DFNM Performance — Dimensional National Municipal Bond ETF
Data updated: 2026-09-24
DFNM returned +0.38% year to date and +3.70% over one year to Jul 2026. The annualised 3-year return is +2.85%. The fund trailed its Intermediate Municipal Bond category average: $100 invested three years ago grew to $109, against $109 for the category, and to $104 over one year, against $105. Volatility over the past three years was 3.35% a year. In the 12 months to Jul 2026 the fund took in a net $622.0M, and assets reached $2.24B.
DFNM Growth of $100
What $100 invested in Dimensional National Municipal Bond ETF grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | DFNM | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $104 | $105 |
| 3 years (Aug 2023 – Jul 2026) | $109 | $109 |
| Since data start (Nov 2021 – Jul 2026) | $105 | $104 |
DFNM Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.38% |
| 1 year | +3.70% |
| 3 years (annualised) | +2.85% |
DFNM Annual Returns
Calendar-year total returns of Dimensional National Municipal Bond ETF, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +0.38% |
| 2025 | +3.86% |
| 2024 | +1.30% |
| 2023 | +3.91% |
| 2022 | −4.02% |
| 2021 (Nov–Dec) | +0.12% |
DFNM Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.8% | +0.8% | −1.5% | +0.8% | +0.2% | +0.5% | −1.2% | — | — | — | — | — |
| 2025 | +0.4% | +0.7% | −1.1% | −0.2% | +0.1% | +0.5% | 0.0% | +0.6% | +1.3% | +0.7% | +0.3% | +0.3% |
| 2024 | −0.2% | +0.1% | −0.2% | −0.6% | −0.3% | +1.0% | +0.8% | +0.8% | +0.6% | −0.9% | +0.9% | −0.6% |
| 2023 | +1.7% | −2.0% | +1.9% | −0.6% | −0.9% | +0.6% | +0.2% | −0.5% | −1.5% | −0.2% | +3.7% | +1.6% |
| 2022 | −1.8% | −0.3% | −1.8% | −1.3% | +1.2% | −0.4% | +1.7% | −1.8% | −2.4% | −0.1% | +2.6% | +0.4% |
| 2021 | — | — | — | — | — | — | — | — | — | — | 0.0% | +0.1% |
DFNM Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 3.35%
- 3-year Sharpe ratio: -0.49 (vs 4.5% risk-free rate)
- Best month: +3.69% (Nov 2023)
- Worst month: −1.53% (Sep 2023)
DFNM Fund Flows
Monthly money in and out of Dimensional National Municipal Bond ETF, from SEC Form N-PORT.
- 12-month net flow: $622.0M
- 12-month gross sales (incl. reinvestments): $624.4M
- Sales ÷ redemptions: 259.01×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $40.9M | $0 | $40.9M |
| Jun 2026 | $86.9M | $0 | $86.9M |
| May 2026 | $36.1M | $0 | $36.1M |
| Apr 2026 | $33.8M | $2.4M | $31.3M |
| Mar 2026 | $31.5M | $0 | $31.5M |
| Feb 2026 | $53.6M | $0 | $53.6M |
| Jan 2026 | $53.2M | $0 | $53.2M |
| Dec 2025 | $93.8M | $0 | $93.8M |
| Nov 2025 | $57.9M | $0 | $57.9M |
| Oct 2025 | $84.3M | $0 | $84.3M |
| Sep 2025 | $31.1M | $0 | $31.1M |
| Aug 2025 | $21.3M | $0 | $21.3M |
DFNM Assets Under Management
Net assets of Dimensional National Municipal Bond ETF by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $2.24B |
| 2026-04-30 | $2.10B |
| 2026-01-31 | $2.00B |
| 2025-10-31 | $1.78B |
| 2025-07-31 | $1.61B |
| 2025-04-30 | $1.53B |
| 2025-01-31 | $1.47B |
| 2024-10-31 | $1.38B |
| 2024-07-31 | $1.33B |
| 2024-04-30 | $1.24B |
| 2024-01-31 | $1.19B |
| 2023-10-31 | $979.00M |
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.