- Issuer
- First Trust
- Inception Date
- Feb 26, 2024
- Category
- Intermediate Core-Plus Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $35M
Share Price Chart
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Performance
CAAA Performance Chart
First Trust Commercial Mortgage Opportunities ETF (CAAA) is up 0.7% since the beginning of the year. CAAA is currently trading at $20 per share.
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Returns By Period
First Trust Commercial Mortgage Opportunities ETF (CAAA) has returned 0.74% so far this year and 4.50% over the past 12 months.
First Trust Commercial Mortgage Opportunities ETF
- 1D
- -0.22%
- 1M
- 0.55%
- YTD
- 0.74%
- 6M
- 0.86%
- 1Y
- 4.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
CAAA Monthly Returns History
Based on dividend-adjusted daily data since Feb 28, 2024, CAAA's average daily return is +0.02%, while the average monthly return is +0.45%. At this rate, an investment would double in approximately 12.9 years.
Historically, 79% of months were positive and 21% were negative. The best month was Aug 2024 with a return of +1.6%, while the worst month was Oct 2024 at -1.8%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 1 months.
On a daily basis, CAAA closed higher 52% of trading days. The best single day was Sep 15, 2025 with a return of +0.7%, while the worst single day was Apr 10, 2025 at -0.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.24% | 1.22% | -1.28% | 0.45% | 0.06% | 0.05% | 0.74% | ||||||
| 2025 | 0.77% | 1.24% | 0.47% | 0.72% | 0.05% | 1.48% | -0.22% | 1.39% | 0.36% | 0.43% | 1.42% | -0.35% | 8.03% |
| 2024 | 0.16% | 0.87% | -1.58% | 1.21% | 1.07% | 1.27% | 1.55% | 1.22% | -1.78% | 0.88% | -0.25% | 4.65% |
Benchmark Metrics
First Trust Commercial Mortgage Opportunities ETF has an annualized alpha of 5.41%, beta of 0.02, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since February 28, 2024.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (20.08%) than losses (7.30%) - typical of diversified or defensive assets.
- Beta of 0.02 may look defensive, but with R2 of 0.01 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.01 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 5.41%
- Beta
- 0.02
- R²
- 0.01
- Upside Capture
- 20.08%
- Downside Capture
- 7.30%
Expense Ratio
CAAA has an expense ratio of 0.55%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CAAA ranks 45 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CAAA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.46 | -0.28 |
| Martin ratioReturn relative to average drawdown | 6.45 | 10.92 | -4.46 |
Dividends
Dividend History
First Trust Commercial Mortgage Opportunities ETF provided a 5.29% dividend yield over the last twelve months, with an annual payout of $1.07 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $1.07 | $1.25 | $0.81 |
Dividend yield | 5.29% | 6.09% | 4.01% |
Monthly Dividends
The table displays the monthly dividend distributions for First Trust Commercial Mortgage Opportunities ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.00 | $0.38 | ||||||
| 2025 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.10 | $0.10 | $0.09 | $0.09 | $0.09 | $0.09 | $0.14 | $1.25 |
| 2024 | $0.08 | $0.08 | $0.08 | $0.09 | $0.09 | $0.10 | $0.10 | $0.10 | $0.11 | $0.81 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the First Trust Commercial Mortgage Opportunities ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the First Trust Commercial Mortgage Opportunities ETF was 2.24%, occurring on Nov 13, 2024. Recovery took 66 trading sessions.
The current First Trust Commercial Mortgage Opportunities ETF drawdown is 0.87%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2024 pullback2024 | -2.24%Nov 2024 | 1mo 26d | 3mo 10d | 5mo 6dSep 2024 - Feb 2025 |
2026 pullback2026 | -2.08%Mar 2026 | 1mo 7d | — | 4mo 6dFeb 2026 - now |
2024 pullback2024 | -1.63%Apr 2024 | 1mo 3d | 1mo 4d | 2mo 7dMar 2024 - Jun 2024 |
2025 selloff2025 | -1.47%Apr 2025 | 4d | 17d | 21dApr 2025 - Apr 2025 |
2025 pullback2025 | -1.01%Sep 2025 | 10d | 1mo 1d | 1mo 11dSep 2025 - Oct 2025 |
Drawdown Indicators
| CAAA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.24% | -56.78% | +54.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.08% | -9.10% | +7.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.87% | -3.21% | +2.34% |
Average DrawdownAverage peak-to-trough decline | -0.56% | -10.71% | +10.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 2.04% | -1.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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