Dimensional National Municipal Bond ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, Dimensional National Municipal Bond ETF held 1,147 positions with $2.10B in net assets. Its ten largest holdings made up 6.5% of the fund. The DFNM share class costs 0.17% a year. Over the 12 months to May 2026, DFNM returned 5.1%, with dividends reinvested. In 2026 Q3 it added 153 new positions and exited 100.
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.
The fund invests primarily in investment-grade municipal securities whose interest is exempt from federal income tax, managing duration within one year below to half a year above the S&P Intermediate Term National AMT-Free Municipal Bond Index; it tilts toward longer-term or shorter-term securities based on expected term premiums. The fund is actively managed and does not track an index, so its holdings and performance may diverge from any benchmark. Municipal securities carry credit risk and interest-rate sensitivity, and the fund may invest more than 25% of assets in a single sector or in industrial development bonds.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
HUDSON CNTY N J 4.00% · due 2027-02-24 | 0.87% | $18.20M | — |
BROWARD CNTY FLA SCH DIST 4.00% · due 2026-06-25 | 0.81% | $17.04M | — |
HOBOKEN N J 4.00% · due 2027-03-08 | 0.72% | $15.19M | — |
SUFFOLK CNTY N Y 4.00% · due 2026-07-24 | 0.72% | $15.04M | — |
MICHIGAN ST UNIV REVS 5.00% · due 2042-08-15 | 0.64% | $13.53M | — |
MANCHESTER N H 4.00% · due 2026-11-12 | 0.64% | $13.44M | — |
MARYLAND ST 5.00% · due 2037-06-01 | 0.55% | $11.46M | — |
NEW MEXICO ST 5.00% · due 2027-03-01 | 0.53% | $11.09M | — |
FAIRFAX CNTY VA 4.00% · due 2029-10-01 | 0.52% | $11.00M | — |
MIAMI-DADE CNTY FLA 5.00% · due 2028-07-01 | 0.50% | $10.56M | — |
The 200 largest of 1,147 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.11% |
| Cash & short-term | 0.48% |
How it has done
DFNM share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.40%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Dimensional National Municipal Bond ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.17%· DFNM 0.17%
- Portfolio turnover
- 42.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
153 new· the largest 8
100 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 98.8% |
| Floating rate | 1.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 19.9% |
| 1-3y | 11.5% |
| 3-5y | 8.5% |
| 5-10y | 15.2% |
| 10y+ | 44.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.80 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 1% |
| 1 yr | 0.47 yr | 10% |
| 5 yr | 1.10 yr | 23% |
| 10 yr | 2.65 yr | 56% |
| 30 yr | 0.48 yr | 10% |
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.46 yr | 10% |
| 5 yr | 1.12 yr | 23% |
| 10 yr | 2.69 yr | 56% |
| 30 yr | 0.48 yr | 10% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.05 | +0.00 | $11.3k | $0 |
| 1 yr | +0.47 | +0.46 | +0.00 | $97.2k | $0 |
| 5 yr | +1.10 | +1.12 | +0.00 | $234.2k | $0 |
| 10 yr | +2.65 | +2.69 | +0.00 | $564.0k | $0 |
| 30 yr | +0.48 | +0.48 | +0.00 | $101.2k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — DFNM, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”