Shareholder Report | 12 Months Ended |
Oct. 31, 2024 USD ($) Holding |
Shareholder Report [Line Items] | | |
Document Type | N-CSR | |
Amendment Flag | false | |
Registrant Name | First Trust Exchange-Traded Fund III | |
Entity Central Index Key | 0001424212 | |
Entity Investment Company Type | N-1A | |
Document Period End Date | Oct. 31, 2024 | |
C000138174 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust Managed Municipal ETF | |
Class Name | First Trust Managed Municipal ETF | |
Trading Symbol | FMB | |
Security Exchange Name | NASDAQ | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust Managed Municipal ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FMB info ftportfolios.com | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/FMB | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust Managed Municipal ETF $ 0.65 % | |
Expenses Paid, Amount | $ 68 | |
Expense Ratio, Percent | 0.65% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 9.53% for the 12 months ended October 31, 2024. The Fund outperformed its benchmark, the Bloomberg Revenue 10 Year (8-12) Index which returned 7.63% for the same Period. The key factors which impacted the Fund’s performance relative to the benchmark for the Period included: Credit Rating Years to Maturity Effective Duration Sector/Industry Interest Rate Hedge Distribution Rate U.S. Treasury Rate Trends Industry Fund Inflows/Outflows Primary Market Supply: Credits Spreads and Trends Changes in Municipal Bond Yields | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (October 31, 2014 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year 10 Year First Trust Managed Municipal ETF 9.53 % 0.96 % 2.68 % Bloomberg Revenue 10 Year (8-12) Index 7.63 % 1.09 % 2.41 % Bloomberg Municipal Bond Index 9.70 % 1.05 % 2.30 % | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/FMB for more recent performance information. | |
Net Assets | $ 2,025,547,480 | |
Holdings Count | Holding | 1,349 | |
Advisory Fees Paid, Amount | $ 12,791,968 | |
Investment Company Portfolio Turnover | 29% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 1,349 Total advisory fee paid $ Portfolio turnover rate 29 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund. Sector Allocation Hospital 11.6 % Insured 9.5 % Airport 9.3 % Government Obligation Bond-Unlimited Tax 9.0 % Gas 7.1 % Dedicated Tax 6.8 % Certificates of Participation 5.7 % Utility 5.3 % Industrial Development Bond 4.4 % All Other 31.3 % Credit Quality (1) (1) The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. | |
Credit Quality Explanation [Text Block] | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. | |
Credit Ratings Selection [Text Block] | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. | |
C000165608 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust RiverFront Dynamic Developed International ETF | |
Class Name | First Trust RiverFront Dynamic Developed International ETF | |
Trading Symbol | RFDI | |
Security Exchange Name | NASDAQ | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust RiverFront Dynamic Developed International ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RFDI info ftportfolios.com | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/RFDI | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust RiverFront Dynamic Developed International ETF $ 0.83 % | |
Expenses Paid, Amount | $ 93 | |
Expense Ratio, Percent | 0.83% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 23.93% for the 12 months ended October 31, 2024. The Fund outperformed its benchmark, the MSCI EAFE Index, which returned 22.97% for the same Period. This outperformance was driven by security selection, while asset allocation detracted from the Fund’s performance. Top contributors to performance during the Period: Security selection in Japan Security selection in Technology Security selection in the United Kingdom Overweight to Energy Underweight to Industrials Security selection in Materials | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (April 13, 2016 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year Since First Trust RiverFront Dynamic Developed International ETF 23.93 % 5.58 % 5.78 % MSCI EAFE Index 22.97 % 6.24 % 6.81 % | |
