# Portfolio overlap — FTFZX vs FSMB Comparing **Franklin Federal Limited-Term Tax-Free Income Fund** (2026-02-28) and **First Trust Short Duration Managed Municipal ETF** (2026-04-30). - Shared positions: 26 - Franklin Federal Limited-Term Tax-Free Income Fund covered by First Trust Short Duration Managed Municipal ETF: 0.06712928327729165138806048166 - First Trust Short Duration Managed Municipal ETF covered by Franklin Federal Limited-Term Tax-Free Income Fund: 0.06712928327729165138806048167 ## Franklin Federal Limited-Term Tax-Free Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | GARDEN ST PRESERVATION TRUST N REGD N/C B/E AG 5.75000000 | 0.018974 | | | Franklin Municipal Green Bond ETF | 0.018112 | | | ROCHESTER MN HLTH CARE FACS REVENUE | 0.018077 | | | TN TNSUTL 05/01/2053 | 0.017185 | ✓ | | MAIN STR NAT GA 0% 8/1/2052 | 0.017093 | | | KENTUCKY ST PUBLIC ENERGY AUTH REGD V/R B/E 3.72590000 | 0.016050 | | | Maricopa County Industrial Development Authority, Series 2024 | 0.014187 | | | New York City Water and Sewer System, Second General Resolution, Series BB 1B | 0.013558 | | | NEW YORK-I-3 | 0.013558 | | | Hillsborough County Aviation Authority, Series 2024 B | 0.012935 | | | FARMINGTON NM POLL CONTROL REV REGD V/R B/E 3.87500000 | 0.012786 | | | Black Belt Energy Gas District (The), Series 2023 B, RB | 0.012376 | ✓ | | BLACK BELT-SER-C | 0.012254 | | | NJ TRN CAB-C-BHAC | 0.012065 | | | AUSTIN TX HSG FIN CORP AUSMFH 11/42 ADJUSTABLE VAR | 0.011461 | | | MD MDSDEV 5 11/12/2028 | 0.011362 | | | STATE OF NEW JERSEY AMBAC 0.0% 12-15-26 | 0.011093 | | | Des Moines Independent Community School District, Series 2018 | 0.010517 | | | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 0.010198 | | | TENNERGY CORP TN GAS REVENUE TGYPWR 10/53 ADJUSTABLE VAR | 0.009864 | | | MAIN STR NAT GA 4% 07/01/2052 MT | 0.009278 | ✓ | | State of Illinois, Series 2025 A | 0.009276 | | | MN MUNI GAS AUTH-B | 0.009035 | | | TARRANT TX EDFC 5% MT | 0.008865 | | | OH OHSDEV 11/01/2039 | 0.008613 | ✓ | | Tennessee (State of), Series 2023 A, GO Bonds | 0.008599 | | | Los Angeles (City of), CA, Series 2025, RN | 0.008547 | ✓ | | NY TRANS CORP 5% 01/01/36@ | 0.008363 | | | New Jersey Economic Development Authority, Series 2019 B | 0.008128 | | | District of Columbia Housing Finance Agency, Series 2024 A2 | 0.007557 | | | KY COMMONWEALTH-A | 0.007539 | | | South Dakota Health & Educational Facilities Authority, Series 2025 B-2 | 0.007354 | | | New Jersey Economic Development Authority, Series 2019 | 0.007086 | | | LONG BEACH CA BOND FIN AUTH NATURAL GAS PURCHASE REVENUE | 0.007009 | | | DENVER CO SD#1-A | 0.006820 | | | WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000 | 0.006708 | ✓ | | MICHIGAN ST STRATEGIC FUND LTD REGD V/R B/E AMT 0.87500000 | 0.006570 | | | MOUNDS VIEW MN MF HSG | 0.006262 | | | TX TMGUTL 01/01/2054 | 0.006079 | ✓ | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 0.006025 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2025B | 0.006024 | | | State of Illinois, Series D | 0.005923 | | | MARYLAND ST HLTH & HGR EDUCTNL REGD V/R B/E 5.00000000 | 0.005878 | | | NRG ENERGY INC (MPT) 4.0% 10-01-45 | 0.005834 | | | MONTGOMERY INDL 0% 10/1/2053 MT | 0.005795 | | | State of Oregon Housing & Community Services Department, Series 2024R | 0.005785 | | | Black Belt Energy Gas District, Series D-3 | 0.005760 | | | St. John the Baptist (Parish of), LA (Marathon Oil Corp.), Series 2017, Ref. RB | 0.005749 | ✓ | | INDIANA ST FIN AUTH ENVRNMNTL INDIANA FINANCE AUTHORITY | 0.005724 | | | Wayne County Airport Authority, Series 2017 E | 0.005712 | | ## 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 | | ## Sources - N-PORT (fund A) — accession `0002071691-26-008652` (as of 2026-02-28) - N-PORT (fund B) — accession `0000940400-26-025147` (as of 2026-04-30) --- _Informational only — not investment advice. 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