{
  "page": "compare",
  "query": {
    "a": "FTFZX",
    "b": "FSMB"
  },
  "retrieved_at": "2026-07-07T18:14:49+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": "Franklin Federal Limited-Term Tax-Free Income Fund",
    "ticker": "FTFZX",
    "slug": "FTFZX",
    "series_id": "S000006933",
    "html_url": "https://fundwatcher.app/funds/FTFZX/"
  },
  "fund_b": {
    "name": "First Trust Short Duration Managed Municipal ETF",
    "ticker": "FSMB",
    "slug": "FSMB",
    "series_id": "S000063445",
    "html_url": "https://fundwatcher.app/funds/FSMB/"
  },
  "overlap": {
    "coverage_a_by_b": "0.06712928327729165138806048166",
    "coverage_b_by_a": "0.06712928327729165138806048167",
    "shared_count": 26,
    "as_of": {
      "a": "2026-02-28",
      "b": "2026-04-30"
    },
    "a_top": [
      {
        "name": "GARDEN ST PRESERVATION TRUST N REGD N/C B/E AG 5.75000000",
        "value": "16794240.69",
        "weight": "0.01897428",
        "shared": false
      },
      {
        "name": "Franklin Municipal Green Bond ETF",
        "value": "16031400.00",
        "weight": "0.01811242",
        "shared": false
      },
      {
        "name": "ROCHESTER MN HLTH CARE FACS REVENUE",
        "value": "16000000.00",
        "weight": "0.01807694",
        "shared": false
      },
      {
        "name": "TN TNSUTL 05/01/2053",
        "value": "15210482.56",
        "weight": "0.01718494",
        "shared": true
      },
      {
        "name": "MAIN STR NAT GA 0% 8/1/2052",
        "value": "15129460.50",
        "weight": "0.01709340",
        "shared": false
      },
      {
        "name": "KENTUCKY ST PUBLIC ENERGY AUTH REGD V/R B/E 3.72590000",
        "value": "14206242.76",
        "weight": "0.01605034",
        "shared": false
      },
      {
        "name": "Maricopa County Industrial Development Authority, Series 2024",
        "value": "12556807.49",
        "weight": "0.01418679",
        "shared": false
      },
      {
        "name": "New York City Water and Sewer System, Second General Resolution, Series BB 1B",
        "value": "12000000.00",
        "weight": "0.01355771",
        "shared": false
      },
      {
        "name": "NEW YORK-I-3",
        "value": "12000000.00",
        "weight": "0.01355771",
        "shared": false
      },
      {
        "name": "Hillsborough County Aviation Authority, Series 2024 B",
        "value": "11448702.78",
        "weight": "0.01293485",
        "shared": false
      },
      {
        "name": "FARMINGTON NM POLL CONTROL REV REGD V/R B/E 3.87500000",
        "value": "11317117.90",
        "weight": "0.01278618",
        "shared": false
      },
      {
        "name": "Black Belt Energy Gas District (The), Series 2023 B, RB",
        "value": "10954391.00",
        "weight": "0.01237637",
        "shared": true
      },
      {
        "name": "BLACK BELT-SER-C",
        "value": "10846370.00",
        "weight": "0.01225432",
        "shared": false
      },
      {
        "name": "NJ TRN CAB-C-BHAC",
        "value": "10678893.12",
        "weight": "0.01206511",
        "shared": false
      },
      {
        "name": "AUSTIN TX HSG FIN CORP AUSMFH 11/42 ADJUSTABLE VAR",
        "value": "10144137.00",
        "weight": "0.01146094",
        "shared": false
      },
      {
        "name": "MD MDSDEV 5 11/12/2028",
        "value": "10056432.00",
        "weight": "0.01136185",
        "shared": false
      },
      {
        "name": "STATE OF NEW JERSEY AMBAC 0.0% 12-15-26",
        "value": "9818744.00",
        "weight": "0.01109330",
        "shared": false
      },
      {
        "name": "Des Moines Independent Community School District, Series 2018",
        "value": "9308345.82",
        "weight": "0.01051665",
        "shared": false
      },
      {
        "name": "PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE",
        "value": "9026100.80",
        "weight": "0.01019777",
        "shared": false
      },
      {
        "name": "TENNERGY CORP TN GAS REVENUE TGYPWR 10/53 ADJUSTABLE VAR",
        "value": "8730684.53",
        "weight": "0.00986400",
        "shared": false
      },
      {
        "name": "MAIN STR NAT GA 4% 07/01/2052 MT",
        "value": "8211833.18",
        "weight": "0.00927780",
        "shared": true
      },
      {
        "name": "State of Illinois, Series 2025 A",
        "value": "8209850.66",
        "weight": "0.00927556",