Performance Inception Date | Apr. 13, 2016 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/RFDI for more recent performance information. | |
Net Assets | $ 120,088,234 | |
Holdings Count | Holding | 150 | |
Advisory Fees Paid, Amount | $ 1,034,488 | |
Investment Company Portfolio Turnover | 20% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 150 Total advisory fee paid $ Portfolio turnover rate 20 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund. Top Ten Holdings Shell PLC 2.2 % Dreyfus Government Cash Management Fund, Institutional Shares 2.1 % HSBC Holdings PLC 2.1 % Novartis AG 2.0 % TotalEnergies SE 1.7 % UBS Group AG 1.6 % Allianz SE 1.5 % Recruit Holdings Co., Ltd. 1.4 % Unilever PLC 1.4 % Advantest Corp. 1.4 % Sector Allocation | |
Largest Holdings [Text Block] | Top Ten Holdings Shell PLC 2.2 % Dreyfus Government Cash Management Fund, Institutional Shares 2.1 % HSBC Holdings PLC 2.1 % Novartis AG 2.0 % TotalEnergies SE 1.7 % UBS Group AG 1.6 % Allianz SE 1.5 % Recruit Holdings Co., Ltd. 1.4 % Unilever PLC 1.4 % Advantest Corp. 1.4 % | |
C000190801 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust Institutional Preferred Securities and Income ETF | |
Class Name | First Trust Institutional Preferred Securities and Income ETF | |
Trading Symbol | FPEI | |
Security Exchange Name | NYSEArca | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust Institutional Preferred Securities and Income ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPEI info ftportfolios.com | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/FPEI | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust Institutional Preferred Securities and Income ETF $ 0.85 % | |
Expenses Paid, Amount | $ 94 | |
Expense Ratio, Percent | 0.85% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 20.03% for the 12 months ended October 31, 2024. The Fund outperformed its benchmark, a blended benchmark consisting of a 45/40/15 blend of the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index, which returned 18.72% for the same Period. This outperformance was primarily driven by security selection within variable rate coupon securities during the bullish Period. Many of these securities were trading at deep discounts to par to start the Period but pulled towards par during the Period as resilient economic data and disinflation drove spreads tighter across the market. This outperformance was most pronounced within shorter duration securities that are approaching their first call dates. Other factors that contributed to the Fund’s outperformance during the Period were as follows: Better security selection and overweight allocation to newly issued securities in 2024; Security selection within global banks including U.S. Global Systematically Important Banks, European banks and high-quality Emerging Market Banks; Security selection in insurance, utilities and energy pipelines. Underweight to consumer finance issuers; Exposure to low beta near call securities; Modest overweight allocation to Federal Farm Credit Banks. | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (August 22, 2017 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year Since First Trust Institutional Preferred Securities and Income ETF 20.03 % 4.18 % 4.42 % Blended Benchmark (1) 18.72 % 3.33 % 4.15 % ICE BofA US Investment Grade Institutional Capital Securities Index 17.82 % 3.90 % 4.46 % Bloomberg US Aggregate Bond Index 10.55 % -0.23 % 1.08 % (1) The Blended Benchmark consists of a 45/40/15 blend of the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. | |
Performance Inception Date | Aug. 22, 2017 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/FPEI for more recent performance information. | |
Net Assets | $ 1,489,789,993 | |
Holdings Count | Holding | 165 | |
Advisory Fees Paid, Amount | $ 10,861,741 | |
Investment Company Portfolio Turnover | 35% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 165 Total advisory fee paid $ Portfolio turnover rate 35 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund. Top Ten Holdings Toronto-Dominion Bank (The) 2.2 % Lloyds Banking Group PLC 1.7 % ING Groep N.V. 1.7 % Energy Transfer, L.P., Series G 1.7 % BNP Paribas S.A. 1.7 % Global Atlantic Fin Co. 1.7 % Bank of America Corp., Series TT 1.7 % Bank of Montreal 1.6 % Charles Schwab (The) Corp., Series I 1.6 % Intesa Sanpaolo S.p.A. 1.6 % Sector Allocation | |
