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DFNM ETF · Dimensional National Municipal Bond ETF
The DFNM Exchange Traded Fund (ETF) is provided by Dimensional. This fund is actively managed; it does not track an index. This share class generates a stream of income by distributing dividends.
Last update Today at 1:30 PM UTC
LIVE
CLOSED
This fund is part ofMunicipal Bonds1M perf.+1.38%
Last price
$48.24
1M perf.
+1.02%
1M flows
+€29M
AuM
€1.8B
E/R
0.18%
Rating
Not rated
ESG Consensus®
DFNM
$48.24
Performance & flows
Segment for quartile rank
January 28, 2026 → April 28, 2026
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DFNM
$48.21
+0.24%
Municipal Bonds
+0.36%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | +1.02%  | +0.24% | +5.32% | +9.13% | N/A | +0.85% | +0.85% | +0.98%  | |
| Flows |
Key fund info
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This ETF's jurisdiction country is not in your region (Europe and Middle East) ·
Main characteristics
More details
NAV
4/28/2026
$48.21
1D NAV change
-0.08%
Dividend policy
No. of holdings
795
Inception date
11/15/2021
Jurisdiction
United States
Distribution
United States
Legal structure
Open-end Investment Company
Base currency
USD
Dividend distribution
Trailing 12-month distr. yield
Distribution frequency
Last distribution
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Classification
Investment strategy
The investment objective of the Dimensional National Municipal Bond ETF (the "Municipal Bond ETF" or "Portfolio") is to seek to provide current income that is expected to be exempt from federal personal income tax.
Tax optimisation
PEA
France
UK Reporting Status
United Kingdom
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Risk profile
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Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +0.24% | +5.32% | +9.13% | N/A |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
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Exposure
Countries
USA
70.62%
Unavailable
29.38%
Sectors
Municipal
18.88%
Unavailable
81.13%
Diversification
Total weight of top 15 holdings out of 795
Top 15 holdings
Data as of March 31, 2026
US44372ADV44
US115067MT41
US434110XQ01
US86476PU484
US54659LDC54
US574193XG89
US647293TL32
US30382AMM17
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US59333FR362
US19672MDH88
US235866HU77
US190819JY92
Massachusetts, 5% 1aug2041, USD (2023)
US61334PGU12
Energy Northwest, 5% 1jul2028, USD (2017-A)
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Sustainability
Integrates ESG criteria
No
SDG
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Issuer
Dimensional
Dimensional ID Card
Number of funds
52
Total AuM
€240.05B
Expense ratio range
0.09% - 0.648%
Average expense ratio
0.2833%
Top 5 funds by Dimensional
| AuM | ||
|---|---|---|
DFAC | Dimensional U.S. Core Equity 2 ETF | €37.76B |
DFUS | Dimensional US Equity ETF | €16.83B |
DFIV | DIMENSIONAL International Value ETF | €16.29B |
DFAI | Dimensional International Core Equity Market ETF | €13.4B |
DFUV | Dimensional US Marketwide Value ETF | €12.17B |
Frequently asked questions about DFNM
What does Dimensional National Municipal Bond ETF, DFNM, invest in?
DFNM is a Active ETF. This ETF provides exposure to US Investment Grade Municipal Bonds.
What is the Total Expense ratio (TER) of DFNM?
DFNM carries a total expense ratio (TER) of 0.18%, indicating the annual cost for holding the fund.
When was DFNM launched?
DFNM was introduced to the market on November 15, 2021. It trades on United States
Who is the ETF issuer of DFNM?
Dimensional National Municipal Bond ETF, DFNM, is provided by Dimensional. Learn more about Dimensional here.
What is the current assets under management (AUM) of DFNM?
DFNM oversees €1.8B in assets as of April 28, 2026.
How has DFNM performed lately?
Based on data from April 28, 2026, DFNM returned 1.02% over the past month, 0.24% over the last three months and 0.98% year-to-date.
What are the latest inflows or outflows for DFNM?
As of April 28, 2026, DFNM recorded net flows of +€29M over the last month and +€145M year-to-date.
Does DFNM distribute dividends?
DFNM follows a distributing dividend policy, meaning it pays out income to investors. As of April 28, 2026, its 12-month trailing yield was 2.92%.
What are the main country or region exposures of DFNM?
As of March 31, 2026, DFNM has significant geographic allocations in USA.
In which sector or theme does DFNM invest in?
As of March 31, 2026, DFNM focuses largely on Municipal.
How many securities does DFNM hold and how diversified is it?
As of March 31, 2026, DFNM holds 795 positions in its portfolio, with 8.85% of assets concentrated in its top 15 holdings.
What are the main positions in DFNM?
As of March 31, 2026, DFNM top three holdings include US44372ADV44, US115067MT41 and US434110XQ01.
What is the base currency of DFNM?
The base currency of DFNM is USD.
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