Morningstar

First Trust Managed Municipal Fund Class I CWAIX

Morningstar Medalist Rating
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  • NAV / 1-Day Return $19.20  /  +0.42 %
  • Fund Size $47.6M
  • Adjusted Expense Ratio 0.500%
  • Net Expense Ratio 0.660%
  • Fee Level: Distribution Average
  • Share Class Type Institutional
  • Morningstar Category Muni National Interm
  • Fixed-Income Style Box (Funds) —
  • Minimum Initial Investment $1M
  • Investment Status Open
  • TTM Yield 3.59%
  • Average Effective Duration —
NAV and 1-Day Return as of

Morningstar’s Analysis CWAIX

Will CWAIX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

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

  • People Pillar

    The People Pillar is our evaluation of the CWAIX 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 CWAIX’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
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Portfolio Holdings CWAIX

More CWAIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 18.8
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

KERN CALIF CMNTY COLLEGE DIST 5.25%

2.16 1M
municipal

YONKERS N Y 5%

2.12 1M
municipal

PENNSYLVANIA ECONOMIC DEV FING AUTH PRIVATE ACTIVITY REV 5.5%

2.12 1M
municipal

CONSOLIDATED WYO MUNICIPALTIES ELEC PWR SYS JT PWRS BRD REV 5.25%

2.12 1M
municipal

PORT PORTLAND ORE ARPT REV 5%

2.01 1M
municipal

DENVER COLO CITY & CNTY ARPT REV 5.5%

1.99 1M
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 4%

1.65 834,784
municipal

Us Dollar

1.61 814,096
Cash and Equivalents

PENNSYLVANIA ST TPK COMMN TPK REV 5%

1.59 801,215
municipal

SOUTH CAROLINA ST PUB SVC AUTH REV 5%

1.56 785,480
municipal

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