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Annual Report

Period Ended: October 31, 2023

 

 

DIMENSIONAL ETF TRUST

 

 

Dimensional US Core Equity Market ETF

Dimensional US Core Equity 1 ETF

Dimensional US High Profitability ETF

Dimensional US Large Cap Value ETF

Dimensional US Real Estate ETF

Dimensional US Small Cap Value ETF

Dimensional International Core Equity Market ETF

Dimensional International Core Equity 2 ETF

Dimensional International Small Cap Value ETF

Dimensional International Small Cap ETF

Dimensional International High Profitability ETF

Dimensional Emerging Core Equity Market ETF

Dimensional Emerging Markets High Profitability ETF

Dimensional Emerging Markets Value ETF

Dimensional Emerging Markets Core Equity 2 ETF

Dimensional Global Real Estate ETF

Dimensional World Equity ETF


 

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December 2023

Dear Shareholder,

Dimensional has been working with financial professionals for more than 40 years to deliver better results for investors. Our commitment to understanding financial professionals’ needs and building solutions informed by empirical research and ongoing innovation has helped to transform the industry toward more transparent, data-driven investments.

We use the information contained in market prices to seek better returns and manage risk. Trusting markets means we take a less subjective, more systematic approach to investing—an approach we can implement consistently around the world and across asset classes. Investor needs, economic theory, and robust data guide our investment process, from conducting research, to designing portfolios, to considering when and how to trade.

What started with the launch of our first fund in 1981 still holds true today. Every dollar invested is backed by financial science and Dimensional’s commitment to providing an outstanding investment experience. On behalf of everyone at Dimensional, we thank you for entrusting us with your investments.

Sincerely,

 

LOGO

 

  

LOGO

 

David P. Butler    Gerard O’Reilly
CO-CHIEF EXECUTIVE OFFICER    CO-CHIEF EXECUTIVE OFFICER and
   CHIEF INVESTMENT OFFICER


 

 

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DIMENSIONAL ETF TRUST

ANNUAL REPORT

Table of Contents

 

Letter to Shareholders

  

Definitions of Abbreviations and Footnotes

     2  

Performance Charts

     4  

Management’s Discussion and Analysis

     13  

Disclosure of Fund Expenses

     20  

Disclosure of Portfolio Holdings

     23  

Summary Schedules of Investments/Schedule of Investments

     26  

Dimensional US Core Equity Market ETF

     26  

Dimensional US Core Equity 1 ETF

     29  

Dimensional US High Profitability ETF

     32  

Dimensional US Large Cap Value ETF

     35  

Dimensional US Real Estate ETF

     38  

Dimensional US Small Cap Value ETF

     40  

Dimensional International Core Equity Market ETF

     43  

Dimensional International Core Equity 2 ETF

     47  

Dimensional International Small Cap Value ETF

     51  

Dimensional International Small Cap ETF

     55  

Dimensional International High Profitability ETF

     59  

Dimensional Emerging Core Equity Market ETF

     63  

Dimensional Emerging Markets High Profitability ETF

     68  

Dimensional Emerging Markets Value ETF

     72  

Dimensional Emerging Markets Core Equity 2 ETF

     76  

Dimensional Global Real Estate ETF

     80  

Dimensional World Equity ETF

     84  

Statements of Assets and Liabilities

     85  

Statements of Operations

     91  

Statements of Changes In Net Assets

     97  

Financial Highlights

     105  

Notes to Financial Statements

     114  

Report of Independent Registered Public Accounting Firm

     136  

Fund Management

     138  

Tax Notice to Shareholders

     152  

Voting Proxies on Fund Portfolio Securities

     154  

This report is submitted for the information of each Fund’s shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

 

i


DIMENSIONAL ETF TRUST

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

(Unaudited)

 

Summary Schedules of Investments/Schedules of Investments
Investment Abbreviations   

ADR

   American Depositary Receipt

GDR

   Global Depositary Receipt

PLC

   Public Limited Company

SA

   Special Assessment
Investment Footnotes   

*

   Non-Income Producing Securities

   Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/ or Non-Income Producing Securities.

   See Note B to Financial Statements.

W

   Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.

#

   Total or Partial Securities on Loan

§

   Affiliated Fund

@

   Security purchased with cash collateral received from Securities on Loan
Financial Highlights   

(a)

   Computed using average shares outstanding

(b)

   Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(c)

   Not annualized for periods less than one year.

(d)

   Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market

(e)

   Annualized for periods less than one year.

(f)

   Excludes impact of in-kind transactions.

(g)

   Realized and unrealized gains per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

 

2


DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

CONTINUED

 

(h)

   Represents the combined ratios for the respective Fund and its respective pro-rata share of its Underlying Funds.
All Statements, Schedules and Notes to Financial Statements
   Amounts designated as — are either zero or rounded to zero
SEC    Securities and Exchange Commission

 

3


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

   
 

Dimensional US Core Equity Market ETF vs.

Russell 3000 Index

November 18, 2020-October 31, 2023

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on November 18, 2020

 

FTSERussell data © FTSERussell 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    7.93%         6.65%      
     

Fund Market Price

    7.87%         6.66%         
                                                  
                
   
 

Dimensional US Core Equity 1 ETF vs.

Russell 3000 Index

September 12, 2023-October 31, 2023

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on September 13, 2023

 

FTSERussell data © FTSERussell 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  Since
Inception
   

        

                

        

 
     

Fund Net Asset Value

    -6.64%          
     

Fund Market Price

    -6.59%             
                                                  

 

4


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

Dimensional US High Profitability ETF vs.

Russell 1000 Index

February 23, 2022-October 31, 2023

 

 

 

 

    

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on February 24, 2022

 

FTSERussell data © FTSERussell 2023, all rights reserved.

   

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
   

Fund Net Asset Value

    8.53%         2.90%      
   

Fund Market Price

    8.56%         2.93%         
                                              
                                              

Dimensional US Large Cap Value ETF vs.    

Russell 1000 Value Index    

December 6, 2022-October 31, 2023    

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on December 7, 2022

 

 

FTSERussell data © FTSERussell 2023, all rights reserved.

   

    

 

Average Annual

Total Return

       

        

    Since
Inception
   

        

 
   

Fund Net Asset Value

        -2.45%      
   

Fund Market Price

        -2.33%         
                                              
              

 

 

5


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

   
 

Dimensional US Real Estate ETF vs.

Dow Jones U.S. Select REIT Index

February 23, 2022-October 31, 2023

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on February 24, 2022

 

© 2023 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    -7.84%         -12.60%      
     

Fund Market Price

    -7.78%         -12.56%         
                                                  
                
   
 

Dimensional US Small Cap Value ETF vs.    

Russell 2000 Value Index    

February 23, 2022-October 31, 2023    

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on February 24, 2022

 

FTSERussell data © FTSERussell 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    -2.91%         -0.62%      
     

Fund Market Price

    -3.03%         -0.60%         
                                                  

 

6


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

   
 

Dimensional International Core Equity Market ETF vs.

MSCI World ex USA IMI Index (net dividends)

November 17, 2020-October 31, 2023

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on November 18, 2020

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    12.84%         2.45%      
     

Fund Market Price

    13.65%         2.73%         
                                                  
                
   
 

Dimensional International Core Equity 2 ETF vs.    

MSCI World ex USA IMI Index (net dividends)    

March 23, 2022-October 31, 2023    

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on March 24, 2022

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    13.07%         -4.47%      
     

Fund Market Price

    13.85%         -3.98%         
                                                  

 

7


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

   
 

Dimensional International Small Cap Value ETF vs.

MSCI World ex USA Small Value Index (net dividends)

March 23, 2022-October 31, 2023

 

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on March 24, 2022

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    19.26%         -3.29%      
     

Fund Market Price

    20.35%         -2.65%         
                                                  
                
   
 

Dimensional International Small Cap ETF vs.    

MSCI World ex USA Small Cap Index (net dividends)    

March 23, 2022-October 31, 2023    

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on March 24, 2022

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    9.47%         -9.00%      
     

Fund Market Price

    10.41%         -8.52%         
                                                  

 

8


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

   
 

Dimensional International High Profitability ETF vs.

MSCI World ex USA Index (net dividends)

March 23, 2022-October 31, 2023

 

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on March 24, 2022

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    13.74%         -4.37%      
     

Fund Market Price

    14.47%         -3.92%         
                                                  
                
   
 

Dimensional Emerging Core Equity Market ETF vs.

MSCI Emerging Markets IMI Index (net dividends)

December 1, 2020-October 31, 2023    

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on December 2, 2020

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    13.18%         -3.20%      
     

Fund Market Price

    13.20%         -3.06%         
                                                  

 

9


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

   
 

Dimensional Emerging Markets High Profitability ETF vs.

MSCI Emerging Markets Index (net dividends)

April 26, 2022-October 31, 2023

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on April 27, 2022

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    14.69%         -5.93%      
     

Fund Market Price

    14.62%         -5.77%         
                                                  
                
   
 

Dimensional Emerging Markets Value ETF vs.    

