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 down -1.58% year-to-date (YTD) with +$395M in YTD flows. AMUN performs better with 1.94% YTD performance, and +$29M 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 10/13/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM AMUN | -0.76%+0.07% | -2.93%+0.40% | -1.58%+1.94% | -0.61%n/a | +8.48%n/a | n/an/a |
| Flows | DFNM AMUN | +$5M+$3M | +$88M+$5M | +$395M+$29M | +$612M- | +$1.32B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM AMUN | +3.41%+0.46% | +2.14%n/a | +2.30%n/a | n/an/a |
| Max drawdown | DFNM AMUN | -4.30%-0.31% | -4.56%n/a | -4.56%n/a | n/an/a |
| Max drawdown duration | DFNM AMUN | 92d36d | 99dn/a | 99dn/a | n/an/a |
Trading data
DFNM | AMUN | |
Last sale 10/15/2026 at 1:30 PM | $46.71 | $25.99 |
| Previous close 10/14/2026 | $46.45 | $25.94 |
| Consolidated volume 10/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/15/2026 at 1:30 PM
Live
Closed
DFNM | AMUN | |
|---|---|---|
| Last price | $46.71 | $25.99 |
| 1D performance | +0.56% | +0.19% |
| AuM | $2.24 B | $58.18 M |
| E/R | 0.18% | 0.74% |
Characteristics
DFNM | AMUN | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | abrdn |
| Benchmark | - | - |
| N° of holdings | 259 | 18 |
| 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
30.25%
Other
69.75%
AMUN
USA
27.85%
Other
72.15%
Sectors
DFNM
Municipal
30.25%
Other
69.75%
AMUN
Municipal
27.62%
Other
72.38%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.59%
AMUN
Total weight of top 15 holdings out of 15
46.38%
Top 15 holdings
Data as of August 31, 2026
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.80%
Revere, 4% 29jul2027, USD
0.72%
US692160VQ47
0.67%
City of Somerville (MA), 4% 28may2027, USD
0.67%
Hoboken, 4% 8mar2027, USD (2026)
0.67%
US562333SJ48
0.59%
US594712ZC81
0.58%
US609561SR73
0.51%
Maryland, 5% 1jun2037, USD (2025)
0.49%
US650028F992
0.49%
New Mexico, 5% 1mar2027, USD (2026)
0.49%
US686507NU45
0.48%
US30382AMM17
0.48%
US59333FR362
0.46%
Charleston School District, 5% 6may2027, USD (2026A)
0.46%
AMUN
US46640KYU23
3.99%
US230589AB90
3.68%
Chandler Industrial Development Authority, 5% 1sep2052, USD (2022-2)
3.66%
Newark, 4.25% 5may2027, USD (2026)
3.64%
US478232SD45
3.64%
US88035TZV50
3.62%
US7386297S79
3.62%
US64972GU289
3.26%
Mississippi Business Finance Corp., FRN 1nov2032, USD (2007A)
2.97%
US414008CX87
2.67%
Main Street Natural Gas Inc., 4% 1may2052, USD
2.59%
US546598AB98
2.54%
PEFA Inc., 5% 1sep2049, USD (2019)
2.27%
US06964KAB26
2.17%
US20774YV531
2.06%
Frequently asked questions about DFNM and AMUN
How have the DFNM and AMUN ETFs performed in 2026?
As of October 13, 2026, DFNM is down -1.58% year-to-date (YTD), while AMUN has returned 1.94%. 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 +$395M in flows, compared to +$29M for AMUN.
Which ETF is bigger: DFNM or AMUN?
As of October 13, 2026, DFNM holds $2.24 B in assets under management (AUM), while AMUN manages $58.18 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 US692160VQ47. AMUN holds in its top three: US46640KYU23, US230589AB90 and Chandler Industrial Development Authority, 5% 1sep2052, USD (2022-2).
Which ETF is more diversified: DFNM or AMUN?
DFNM holds 1198 securities with 8.59% of its assets in the top 15. AMUN has 68 securities and a top 15 weight of 46.38%.
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