FTMAvsDFNMETF Comparison
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Franklin Massachusetts Municipal Income ETF (FTMA) and Dimensional National Municipal Bond ETF (DFNM) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. FTMA is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.18% for DFNM. FTMA is down -3.7% year-to-date (YTD) with +$48M in YTD flows. DFNM performs better with -1% YTD performance, and +$360M in YTD flows. Run a side-by-side ETF comparison of FTMA and DFNM 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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FTMA vs DFNM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FTMA DFNM | -0.73%+0.02% | -4.57%-2.31% | -3.70%-1.00% | n/a-0.15% | n/a+9.22% | n/an/a |
| Flows | FTMA DFNM | -$13M-$35M | -$6M+$41M | +$48M+$360M | -+$562M | -+$1.29B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FTMA DFNM | +5.55%+3.59% | n/a+2.20% | n/a+2.31% | n/an/a |
| Max drawdown | FTMA DFNM | -6.59%-4.26% | n/a-4.56% | n/a-4.56% | n/an/a |
| Max drawdown duration | FTMA DFNM | 92d92d | n/a101d | n/a101d | n/an/a |
Trading data
FTMA | DFNM | |
Last sale 10/16/2026 at 1:30 PM | $8.63 | $46.71 |
| Previous close 10/15/2026 | $8.61 | $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
FTMA | DFNM | |
|---|---|---|
| Last price | $8.63 | $46.71 |
| 1D performance | +0.23% | +0.00% |
| AuM | $276.09 M | $2.22 B |
| E/R | 0.35% | 0.18% |
Characteristics
FTMA | DFNM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Franklin Templeton | Dimensional |
| Benchmark | - | - |
| N° of holdings | 45 | 259 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 10, 2025 | November 15, 2021 |
| ESG | No | No |
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Exposure
Countries
FTMA
USA
31.27%
Other
68.73%
DFNM
USA
30.25%
Other
69.75%
Sectors
FTMA
Municipal
31.27%
Other
68.73%
DFNM
Municipal
30.25%
Other
69.75%
Diversification
FTMA
Total weight of top 15 holdings out of 15
23.94%
DFNM
Total weight of top 15 holdings out of 15
8.59%
Top 15 holdings
Data as of August 31, 2026
FTMA
US57604TMC70
2.16%
Massachusetts Development Finance Agency, 5.75% 1jan2042, USD
2.08%
US57582TDX72
1.90%
US5755793L99
1.88%
Massachusetts, 5% 1jan2054, USD (2024)
1.88%
US575579B979
1.66%
Massachusetts Development Finance Agency, 4% 1oct2045, USD
1.58%
Massachusetts Development Finance Agency, 5.5% 15aug2050, USD (2025A)
1.53%
Massachusetts, 5% 1jun2050, USD (2022)
1.47%
US57586N6R72
1.45%
US661802WH79
1.39%
US111746KV47
1.26%
Massachusetts Bay Transportation Authority, 5% 1jul2052, USD
1.26%
US57585BEY02
1.24%
US57584Y5N53
1.19%
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%
Frequently asked questions about FTMA and DFNM
How have the FTMA and DFNM ETFs performed in 2026?
As of October 16, 2026, FTMA is down -3.7% year-to-date (YTD), while DFNM has lost -1%. That puts DFNM better performer ahead so far this year.
Which ETF is attracting more investor money: FTMA or DFNM?
Year-to-date, the FTMA ETF saw +$48M in flows, compared to +$360M for DFNM.
Which ETF is bigger: FTMA or DFNM?
As of October 16, 2026, FTMA holds $276.09 M in assets under management (AUM), while DFNM manages $2.22 B.
What sectors do the FTMA and DFNM ETFs invest in?
FTMA leans toward sectors like Municipal. Meanwhile, DFNM focuses on Municipal.
What are the top holdings of the FTMA ETF and DFNM ETF?
FTMA top holdings include US57604TMC70, Massachusetts Development Finance Agency, 5.75% 1jan2042, USD and US57582TDX72. DFNM holds in its top three: County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and US692160VQ47.
Which ETF is more diversified: FTMA or DFNM?
FTMA holds 182 securities with 23.94% of its assets in the top 15. DFNM has 1198 securities and a top 15 weight of 8.59%.
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