other exchange-traded investment companies.</p>
<p>ISSUER SPECIFIC RISK. Issuer specific events, including changes in the financial condition of an issuer, can have a negative
impact on the value of the Fund.</p>
<p>LIQUIDITY RISK. The Fund invests in Futures Instruments, which may be less liquid than other types of investments. The
illiquidity of Futures Instruments could have a negative effect on the Fund's ability to achieve its investment objective
and may result in losses to Fund shareholders.</p>
<p>MANAGEMENT RISK. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor will apply
investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that the
Fund will meet its investment objective.</p>
<p>MARKET RISK. The trading prices of commodities futures, fixed income securities and other instruments fluctuate in response
to a variety of factors. The Fund's net asset value and market price may fluctuate significantly in response to these factors.
As a result, an investor could lose money over short or long periods of time.</p>
<p>NEW FUND RISK. The Fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows
and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending
on the direction of market movement during the period affected.</p>
<p>NON-CORRELATION RISK. The Fund's return may not correlate the return of the Benchmark for a number of reasons. For example,
the Fund incurs operating expenses not applicable to the Benchmark, 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 Benchmark. In addition,
the Fund's portfolio holdings may not exactly replicate the securities included in the Benchmark or the ratios between the
securities included in the Benchmark.</p>
<p>NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only
limited as to the percentage of its assets that 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>NON-U.S. INVESTMENT RISK. The Fund may invest in commodity futures contracts traded on non-U.S. exchanges. Transactions
on non-U.S. exchanges or with non-U.S. counterparties present risks because they may not subject to the same degree of regulation
as their U.S. counterparts.</p>
<p>PORTFOLIO TURNOVER RISK. The Fund's strategy may frequently involve buying and selling portfolio securities to rebalance
the Fund's exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction
costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to
be less than you expect.</p>
<p>REGULATORY RISK. The CFTC has adopted amendments to CFTC Rule 4.5, which subject the Fund and the Subsidiary to regulation
by the CFTC and may impose additional disclosure, reporting and recordkeeping rules on the Fund and the Subsidiary. Compliance
with these additional rules may increase Fund expenses. Certain of the rules that would apply to the Fund and the Subsidiary
have not yet been adopted, and it is unclear what effect such rules would have on the Fund and the Subsidiary if they are
adopted. In addition, certain exchanges may limit the maximum net long or net short speculative positions that a party may
hold or control in any particular futures or options contracts, and it is possible that other regulatory authorities may adopt
similar limits. Position limits are currently the subject of disputes being resolved in the U.S. court system. The Fund's
investment decisions may need to be modified, and commodity contract positions held by the Fund may have to be liquidated
at disadvantageous times or prices, to avoid exceeding any applicable position limits, potentially subjecting the Fund to
substantial losses. The regulation of commodity transactions in the United States is a rapidly changing area of law and is
subject to ongoing modification by government, self-regulatory and judicial action. The effect of any future regulatory change
on the Fund is impossible to predict, but could be substantial and adverse to the Fund.</p>
<p>REPURCHASE AGREEMENT RISK. The Fund's investment in repurchase agreements may be subject to market and credit risk with
respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to
the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement
term.</p>
<p>SHORT SALES RISK. The Fund may engage in "short sale" transactions. The Fund will lose value if the security or instrument
that is the subject of a short sale increases in value. The Fund also may enter into a short derivative position through a
futures contracts, or short positions on currency futures. If the price of the security or derivative that is the subject
of a short sale increases, then the Fund will incur a loss equal to the increase in price from the time that the short sale
was entered into plus any premiums and interest paid to a third party in connection with the short sale. Therefore, short
sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.
Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the
Fund.</p>
<p>SUBSIDIARY INVESTMENT RISK. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and
the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively
affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor
protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to
investors in registered investment companies.</p>
<p>TAX RISK. The Fund intends to treat any income it may derive from Futures Instruments (other than derivatives described
in Revenue Rulings 2006-1 and 2006-31) received by the Subsidiary as "qualifying income" under the provisions of the Internal
Revenue Code of 1986, as amended, applicable to "regulated investment companies" ("RICs"), based on a tax opinion received
from special counsel which was based, in part, on numerous private letter rulings ("PLRs") provided to third parties not associated
with the Fund or its affiliates (which only those parties may rely on as precedent). Shareholders and potential investors
should be aware, however, that, in July 2011, the Internal Revenue Service ("IRS") suspended the issuance of such PLRs pending
its re-examination of the policies underlying them, which was still ongoing at the date of this prospectus. If, at the end
of that re-examination, the IRS changes its position with respect to the conclusions reached in those PLRs, then the Fund
may be required to restructure its investments to satisfy the qualifying income requirement or might cease to qualify as a
RIC.</p>
<p>If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's
taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is
distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized
gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities
than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund's Board
of Trustees may determine to reorganize or close the Fund or materially change the Fund's investment objective and strategies.</p>
<p>In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of
that failure.</p>
<p>The Fund may invest a portion of its assets in equity repurchase agreements. Recent changes in the law have the potential
of changing the character and source of such instruments potentially subjecting them to unexpected U.S. taxation. Depending
upon the terms of the contracts, the Fund may be required to indemnify the counterparty for such increased tax.</p>
<p>U.S. GOVERNMENT AND AGENCY SECURITIES RISK. The Fund may invest in U.S. government obligations. U.S. government obligations
include U.S. Treasury obligations and securities issued or guaranteed by various agencies of the U.S. government or by various
instrumentalities which have been established or sponsored by the U.S. government. U.S. Treasury obligations are backed by
the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government
sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government.</p>
<p>VOLATILITY RISK. The Fund seeks to exceed the performance of the Benchmark. The Fund and Benchmark are designed to capture
the long-term economic benefits of rising or declining market trends. Frequent or significant short-term price movements could
adversely impact the performance of the Benchmark and the Fund. In addition, the net asset value of the Fund over short-term
periods may be more volatile than other investment options because of the Fund's significant use of financial instruments
that have a leveraging effect. For example, because of the low margin deposits required, futures trading involves an extremely
high degree of leverage and as a result, a relatively small price movement in a Futures Instrument may result in immediate
and substantial losses to the Fund.</p>
<p>WHIPSAW MARKETS RISK. The Fund may be subject to the forces of "whipsaw" markets (as opposed to choppy or stable
markets), in which significant price movements develop but then repeatedly reverse, which could cause substantial losses to
the Subsidiary.</p>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 4
-Subsection b
-Paragraph 1
-Subparagraph i
-Clause instruction
false027false2rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>PERFORMANCE</p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 4
-Subsection b
-Paragraph 2
false028false2rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p>The Fund has not yet commenced operations and, therefore, does not have a performance history. Once available, the Fund's
performance information will be available on the Fund's website at www.ftportfolios.com.</p>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 4
-Subsection b
-Paragraph 2
false029false0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse3falseUSDtruefalse$AsOf2013-08-15_custom_S000037848Member_custom_C000116776Memberhttp://www.sec.gov/CIK0001549548duration2013-08-15T00:00:002013-08-15T00:00:00falsefalseFirst Trust Morningstar Managed Futures Strategy Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldiFMF497_S000037848Memberdei_LegalEntityAxisexplicitMemberfalsefalseFirst Trust Morningstar Managed Futures Strategy Fundrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldiFMF497_C000116776Memberrr_ProspectusShareClassAxisexplicitMemberRatioStandardhttp://www.xbrl.org/2003/instancepurexbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse030true1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse031false2rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue00falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection table
-Paragraph 1
-Subparagraph 1
false032false2rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00950.0095falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection instructions
-Paragraph 3
-Subparagraph a
false033false2rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00000.0000[1]falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection table
-Paragraph 1
-Subparagraph 9
false034false2rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00000.0000[2],[3]falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection instructions
-Paragraph 3
-Subparagraph c
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false035false2rr_Component2OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00000.0000[2],[3]falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection table
-Paragraph 1
-Subparagraph 10
false036false2rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00950.0095falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection table
-Paragraph 1
-Subparagraph 11
false037false2rr_ExpenseExampleNoRedemptionYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue9797USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryYou would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection example
-Paragraph 2
-Subparagraph 1
false238false2rr_ExpenseExampleNoRedemptionYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue356356USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryYou would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Form
-Number N-1A
-Chapter A
-Section 3
-Subsection example
-Paragraph 2
-Subparagraph 1
false21Although the Fund has adopted a 12b-1 plan that permits it to pay up to 0.25% per annum, it will not pay 12b-1 fees at any time before July 31, 2014.2The Fund had not fully commenced operations as of the date of this prospectus. "Total Other Expenses" are estimates based on the expenses the Fund expects to incur for the current fiscal year.3Pursuant to the Investment Management Agreement, First Trust will manage the investment of the Fund's assets and will be responsible for the Fund and the Subsidiary's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a 12b-1 plan, if any, and extraordinary expenses.falseRisk/Return Detail Data (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://xbrl.sec.gov/rr/role/RiskReturnDetailData138EXCEL
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