Morningstar Advisor - Spring 2007 - (Page 37)

Sometimes it’s okay to be average. Just not when it comes to investing. Today’s investor is increasingly demanding transparency, trading flexibility, tax efficiency, and performance potential. Introducing a new family of First Trust exchange-traded funds. The AlphaDEX family of funds employs an enhanced indexing approach to investing while still providing all the benefits you’ve come to expect from exchange-traded funds. To learn more, call First Trust at 1-866-848-9727 The information in the prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. You should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing. To obtain a prospectus which contains this and other information about a fund, contact First Trust at 1-866-848-9727. Read it carefully before you invest. Risk Considerations: An investment in a fund involves risks similar to those of investing in any fund of equity securities traded on exchanges, including the risk that fund shares or stocks in general may fall in value. A fund’s shares will change in value, and you could lose money by investing in a fund. www.ftportfolios.com First Trust Advisors L.P. is the adviser to the funds. First Trust Portfolios L.P. is the funds’ distributor. You should anticipate that the value of the shares will fluctuate, more or less, in correlation with the value of the index. Investors who sell fund shares may receive less than the share’s net asset value. Investors buying or selling fund shares on the secondary market may incur brokerage commissions. http://www.ftportfolios.com http://www.ftportfolios.com

Table of Contents Feed for the Digital Edition of Morningstar Advisor - Spring 2007

Morningstar Advisor Spring 2007 Features Departments Letter from Joe Mansueto Get to Know Morningstar’s Fund Managers of the Year Is Your Client a Stock or a Bond? Less Alpha, More Beta Than Meets the Eye Your Mileage May Vary A Clear-Eyed Look at Hedge Funds Lower Risk, Higher Returns, What’s Not to Like? Without Cash and Clout, Advisors and Clients Get Short End of Stick Get the Strategy Minus the Headaches Analyzing Funds of Hedge Funds Not All Hedge Funds Are Created Equal A Fund with a (Long) View Laying Low and Prospering A Menu of Ideas to Fill Five Market Baskets Oil and Gas Gushing with Values Mutual Fund Analyst Picks Undervalued Stocks Most Popular Variable Annuities What’s New at Morningstar and on the Web You Can’t Always Get What You Want

Morningstar Advisor - Spring 2007

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