Expense Ratio History

CWAIX expense ratio history

First Trust Managed Municipal Fund, Class I

Fund company
First Trust
Type
Mutual fund

0.90%

In basis points
90 basis points
Yearly cost per $10,000
$90
Prospectus dated
2 March 2026, filed with the SEC; rounded to 0.01%
Last change
Cut from 1.10% on 2 March 2026

Fee over time

CWAIX expense ratio: 0.69% until 1 Mar 2023, then 1.41%; 1.41% until 1 Mar 2024, then 0.83%; 0.83% until 3 Mar 2025, then 1.10%; 1.10% until 2 Mar 2026, then 0.90%; read at 0.90% on 2 Mar 2026.0.00%0.50%1.00%1.50%2.00%Jun 2022Feb 2023Oct 2023Jun 2024Feb 2025Oct 20250.69% before0.90% from 2 Mar 2026
CWAIX expense ratio: 0.69% until 1 Mar 2023, then 1.41%; 1.41% until 1 Mar 2024, then 0.83%; 0.83% until 3 Mar 2025, then 1.10%; 1.10% until 2 Mar 2026, then 0.90%; read at 0.90% on 2 Mar 2026.0.00%0.50%1.00%1.50%2.00%Jun 2022Oct 2023Feb 20250.69% before0.90% from 2 Mar 2026
Solid line: the fee in effect after each recorded change. Dashed: the fee before it. Dots: prospectuses filed with the SEC and dates we read the fee from a source.

Share classes

The same fund is sold as 2 share classes, each with its own fee. Figures are from each class's latest prospectus in SEC filings, rounded to 0.01%.

TickerShare classFeeAfter waiversProspectus dated
CWAIX (this page) Class I 0.90% 0.65% 2 Mar 2026
CWAAX Class A 6.56% 0.90% 2 Mar 2026

Every figure we've recorded

DateFeeWhat happened
2 Mar 2026 0.90% In the prospectusTotal annual fund operating expenses in the prospectus dated 2026-03-02 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
2 Mar 2026 0.90% Cut from 1.10% to 0.90%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2026-02-27
3 Mar 2025 1.10% In the prospectusTotal annual fund operating expenses in the prospectus dated 2025-03-03 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
3 Mar 2025 1.10% Raised from 0.83% to 1.10%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2025-02-28
1 Mar 2024 0.83% In the prospectusTotal annual fund operating expenses in the prospectus dated 2024-03-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Mar 2024 0.83% Cut from 1.41% to 0.83%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2024-02-28
1 Mar 2023 1.41% In the prospectusTotal annual fund operating expenses in the prospectus dated 2023-03-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Mar 2023 1.41% Raised from 0.69% to 1.41%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2023-02-28
14 Jun 2022 0.69% In the prospectusTotal annual fund operating expenses in the prospectus dated 2022-06-14 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS

What this fee costs

Change the amount, years or return. The estimate keeps the fee at 0.90% and the return steady each year, the same assumptions as the cost example in a fund's prospectus.

$1,112 in fees over 10 years

After fees, $10,000 grows to $14,913.

Fees paid on $10,000 at 5% a year
AfterFees paid
1 year$92
3 years$288
5 years$500
10 years$1,112

How we read this figure

The figure is the total annual fund operating expenses line of the fee table in the fund's prospectus, as tagged in the fund company's filing with the SEC. The SEC publishes these figures rounded to four decimal places, so 0.015% appears as 0.02%. The fund company's own page may show a more precise number.

SEC filings give 5 prospectuses for this share class since 2022. Each one is listed above with a link to the filing.

How we read fees

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