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.
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%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FPAS
Focus Partners Advisor Solutions
Saint Louis,
Missouri
|
+$14.3M |
| 2 |
HighTower Advisors
Chicago,
Illinois
|
+$9.54M |
| 3 |
SFA
Sequoia Financial Advisors
Akron,
Ohio
|
+$6.28M |
| 4 |
AC
Apella Capital
West Hartford,
Connecticut
|
+$4.35M |
| 5 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$3.5M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GM
GeoWealth Management
Chicago,
Illinois
|
-$6.11M |
| 2 |
Wealth Enhancement Advisory Services
Plymouth,
Minnesota
|
-$4.07M |
| 3 |
AC
AWM Capital
Phoenix,
Arizona
|
-$2.62M |
| 4 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
-$2.24M |
| 5 |
FG
Foster Group
West Des Moines,
Iowa
|
-$1.9M |
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.