{
  "page": "compare",
  "query": {
    "a": "LMSMX",
    "b": "FSEC"
  },
  "retrieved_at": "2026-07-07T17:54:22+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": "Western Asset SMASh Series M Fund",
    "ticker": "LMSMX",
    "slug": "LMSMX",
    "series_id": "S000014681",
    "html_url": "https://fundwatcher.app/funds/LMSMX/"
  },
  "fund_b": {
    "name": "Fidelity Investment Grade Securitized ETF",
    "ticker": "FSEC",
    "slug": "FSEC",
    "series_id": "S000071132",
    "html_url": "https://fundwatcher.app/funds/FSEC/"
  },
  "overlap": {
    "coverage_a_by_b": "0.07645922988667722880966253021",
    "coverage_b_by_a": "0.07645922988667722880966253021",
    "shared_count": 9,
    "as_of": {
      "a": "2026-02-27",
      "b": "2026-02-28"
    },
    "a_top": [
      {
        "name": "US TREASURY N/B",
        "value": "50481453.70",
        "weight": "0.09095922",
        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "28853568.82",
        "weight": "0.05198935",
        "shared": false
      },
      {
        "name": "GNMA II TBA 30 YR 3 JUMBOS",
        "value": "26787823.62",
        "weight": "0.04826722",
        "shared": false
      },
      {
        "name": "Ginnie Mae",
        "value": "25899109.51",
        "weight": "0.04666591",
        "shared": true
      },
      {
        "name": "US TREASURY N/B",
        "value": "22258966.24",
        "weight": "0.04010697",
        "shared": false
      },
      {
        "name": "GNMA II, 30 Year",
        "value": "19503761.33",
        "weight": "0.03514255",
        "shared": false
      },
      {
        "name": "GNII II 5.5% 03/01/2056 #TBA",
        "value": "18232518.06",
        "weight": "0.03285198",
        "shared": true
      },
      {
        "name": "Ginnie Mae",
        "value": "16357162.68",
        "weight": "0.02947290",
        "shared": false
      },
      {
        "name": "GNMA TBA",
        "value": "12712374.45",
        "weight": "0.02290559",
        "shared": true
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "12430538.55",
        "weight": "0.02239777",
        "shared": true
      },
      {
        "name": "BX Mortgage Trust, Series 2021-PAC, Class A",
        "value": "11562531.57",
        "weight": "0.02083377",
        "shared": true
      },
      {
        "name": "PRKCM 2021-AFC1 TRUST PRKCM 2021-AFC1 A1",
        "value": "10800660.09",
        "weight": "0.01946100",
        "shared": false
      },
      {
        "name": "GNMA II TBA 30 YR 3.5 JUMBOS",
        "value": "10138366.73",
        "weight": "0.01826766",
        "shared": false
      },
      {
        "name": "FNA 2019-M22 A2",
        "value": "9941231.23",
        "weight": "0.01791245",
        "shared": false
      },
      {
        "name": "Apidos Loan Fund Ltd., Series 2024-1A, Class A1R",
        "value": "9619217.28",
        "weight": "0.01733224",
        "shared": false
      },
      {
        "name": "JPMBB 2015-C30 AS",
        "value": "9611542.52",
        "weight": "0.01731841",
        "shared": false
      },
      {
        "name": "CSMC SERIES 2019 UVIL",
        "value": "9586112.00",
        "weight": "0.01727259",
        "shared": false
      },
      {
        "name": "SMB Private Education Loan Trust, Series 2024-A, Class A1A",
        "value": "9388070.30",
        "weight": "0.01691575",
        "shared": false
      },
      {
        "name": "CSMC 2017-RPL3 Trust",
        "value": "8629645.58",
        "weight": "0.01554919",
        "shared": false
      },
      {
        "name": "CSMC 2017-RPL3 Trust",
        "value": "8627970.64",
        "weight": "0.01554617",
        "shared": false
      },
      {
        "name": "NRZT 2019-2A A1 144A FRN 12-25-57",
        "value": "8140482.10",
        "weight": "0.01466780",
        "shared": false
      },
      {
        "name": "Ginnie Mae I Pool",
        "value": "7509558.12",
        "weight": "0.01353098",
        "shared": false
      },
      {
        "name": "MADISON AVENUE TRUST MAD 2025 11MD A 144A",
        "value": "7416598.52",
