{
  "page": "compare",
  "query": {
    "a": "CWAIX",
    "b": "FCAL"
  },
  "retrieved_at": "2026-07-07T18:20:00+00:00",
  "disclaimer": "Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them.",
  "attribution": "Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC.",
  "terms": {
    "notice": "Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed.",
    "url": "https://fundwatcher.app/terms/"
  },
  "fund_a": {
    "name": "First Trust Managed Municipal Fund",
    "ticker": "CWAIX",
    "slug": "CWAIX",
    "series_id": "S000074778",
    "html_url": "https://fundwatcher.app/funds/CWAIX/"
  },
  "fund_b": {
    "name": "First Trust California Municipal High Income ETF",
    "ticker": "FCAL",
    "slug": "FCAL",
    "series_id": "S000057894",
    "html_url": "https://fundwatcher.app/funds/FCAL/"
  },
  "overlap": {
    "coverage_a_by_b": "0.03109161365520089603763503997",
    "coverage_b_by_a": "0.03109161365520089603763503997",
    "shared_count": 7,
    "as_of": {
      "a": "2026-04-30",
      "b": "2026-04-30"
    },
    "a_top": [
      {
        "name": "Kern Community College District, Series D",
        "value": "1115940.30",
        "weight": "0.02104259",
        "shared": false
      },
      {
        "name": "YONKERS NY REGD B/E BAM 5.00000000",
        "value": "1096422.00",
        "weight": "0.02067455",
        "shared": false
      },
      {
        "name": "Consolidated Municipalities Electric Power Systems Joint Powers Board",
        "value": "1093714.30",
        "weight": "0.02062349",
        "shared": false
      },
      {
        "name": "PENNSYLVANIA ST ECON DEV FING REGD B/E AMT 5.50000000",
        "value": "1090505.20",
        "weight": "0.02056298",
        "shared": false
      },
      {
        "name": "Port of Portland, Series 27 A",
        "value": "1028401.87",
        "weight": "0.01939193",
        "shared": false
      },
      {
        "name": "DENVER CO ARPT 5.50% 11/15/2033",
        "value": "1024931.52",
        "weight": "0.01932650",
        "shared": false
      },
      {
        "name": "MD EDC 0% 10/1/2036 MT",
        "value": "1022819.30",
        "weight": "0.01928667",
        "shared": false
      },
      {
        "name": "New Hope Cultural Education Facilities Finance Corp., Series 2025, RB",
        "value": "1000000.00",
        "weight": "0.01885638",
        "shared": false
      },
      {
        "name": "CALIFORNIA COMMUNITY VAR",
        "value": "843266.92",
        "weight": "0.01590096",
        "shared": false
      },
      {
        "name": "Pennsylvania Turnpike Commission 5.00% 12/01/2039",
        "value": "821684.33",
        "weight": "0.01549399",
        "shared": false
      },
      {
        "name": "SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE",
        "value": "796154.63",
        "weight": "0.01501259",
        "shared": false
      },
      {
        "name": "SUFFOLK REGL OFF-TRACK BETTING SUFFOLK REGIONAL OFF-TRACK BETTING CORP",
        "value": "771701.78",
        "weight": "0.01455150",
        "shared": false
      },
      {
        "name": "RESTRUCTURED-SER A1",
        "value": "749566.95",
        "weight": "0.01413412",
        "shared": true
      },
      {
        "name": "MAINE ST FIN AUTH SOL WST DISP REVENUE",
        "value": "736095.01",
        "weight": "0.01388009",
        "shared": false
      },
      {
        "name": "Adams & Arapahoe Counties Joint School District 28J Aurora",
        "value": "711097.01",
        "weight": "0.01340871",
        "shared": false
      },
      {
        "name": "Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.), Series 2016, Ref. RB",
        "value": "704156.60",
        "weight": "0.01327784",
        "shared": false
      },
      {
        "name": "MET WA ARPTS AUTH-A-A",
        "value": "701574.58",
        "weight": "0.01322916",
        "shared": false
      },
      {
        "name": "WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000",
        "value": "701312.92",
        "weight": "0.01322422",
        "shared": false
      },
      {
        "name": "MIDAS MOUNTAIN VETERANS PROGRA REGD B/E 5.20000000",
        "value": "686773.47",
        "weight": "0.01295006",
        "shared": false
      },
      {
        "name": "Black Belt Energy Gas District (The) (Gas), Series 2022 F, RB",
        "value": "669329.66",
        "weight": "0.01262113",
        "shared": false
      },
      {
        "name": "NJ TRANSPR TRUST",
        "value": "616922.14",
        "weight": "0.01163292",
