Dimensional - National Municipal Bond ETFDFNM

DimensionalBonds & CashMunicipal#364 of 786 by YTD

$47.53

+0.3% last session

+1.0% YTD

Data as of 11/5/20264:00 PM ET · End-of-day

Dividend-adjusted total return · S&P 500 uses VOO · Dec 31, 2025 – Nov 5, 2026DFNMS&P 500 · VOOBonds & Cash average

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.3%	+3.4%	+0.1%	+1.0%	+1.5%	+12.0%	—	+6.4%
Peer average	+0.3%	+4.1%	−0.5%	+0.9%	+1.2%	+15.4%	+2.9%	—
S&P 500 · VOO	−4.4%	−5.7%	−4.9%	+8.4%	+9.8%	+82.2%	+71.6%	—

Key Statistics

Open all fund facts →

AUM: $2.3B
Expense ratio: 0.18%
Distribution yield: 3.0%
NAV: $47.35
Volume: 362K
Avg. volume 30D: 758K
High today: $47.53
Low today: $47.41
Previous close: $47.40
52-week high: $48.87
52-week low: $45.70
Our risk indicator: 2/5

DFNM in One Breath

DFNM Among Municipal ETFs

YTD

#1MMMANY Life Investments+2.7%$59.6M

#2MYMGSPDR+2.4%$8.6M

#3TAXTFlexShares+2.4%$197M

#4SMMUPIMCO+2.3%$1.3B

#5SHYMiShares+2.2%$921M

#6FTMSFranklin Templeton+2.1%$265M

#7MUNAFlexShares+2.0%$8.0M

#8CGSMCapital Group+2.0%$1.7B

#71DFNMDimensional+1.0%$2.3B

End-of-day Nov 6, 2026 · 141 Municipal ETFs by YTD

$10,000 in DFNM

$10,000 in DFNM became

$10,640

In the S&P 500 (VOO)

$16,758

Total return, dividends in · Nov 16, 2021 – Nov 5, 2026 · S&P 500 uses VOO

DFNM’s Top Holdings

Today

HARRIS CO VRN Harris Vrn 10/01/410.9%HUDSON CO 4.0.8%REVERE-BA 4.0.7%OYSTER 4% 00.7%SOMERVILL 4.0.7%HOBOKEN-A 4.0.7%MANCHESTE 4.0.6%MICHIGAN 5.0.6%NY DORM 5% 00.6%MONMOUT 4% 00.5%MARYLAND 5.0.5%NY ST THR 5.0.5%NEW MEXIC 5.0.5%FAIRFAX C 4.0.5%ORLANDO 5% 10.5%MIAMI-DAD 5.0.5%CHARLESTO 5.0.4%HOUSTON-T 5.0.4%DANBURY 4% 00.4%COBB CO S 4.0.4%WISCONSIN 5%0.4%MASSACHUS 5.0.4%

Dimensional DFNM · 1,017 holdings · top 22 shown · tile size = share of the fund · as of Nov 5, 2026

What DFNM Holds

Today

All holdings100.0%

HARRIS CO · HUDSON CO · REVERE-BA · OYSTER 4% · SOMERVILL · HOBOKEN-A · MANCHESTE

Dimensional DFNM · share of the fund · as of Nov 5, 2026

Harris’ Share of DFNM

Today

0.9%

$9 of every $1,000 in DFNM is Harris

Harris held by DFNM

$20.3M

Dimensional DFNM · each square = $10 of $1,000 · as of Nov 5, 2026

DFNM’s Share of Municipal ETFs

Today

0.9%

of the $244B in 166 Municipal ETFs

DFNM$2.3B0.9%

MUB$54.7B22.4%

VTEB$49.6B20.3%

163 others$138B56.4%

Municipal ETF AUM · Nov 6, 2026

DFNM Fee per $100 vs Peers

Today

$0.18a year
per $100

$18 a year on $10,000

VTEB$0.03

MUB$0.05

SUB$0.07

DFNM$0.18

JMUB$0.18

CGMU$0.27

Expense ratio · Municipal peers · Nov 6, 2026

Inside DFNM

1,017 holdings · as of Nov 5, 2026

DFNM

Dimensional - National Municipal Bond ETF

Today

All holdings100.0%1,003 more holdings91.5% of the fund

All holdings100.0%1,011 more holdings95.7% of the fund

#	Ticker	Company	Weight ▼
1	—	Harris VRN 10/01/41	0.88%
2	—	Hudson 4.% 02/24/27	0.79%
3	—	Revere-ba 4.% 07/29/27	0.70%
4	—	Oyster 4% 08/20/27	0.66%
5	—	Somervill 4.% 05/28/27	0.66%
6	—	Hoboken-a 4.% 03/08/27	0.66%
7	—	Mancheste 4.% 11/12/26	0.58%
8	—	Michigan 5.% 08/15/42	0.57%
9	—	NY Dorm 5% 03/15/41	0.56%
10	—	Monmout 4% 07/15/27	0.50%

See all 1,200 holdings →

Dimensional DFNM · current holdings by weight · as of Nov 5, 2026 · each tile is one holding · top 20 = 11.2%

