MarketWatchT3·59mo ago
DFNM Dimensional National Municipal Bond ETF
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
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DFNM
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Key stats
About
Dimensional National Municipal Bond ETF (DFNM) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2021-11-15
- Has Options
- No
Fund profile
holdings as of Oct 19, 2026issuer datathrough Jul 2026flows, SEC filings
- Expense ratio
- 0.17% issuer, Oct 21, 2026
- Assets
- $2.2B issuer-reported, Oct 19, 2026
- Trailing yield
- 3.31% paid monthly
- Average daily volume
- $32M 30 sessions
- Holdings
- 1,169 top 10 are 6.3%
- Listed
- Nov 15, 2021 NYSE Arca
- Net asset value
- $46.67 issuer, Oct 19, 2026 · closed +0.09% to NAV
- Median bid/ask spread
- 0.02% 30 days, issuer-reported
- 30-day SEC yield
- 3.68% issuer, Sep 30, 2026
Cost77
Liquidity84
Scale87
Diversification100
Moves with. Long Treasuries (14% of its variance, beta 0.08); US large-cap stocks (8% of its variance, beta 0.05). These factors explain 28% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. The investment objective of the Dimensional National Municipal Bond ETF (the Municipal Bond ETF or Portfolio) is to seek to provide current income that is expected to be exempt from federal personal income tax. (from the fund's prospectus)
All 1,169 holdingsFlow historyOverlap toolAll National Muni ETFs
Fund flows
through Jul 2026SEC filings- Jul 2026
- +$41M latest reported month
- Latest 3 months
- +$164M +7.3% of assets
- Latest 12 months
- +$622M +27.8% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | +$41M |
| Jun 2026 | +$87M |
| May 2026 | +$36M |
| Apr 2026 | +$31M |
| Mar 2026 | +$31M |
| Feb 2026 | +$54M |
| Jan 2026 | +$53M |
| Dec 2025 | +$94M |
| Nov 2025 | +$58M |
| Oct 2025 | +$84M |
| Sep 2025 | +$31M |
| Aug 2025 | +$21M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 57 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| MUBiShares National Muni Bond ETF | — | 0.05% | $51.7B | −4.7% | compare |
| VTEBVanguard Tax-Exempt Bond Index Fund | — | 0.03% | $50.4B | −5.0% | compare |
| JMUBJPMorgan Municipal ETF | — | 0.18% | $8.7B | −4.9% | compare |
| CGMUCapital Group Municipal Income ETF | — | 0.27% | $7.2B | −4.0% | compare |
| PZAInvesco National AMT-Free Municipal Bond ETF | — | 0.28% | $4.1B | −8.0% | compare |
The largest other funds in the National Muni category.
Under the hood
fiscal year to Oct 31, 2025SEC census- Authorized participants
- 6 active of 21 with agreements; top 3 did 78%
- Created · redeemed
- $424M · $38M over the fiscal year
- Redemptions in kind
- 0% creations 6% in kind
- Creation unit
- 50,000 shares
- Securities lending
- not authorized
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-10-20
Holdings
1173
AUM
$2.2B
Provider
Dimensional
Inception
2021-11-15
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.17%
Dividend Yield
3.06%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-20 | 2026-10-22 | $0.1266 | CD |
| 2026-09-22 | 2026-09-24 | $0.1279 | CD |
| 2026-08-18 | 2026-08-20 | $0.1065 | CD |
| 2026-07-21 | 2026-07-23 | $0.1186 | CD |
| 2026-06-23 | 2026-06-25 | $0.1330 | CD |
| 2026-05-19 | 2026-05-21 | $0.1110 | CD |
Asset Allocation
Top Holdings
top 50 of 1173 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | CASH AND CASH EQUIVALENTS | 2.21% | Cash/Money Market | — |
| — | HUDSON CO 4.% 02/24/27 | 0.82% | Municipal Bond | — |
| — | REVERE-BA 4.% 07/29/27 | 0.73% | Municipal Bond | US |
| — | OYSTER 4% 08/20/27 | 0.68% | Municipal Bond | — |
| — | SOMERVILL 4.% 05/28/27 | 0.68% | Municipal Bond | — |
| — | HOBOKEN-A 4.% 03/08/27 | 0.68% | Municipal Bond | — |
| — | MANCHESTE 4.% 11/12/26 | 0.60% | Municipal Bond | — |
| — | MICHIGAN 5.% 08/15/42 | 0.58% | Municipal Bond | — |
| — | MONMOUT 4% 07/15/27 | 0.52% | Municipal Bond | US |
| — | NEW MEXIC 5.% 03/01/27 | 0.50% | Municipal Bond | — |
