Dimensional National Municipal Bond ETF
Dimensional ETF Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| DFNM | 0.18% | 0.17% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 42.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.11% |
| Cash & short-term | 0.48% |
Latest quarter
What changed since the fund's previous filing
Largest new: HUDSON CNTY N J, HOBOKEN N J, DANBURY CONN, UNIVERSITY HOUSTON TEX UNIV REVS, CHARLOTTE-MECKLENBERG HOSP AUTH N C HEALTH CARE SYS REV, ESSEX CNTY N J IMPT AUTH LEASE REV, HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV, UNIVERSITY TEX UNIV REVS
Largest exited: BEAUFORT CNTY S C SCH DIST ×2, HOBOKEN N J, FORT BEND CNTY TEX, ROCHESTER N Y, FORT WORTH TEX, MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV, MARICOPA CNTY ARIZ INDL DEV AUTH REV IAM COML PAPER NTS 3/A2 BANNER HEALTH
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | HUDSON CNTY N J4.00% · due 2027-02-24 | 0.87% | $18.20M | — |
| — | BROWARD CNTY FLA SCH DIST4.00% · due 2026-06-25 | 0.81% | $17.04M | — |
| — | HOBOKEN N J4.00% · due 2027-03-08 | 0.72% | $15.19M | — |
| — | SUFFOLK CNTY N Y4.00% · due 2026-07-24 | 0.72% | $15.04M | — |
| — | MICHIGAN ST UNIV REVS5.00% · due 2042-08-15 | 0.64% | $13.53M | — |
| — | MANCHESTER N H4.00% · due 2026-11-12 | 0.64% | $13.44M | — |
| — | MARYLAND ST5.00% · due 2037-06-01 | 0.55% | $11.46M | — |
| — | NEW MEXICO ST5.00% · due 2027-03-01 | 0.53% | $11.09M | — |
| — | FAIRFAX CNTY VA4.00% · due 2029-10-01 | 0.52% | $11.00M | — |
| — | MIAMI-DADE CNTY FLA5.00% · due 2028-07-01 | 0.50% | $10.56M | — |
Top 10 positions are 6.50% of net assets, top 25 12.99%, across 621 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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