Largest Holdings [Text Block] | Top Ten Holdings Toronto-Dominion Bank (The) 2.2 % Lloyds Banking Group PLC 1.7 % ING Groep N.V. 1.7 % Energy Transfer, L.P., Series G 1.7 % BNP Paribas S.A. 1.7 % Global Atlantic Fin Co. 1.7 % Bank of America Corp., Series TT 1.7 % Bank of Montreal 1.6 % Charles Schwab (The) Corp., Series I 1.6 % Intesa Sanpaolo S.p.A. 1.6 % | |
C000107588 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust Preferred Securities and Income ETF | |
Class Name | First Trust Preferred Securities and Income ETF | |
Trading Symbol | FPE | |
Security Exchange Name | NYSEArca | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust Preferred Securities and Income ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPE info ftportfolios.com | |
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the Period. | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/FPE | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust Preferred Securities and Income ETF $ 0.84 % | |
Expenses Paid, Amount | $ 93 | |
Expense Ratio, Percent | 0.84% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 21.79% for the 12 months ended October 31, 2024. The Fund outperformed its benchmark, a blended benchmark consisting of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index, which returned 20.56% for the same Period. This outperformance was primarily driven by security selection within variable rate securities during the bullish Period. Many of these securities were trading at deep discounts to par to start the Period but pulled towards par during the Period as resilient economic data and disinflation drove spreads tighter across the market. This outperformance was most pronounced within shorter duration securities that are approaching their first call dates. Other factors that contributed to the Fund’s outperformance during the Period were as follows: Better security selection and overweight allocation to newly issued securities in 2024; Security selection within global banks including U.S. Global Systematically Important Banks, European banks and high-quality Emerging Market Banks; Security selection in insurance, utilities and energy pipelines. Underweight and security selection within regional and super regional banks; Overweight allocation to Federal Farm Credit Banks; Underweight to consumer finance. | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (October 31, 2014 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year 10 Year First Trust Preferred Securities and Income ETF 21.79 % 3.33 % 5.07 % ICE BofA US Investment Grade Institutional Capital Securities Index 17.82 % 3.90 % 4.79 % Blended Benchmark (1) 20.56 % 2.84 % 4.76 % Bloomberg US Aggregate Bond Index 10.55 % -0.23 % 1.49 % (1) The Blended Benchmark consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Material Change Date | Oct. 31, 2024 | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/FPE for more recent performance information. | |
Net Assets | $ 5,680,039,181 | |
Holdings Count | Holding | 225 | |
Advisory Fees Paid, Amount | $ 44,636,161 | |
Investment Company Portfolio Turnover | 46% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 225 Total advisory fee paid $ Portfolio turnover rate 46 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund. Top Ten Holdings Wells Fargo & Co., Series L 2.4 % Barclays PLC 1.8 % JPMorgan Chase & Co., Series NN 1.8 % Bank of America Corp., Series L 1.7 % Intesa Sanpaolo S.p.A. 1.7 % Credit Agricole S.A. 1.3 % Lloyds Banking Group PLC 1.3 % Energy Transfer, L.P., Series G 1.3 % Global Atlantic Fin Co. 1.3 % Deutsche Bank AG, Series 2020 1.3 % Sector Allocation Any amount shown as 0.0% represents less than 0.1% | |
Largest Holdings [Text Block] | Top Ten Holdings Wells Fargo & Co., Series L 2.4 % Barclays PLC 1.8 % JPMorgan Chase & Co., Series NN 1.8 % Bank of America Corp., Series L 1.7 % Intesa Sanpaolo S.p.A. 1.7 % Credit Agricole S.A. 1.3 % Lloyds Banking Group PLC 1.3 % Energy Transfer, L.P., Series G 1.3 % Global Atlantic Fin Co. 1.3 % Deutsche Bank AG, Series 2020 1.3 % | |
