CWAAX – Fund Analysis – First Trust Managed Municipal A | Morningstar

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Will CWAAX outperform in the future?

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable CWAAX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the CWAAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of CWAAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Associate Analyst Rafael Ramirez

Rafael Ramirez

Associate Analyst

Summary

An active muni ETF with an appetite for credit risk. First Trust Managed Municipal ETF’s research capabilities are sufficient, but the team’s propensity to take more credit risk than most muni national intermediate Morningstar Category peers hasn’t paid off.

by Rafael Ramirez

Rated on Jun 30, 2026 Published on Jul 28, 2026

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