First Trust AAA CMBS ETF (CAAA)

The First Trust AAA CMBS ETF (CAAA) is an actively managed fixed income fund that invests primarily in commercial mortgage-backed securities rated AAA at the time of purchase. These bonds are backed by pools of loans on commercial real estate such as offices, retail, multifamily, industrial and hotel properties.

Focusing on the most senior, highest-rated tranches of CMBS structures, the fund seeks current income while emphasizing credit quality. The portfolio managers select securities based on analysis of collateral, deal structure and relative value rather than tracking an index.

CAAA is sponsored by First Trust Advisors, based in Wheaton, Illinois, and trades on NYSE Arca.