{
  "page": "compare",
  "query": {
    "a": "USTIX",
    "b": "FSMB"
  },
  "retrieved_at": "2026-07-07T15:12:12+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": "Victory Tax Exempt Short-Term Fund",
    "ticker": "USTIX",
    "slug": "USTIX",
    "series_id": "S000012912",
    "html_url": "https://fundwatcher.app/funds/USTIX/"
  },
  "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": "0.04989056772388151136473355068",
    "coverage_b_by_a": "0.04989056772388151136473355068",
    "shared_count": 23,
    "as_of": {
      "a": "2026-02-28",
      "b": "2026-04-30"
    },
    "a_top": [
      {
        "name": "PORT PORT ARTHUR TX NAV DIST VAR-MOTIVA ENTERPRISES PJ-A",
        "value": "23575000.00",
        "weight": "0.03759994",
        "shared": false
      },
      {
        "name": "ONE BRYANT PARK LLC",
        "value": "14067154.78",
        "weight": "0.02243581",
        "shared": false
      },
      {
        "name": "MAIN STR NAT GA 5% MT",
        "value": "13542702.68",
        "weight": "0.02159936",
        "shared": false
      },
      {
        "name": "PORT OF PORT ARTHUR TX NAV DIST",
        "value": "12685000.00",
        "weight": "0.02023140",
        "shared": false
      },
      {
        "name": "Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B",
        "value": "10759879.84",
        "weight": "0.01716101",
        "shared": false
      },
      {
        "name": "METROPOLITAN TRANSPORTATION AUTHORITY",
        "value": "9997158.81",
        "weight": "0.01594454",
        "shared": false
      },
      {
        "name": "Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Refunding Series 2019A",
        "value": "9819664.76",
        "weight": "0.01566146",
        "shared": false
      },
      {
        "name": "State of Illinois, Series C",
        "value": "9334582.94",
        "weight": "0.01488779",
        "shared": true
      },
      {
        "name": "PORT PORT ARTHUR TEX NAV DIST MOTIVA ENTERPRISES-C",
        "value": "7755000.00",
        "weight": "0.01236851",
        "shared": false
      },
      {
        "name": "CORTLAND NY",
        "value": "7513871.38",
        "weight": "0.01198393",
        "shared": false
      },
      {
        "name": "TOWNSHIP OF IRVINGTON NJ",
        "value": "7373727.96",
        "weight": "0.01176041",
        "shared": false
      },
      {
        "name": "MUNIBOND",
        "value": "6382044.07",
        "weight": "0.01017877",
        "shared": false
      },
      {
        "name": "GILLIAM WST VAR-CONV",
        "value": "6370110.04",
        "weight": "0.01015974",
        "shared": false
      },
      {
        "name": "MAIN STR NAT GA 5% 12/1/2052 MT",
        "value": "6364636.69",
        "weight": "0.01015101",
        "shared": false
      },
      {
        "name": "DEUTSCHE BANK SPEARS LIFERS TRUST",
        "value": "5855000.00",
        "weight": "0.00933818",
        "shared": false
      },
      {
        "name": "DEUTSCHE-SPEARS-8153",
        "value": "5835000.00",
        "weight": "0.00930628",
        "shared": false
      },
      {
        "name": "TENNERGY CORP TN GAS REVENUE TGYPWR 10/53 ADJUSTABLE VAR",
        "value": "5440987.78",
        "weight": "0.00867787",
        "shared": false
      },
      {
        "name": "Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A",
        "value": "5401442.34",
        "weight": "0.00861480",
        "shared": true
      },
      {
        "name": "California Community Choice Financing Authority, Series C",
        "value": "5394226.84",
        "weight": "0.00860329",
        "shared": false
      },
      {
        "name": "Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Series 2025B",
        "value": "5304830.17",
        "weight": "0.00846071",
        "shared": false
      },
      {
        "name": "MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE",
        "value": "5091302.11",
        "weight": "0.00812016",
        "shared": false
      },
      {
        "name": "MICHIGAN ST STR VAR MT@",
        "value": "5066302.11",
        "weight": "0.00808028",
        "shared": false
      },
      {
        "name": "NJ HGR ED STUD LOAN 25-2 MT@",
        "value": "5019658.66",
        "weight": "0.00800589",
        "shared": false
      },
      {
        "name": "PENNSYLVANIA ST ECON DEV FING REGD V/R B/E AMT 4.00000000",
        "value": "5003338.24",
        "weight": "0.00797986",
        "shared": false
      },
      {
        "name": "KENTUCKY ST ECON DEV FIN AUTH HLTH CARE REVENUE",
        "value": "5003045.65",
        "weight": "0.00797939",
        "shared": false
      },
      {
        "name": "DEUTSCHE-SPEARS-8161",
        "value": "5000000.00",
        "weight": "0.00797454",
        "shared": false
      },
      {
        "name": "DEUTSCHE SPEARS-8178",
        "value": "5000000.00",
        "weight": "0.00797454",
        "shared": false
      },
      {
        "name": "CITY OF FULTON NY",
        "value": "4957735.51",
        "weight": "0.00790713",
        "shared": false
      },
      {
