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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$40.9M |
| 2 |
FPAS
Focus Partners Advisor Solutions
Saint Louis,
Missouri
|
+$21.4M |
| 3 |
AC
Apella Capital
West Hartford,
Connecticut
|
+$13.1M |
| 4 |
IWC
Integrated Wealth Concepts
Waltham,
Massachusetts
|
+$9.02M |
| 5 |
GM
GeoWealth Management
Chicago,
Illinois
|
+$8.4M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HighTower Advisors
Chicago,
Illinois
|
-$14.4M |
| 2 |
PF
Penney Financial
Houston,
Texas
|
-$2.97M |
| 3 |
BJB
Broadhurst Jeffrey B
|
-$1.57M |
| 4 |
SP
Symmetry Partners
Glastonbury,
Connecticut
|
-$1.53M |
| 5 |
EWP
E-Wealth Partners
Minnetonka,
Minnesota
|
-$1.45M |
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.