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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
CA
201
Clune & Associates
Illinois
$253K – – –
CAG
202
Csenge Advisory Group
Florida
$252K -$1.82K -38 -0.7%
SPC
203
Sigma Planning Corp
Michigan
$250K -$14.4K -300 -5%
SWM
204
Seaside Wealth Management
California
$249K +$1.44K +30 +0.6%
LPP
205
Life Planning Partners
Florida
$247K – – –
RFP
206
Root Financial Partners
California
$245K +$9.48K +198 +4%
SWG
207
Summit Wealth Group
Vermont
$241K +$242K +5,061 New
CCFM
208
Clear Creek Financial Management
Washington
$241K – – –
SWM
209
SeaCrest Wealth Management
New York
$237K – – –
CCMI
210
Creative Capital Management Investments
California
$235K – – –
DPI
211
Diversified Portfolios Inc
Michigan
$232K -$9.48K -198 -4%
SRC
212
Sage Rhino Capital
California
$222K +$144 +3 +0.1%
SHF
213
Stage Harbor Financial
Massachusetts
$219K +$221K +4,611 New
KPP
214
Kings Path Partners
Texas
$214K +$216K +4,502 New
Jones Financial Companies
215
Jones Financial Companies
Missouri
$205K +$138K +2,888 +202%
WP
216
Wealthspan Partners
Iowa
$201K -$242K -5,063 -55%
NWM
217
Navigoe Wealth Management
California
$194K – – –
GWM
218
Geneos Wealth Management
Colorado
$184K +$170K +3,558 +1,140%
GWSG
219
GPS Wealth Strategies Group
Colorado
$176K – – –
MWA
220
Medallion Wealth Advisors
Connecticut
$132K +$10.5K +219 +9%
FFA
221
Farther Finance Advisors
California
$98.8K +$21.8K +455 +28%
SIC
222
SJS Investment Consulting
Ohio
$83K – – –
NRG
223
Nemes Rush Group
Michigan
$49.4K +$35.1K +734 +240%
CSB
224
City State Bank
Iowa
$49.4K – – –
Carson Wealth (CWM LLC)
225
Carson Wealth (CWM LLC)
Nebraska
$40K – – –
7 8
9
10 11

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.