All DFNM Holdings

1,200 holdings · as of Nov 5, 2026 →

DFNM

DFNM’s Holdings

Top 15 by weight

Per

#			Per $1,000
1	—Harris VRN 10/01/41	0.88%	$8.75	20.1M	$20.1M
2	—Hudson 4.% 02/24/27	0.79%	$7.86	18.0M	$18.1M
3	—Revere-ba 4.% 07/29/27	0.70%	$7.05	16.1M	$16.2M
4	—Oyster 4% 08/20/27	0.66%	$6.60	15.0M	$15.2M
5	—Somervill 4.% 05/28/27	0.66%	$6.58	15.0M	$15.1M
6	—Hoboken-a 4.% 03/08/27	0.66%	$6.56	15.0M	$15.1M
7	—Mancheste 4.% 11/12/26	0.58%	$5.81	13.3M	$13.3M
8	—Michigan 5.% 08/15/42	0.57%	$5.68	12.4M	$13.0M
9	—NY Dorm 5% 03/15/41	0.56%	$5.58	12.8M	$12.8M
10	—Monmout 4% 07/15/27	0.50%	$5.01	11.4M	$11.5M
11	—Maryland 5.% 06/01/37	0.48%	$4.85	10.0M	$11.1M
12	—NY ST THR 5.% 09/15/37	0.48%	$4.85	10.0M	$11.1M
13	—NEW Mexic 5.% 03/01/27	0.48%	$4.77	10.9M	$11.0M
14	—Fairfax C 4.% 10/01/29	0.47%	$4.73	10.5M	$10.9M
15	—Orlando 5% 10/01/28	0.47%	$4.72	10.4M	$10.8M

See all 1,200 holdings →

Dimensional DFNM · per $ = dollars of each holding in that stake · as of Nov 5, 2026

How It Compares

DFNM

Dimensional - National Municipal Bond ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.5%	+0.9%	$54.7B
VTEB	VanguardRead Desk	0.03%	+0.6%	+0.9%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.6%	+2.4%	$13.3B
JMUB	J.P. MorganRead Desk	0.18%	+0.8%	+1.1%	$9.0B
CGMU	Capital GroupRead Desk	0.27%	+1.1%	+1.7%	$7.5B
DFNM	DimensionalThis fundRead Desk	0.18%	+1.0%	+1.5%	$2.3B

Municipal peers · YTD and past-year returns · as of Nov 6, 2026 · sorted by AUM

Head to Head

Put DFNM head to head with MUB →

MUB vs DFNM

YTD

MUBiShares · MunicipalDFNMDimensional · Municipal

Year to date

+0.5%

+1.0%

DFNM wins+0.5 pts

Past year

+0.9%

+1.5%

DFNM wins+0.6 pts

Fee

0.05%

0.18%

MUB winslower fee

Yield

3.3%

3.0%

MUB wins+0.3 pts

AUM

$54.7B

$2.3B

MUB23.6× more

2–2level

iShares MUB and Dimensional DFNM · year-to-date · as of Nov 6, 2026 · AUM not scored

DFNM vs VOO

YTD

DFNM · Dimensional - National Municipal Bond

+1.0%

VOO · S&P 500

+8.4%

Gap

7.4 pts

Dimensional DFNM and Vanguard VOO · YTD total return · as of Nov 6, 2026

DFNM vs Its Peer Average

YTD

DFNMAvsBPeer average

1D+0.3%+0.3%

1M+3.4%+4.1%

3M+0.1%−0.5%

YTD+1.0%+0.9%

1Y+1.5%+1.2%

3Y+12.0%+15.4%

5Y[…]+2.9%

4–2DFNM wins

165 Municipal peers · each row scaled to its leader

The Details

DFNM

Risk

2/5our risk indicator

CalmerBumpier

Volatility · 1Y2.36%

Deepest drop · 1Y−4.6%

Lowest point · 5Y−6.5%

52-week range

$47.53

$45.70−2.7% from the high$48.87

Dimensional DFNM · past-year price moves · as of Nov 6, 2026

DFNM

Fund Facts

Today

2021launched Nov 15

Tracks[…]

Exchange · CUSIPAMEX · 25434V849

StructureETF

Leverage1x

Cost on $10,000$18 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

Dimensional DFNM · fund facts · as of Nov 6, 2026

DFNM

Payouts by Year

$0.13per share, Oct 2026

Distribution yield3.0%

PaidEvery month

Latest ex-date · paidOct 20 · Oct 22, 2026

12 payouts added up$1.43 a share

Dimensional DFNM · distributions by ex-date · 2021–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

Trading & Liquidity

Net asset value$47.35

Premium / discount[…]

Median spread · 30D[…]

Volume today362K

Average volume · 30D758K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.18%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$18.00

Our risk indicator2/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Oct 20, 2026	Oct 22, 2026	$0.13
Sep 22, 2026	Sep 24, 2026	$0.13
Aug 18, 2026	Aug 20, 2026	$0.11
Jul 21, 2026	Jul 23, 2026	$0.12
Jun 23, 2026	Jun 25, 2026	$0.13
May 19, 2026	May 21, 2026	$0.11
Apr 21, 2026	Apr 23, 2026	$0.0975
Mar 24, 2026	Mar 26, 2026	$0.14
Feb 18, 2026	Feb 20, 2026	$0.10
Jan 21, 2026	Jan 23, 2026	$0.0419
Dec 16, 2025	Dec 18, 2025	$0.22
Nov 18, 2025	Nov 20, 2025	$0.11

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