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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
VF
26
Vestment Financial
Minnesota
$17M +$1.52M +31,426 +10%
AssetMark Inc
27
AssetMark Inc
California
$16.9M +$868K +18,004 +5%
YWM
28
Yardley Wealth Management
Pennsylvania
$15.9M +$365K +7,572 +2%
WAG
29
Wheelhouse Advisory Group
Missouri
$15.4M +$2M +41,416 +15%
HighTower Advisors
30
HighTower Advisors
Illinois
$14M -$14.4M -299,255 -51%
RCA
31
Resonant Capital Advisors
Wisconsin
$13.6M +$504K +10,444 +4%
BMWS
32
Brady Martz Wealth Solutions
North Dakota
$13.2M +$1.21M +25,188 +10%
SCA
33
Strathmore Capital Advisors
North Carolina
$12.2M -$738K -15,301 -6%
DWM
34
Dopkins Wealth Management
New York
$12M +$361K +7,481 +3%
VFP
35
Vested Financial Planning
California
$11.8M +$2.05M +42,456 +21%
AF
36
Allworth Financial
California
$11.5M +$478K +9,914 +4%
E
37
EntreWealth
Texas
$11.2M +$946K +19,621 +9%
Osaic Holdings
38
Osaic Holdings
Arizona
$11.1M +$8.14M +168,785 +273%
WFA
39
West Financial Advisors
Iowa
$10.4M +$662K +13,722 +7%
Wealth Enhancement Advisory Services
40
Wealth Enhancement Advisory Services
Minnesota
$10.2M +$191K +3,961 +2%
5NPW
41
55 North Private Wealth
Florida
$10.2M +$4.49M +93,013 +78%
Envestnet Asset Management
42
Envestnet Asset Management
Illinois
$9.83M +$3.13M +64,856 +47%
PL
43
Plancorp LLC
Missouri
$9.74M +$1.25M +26,004 +15%
CC
44
Citrine Capital
California
$9.71M +$386K +8,009 +4%
GWMT
45
Guardian Wealth Management (Tennessee)
Tennessee
$9.57M +$537K +11,128 +6%
2L
46
25 LLC
Missouri
$9.45M -$610K -12,647 -6%
CIM
47
Confluence Investment Management
Missouri
$9.17M -$759K -15,734 -8%
OFI
48
Outbound Financial Inc
Colorado
$9.11M +$988K +20,480 +12%
VPWA
49
Vestia Personal Wealth Advisors
Indiana
$8.62M +$1.47M +30,466 +21%
PWIA
50
Porter White Investment Advisors
Alabama
$8.54M +$318K +6,596 +4%
1
2
3 4 5

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.