| N-2 | Sep. 22, 2023 USD ($) | |
| Cover [Abstract] | ||
| Entity Central Index Key | 0001970466 | |
| Amendment Flag | false | |
| Document Type | 424B3 | |
| Entity Registrant Name | First Trust Hedged Strategies Fund | |
| Fee Table [Abstract] | ||
| Shareholder Transaction Expenses [Table Text Block] | SHAREHOLDER TRANSACTION EXPENSES: Class A Class I Maximum Sales Charge (Load) (1) as a percentage of purchase amount 4.50 % None (1) Investors in Class A Shares may be charged a sales charge of up to 4.50% of the purchase amount. For Class A Shares, no sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge (“CDSC”) of 1.25% will be imposed to the extent a finder’s fee was paid on certain redemptions of such shares within 12 months of the date of purchase. | |
| Other Transaction Expenses [Abstract] | ||
| Annual Expenses [Table Text Block] | ANNUAL EXPENSES: (As a Percentage of Net Assets Attributable to Shares) (2) Management Fee (3) 1.05 % 1.05 % Distribution and Servicing Fee (4) 1.00 % 0.25 % Other Expenses (5) 0.64 % 0.64 % Acquired Fund Fees and Expenses (6) 4.99 % 4.99 % Total Annual Expenses 7.68 % 6.93 % Less: Amount Paid or Absorbed Under Expense Limitation and Reimbursement Agreement (7) 0.08 % 0.08 % Net Annual Expenses (7) 7.60 % 6.85 % (2) For purposes of determining net assets in fee table calculations, derivatives are valued at market value. (3) For its provision of advisory services to the Fund, the Investment Adviser receives an annual Management Fee, payable monthly in arrears, equal to 1.05% of the Fund’s average daily net assets during the month. The Management Fee will be paid to the Investment Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund. (4) Pursuant to exemptive relief from the SEC, the Fund offers multiple classes of shares and has adopted a distribution and service plan for Class A and Class I Shares. Investors may pay a Distribution and Servicing Fee of up to 1.00% and 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class A and Class I Shares, respectively, to qualified recipients. Payment of the Distribution and Servicing Fee is governed by a Distribution and Service Plan for Class A and Class I Shares which, pursuant to the conditions of the exemptive order issued by the SEC, has been adopted by the Fund with respect to the applicable Class in compliance with Rule 12b-1 under the Investment Company Act. See “DISTRIBUTION AND SERVICE PLAN.” (5) “Other Expenses” are based on estimated amounts for the current fiscal year and assumes assets under management of $100,000,000. (6) In addition to the Fund’s direct expenses, the Fund indirectly bears a pro-rata share of the expenses of the Investment Funds. The Investment Funds generally charge, in addition to management fees calculated as a percentage of the average net asset value (“NAV”) of the Fund’s investment, performance-based fees generally from % of the net capital appreciation in the Fund’s investment for the year or other measurement period, subject to loss carryforward provisions, as defined in the respective Investment Funds’ agreements. The fees and expenses indicated are based on estimated amounts for the current fiscal year. In the future, these fees and expenses may be substantially higher or lower than reflected, because certain fees are based on the performance of the Investment Funds, which fluctuate over time. In addition, the Fund’s portfolio changes from time to time, which will result in different Acquired Fund Fees and Expenses. (7) The Investment Adviser has entered into an expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a “Waiver”), in the amount necessary to ensure that Total Annual Expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 2.45% and 1.70% of the average daily net assets of Class A Shares and Class I Shares, respectively (the “Expense Limit”) for an initial term of one year from the effective date of the Expense Limitation and Reimbursement Agreement (“Initial Term”). The Expense Limitation and Reimbursement Agreement may not be terminated during the Initial Term by the Fund or the Investment Adviser. After the Initial Term, the Expense Limitation and Reimbursement Agreement may be terminated by the Fund or the Investment Adviser upon 30 days’ written notice. Unless it is terminated, the Expense Limitation and Reimbursement Agreement automatically renews from year to year. Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.45% and 1.70% for the Class A Shares and Class I Shares, respectively. For a period not to exceed three years from the date on which a Waiver is made, the Investment Adviser may recoup amounts waived or assumed, provided the Fund is able to effect such recoupment and remain in compliance with the expense limit in effect at the time of the Waiver and the expense limit in effect at the time of the recoupment. | |
