# Portfolio overlap — DFNM vs VTES Comparing **Dimensional National Municipal Bond ETF** (2026-04-30) and **VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF** (2026-02-28). - Shared positions: 59 - Dimensional National Municipal Bond ETF covered by VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF: 0.01944555858618882804822152742 - VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF covered by Dimensional National Municipal Bond ETF: 0.01944555858618882804822152741 ## Dimensional National Municipal Bond ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | HUDSON CNTY NJ | 0.008701 | | | SCHOOL DISTRICT OF BROWARD COUNTY FL | 0.008148 | | | HOBOKEN-A-BANS | 0.007261 | | | SUFFOLK CNTY NY | 0.007193 | | | MICHIGAN STATE UNIVERSITY | 0.006471 | | | CITY OF MANCHESTER NH | 0.006425 | | | STATE OF MARYLAND | 0.005481 | | | STATE OF NEW MEXICO | 0.005305 | | | COUNTY OF FAIRFAX VA | 0.005258 | | | MIAMI-DADE CNTY FL | 0.005050 | | | STATE OF WISCONSIN | 0.004875 | | | State of Colorado, Series B | 0.004872 | | | DANBURY CT | 0.004837 | | | COBB COUNTY SCHOOL DISTRICT | 0.004821 | | | UNIVERSITY OF HOUSTON | 0.004663 | | | Commonwealth of Massachusetts, Series 2023C | 0.004451 | | | WASHINGTON ST REGD B/E 5.00000000 | 0.004333 | | | COUNTY OF MONTGOMERY MD | 0.004237 | | | SCHOOL BOARD OF MIAMI DADE COUNTY THE | 0.004138 | | | NEW YORK ST DORM AUTH | 0.004128 | | | PAPILLION LA VISTA SCHOOL DISTRICT NO 27 | 0.004123 | | | ENERGY N W WA ELEC REVENUE | 0.004094 | ✓ | | COUNTY OF MONTGOMERY MD | 0.003858 | | | YORK COUNTY SCHOOL DISTRICT NO 1 | 0.003834 | | | TOWNSHIP OF EAST BRUNSWICK NJ | 0.003834 | | | UNIV OF TEXAS TX UNIV REVENUES | 0.003808 | | | NY DORM AUTH-C-REF | 0.003737 | | | Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds | 0.003736 | | | WA ST HLTH CAR 5% 10/1/2035 | 0.003724 | | | SALES TAX SECURITIZATION CORP | 0.003643 | | | CITY OF NORFOLK VA | 0.003628 | | | PINELLAS COUNTY SCHOOL BOARD | 0.003507 | | | CHARLOTTE MECKLENBURG NC HOSP CHAMED 01/37 ADJUSTABLE VAR | 0.003462 | | | NY ST DORM AUTH-A | 0.003398 | | | ESSEX CNTY NJ IMPT AUTH | 0.003288 | | | COUNTY OF MONTGOMERY MD | 0.003249 | | | COUNTY OF MONTGOMERY MD | 0.003230 | | | STATE OF HAWAII | 0.003178 | | | Metropolitan Government of Nashville & Davidson County | 0.003177 | | | COUNTY OF FAIRFAX VA | 0.003157 | | | MASSACHUSETTS ST | 0.003142 | ✓ | | CITY OF MADISON WI | 0.003048 | | | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE | 0.003011 | | | Louisville/Jefferson County Metropolitan Government | 0.002971 | | | CHICAGO O HARE INTERNATIONAL AIRPORT | 0.002966 | | | UNIV TX SYS BRD-A | 0.002918 | | | NYC-F-5 | 0.002907 | | | CITY OF FORT COLLINS CO ELECTRIC UTILITY ENTERPRIS | 0.002882 | | | QUINCY MA | 0.002865 | | | GREATER TEXOMA UTILITY AUTHORITY | 0.002846 | | ## VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Vanguard Municipal Cash Management Fund | 0.021044 | | | NYC TRANSITIONAL-G-1 | 0.003163 | | | CALIFORNIA ST-REF | 0.002916 | | | NEW JERSEY ST ECON DEV AUTH REVENUE | 0.002674 | | | Dallas Independent School District, Series 2026B | 0.002671 | | | State of Illinois, Series D | 0.002608 | | | State of New Jersey, Series 2020A | 0.002551 | ✓ | | New Jersey Transportation Trust Fund Authority, Series 2016A1 | 0.002468 | | | Wyandotte County Unified School District No. 500, Series A | 0.002303 | | | E CO AWP JT PWRS-A-1 | 0.002274 | | | CA REGENTS UNIV-CD | 0.002141 | | | OH WTR DEV AUTH | 0.002138 | | | LOS ANGELES UNIF SD-A | 0.002017 | | | State of New Jersey, Series A | 0.001950 | | | NEW YORK-G-G-1 | 0.001902 | | | State of New Jersey, Series 2020A | 0.001871 | | | Los Angeles Department of Water & Power, Series 2025A | 0.001852 | | | OHIO WTR DEV AUTH-A | 0.001835 | | | Bay Area Toll Authority, Series 2026A | 0.001826 | | | State of New Jersey, Series 2020A | 0.001824 | | | State of New Jersey, Series 2020A | 0.001800 | ✓ | | LOS ANGELES DEPT-C | 0.001769 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.001768 | | | UNIV OF TEXAS UNIV-A | 0.001724 | | | NJ TPK AUTH-B | 0.001711 | | | MASSACHUSETTS ST | 0.001667 | | | State of California, Series 2025, GO Bonds | 0.001661 | | | State of New Jersey, Series 2020A | 0.001636 | ✓ | | Virginia Public Building Authority, Series 2021A-1 | 0.001600 | | | UNIV OF PITTSBURGH PA OF THE C REGD B/E 5.00000000 | 0.001599 | | | State of California, Series 2023 | 0.001598 | | | WI ST GF APP 5% 5/1/2026Q | 0.001569 | | | NEW YORK CITY-C-REF | 0.001561 | | | KY ST PROP 5% 11/1/2027 | 0.001536 | | | State of California, Series 2007 | 0.001534 | | | WASHINGTON ST WAS 07/26 FIXED 4 | 0.001512 | | | State of North Carolina, Series 2019 | 0.001481 | | | SOUTH CAROLINA ST ASSN OF GOVTL ORGANIZATIONS COPS | 0.001474 | | | CT HLTH & EDUCTNL-B-2 | 0.001467 | | | DE VLY FIN -A | 0.001437 | | | NJ TRANSPRTN TRUST-A | 0.001436 | | | GREAT LAKES WTR AUTH- | 0.001436 | | | E CO AWP JT PWRS-A-2 | 0.001428 | | | State of California | 0.001425 | | | State of Maryland | 0.001421 | | | NEW YORK MUNI WTR-AA2 | 0.001413 | | | STATE OF CALIFORNIA 5.0% 04-01-29 | 0.001402 | | | Washington Metropolitan Area Transit Authority, Series 2021A | 0.001343 | | | State of California, Series 2017 | 0.001342 | | | GUILFORD CO | 0.001340 | | ## Sources - N-PORT (fund A) — accession `0001004726-26-005679` (as of 2026-04-30) - N-PORT (fund B) — accession `0000105563-26-000162` (as of 2026-02-28) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _