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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
CSB
276
City State Bank
Iowa
$50.2K +$48 +1 +0.1%
SIC
277
SJS Investment Consulting
Ohio
$34.3K – – –
RF
278
Rossby Financial
Florida
$32.4K -$2.17K -45 -6%
PA
279
Parallel Advisors
California
$23.3K +$193 +4 +0.8%
MAS
280
MPWM Advisory Solutions
Georgia
$19.9K – – –
FWA
281
Flagship Wealth Advisors
Massachusetts
$18.9K +$18.9K +391 New
AF
282
Advisornet Financial
Minnesota
$15.4K – – –
TCM
283
Tradewinds Capital Management
Washington
$15.3K +$96 +2 +0.6%
RG
284
RHL Group
Michigan
$12.5K +$96 +2 +0.8%
Wells Fargo
285
Wells Fargo
California
$9.75K +$9.74K +202 New
LFG
286
Larson Financial Group
Missouri
$7.49K +$1.45K +30 +24%
APFP
287
Action Point Financial Planning
Michigan
$5.75K +$5.74K +119 New
PNC Financial Services Group
288
PNC Financial Services Group
Pennsylvania
$4.74K – – –
CIAS
289
Capital Investment Advisory Services
North Carolina
$2.37K +$145 +3 +7%
AWM
290
AE Wealth Management
Kansas
$1.16K – – –
UBS Group
291
UBS Group
Switzerland
$483 +$482 +10 New
OC
292
Oakworth Capital
Alabama
$48 +$48 +1 New
OA
293
Operose Advisors
Wisconsin
$1 -$156K -3,226 -100%
Susquehanna International Group
294
Susquehanna International Group
Pennsylvania
– -$1.02M -21,351 Closed
VAG
295
VisionPoint Advisory Group
Texas
– -$723K -15,086 Closed
Citadel Advisors
296
Citadel Advisors
Florida
– -$635K -13,257 Closed
EWA
297
EverSource Wealth Advisors
Alabama
– -$442K -9,215 Closed
GSEP
298
Golden State Equity Partners
California
– -$329K -6,857 Closed
CA
299
Clune & Associates
Illinois
– -$255K -5,320 Closed
ASN
300
Advisory Services Network
Georgia
– -$165K -3,442 Closed
9 10 11
12
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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.