DFNMvsMMITETF Comparison
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Dimensional National Municipal Bond ETF (DFNM) and NYLI MacKay Muni Intermediate ETF (MMIT) 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 0.48% for MMIT. DFNM is up 0.39% year-to-date (YTD) with +$379M in YTD flows. MMIT performs better with 0.52% YTD performance, and +$176M in YTD flows. Run a side-by-side ETF comparison of DFNM and MMIT 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 MMIT 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 MMIT | -0.27%-0.01% | -0.61%-0.46% | +0.39%+0.52% | +3.12%+3.84% | +9.57%+11.38% | n/a+4.53% |
| Flows | DFNM MMIT | +$55M+$2M | +$175M-$125M | +$379M+$176M | +$645M+$391M | +$1.31B+$994M | -+$1.29B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM MMIT | +1.64%+2.17% | +1.58%+2.05% | +2.16%+2.89% | n/a+2.94% |
| Max drawdown | DFNM MMIT | -1.36%-1.73% | -1.79%-2.49% | -2.92%-3.83% | n/a-11.88% |
| Max drawdown duration | DFNM MMIT | 53d52d | 124d179d | 183d178d | n/a1122d |
Trading data
DFNM | MMIT | |
Last sale 8/31/2026 at 1:30 PM | $47.50 | $23.84 |
| Previous close 08/28/2026 | $47.53 | $23.93 |
| 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 | MMIT | |
|---|---|---|
| Last price | $47.50 | $23.84 |
| 1D performance | -0.07% | -0.38% |
| AuM | $2.28 B | $1.46 B |
| E/R | 0.18% | 0.48% |
Characteristics
DFNM | MMIT | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | New York Life Investments |
| Benchmark | - | - |
| N° of holdings | 271 | 193 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | October 18, 2017 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
32.24%
Other
67.76%
MMIT
USA
31.45%
Other
68.55%
Sectors
DFNM
Municipal
32.24%
Other
67.76%
MMIT
Municipal
31.45%
Other
68.55%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.43%
MMIT
Total weight of top 15 holdings out of 15
10.56%
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%
MMIT
City of New York, 5.125% 15nov2011, USD
1.03%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
1.00%
Los Angeles Department of Water and Power, 5% 1jul2041, USD (2026)
0.91%
Minnesota Municipal Gas Energy, 5% 1sep2035, USD (2026A)
0.90%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.90%
US70879QQA49
0.86%
Black Belt Energy Gas District, 4% 1oct2052, USD
0.63%
US850578UC77
0.62%
Chicago Board of Education, 6% 1apr2046, USD (2017)
0.59%
Phoenix Industrial Development Authority, 5% 31oct2044, USD (2024)
0.57%
US09182TFT97
0.56%
US74440DFC39
0.53%
US56035DJJ28
0.52%
Main Street Natural Gas Inc., 5% 1dec2052, USD (2022B)
0.47%
National Finance Authority, 4.25% 20jul2041, USD (2026-1, A-1)
0.47%
Frequently asked questions about DFNM and MMIT
How have the DFNM and MMIT ETFs performed in 2026?
As of August 28, 2026, DFNM is up 0.39% year-to-date (YTD), while MMIT has returned 0.52%. That puts MMIT better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or MMIT?
Year-to-date, the DFNM ETF saw +$379M in flows, compared to +$176M for MMIT.
Which ETF is more volatile: DFNM or MMIT?
Over the past year, DFNM had a volatility of 1.58%, while MMIT experienced 2.05%.
Which ETF is bigger: DFNM or MMIT?
As of August 28, 2026, DFNM holds $2.28 B in assets under management (AUM), while MMIT manages $1.46 B.
What sectors do the DFNM and MMIT ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, MMIT focuses on Municipal.
What are the top holdings of the DFNM ETF and MMIT ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD. MMIT holds in its top three: City of New York, 5.125% 15nov2011, USD, Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD and Los Angeles Department of Water and Power, 5% 1jul2041, USD (2026).
Which ETF is more diversified: DFNM or MMIT?
DFNM holds 1204 securities with 8.43% of its assets in the top 15. MMIT has 854 securities and a top 15 weight of 10.56%.
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