MSCI Emerging Markets Value Index (net dividends)    

April 26, 2022-October 31, 2023    

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on April 27, 2022

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    15.07%         -2.61%      
     

Fund Market Price

    14.82%         -2.42%         
                                                  

 

10


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

   
 

Dimensional Emerging Markets Core Equity 2 ETF vs.

MSCI Emerging Markets IMI Index (net dividends)

April 26, 2022-October 31, 2023

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on April 27, 2022

 

MSCI data © MSCI 2023, all rights reserved.

       

    

 

Average Annual

Total Return

  One
Year
   

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

    14.13%         -4.70%      
     

Fund Market Price

    13.99%         -4.47%         
                                                  
                
   
 

Dimensional Global Real Estate ETF vs.

S&P Global REIT Index (net dividends)

December 6, 2022-October 31, 2023

 

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on December 7, 2022

 

© 2023 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.

       

    

 

Average Annual

Total Return

       

        

    Since
Inception
   

        

 
     

Fund Net Asset Value

        -10.94%      
     

Fund Market Price

        -10.74%         
                                                  

 

11


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

 

Dimensional World Equity ETF vs.

MSCI All Country World IMI Index (net div.)

September 26, 2023-October 31, 2023

 

LOGO

 

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on September 27, 2023

 

MSCI data © MSCI 2023, all rights reserved.

   

    

     

        

    Since
Inception
   

        

 
   

Fund Net Asset Value

      -2.87%      
   

Fund Market Price

      -2.79%         
                                      
            

 

12


DIMENSIONAL ETF TRUST

MANAGEMENT’S DISCUSSION AND ANALYSIS

 

U.S. Equity Market Review    12 Months Ended October 31, 2023

U.S. equities had positive returns for the period. The broad U.S. equity market, as measured by the Russell 3000® Index, gained 8.38%. As measured by Russell indices, small-cap stocks underperformed large-cap stocks, and mid-cap stocks underperformed large-cap stocks but outperformed small-cap stocks. Value stocks underperformed growth stocks as measured by the Russell indices.

 

Total Return for 12 Months Ended October 31, 2023  

Russell 3000® Index

     8.38

Russell 1000® Index (large-cap stocks)

     9.48

Russell Midcap® Index (mid-cap stocks, a subset of the large cap universe)

     -1.01

Russell 2000® Index (small-cap stocks)

     -8.56

Russell Microcap® Index (micro-cap stocks)

     -16.40

Dow Jones U.S. Select REIT IndexSM

     -6.25
Total Return for 12 Months Ended October 31, 2023  

Russell 1000® Value Index (large-cap value stocks)

     0.13

Russell 1000® Growth Index (large-cap growth stocks)

     18.95

Russell 2000® Value Index (small-cap value stocks)

     -9.93

Russell 2000® Growth Index (small cap growth stocks)

     -7.63

Source: Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes.

Dimensional US Core Equity Market ETF

The Dimensional US Core Equity Market ETF invests in a broadly diversified group of U.S. securities with increased exposure to smaller market capitalization stocks, lower relative price (value) stocks, and higher-profitability stocks relative to the market. Additionally, the ETF generally excludes real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 2,330 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 7.93% for the ETF and 8.38% for the Russell 3000® Index, the ETF’s benchmark. The ETF’s emphasis on stocks with smaller market capitalizations detracted from relative performance, as these stocks generally underperformed. With value stocks underperforming growth stocks, the ETF’s greater emphasis on value stocks also detracted from performance relative to the benchmark. Conversely, the ETF’s exclusion of REITs contributed positively to relative performance, as REITs generally underperformed.

Dimensional US Core Equity 1 ETF

The Dimensional US Core Equity 1 ETF invests in a broadly diversified group of U.S. securities with increased exposure to smaller market capitalization stocks, lower relative price (value) stocks, and higher-profitability stocks relative to the market while considering federal tax implications of investment decisions. Additionally, the ETF generally excludes real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 2,430 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

From inception on September 12, 2023, through October 31, 2023, total returns were -6.64% for the ETF and -6.35% for the Russell 3000® Index, the ETF’s benchmark. The ETF’s emphasis on stocks with smaller market capitalizations detracted from relative performance, as these stocks generally underperformed. With value stocks underperforming growth stocks, the ETF’s greater emphasis on value stocks also detracted from performance relative to the benchmark.

 

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DIMENSIONAL ETF TRUST

CONTINUED

 

Dimensional US High Profitability ETF

The Dimensional US High Profitability ETF seeks to capture the returns of U.S. large-cap stocks with higher profitability. The investment strategy is process driven, emphasizing broad diversification with increased exposure to stocks with smaller market capitalizations, lower relative price (value), and higher profitability within the large-cap high relative profitability segment of the U.S. market. Additionally, the ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. As of October 31, 2023, the ETF held approximately 180 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 8.53% for the ETF and 9.48% for the Russell 1000® Index, the ETF’s benchmark. The ETF’s emphasis on stocks with smaller market capitalizations within the large-cap high relative profitability segment of the U.S. market detracted from relative performance, as these stocks generally underperformed. Conversely, the ETF’s exclusion of REITs and highly regulated utilities contributed positively to relative performance, as REITs and utilities generally underperformed.

Dimensional US Large Cap Value ETF

The Dimensional US Large Cap Value ETF is designed to capture the returns of U.S. large company low relative price (value) stocks. The ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. The investment strategy is process driven, emphasizing broad diversification with increased exposure to stocks with smaller market capitalizations, lower relative price (value), and higher profitability within the large-cap value segment of the U.S. market. Additionally, the ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. As of October 31, 2023, the ETF held approximately 350 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

From inception on December 6, 2022, through October 31, 2023, total returns were -2.45% for the ETF and -2.65% for the Russell 1000® Value Index, the ETF’s benchmark. The ETF’s exclusion of REITs and highly regulated utilities contributed positively to relative performance, as REITs and utilities generally underperformed.

Dimensional US Real Estate ETF

The Dimensional US Real Estate ETF invests in a broadly diversified group of U.S. real estate securities. As of October 31, 2023, the Portfolio held approximately 140 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were -7.84% for the ETF and -6.25% for the Dow Jones U.S. Select REIT Index, the ETF’s benchmark. Differences in REIT eligibility between the ETF and the benchmark detracted from the ETF’s performance relative to the benchmark, most notably among tower REITs. The ETF includes tower REITs, which are not held by the benchmark, and these securities generally underperformed.

Dimensional US Small Cap Value ETF

The Dimensional US Small Cap Value ETF invests in a broadly diversified group of U.S. small-cap value stocks with higher profitability. Additionally, the ETF generally excludes certain companies with high asset growth and real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 1,030 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were -2.91% for the ETF and -9.93% for the Russell 2000® Value Index, the ETF’s benchmark. The ETF’s emphasis on higher-profitability stocks within the small-value segment of the U.S. market contributed positively to relative performance, as these stocks generally outperformed. The ETF’s exclusion of REITs and highly regulated utilities also contributed positively to relative performance, as REITs and utilities generally underperformed.

 

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DIMENSIONAL ETF TRUST

CONTINUED

 

International Equity Market Review    12 Months Ended October 31, 2023

Performance of non-U.S. developed markets was positive for the period outperforming the US and emerging markets. As measured by the MSCI World ex USA indices, small-cap stocks underperformed large-cap stocks, and mid-cap stocks underperformed large-cap stocks but outperformed small-cap stocks. Value stocks outperformed growth stocks as measured by the MSCI World ex USA indices.

 

Total Return for 12 Months Ended October 31, 2023  
     Return in U.S. Dollars  

MSCI World ex USA Index

     12.56

MSCI World ex USA Mid Cap Index (a subset of the large-cap universe)

     9.62

MSCI World ex USA Small Cap Index

     5.66

MSCI World ex USA Value Index

     15.70

MSCI World ex USA Growth Index

     9.49

For the 12 months ended October 31, 2023, the U.S. dollar appreciated against more than half of non-U.S. developed markets currencies. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of developed markets.

 

Total Return for 12 Months Ended October 31, 2023  
     Local Return     Return in
U.S. Dollars
 

Japan

     19.00     16.79

United Kingdom

     7.11     12.88

Canada

     0.51     -1.24

France

     10.52     18.19

Switzerland

     -2.37     7.36

Australia

     4.89     3.85

Germany

     10.73     18.42

Netherlands

     11.07     18.56

Sweden

     7.32     6.14

Denmark

     31.92     40.72

Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2023, all rights reserved.

Emerging markets had positive performance for the period and outperformed U.S. markets while underperforming non-U.S. developed markets. As measured by the MSCI Emerging Markets indices, small-cap stocks outperformed large-cap stocks and mid-cap stocks. Value stocks outperformed growth stocks as measured by the MSCI Emerging Markets indices.

 

Total Return for 12 Months Ended October 31, 2023  
     Return in U.S. Dollars  

MSCI Emerging Markets Index

     10.80

MSCI Emerging Markets Mid Cap Index (a subset of the large-cap universe)

     10.42

MSCI Emerging Markets Small Cap Index

     17.20

MSCI Emerging Markets Value Index

     13.43

MSCI Emerging Markets Growth Index

     8.33

For the 12 months ended October 31, 2023, the U.S. dollar appreciated against more than half of emerging markets currencies. Overall, currency movements had a positive impact on the U.S. dollar denominated returns of emerging markets.

