New
Trackinsight is part of ETF One, the fully integrated ETF platform of Kepler Cheuvreux. Learn more →
Help us improve your experience. Please confirm your investor type:
ETF What's Up
Don’t Miss a Move in the ETF Market
Sign up and keep track of everything that moved the ETF industry this week. From new launches to regulatory shifts across the Atlantic.
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 Yesterday at 1:30 PM UTC
LIVE
CLOSED
This fund is part ofMunicipal Bonds1M perf.-0.36%
Last price
$48.32
1M perf.
-0.18%
1M flows
+€58M
AuM
€1.79B
E/R
0.18%
Rating
Not rated
ESG Consensus®
DFNM
$48.32
Performance & flows
Segment for quartile rank
December 10, 2025 → March 10, 2026
Create a free account to view the flows graph
DFNM
$48.48
+1.42%
Municipal Bonds
+1.38%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -0.18%  | +1.42% | +4.01% | +9.83%  | N/A | -0.59% | +1.05% | +1.05% | |
| Flows |
Key fund info
Segment for quartile rank
This ETF's jurisdiction country is not in your region (Europe and Middle East) ·
Main characteristics
More details
NAV
3/10/2026
$48.48
1D NAV change
N/A
Dividend policy
No. of holdings
823
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
Create a free account to view dividend distribution
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
Create a free Trackinsight Essentials account to unlock insights
Access exclusive metrics and features to support your investment decisions.
Built for professionals: access exclusive fund metrics and selection tools in Trackinsight Enterprise.
Enterprise Fund page features include:
Legal documents
Powerful buy-list integration
Fund data exports
Advanced risk metrics
Advanced replication analysis
Advanced exposure look-through
Upload your own internal metrics
Custom data feature
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseAdvertisement
Risk profile
Segment for quartile rank
Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +1.42% | +4.01% | +9.83% | N/A |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
Create a free account to view risk/return table
Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
Built for professionals: access exclusive risk metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseExposure
Countries
USA
71.46%
Unavailable
28.54%
Sectors
Municipal
20.80%
Unavailable
79.20%
Diversification
Total weight of top 15 holdings out of 823
Top 15 holdings
Data as of January 31, 2026
US115067MT41
US86476PU484
US54659LDC54
US574193XG89
US647293TL32
US30382AMM17
US57421CGC29
US59333FR362
Create a free account to view top holdings
US19672MDH88
US190819JY92
Massachusetts, 5% 1aug2041, USD (2023)
US61334PGU12
US59333RLC69
New York Dormitory Authority, 5% 15feb2041, USD (2019D)
Energy Northwest, 5% 1jul2028, USD (2017-A)
Create a free account to view top holdings
Built for professionals: access exclusive exposure metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseSustainability
Integrates ESG criteria
No
SDG
Built for professionals: access exclusive sustainability metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseIssuer
Dimensional
Dimensional ID Card
Number of funds
49
Total AuM
€228.32B
Expense ratio range
0.09% - 0.648%
Average expense ratio
0.2848%
Top 5 funds by Dimensional
| AuM | ||
|---|---|---|
DFAC | Dimensional U.S. Core Equity 2 ETF | €35.76B |
DFUS | Dimensional US Equity ETF | €16.26B |
DFIV | DIMENSIONAL International Value ETF | €15.57B |
DFAI | Dimensional International Core Equity Market ETF | €12.87B |
DFUV | Dimensional US Marketwide Value ETF | €11.67B |
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 €1.79B in assets as of March 10, 2026.
How has DFNM performed lately?
Based on data from March 10, 2026, DFNM returned -0.18% over the past month, 1.42% over the last three months and 1.05% year-to-date.
What are the latest inflows or outflows for DFNM?
As of March 10, 2026, DFNM recorded net flows of +€58M over the last month and +€105M year-to-date.
Does DFNM distribute dividends?
DFNM follows a distributing dividend policy, meaning it pays out income to investors. As of March 10, 2026, its 12-month trailing yield was 2.92%.
What are the main country or region exposures of DFNM?
As of January 31, 2026, DFNM has significant geographic allocations in USA.
In which sector or theme does DFNM invest in?
As of January 31, 2026, DFNM focuses largely on Municipal.
How many securities does DFNM hold and how diversified is it?
As of January 31, 2026, DFNM holds 823 positions in its portfolio, with 8.35% of assets concentrated in its top 15 holdings.
What are the main positions in DFNM?
As of January 31, 2026, DFNM top three holdings include US115067MT41, US86476PU484 and US54659LDC54.
What is the base currency of DFNM?
The base currency of DFNM is USD.
Advertisement
About Trackinsight
Since our founding in 2016, we have been at the forefront of the industry, delivering accessible, comprehensive, and reliable tools to support the evolving needs of investors.
Over the past decade, Trackinsight has expanded its operations across six countries, serving thousands of professional investors. We’ve consistently innovated to provide cutting-edge solutions that meet the changing demands of the ETF market.
In 2024, Kepler Cheuvreux, a leading independent European financial services firm, acquired a majority stake in Trackinsight, becoming the company's principal shareholder.
This strategic partnership solidifies Trackinsight's position as a premier provider of ETF selection and analysis tools, while strengthening Kepler Cheuvreux’s commitment to becoming a leading player in the ETF sector.
Together, we are committed to offering advanced services that empower professional investors, advisors, institutions, and issuers. This new step enables us to deliver even more comprehensive and innovative technological solutions, driving ETF investing to new heights.
More about TrackinsightETF TOOLS
PLATFORM
ETF NEWS & RESEARCH
© 2014-2026 Trackinsight SA. All rights reserved.
Privacy policy | Cookie policy | | Terms of use | Imprint
Privacy policy | Cookie policy | | Terms of use | Imprint
