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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
JC
176
Jentner Corp
Ohio
$386K -$105K -2,185 -21%
RFP
177
RCS Financial Planning
Maryland
$376K -$41.6K -869 -10%
Comerica Bank
178
Comerica Bank
Texas
$367K +$110K +2,297 +42%
BPA
179
Beacon Pointe Advisors
California
$364K +$366K +7,642 New
AL
180
Aspiriant LLC
California
$356K – – –
FCI
181
Financial Counselors Inc
Kansas
$354K -$8.76K -183 -2%
IA
182
IFG Advisory
Georgia
$348K +$32.7K +683 +10%
BP
183
BWM Planning
Texas
$326K -$25.7K -537 -7%
FWP
184
Firethorn Wealth Partners
Georgia
$325K -$1.63K -34 -0.5%
ACA
185
Aptus Capital Advisors
Alabama
$324K -$189K -3,951 -37%
EFP
186
Envision Financial Planning
Tennessee
$316K -$239 -5 -0.1%
AWA
187
Acorn Wealth Advisors
Michigan
$311K – – –
OA
188
Oceanside Advisors
South Carolina
$309K -$845K -17,637 -73%
MWP
189
Meredith Wealth Planning
Illinois
$309K +$12K +250 +4%
KAM
190
KEB Asset Management
Illinois
$308K +$46.2K +964 +18%
RLIM
191
Red Lighthouse Investment Management
New York
$307K -$22.1K -462 -7%
AIP
192
Ameritas Investment Partners
Nebraska
$293K +$1.68K +35 +0.6%
VPF
193
Vantage Point Financial
Illinois
$282K -$1.1K -23 -0.4%
CSPIA
194
Cary Street Partners Investment Advisory
Virginia
$281K +$283K +5,901 New
CT
195
Colonial Trust
South Carolina
$279K -$2.59K -54 -0.9%
AQR Capital Management
196
AQR Capital Management
Connecticut
$275K -$1.82K -38 -0.7%
AC
197
Anson Capital
Georgia
$273K +$275K +5,735 New
KWM
198
KFG Wealth Management
Indiana
$265K – – –
VCP
199
Verus Capital Partners
Arizona
$261K +$262K +5,477 New
AFA
200
Alpha Financial Advisors
North Carolina
$257K – – –
6 7
8
9 10

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.