POWER OF ATTORNEY

         Know all by these presents, that the undersigned hereby constitutes and
appoints each of W. Scott Jardine, James A. Bowen, Robert M. Porcellino, Kristi
A. Maher, James M. Dykas and Eric F. Fess, signing singly, the undersigned's
true and lawful attorney-in-fact to:

                       (1) execute for and on behalf of the undersigned, in the
         undersigned's capacity as an officer, employee, trustee, and/or ten
         percent stockholder of any of First Trust Portfolios L.P., First Trust
         Advisors LP ("Advisors"), or any company registered as an investment
         company under the Investment Company Act of 1940, of which Advisors is
         an investment adviser (each a "Company"), Forms 3, 4, and 5 in
         accordance with Section 16(a) of the Securities Exchange Act of 1934
         and the rules thereunder;

                        (2) do and perform any and all acts for and on behalf of
         the undersigned which may be necessary or desirable to complete and
         execute any such Form 3, 4, or 5, including a Form ID, complete and
         execute any amendment or amendments thereto, and timely file such form
         with the United States Securities and Exchange Commission and any stock
         exchange or similar authority; and

                        (3) take any other action of any type whatsoever in
         connection with the foregoing which, in the opinion of such
         attorney-in-fact, may be of benefit to, in the best interest of, or
         legally required by, the undersigned, it being understood that the
         documents executed by such attorney-in-fact on behalf of the
         undersigned pursuant to this Power of Attorney shall be in such form
         and shall contain such terms and conditions as such attorney-in-fact
         may approve in such attorney-in-fact's sole discretion.

         The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the rights
and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall
lawfully do or cause to be done by virtue of this power of attorney and the
rights and powers herein granted. The undersigned acknowledges that the
foregoing attorneys-in-fact, in serving in such capacity at the request of the
undersigned, are not assuming, nor is the Company or Chapman and Cutler LLP
assuming, any of the undersigned's responsibilities to comply with Section 16 of
the Securities Exchange Act of 1934.

         In consideration of the attorneys-in-fact acting on the undersigned's
behalf pursuant to this Power of Attorney, the undersigned hereby agrees to
indemnify and hold harmless each attorney-in-fact, each substitute
attorney-in-fact, and each of their respective heirs, executors, legal
representatives, successors, and assigns from and against the entirety of any





and all losses, claims, causes of action, damages, fines, defense costs, amounts
paid in settlement, liabilities, and expenses, including reasonable attorneys'
fees and expenses (collectively, "Losses"), relating to or arising out of the
exercise of this Power of Attorney by any such attorney-in-fact or substitute
attorney-in-fact, and will reimburse each such indemnified person for all Losses
as they are incurred by such indemnified person in connection with any pending
or threatened claim, action, suit, proceeding, or investigation with which such
indemnified person is or is threatened to be made a party. The undersigned will
not, however, be responsible for any Losses that are finally determined by a
court of competent jurisdiction to have resulted solely from an
attorney-in-fact's or substitute attorney-in-fact's bad faith or willful
misconduct.

         This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file Forms 3, 4, and 5 with respect to the
undersigned's holdings of and transactions in securities requiring such filings,
unless earlier revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.

         IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of March 27, 2006.

                                      /s/ Richard E. Erickson
                                      -----------------------------------
                                      Richard E. Erickson