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Dimensional National Municipal Bond ETF
DFNM

293 hedge funds and large institutions have $1.96B invested in Dimensional National Municipal Bond ETF in 2026 Q2 according to their latest regulatory filings, with 31 funds opening new positions, 168 increasing their positions, 67 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

288% more first-time investments, than exits

New positions opened: 31 | Existing positions closed: 8

151% more repeat investments, than reductions

Existing positions increased: 168 | Existing positions reduced: 67

11% more capital invested

Capital invested by funds: $1.76B → $1.96B (+$199M)

6% more funds holding

Funds holding: 276 → 293 (+17)

3.23% more ownership

Funds ownership: 85.59% → 88.82% (+3.2%)

6% less funds holding in top 10

Funds holding in top 10: 33 → 31 (-2)

Holders
293
Holders Change
+17
Holders Change %
+6.16%
% of All Funds
3.55%
Holding in Top 10
31
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-6.06%
% of All Funds
0.38%
New
31
Increased
168
Reduced
67
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$40.9M
2
FPAS
Focus Partners Advisor Solutions
Missouri
+$21.4M
3
AC
Apella Capital
Connecticut
+$13.1M
4
IWC
Integrated Wealth Concepts
Massachusetts
+$9.02M
5
GM
GeoWealth Management
Illinois
+$8.4M

Top Sellers

Rank Fund Capital Flow
1
HighTower Advisors
HighTower Advisors
Illinois
-$14.4M
2
PF
Penney Financial
Texas
-$2.97M
3
BJB
Broadhurst Jeffrey B
-$1.57M
4
SP
Symmetry Partners
Connecticut
-$1.53M
5
EWP
E-Wealth Partners
Minnesota
-$1.45M
Name Holding Trade Value Shares
Change 		Change in
Stake
ATC
251
Argent Trust Co
Tennessee
$290K – – –
EFP
252
Envision Financial Planning
Tennessee
$287K +$2.46K +51 +0.9%
IWM
253
IHT Wealth Management
Illinois
$280K +$279K +5,795 New
LFA
254
Level Financial Advisors
New York
$279K – – –
CCMI
255
Creative Capital Management Investments
California
$277K -$71.1K -1,475 -20%
AF
256
Apollon Financial
South Carolina
$276K +$28.4K +589 +11%
KWM
257
KFG Wealth Management
Indiana
$264K +$1.21K +25 +0.5%
CAG
258
Csenge Advisory Group
Florida
$264K +$7.67K +159 +3%
VWM
259
Vigil Wealth Management
Florida
$257K +$256K +5,315 New
HA
260
Hanover Advisors
South Carolina
$255K – – –
BFG
261
Birch Financial Group
New Hampshire
$248K +$248K +5,133 New
HNWA
262
Henrickson Nauta Wealth Advisors
Michigan
$229K +$229K +4,741 New
US Bancorp
263
US Bancorp
Minnesota
$221K – – –
TW
264
Trajan Wealth
Arizona
$218K +$217K +4,505 New
Creative Planning
265
Creative Planning
Kansas
$215K +$214K +4,440 New
NWM
266
Navigoe Wealth Management
California
$208K – – –
BA
267
Blueline Advisors
New Hampshire
$186K +$34.2K +710 +23%
CSPIA
268
Cary Street Partners Investment Advisory
Virginia
$172K +$28.8K +598 +20%
AIP
269
Ameritas Investment Partners
Nebraska
$162K +$1.16K +24 +0.7%
IAAG
270
Innovative Asset Advisors Group
Connecticut
$157K +$157K +3,258 New
MWA
271
Medallion Wealth Advisors
Connecticut
$125K +$3.57K +74 +3%
GRP
272
Global Retirement Partners
California
$104K +$104K +2,150 New
HI
273
Harbour Investments
Wisconsin
$89K – – –
NRG
274
Nemes Rush Group
Michigan
$80.6K +$579 +12 +0.7%
Qube Research & Technologies (QRT)
275
Qube Research & Technologies (QRT)
United Kingdom
$71.6K +$71.5K +1,482 New
9 10
11
12 13

DFNM Hedge Fund Activity: Q2 2026 in Review

293 of the 8,263 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q2 2026, worth a combined $1.96B — up 11% from $1.76B a quarter earlier.

Buyers outnumbered sellers: 31 funds opened new DFNM positions and 8 closed out — a net gain of 23 holders — while 168 added to existing stakes and 67 trimmed.

The largest buyer was Focus Partners Wealth, adding an estimated $40.9M. The largest seller was HighTower Advisors, cutting an estimated $14.4M.

  • 293 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q2 2026, up from 276 in Q1 2026.
  • Funds reported $1.96B of Dimensional National Municipal Bond ETF stock for Q2 2026, up 11% quarter-over-quarter.
  • 31 funds opened new Dimensional National Municipal Bond ETF positions in Q2 2026 and 8 closed out, a net change of +23 holders.
  • The largest Dimensional National Municipal Bond ETF buyer in Q2 2026 was Focus Partners Wealth, an estimated $40.9M added.
  • The largest Dimensional National Municipal Bond ETF seller in Q2 2026 was HighTower Advisors, an estimated $14.4M sold.

Based on aggregated 13F filings for Q2 2026.