Material Fund Change [Text Block] | HOW HAS THE FUND MATERIALLY CHANGED? This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FPE info ftportfolios.com During the fiscal year ended October 31, 2024, the minimum percentage of exchange-listed securities held by the Fund decreased from 25% of the Fund’s net assets to 15% of the Fund’s net assets. | |
Material Fund Change Expenses [Text Block] | During the fiscal year ended October 31, 2024, the minimum percentage of exchange-listed securities held by the Fund decreased from 25% of the Fund’s net assets to 15% of the Fund’s net assets. | |
Summary of Change Legend [Text Block] | This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund’s prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FPE info ftportfolios.com | |
Updated Prospectus Phone Number | 1-800-621-1675 | |
Updated Prospectus Email Address | info@ftportfolios.com | |
Updated Prospectus Web Address | www.ftportfolios.com/fund-documents/etf/FPE | |
C000146034 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust Emerging Markets Local Currency Bond ETF | |
Class Name | First Trust Emerging Markets Local Currency Bond ETF | |
Trading Symbol | FEMB | |
Security Exchange Name | NASDAQ | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust Emerging Markets Local Currency Bond ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEMB info ftportfolios.com | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/FEMB | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust Emerging Markets Local Currency Bond ETF $ 0.85 % | |
Expenses Paid, Amount | $ 88 | |
Expense Ratio, Percent | 0.85% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 7.33% for the 12 months ended October 31, 2024. The Fund underperformed its benchmark, the J.P. Morgan GBI-EM Global Diversified Index, which returned 8.76% for the same Period. This underperformance was primarily driven by the Fund’s underweight exposure to China, which saw strong fixed-income performance, as well as the underweights in Thailand, Poland, and the Czech Republic. However, overweight exposures in South Africa, Colombia, and India partly mitigated the underperformance. India, a new entrant to the benchmark during the Period, offered a compelling investment case as an investment-grade-rated, high-yielding market within Asia. The Fund, benefiting from active management, has maintained exposure to India for several years and continues to see attractive opportunities there going forward. The benchmark’s performance was largely driven by the performance of the local currency bonds as yields generally fell over the Period. The benchmark’s local bond component returned 9.44% while emerging market (“EM”) currencies detracted from performance, declining -0.63%. The benchmark’s yield fell 47 basis points (“bps”) to 6.38%, compared to a 70 bps decline in the U.S. 5-Year Treasury yield, which ended the Period at 4.16%. Currency management, via derivatives, detracted from performance during the Period as weaker EM currencies weighed on returns. Short positions in the U.S. Dollar and long exposures to the Indonesian Rupiah, Israeli Shekel, and Chilean Peso contributed negatively, while exposures to the South African Rand, Colombian Peso, and Chinese Yuan provided positive contributions. Regional performance was mixed. Latin America underperformed, delivering flat returns, while the Middle East and Africa led gains, buoyed by South Africa. The Asian region outperformed, with strong contributions from Malaysia and Thailand. EM assets were volatile due to shifting expectations regarding policy of the U.S. Federal Reserve (the “Fed”). Hopes for rapid rate cuts early on in the Period faded amid persistent inflation, but easing inflation later in the Period prompted the Fed to begin its easing cycle, providing a boost to EMs. However, uncertainty surrounding the U.S. Presidential election and its implications for EMs added to the near-term risks. | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (November 4, 2014 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year Since First Trust Emerging Markets Local Currency Bond ETF 7.33 % -1.15 % -0.48 % Bloomberg Emerging Markets Local Currency Government - 10% Country Capped Index 9.87 % -0.35 % 0.58 % JP Morgan GBI-EM Global Diversified Index 8.76 % -0.92 % 0.01 % | |
