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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
OCM
126
One Capital Management
California
$853K +$859K +17,935 New
SWA
127
Sterling Wealth Advisors
Florida
$834K -$20.3K -424 -2%
OWA
128
Oak Wealth Advisors
Illinois
$820K +$25.7K +536 +3%
BBHC
129
Brown Brothers Harriman & Co
New York
$790K – – –
DI
130
Disciplined Investments
Oklahoma
$729K – – –
RCAG
131
Rehmann Capital Advisory Group
Michigan
$728K – – –
PWM
132
Parkworth Wealth Management
California
$726K +$76.7K +1,602 +12%
JWM
133
JDH Wealth Management
California
$691K +$488K +10,189 +235%
WAP
134
Wealthcare Advisory Partners
Pennsylvania
$683K +$688K +14,367 New
FF
135
Friday Financial
Iowa
$675K – – –
Kovitz Investment Group Partners
136
Kovitz Investment Group Partners
Illinois
$615K +$38.5K +804 +7%
T
137
Tableaux
Massachusetts
$608K -$82.2K -1,717 -12%
WA
138
Wealthstream Advisors
New York
$602K – – –
Cambridge Investment Research Advisors
139
Cambridge Investment Research Advisors
Iowa
$585K -$2.68K -56 -0.5%
CBT
140
Crews Bank & Trust
Florida
$581K +$29.9K +625 +5%
EIA
141
Eldridge Investment Advisors
New Hampshire
$576K -$98.4K -2,054 -15%
DAS
142
Dynamic Advisor Solutions
Arizona
$569K +$527 +11 +0.1%
Betterment LLC
143
Betterment LLC
New York
$557K +$97.3K +2,033 +21%
MML Investors Services
144
MML Investors Services
Massachusetts
$552K -$683K -14,260 -55%
SWM
145
SpringVest Wealth Management
Texas
$541K – – –
BEW
146
Burton Enright Welch
California
$537K – – –
ISB
147
Iowa State Bank
Iowa
$536K +$540K +11,271 New
WWM
148
Western Wealth Management
Colorado
$536K -$25.6K -535 -5%
Creative Planning
149
Creative Planning
Kansas
$523K +$11.5K +240 +2%
GFA
150
Grunden Financial Advisory
Texas
$519K +$2.97K +62 +0.6%
4 5
6
7 8

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.