        "weight": "0.01336348",
        "shared": false
      },
      {
        "name": "Towd Point Mortgage Trust 2020-2",
        "value": "7199410.69",
        "weight": "0.01297215",
        "shared": false
      },
      {
        "name": "Benchmark 2020-B21 Mortgage Trust",
        "value": "6867218.83",
        "weight": "0.01237359",
        "shared": false
      },
      {
        "name": "STACR 2026-DNA1 M2",
        "value": "6646682.86",
        "weight": "0.01197622",
        "shared": false
      },
      {
        "name": "Ginnie Mae I Pool",
        "value": "6354815.88",
        "weight": "0.01145033",
        "shared": false
      },
      {
        "name": "THRUST ENGINE LEASING 2021 DAC SER 2021-1A CL A REGD 144A P/P 4.16300000",
        "value": "6324394.82",
        "weight": "0.01139551",
        "shared": false
      },
      {
        "name": "GS MORTGAGE-BACKED SECURITIES TRUST 2018-RPL1 GSMBS 2018-RPL1 A1A",
        "value": "6229469.34",
        "weight": "0.01122447",
        "shared": false
      },
      {
        "name": "Galaxy 36 CLO Ltd",
        "value": "6208057.52",
        "weight": "0.01118589",
        "shared": false
      },
      {
        "name": "Park Blue CLO Ltd., Series 2025-8A, Class A1",
        "value": "6114500.31",
        "weight": "0.01101732",
        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "5892910.74",
        "weight": "0.01061805",
        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "5832286.26",
        "weight": "0.01050881",
        "shared": true
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "5439965.14",
        "weight": "0.00980192",
        "shared": true
      },
      {
        "name": "FNMA Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2",
        "value": "5405191.31",
        "weight": "0.00973926",
        "shared": false
      },
      {
        "name": "Bayswater Park CLO Ltd., Series 2023-1A, Class A1R",
        "value": "5227385.52",
        "weight": "0.00941888",
        "shared": false
      },
      {
        "name": "Antares CLO Ltd., Series 2018-1A, Class A1R",
        "value": "5194957.49",
        "weight": "0.00936045",
        "shared": false
      },
      {
        "name": "Goodgreen Trust, Series 2021-1A, Class A",
        "value": "5137488.86",
        "weight": "0.00925690",
        "shared": false
      },
      {
        "name": "Warwick Capital CLO 7 Ltd., Series 2025-7A, Class A1",
        "value": "4972206.06",
        "weight": "0.00895909",
        "shared": false
      },
      {
        "name": "Ginnie Mae I Pool",
        "value": "4913716.33",
        "weight": "0.00885370",
        "shared": false
      },
      {
        "name": "CSMC Trust, Series 2021-RPL4, Class A1",
        "value": "4810735.52",
        "weight": "0.00866815",
        "shared": false
      },
      {
        "name": "Freddie Mac STACR REMIC Trust 2021-DNA2",
        "value": "4527598.32",
        "weight": "0.00815798",
        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "4147065.25",
        "weight": "0.00747233",
        "shared": false
      },
      {
        "name": "Fannie Mae Pool",
        "value": "4046883.29",
        "weight": "0.00729181",
        "shared": false
      },
      {
        "name": "Trust (The), Series 2023-MIC, Class A",
        "value": "3757824.01",
        "weight": "0.00677098",
        "shared": false
      },
      {
        "name": "Freddie Mac Multifamily Structured Pass Through Certificates",
        "value": "3623091.50",
        "weight": "0.00652821",
        "shared": false
      },
      {
        "name": "Empower CLO Ltd., Series 2023-2A, Class AR",
        "value": "3330045.32",
        "weight": "0.00600019",
        "shared": false
      },
      {
        "name": "GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-5 IO",
        "value": "3145768.71",
        "weight": "0.00566815",
        "shared": false
      },
      {
        "name": "Freddie Mac Multifamily Structured Pass Through Certificates",
        "value": "3107366.20",
