# Portfolio overlap — USSTX vs FSMB Comparing **Victory Tax Exempt Short-Term Fund** (2026-02-28) and **First Trust Short Duration Managed Municipal ETF** (2026-04-30). - Shared positions: 23 - Victory Tax Exempt Short-Term Fund covered by First Trust Short Duration Managed Municipal ETF: 0.04989056772388151136473355068 - First Trust Short Duration Managed Municipal ETF covered by Victory Tax Exempt Short-Term Fund: 0.04989056772388151136473355068 ## Victory Tax Exempt Short-Term Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | PORT PORT ARTHUR TX NAV DIST VAR-MOTIVA ENTERPRISES PJ-A | 0.037600 | | | ONE BRYANT PARK LLC | 0.022436 | | | MAIN STR NAT GA 5% MT | 0.021599 | | | PORT OF PORT ARTHUR TX NAV DIST | 0.020231 | | | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B | 0.017161 | | | METROPOLITAN TRANSPORTATION AUTHORITY | 0.015945 | | | Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Refunding Series 2019A | 0.015661 | | | State of Illinois, Series C | 0.014888 | ✓ | | PORT PORT ARTHUR TEX NAV DIST MOTIVA ENTERPRISES-C | 0.012369 | | | CORTLAND NY | 0.011984 | | | TOWNSHIP OF IRVINGTON NJ | 0.011760 | | | MUNIBOND | 0.010179 | | | GILLIAM WST VAR-CONV | 0.010160 | | | MAIN STR NAT GA 5% 12/1/2052 MT | 0.010151 | | | DEUTSCHE BANK SPEARS LIFERS TRUST | 0.009338 | | | DEUTSCHE-SPEARS-8153 | 0.009306 | | | TENNERGY CORP TN GAS REVENUE TGYPWR 10/53 ADJUSTABLE VAR | 0.008678 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A | 0.008615 | ✓ | | California Community Choice Financing Authority, Series C | 0.008603 | | | Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Series 2025B | 0.008461 | | | MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE | 0.008120 | | | MICHIGAN ST STR VAR MT@ | 0.008080 | | | NJ HGR ED STUD LOAN 25-2 MT@ | 0.008006 | | | PENNSYLVANIA ST ECON DEV FING REGD V/R B/E AMT 4.00000000 | 0.007980 | | | KENTUCKY ST ECON DEV FIN AUTH HLTH CARE REVENUE | 0.007979 | | | DEUTSCHE-SPEARS-8161 | 0.007975 | | | DEUTSCHE SPEARS-8178 | 0.007975 | | | CITY OF FULTON NY | 0.007907 | | | KENTUCKY UTILITIES CO | 0.007895 | | | OWEN CNTY-B-REF | 0.007740 | | | COBB COUNTY GA DEV AUTH | 0.007666 | | | Selma Industrial Development Board, International Paper Co. Projects, Series 2019A | 0.007337 | ✓ | | PUBLIC SERVICE CO OF NEW MEXICO 2.15% 04-01-33 | 0.007176 | | | NORTON HEALTHCARE OBLIGATED GROUP (MPT) 5.0% 10-01-47 | 0.006889 | | | TN TGYPWR 12/01/2051 | 0.006760 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.006745 | | | BLACK BELT ENERGY GAS DISTRICT | 0.006683 | | | ARKANSAS DEV FIN AUTH | 0.006519 | | | MS BUSINESS FIN CORP | 0.006384 | | | BLACK BELT ENERGY GAS VAR | 0.006169 | | | TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1 | 0.006065 | | | POMPANO BEACH FL REVENUE REGD B/E 3.50000000 | 0.005682 | | | Development Authority of Burke County (The), Series 2009-1 | 0.005582 | | | CITY OF BRIDGEPORT CT | 0.005566 | | | TX LAVMFH 11/01/2044 | 0.005538 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2019C-1 | 0.005490 | ✓ | | PA CHEDEV 5 03/01/2027 | 0.005434 | ✓ | | ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 3.78900000 | 0.005393 | | | DFW ARPT 5% 11/1/2050 MT @ | 0.005361 | | | BLACK BELT ENERGY GAS FRN | 0.005318 | | ## 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 `0001004726-26-003004` (as of 2026-02-28) - N-PORT (fund B) — accession `0000940400-26-025147` (as of 2026-04-30) --- _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 _