        "shared": false
      },
      {
        "name": "MN MUNI GAS AUTH-B",
        "value": "7997203.20",
        "weight": "0.00903531",
        "shared": false
      },
      {
        "name": "TARRANT TX EDFC 5% MT",
        "value": "7846860.60",
        "weight": "0.00886545",
        "shared": false
      },
      {
        "name": "OH OHSDEV 11/01/2039",
        "value": "7623737.25",
        "weight": "0.00861337",
        "shared": true
      },
      {
        "name": "Tennessee (State of), Series 2023 A, GO Bonds",
        "value": "7611041.62",
        "weight": "0.00859902",
        "shared": false
      },
      {
        "name": "Los Angeles (City of), CA, Series 2025, RN",
        "value": "7565409.00",
        "weight": "0.00854747",
        "shared": true
      },
      {
        "name": "NY TRANS CORP 5% 01/01/36@",
        "value": "7401728.90",
        "weight": "0.00836254",
        "shared": false
      },
      {
        "name": "New Jersey Economic Development Authority, Series 2019 B",
        "value": "7193703.75",
        "weight": "0.00812751",
        "shared": false
      },
      {
        "name": "District of Columbia Housing Finance Agency, Series 2024 A2",
        "value": "6688984.60",
        "weight": "0.00755727",
        "shared": false
      },
      {
        "name": "KY COMMONWEALTH-A",
        "value": "6673176.90",
        "weight": "0.00753941",
        "shared": false
      },
      {
        "name": "South Dakota Health & Educational Facilities Authority, Series 2025 B-2",
        "value": "6508734.70",
        "weight": "0.00735363",
        "shared": false
      },
      {
        "name": "New Jersey Economic Development Authority, Series 2019",
        "value": "6271752.00",
        "weight": "0.00708588",
        "shared": false
      },
      {
        "name": "LONG BEACH CA BOND FIN AUTH NATURAL GAS PURCHASE REVENUE",
        "value": "6204019.24",
        "weight": "0.00700936",
        "shared": false
      },
      {
        "name": "DENVER CO SD#1-A",
        "value": "6036539.50",
        "weight": "0.00682014",
        "shared": false
      },
      {
        "name": "WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000",
        "value": "5937565.89",
        "weight": "0.00670831",
        "shared": true
      },
      {
        "name": "MICHIGAN ST STRATEGIC FUND LTD REGD V/R B/E AMT 0.87500000",
        "value": "5815046.56",
        "weight": "0.00656989",
        "shared": false
      },
      {
        "name": "MOUNDS VIEW MN MF HSG",
        "value": "5542870.85",
        "weight": "0.00626238",
        "shared": false
      },
      {
        "name": "TX TMGUTL 01/01/2054",
        "value": "5380854.50",
        "weight": "0.00607934",
        "shared": true
      },
      {
        "name": "WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE",
        "value": "5332476.50",
        "weight": "0.00602468",
        "shared": false
      },
      {
        "name": "Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2025B",
        "value": "5331569.50",
        "weight": "0.00602365",
        "shared": false
      },
      {
        "name": "State of Illinois, Series D",
        "value": "5242895.56",
        "weight": "0.00592347",
        "shared": false
      },
      {
        "name": "MARYLAND ST HLTH & HGR EDUCTNL REGD V/R B/E 5.00000000",
        "value": "5202374.49",
        "weight": "0.00587769",
        "shared": false
      },
      {
        "name": "NRG ENERGY INC (MPT) 4.0% 10-01-45",
        "value": "5163507.00",
        "weight": "0.00583378",
        "shared": false
      },
      {
        "name": "MONTGOMERY INDL 0% 10/1/2053 MT",
        "value": "5129408.00",
        "weight": "0.00579525",
        "shared": false
      },
      {
        "name": "State of Oregon Housing & Community Services Department, Series 2024R",
        "value": "5120577.00",
        "weight": "0.00578527",
        "shared": false
      },
      {
        "name": "Black Belt Energy Gas District, Series D-3",
        "value": "5097866.00",
        "weight": "0.00575961",
        "shared": false
      },
      {
        "name": "St. John the Baptist (Parish of), LA (Marathon Oil Corp.), Series 2017, Ref. RB",
        "value": "5088180.00",
        "weight": "0.00574867",
        "shared": true
      },
      {
        "name": "INDIANA ST FIN AUTH ENVRNMNTL INDIANA FINANCE AUTHORITY",