        "weight": "0.00559896",
        "shared": false
      },
      {
        "name": "SREIT Trust 2021-PALM",
        "value": "2929082.91",
        "weight": "0.00527772",
        "shared": false
      }
    ],
    "b_top": [
      {
        "name": "Government National Mortgage Association, TBA",
        "value": "483742815.28",
        "weight": "0.06464782",
        "shared": false
      },
      {
        "name": "GNII II 5.5% 03/01/2056 #TBA",
        "value": "399301001.68",
        "weight": "0.05336294",
        "shared": true
      },
      {
        "name": "G2SF 5.5 4/25",
        "value": "248427400.13",
        "weight": "0.03320006",
        "shared": false
      },
      {
        "name": "FNCL 6 3/24",
        "value": "218790811.26",
        "weight": "0.02923940",
        "shared": false
      },
      {
        "name": "GNMA TBA",
        "value": "217347872.34",
        "weight": "0.02904657",
        "shared": true
      },
      {
        "name": "Fannie Mae or Freddie Mac",
        "value": "203673557.06",
        "weight": "0.02721912",
        "shared": false
      },
      {
        "name": "G2SF 6 4/25",
        "value": "184748312.76",
        "weight": "0.02468993",
        "shared": false
      },
      {
        "name": "Government National Mortgage Association, TBA",
        "value": "146495985.21",
        "weight": "0.01957786",
        "shared": true
      },
      {
        "name": "FNCI 5 4/21",
        "value": "129235859.59",
        "weight": "0.01727120",
        "shared": false
      },
      {
        "name": "G2SF 2 4/26",
        "value": "114640181.31",
        "weight": "0.01532062",
        "shared": false
      },
      {
        "name": "FNCL 5.5 3/25",
        "value": "113904114.98",
        "weight": "0.01522225",
        "shared": false
      },
      {
        "name": "G2SF 5 4/26",
        "value": "92849049.26",
        "weight": "0.01240843",
        "shared": false
      },
      {
        "name": "G2SF 5 3/25",
        "value": "92821106.02",
        "weight": "0.01240470",
        "shared": true
      },
      {
        "name": "FR SD7548",
        "value": "72579012.52",
        "weight": "0.00969952",
        "shared": false
      },
      {
        "name": "US TREASURY N/B",
        "value": "62499851.09",
        "weight": "0.00835254",
        "shared": false
      },
      {
        "name": "G2SF 2.5 4/24",
        "value": "62214482.10",
        "weight": "0.00831440",
        "shared": false
      },
      {
        "name": "FEDERAL NAT MTG ASN GTD REM PA 21-13 BE 1.25% 02/25/2050",
        "value": "60804827.37",
        "weight": "0.00812601",
        "shared": false
      },
      {
        "name": "FNMA 30YR 5.5% 04/01/2055#CC0241",
        "value": "58594135.85",
        "weight": "0.00783057",
        "shared": false
      },
      {
        "name": "Fidelity Cash Central Fund",
        "value": "56434037.33",
        "weight": "0.00754190",
        "shared": false
      },
      {
        "name": "FHLG 30YR 2.5% 04/01/2052#SL1958",
        "value": "55349472.88",
        "weight": "0.00739695",
        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "50621530.61",
        "weight": "0.00676511",
        "shared": true
      },
      {
        "name": "G2 MA7988",
        "value": "48748836.81",
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        "shared": false
      },
      {
        "name": "FNMA 30YR 2.5% 09/01/2050#CA6947",
        "value": "47460564.37",
        "weight": "0.00634267",
        "shared": false
      },
      {
        "name": "FNMA 30YR 2.5% 08/01/2050#CA6709",
        "value": "44071690.47",
        "weight": "0.00588978",
        "shared": false
      },
      {
        "name": "FNMA 30YR 2.5% 09/01/2051#CB1547",
        "value": "43280945.66",
        "weight": "0.00578410",
        "shared": false
      },
      {
        "name": "FHLG 15YR 1.5% 05/01/2036#RC1950",
        "value": "40919245.84",
        "weight": "0.00546848",
        "shared": false
      },
      {
        "name": "FR SD8106",
        "value": "40008328.40",
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      },
      {
        "name": "US TREASURY N/B",
        "value": "35198268.27",
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        "shared": false
      },
      {
        "name": "FNMA 30YR 2.5% 12/01/2051#FM9695",
        "value": "34666333.20",
        "weight": "0.00463284",
        "shared": false
      },
      {
        "name": "G2 MA8043",
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        "weight": "0.00460681",
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      },
      {
        "name": "G2 MB0024",
        "value": "32671449.84",
        "weight": "0.00436624",
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      },
      {
        "name": "Ginnie Mae",
        "value": "32659280.12",
        "weight": "0.00436462",
        "shared": true
      },
      {
        "name": "G2SF 4.5 4/26",
        "value": "32611354.63",
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      },
      {
        "name": "GNII II 6.5% 03/01/2056 #TBA",
        "value": "30840559.38",
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      },
      {
        "name": "US TREASURY N/B",
        "value": "29038462.50",
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      },
      {
        "name": "FHLG 30YR 5% 08/01/2052#SD1482",
        "value": "28498900.47",
        "weight": "0.00380862",
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      },
      {
        "name": "FNCL 5 3/24",
        "value": "28126873.60",
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      },
      {
        "name": "ONEMAIN FINL ISSUANCE TR 2019-2 3.14% 10/14/2036 144A",
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      },
      {
        "name": "Freddie Mac Multifamily Structured Pass Through Certificates",
        "value": "27284219.95",
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      },
      {
        "name": "FNMA 30YR 6% 11/01/2054#FA2958",
        "value": "26636639.72",
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      },
      {
        "name": "TOYOTA LEASE OWNER TRUST 2026-A 4.09% 02/22/2028 144A",
        "value": "26008627.67",
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        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "25610647.79",
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        "shared": true
      },
      {
        "name": "FNCL 4.5 4/26",
        "value": "25521619.13",
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      },
      {
        "name": "FR RB5099",
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      },
      {
        "name": "Freddie Mac Pool",
        "value": "24861139.17",
        "weight": "0.00332246",
        "shared": false
      },
      {
        "name": "FNMA POOL MA4202 FN 12/40 FIXED 1.5",
        "value": "24737225.38",
        "weight": "0.00330591",
        "shared": false
      },
      {
        "name": "FNMA 15YR 1.5% 04/01/2036#FM6100",
        "value": "22165178.00",
        "weight": "0.00296217",
        "shared": false
      },
      {
        "name": "UMBS",
        "value": "21941040.96",
        "weight": "0.00293222",
        "shared": false
      },
      {
        "name": "UMBS",
        "value": "21769809.64",
        "weight": "0.00290934",
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      },
      {
        "name": "US TREASURY N/B",
        "value": "21514750.00",
        "weight": "0.00287525",
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      }
    ]
  },
  "error": null,
  "sources": [
    {
      "label": "N-PORT (fund A)",
      "accession_no": "0000940400-26-014616",
      "as_of": "2026-02-27",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/889512/000094040026014616/0000940400-26-014616-index.htm"
    },
    {
      "label": "N-PORT (fund B)",
      "accession_no": "0000035402-26-002610",
      "as_of": "2026-02-28",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1562565/000003540226002610/0000035402-26-002610-index.htm"
    }
  ]
}