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Dimensional California Municipal Bond ETF
DFCA

60 hedge funds and large institutions have $405M invested in Dimensional California Municipal Bond ETF in 2025 Q3 according to their latest regulatory filings, with 15 funds opening new positions, 24 increasing their positions, 9 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

167% more repeat investments, than reductions

Existing positions increased: 24 | Existing positions reduced: 9

150% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 6

11% more funds holding

Funds holding: 54 → 60 (+6)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

30% less capital invested

Capital invested by funds: $576M → $405M (-$171M)

50.25% less ownership

Funds ownership: 129.93% → 79.68% (-50%)

Holders
60
Holders Change
+6
Holders Change %
+11.11%
% of All Funds
0.79%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
15
Increased
24
Reduced
9
Closed
6
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Mercer Global Advisors
Mercer Global Advisors
Colorado
+$37.1M
2
SAI
Savvy Advisors Inc
New York
+$8.11M
3
HighTower Advisors
HighTower Advisors
Illinois
+$6.18M
4
IWC
Integrated Wealth Concepts
Massachusetts
+$2.26M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$1.29M

Top Sellers

Rank Fund Capital Flow
1
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$234M
2
CFO
Callan Family Office
Pennsylvania
-$4.27M
3
Jane Street
Jane Street
New York
-$2.19M
4
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$542K
5
SC
Savant Capital
Illinois
-$434K
Name Holding Trade Value Shares
Change 		Change in
Stake
WCWM
26
Willow Creek Wealth Management
California
$695K +$4.99K +101 +0.7%
SC
27
Scratch Capital
Idaho
$674K +$668K +13,520 New
TLFA
28
True Link Financial Advisors
California
$663K – – –
FTUS
29
Flow Traders U.S.
New York
$596K – – –
FFG
30
Fiduciary Financial Group
California
$518K -$197K -3,987 -28%
NA
31
Nautilus Advisors
California
$500K +$496K +10,041 New
PCA
32
Pallas Capital Advisors
Massachusetts
$498K +$494K +10,000 New
PA
33
Parallel Advisors
California
$470K +$466K +9,428 New
RIP
34
RAM Investment Partners
Washington
$465K +$49.5K +1,001 +12%
IFG
35
Independent Financial Group
California
$459K +$455K +9,203 New
RWA
36
Roberts Wealth Advisors
California
$420K – – –
FNBSF
37
First National Bank Sioux Falls
South Dakota
$406K -$64.2K -1,300 -14%
TIM
38
Tortoise Investment Management
New York
$388K +$50.1K +1,013 +15%
RLIM
39
Red Lighthouse Investment Management
New York
$372K +$14.5K +294 +4%
HWMG
40
Hurlow Wealth Management Group
Indiana
$347K +$20K +405 +6%
Pathstone Holdings
41
Pathstone Holdings
New Jersey
$328K – – –
Jane Street
42
Jane Street
New York
$309K -$2.19M -44,221 -88%
FA
43
Fermata Advisors
California
$308K +$2.13K +43 +0.7%
PWP
44
Parkwoods Wealth Partners
New York
$296K +$293K +5,934 New
GCA
45
Gradient Capital Advisors
California
$268K – – –
AC
46
Apella Capital
Connecticut
$265K +$261K +5,275 New
KFS
47
Kaizen Financial Strategies
California
$239K +$2.92K +59 +1%
PFA
48
Pure Financial Advisors
California
$227K +$225K +4,560 New
RPGK
49
Retirement Planning Group (Kansas)
Kansas
$227K +$1.58K +32 +0.7%
BCM
50
Brookstone Capital Management
Illinois
$214K +$213K +4,305 New
1
2
3

DFCA Hedge Fund Activity: Q3 2025 in Review

60 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Dimensional California Municipal Bond ETF (DFCA) for Q3 2025, worth a combined $405M — down 30% from $576M a quarter earlier.

Buyers outnumbered sellers: 15 funds opened new DFCA positions and 6 closed out — a net gain of 9 holders — while 24 added to existing stakes and 9 trimmed.

The largest buyer was Mercer Global Advisors, adding an estimated $37.1M. The largest seller was Envestnet Asset Management, exiting entirely with an estimated $234M sold.

  • 60 institutional investors held Dimensional California Municipal Bond ETF (DFCA) as of Q3 2025, up from 54 in Q2 2025.
  • Funds reported $405M of Dimensional California Municipal Bond ETF stock for Q3 2025, down 30% quarter-over-quarter.
  • 15 funds opened new Dimensional California Municipal Bond ETF positions in Q3 2025 and 6 closed out, a net change of +9 holders.
  • The largest Dimensional California Municipal Bond ETF buyer in Q3 2025 was Mercer Global Advisors, an estimated $37.1M added.
  • The largest Dimensional California Municipal Bond ETF seller in Q3 2025 was Envestnet Asset Management, an estimated $234M sold.

Based on aggregated 13F filings for Q3 2025.