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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
FWM
51
Forza Wealth Management
Florida
$8.42M +$3.7M +76,700 +79%
CFGF
52
Compass Financial Group (Florida)
Florida
$7.95M -$42.2K -876 -0.5%
RIM
53
RW Investment Management
Idaho
$7.94M -$79.9K -1,657 -1%
MWA
54
Mills Wealth Advisors
Texas
$7.93M +$1.65M +34,211 +26%
CIA
55
Concurrent Investment Advisors
Florida
$7.86M -$1.43M -29,556 -15%
JP Morgan Chase
56
JP Morgan Chase
New York
$7.41M +$858K +17,789 +13%
OCA
57
Optimus Capital Advisors
Texas
$7.36M +$49.4K +1,024 +0.7%
CWM
58
Core Wealth Management
Florida
$7.28M +$591K +12,262 +9%
MCA
59
Maryland Capital Advisors
Maryland
$7.21M +$7.2M +149,261 New
UWM
60
United Wealth Management
Virginia
$6.69M +$244K +5,052 +4%
CFO
61
Collective Family Office
Pennsylvania
$5.89M +$260K +5,396 +5%
Mercer Global Advisors
62
Mercer Global Advisors
Colorado
$5.76M +$1.49M +30,888 +35%
KPP
63
Kings Path Partners
Texas
$5.72M +$4.94M +102,362 +641%
JWM
64
Johnson Wealth Management
North Dakota
$5.64M +$61.7K +1,280 +1%
BWM
65
BCO Wealth Management
New Mexico
$5.42M +$186K +3,857 +4%
VFP
66
Verus Financial Partners
Virginia
$5.24M +$604K +12,525 +13%
RFP
67
Root Financial Partners
California
$5.18M +$1.48M +30,666 +40%
THL
68
Tillman Hartley LLC
Colorado
$5.12M +$201K +4,169 +4%
SWM
69
Sentinel Wealth Management
Virginia
$4.96M -$9.26K -192 -0.2%
MAM
70
Mainsail Asset Management
Alabama
$4.91M +$34.8K +721 +0.7%
AIS
71
American Investment Services
Massachusetts
$4.76M +$25.2K +523 +0.5%
EC
72
Elequin Capital
New York
$4.42M +$4.41M +91,480 New
DPW
73
DiNuzzo Private Wealth
Pennsylvania
$4.27M +$104K +2,154 +3%
Corient Private Wealth
74
Corient Private Wealth
Florida
$3.96M +$3.86K +80 +0.1%
WTA
75
Washington Trust Advisors
Massachusetts
$3.91M -$59K -1,223 -1%
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.