Dimensional National Municipal Bond ETF
The ETF.net DFNM Grade
A
Score 79 out of 100
- 10 of 63
Score 79 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A82 out of 100Rank 11 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A82 out of 100Rank 44 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B62 out of 100Rank 15 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A86 out of 100Rank 4 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A87 out of 100Rank 4 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A71 out of 100Rank 18 of 63
Our read on DFNM
In short
AActive muni management on a short leash. Dimensional leans longer on the curve when longer bonds pay for the risk, but keeps duration inside a band anchored to an intermediate AMT-free muni index.
Stated mandate
The fund seeks current income expected to be exempt from federal income tax.
Why people hold it
Worth knowing
DFNM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
DFNM$10,093
Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | DFNM |
|---|---|
| Year to date | +0.4% |
| 1 month | +2.9% |
| 3 months | −0.1% |
| 1 year | +0.9% |
| 3 years | +3.7% |
| 5 years | |
| 10 years |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | DFNM |
|---|---|---|
| 2026 YTD | +0.4% | |
| 2025 | +3.9% | |
| 2024 | +1.2% | |
| 2023 | +4.0% | |
| 2022 | −4.0% | |
| 2021 | +0.5% |
DFNM in the news
DFNM Dividends
- 3.02%
- $1.43
- $0.13 per share
- Monthly
DFNM Risk
- 4.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.20
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −7.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.58
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.
DFNM Cost
Overpaying vs VTEB, tied cheapest in Other Municipal Bond
$2,908
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
DFNM 0.17%
$3,546
VTEB 0.03% Tied cheapest
$638
Cost over time
Year by year
| Year | DFNM | VTEB | Overpaying |
|---|---|---|---|
| 10 | $310 | $55 | $255 |
| 20 | $1,211 | $216 | $995 |
| 30 | $3,546 | $638 | $2,908 |
You pay 0.17%Waived by Dimensional 0.01%
Full fee 0.18% waiver 0.01% you pay 0.17%
Other funds in Other Municipal Bond
- ACMFiShares California Muni Bond ETFExpense ratio 0.08%1 year return −0.1%
- AJMUBJPMorgan Municipal ETFExpense ratio 0.18%1 year return +0.3%
- AFMUNFidelity Systematic Municipal Bond Index ETFExpense ratio 0.05%1 year return +0.3%
- ACGMUCapital Group Municipal Income ETFExpense ratio 0.27%1 year return +0.9%
- AGMUBGoldman Sachs Municipal Income ETFExpense ratio 0.18%1 year return +1.5%
