DFNMvsFTPAETF Comparison
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Dimensional National Municipal Bond ETF (DFNM) and Franklin Pennsylvania Municipal Income ETF (FTPA) 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 FTPA. DFNM is down -1% year-to-date (YTD) with +$360M in YTD flows. FTPA performs worse with -4.51% YTD performance, and +$48M in YTD flows. Run a side-by-side ETF comparison of DFNM and FTPA 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 FTPA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM FTPA | +0.02%-1.10% | -2.31%-5.56% | -1.00%-4.51% | -0.15%n/a | +9.22%n/a | n/an/a |
| Flows | DFNM FTPA | -$35M+$14M | +$41M+$28M | +$360M+$48M | +$562M- | +$1.29B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM FTPA | +3.59%+6.17% | +2.20%n/a | +2.31%n/a | n/an/a |
| Max drawdown | DFNM FTPA | -4.26%-7.63% | -4.56%n/a | -4.56%n/a | n/an/a |
| Max drawdown duration | DFNM FTPA | 92d92d | 101dn/a | 101dn/a | n/an/a |
Trading data
DFNM | FTPA | |
Last sale 10/16/2026 at 1:30 PM | $46.71 | |
| Previous close 10/15/2026 | $46.71 | |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
DFNM | FTPA | |
|---|---|---|
| Last price | $46.71 | – |
| 1D performance | +0.00% | – |
| AuM | $2.22 B | $122.78 M |
| E/R | 0.18% | 0.35% |
Characteristics
DFNM | FTPA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | Franklin Templeton |
| Benchmark | - | - |
| N° of holdings | 259 | 28 |
| 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
30.25%
Other
69.75%
FTPA
USA
29.86%
Other
70.14%
Sectors
DFNM
Municipal
30.25%
Other
69.75%
FTPA
Municipal
29.86%
Other
70.14%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.59%
FTPA
Total weight of top 15 holdings out of 15
25.07%
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%
US650028F992
0.49%
Maryland, 5% 1jun2037, USD (2025)
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%
FTPA
Philadelphia, 5% 1aug2047, USD
2.61%
Allegheny Hospital Development Authority, 4% 1apr2044, USD
1.89%
US842039FR53
1.89%
US709221SB22
1.81%
US709225QR06
1.72%
US230822TW83
1.63%
Pennsylvania Economic Development Financing Authority, 5% 15feb2039, USD (2022A)
1.62%
North Penn School District, 5% 1mar2051, USD (2026)
1.62%
Pennsylvania Economic Development Financing Authority, 5.25% 15dec2051, USD (2026)
1.61%
US52480RGN44
1.61%
US087470BX73
1.58%
Lackawanna Industrial Development Authority, 4% 1nov2040, USD
1.41%
US717868HY29
1.38%
US458436YP15
1.36%
US708692AH10
1.34%
Frequently asked questions about DFNM and FTPA
How have the DFNM and FTPA ETFs performed in 2026?
As of October 15, 2026, DFNM is down -1% year-to-date (YTD), while FTPA has lost -4.51%. That puts DFNM better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or FTPA?
Year-to-date, the DFNM ETF saw +$360M in flows, compared to +$48M for FTPA.
Which ETF is bigger: DFNM or FTPA?
As of October 15, 2026, DFNM holds $2.22 B in assets under management (AUM), while FTPA manages $122.78 M.
What sectors do the DFNM and FTPA ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, FTPA focuses on Municipal.
What are the top holdings of the DFNM ETF and FTPA ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and US692160VQ47. FTPA holds in its top three: Philadelphia, 5% 1aug2047, USD, Allegheny Hospital Development Authority, 4% 1apr2044, USD and US842039FR53.
Which ETF is more diversified: DFNM or FTPA?
DFNM holds 1198 securities with 8.59% of its assets in the top 15. FTPA has 111 securities and a top 15 weight of 25.07%.
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