DFNMvsFTMAETF Comparison
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Dimensional National Municipal Bond ETF (DFNM) and Franklin Massachusetts Municipal Income ETF (FTMA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. DFNM is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.35% for FTMA. DFNM is up 0.39% year-to-date (YTD) with +$379M in YTD flows. FTMA performs worse with -0.68% YTD performance, and +$53M in YTD flows. Run a side-by-side ETF comparison of DFNM and FTMA 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 FTMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM FTMA | -0.27%-0.89% | -0.61%-1.71% | +0.39%-0.68% | +3.12%n/a | +9.57%n/a | n/an/a |
| Flows | DFNM FTMA | +$55M+$5M | +$175M+$5M | +$379M+$53M | +$645M- | +$1.31B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM FTMA | +1.64%+2.83% | +1.58%n/a | +2.16%n/a | n/an/a |
| Max drawdown | DFNM FTMA | -1.36%-2.53% | -1.79%n/a | -2.92%n/a | n/an/a |
| Max drawdown duration | DFNM FTMA | 53d59d | 124dn/a | 183dn/a | n/an/a |
Trading data
DFNM | FTMA | |
Last sale 8/31/2026 at 1:30 PM | $47.50 | $8.89 |
| Previous close 08/28/2026 | $47.53 | $8.88 |
| Consolidated volume 08/28/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 8/31/2026 at 1:30 PM
Live
Closed
DFNM | FTMA | |
|---|---|---|
| Last price | $47.50 | $8.89 |
| 1D performance | -0.07% | +0.11% |
| AuM | $2.28 B | $290.07 M |
| E/R | 0.18% | 0.35% |
Characteristics
DFNM | FTMA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | Franklin Templeton |
| Benchmark | - | - |
| N° of holdings | 271 | 45 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | November 10, 2025 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
32.24%
Other
67.76%
FTMA
USA
31.32%
Other
68.68%
Sectors
DFNM
Municipal
32.24%
Other
67.76%
FTMA
Municipal
31.32%
Other
68.68%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.43%
FTMA
Total weight of top 15 holdings out of 15
24.01%
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%
FTMA
US57604TMC70
2.15%
Massachusetts Development Finance Agency, 5.75% 1jan2042, USD
2.10%
US57582TDX72
1.89%
US5755793L99
1.88%
Massachusetts, 5% 1jan2054, USD (2024)
1.87%
US575579B979
1.65%
Massachusetts Development Finance Agency, 4% 1oct2045, USD
1.58%
Massachusetts Development Finance Agency, 5.5% 15aug2050, USD (2025A)
1.57%
US57586N6R72
1.47%
Massachusetts, 5% 1jun2050, USD (2022)
1.47%
US661802WH79
1.38%
US111746KV47
1.29%
Massachusetts Bay Transportation Authority, 5% 1jul2052, USD
1.26%
US57585BEY02
1.25%
US57584YL648
1.20%
Frequently asked questions about DFNM and FTMA
How have the DFNM and FTMA ETFs performed in 2026?
As of August 28, 2026, DFNM is up 0.39% year-to-date (YTD), while FTMA has lost -0.68%. That puts DFNM better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or FTMA?
Year-to-date, the DFNM ETF saw +$379M in flows, compared to +$53M for FTMA.
Which ETF is bigger: DFNM or FTMA?
As of August 28, 2026, DFNM holds $2.28 B in assets under management (AUM), while FTMA manages $290.07 M.
What sectors do the DFNM and FTMA ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, FTMA focuses on Municipal.
What are the top holdings of the DFNM ETF and FTMA ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD. FTMA holds in its top three: US57604TMC70, Massachusetts Development Finance Agency, 5.75% 1jan2042, USD and US57582TDX72.
Which ETF is more diversified: DFNM or FTMA?
DFNM holds 1204 securities with 8.43% of its assets in the top 15. FTMA has 181 securities and a top 15 weight of 24.01%.
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