        "value": "5066325.50",
        "weight": "0.00572398",
        "shared": false
      },
      {
        "name": "Wayne County Airport Authority, Series 2017 E",
        "value": "5055309.50",
        "weight": "0.00571153",
        "shared": false
      }
    ],
    "b_top": [
      {
        "name": "Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C",
        "value": "6372370.20",
        "weight": "0.01078087",
        "shared": false
      },
      {
        "name": "County of Utah UT",
        "value": "5000000.00",
        "weight": "0.00845907",
        "shared": false
      },
      {
        "name": "OH OHSDEV 11/01/2039",
        "value": "4805848.92",
        "weight": "0.00813060",
        "shared": true
      },
      {
        "name": "Wisconsin (State of) Public Finance Authority (Duke Energy Progress), Series 2022, Ref. RB",
        "value": "4281206.10",
        "weight": "0.00724301",
        "shared": false
      },
      {
        "name": "St. John the Baptist (Parish of), LA (Marathon Oil Corp.), Series 2017, Ref. RB",
        "value": "4026151.60",
        "weight": "0.00681150",
        "shared": true
      },
      {
        "name": "Main Street Energy, Inc., Series D",
        "value": "3895478.03",
        "weight": "0.00659043",
        "shared": false
      },
      {
        "name": "Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), Series 2016, Ref. RB",
        "value": "3743929.08",
        "weight": "0.00633403",
        "shared": false
      },
      {
        "name": "NYC MUNI WTR FIN-BB",
        "value": "3500000.00",
        "weight": "0.00592135",
        "shared": false
      },
      {
        "name": "Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A",
        "value": "3481712.58",
        "weight": "0.00589041",
        "shared": false
      },
      {
        "name": "Black Belt Energy Gas District",
        "value": "3440432.23",
        "weight": "0.00582057",
        "shared": false
      },
      {
        "name": "BLACK BELT ENERGY GAS VAR",
        "value": "3420591.24",
        "weight": "0.00578701",
        "shared": false
      },
      {
        "name": "NM MUNI ENERGY ACQ AU",
        "value": "3381642.53",
        "weight": "0.00572111",
        "shared": false
      },
      {
        "name": "NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE",
        "value": "3143053.75",
        "weight": "0.00531746",
        "shared": false
      },
      {
        "name": "LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.00000000",
        "value": "3142415.10",
        "weight": "0.00531638",
        "shared": false
      },
      {
        "name": "ALLEGHENY HOSP DEV-A",
        "value": "3092031.90",
        "weight": "0.00523114",
        "shared": false
      },
      {
        "name": "WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000",
        "value": "3075758.09",
        "weight": "0.00520361",
        "shared": true
      },
      {
        "name": "MD CMNTY DEV-D-2",
        "value": "3035471.70",
        "weight": "0.00513545",
        "shared": false
      },
      {
        "name": "UNITED AIRLINES INC 4.0% 07-15-29",
        "value": "3018532.20",
        "weight": "0.00510680",
        "shared": false
      },
      {
        "name": "WASTE MANAGEMENT INC (MPT) 3.45% 11-01-44",
        "value": "3000298.80",
        "weight": "0.00507595",
        "shared": false
      },
      {
        "name": "NEW YORK NY REGD V/R B/E 2.65000000",
        "value": "3000000.00",
        "weight": "0.00507544",
        "shared": true
      },
      {
        "name": "NORTH CAROLINA ST HSG FIN AGYM REGD V/R B/E 5.00000000",
        "value": "2906436.68",
        "weight": "0.00491715",
        "shared": false
      },
      {
        "name": "TX TMGUTL 01/01/2054",
        "value": "2845828.47",
        "weight": "0.00481461",
        "shared": true
      },
      {
        "name": "FARM N MEX PCR 0% 6/1/2040 MT",
        "value": "2815916.35",
        "weight": "0.00476401",
        "shared": true
      },
      {
        "name": "Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B",
        "value": "2731069.46",
        "weight": "0.00462046",
        "shared": false
      },
      {
        "name": "DFW ARPT 5% 11/1/2031 @",
        "value": "2725976.00",
        "weight": "0.00461185",
        "shared": false
      },
      {
        "name": "FLORIDA DEV FIN CORP HLTHCAREFACS REVENUE",
