Dimensional - National Municipal Bond ETF
$46.37−0.21 (−0.45%)
- Expense ratio
- 0.18%
- Fund size
- $2.3B
- 1Y return
- −0.4%
- Yield · Last 12 months
- 3.02%
- Holdings
- 1017
- Volume · 30D
- 0.2M sh
- NAV per share
- $46.61
- 52W range
The ETF.net DFNM Grade
Score 76 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 81Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 76Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 57Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 78Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 89Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 70Category rank
Our read on DFNM
AMost muni funds pick a maturity lane and park there. DFNM is actively run: it leans into longer bonds only when they pay a term premium, and stays shorter when they don't, inside a broad investment-grade, federally tax-exempt universe.
The fund seeks current income expected to be exempt from federal income tax.
Why people hold it
- Charges 0.18% a year against a 0.30% typical cost for national muni funds, and that buys an active mandate rather than straight index tracking.sec.gov
- Duration flexes around the S&P Intermediate Term National AMT-Free Municipal Bond Index: managers go longer when the expected term premium justifies it, shorter when it doesn't.sec.gov
- Roughly 1,000 investment-grade muni positions, with at least 80% of assets in bonds paying federally tax-exempt interest. Income is paid monthly.sec.gov
- Portfolio construction and mandate discipline rank it among the strongest builds in the national muni group.
Worth knowing
- Index-tracking rivals VTEB, SCMB and MUB run at 0.03% to 0.05%. You are paying several times that for the active duration call.
- It anchors to an intermediate-term muni benchmark, so the share price reacts to rate moves more than a short-maturity muni fund would.sec.gov
- The tax break is federal. State and local income taxes can still apply depending on where you live.dimensional.com
DFNM Holdings
- Bonds
- 1,017
- 6%
- HUDSON CO 4.% 02/24/27
Geography
- United States100.00%
DFNM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | −1.6% |
| 1 month | −2.1% |
| 3 months | −3.0% |
| 1 year | −0.4% |
| 3 years | +2.7% |
| 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 | −1.6% | |
| 2025 | +3.9% | |
| 2024 | +1.2% | |
| 2023 | +4.0% | |
| 2022 | −4.0% | |
| 2021 | +0.5% |
DFNM in the news
ETF.net Research hasn’t filed on DFNM yet — coverage lands here as it’s written.
DFNM Dividends
- 3.02%
- $1.41
- $0.11 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| 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 | $0.10 |
| Mar 24, 2026 | Mar 26, 2026 | $0.14 |
| Feb 18, 2026 | Feb 20, 2026 | $0.10 |
| Jan 21, 2026 | Jan 23, 2026 | $0.04 |
| Dec 16, 2025 | Dec 18, 2025 | $0.22 |
| Nov 18, 2025 | Nov 20, 2025 | $0.11 |
| Oct 21, 2025 | Oct 23, 2025 | $0.12 |
| Sep 23, 2025 | Sep 25, 2025 | $0.11 |
DFNM Risk
- 3.4%
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.
- −0.44
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.
DFNM Cost
- The middle half of Other Municipal Bond funds
- Median 0.30%
10 of the 62 Other Municipal Bond funds charge less.