DFNMvsAMUNETF Comparison
VS
Dimensional National Municipal Bond ETF (DFNM) and abrdn Ultra Short Municipal Income Active ETF (AMUN) belong to the same industry segment: Municipal Bonds. DFNM's top 1 sector exposures are Municipal. In contrast, AMUN's top sector exposures are Municipal and Non-Corporate. DFNM is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.74% for AMUN. DFNM is up 0.32% year-to-date (YTD) with +$379M in YTD flows. AMUN performs better with 1.91% YTD performance, and +$25M in YTD flows. Run a side-by-side ETF comparison of DFNM and AMUN below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFNM vs AMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/31/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM AMUN | -0.07%+0.28% | -0.81%+0.72% | +0.32%+1.91% | +3.08%n/a | +9.28%n/a | n/an/a |
| Flows | DFNM AMUN | +$55M+$2M | +$173M+$1M | +$379M+$25M | +$645M- | +$1.31B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM AMUN | +1.63%+0.33% | +1.59%n/a | +2.16%n/a | n/an/a |
| Max drawdown | DFNM AMUN | -1.36%n/a | -1.79%n/a | -2.92%n/a | n/an/a |
| Max drawdown duration | DFNM AMUN | 56dn/a | 124dn/a | 183dn/a | n/an/a |
Trading data
DFNM | AMUN | |
Last sale 9/2/2026 at 3:50 PM | $47.30 | $26.06 |
| Previous close 09/01/2026 | $47.36 | $26.04 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/2/2026 at 3:50 PM
Live
Closed
DFNM | AMUN | |
|---|---|---|
| Last price | $47.30 | $26.06 |
| 1D performance | -0.13% | +0.10% |
| AuM | $2.27 B | $55.19 M |
| E/R | 0.18% | 0.74% |
Characteristics
DFNM | AMUN | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | abrdn |
| Benchmark | - | - |
| N° of holdings | 271 | 17 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | October 17, 2025 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
32.24%
Other
67.76%
AMUN
USA
33.29%
Other
66.71%
Sectors
DFNM
Municipal
32.24%
Other
67.76%
AMUN
Municipal
33.11%
Other
66.89%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.43%
AMUN
Total weight of top 15 holdings out of 15
53.8%
Top 15 holdings
Data as of July 31, 2026
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.82%
Revere, 4% 29jul2027, USD
0.73%
City of Somerville (MA), 4% 28may2027, USD
0.68%
Hoboken, 4% 8mar2027, USD (2026)
0.68%
US562333SJ48
0.60%
US594712ZC81
0.60%
Maryland, 5% 1jun2037, USD (2025)
0.50%
US650028F992
0.50%
New Mexico, 5% 1mar2027, USD (2026)
0.50%
US686507NU45
0.49%
US30382AMM17
0.49%
US59333FR362
0.47%
Charleston School District, 5% 6may2027, USD (2026A)
0.47%
Danbury, 4% 22feb2027, USD
0.45%
US190819JY92
0.45%
AMUN
Massachusetts Port Authority, 5% 1jul2043, USD (2016-B)
4.70%
Tennessee Energy Acquisition Corp., 5.625% 1sep2026, USD
4.14%
US46640KYU23
4.13%
US546598AA16
3.95%
US230589AB90
3.81%
Chandler Industrial Development Authority, 5% 1sep2052, USD (2022-2)
3.79%
Newark, 4.25% 5may2027, USD (2026)
3.77%
US478232SD45
3.77%
US34074EAF60
3.76%
US88035TZV50
3.76%
US7386297S79
3.75%
Mississippi Business Finance Corp., FRN 1nov2032, USD (2007A)
3.08%
US414008CX87
2.77%
PEFA Inc., 5% 1sep2049, USD (2019)
2.35%
US06964KAB26
2.26%
Frequently asked questions about DFNM and AMUN
How have the DFNM and AMUN ETFs performed in 2026?
As of August 31, 2026, DFNM is up 0.32% year-to-date (YTD), while AMUN has returned 1.91%. That puts AMUN better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or AMUN?
Year-to-date, the DFNM ETF saw +$379M in flows, compared to +$25M for AMUN.
Which ETF is bigger: DFNM or AMUN?
As of August 31, 2026, DFNM holds $2.27 B in assets under management (AUM), while AMUN manages $55.19 M.
What sectors do the DFNM and AMUN ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, AMUN focuses on Municipal.
What are the top holdings of the DFNM ETF and AMUN ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD. AMUN holds in its top three: Massachusetts Port Authority, 5% 1jul2043, USD (2016-B), Tennessee Energy Acquisition Corp., 5.625% 1sep2026, USD and US46640KYU23.
Which ETF is more diversified: DFNM or AMUN?
DFNM holds 1204 securities with 8.43% of its assets in the top 15. AMUN has 63 securities and a top 15 weight of 53.8%.
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