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Dimensional National Municipal Bond ETF
DFNM

238 hedge funds and large institutions have $1.21B invested in Dimensional National Municipal Bond ETF in 2025 Q1 according to their latest regulatory filings, with 25 funds opening new positions, 100 increasing their positions, 81 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

79% more first-time investments, than exits

New positions opened: 25 | Existing positions closed: 14

23% more repeat investments, than reductions

Existing positions increased: 100 | Existing positions reduced: 81

5% more funds holding in top 10

Funds holding in top 10: 22 → 23 (+1)

3% more funds holding

Funds holding: 230 → 238 (+8)

5% more capital invested

Capital invested by funds: $1.15B → $1.21B (+$57.1M)

0.26% more ownership

Funds ownership: 80.41% → 80.66% (+0.26%)

Holders
238
Holders Change
+8
Holders Change %
+3.48%
% of All Funds
3.19%
Holding in Top 10
23
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+4.55%
% of All Funds
0.31%
New
25
Increased
100
Reduced
81
Closed
14
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
FPAS
Focus Partners Advisor Solutions
Missouri
+$14.3M
2
HighTower Advisors
HighTower Advisors
Illinois
+$9.54M
3
SFA
Sequoia Financial Advisors
Ohio
+$6.28M
4
AC
Apella Capital
Connecticut
+$4.35M
5
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$3.5M

Top Sellers

Rank Fund Capital Flow
1
GM
GeoWealth Management
Illinois
-$6.11M
2
Wealth Enhancement Advisory Services
Wealth Enhancement Advisory Services
Minnesota
-$4.07M
3
AC
AWM Capital
Arizona
-$2.62M
4
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$2.24M
5
FG
Foster Group
Iowa
-$1.9M
Name Holding Trade Value Shares
Change 		Change in
Stake
PS
226
Principal Securities
Iowa
$39.7K – – –
IA
227
IFP Advisors
Florida
$38.5K +$383 +8 +1%
SRCM
228
Signature Resources Capital Management
California
$28.9K +$6.94K +145 +31%
PA
229
Parallel Advisors
California
$22.6K +$192 +4 +0.8%
Northwestern Mutual Wealth Management
230
Northwestern Mutual Wealth Management
Wisconsin
$21.5K +$21.7K +453 New
MAS
231
MPWM Advisory Solutions
Georgia
$19.6K – – –
AF
232
Advisornet Financial
Minnesota
$14.7K +$96 +2 +0.7%
AWM
233
AE Wealth Management
Kansas
$6.57K – – –
PNC Financial Services Group
234
PNC Financial Services Group
Pennsylvania
$5.95K +$5.99K +125 New
William Blair & Company
235
William Blair & Company
Illinois
$3.9K – – –
RF
236
Rossby Financial
Florida
$3.35K +$3.4K +71 New
CIAS
237
Capital Investment Advisory Services
North Carolina
$2.28K +$2.3K +48 New
KGP
238
Keystone Global Partners
Colorado
$48 +$48 +1 New
FTUS
239
Flow Traders U.S.
New York
– -$681K -14,266 Closed
Rockefeller Capital Management
240
Rockefeller Capital Management
New York
– -$658K -13,779 Closed
SW
241
Simplicity Wealth
New Jersey
– -$512K -10,709 Closed
WP
242
WMS Partners
Maryland
– -$502K -10,505 Closed
JWCA
243
J.W. Cole Advisors
Florida
– -$396K -8,300 Closed
GS
244
GTS Securities
New York
– -$326K -6,821 Closed
BFG
245
Bleakley Financial Group
New Jersey
– -$312K -6,521 Closed
TSS
246
Two Sigma Securities
New York
– -$302K -6,327 Closed
MC
247
McCarthy & Cox
Ohio
– -$270K -5,654 Closed
BCG
248
Breakwater Capital Group
New Jersey
– -$248K -5,197 Closed
TIAM2
249
Tru Independence Asset Management 2
Oregon
– -$240K -5,031 Closed
MG
250
MilWealth Group
Wisconsin
– -$96K -2,010 Closed
7 8 9
10
11

DFNM Hedge Fund Activity: Q1 2025 in Review

238 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q1 2025, worth a combined $1.21B — up 5% from $1.15B a quarter earlier.

Buyers outnumbered sellers: 25 funds opened new DFNM positions and 14 closed out — a net gain of 11 holders — while 100 added to existing stakes and 81 trimmed.

The largest buyer was Focus Partners Advisor Solutions, adding an estimated $14.3M. The largest seller was GeoWealth Management, cutting an estimated $6.11M.

  • 238 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q1 2025, up from 230 in Q4 2024.
  • Funds reported $1.21B of Dimensional National Municipal Bond ETF stock for Q1 2025, up 5% quarter-over-quarter.
  • 25 funds opened new Dimensional National Municipal Bond ETF positions in Q1 2025 and 14 closed out, a net change of +11 holders.
  • The largest Dimensional National Municipal Bond ETF buyer in Q1 2025 was Focus Partners Advisor Solutions, an estimated $14.3M added.
  • The largest Dimensional National Municipal Bond ETF seller in Q1 2025 was GeoWealth Management, an estimated $6.11M sold.

Based on aggregated 13F filings for Q1 2025.