 

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DIMENSIONAL ETF TRUST

CONTINUED

 

Total Return for 12 Months Ended October 31, 2023  
     Local Return     Return in
U.S. Dollars
 

China

     20.83     21.12

India

     4.76     4.16

Taiwan

     27.06     26.22

Korea

     2.72     8.34

Brazil

     -1.84     2.14

Saudi Arabia

     -11.52     -11.38

South Africa

     3.73     1.69

Mexico

     0.13     10.10

Indonesia

     -5.51     -7.22

Thailand

     -9.60     -4.28

Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2023, all rights reserved.

For Portfolios investing in non-U.S. equities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2023, these differences generally contributed positively to non-US developed markets Portfolios’ relative performance and were not material to emerging markets Portfolios’ relative performance.

Dimensional International Core Equity Market ETF

The Dimensional International Core Equity Market ETF invests in a broadly diversified group of stocks in developed ex U.S. markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. Additionally, the ETF generally excludes real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 3,580 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 12.84% for the ETF and 11.57% for the MSCI World ex USA IMI Index (net dividends), the ETF’s benchmark. The ETF’s emphasis on low relative price (value) stocks contributed positively to performance relative to the benchmark, as value stocks outperformed high relative price (growth) stocks in developed ex U.S. markets. The ETF’s exclusion of REITs also contributed positively to performance relative to the benchmark, as REITs generally underperformed.

Dimensional International Core Equity 2 ETF

The Dimensional International Core Equity 2 ETF invests in a broadly diversified group of stocks in developed ex U.S. markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. Additionally, the ETF generally excludes real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 4,130 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 13.07% for the ETF and 11.57% for the MSCI World ex USA IMI Index (net dividends), the ETF’s benchmark. The ETF’s emphasis on low relative price (value) stocks contributed positively to performance relative to the benchmark, as value stocks outperformed high relative price (growth) stocks in developed ex U.S. markets. The ETF’s exclusion of real estate investment trusts (REITs) also contributed positively to performance relative to the benchmark, as REITs generally underperformed.

 

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DIMENSIONAL ETF TRUST

CONTINUED

 

Dimensional International Small Cap Value ETF

The Dimensional International Small Cap Value ETF invests in small-cap value stocks in developed ex U.S. markets, with an emphasis on those with higher profitability. Additionally, the ETF generally excludes certain companies with high asset growth and real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 1,550 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 19.26% for the ETF and 10.02% for the MSCI World ex USA Small Value Index (net dividends), the ETF’s benchmark. With value stocks outperforming growth stocks, the ETF’s focus on value stocks contributed positively to performance relative to the benchmark. The ETF’s exclusion of REITs also contributed positively to relative performance, as REITs generally underperformed.

Dimensional International Small Cap ETF

The Dimensional International Small Cap ETF invests in developed ex U.S. small company stocks. The Portfolio generally excludes stocks with the lowest profitability and highest relative price, certain companies with high asset growth, and real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 3,310 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 9.47% for the ETF and 5.56% for the MSCI World ex USA Small Cap Index (net dividends), the ETF’s benchmark. The ETF’s exclusion of stocks with the lowest profitability and highest relative price contributed positively to performance relative to the benchmark, as did the ETF’s exclusion of stocks with high asset growth, as those stocks underperformed. The ETF’s exclusion of REITs also contributed positively to performance relative to the benchmark, as REITs generally underperformed.

Dimensional International High Profitability ETF

The Dimensional International High Profitability ETF invests in developed ex U.S. large-cap stocks with higher profitability. The investment strategy is process driven, emphasizing broad diversification, with increased exposure to stocks with smaller total market capitalizations, lower relative price (value), and higher profitability within the large cap high relative profitability segment of developed ex U.S. markets. Additionally, the ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. Additionally, the ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. As of October 31, 2023, the ETF held approximately 510 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 13.74% for the ETF and 12.56% for the MSCI World ex USA Index (net dividends), the ETF’s benchmark. The ETF’s emphasis on stocks with lower relative price within the large-cap high relative profitability segment of developed ex U.S. markets contributed positively to performance relative to the benchmark, as these stocks generally outperformed. The ETF’s exclusion of REITs also contributed positively to performance relative to the benchmark, as REITs generally underperformed.

Dimensional Emerging Core Equity Market ETF

The Dimensional Emerging Core Equity Market ETF invests in a broadly diversified group of stocks in emerging markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. Additionally, the ETF generally excludes real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 5,100 securities in 24 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 13.18% for the ETF and 11.68% for the MSCI Emerging Markets IMI Index (net dividends), the ETF’s benchmark. With value stocks outperforming growth stocks, the ETF’s greater emphasis on value stocks contributed positively to performance relative to the benchmark. The

 

17


DIMENSIONAL ETF TRUST

CONTINUED

 

ETF’s emphasis on stocks with smaller market capitalizations contributed positively to relative performance, as these stocks outperformed. Additionally, the ETF’s emphasis on stocks with higher profitability contributed positively to performance relative to the benchmark, as these stocks generally outperformed.

Dimensional Emerging Markets High Profitability ETF

The Dimensional Emerging Markets High Profitability ETF invests in a broadly diversified group of stocks in emerging markets, with increased exposure to stocks with higher profitability. Additionally, the ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 650 securities in 22 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 14.69% for the ETF and 10.80% for the MSCI Emerging Markets Index (net dividends), the ETF’s benchmark. The ETF’s focus on stocks with higher profitability contributed positive to performance relative to the benchmark, as these stocks generally outperformed.

Dimensional Emerging Markets Value ETF

The Dimensional Emerging Markets Value ETF invests in value stocks of large and small companies in emerging markets. The investment strategy is process driven, emphasizing broad diversification with increased exposure to stocks with smaller market capitalizations, lower relative price (value), and higher profitability within the value segment of emerging markets. Additionally, the ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. As of October 31, 2023, the ETF held approximately 2,560 securities in 22 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 15.07% for the ETF and 13.43% for the MSCI Emerging Markets Value Index (net dividends), the ETF’s benchmark. The ETF’s focus on value stocks contributed positively to performance relative to the benchmark, as value stocks outperformed growth stocks in emerging markets. The ETF’s emphasis on stocks with smaller market capitalizations also contributed positively to relative performance, as these stocks outperformed. Additionally, the ETF’s emphasis on stocks with higher profitability contributed positively to performance relative to the benchmark, as these stocks generally outperformed.

Dimensional Emerging Markets Core Equity 2 ETF

The Dimensional Emerging Markets Core Equity 2 ETF invests in a broadly diversified group of stocks in emerging markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. Additionally, the ETF generally excludes real estate investment trusts (REITs). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the ETF held approximately 5,530 securities in 24 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2023, total returns were 14.13% for the ETF and 11.68% for the MSCI Emerging Markets IMI Index (net dividends), the ETF’s benchmark. With value stocks outperforming growth stocks, the ETF’s greater emphasis on value stocks contributed positively to performance relative to the benchmark. The ETF’s emphasis on stocks with smaller market capitalizations contributed positively to relative performance, as these stocks outperformed. Additionally, the ETF’s emphasis on stocks with higher profitability contributed positively to performance relative to the benchmark, as these stocks generally outperformed.

Dimensional Global Real Estate ETF

The Dimensional Global Real Estate ETF invests in a broadly diversified group of real estate securities in domestic and international markets, including emerging markets. As of October 31, 2023, the ETF held approximately 440 securities in 27 eligible developed and emerging markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

 

18


DIMENSIONAL ETF TRUST

CONTINUED

 

From inception on December 6, 2022, through October 31, 2023, total returns were -10.94% for the ETF and -10.51% for the S&P Global REIT Index (net dividends), the ETF’s benchmark. Differences in REIT eligibility between the ETF and the benchmark detracted from performance relative to the benchmark, most notably among tower REITs. The ETF includes tower REITs, which are not held by the benchmark, and these securities generally underperformed.

Dimensional World Equity ETF

The Dimensional World Equity ETF seeks long-term capital appreciation by investing in a combination of ETFs managed by Dimensional that invest in domestic and international equity securities, including emerging markets securities. During the period covered by this report, the ETF’s investments in the domestic equity funds included the US Core Equity 1 ETF and U.S. Core Equity 2 ETF; and the ETF’s investments in the international equity funds included the International Core Equity 2 ETF, Emerging Markets Core Equity 2 ETF, and Global Real Estate ETF (collectively, the “Underlying Funds”). The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2023, the Underlying Funds collectively held approximately 12,930 securities in 47 eligible developed and emerging markets.

Since inception on September 26, 2023, through October 31, 2023, total returns were -2.87% for the ETF and -2.90% for the MSCI All Country World IMI Index (net dividends), the ETF’s benchmark. The Underlying Funds’ emphasis on stocks with smaller market capitalizations detracted from performance relative to the benchmark, as these stocks underperformed in developed markets. Conversely, the Underlying Funds’ emphasis on stocks with higher profitability contributed positively to performance relative to the benchmark, as these stocks outperformed. These two drivers offset each other, and the ETF performed in line with the benchmark.

