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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
DWA
101
Delap Wealth Advisory
Oregon
$2.7M +$2.02M +41,853 +299%
MWP
102
Meredith Wealth Planning
Illinois
$2.68M +$304K +6,311 +13%
FA
103
FF Advisors
California
$2.67M – – –
KAS
104
Kestra Advisory Services
Texas
$2.6M +$289K +5,994 +13%
HHWM
105
Hiley Hunt Wealth Management
Nebraska
$2.51M +$8.29K +172 +0.3%
WA
106
Waverly Advisors
Alabama
$2.33M -$91.2K -1,891 -4%
CWP
107
Concord Wealth Partners
Virginia
$2.26M +$122K +2,525 +6%
HWMC
108
Heritage Wealth Management (California)
California
$2.2M +$367K +7,618 +20%
SWA
109
Sax Wealth Advisors
New Jersey
$2.16M +$187K +3,885 +9%
WCM
110
Warburton Capital Management
Oklahoma
$2.13M +$38.6K +801 +2%
LFGO
111
Legacy Financial Group (Oklahoma)
Oklahoma
$2.11M -$611K -12,670 -22%
VP
112
Verisail Partners
Georgia
$2.09M -$295K -6,122 -12%
XPN
113
XY Planning Network
Montana
$2.08M +$501K +10,380 +32%
NDWM
114
New Dimensions Wealth Management
Texas
$2.07M +$821K +17,033 +66%
FCM
115
Family Capital Management
Michigan
$2.05M +$183K +3,798 +10%
TFO
116
Timonier Family Office
North Carolina
$1.95M +$1.95M +40,389 New
CSP
117
Cary Street Partners
Virginia
$1.94M -$72.6K -1,505 -4%
SEI Investments
118
SEI Investments
Pennsylvania
$1.93M +$195K +4,048 +11%
SC
119
Shearwater Capital
Colorado
$1.92M -$209K -4,325 -10%
PFA
120
Pure Financial Advisors
California
$1.89M -$20.5K -426 -1%
NWM
121
Northwest Wealth Management
Iowa
$1.86M +$67.9K +1,408 +4%
FFA
122
Farther Finance Advisors
California
$1.86M +$37.1K +770 +2%
GOCP
123
Great Oak Capital Partners
Massachusetts
$1.82M +$54.4K +1,128 +3%
Jones Financial Companies
124
Jones Financial Companies
Missouri
$1.82M +$419K +8,683 +30%
HTWM
125
Hartmann Taylor Wealth Management
Texas
$1.79M – – –
3 4
5
6 7

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.