| Other Annual Expenses [Abstract] | ||
| Expense Example [Table Text Block] | 1 Year 3 Years 5 Years 10 Years Class A Shares You Would Pay the Following Expenses Based on the Imposition of the 4.50% Sales Charge and a $1,000 Investment in the Fund, Assuming a 5% Annual Return: $ 117 $ 256 $ 387 $ 687 Class I Shares You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return: $ 68 $ 201 $ 330 $ 629 | |
| Basis of Transaction Fees, Note [Text Block] | as a percentage of purchase amount | |
| Other Expenses, Note [Text Block] | “Other Expenses” are based on estimated amounts for the current fiscal year and assumes assets under management of $100,000,000. | |
| Acquired Fund Fees and Expenses, Note [Text Block] | In addition to the Fund’s direct expenses, the Fund indirectly bears a pro-rata share of the expenses of the Investment Funds. The Investment Funds generally charge, in addition to management fees calculated as a percentage of the average net asset value (“NAV”) of the Fund’s investment, performance-based fees generally from % of the net capital appreciation in the Fund’s investment for the year or other measurement period, subject to loss carryforward provisions, as defined in the respective Investment Funds’ agreements. The fees and expenses indicated are based on estimated amounts for the current fiscal year. In the future, these fees and expenses may be substantially higher or lower than reflected, because certain fees are based on the performance of the Investment Funds, which fluctuate over time. In addition, the Fund’s portfolio changes from time to time, which will result in different Acquired Fund Fees and Expenses. | |
| Acquired Fund Fees Estimated, Note [Text Block] | The fees and expenses indicated are based on estimated amounts for the current fiscal year. In the future, these fees and expenses may be substantially higher or lower than reflected, because certain fees are based on the performance of the Investment Funds, which fluctuate over time. In addition, the Fund’s portfolio changes from time to time, which will result in different Acquired Fund Fees and Expenses. | |
| Acquired Fund Incentive Allocation, Note [Text Block] | The Investment Funds generally charge, in addition to management fees calculated as a percentage of the average net asset value (“NAV”) of the Fund’s investment, performance-based fees generally from % of the net capital appreciation in the Fund’s investment for the year or other measurement period, subject to loss carryforward provisions, as defined in the respective Investment Funds’ agreements. | |
| Incentive Allocation Minimum [Percent] | 15% | |
| Incentive Allocation Maximum [Percent] | 20% | |
| Class A [Member] | ||
| Fee Table [Abstract] | ||
| Sales Load [Percent] | 4.50% | [1] |
| Other Transaction Expenses [Abstract] | ||
| Management Fees [Percent] | 1.05% | [2],[3] |
| Distribution/Servicing Fees [Percent] | 1% | [3],[4] |
| Acquired Fund Fees and Expenses [Percent] | 4.99% | [3],[5] |
| Other Annual Expenses [Abstract] | ||
| Other Annual Expenses [Percent] | 0.64% | [3],[6] |
| Total Annual Expenses [Percent] | 7.68% | [3] |
| Waivers and Reimbursements of Fees [Percent] | 0.08% | [3],[7] |
| Net Expense over Assets [Percent] | 7.60% | [3],[7] |
| Expense Example, Year 01 | $ 117 | |
| Expense Example, Years 1 to 3 | 256 | |
| Expense Example, Years 1 to 5 | 387 | |
| Expense Example, Years 1 to 10 | $ 687 | |
| Class I [Member] | ||
| Fee Table [Abstract] | ||
| Sales Load [Percent] | 0% | [1] |
| Other Transaction Expenses [Abstract] | ||
| Management Fees [Percent] | 1.05% | [2],[3] |
| Distribution/Servicing Fees [Percent] | 0.25% | [3],[4] |
| Acquired Fund Fees and Expenses [Percent] | 4.99% | [3],[5] |
| Other Annual Expenses [Abstract] | ||