 

19


DIMENSIONAL ETF TRUST

DISCLOSURE OF FUND EXPENSES

(Unaudited)

The following Expense Tables are shown so that you can understand the impact of fees on your investment. All funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses and legal and audit services, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Tables below illustrate your fund’s costs in two ways.

Actual Fund Return

This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return and “Expenses Paid During Period” reflects the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes

This section is intended to help you compare your fund’s costs with those of other funds. The hypothetical “Ending Account Value” and “Expenses Paid During Period” are derived from the fund’s actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all funds to calculate expenses based on a 5% annual return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, such as brokerage commissions, if applicable. The “Annualized Expense Ratio” represents the actual expenses for the period indicated.

Expense Tables

For the period ended October 31, 2023

 

     Beginning
Account Value
5/1/2023
     Ending
Account Value
10/31/2023
     Annualized
Expense
Ratio
    Expenses Paid
During
Period(a)
 

Dimensional US Core Equity Market ETF

          

Actual Fund Return

   $ 1,000.00      $ 1,008.70        0.12   $ 0.61  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.60        0.12   $ 0.61  

Dimensional US Core Equity 1 ETF

          

Actual Fund Return (b)

   $ 1,000.00      $ 933.60        0.14   $ 0.18  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.50        0.14   $ 0.71  

Dimensional US High Profitability ETF

          

Actual Fund Return

   $ 1,000.00      $ 1,008.70        0.22   $ 1.11  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.10        0.22   $ 1.12  

 

20


DISCLOSURE OF FUND EXPENSES

CONTINUED

 

     Beginning
Account Value
5/1/2023
     Ending
Account Value
10/31/2023
     Annualized
Expense
Ratio
    Expenses Paid
During
Period(a)
 

Dimensional US Large Cap Value ETF

          

Actual Fund Return

   $ 1,000.00      $ 965.60        0.22   $ 1.09  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.10        0.22   $ 1.12  

Dimensional US Real Estate ETF

          

Actual Fund Return

   $ 1,000.00      $ 894.60        0.19   $ 0.91  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.25        0.19   $ 0.97  

Dimensional US Small Cap Value ETF

          

Actual Fund Return

   $ 1,000.00      $ 985.90        0.32   $ 1.60  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.59        0.32   $ 1.63  

Dimensional International Core Equity Market ETF

          

Actual Fund Return

   $ 1,000.00      $ 925.50        0.18   $ 0.87  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.30        0.18   $ 0.92  

Dimensional International Core Equity 2 ETF

          

Actual Fund Return

   $ 1,000.00      $ 927.50        0.24   $ 1.17  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.00        0.24   $ 1.22  

Dimensional International Small Cap Value ETF

          

Actual Fund Return

   $ 1,000.00      $ 956.60        0.42   $ 2.07  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.09        0.42   $ 2.14  

Dimensional International Small Cap ETF

          

Actual Fund Return

   $ 1,000.00      $ 910.20        0.39   $ 1.88  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.24        0.39   $ 1.99  

Dimensional International High Profitability ETF

          

Actual Fund Return

   $ 1,000.00      $ 927.50        0.29   $ 1.41  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.74        0.29   $ 1.48  

Dimensional Emerging Core Equity Market ETF

          

Actual Fund Return

   $ 1,000.00      $ 969.30        0.35   $ 1.74  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.44        0.35   $ 1.79  

Dimensional Emerging Markets High Profitability ETF

          

Actual Fund Return

   $ 1,000.00      $ 964.20        0.40   $ 1.98  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.19        0.40   $ 2.04  

Dimensional Emerging Markets Value ETF

          

Actual Fund Return

   $ 1,000.00      $ 979.90        0.42   $ 2.10  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.09        0.42   $ 2.14  

Dimensional Emerging Markets Core Equity 2 ETF

          

Actual Fund Return

   $ 1,000.00      $ 973.70        0.40   $ 1.99  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.19        0.40   $ 2.04  

Dimensional Global Real Estate ETF

          

Actual Fund Return

   $ 1,000.00      $ 881.10        0.22   $ 1.04  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,024.10        0.22   $ 1.12  

Dimensional World Equity ETF (d)

          

Actual Fund Return(c)

   $ 1,000.00      $ 971.30        0.25   $ 0.24  

Hypothetical 5% Annual Return

   $ 1,000.00      $ 1,023.95        0.25   $ 1.28  

(a)

Expenses are equal to the Fund’s annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184) then divided by the number of days in the year (365) to reflect the six-month period.

(b)

Information shown reflects values for the stub period of 50 days from September 12, 2023 (commencement of operations) to October 31, 2023 and has been calculated using expense ratios and rates of returns for the same period.

 

21


DISCLOSURE OF FUND EXPENSES

CONTINUED

 

(c)

Information shown reflects values for the stub period of 36 days from September 26, 2023 (commencement of operations) to October 31, 2023 and has been calculated using expense ratios and rates of returns for the same period.

(d)

Dimensional World Equity ETF is a Fund of Funds. The expenses shown reflect the direct expenses of the Fund of Funds and the Fund of Funds’ portion of the expenses of its Underlying Funds (Affiliated Investment Companies).

 

22


DIMENSIONAL ETF TRUST

DISCLOSURE OF PORTFOLIO HOLDINGS

(Unaudited)

The SEC requires that all funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. For Dimensional ETF Trust, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. Dimensional ETF Trust filed its most recent Form N-PORT with the SEC on September 27, 2023. It is available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http:// www.sec.gov.

SEC regulations permit a fund to include in its reports to shareholders a “Summary Schedule of Investments” in lieu of a full Schedule of Investments. The Summary Schedule of Investments reports the fund’s 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the fund’s net assets at the end of the reporting period. The regulations also require that the Summary Schedule of Investments identifies each category of investments that are held.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It is available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The SEC requires that all funds present their categories of portfolio holdings in a table, chart, or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

 

Dimensional US Core Equity Market ETF

 

Communication Services

     7.8

Consumer Discretionary

     10.8

Consumer Staples

     6.5

Energy

     6.1

Financials

     13.3

Health Care

     12.3

Industrials

     10.9

Information Technology

     26.3

Materials

     3.2

Real Estate

     0.2

Utilities

     2.6
  

 

 

 
     100.0

Dimensional US Core Equity 1 ETF

 

Communication Services

     7.6

Consumer Discretionary

     11.1

Consumer Staples

     6.4

Energy

     7.0

Financials

     14.2

Health Care

     11.9

Industrials

     12.6

Information Technology

     22.5

Materials

     4.0

Real Estate

     0.3

Utilities

     2.4
  

 

 

 
     100.0

Dimensional US High Profitability ETF

 

Communication Services

     1.7

Consumer Discretionary

     10.2

Consumer Staples

     9.3

Energy

     6.2

Financials

     9.9

Health Care

     14.3

Industrials

     17.6

Information Technology

     27.8

Materials

     2.9

Utilities

     0.1
  

 

 

 
     100.0

 

Dimensional US Large Cap Value ETF

 

Communication Services

     8.1

Consumer Discretionary

     5.5

Consumer Staples

     4.3

Energy

     14.3

Financials

     21.8

Health Care

     13.5

Industrials

     14.0

Information Technology

     9.0

Materials

     8.7

Real Estate

     0.6

Utilities

     0.2
  

 

 

 
     100.0

Dimensional US Real Estate ETF

 

Real Estate

     100.0
  

 

 

 
     100.0

Dimensional US Small Cap Value ETF

 

Communication Services

     3.1

Consumer Discretionary

     15.1

Consumer Staples

     4.3

Energy

     12.1

Financials

     25.3

Health Care

     5.0

Industrials

     19.1

Information Technology

     6.0

Materials

     8.4

Real Estate

     1.5

Utilities

     0.1
  

 

 

 
     100.0

 

23


DISCLOSURE OF PORTFOLIO HOLDINGS

CONTINUED

 

Dimensional International Core Equity

Market ETF

 

 

Communication Services

     4.0

Consumer Discretionary

     12.4

Consumer Staples

     8.8

Energy

     7.8

Financials

     18.5

Health Care

     10.2

Industrials

     16.6

Information Technology

     7.6

Materials

     9.3

Real Estate

     1.4

Utilities

     3.4
  

 

 

 
     100.0

Dimensional International Core Equity 2 ETF

 

Communication Services

     4.5

Consumer Discretionary

     12.3

Consumer Staples

     7.8

Energy

     9.1

Financials

     17.0

Health Care

     7.4

Industrials

     18.3

Information Technology

     7.2

Materials

     11.5

Real Estate

     1.8

Utilities

     3.1
  

 

 

 
     100.0

Dimensional International Small Cap Value ETF

 

Communication Services

     2.7

Consumer Discretionary

     11.1

Consumer Staples

     4.9

Energy

     7.9

Financials

     22.4

Health Care

     2.3

Industrials

     20.6

Information Technology

     4.4

Materials

     20.1

Real Estate

     3.2

Utilities

     0.4
  

 

 

 
     100.0

 

Dimensional International Small Cap ETF

 