        "shared": false
      },
      {
        "name": "South Carolina Public Service Authority",
        "value": "607009.17",
        "weight": "0.01144599",
        "shared": false
      },
      {
        "name": "Louisville/Jefferson County Metropolitan Government",
        "value": "592966.00",
        "weight": "0.01118119",
        "shared": false
      },
      {
        "name": "PREREF IOWA ST FIN AUTH MIDWSTRN DISA REGD V/R B/E PREREFUNDED 12/01/32 @ 100 5.00000000",
        "value": "565924.70",
        "weight": "0.01067129",
        "shared": false
      },
      {
        "name": "Virginia Commonwealth Transportation Board",
        "value": "554595.88",
        "weight": "0.01045767",
        "shared": false
      },
      {
        "name": "Virginia Small Business Financing Authority",
        "value": "550778.15",
        "weight": "0.01038568",
        "shared": false
      },
      {
        "name": "JEA Electric System Revenue",
        "value": "547171.86",
        "weight": "0.01031768",
        "shared": false
      },
      {
        "name": "NH HLTH EDU FACS-REF",
        "value": "547042.00",
        "weight": "0.01031523",
        "shared": false
      },
      {
        "name": "NEW YORK NY REGD B/E 5.25000000",
        "value": "546507.65",
        "weight": "0.01030515",
        "shared": false
      },
      {
        "name": "CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS",
        "value": "545875.55",
        "weight": "0.01029324",
        "shared": true
      },
      {
        "name": "Metropolitan Nashville Airport Authority (The), Series B",
        "value": "545704.65",
        "weight": "0.01029001",
        "shared": false
      },
      {
        "name": "WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE",
        "value": "545439.65",
        "weight": "0.01028502",
        "shared": false
      },
      {
        "name": "Columbus Regional Airport Authority, Series 2025 A",
        "value": "541516.95",
        "weight": "0.01021105",
        "shared": false
      },
      {
        "name": "Newark Higher Education Finance Corp.",
        "value": "541264.75",
        "weight": "0.01020629",
        "shared": false
      },
      {
        "name": "Pennsylvania Economic Development Financing Authority",
        "value": "541256.45",
        "weight": "0.01020614",
        "shared": false
      },
      {
        "name": "CA CASFIN 5.5 09/01/2056",
        "value": "537607.75",
        "weight": "0.01013733",
        "shared": true
      },
      {
        "name": "Florida Development Finance Corp",
        "value": "533176.90",
        "weight": "0.01005378",
        "shared": false
      },
      {
        "name": "NM MUNI ENERGY ACQ AU",
        "value": "531704.80",
        "weight": "0.01002603",
        "shared": false
      },
      {
        "name": "State of Illinois, Series 2020",
        "value": "531034.70",
        "weight": "0.01001339",
        "shared": false
      },
      {
        "name": "JACKSONVILLE STATE UNIVERSITY BAM 5.125% 08-01-44",
        "value": "529471.70",
        "weight": "0.00998392",
        "shared": false
      },
      {
        "name": "INDIANA ST FIN AUTH ENVRNMNTL REVENUE",
        "value": "528736.79",
        "weight": "0.00997006",
        "shared": false
      },
      {
        "name": "SOUTHEAST ENRG 5% MT",
        "value": "527505.20",
        "weight": "0.00994684",
        "shared": false
      },
      {
        "name": "Idaho Health Facilities Authority",
        "value": "527123.60",
        "weight": "0.00993964",
        "shared": false
      },
      {
        "name": "STATE OF NEW JERSEY 5.0% 12-15-39",
        "value": "524127.90",
        "weight": "0.00988315",
        "shared": false
      },
      {
        "name": "BLACK BELT ENERGY GAS VAR",
        "value": "524013.25",
        "weight": "0.00988099",
        "shared": false
      },
      {
        "name": "Lakewood Ranch Stewardship District Utility Revenue",
        "value": "523171.60",
        "weight": "0.00986512",
        "shared": false
      },
      {
        "name": "Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities), Series 2025, RB",
        "value": "523073.80",
        "weight": "0.00986328",
        "shared": false
      },
      {
        "name": "MAXATAWNY TWP P 5% 1/1/2041",
        "value": "512853.95",
        "weight": "0.00967057",
        "shared": false
      },
      {
        "name": "Union County Hospital Facility Authority",
        "value": "510841.60",
        "weight": "0.00963262",
        "shared": false
      },
      {
        "name": "State of Hawaii, Series 2018 A",
        "value": "509057.60",
        "weight": "0.00959898",
        "shared": false
      }
    ],
    "b_top": [
      {
        "name": "San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 A, RB",
        "value": "3043974.80",
        "weight": "0.01508502",
        "shared": true
      },
      {
        "name": "California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB",
        "value": "2670807.50",
        "weight": "0.01323571",
        "shared": false
      },
      {
        "name": "Stockton-East Water District",
        "value": "2354573.48",
        "weight": "0.01166855",
        "shared": false
      },
      {
        "name": "California Health Facilities Financing Authority",
        "value": "2150544.60",
        "weight": "0.01065745",
        "shared": false
      },
      {
        "name": "CENTRL VLY CA ENERGY AUTH COMM REGD V/R B/E 5.00000000",
        "value": "2135428.60",
        "weight": "0.01058254",
        "shared": false
      },
      {
        "name": "Fresno Joint Powers Financing Authority",
        "value": "2132812.80",
        "weight": "0.01056957",
        "shared": false
      },
      {
        "name": "California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB",
        "value": "2116402.40",
        "weight": "0.01048825",
        "shared": false
      },
      {
        "name": "CA MUNI FIN AUTH-A",
        "value": "2019563.80",
        "weight": "0.01000835",
        "shared": false
      },
      {
        "name": "Irvine Ranch Water District, Series B",
        "value": "2000000.00",
        "weight": "0.00991139",
        "shared": false
      },
      {
        "name": "CA ST MFA SW 3.85% MT @",
        "value": "1999632.40",
        "weight": "0.00990957",
        "shared": false
      },
      {
        "name": "CITY OF FONTANA CA COMMUNITY FACILITIES DISTRICT NO 109 5.0% 09-01-39",
        "value": "1896068.42",
        "weight": "0.00939634",
        "shared": false
      },
      {
        "name": "Central Valley Energy Authority, Series 2026",
        "value": "1772197.03",
        "weight": "0.00878247",
        "shared": false
      },
      {
        "name": "City of Riverside, Series 2025A",
        "value": "1716135.45",
        "weight": "0.00850465",
        "shared": false
      },
      {
        "name": "BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE",
        "value": "1702603.50",
        "weight": "0.00843759",
        "shared": false
      },
      {
        "name": "City of Santa Clara CA Sewer Revenue",
        "value": "1664199.74",
        "weight": "0.00824727",
        "shared": false
      },
      {
        "name": "CSCDA COMMUNITY IMPROVEMENT AUTHORITY UNION SOUTH BAY 4.0% 07-01-56",
        "value": "1649025.20",
        "weight": "0.00817207",
        "shared": false
      },
      {
        "name": "SAN DIEGO USD-SER-F2",
        "value": "1632199.50",
        "weight": "0.00808869",
        "shared": false
      },
      {
        "name": "Corona-Norco Unified School District",
        "value": "1628467.35",
        "weight": "0.00807019",
        "shared": false
      },
      {
        "name": "CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE",
        "value": "1614308.40",
        "weight": "0.00800002",
        "shared": true
      },
      {
        "name": "CA MUN FIN AUTH",
        "value": "1613911.35",
        "weight": "0.00799806",
        "shared": false
      },
      {
        "name": "Fontana Public Facilities Financing Authority, Series 2025, RB",
        "value": "1588767.00",
        "weight": "0.00787345",
        "shared": false
      },
      {
        "name": "UNITED AIRLINES INC 4.0% 07-15-29",
        "value": "1559574.97",
        "weight": "0.00772878",
        "shared": false
      },
      {
        "name": "City of San Clemente CA",
        "value": "1525709.54",
        "weight": "0.00756095",
        "shared": false
      },
      {
        "name": "Oakdale Joint Unified School District/CA",
        "value": "1508379.68",
        "weight": "0.00747507",
        "shared": false
      },
      {
        "name": "REPUBLIC SERVICES INC (MPT) 2.875% 07-01-43",
        "value": "1497686.85",
        "weight": "0.00742208",
        "shared": false
      },
      {
        "name": "CALIFORNIA ST INFRASTRUCTURE & REGD B/E 5.00000000",
        "value": "1490857.72",
        "weight": "0.00738824",
        "shared": false
      },
      {
        "name": "California (State of) Municipal Finance Authority (Eskaton Properties, Inc.), Series 2024, Ref. RB",
        "value": "1430619.88",
        "weight": "0.00708972",
        "shared": false
      },
      {
        "name": "San Francisco City & County Redevelopment Agency Successor Agency, Series 2023B",
        "value": "1428922.08",
        "weight": "0.00708130",
        "shared": false
      },
      {
        "name": "SAN FRANCISCO-REF",
        "value": "1411262.63",
        "weight": "0.00699379",
        "shared": false
      },
      {
        "name": "California Health Facilities Financing Authority 5.00% 02/01/2043",
        "value": "1390802.35",
        "weight": "0.00689239",
        "shared": false
      },
      {
        "name": "Inglewood Joint Powers Authority, Series 2025",
        "value": "1348192.35",
        "weight": "0.00668123",
        "shared": false
      },
      {
        "name": "City of Burbank CA Electric Revenue",
        "value": "1334500.00",
        "weight": "0.00661338",
        "shared": false
      },
      {
        "name": "Menifee Union School District",
        "value": "1327866.30",
        "weight": "0.00658050",
        "shared": false
      },
      {
        "name": "UNIV OF CALIFORNIA CA REVENUES",
        "value": "1325231.75",
        "weight": "0.00656745",
        "shared": false
      },
      {
        "name": "LAMMERSVILLE JOINT UNIFIED SCHOOL DISTRICT COMMUNITY FACILITIES DIST NO 2019-1 5.0% 09-01-46",
        "value": "1275338.00",
        "weight": "0.00632019",
        "shared": false
      },
      {
        "name": "Los Angeles (City of), CA (Green Bonds), Series 2025, RB",
        "value": "1266596.55",
        "weight": "0.00627687",
        "shared": false
      },
      {
        "name": "CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE",
        "value": "1262426.50",
        "weight": "0.00625620",
        "shared": false
      },
      {
        "name": "WASTE MANAGEMENT INC (MPT) 3.45% 12-01-44",
        "value": "1253144.75",
        "weight": "0.00621021",
        "shared": false
      },
      {
        "name": "CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE",
        "value": "1251800.00",
        "weight": "0.00620354",
        "shared": false
      },
      {
        "name": "Elk Grove Finance Authority",
        "value": "1244043.02",
        "weight": "0.00616510",
        "shared": false
      },
      {
        "name": "SACRAMENTO CNTY CA ARPT SYS REVENUE",
        "value": "1240069.71",
        "weight": "0.00614541",
        "shared": false
      },
      {
        "name": "City of Azusa CA",
        "value": "1231384.32",
        "weight": "0.00610237",
        "shared": false
      },
      {
        "name": "CITY OF LOS ANGELES DEPARTMENT OF AIRPORTS",
        "value": "1200926.21",
        "weight": "0.00595143",
        "shared": true
      },
      {
        "name": "Santa Fe Springs Public Financing Authority",
        "value": "1199313.97",
        "weight": "0.00594344",
        "shared": false
      },
      {
        "name": "Santa Margarita Water District",
        "value": "1189853.94",
        "weight": "0.00589656",
        "shared": false
      },
      {
        "name": "CA STWS CMNTYS DEV-A",
        "value": "1187491.76",
        "weight": "0.00588485",
        "shared": false
      },
      {
        "name": "UNIV OF CALIFORNIA CA REVENUES REGD B/E 5.50000000",
        "value": "1178698.30",
        "weight": "0.00584127",
        "shared": false
      },
      {
        "name": "CALIFORNIA ST PUBLIC WKS BRD L REGD B/E 5.00000000",
        "value": "1167786.49",
        "weight": "0.00578720",
        "shared": false
      },
      {
        "name": "CALIFORNIA ST HLTH FACS FING AUTH REVENUE",
        "value": "1151278.10",
        "weight": "0.00570539",
        "shared": false
      },
      {
        "name": "CALIFORNIA ST HLTH-A",
        "value": "1135195.39",
        "weight": "0.00562568",
        "shared": false
      }
    ]
  },
  "error": null,
  "sources": [
    {
      "label": "N-PORT (fund A)",
      "accession_no": "0000940400-26-024894",
      "as_of": "2026-04-30",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1497778/000094040026024894/0000940400-26-024894-index.htm"
    },
    {
      "label": "N-PORT (fund B)",
      "accession_no": "0000940400-26-025151",
      "as_of": "2026-04-30",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1424212/000094040026025151/0000940400-26-025151-index.htm"
    }
  ]
}