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Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Trust Managed Municipal Fund

CWAIX | Fund

$20.54

$77.8 M

3.62%

$0.74

0.83%

Vitals

YTD Return

1.7%

1 yr return

4.8%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$77.8 M

Holdings in Top 10

15.2%

52 WEEK LOW AND HIGH

$20.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.83%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Trust Managed Municipal Fund

CWAIX | Fund

$20.54

$77.8 M

3.62%

$0.74

0.83%

CWAIX - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    First Trust Managed Municipal Fund
  • Fund Family Name
    First Trust Advisors L.P.
  • Inception Date
    Jun 15, 2022
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (plus any borrowings for investment purposes) in municipal debt securities that pay interest that is exempt from federal income taxes. Municipal securities are generally issued by or on behalf of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities. The types of municipal securities in which the Fund may invest include municipal lease obligations (and certificates of participation in such obligations), municipal general obligation bonds, municipal revenue bonds, municipal notes, municipal cash equivalents, private activity bonds (including without limitation industrial development bonds), zero coupon bonds and pre-refunded and escrowed-to-maturity bonds. In addition, municipal securities include securities issued by tender option bond (“TOB”) trusts and custodial receipt trusts. The Fund may also invest up to 20% of its net assets (measured by notional value) in derivative instruments, other than TOB and custodial receipts trusts, to obtain net long or short exposures to selected interest rates or to hedge risks, including interest rate risks and credit risks, associated with the Fund’s portfolio investments. The Fund may invest in municipal securities of any duration or maturity.The Fund’s investment advisor selects the securities for the Fund by implementing an investment process that is comprised of the following components:1.Total return scenario analysis: Evaluate individual bonds and portfolios of securities that are exposed to interest rate, yield curve and credit spread movements or shifts.2.Sector analysis: Perform top-down review of core sectors based on bottom-up analysis of individual credits to determine the sectors in which the Fund will be overweight, neutral weight and underweight.3.New issue credit analysis: Evaluate new bond offerings to determine portfolio suitability based on fundamental credit research on each borrower and individual bond security features.4.Trading: Analyze how a bond might trade in the secondary market by reviewing total bond issuance size, underwriter willingness to make secondary markets and bond structural features, such as coupon, maturity, call dates and sinking fund payments.5.Surveillance: Analyze holdings on a systematic basis to monitor any changes in credit trend. The Fund’s advisor monitors the credit rating momentum of each bond.6.Performance attribution: Perform granular total return analysis by reviewing key portfolio attributes such as duration, credit rating, sector and state. The portfolio’s performance is also compared to various benchmarks.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. The Fund considers pre-refunded or escrowed-to-maturity bonds, regardless of rating, to be investment grade securities. The Fund may invest up to 35% of its net assets in securities that are, at the time of investment, rated below investment grade (or securities that are unrated and determined by the Fund’s investment advisor to be of comparable quality), commonly referred to as “high yield” or “junk” bonds. When determining whether a security is classified as below investment grade, the Fund's investment advisor will consider the highest rating available from a nationally recognized statistical rating organization. If, subsequent to purchase by the Fund, a security held by the Fund experiences a decline in credit quality and falls below investment grade, the Fund may continue to hold the security and it will not cause the Fund to violate the 35% investment limitation; however, the security will be taken into account for purposes of determining whether purchases of additional securities will cause the Fund to violate such limitation. Furthermore, the Fund may invest up to 10% of its net assets in taxable municipal securities. The Fund may invest in fixed and floating-rate securities.Certain investors may be subject to federal alternative minimum tax on dividends attributable to Fund investments in private activity bonds. Additionally, the Fund may invest up to 100% of its net assets in municipal securities that pay interest that generates income subject to federal alternative minimum tax.The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).
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CWAIX - Performance

Return Ranking - Trailing

Period CWAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% N/A N/A N/A
1 Yr 4.8% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period CWAIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.1% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period CWAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% N/A N/A N/A
1 Yr 4.8% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period CWAIX Return Category Return Low Category Return High Rank in Category (%)
2023 6.8% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

NAV & Total Return History

CWAIX - Holdings

Concentration Analysis

CWAIX Category Low Category High CWAIX % Rank
Net Assets 77.8 M N/A N/A N/A
Number of Holdings 136 N/A N/A N/A
Net Assets in Top 10 11 M N/A N/A N/A
Weighting of Top 10 15.15% N/A N/A N/A

Top 10 Holdings

  1. Development Authority of Burke County/The 1.73%
  2. Kern Community College District 1.58%
  3. Pennsylvania Economic Development Financing Authority 1.54%
  4. City of Yonkers NY 1.52%
  5. Consolidated Municipalities Electric Power Systems Joint Powers Board 1.51%
  6. Indiana Finance Authority 1.49%
  7. Lakewood Ranch Stewardship District Utility Revenue 1.47%
  8. County of Boyle KY 1.47%
  9. City County of Denver CO Airport System Revenue 1.43%
  10. Port of Portland OR Airport Revenue 1.42%

Asset Allocation

Weighting Return Low Return High CWAIX % Rank
Bonds 		98.11% N/A N/A N/A
Cash 		1.73% N/A N/A N/A
Other 		0.16% N/A N/A N/A
Stocks 		0.00% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High CWAIX % Rank
Derivative 		0.16% N/A N/A N/A
Cash & Equivalents 		0.00% N/A N/A N/A
Securitized 		0.00% N/A N/A N/A
Corporate 		0.00% N/A N/A N/A
Municipal 		0.00% N/A N/A N/A
Government 		0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High CWAIX % Rank
US 		98.11% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

CWAIX - Expenses

Operational Fees

CWAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.83% N/A N/A N/A
Management Fee 0.50% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

CWAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

CWAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CWAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

CWAIX - Distributions

Dividend Yield Analysis

CWAIX Category Low Category High CWAIX % Rank
Dividend Yield 3.62% N/A N/A N/A

Dividend Distribution Analysis

CWAIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly

Net Income Ratio Analysis

CWAIX Category Low Category High CWAIX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

CWAIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

CWAIX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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