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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
VFP
51
Verus Financial Partners
Virginia
$3.99M +$196K +4,096 +5%
RIM
52
RW Investment Management
Idaho
$3.91M -$2.59K -54 -0.1%
Stifel Financial
53
Stifel Financial
Missouri
$3.87M +$157K +3,286 +4%
WFAG
54
Wescott Financial Advisory Group
Pennsylvania
$3.79M -$500K -10,437 -12%
SWA
55
Sax Wealth Advisors
New Jersey
$3.69M -$1.16M -24,307 -24%
DWM
56
Dopkins Wealth Management
New York
$3.68M +$949K +19,818 +34%
PCA
57
Prosperity Capital Advisors
Ohio
$3.63M -$281K -5,865 -7%
WA
58
Waverly Advisors
Alabama
$3.56M -$124K -2,593 -3%
MWM
59
Modera Wealth Management
New Jersey
$3.56M -$82K -1,713 -2%
AF
60
Allworth Financial
California
$3.44M -$708K -14,788 -17%
PP
61
PrairieView Partners
Minnesota
$3.44M +$912K +19,039 +36%
GAM
62
GEM Asset Management
Michigan
$3.43M -$88.1K -1,840 -2%
DPW
63
DiNuzzo Private Wealth
Pennsylvania
$3.39M +$316K +6,600 +10%
Financial Engines Advisors
64
Financial Engines Advisors
California
$3.33M +$513K +10,722 +18%
VWM
65
Vermillion Wealth Management
Minnesota
$3.32M -$515K -10,763 -13%
BWM
66
BCO Wealth Management
New Mexico
$3.22M +$422K +8,806 +15%
AFO
67
Aurelius Family Office
New Hampshire
$3.04M +$179K +3,744 +6%
PL
68
Plancorp LLC
Missouri
$3.02M +$3.04M +63,487 New
TFO
69
Timonier Family Office
North Carolina
$2.92M -$30.9K -645 -1%
TCM
70
Tassel Capital Management
North Carolina
$2.87M -$652K -13,621 -18%
BAAM
71
Baker Avenue Asset Management
California
$2.69M +$429K +8,959 +19%
FA
72
FF Advisors
California
$2.65M +$814 +17 +0%
NRWA
73
North Ridge Wealth Advisors
Oregon
$2.51M +$299K +6,249 +13%
HTWM
74
Hartmann Taylor Wealth Management
Texas
$2.45M +$2.46M +51,450 New
MWA
75
Mills Wealth Advisors
Texas
$2.43M -$201K -4,202 -8%
1 2
3
4 5

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.