# Portfolio overlap — FSMB vs VMLTX Comparing **First Trust Short Duration Managed Municipal ETF** (2026-04-30) and **VANGUARD LIMITED-TERM TAX-EXEMPT FUND** (2026-01-31). - Shared positions: 150 - First Trust Short Duration Managed Municipal ETF covered by VANGUARD LIMITED-TERM TAX-EXEMPT FUND: 0.06823132975318729959160059022 - VANGUARD LIMITED-TERM TAX-EXEMPT FUND covered by First Trust Short Duration Managed Municipal ETF: 0.06823132975318729959160059021 ## First Trust Short Duration Managed Municipal ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C | 0.010781 | ✓ | | County of Utah UT | 0.008459 | | | OH OHSDEV 11/01/2039 | 0.008131 | | | Wisconsin (State of) Public Finance Authority (Duke Energy Progress), Series 2022, Ref. RB | 0.007243 | ✓ | | St. John the Baptist (Parish of), LA (Marathon Oil Corp.), Series 2017, Ref. RB | 0.006812 | ✓ | | Main Street Energy, Inc., Series D | 0.006590 | ✓ | | Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), Series 2016, Ref. RB | 0.006334 | | | NYC MUNI WTR FIN-BB | 0.005921 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A | 0.005890 | ✓ | | Black Belt Energy Gas District | 0.005821 | | | BLACK BELT ENERGY GAS VAR | 0.005787 | ✓ | | NM MUNI ENERGY ACQ AU | 0.005721 | ✓ | | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 0.005317 | ✓ | | LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.00000000 | 0.005316 | | | ALLEGHENY HOSP DEV-A | 0.005231 | | | WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000 | 0.005204 | | | MD CMNTY DEV-D-2 | 0.005135 | ✓ | | UNITED AIRLINES INC 4.0% 07-15-29 | 0.005107 | | | WASTE MANAGEMENT INC (MPT) 3.45% 11-01-44 | 0.005076 | | | NEW YORK NY REGD V/R B/E 2.65000000 | 0.005075 | | | NORTH CAROLINA ST HSG FIN AGYM REGD V/R B/E 5.00000000 | 0.004917 | ✓ | | TX TMGUTL 01/01/2054 | 0.004815 | ✓ | | FARM N MEX PCR 0% 6/1/2040 MT | 0.004764 | ✓ | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B | 0.004620 | ✓ | | DFW ARPT 5% 11/1/2031 @ | 0.004612 | | | FLORIDA DEV FIN CORP HLTHCAREFACS REVENUE | 0.004581 | ✓ | | City of Atlanta GA Department of Aviation | 0.004563 | | | TN TNSUTL 05/01/2053 | 0.004354 | ✓ | | City of Philadelphia PA Airport Revenue | 0.004342 | | | FAIRFAX C VA 5% 1/1/2045 MT | 0.004323 | ✓ | | WASTE MANAGEMENT INC (MPT) 3.45% 10-01-41 | 0.004255 | | | NORTH BLOCK ASSOCIATES LLC HUD SECT 8 FHA 221(D)(4) (MPT) 3.4% 02-01-29 | 0.004249 | ✓ | | COUNTY OF TRIMBLE KY TRMENV 06/33 FIXED 3.75 | 0.004234 | | | ARKANSAS DEV FIN AUTH ENVIRONM REGD V/R B/E AMT 4.00000000 | 0.004223 | | | MOBILE PCR-VAR-AL PWR | 0.004192 | ✓ | | MTRO WA DC ARPT 5% 10/1/2031 @ | 0.004155 | | | LEHIGH PA_IDA 3% 9/1/2029 | 0.004146 | | | INDIANAPOLIS IN LOCAL PUBLIC I REGD N/C B/E AMT 5.00000000 | 0.004125 | | | State of Illinois, Series C | 0.004124 | ✓ | | NORTHWESTERN CORP 3.875% 07-01-28 | 0.004114 | ✓ | | HOUSTON-UTL SYS-B-REF | 0.004101 | | | DE ST EDA 3.60% 1/1/31 | 0.004093 | ✓ | | PEFA INC VAR | 0.004075 | | | TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN | 0.004035 | ✓ | | NY TRANS CORP 5% 1/1/2032 @ | 0.004010 | | | SOUTHEAST ENERGY-F | 0.003984 | ✓ | | SOUTHEAST ENERGY AUTH VAR | 0.003963 | ✓ | | South Carolina Jobs-Economic Development Authority, Series 2023A | 0.003914 | | | MTRO WA DC ARPT 5% 10/1/2035 @ | 0.003899 | | | NYC HSG DEV CORP-F-2A | 0.003825 | ✓ | ## VANGUARD LIMITED-TERM TAX-EXEMPT FUND — top positions | Security | Weight | Shared | |----------|--------|--------| | Vanguard Municipal Cash Management Fund | 0.026719 | | | SOUTHEAST ENERGY-E | 0.003996 | | | Nuveen AMT-Free Municipal Credit Income Fund | 0.003760 | | | MUNIBOND | 0.003708 | ✓ | | KY PUB ENERGY AUTH-A | 0.003677 | | | MUNIBOND | 0.003642 | ✓ | | MAIN STR NAT GA(RCC) 5% 9/1/30MT 53 | 0.003304 | | | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 0.003260 | | | BLACK BELT ENERGY GAS VAR | 0.003206 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A | 0.003146 | ✓ | | Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Series 2025B | 0.003136 | | | NM MUNI ENERGY ACQ AU | 0.003091 | ✓ | | TN TNSUTL 05/01/2053 | 0.003091 | ✓ | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB | 0.003073 | | | MAIN STR NAT GA 4% 3/1/2050 | 0.003014 | ✓ | | ALLGNY CNTY HDA 0% 11/15/2047 | 0.003009 | | | Texas State University System | 0.002971 | | | RESTRUCTURED-SER A1 | 0.002954 | | | BLACK BELT ENERGY GAS VAR | 0.002807 | | | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 5, Series 2023A | 0.002779 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.002777 | | | CTR PLN ENG GAS 5% MT | 0.002762 | ✓ | | TX TMGUTL 01/01/2054 | 0.002516 | ✓ | | RESTRUCTURED-SER A1 | 0.002478 | | | TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN | 0.002378 | ✓ | | MAIN STR NAT GA 4% MT | 0.002360 | | | TEXAS TRANSPORTATION VAR | 0.002316 | | | CALIFORNIA COMMUNITY VAR | 0.002243 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB | 0.002182 | ✓ | | PATRIOTS EN GRP 5.25% MT | 0.002149 | | | NE CENPWR 08/01/2055 | 0.002070 | ✓ | | TARRANT TX EDFC 5% MT | 0.002040 | | | HOUSTON UTIL-REF-B4 | 0.002035 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2024A-1 | 0.001991 | | | NY ST URBAN DEV CORP | 0.001980 | | | California Community Choice Financing Authority, Series C | 0.001974 | | | MAIN STR NAT GA 5% 12/1/2052 MT | 0.001936 | | | NY NY CITY HS(NEW YORK MHSG) 3.25% 2/1/30 MT 65 | 0.001932 | | | MAIN STR NAT GA 5% MT | 0.001923 | ✓ | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B | 0.001921 | ✓ | | CALIFORNIA COMMUNITY VAR | 0.001915 | | | MAIN STR NAT GA 5% MT | 0.001891 | | | BLACK BELT-SER-C | 0.001827 | | | TN TGYPWR 12/01/2051 | 0.001779 | | | MAIN STR NAT GA 5% MT | 0.001750 | | | TNDR OPT-FLTRS-DB8201 | 0.001737 | | | CO HEALTH FACS AUTH | 0.001726 | | | CALIFORNIA COMMUNITY VAR | 0.001711 | | | Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C | 0.001699 | ✓ | | NTHSIDE TX ISD 3% MT | 0.001696 | | ## Sources - N-PORT (fund A) — accession `0000940400-26-025147` (as of 2026-04-30) - N-PORT (fund B) — accession `0000225997-26-000125` (as of 2026-01-31) --- _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._ _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._ _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. See _