DFNM ETF — Dimensional National Municipal Bond ETF

Dimensional National Municipal Bond ETF (DFNM)

Updated November 12, 2026.

DFNM is a low-cost ETF. Its distribution rate is 3.22%, its trailing-12-month yield is 3.02%, its expense ratio is 0.17%. Dividend Vision Distribution Safety Score™ is 97/100 (Safe). Total return is 6.0% over the past 5 years, 66.5 points behind SPY at 72.5%.

At the current 3.22% distribution rate, a $10,000 investment would generate approximately $322 per year, or $26.83 per month.

Dimensional National Municipal Bond ETF is an exchange-traded fund that invests at least 80% of its assets in federal tax-exempt municipal bonds, tracking a strategy aligned with the S&P Intermediate Term National AMT-Free Municipal Bond Index. The fund carries a modest current distribution rate, paid monthly, and charges an expense ratio of 0.17%. It appeals primarily to taxable account investors seeking tax-efficient fixed-income returns.

DFNM performance versus SPY

As of Nov 12, 2026

Total return is 6.0% over the past 5 years, 66.5 points behind SPY at 72.5%. Over the past year its total return — price change plus distributions reinvested — is 1.0%. Its deepest 1-year drawdown was 4.6%.

DFNM key facts

Distribution Safety Score™

97 · Safe

Safety-Adjusted Yield

3.12%

Issuer

Dimensional

Asset type

ETF

Asset class

Fixed Income

Inception date

11/15/2021

Expense ratio

0.17%

Distribution rate

3.22%

Distribution frequency

Monthly

Trailing yield

3.02%

Last close

$47.35 (as of 2026-11-12)

AUM

$2,335,345,443

Average volume

210,327

Dividend

$0.127

Ex-dividend date

10/20/2026

Payment date

10/22/2026

Beta

0.61

How Dividend Vision calculates yield and returns

Distribution rate (3.22%) uses latest regular dividend ($0.127) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.02%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Dimensional; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

DFNM risks and drawbacks

DFNM's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 4.6%.

Who may consider DFNM — and who may not

DFNM may suit someone looking for low-cost broad dividend exposure, a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on DFNM

• ETFs going ex-dividend this week
• All tickers starting with D

Tagged: Bonds, Tax Efficient.

Frequently asked questions

More securities from Dimensional.