Performance Inception Date | Nov. 04, 2014 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/FEMB for more recent performance information. | |
Net Assets | $ 200,771,556 | |
Holdings Count | Holding | 74 | |
Advisory Fees Paid, Amount | $ 1,392,785 | |
Investment Company Portfolio Turnover | 48% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 74 Total advisory fee paid $ Portfolio turnover rate 48 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund. Top Ten Holdings Indonesia Treasury Bond, 7.00%, 09/15/30 4.6 % Indonesia Treasury Bond, 9.00%, 03/15/29 4.5 % Republic of South Africa Government Bond, 8.25%, 03/31/32 4.2 % Colombian TES, Series B, 7.25%, 10/18/34 3.8 % Indonesia Treasury Bond, 8.38%, 09/15/26 3.8 % Republic of South Africa Government Bond, Series R186, 10.50%, 12/21/26 3.7 % Thailand Government Bond, 3.39%, 06/17/37 3.7 % Romania Government Bond, 6.70%, 02/25/32 3.7 % Malaysia Government Bond, 3.89%, 08/15/29 3.6 % Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/29 3.3 % Credit Quality (1) (1) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the credit worthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. | |
Credit Quality Explanation [Text Block] | The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the credit worthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. | |
Credit Ratings Selection [Text Block] | The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations. | |
Largest Holdings [Text Block] | Top Ten Holdings Indonesia Treasury Bond, 7.00%, 09/15/30 4.6 % Indonesia Treasury Bond, 9.00%, 03/15/29 4.5 % Republic of South Africa Government Bond, 8.25%, 03/31/32 4.2 % Colombian TES, Series B, 7.25%, 10/18/34 3.8 % Indonesia Treasury Bond, 8.38%, 09/15/26 3.8 % Republic of South Africa Government Bond, Series R186, 10.50%, 12/21/26 3.7 % Thailand Government Bond, 3.39%, 06/17/37 3.7 % Romania Government Bond, 6.70%, 02/25/32 3.7 % Malaysia Government Bond, 3.89%, 08/15/29 3.6 % Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/29 3.3 % | |
C000165610 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust RiverFront Dynamic Europe ETF | |
Class Name | First Trust RiverFront Dynamic Europe ETF | |
Trading Symbol | RFEU | |
Security Exchange Name | NASDAQ | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust RiverFront Dynamic Europe ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RFEU info ftportfolios.com | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/RFEU | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust RiverFront Dynamic Europe ETF $ 2.09 % (1) (1) Includes tax expense. If the tax expense was not included, the expense ratio would have been 0.83%. | |
Expenses Paid, Amount | $ 226 | |
Expense Ratio, Percent | 2.09% | [1] |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 16.49% for the 12 months ended October 31, 2024. The Fund underperformed its benchmark, the MSCI Europe Index, which returned 22.43% for the same Period. This underperformance was driven by both poor security selection and asset allocation. Top contributors to performance during the Period: Security selection in Denmark Security selection in Technology Security selection in Financials Security selection in Industrials Security selection in France Overweight to Energy | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (April 13, 2016 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year Since First Trust RiverFront Dynamic Europe ETF 16.49 % 4.47 % 5.74 % MSCI Europe Index 22.43 % 6.91 % 6.92 % | |
Performance Inception Date | Apr. 13, 2016 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/RFEU for more recent performance information. | |
Net Assets | $ 6,354,852 | |
Holdings Count | Holding | 89 | |
Advisory Fees Paid, Amount | $ 73,278 | |
Investment Company Portfolio Turnover | 21% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 89 Total advisory fee paid $ Portfolio turnover rate 21 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund. Top Ten Holdings ASML Holding N.V. 3.6 % Nestle S.A. 3.2 % Novartis AG 3.0 % Roche Holding AG 2.8 % Nokia Oyj 2.7 % Unilever PLC 2.4 % LVMH Moet Hennessy Louis Vuitton SE 2.3 % TotalEnergies SE 2.2 % Allianz SE 2.2 % Shell PLC 2.1 % Sector Allocation | |
