FTMSvsMMSDETF Comparison
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Franklin Short-Term Municipal Income ETF (FTMS) and NYLI MacKay Muni Short Duration ETF (MMSD) belong to the same industry segment: Municipal Bonds. FTMS's top 1 sector exposures are Municipal. In contrast, MMSD's top sector exposures are Municipal, Healthcare and Industrials. FTMS is less expensive with a Total Expense Ratio (TER) of 0.22%, versus 0.44% for MMSD. FTMS is down -0.98% year-to-date (YTD) with +$73M in YTD flows. MMSD performs better with 0.68% YTD performance, and +$28M in YTD flows. Run a side-by-side ETF comparison of FTMS and MMSD 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 MMSD 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 MMSD | -0.29%-0.19% | -1.34%-0.84% | -0.98%+0.68% | n/a+1.32% | n/an/a | n/an/a |
| Flows | FTMS MMSD | +$25M-$4K | +$45M+$9M | +$73M+$28M | -+$30M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FTMS MMSD | +2.06%+2.35% | n/a+1.49% | n/an/a | n/an/a |
| Max drawdown | FTMS MMSD | -2.33%-2.45% | n/a-2.45% | n/an/a | n/an/a |
| Max drawdown duration | FTMS MMSD | 92d51d | n/a51d | n/an/a | n/an/a |
Trading data
FTMS | MMSD | |
Last sale 10/16/2026 at 1:30 PM | $9.78 | $24.93 |
| Previous close 10/15/2026 | $9.79 | $24.89 |
| 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 | MMSD | |
|---|---|---|
| Last price | $9.78 | $24.93 |
| 1D performance | -0.10% | +0.16% |
| AuM | $232.32 M | $83.38 M |
| E/R | 0.22% | 0.44% |
Characteristics
FTMS | MMSD | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Franklin Templeton | New York Life Investments |
| Benchmark | - | - |
| N° of holdings | 47 | 39 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 24, 2025 | May 5, 2025 |
| ESG | No | No |
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Exposure
Countries
FTMS
USA
24.57%
Other
75.43%
MMSD
USA
22.7%
Other
77.3%
Sectors
FTMS
Municipal
24.57%
Other
75.43%
MMSD
Municipal
20.42%
Other
79.58%
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Diversification
FTMS
Total weight of top 15 holdings out of 15
16.97%
MMSD
Total weight of top 15 holdings out of 15
19.73%
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%
MMSD
US04780M6J36
1.81%
US708692BV94
1.77%
US72342NAF24
1.45%
US1675937H96
1.33%
US118217CN67
1.26%
US84136HCT86
1.25%
US19648FJ393
1.25%
Black Belt Energy Gas District, 5% 1jun2031, USD (2026)
1.24%
Main Street Natural Gas Inc., 5% 1may2054, USD (2023D)
1.23%
US452152S852
1.21%
US63609YAA64
1.19%
US04785VCD47
1.18%
US360059AL37
1.18%
New York Housing Development Corp., 5.458% 15dec2031, USD (2024, A)
1.18%
US59447UBB52
1.18%
Frequently asked questions about FTMS and MMSD
How have the FTMS and MMSD ETFs performed in 2026?
As of October 16, 2026, FTMS is down -0.98% year-to-date (YTD), while MMSD has returned 0.68%. That puts MMSD better performer ahead so far this year.
Which ETF is attracting more investor money: FTMS or MMSD?
Year-to-date, the FTMS ETF saw +$73M in flows, compared to +$28M for MMSD.
Which ETF is bigger: FTMS or MMSD?
As of October 16, 2026, FTMS holds $232.32 M in assets under management (AUM), while MMSD manages $83.38 M.
What sectors do the FTMS and MMSD ETFs invest in?
FTMS leans toward sectors like Municipal. Meanwhile, MMSD focuses on Municipal.
What are the top holdings of the FTMS ETF and MMSD ETF?
FTMS top holdings include Southeast Energy Authority, 5.25% 1mar2055, USD (2025B), US091097AA35 and US69068WAD56. MMSD holds in its top three: US04780M6J36, US708692BV94 and US72342NAF24.
Which ETF is more diversified: FTMS or MMSD?
FTMS holds 253 securities with 16.97% of its assets in the top 15. MMSD has 162 securities and a top 15 weight of 19.73%.
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