FTMSvsAAAETF Comparison
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Franklin Short-Term Municipal Income ETF (FTMS) belongs to the Municipal Bonds segment. AXS First Priority CLO Bond ETF (AAA) is part of the US Corporate IG Bonds segment. FTMS's top 1 sector exposures are Municipal. In contrast, AAA's top sector exposures are Industrials and Finance. FTMS is less expensive with a Total Expense Ratio (TER) of 0.22%, versus 0.25% for AAA. FTMS is down -0.98% year-to-date (YTD) with +$73M in YTD flows. AAA performs better with 3.67% YTD performance, and +$30M in YTD flows. Run a side-by-side ETF comparison of FTMS and AAA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FTMS vs AAA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FTMS AAA | -0.29%+0.28% | -1.34%+1.15% | -0.98%+3.67% | n/a+4.84% | n/a+18.61% | n/a+26.62% |
| Flows | FTMS AAA | +$25M+$5M | +$45M+$27M | +$73M+$30M | -+$30M | -+$65M | -+$63M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FTMS AAA | +2.06%+0.34% | n/a+0.46% | n/a+1.12% | n/a+1.42% |
| Max drawdown | FTMS AAA | -2.33%-0.04% | n/a-0.06% | n/a-0.86% | n/a-2.37% |
| Max drawdown duration | FTMS AAA | 92d4d | n/a3d | n/a26d | n/a375d |
Trading data
FTMS | AAA | |
Last sale 10/16/2026 at 1:30 PM | $9.78 | $24.78 |
| Previous close 10/15/2026 | $9.79 | $24.83 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
FTMS | AAA | |
|---|---|---|
| Last price | $9.78 | $24.78 |
| 1D performance | -0.10% | -0.21% |
| AuM | $232.32 M | $72.50 M |
| E/R | 0.22% | 0.25% |
Characteristics
FTMS | AAA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Franklin Templeton | AXS Investments |
| Benchmark | - | - |
| N° of holdings | 47 | 8 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 24, 2025 | September 9, 2020 |
| ESG | No | No |
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Exposure
Countries
FTMS
USA
24.57%
Other
75.43%
AAA
USA
22.83%
Other
77.17%
Sectors
FTMS
Municipal
24.57%
Other
75.43%
AAA
Industrials
18.19%
Other
81.81%
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Diversification
FTMS
Total weight of top 15 holdings out of 15
16.97%
AAA
Total weight of top 15 holdings out of 15
60.18%
Top 15 holdings
Data as of August 31, 2026
FTMS
Southeast Energy Authority, 5.25% 1mar2055, USD (2025B)
1.45%
US091097AA35
1.31%
US69068WAD56
1.20%
US81640AAB98
1.18%
Main Street Natural Gas Inc., 4% 1jul2052, USD (2021A)
1.16%
California State University, 0.55% 1nov2049, USD (2016B-2)
1.13%
US686865AR74
1.11%
Texas Municipal Gas Acquisition and Supply Corp., 5% 1apr2036, USD (2026)
1.09%
Kentucky Public Energy Authority, 5% 1dec2033, USD (2025)
1.06%
City of Los Angeles, 5% 24jun2027, USD (2026)
1.06%
California Community Choice Financing Authority, 5% 1nov2055, USD (2024G)
1.05%
US717883J787
1.05%
Newark, 4.25% 5may2027, USD (2026)
1.05%
US352410CV42
1.04%
US773661AB90
1.04%
AAA
Fortress Credit BSL 2025-2A, FRN 15oct2038, USD (ABS, A)
4.64%
LCM 38A, FRN 4nov2038, USD (ABS, AR2)
4.64%
US482937AJ80
4.63%
US55819MBC91
4.63%
Carlyle US CLO 2019-4A, FRN 22jun2039, USD (ABS, A12)
4.63%
US03768UAG40
4.63%
US73052VAN55
4.63%
US83013NAC48
4.62%
US64130TBJ34
4.62%
US03766HAQ39
3.09%
Fortress Credit BSL 2024-4A, FRN 15jan2038, USD (ABS, A)
3.09%
US03166GAA67
3.09%
US15032EAY59
3.09%
US149791BG90
3.09%
US92919AAN46
3.08%
Frequently asked questions about FTMS and AAA
How have the FTMS and AAA ETFs performed in 2026?
As of October 16, 2026, FTMS is down -0.98% year-to-date (YTD), while AAA has returned 3.67%. That puts AAA better performer ahead so far this year.
Which ETF is attracting more investor money: FTMS or AAA?
Year-to-date, the FTMS ETF saw +$73M in flows, compared to +$30M for AAA.
Which ETF is bigger: FTMS or AAA?
As of October 16, 2026, FTMS holds $232.32 M in assets under management (AUM), while AAA manages $72.50 M.
What sectors do the FTMS and AAA ETFs invest in?
FTMS leans toward sectors like Municipal. Meanwhile, AAA focuses on Industrials.
What are the top holdings of the FTMS ETF and AAA ETF?
FTMS top holdings include Southeast Energy Authority, 5.25% 1mar2055, USD (2025B), US091097AA35 and US69068WAD56. AAA holds in its top three: Fortress Credit BSL 2025-2A, FRN 15oct2038, USD (ABS, A), LCM 38A, FRN 4nov2038, USD (ABS, AR2) and US482937AJ80.
Which ETF is more diversified: FTMS or AAA?
FTMS holds 253 securities with 16.97% of its assets in the top 15. AAA has 35 securities and a top 15 weight of 60.18%.
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Latest news about FTMS & AAA
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