DFNM Fees and Costs — Dimensional National Municipal Bond ETF
Data updated: 2026-09-24
The net expense ratio is 0.17%: a 0.16% management fee plus 0.02% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 42%.
DFNM Fees and Expenses
Annual operating expenses and sales charges of DFNM. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.16% |
| 12b-1 fee | — |
| Other expenses | 0.02% |
| Gross expense ratio | 0.18% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.17% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
DFNM Costs Over Time
On $10,000 invested in DFNM, assuming 5% a year before costs, total costs come to $108 over 5 years, cutting the return by 0.18% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.17%) | $18 | $56 | $98 |
| Lost growth on money paid in costs | $0 | $3 | $10 |
| Total costs | $18 | $59 | $108 |
| Value after costs | $10,482 | $11,517 | $12,655 |
| Impact on return, per year | 0.18% | 0.18% | 0.18% |
DFNM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.5B
- Portfolio turnover (prospectus): 42%
- Securities lending: none during the year
DFNM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $563.1M | 41.82% |
| TD Securities (USA) LLC | $168.3M | 12.50% |
| Wells Fargo Securities, LLC | $114.6M | 8.51% |
| Barclays Capital Inc. | $108.8M | 8.08% |
| BofA Securities, Inc. | $99.2M | 7.37% |
| Natwest Markets Securities Inc. | $93.0M | 6.91% |
| Truist Securities, Inc. | $81.3M | 6.04% |
| Morgan Stanley & Co. LLC | $48.2M | 3.58% |
| Jefferies LLC | $35.4M | 2.63% |
| U.S. Bancorp Investments, Inc. | $34.8M | 2.58% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.