TMNSvsDFNMETF Comparison
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T. Rowe Price Short Municipal Income ETF (TMNS) 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. Both TMNS and DFNM have the same Total Expense Ratio (TER) of 0.18%. TMNS is up 1.25% year-to-date (YTD) with +$2M in YTD flows. DFNM performs worse with -0.02% YTD performance, and +$379M in YTD flows. Run a side-by-side ETF comparison of TMNS 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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TMNS vs DFNM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMNS DFNM | +0.18%-0.48% | +0.18%-1.14% | +1.25%-0.02% | n/a+2.73% | n/a+8.95% | n/an/a |
| Flows | TMNS DFNM | +$1M+$45M | +$2M+$173M | +$2M+$379M | -+$645M | -+$1.31B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMNS DFNM | +1.12%+1.74% | n/a+1.62% | n/a+2.17% | n/an/a |
| Max drawdown | TMNS DFNM | -0.76%-1.65% | n/a-1.79% | n/a-2.92% | n/an/a |
| Max drawdown duration | TMNS DFNM | 57d57d | n/a124d | n/a183d | n/an/a |
Trading data
TMNS | DFNM | |
Last sale 9/3/2026 at 1:30 PM | $49.62 | $47.28 |
| Previous close 09/02/2026 | $49.67 | $47.31 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/3/2026 at 1:30 PM
Live
Closed
TMNS | DFNM | |
|---|---|---|
| Last price | $49.62 | $47.28 |
| 1D performance | -0.08% | -0.06% |
| AuM | $23.58 M | $2.27 B |
| E/R | 0.18% | 0.18% |
Characteristics
TMNS | DFNM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | T. Rowe Price | Dimensional |
| Benchmark | - | - |
| N° of holdings | 56 | 271 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2025 | November 15, 2021 |
| ESG | No | No |
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Exposure
Countries
TMNS
USA
31.14%
Other
68.86%
DFNM
USA
32.24%
Other
67.76%
Sectors
TMNS
Municipal
31.14%
Other
68.86%
DFNM
Municipal
32.24%
Other
67.76%
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Diversification
TMNS
Total weight of top 15 holdings out of 15
28.33%
DFNM
Total weight of top 15 holdings out of 15
8.43%
Top 15 holdings
Data as of July 31, 2026
TMNS
US425507GL89
3.14%
US23503CFK80
2.35%
US735240L842
2.25%
New York Housing Finance Agency, FRN 1may2049, USD
2.21%
US09182TCG04
1.98%
California Community Choice Financing Authority, 5.5% 1oct2054, USD (2023F)
1.93%
US650116DJ25
1.88%
US735389D620
1.77%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.74%
Illinois Toll Highway Authority, 5% 1jan2031, USD
1.64%
US546068AZ00
1.63%
US64988YQ831
1.48%
US04052FDU66
1.46%
Puerto Rico, 5.75% 1jul2031, USD
1.45%
US187145WS29
1.43%
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%
Frequently asked questions about TMNS and DFNM
How have the TMNS and DFNM ETFs performed in 2026?
As of September 1, 2026, TMNS is up 1.25% year-to-date (YTD), while DFNM has lost -0.02%. That puts TMNS better performer ahead so far this year.
Which ETF is attracting more investor money: TMNS or DFNM?
Year-to-date, the TMNS ETF saw +$2M in flows, compared to +$379M for DFNM.
Which ETF is bigger: TMNS or DFNM?
As of September 1, 2026, TMNS holds $23.58 M in assets under management (AUM), while DFNM manages $2.27 B.
What sectors do the TMNS and DFNM ETFs invest in?
TMNS leans toward sectors like Municipal. Meanwhile, DFNM focuses on Municipal.
What are the top holdings of the TMNS ETF and DFNM ETF?
TMNS top holdings include US425507GL89, US23503CFK80 and US735240L842. DFNM holds in its top three: County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD.
Which ETF is more diversified: TMNS or DFNM?
TMNS holds 183 securities with 28.33% of its assets in the top 15. DFNM has 1204 securities and a top 15 weight of 8.43%.
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