Largest Holdings [Text Block] | Top Ten Holdings ASML Holding N.V. 3.6 % Nestle S.A. 3.2 % Novartis AG 3.0 % Roche Holding AG 2.8 % Nokia Oyj 2.7 % Unilever PLC 2.4 % LVMH Moet Hennessy Louis Vuitton SE 2.3 % TotalEnergies SE 2.2 % Allianz SE 2.2 % Shell PLC 2.1 % | |
C000142474 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust Long/Short Equity ETF | |
Class Name | First Trust Long/Short Equity ETF | |
Trading Symbol | FTLS | |
Security Exchange Name | NYSEArca | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust Long/Short Equity ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTLS info ftportfolios.com | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/FTLS | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust Long/Short Equity ETF $ 1.38 % | |
Expenses Paid, Amount | $ 154 | |
Expense Ratio, Percent | 1.38% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 22.52% for the 12 months ended October 31, 2024. The Fund underperformed its benchmark, the S&P 500 ® The underperformance was the result of the Fund’s short equity positions which detracted from the Fund’s performance during the Period. The overall economic backdrop during the Period was one of solid economic growth and declining inflation. During the Period, broad based economic indicators highlighting these trends were: Average quarterly growth in gross domestic product in the prior four calendar quarters (fourth quarter 2023 through third quarter 2024) was 2.65%; Year-over-year the Consumer Price Index continued to decline, falling from 3.2% as of October 31, 2023 to 2.6% as of October 31, 2024; Year-over-year increase in real wages, as measured by the U.S. Bureau of Labor Statistics, increased by 1.3%, rising from 0.1% to 1.4% ® The Fund benefitted from the economic backdrop as its long equity holdings performed in-line with the benchmark during the Period. On average, the Fund’s long equity portfolio was underweight technology and financial stocks during the Period. Offsetting those underweights were overweights in materials and energy stocks. Sector weightings during the Period were negative contributors to relative return in the long portfolio as the Technology sector, an underweight, was the best performing sector within the benchmark. Energy, an overweight, was the worst performing sector within the benchmark. Within the long portfolio, the relative performance impact of the stock selection process offset almost all the relative performance lost due to sector over/underweights. Individual stock selection (picking outperforming stocks) was strongest within the Information Technology sector and the Consumer Staples sector. The selection impact was a negative contributor to relative returns in the Health Care sector. The Fund’s investment process of shorting stocks to hedge the portfolio and reduce overall net equity exposure detracted from absolute and relative performance during the Period. The Fund’s short positions were on average, 35.2% of net asset value during the Period. The short portfolio, in a strongly rising equity market, detracted from absolute returns as the short positions rose in value during the Period. On a relative basis, the Fund’s short portfolio detracted from performance as the short positions, on average, rose in value by more than the benchmark’s total return. The single largest sector detracting from relative performance was the Information Technology sector. The Fund was, on average, underweight the Information Technology sector; however, the Fund’s short equity positions within the sector rose in value significantly more than the benchmark positions which detracted from relative performance. Short equity futures also detracted from the Fund's total return during the Period. | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (October 31, 2014 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year 10 Year First Trust Long/Short Equity ETF 22.52 % 9.74 % 8.50 % S&P 500 ® 38.02 % 15.27 % 13.00 % | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/FTLS for more recent performance information. | |
Net Assets | $ 1,566,266,143 | |
Holdings Count | Holding | 417 | |
Advisory Fees Paid, Amount | $ 11,272,429 | |