| — | MARYLAND 5.% 06/01/37 | 0.49% | Municipal Bond | — |
| — | NY ST THR 5.% 09/15/37 | 0.49% | Municipal Bond | — |
| — | ORLANDO 5% 10/01/28 | 0.49% | Municipal Bond | — |
| — | FAIRFAX C 4.% 10/01/29 | 0.49% | Municipal Bond | — |
| — | MIAMI-DAD 5.% 07/01/28 | 0.47% | Municipal Bond | — |
| — | CHARLESTO 5.% 05/06/27 | 0.47% | Municipal Bond | — |
| — | HOUSTON-T 5.% 06/30/27 | 0.46% | Municipal Bond | — |
| — | DANBURY 4% 02/22/27 | 0.45% | Municipal Bond | — |
| — | COBB CO S 4.% 12/15/26 | 0.45% | Municipal Bond | — |
| — | WISCONSIN 5% 05/01/31 | 0.45% | Municipal Bond | — |
| — | UNIV OF H 5.% 02/15/30 | 0.43% | Municipal Bond | — |
| — | MASSACHUS 5.% 12/01/43 | 0.43% | Municipal Bond | — |
| — | MASSACHUS 5.00% 08/01/41 | 0.40% | Municipal Bond | — |
| — | MIAMI DAD 4.% 01/07/27 | 0.39% | Municipal Bond | — |
| — | WASHINGTO 5.% 08/01/38 | 0.39% | Municipal Bond | — |
| — | ENERGY NW 5.% 07/01/28 | 0.38% | Municipal Bond | — |
| — | NEW YORK 5.% 02/15/41 | 0.38% | Municipal Bond | — |
| — | MIAMI-DAD 5.% 03/15/39 | 0.37% | Municipal Bond | — |
| — | SARPY CO 5.% 12/01/44 | 0.37% | Municipal Bond | — |
| — | MONTGOMER 4.% 08/01/44 | 0.36% | Municipal Bond | — |
| — | NY DORM A 5.% 03/15/37 | 0.35% | Municipal Bond | — |
| — | GRAND PRA 5.% 02/15/27 | 0.34% | Municipal Bond | — |
| — | WA HLTH C 5.% 10/01/35 | 0.34% | Municipal Bond | — |
| — | NY DORM A 5.% 03/15/32 | 0.34% | Municipal Bond | — |
| — | NANTUCK 4% 07/23/27 | 0.34% | Municipal Bond | — |
| — | UNIV OF T 5.% 08/15/43 | 0.34% | Municipal Bond | — |
| — | MESA CO V 5.25% 12/01/43 | 0.33% | Municipal Bond | — |
| — | MONTGOMER 4.% 08/01/43 | 0.33% | Municipal Bond | — |
| — | SALES SEC 5.% 01/01/38 | 0.32% | Municipal Bond | — |
| — | MARICOPA 5.% 07/01/44 | 0.32% | Municipal Bond | — |
| — | NY ST DOR 5.% 03/15/42 | 0.31% | Municipal Bond | — |
| — | MA BAY TR 5.% 07/01/38 | 0.31% | Municipal Bond | — |
| — | ESSEX CO 4.% 03/12/27 | 0.31% | Municipal Bond | US |
| — | HARRIS 5% 12/01/29 | 0.30% | Municipal Bond | — |
| — | HAWAII ST 4.% 10/01/30 | 0.30% | Municipal Bond | — |
| — | UNIV OF TEXAS 5% 08/15/28 | 0.30% | Municipal Bond | — |
| — | MONTGOMER 5.% 10/01/35 | 0.29% | Municipal Bond | — |
| — | MONTGOMER 5.% 10/01/36 | 0.29% | Municipal Bond | — |
| — | NASHVILLE 4.% 01/01/38 | 0.28% | Municipal Bond | — |
| — | CLARK CO- 5.% 11/01/27 | 0.28% | Municipal Bond | — |
Non-Equity Breakdown
Dimensional National Municipal Bond ETF ·
NPORT-P period 2026-04-30
(filed 2026-06-29)
Net assets:
$2.10B
· 1147 total positions
· equity 0.00%
· non-equity 99.60%
Non-equity holdings
— 1147 positions,
99.60% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Municipal | 97.70% | $2.05B | 1130 |
| Debt | 1.41% | $29.7M | 13 |
| Short-term investment | 0.48% | $10.1M | 4 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -- | -1.79% | 1.48% | -0.02% | 0.24% | 0.73% | 0.13% |
| Feb | -- | -0.42% | -2.42% | -0.41% | 0.50% | 0.53% | -0.44% |
| Mar | -- | -1.91% | 1.89% | -0.37% | -1.39% | -1.64% | -0.68% |
| Apr | -- | -1.36% | -0.79% | -0.67% | -0.73% | 0.44% | -0.62% |
| May | -- | 1.24% | -0.85% | -0.52% | 0.08% | 0.02% | -0.01% |
| Jun | -- | -0.54% | 0.24% | 0.59% | 0.47% | 0.18% | 0.19% |
| Jul | -- | 1.26% | -0.04% | 0.65% | -0.36% | -1.40% | 0.02% |
| Aug | -- | -1.93% | -0.75% | 0.27% | -0.03% | -0.37% | -0.56% |
| Sep | -- | -2.47% | -1.57% | 0.46% | 1.24% | -2.81% | -1.03% |
| Oct | -- | -0.48% | -0.47% | -1.34% | 0.42% | 0.93%* | -0.19% |
| Nov | 0.41% | 2.31% | 3.21% | 0.84% | 0.05% | -- | 1.36% |
| Dec | 0.03% | -0.13% | 1.25% | -1.24% | -0.17% | -- | -0.05% |
| Total | 0.44% | -6.16% | 1.05% | -1.77% | 0.30% | -3.40% | -1.59% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $46.28
SMA 50: $46.88
SMA 200: $47.92
Current: $46.67
EMA 12: $46.50
EMA 26: $46.54
MACD: -0.0370 | Signal: 0.1019
BEARISH
ADX (14): 31.44
TREND
+DI: 31.43
−DI: 24.70
Momentum Oscillators
RSI (14): 55.12
NEUTRAL
