CWAAX – First Trust Managed Municipal A Investment Strategy | Morningstar

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Strategy

The investment seeks to generate current income that is exempt from federal income taxes and its secondary objective is long term capital appreciation. The fund invests at least 65% of its net assets in investment grade securities, which are securities that are rated at the time of investment in one of the four highest credit quality categories by at least one nationally recognized statistical rating organization rating that security or, if unrated, determined by the fund’s investment advisor to be of comparable quality. It is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
CWAIX	First Trust Managed Municipal Fund Class I	Institutional	Open			Jun 15, 2022	$47.28M	0.500%	Average	$1M	−$17.55M
CWAAX	First Trust Managed Municipal Fund Class A	Front Load	Open			Mar 3, 2025	$494,151.00	0.750%	Average	$2,500	$6,726.07

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