Investment Company Portfolio Turnover | 235% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 417 Total advisory fee paid $ Portfolio turnover rate 235 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments of the Fund, respectively. Fund Allocation Common Stocks 96.5 % Exchange-Traded Funds 1.0 % Money Market Funds 0.9 % Common Stocks Sold Short (28.9 % ) Net Other Assets and Liabilities (1) 30.5 % Total 100.0 % Sector Allocation (1) | |
C000165609 [Member] | | |
Shareholder Report [Line Items] | | |
Fund Name | First Trust RiverFront Dynamic Emerging Markets ETF | |
Class Name | First Trust RiverFront Dynamic Emerging Markets ETF | |
Trading Symbol | RFEM | |
Security Exchange Name | NASDAQ | |
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the First Trust RiverFront Dynamic Emerging Markets ETF (the “Fund”) for the year of November 1, 2023 to October 31, 2024 (the “Period”). | |
Shareholder Report Annual or Semi-Annual | annual shareholder report | |
Additional Information [Text Block] | You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/RFEM info ftportfolios.com | |
Additional Information Phone Number | 1-800-621-1675 | |
Additional Information Email | info@ftportfolios.com | |
Additional Information Website | www.ftportfolios.com/fund-documents/etf/RFEM | |
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (Based on a hypothetical $10,000 investment) Fund Costs of a $10,000 investment Costs paid as a percentage First Trust RiverFront Dynamic Emerging Markets ETF $ 0.95 % | |
Expenses Paid, Amount | $ 108 | |
Expense Ratio, Percent | 0.95% | |
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE? The Fund returned 26.53% for the 12 months ended October 31, 2024. The Fund outperformed its benchmark, the MSCI Emerging Markets Index, which returned 25.32% for the same Period. This outperformance was driven primarily by security selection, though asset allocation also contributed to performance. Top contributors to performance during the Period: Security selection in Taiwan Security selection in Industrials Security selection in Financials Selection in Materials Overweight to Turkey Overweight to Energy The portfolio partially hedged its Taiwan Dollar exposure during the full Period. This hedging was additive to portfolio performance. | |
Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | |
Line Graph [Table Text Block] | FUND PERFORMANCE (June 14, 2016 to October 31, 2024) The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as Investment Performance of $10,000 | |
Average Annual Return [Table Text Block] | Average Annual Total Returns (as of October 31, 2024) 1 Year 5 Year Since First Trust RiverFront Dynamic Emerging Markets ETF 26.53 % 5.27 % 6.81 % MSCI Emerging Markets Index 25.32 % 3.93 % 6.62 % | |
Performance Inception Date | Jun. 14, 2016 | |
No Deduction of Taxes [Text Block] | The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | |
Updated Performance Information Location [Text Block] | Visit www.ftportfolios.com/etf/RFEM for more recent performance information. | |
Net Assets | $ 29,111,673 | |
Holdings Count | Holding | 105 | |
Advisory Fees Paid, Amount | $ 313,243 | |
Investment Company Portfolio Turnover | 27% | |
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (As of October 31, 2024) Fund net assets $ Total number of portfolio holdings 105 Total advisory fee paid $ Portfolio turnover rate 27 % | |
Holdings [Text Block] | WHAT DID THE FUND INVEST IN? (As of October 31, 2024) The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund. Top Ten Holdings Taiwan Semiconductor Manufacturing Co., Ltd. 10.3 % iShares MSCI China ETF 4.3 % Tencent Holdings Ltd. 4.2 % MediaTek, Inc. 2.3 % Alibaba Group Holding Ltd. 2.3 % Industrial & Commercial Bank of China Ltd., Class H 2.0 % ICICI Bank Ltd. 2.0 % Haidilao International Holding Ltd. 1.8 % Kasikornbank PCL, NVDR 1.7 % Kasikornbank PCL 1.6 % Sector Allocation | |
Largest Holdings [Text Block] | Top Ten Holdings Taiwan Semiconductor Manufacturing Co., Ltd. 10.3 % iShares MSCI China ETF 4.3 % Tencent Holdings Ltd. 4.2 % MediaTek, Inc. 2.3 % Alibaba Group Holding Ltd. 2.3 % Industrial & Commercial Bank of China Ltd., Class H 2.0 % ICICI Bank Ltd. 2.0 % Haidilao International Holding Ltd. 1.8 % Kasikornbank PCL, NVDR 1.7 % Kasikornbank PCL 1.6 % | |
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[1]Includes tax expense. If the tax expense was not included, the expense ratio would have been 0.83%. |