        "value": "2707992.75",
        "weight": "0.00458142",
        "shared": true
      },
      {
        "name": "City of Atlanta GA Department of Aviation",
        "value": "2697235.25",
        "weight": "0.00456322",
        "shared": false
      },
      {
        "name": "TN TNSUTL 05/01/2053",
        "value": "2573669.50",
        "weight": "0.00435417",
        "shared": true
      },
      {
        "name": "City of Philadelphia PA Airport Revenue",
        "value": "2566634.16",
        "weight": "0.00434227",
        "shared": false
      },
      {
        "name": "FAIRFAX C VA 5% 1/1/2045 MT",
        "value": "2555159.50",
        "weight": "0.00432286",
        "shared": false
      },
      {
        "name": "WASTE MANAGEMENT INC (MPT) 3.45% 10-01-41",
        "value": "2515175.25",
        "weight": "0.00425521",
        "shared": false
      },
      {
        "name": "NORTH BLOCK ASSOCIATES LLC HUD SECT 8 FHA 221(D)(4) (MPT) 3.4% 02-01-29",
        "value": "2511564.25",
        "weight": "0.00424910",
        "shared": false
      },
      {
        "name": "COUNTY OF TRIMBLE KY TRMENV 06/33 FIXED 3.75",
        "value": "2502465.75",
        "weight": "0.00423371",
        "shared": false
      },
      {
        "name": "ARKANSAS DEV FIN AUTH ENVIRONM REGD V/R B/E AMT 4.00000000",
        "value": "2495967.00",
        "weight": "0.00422271",
        "shared": false
      },
      {
        "name": "MOBILE PCR-VAR-AL PWR",
        "value": "2478086.00",
        "weight": "0.00419246",
        "shared": false
      },
      {
        "name": "MTRO WA DC ARPT 5% 10/1/2031 @",
        "value": "2455847.33",
        "weight": "0.00415484",
        "shared": false
      },
      {
        "name": "LEHIGH PA_IDA 3% 9/1/2029",
        "value": "2450784.00",
        "weight": "0.00414627",
        "shared": false
      },
      {
        "name": "INDIANAPOLIS IN LOCAL PUBLIC I REGD N/C B/E AMT 5.00000000",
        "value": "2438325.30",
        "weight": "0.00412519",
        "shared": false
      },
      {
        "name": "State of Illinois, Series C",
        "value": "2437731.08",
        "weight": "0.00412419",
        "shared": true
      },
      {
        "name": "NORTHWESTERN CORP 3.875% 07-01-28",
        "value": "2431955.57",
        "weight": "0.00411442",
        "shared": false
      },
      {
        "name": "HOUSTON-UTL SYS-B-REF",
        "value": "2424190.04",
        "weight": "0.00410128",
        "shared": false
      },
      {
        "name": "DE ST EDA 3.60% 1/1/31",
        "value": "2419505.95",
        "weight": "0.00409335",
        "shared": false
      },
      {
        "name": "PEFA INC VAR",
        "value": "2408907.05",
        "weight": "0.00407542",
        "shared": false
      },
      {
        "name": "TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN",
        "value": "2384879.46",
        "weight": "0.00403477",
        "shared": false
      },
      {
        "name": "NY TRANS CORP 5% 1/1/2032 @",
        "value": "2370014.59",
        "weight": "0.00400962",
        "shared": false
      },
      {
        "name": "SOUTHEAST ENERGY-F",
        "value": "2355034.34",
        "weight": "0.00398428",
        "shared": false
      },
      {
        "name": "SOUTHEAST ENERGY AUTH VAR",
        "value": "2342301.03",
        "weight": "0.00396274",
        "shared": false
      },
      {
        "name": "South Carolina Jobs-Economic Development Authority, Series 2023A",
        "value": "2313365.26",
        "weight": "0.00391378",
        "shared": false
      },
      {
        "name": "MTRO WA DC ARPT 5% 10/1/2035 @",
        "value": "2304524.08",
        "weight": "0.00389883",
        "shared": false
      },
      {
        "name": "NYC HSG DEV CORP-F-2A",
        "value": "2260772.92",
        "weight": "0.00382481",
        "shared": false
      }
    ]
  },
  "error": null,
  "sources": [
    {
      "label": "N-PORT (fund A)",
      "accession_no": "0002071691-26-008652",
      "as_of": "2026-02-28",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/757010/000207169126008652/0002071691-26-008652-index.htm"
    },
    {
      "label": "N-PORT (fund B)",
      "accession_no": "0000940400-26-025147",
      "as_of": "2026-04-30",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1424212/000094040026025147/0000940400-26-025147-index.htm"
    }
  ]
}