Communication Services

     3.3

Consumer Discretionary

     12.8

Consumer Staples

     6.5

Energy

     6.3

Financials

     13.0

Health Care

     4.9

Industrials

     24.0

Information Technology

     10.3

Materials

     12.1

Real Estate

     3.7

Utilities

     3.1
  

 

 

 
     100.0

Dimensional International High Profitability ETF

 

Communication Services

     6.6

Consumer Discretionary

     16.7

Consumer Staples

     10.6

Energy

     12.1

Financials

     4.7

Health Care

     9.9

Industrials

     17.0

Information Technology

     9.9

Materials

     10.0

Real Estate

     0.4

Utilities

     2.1
  

 

 

 
     100.0

Dimensional Emerging Core Equity Market ETF

 

Communication Services

     8.1

Consumer Discretionary

     11.7

Consumer Staples

     6.1

Energy

     5.7

Financials

     19.7

Health Care

     4.8

Industrials

     8.3

Information Technology

     21.4

Materials

     9.3

Real Estate

     2.0

Utilities

     2.9
  

 

 

 
     100.0

 

Dimensional Emerging Markets High Profitability ETF

 

Communication Services

     13.4

Consumer Discretionary

     12.0

Consumer Staples

     10.4

Energy

     9.3

Financials

     6.0

Health Care

     4.0

Industrials

     5.7

Information Technology

     28.2

Materials

     10.2

Real Estate

     0.2

Utilities

     0.6
  

 

 

 
     100.0

Dimensional Emerging Markets Value ETF

 

Communication Services

     2.6

Consumer Discretionary

     8.2

Consumer Staples

     2.4

Energy

     11.7

Financials

     30.0

Health Care

     2.3

Industrials

     9.0

Information Technology

     14.3

Materials

     14.1

Real Estate

     3.9

Utilities

     1.5
  

 

 

 
     100.0
Dimensional Emerging Markets Core Equity 2
ETF
 

Communication Services

     7.5

Consumer Discretionary

     12.2

Consumer Staples

     5.6

Energy

     5.4

Financials

     17.6

Health Care

     5.1

Industrials

     9.1

Information Technology

     21.6

Materials

     10.7

Real Estate

     2.6

Utilities

     2.6
  

 

 

 
     100.0

 

24


DISCLOSURE OF PORTFOLIO HOLDINGS

CONTINUED

 

Dimensional Global Real Estate ETF

 

Real Estate

     100.0
  

 

 

 
     100.0

Dimensional World Equity ETF

 

Affiliated Investment Companies

     100.0
  

 

 

 
     100.0

    

 

25


DIMENSIONAL US CORE EQUITY MARKET ETF

SUMMARY SCHEDULE OF INVESTMENTS

October 31, 2023

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

COMMON STOCKS — (97.0%)

        

COMMUNICATION SERVICES — (7.6%)

        

*   Alphabet, Inc., Class A

     525,397      $ 65,191,260        1.7

*   Alphabet, Inc., Class C

     470,564        58,961,669        1.5

Comcast Corp., Class A

     452,206        18,671,586        0.5

*   Meta Platforms, Inc., Class A

     186,702        56,247,712        1.5

*   Netflix, Inc.

     30,839        12,696,108        0.3

Verizon Communications, Inc.

     367,080        12,895,520        0.4

*   Walt Disney Co. (The)

     151,847        12,389,197        0.3

Other Securities

        65,429,428        1.6
     

 

 

    

 

 

 

TOTAL COMMUNICATION SERVICES

        302,482,480        7.8
     

 

 

    

 

 

 

CONSUMER DISCRETIONARY — (10.4%)

        

*   Amazon.com, Inc.

     817,902        108,854,577        2.8

Home Depot, Inc. (The)

     99,415        28,302,456        0.8

McDonald’s Corp.

     62,756        16,452,741        0.4

*   Tesla, Inc.

     233,874        46,971,254        1.2

Other Securities

        215,347,993        5.5
     

 

 

    

 

 

 

TOTAL CONSUMER DISCRETIONARY

        415,929,021        10.7
     

 

 

    

 

 

 

CONSUMER STAPLES — (6.3%)

        

Coca-Cola Co. (The)

     343,974        19,431,091        0.5

Costco Wholesale Corp.

     35,560        19,644,766        0.5

PepsiCo, Inc.

     143,397        23,413,862        0.6

Procter & Gamble Co. (The)

     236,281        35,449,238        0.9

Walmart, Inc.

     129,705        21,195,094        0.6

Other Securities

        130,895,476        3.3
     

 

 

    

 

 

 

TOTAL CONSUMER STAPLES

        250,029,527        6.4
     

 

 

    

 

 

 

ENERGY — (5.9%)

        

Chevron Corp.

     189,844        27,665,966        0.7

ConocoPhillips

     138,791        16,488,371        0.4

Exxon Mobil Corp.

     457,328        48,408,169        1.3

Other Securities

        142,444,082        3.7
     

 

 

    

 

 

 

TOTAL ENERGY

        235,006,588        6.1
     

 

 

    

 

 

 

FINANCIALS — (12.9%)

        

Bank of America Corp.

     543,603        14,318,503        0.4

*   Berkshire Hathaway, Inc., Class B

     152,421        52,025,860        1.4

JPMorgan Chase & Co.

     285,376        39,684,387        1.0

Mastercard, Inc., Class A

     82,516        31,054,897        0.8

#   Visa, Inc., Class A

     136,630        32,121,713        0.8

Other Securities

        344,164,698        8.8
     

 

 

    

 

 

 

TOTAL FINANCIALS

        513,370,058        13.2
     

 

 

    

 

 

 

HEALTH CARE — (11.9%)

        

Abbott Laboratories

     146,477        13,849,400        0.4

AbbVie, Inc.

     168,886        23,843,325        0.6

Bristol-Myers Squibb Co.

     243,699        12,557,809        0.3

Eli Lilly & Co.

     78,940        43,727,234        1.1

Johnson & Johnson

     250,621        37,177,180        1.0

Merck & Co., Inc.

     245,005        25,162,013        0.7

Pfizer, Inc.

     586,474        17,922,645        0.5

Thermo Fisher Scientific, Inc.

     32,430        14,423,891        0.4

UnitedHealth Group, Inc.

     78,976        42,296,387        1.1

 

26


DIMENSIONAL US CORE EQUITY MARKET ETF

CONTINUED

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

HEALTH CARE — (Continued)

        

Other Securities

      $ 244,809,218        6.1
     

 

 

    

 

 

 

TOTAL HEALTH CARE

        475,769,102        12.2
     

 

 

    

 

 

 

INDUSTRIALS — (10.6%)

        

Caterpillar, Inc.

     58,219        13,160,405        0.4

Honeywell International, Inc.

     68,372        12,529,853        0.3

Union Pacific Corp.

     65,363        13,570,012        0.4

Other Securities

        383,784,767        9.8
     

 

 

    

 

 

 

TOTAL INDUSTRIALS

        423,045,037        10.9
     

 

 

    

 

 

 

INFORMATION TECHNOLOGY — (25.6%)

        

Accenture PLC, Class A

     67,349        20,008,714        0.5

*   Adobe, Inc.

     36,833        19,597,366        0.5

Apple, Inc.

     1,522,322        259,966,928        6.7

Broadcom, Inc.

     44,487        37,430,027        1.0

Cisco Systems, Inc.

     389,517        20,305,521        0.5

Intel Corp.

     356,525        13,013,162        0.4

International Business Machines Corp.

     105,549        15,266,607        0.4

Microsoft Corp.

     658,465        222,633,601        5.7

NVIDIA Corp.

     217,892        88,856,358        2.3

Oracle Corp.

     155,563        16,085,214        0.4

QUALCOMM, Inc.

     122,892        13,393,999        0.4

*   Salesforce, Inc.

     73,709        14,802,978        0.4

Texas Instruments, Inc.