| Other Annual Expenses [Percent] | 0.64% | [3],[6] |
| Total Annual Expenses [Percent] | 6.93% | [3] |
| Waivers and Reimbursements of Fees [Percent] | 0.08% | [3],[7] |
| Net Expense over Assets [Percent] | 6.85% | [3],[7] |
| Expense Example, Year 01 | $ 68 | |
| Expense Example, Years 1 to 3 | 201 | |
| Expense Example, Years 1 to 5 | 330 | |
| Expense Example, Years 1 to 10 | $ 629 | |
| [1]Investors in Class A Shares may be charged a sales charge of up to 4.50% of the purchase amount. For Class A Shares, no sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge (“CDSC”) of 1.25% will be imposed to the extent a finder’s fee was paid on certain redemptions of such shares within 12 months of the date of purchase.[2]For its provision of advisory services to the Fund, the Investment Adviser receives an annual Management Fee, payable monthly in arrears, equal to 1.05% of the Fund’s average daily net assets during the month. The Management Fee will be paid to the Investment Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund.[3]For purposes of determining net assets in fee table calculations, derivatives are valued at market value.[4]Pursuant to exemptive relief from the SEC, the Fund offers multiple classes of shares and has adopted a distribution and service plan for Class A and Class I Shares. Investors may pay a Distribution and Servicing Fee of up to 1.00% and 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class A and Class I Shares, respectively, to qualified recipients. Payment of the Distribution and Servicing Fee is governed by a Distribution and Service Plan for Class A and Class I Shares which, pursuant to the conditions of the exemptive order issued by the SEC, has been adopted by the Fund with respect to the applicable Class in compliance with Rule 12b-1 under the Investment Company Act. See “DISTRIBUTION AND SERVICE PLAN.”[5]In addition to the Fund’s direct expenses, the Fund indirectly bears a pro-rata share of the expenses of the Investment Funds. The Investment Funds generally charge, in addition to management fees calculated as a percentage of the average net asset value (“NAV”) of the Fund’s investment, performance-based fees generally from 15% to 20% of the net capital appreciation in the Fund’s investment for the year or other measurement period, subject to loss carryforward provisions, as defined in the respective Investment Funds’ agreements. The fees and expenses indicated are based on estimated amounts for the current fiscal year. In the future, these fees and expenses may be substantially higher or lower than reflected, because certain fees are based on the performance of the Investment Funds, which fluctuate over time. In addition, the Fund’s portfolio changes from time to time, which will result in different Acquired Fund Fees and Expenses.[6]“Other Expenses” are based on estimated amounts for the current fiscal year and assumes assets under management of $100,000,000.[7]The Investment Adviser has entered into an expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a “Waiver”), in the amount necessary to ensure that Total Annual Expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 2.45% and 1.70% of the average daily net assets of Class A Shares and Class I Shares, respectively (the “Expense Limit”) for an initial term of one year from the effective date of the Expense Limitation and Reimbursement Agreement (“Initial Term”). The Expense Limitation and Reimbursement Agreement may not be terminated during the Initial Term by the Fund or the Investment Adviser. After the Initial Term, the Expense Limitation and Reimbursement Agreement may be terminated by the Fund or the Investment Adviser upon 30 days’ written notice. Unless it is terminated, the Expense Limitation and Reimbursement Agreement automatically renews from year to year. Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.45% and 1.70% for the Class A Shares and Class I Shares, respectively. For a period not to exceed three years from the date on which a Waiver is made, the Investment Adviser may recoup amounts waived or assumed, provided the Fund is able to effect such recoupment and remain in compliance with the expense limit in effect at the time of the Waiver and the expense limit in effect at the time of the recoupment. | ||
