CWAIX Fees and Costs — First Trust Managed Municipal Fund, Class I
Data updated: 2026-09-24
The net expense ratio is 0.65%: a 0.50% management fee plus 0.40% other expenses, less a 0.25% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $141 in broker commissions, 0.0002% of average net assets, and portfolio turnover was 33%.
CWAIX Fees and Expenses
Annual operating expenses and sales charges of CWAIX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.40% |
| Gross expense ratio | 0.90% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CWAIX Costs Over Time
On $10,000 invested in CWAIX, assuming 5% a year before costs, total costs come to $410 over 5 years, cutting the return by 0.68% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.65%) | $68 | $214 | $372 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $11 | $37 |
| Total costs | $68 | $224 | $410 |
| Value after costs | $10,432 | $11,352 | $12,353 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
CWAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $141
- Bought from dealers (principal trades, not a cost): $55.9M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
CWAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JP MORGAN SECURITIES LLC | $141 | 100.00% |
CWAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $7.3M | 17.30% |
| MORGAN STANLEY & CO. LLC | $6.4M | 14.99% |
| WELLS FARGO SECURITIES, LLC | $5.5M | 12.95% |
| J.P. Morgan Securities LLC | $5.2M | 12.20% |
| TD SECURITIES (USA) LLC | $4.0M | 9.45% |
| Truist Securities, Inc. | $4.0M | 9.43% |
| MARKETAXESS CORPORATION | $3.0M | 7.02% |
| PERSHING LLC | $2.6M | 6.09% |
| STIFEL, NICOLAUS & COMPANY, INC. | $2.5M | 5.96% |
| PIPER SANDLER & CO. | $2.0M | 4.62% |
First Trust Managed Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CWAIX | Class I | 0.65% | none |
| CWAAX | Class A | 0.90% | 3.50% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.