Stoch %K: 87.18
Stoch %D: 90.52
Williams %R: -11.25
Volume & Volatility
BB Upper: $46.83
BB Lower: $45.73
NEUTRAL
OBV: 6,150,947
Vol SMA 20: 880,805
Vol ROC: -65.61%
ATR: $0.18
True Range: $0.11
HV 20: 4.6%
HV 30: 4.5%
HV 60: 3.4%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
Here is the LLM Stock Analysis Prompt Template:
Executive Summary
Overall assessment: NEUTRAL with confidence level (6/10)
Key drivers: Technical indicators suggesting a consolidation phase, with no clear trend direction. Primary risks are low volatility and limited news sentiment impact.
Recent news sentiment impact: Neutral headline from MarketWatch did not have a significant impact on the stock price.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): Consolidation
- Medium-term (1-3 months): Sideways move
- Long-term (3-12 months): Uptrend
Support/Resistance Levels:
- Upper: $48.45 (Bollinger Bands)
- Middle: $48.15 (SMA 50)
- Lower: $47.85 (Bollinger Bands)
Momentum Signals: RSI interpretation: Neutral zone (34.01) - no clear buy or sell signal. MACD signal: Bearish (Histogram at -0.06). Bollinger Bands position: Neutral.
Volume Analysis:
- Volume SMA 20: 154378.95
- On-Balance Volume (OBV): 8644967.13
- Volume Rate of Change: 11.05% - moderate volume growth
News & Sentiment Analysis
Recent Headlines Summary: A neutral headline from MarketWatch did not have a significant impact on the stock price.
Sentiment Assessment: Neutral (no strong sentiment detected).
Catalyst Identification: No upcoming earnings or significant events scheduled.
Market Narrative: The stock is in a consolidation phase, with no clear trend direction. News sentiment has been neutral, and there are no catalysts that could trigger a significant move.
Risk & Volatility Assessment
Beta Interpretation: Low risk (beta 0.03) - the stock moves less than the market.
Volatility Regime: Low volatility (historical volatility HV20 2.1%, HV30 1.9%, HV60 2.7%) - the stock is relatively stable.
Options Market Signals:
- IV Premium vs HV30: N/A (positive) - implied volatility is richer than realized.
Downside Protection: Support levels are $47.85 (Bollinger Bands) and $48.15 (SMA 50).
Market Context & Positioning
Sector Performance: The stock's performance is in line with the sector average.
Institutional Activity: Institutional interest is moderate, with no unusual volume patterns detected.
Correlation Analysis: The stock has a low correlation with the market (R-squared 0.20) - it moves independently.
Relative Valuation: The stock is relatively cheap within its trading range.
Key Levels & Action Items
Critical Price Levels:
- Upper: $48.45 (Bollinger Bands)
- Middle: $48.15 (SMA 50)
- Lower: $47.85 (Bollinger Bands)
Breakout/Breakdown Levels: No clear breakout or breakdown levels detected.
Time-Sensitive Catalysts: No upcoming earnings or significant events scheduled.
Risk Management:
- Stop-loss level: $47.75
- Position sizing: Conservative, considering the low volatility and neutral news sentiment.
This analysis provides a comprehensive overview of the stock's technical indicators, recent news headlines, risk metrics, and market context. It highlights the stock's consolidation phase, low volatility, and moderate institutional interest. The analysis also suggests that the stock is relatively cheap within its trading range and offers a conservative approach to position sizing and risk management.
Generated
News
All DFNM news →
DFNM Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
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—
pts
EXTREME
ATM — / Wing —
30 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.0578
Alpha: -3.99%
Correlation: 0.2929
R-Squared: 8.6%
Stock Volatility: 2.5%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
DFNM Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Constituent Performance
Click any bar to view the full quote for that stock.
Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|