     85,704        12,170,825        0.3

Other Securities

        264,590,247        6.7
     

 

 

    

 

 

 

TOTAL INFORMATION TECHNOLOGY

        1,018,121,547        26.2
     

 

 

    

 

 

 

MATERIALS — (3.1%)

        

Linde PLC

     41,605        15,899,767        0.4

Other Securities

        107,210,536        2.8
     

 

 

    

 

 

 

TOTAL MATERIALS

        123,110,303        3.2
     

 

 

    

 

 

 

REAL ESTATE — (0.2%)

        

Other Securities

        9,441,204        0.2
     

 

 

    

 

 

 

UTILITIES — (2.5%)

        

Other Securities

        100,909,846        2.6
     

 

 

    

 

 

 

TOTAL COMMON STOCKS

        3,867,214,713        99.5
     

 

 

    

 

 

 

RIGHTS/WARRANTS — (0.0%)

        

ENERGY — (0.0%)

        

Other Securities

        10,089        0.0
     

 

 

    

 

 

 

HEALTH CARE — (0.0%)

        

Other Securities

        32,907        0.0
     

 

 

    

 

 

 

TOTAL RIGHTS/WARRANTS

        42,996        0.0
     

 

 

    

 

 

 

TOTAL INVESTMENT SECURITIES — (97.0%)
(Cost $3,715,654,467)

        3,867,257,709     
     

 

 

    

SECURITIES LENDING COLLATERAL — (3.0%)

        

@§ The DFA Short Term Investment Fund

     10,247,297        118,530,534        3.1
     

 

 

    

 

 

 

TOTAL INVESTMENTS — (100.0%)
(Cost $3,834,185,001)

      $ 3,985,788,243        102.6
     

 

 

    

 

 

 

 

27


DIMENSIONAL US CORE EQUITY MARKET ETF

CONTINUED

 

As of October 31, 2023, Dimensional US Core Equity Market ETF had entered into the following outstanding futures contracts:

 

Description

   Number of
Contracts
     Expiration
Date
     Notional
Value
     Market Value      Unrealized
Appreciation
(Depreciation)
 

Long Position Contracts

              

S&P 500 Emini Index

     8        12/15/23      $ 1,749,313      $ 1,684,900      $ (64,413
        

 

 

    

 

 

    

 

 

 

Total Futures Contracts

         $ 1,749,313      $ 1,684,900      $ (64,413
        

 

 

    

 

 

    

 

 

 

Summary of the Fund’s investments as of October 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investments in Securities (Market Value)  
     Level 1     Level 2      Level 3      Total  

Common Stocks

          

Communication Services

   $ 302,482,480     $ —        $ —        $ 302,482,480  

Consumer Discretionary

     415,929,021       —          —          415,929,021  

Consumer Staples

     250,029,527       —          —          250,029,527  

Energy

     235,006,588       —          —          235,006,588  

Financials

     513,370,058       —          —          513,370,058  

Health Care

     475,769,102       —          —          475,769,102  

Industrials

     423,045,037       —          —          423,045,037  

Information Technology

     1,018,121,547       —          —          1,018,121,547  

Materials

     123,110,303       —          —          123,110,303  

Real Estate

     9,441,204       —          —          9,441,204  

Utilities

     100,909,846       —          —          100,909,846  

Rights/Warrants

          

Energy

     —         10,089        —          10,089  

Health Care

     —         30,550        2,357        32,907  

Futures

     (64,413     —          —          (64,413

Securities Lending Collateral

     —         118,530,534        —          118,530,534  
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

   $ 3,867,150,300     $ 118,571,173      $ 2,357      $ 3,985,723,830  
  

 

 

   

 

 

    

 

 

    

 

 

 

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

 

See accompanying Notes to Financial Statements.

28


DIMENSIONAL US CORE EQUITY 1 ETF

SUMMARY SCHEDULE OF INVESTMENTS

October 31, 2023

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

COMMON STOCKS — (96.0%)

        

COMMUNICATION SERVICES — (7.3%)

        

*   Alphabet, Inc., Class A

     12,898      $ 1,600,384        1.4

*   Alphabet, Inc., Class C

     11,364        1,423,909        1.2

AT&T, Inc.

     21,346        328,728        0.3

Comcast Corp., Class A

     18,748        774,105        0.7

*   Meta Platforms, Inc., Class A

     4,953        1,492,190        1.3

Verizon Communications, Inc.

     20,307        713,385        0.6

Other Securities

        2,531,972        2.0
     

 

 

    

 

 

 

TOTAL COMMUNICATION SERVICES

        8,864,673        7.5
     

 

 

    

 

 

 

CONSUMER DISCRETIONARY — (10.7%)

        

*   Amazon.com, Inc.

     19,662        2,616,816        2.2

Home Depot, Inc. (The)

     2,542        723,682        0.6

McDonald’s Corp.

     1,585        415,539        0.4

*   Tesla, Inc.

     3,678        738,690        0.6

TJX Cos., Inc. (The)

     3,785        333,345        0.3

Other Securities

        8,193,808        7.0
     

 

 

    

 

 

 

TOTAL CONSUMER DISCRETIONARY

        13,021,880        11.1
     

 

 

    

 

 

 

CONSUMER STAPLES — (6.1%)

        

Coca-Cola Co. (The)

     9,862        557,104        0.5

Costco Wholesale Corp.

     966        533,657        0.5

PepsiCo, Inc.

     4,635        756,803        0.6

Procter & Gamble Co. (The)

     5,672        850,970        0.7

Walmart, Inc.

     3,256        532,063        0.5

Other Securities

        4,243,922        3.6
     

 

 

    

 

 

 

TOTAL CONSUMER STAPLES

        7,474,519        6.4
     

 

 

    

 

 

 

ENERGY — (6.7%)

        

Chevron Corp.

     5,648        823,083        0.7

ConocoPhillips

     4,017        477,220        0.4

Exxon Mobil Corp.

     15,368        1,626,703        1.4

Other Securities

        5,258,412        4.5
     

 

 

    

 

 

 

TOTAL ENERGY

        8,185,418        7.0
     

 

 

    

 

 

 

FINANCIALS — (13.6%)

        

Bank of America Corp.

     14,428        380,034        0.3

*   Berkshire Hathaway, Inc., Class B

     3,918        1,337,331        1.1

JPMorgan Chase & Co.

     8,663        1,204,677        1.0

Mastercard, Inc., Class A

     2,298        864,852        0.7

#   Visa, Inc., Class A

     3,830        900,433        0.8

Other Securities

        11,969,749        10.3
     

 

 

    

 

 

 

TOTAL FINANCIALS

        16,657,076        14.2
     

 

 

    

 

 

 

HEALTH CARE — (11.4%)

        

Abbott Laboratories

     3,625        342,744        0.3

AbbVie, Inc.

     4,671        659,452        0.6

Amgen, Inc.

     1,381        353,122        0.3

Bristol-Myers Squibb Co.

     7,034        362,462        0.3

Eli Lilly & Co.

     2,064        1,143,312        1.0

Johnson & Johnson

     6,850        1,016,129        0.9

Merck & Co., Inc.

     3,797        389,952        0.3

Pfizer, Inc.

     17,109        522,851        0.5

Thermo Fisher Scientific, Inc.

     818        363,822        0.3

#   UnitedHealth Group, Inc.

     2,069        1,108,074        1.0

 

29


DIMENSIONAL US CORE EQUITY 1 ETF

CONTINUED

 

     Shares      Value†      Percentage of
Net Assets‡
 

HEALTH CARE — (Continued)

        

Other Securities

      $ 7,688,316        6.4
     

 

 

    

 

 

 

TOTAL HEALTH CARE

        13,950,236        11.9
     

 

 

    

 

 

 

INDUSTRIALS — (12.1%)

        

Caterpillar, Inc.

     1,891        427,461        0.4

Deere & Co.

     907        331,382        0.3

Lockheed Martin Corp.

     790        359,166        0.3

Union Pacific Corp.

     2,038        423,109        0.4

United Parcel Service, Inc., Class B

     2,781        392,816        0.3

Other Securities

        12,793,466        10.8
     

 

 

    

 

 

 

TOTAL INDUSTRIALS

        14,727,400        12.5
     

 

 

    

 

 

 

INFORMATION TECHNOLOGY — (21.7%)

        

Accenture PLC, Class A

     1,636        486,039        0.4

*   Adobe, Inc.

     1,027        546,426        0.5

Apple, Inc.

     34,829        5,947,748        5.1

Broadcom, Inc.

     1,332        1,120,705        1.0

Cisco Systems, Inc.

     9,660        503,576        0.4

#   International Business Machines Corp.

     3,493        505,228        0.4

Microsoft Corp.

     16,530        5,588,958        4.8

NVIDIA Corp.

     4,823        1,966,819        1.7

Oracle Corp.

     4,366        451,444        0.4

QUALCOMM, Inc.

     3,049        332,311        0.3

Other Securities

        8,998,935        7.5
     

 

 

    

 

 

 

TOTAL INFORMATION TECHNOLOGY

        26,448,189        22.5
     

 

 

    

 

 

 

MATERIALS — (3.8%)

        

Linde PLC

     1,030        393,625        0.3

Other Securities

        4,239,679        3.6
     

 

 

    

 

 

 

TOTAL MATERIALS

        4,633,304        3.9
     

 

 

    

 

 

 

REAL ESTATE — (0.3%)

        

Other Securities

        378,299        0.3
     

 

 

    

 

 

 

UTILITIES — (2.3%)

        

Other Securities

        2,815,340        2.4
     

 

 

    

 

 

 

TOTAL COMMON STOCKS

        117,156,334        99.7
     

 

 

    

 

 

 

TOTAL INVESTMENT SECURITIES — (96.0%)
(Cost $120,100,200)

        117,156,334     
     

 

 

    

SECURITIES LENDING COLLATERAL — (4.0%)

        

@§ The DFA Short Term Investment Fund

     426,926        4,938,256        4.2
     

 

 

    

 

 

 

TOTAL INVESTMENTS — (100.0%)
(Cost $125,038,456)

      $ 122,094,590        103.9
     

 

 

    

 

 

 

Summary of the Fund’s investments as of October 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investments in Securities (Market Value)  
     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Communication Services

   $ 8,864,673      $ —        $ —        $ 8,864,673  

Consumer Discretionary

     13,021,880        —          —          13,021,880  

Consumer Staples

     7,474,519        —          —          7,474,519  

Energy

     8,185,418        —          —          8,185,418  

Financials

     16,657,076        —          —          16,657,076  

Health Care

     13,950,236        —          —          13,950,236  

 

30


DIMENSIONAL US CORE EQUITY 1 ETF

CONTINUED

 

     Investments in Securities (Market Value)  
     Level 1      Level 2      Level 3      Total  

Industrials

   $ 14,727,400      $ —        $ —        $ 14,727,400  

Information Technology

     26,448,189        —          —          26,448,189  

Materials

     4,633,304        —          —          4,633,304  

Real Estate

     378,299        —          —          378,299  

Utilities

     2,815,340        —          —          2,815,340  

Securities Lending Collateral

     —          4,938,256        —          4,938,256  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 117,156,334      $ 4,938,256      $ —        $ 122,094,590  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

See accompanying Notes to Financial Statements.

31


DIMENSIONAL US HIGH PROFITABILITY ETF

SUMMARY SCHEDULE OF INVESTMENTS

October 31, 2023

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

COMMON STOCKS — (97.8%)

        

COMMUNICATION SERVICES — (1.6%)

        

#*   Charter Communications, Inc., Class A

     51,957      $ 20,928,279        0.6

Verizon Communications, Inc.

     689,492        24,221,854        0.8

Other Securities

        7,852,369        0.2
     

 

 

    

 

 

 

TOTAL COMMUNICATION SERVICES

        53,002,502        1.6
     

 

 

    

 

 

 

CONSUMER DISCRETIONARY — (10.0%)

        

Best Buy Co., Inc.

     307,459        20,544,410        0.7

Home Depot, Inc. (The)

     268,525        76,446,382        2.4

Ross Stores, Inc.

     292,121        33,877,272        1.1

TJX Cos., Inc. (The)

     500,849        44,109,772        1.4

#   Tractor Supply Co.

     143,581        27,647,957        0.9

Other Securities

        122,867,819        3.7
     

 

 

    

 

 

 

TOTAL CONSUMER DISCRETIONARY

        325,493,612        10.2
     

 

 

    

 

 

 

CONSUMER STAPLES — (9.1%)

        

Coca-Cola Co. (The)

     563,492        31,831,663        1.0

Colgate-Palmolive Co.

     305,623        22,958,400        0.7

Costco Wholesale Corp.

     41,817        23,101,383        0.7

Kroger Co. (The)

     639,400        29,009,578        0.9

PepsiCo, Inc.

     483,420        78,932,818        2.5

Procter & Gamble Co. (The)

     127,173        19,079,765        0.6

Target Corp.

     189,400        20,983,626        0.7

Other Securities

        70,605,084        2.2
     

 

 

    

 

 

 

TOTAL CONSUMER STAPLES

        296,502,317        9.3
     

 

 

    

 

 

 

ENERGY — (6.1%)

        

ConocoPhillips

     437,025        51,918,570        1.6

Occidental Petroleum Corp.

     658,227        40,685,011        1.3

Other Securities

        104,037,680        3.3
     

 

 

    

 

 

 

TOTAL ENERGY

        196,641,261        6.2
     

 

 

    

 

 

 

FINANCIALS — (9.7%)

        

American Express Co.

     141,759        20,701,067        0.7

Ameriprise Financial, Inc.

     106,150        33,391,605        1.0

Mastercard, Inc., Class A

     241,288        90,808,739        2.9

#   Visa, Inc., Class A

     431,067        101,343,852        3.2

Other Securities

        68,429,523        2.1
     

 

 

    

 

 

 

TOTAL FINANCIALS

        314,674,786        9.9
     

 

 

    

 

 

 

HEALTH CARE — (14.0%)

        

AbbVie, Inc.

     589,014        83,156,997        2.6

Amgen, Inc.

     163,816        41,887,751        1.3

Bristol-Myers Squibb Co.

     652,123        33,603,898        1.1

#   Cencora, Inc.

     138,510        25,645,126        0.8

Eli Lilly & Co.

     253,725        140,545,889        4.4

Gilead Sciences, Inc.

     502,050        39,431,007        1.3

Johnson & Johnson

     186,061        27,600,264        0.9

Other Securities

        63,662,695        1.9
     

 

 

    

 

 

 

TOTAL HEALTH CARE

        455,533,627        14.3
     

 

 

    

 

 

 

INDUSTRIALS — (17.2%)

        

Automatic Data Processing, Inc.

     185,672        40,517,344        1.3

Caterpillar, Inc.

     228,348        51,618,065        1.6

Deere & Co.

     125,425        45,825,278        1.4

Lockheed Martin Corp.

     96,007        43,648,622        1.4

 

32


DIMENSIONAL US HIGH PROFITABILITY ETF

CONTINUED

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

INDUSTRIALS — (Continued)

        

Union Pacific Corp.

     279,965      $ 58,123,534        1.8

United Parcel Service, Inc., Class B

     316,076        44,645,735        1.4

#   United Rentals, Inc.

     77,371        31,433,516        1.0

WW Grainger, Inc.

     44,882        32,756,230        1.0

Other Securities

        211,384,433        6.7
     

 

 

    

 

 

 

TOTAL INDUSTRIALS

        559,952,757        17.6
     

 

 

    

 

 

 

INFORMATION TECHNOLOGY — (27.2%)

        

Accenture PLC, Class A

     117,309        34,851,331        1.1

*   Adobe, Inc.

     45,163        24,029,426        0.8

Apple, Inc.

     919,154        156,963,929        4.9

Applied Materials, Inc.

     345,000        45,660,750        1.4

Broadcom, Inc.

     152,605        128,397,269        4.0

CDW Corp.

     146,346        29,327,738        0.9

#   International Business Machines Corp.

     400,176        57,881,457        1.8

Lam Research Corp.

     36,567        21,509,441        0.7

Microsoft Corp.

     511,012        172,778,267        5.4

Oracle Corp.

     392,941        40,630,099        1.3

QUALCOMM, Inc.

     485,647        52,930,666        1.7

Texas Instruments, Inc.

     370,593        52,627,912        1.7

Other Securities

        64,039,411        2.0
     

 

 

    

 

 

 

TOTAL INFORMATION TECHNOLOGY

        881,627,696        27.7
     

 

 

    

 

 

 

MATERIALS — (2.8%)

        

LyondellBasell Industries NV, Class A

     229,502        20,710,260        0.7

Nucor Corp.

     204,439        30,214,040        1.0

Sherwin-Williams Co. (The)

     84,998        20,247,373        0.7

Other Securities

        20,359,114        0.5
     

 

 

    

 

 

 

TOTAL MATERIALS

        91,530,787        2.9
     

 

 

    

 

 

 

UTILITIES — (0.1%)

        

Other Securities

        2,105,467        0.1
     

 

 

    

 

 

 

TOTAL COMMON STOCKS

        3,177,064,812        99.8
     

 

 

    

 

 

 

TOTAL INVESTMENT SECURITIES — (97.8%)
(Cost $3,124,496,987)

        3,177,064,812     
     

 

 

    

SECURITIES LENDING COLLATERAL — (2.2%)

        

@§ The DFA Short Term Investment Fund

     6,105,863        70,626,552        2.2
     

 

 

    

 

 

 

TOTAL INVESTMENTS — (100.0%)
(Cost $3,195,123,539)

      $ 3,247,691,364        102.0
     

 

 

    

 

 

 

Summary of the Fund’s investments as of October 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investments in Securities (Market Value)  
     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Communication Services

   $ 53,002,502      $ —        $ —        $ 53,002,502  

Consumer Discretionary

     325,493,612        —          —          325,493,612  

Consumer Staples

     296,502,317        —          —          296,502,317  

Energy

     196,641,261        —          —          196,641,261  

Financials

     314,674,786        —          —          314,674,786  

Health Care

     455,533,627        —          —          455,533,627  

Industrials

     559,952,757        —          —          559,952,757  

Information Technology

     881,627,696        —          —          881,627,696  

Materials

     91,530,787        —          —          91,530,787  

Utilities

     2,105,467        —          —          2,105,467  

 

33


DIMENSIONAL US HIGH PROFITABILITY ETF

CONTINUED

 

     Investments in Securities (Market Value)  
     Level 1      Level 2      Level 3    Total  

Securities Lending Collateral

   $ —        $ 70,626,552      $—      $ 70,626,552  
  

 

 

    

 

 

    

 

  

 

 

 

Total Investments

   $ 3,177,064,812      $ 70,626,552      $—      $ 3,247,691,364  
  

 

 

    

 

 

    

 

  

 

 

 

 

 

See accompanying Notes to Financial Statements.

34


DIMENSIONAL US LARGE CAP VALUE ETF

SUMMARY SCHEDULE OF INVESTMENTS

October 31, 2023

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

COMMON STOCKS — (99.4%)

        

COMMUNICATION SERVICES — (8.1%)

        

AT&T, Inc.

     699,271      $ 10,768,773        1.1

Comcast Corp., Class A

     471,433        19,465,469        2.0

*   Meta Platforms, Inc., Class A

     38,383        11,563,646        1.2

*   T-Mobile US, Inc.

     50,208        7,222,923        0.8

Verizon Communications, Inc.

     418,640        14,706,823        1.5

Other Securities

        14,250,677        1.5
     

 

 

    

 

 

 

TOTAL COMMUNICATION SERVICES

        77,978,311        8.1
     

 

 

    

 

 

 

CONSUMER DISCRETIONARY — (5.4%)

        

DR Horton, Inc.

     79,454        8,294,998        0.9

Garmin, Ltd.

     60,619        6,215,266        0.7

General Motors Co.

     235,087        6,629,453        0.7

Lennar Corp., Class A

     75,856        8,092,318        0.8

Other Securities

        23,203,286        2.3
     

 

 

    

 

 

 

TOTAL CONSUMER DISCRETIONARY

        52,435,321        5.4
     

 

 

    

 

 

 

CONSUMER STAPLES — (4.3%)

        

Mondelez International, Inc., Class A

     94,164        6,234,598        0.7

Other Securities

        35,133,194        3.6
     

 

 

    

 

 

 

TOTAL CONSUMER STAPLES

        41,367,792        4.3
     

 

 

    

 

 

 

ENERGY — (14.2%)

        

Chevron Corp.

     172,711        25,169,174        2.6

ConocoPhillips

     162,476        19,302,149        2.0

Diamondback Energy, Inc.

     45,966        7,369,269        0.8

Exxon Mobil Corp.

     390,797        41,365,862        4.3

Other Securities

        44,535,489        4.6
     

 

 

    

 

 

 

TOTAL ENERGY

        137,741,943        14.3
     

 

 

    

 

 

 

FINANCIALS — (21.8%)

        

Bank of America Corp.

     386,956        10,192,421        1.1

Bank of New York Mellon Corp. (The)

     164,143        6,976,078        0.7

*   Berkshire Hathaway, Inc., Class B

     58,407        19,936,061        2.1

Capital One Financial Corp.

     90,865        9,203,716        1.0

Citigroup, Inc.

     176,477        6,969,077        0.7

Goldman Sachs Group, Inc. (The)

     34,636        10,515,836        1.1

Hartford Financial Services Group, Inc. (The)

     90,513        6,648,180        0.7

JPMorgan Chase & Co.

     252,834        35,159,096        3.7

Morgan Stanley

     126,134        8,932,810        0.9

Wells Fargo & Co.

     281,589        11,198,795        1.2

Other Securities

        85,148,615        8.7
     

 

 

    

 

 

 

TOTAL FINANCIALS

        210,880,685        21.9
     

 

 

    

 

 

 

HEALTH CARE — (13.4%)

        

*   Biogen, Inc.

     26,999        6,413,342        0.7

Cigna Group (The)

     28,733        8,884,244        0.9

CVS Health Corp.

     107,624        7,427,132        0.8

Danaher Corp.

     39,444        7,574,037        0.8

Elevance Health, Inc.

     24,780        11,153,230        1.2

Gilead Sciences, Inc.

     88,219        6,928,720        0.7

Medtronic PLC

     104,174        7,350,517        0.8

Pfizer, Inc.

     432,056        13,203,631        1.4

Thermo Fisher Scientific, Inc.

     16,972        7,548,636        0.8

 

35


DIMENSIONAL US LARGE CAP VALUE ETF

CONTINUED

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

HEALTH CARE — (Continued)

        

Other Securities

      $ 53,173,241        5.4
     

 

 

    

 

 

 

TOTAL HEALTH CARE

        129,656,730        13.5
     

 

 

    

 

 

 

INDUSTRIALS — (13.9%)

        

Cummins, Inc.

     28,705        6,208,891        0.6

Eaton Corp. PLC

     53,039        11,027,338        1.2

FedEx Corp.

     27,214        6,534,081        0.7

Owens Corning

     66,499        7,538,992        0.8

PACCAR, Inc.

     147,227        12,150,644        1.3

Republic Services, Inc.

     67,252        9,986,249        1.0

RTX Corp.

     77,405        6,299,993        0.7

Textron, Inc.

     102,516        7,791,216        0.8

Other Securities

        67,274,026        6.9
     

 

 

    

 

 

 

TOTAL INDUSTRIALS

        134,811,430        14.0
     

 

 

    

 

 

 

INFORMATION TECHNOLOGY — (8.9%)

        

Corning, Inc.

     262,664        7,028,889        0.7

Intel Corp.

     257,662        9,404,663        1.0

*   Salesforce, Inc.

     37,008        7,432,317        0.8

TE Connectivity, Ltd.

     50,457        5,946,357        0.6

Other Securities

        56,750,612        5.9
     

 

 

    

 

 

 

TOTAL INFORMATION TECHNOLOGY

        86,562,838        9.0
     

 

 

    

 

 

 

MATERIALS — (8.6%)

        

Dow, Inc.

     184,134        8,901,038        0.9

Linde PLC

     16,582        6,336,977        0.7

Martin Marietta Materials, Inc.

     20,726        8,475,690        0.9

Nucor Corp.

     75,684        11,185,338        1.2

Steel Dynamics, Inc.

     73,515        7,830,083        0.8

Other Securities

        40,511,879        4.1
     

 

 

    

 

 

 

TOTAL MATERIALS

        83,241,005        8.6
     

 

 

    

 

 

 

REAL ESTATE — (0.6%)

        

Other Securities

        5,365,849        0.6
     

 

 

    

 

 

 

UTILITIES — (0.2%)

        

Other Securities

        1,642,342        0.2
     

 

 

    

 

 

 

TOTAL COMMON STOCKS

        961,684,246        99.9
     

 

 

    

 

 

 

TOTAL INVESTMENT SECURITIES — (99.4%)
(Cost $1,007,708,008)

        961,684,246     
     

 

 

    

SECURITIES LENDING COLLATERAL — (0.6%)

        

@§ The DFA Short Term Investment Fund

     499,448        5,777,112        0.6
     

 

 

    

 

 

 

TOTAL INVESTMENTS — (100.0%)
(Cost $1,013,485,120)

      $ 967,461,358        100.5
     

 

 

    

 

 

 

Summary of the Fund’s investments as of October 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investments in Securities (Market Value)  
     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Communication Services

   $ 77,978,311      $ —        $ —        $ 77,978,311  

Consumer Discretionary

     52,435,321        —          —          52,435,321  

Consumer Staples

     41,367,792        —          —          41,367,792  

Energy

     137,741,943        —          —          137,741,943  

Financials

     210,880,685        —          —          210,880,685  

 

36


DIMENSIONAL US LARGE CAP VALUE ETF

CONTINUED

 

     Investments in Securities (Market Value)  
     Level 1      Level 2      Level 3      Total  

Health Care

   $ 129,656,730      $ —        $ —        $ 129,656,730  

Industrials

     134,811,430        —          —          134,811,430  

Information Technology

     86,562,838        —          —          86,562,838  

Materials

     83,241,005        —          —          83,241,005  

Real Estate

     5,365,849        —          —          5,365,849  

Utilities

     1,642,342        —          —          1,642,342  

Securities Lending Collateral

     —          5,777,112        —          5,777,112  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 961,684,246      $ 5,777,112      $ —        $ 967,461,358  
  

 

 

    

 

 

    

 

 

    

 

 

 

See accompanying Notes to Financial Statements.

 

37


DIMENSIONAL US REAL ESTATE ETF    

SUMMARY SCHEDULE OF INVESTMENTS    

October 31, 2023

 

                   Percentage of  
     Shares      Value†      Net Assets‡  

COMMON STOCKS — (94.7%)

        

REAL ESTATE — (94.7%)

        

Agree Realty Corp.

     61,423      $ 3,436,003        0.5

#   Alexandria Real Estate Equities, Inc.

     87,074        8,109,202        1.2

American Homes 4 Rent, Class A

     208,658        6,831,463        1.0

American Tower Corp.

     300,995        53,634,299        8.0

Americold Realty Trust, Inc.

     176,659        4,631,999        0.7

Apartment Income REIT Corp.

     100,909        2,947,552        0.4

AvalonBay Communities, Inc.

     91,574        15,177,475        2.3

Boston Properties, Inc.

     98,164        5,258,645        0.8

Brixmor Property Group, Inc.

     196,680        4,088,977        0.6

Camden Property Trust

     68,379        5,804,010        0.9

Crown Castle, Inc.

     251,440        23,378,891        3.5

CubeSmart

     145,853        4,972,129        0.7

#   Digital Realty Trust, Inc.

     197,741        24,591,071        3.7

EastGroup Properties, Inc.

     29,905        4,881,991        0.7

Equinix, Inc.

     60,455        44,110,386        6.6

#   Equity LifeStyle Properties, Inc.

     117,939        7,760,386        1.2

Equity Residential

     233,124        12,898,751        1.9

Essex Property Trust, Inc.

     41,202        8,813,932        1.3

Extra Space Storage, Inc.

     136,774        14,168,419        2.1

Federal Realty Investment Trust

     48,400        4,413,596        0.7

First Industrial Realty Trust, Inc.

     86,854        3,673,924        0.6

#   Gaming and Leisure Properties, Inc.

     170,623        7,744,578        1.2

Healthcare Realty Trust, Inc.

     238,12