        "name": "KENTUCKY UTILITIES CO",
        "value": "4950109.48",
        "weight": "0.00789497",
        "shared": false
      },
      {
        "name": "OWEN CNTY-B-REF",
        "value": "4852927.02",
        "weight": "0.00773997",
        "shared": false
      },
      {
        "name": "COBB COUNTY GA DEV AUTH",
        "value": "4806388.09",
        "weight": "0.00766574",
        "shared": false
      },
      {
        "name": "Selma Industrial Development Board, International Paper Co. Projects, Series 2019A",
        "value": "4600329.55",
        "weight": "0.00733710",
        "shared": true
      },
      {
        "name": "PUBLIC SERVICE CO OF NEW MEXICO 2.15% 04-01-33",
        "value": "4499168.78",
        "weight": "0.00717576",
        "shared": false
      },
      {
        "name": "NORTON HEALTHCARE OBLIGATED GROUP (MPT) 5.0% 10-01-47",
        "value": "4319319.15",
        "weight": "0.00688891",
        "shared": false
      },
      {
        "name": "TN TGYPWR 12/01/2051",
        "value": "4238251.17",
        "weight": "0.00675962",
        "shared": false
      },
      {
        "name": "California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB",
        "value": "4228827.21",
        "weight": "0.00674459",
        "shared": false
      },
      {
        "name": "BLACK BELT ENERGY GAS DISTRICT",
        "value": "4190350.24",
        "weight": "0.00668322",
        "shared": false
      },
      {
        "name": "ARKANSAS DEV FIN AUTH",
        "value": "4087318.12",
        "weight": "0.00651889",
        "shared": false
      },
      {
        "name": "MS BUSINESS FIN CORP",
        "value": "4002605.29",
        "weight": "0.00638378",
        "shared": false
      },
      {
        "name": "BLACK BELT ENERGY GAS VAR",
        "value": "3868031.25",
        "weight": "0.00616915",
        "shared": false
      },
      {
        "name": "TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1",
        "value": "3802665.39",
        "weight": "0.00606490",
        "shared": false
      },
      {
        "name": "POMPANO BEACH FL REVENUE REGD B/E 3.50000000",
        "value": "3562432.99",
        "weight": "0.00568175",
        "shared": false
      },
      {
        "name": "Development Authority of Burke County (The), Series 2009-1",
        "value": "3500000.00",
        "weight": "0.00558218",
        "shared": false
      },
      {
        "name": "CITY OF BRIDGEPORT CT",
        "value": "3490010.65",
        "weight": "0.00556624",
        "shared": false
      },
      {
        "name": "TX LAVMFH 11/01/2044",
        "value": "3472079.47",
        "weight": "0.00553765",
        "shared": false
      },
      {
        "name": "Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2019C-1",
        "value": "3442483.59",
        "weight": "0.00549044",
        "shared": true
      },
      {
        "name": "PA CHEDEV 5 03/01/2027",
        "value": "3406918.46",
        "weight": "0.00543372",
        "shared": true
      },
      {
        "name": "ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 3.78900000",
        "value": "3381276.73",
        "weight": "0.00539282",
        "shared": false
      },
      {
        "name": "DFW ARPT 5% 11/1/2050 MT @",
        "value": "3361589.13",
        "weight": "0.00536142",
        "shared": false
      },
      {
        "name": "BLACK BELT ENERGY GAS FRN",
        "value": "3334111.82",
        "weight": "0.00531760",
        "shared": false
      }
    ],
    "b_top": [
      {
        "name": "Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C",
        "value": "6372370.20",
        "weight": "0.01078087",
        "shared": true
      },
      {
        "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": false
      },
      {
        "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": false
      },
      {
        "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": true
      },
      {
        "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": false
      },
      {
        "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": true
      },
      {
        "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": false
      },
      {
        "name": "FARM N MEX PCR 0% 6/1/2040 MT",
        "value": "2815916.35",
        "weight": "0.00476401",
        "shared": false
      },
      {
        "name": "Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B",
        "value": "2731069.46",
        "weight": "0.00462046",
        "shared": true
      },
      {
        "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": false
      },
      {
        "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": false
      },
      {
        "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": true
      },
      {
        "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": "0001004726-26-003004",
      "as_of": "2026-02-28",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/908695/000100472626003004/0001004726-26-003004-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"
    }
  ]
}