Annual Report

Year Ended: October 31, 2023

DIMENSIONAL ETF TRUST

Dimensional U.S. Equity ETF

Dimensional U.S. Small Cap ETF

Dimensional U.S. Targeted Value ETF

Dimensional U.S. Core Equity 2 ETF

Dimensional US Marketwide Value ETF

Dimensional International Value ETF

Dimensional World ex U.S. Core Equity 2 ETF

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,

DIMENSIONAL ETF TRUST

ANNUAL REPORT

Table of Contents

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

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DIMENSIONAL ETF TRUST

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

(Unaudited)

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional U.S. Equity ETF vs.

Russell 3000 Index

October 31, 2013-October 31, 2023

				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 1, 2013   FTSERussell data © FTSERussell 2023, all rights reserved.

Dimensional U.S. Small Cap ETF vs.

Russell 2000 Index

October 31, 2013-October 31, 2023

				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 1, 2013   FTSERussell data © FTSERussell 2023, all rights reserved.

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional U.S. Targeted Value ETF vs.

Russell 2000 Value Index

October 31, 2013-October 31, 2023

				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 1, 2013   FTSERussell data © FTSERussell 2023, all rights reserved.

Dimensional U.S. Core Equity 2 ETF vs.

Russell 3000 Index

October 31, 2013-October 31, 2023

				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 1, 2013   FTSERussell data © FTSERussell 2023, all rights reserved

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional US Marketwide Value ETF vs.

Russell 3000 Value Index

October 31, 2013-October 31, 2023

				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 1, 2013   FTSERussell data © FTSERussell 2023, all rights reserved.

Dimensional International Value ETF vs.

MSCI World ex USA Value Index (net dividends)

October 31, 2013-October 31, 2023

				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 1, 2013   MSCI data © MSCI 2023, all rights reserved.

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional World ex U.S. Core Equity 2 ETF vs.

MSCI All Country World ex USA Index (net dividends)

October 31, 2013-October 31, 2023

				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 1, 2013   MSCI data © MSCI 2023, all rights reserved

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DIMENSIONAL ETF TRUST

MANAGEMENT’S DISCUSSION AND ANALYSIS

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.

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

Dimensional U.S. Equity ETF

The Dimensional U.S. Equity ETF invests in a broadly diversified group of U.S. securities while considering the federal tax implications of investment decisions. The ETF 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 2,390 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 9.34% for the ETF and 8.38% for the Russell 3000^® Index, the ETF’s benchmark. The ETF’s exclusion of small cap stocks with the lowest profitability and highest relative price contributed positively to relative performance, as those stocks generally underperformed. Additionally, the ETF’s exclusion of REITs also contributed positively to relative performance, as REITs generally underperformed.

Dimensional U.S. Small Cap ETF

The Dimensional U.S. Small Cap ETF invests in a broadly diversified group of U.S. small-cap stocks while considering the federal tax implications of investment decisions. The ETF 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 2,070 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 -3.94% for the ETF and -8.56% for the Russell 2000^® Index, 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 those stocks generally underperformed. The ETF’s exclusion of REITs also contributed positively to relative performance, as REITs generally underperformed.

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DIMENSIONAL ETF TRUST

CONTINUED

Dimensional U.S. Targeted Value ETF

The Dimensional U.S. Targeted Value ETF invests in a broadly diversified group of U.S. small- and mid-cap value stocks with higher profitability, while considering the federal tax implications of investment decisions. The ETF generally excludes certain companies with high asset growth, 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 1,600 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 -0.93% 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- and mid-cap value segment of the U.S. market contributed positively to relative performance, as these stocks generally outperformed. The ETF’s inclusion of mid-cap stocks also contributed positively to relative performance, as these stocks generally outperformed. Additionally, the ETF’s exclusion of REITs and highly regulated utilities contributed positively to relative performance, as REITs and utilities generally underperformed.

Dimensional U.S. Core Equity 2 ETF

The Dimensional U.S. Core Equity 2 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 2,690 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 5.21% 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 Marketwide Value ETF

The Dimensional US Marketwide Value ETF invests in a broadly diversified group of U.S. low relative price (value) stocks while considering the federal tax implications of investment decisions. 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 the U.S. market. Additionally, the ETF generally excludes real estate investment trusts (REITs) and highly regulated utilities. As of October 31, 2023, the Portfolio held approximately 1,320 securities. Average cash exposure throughout the year was less than 1% of the Portfolio’s assets.

For the 12 months ended October 31, 2023, total returns were -1.13% for the ETF and -0.48% for the Russell 3000^® Value Index, the ETF’s benchmark. The ETF’s emphasis on stocks with smaller market capitalizations detracted from relative performance, as these stocks underperformed. Conversely, the ETF’s exclusion of REITs and highly regulated utilities contributed positively to relative performance, as REITs and utilities generally underperformed.

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.

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DIMENSIONAL ETF TRUST

CONTINUED

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.

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.

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

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 Value ETF

The Dimensional International Value ETF invests in a broadly diversified group of developed ex U.S. large company value stocks while considering the federal tax implications of investment decisions. 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 value 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 540 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 16.29% for the ETF and 15.70% for the MSCI World ex USA Value Index, 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 World ex U.S. Core Equity 2 ETF

The Dimensional World ex U.S. Core 2 Equity ETF invests in a broadly diversified group of stocks in developed ex U.S. and emerging markets, with increased exposure to stocks with smaller market capitalization, lower relative price, and higher profitability, while considering potential 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 9,610 securities in 46 eligible developed and 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 13.76% for the ETF and 12.07% for the MSCI All Country World ex USA 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. and emerging markets.

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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 six-month period indicated.

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DISCLOSURE OF FUND EXPENSES

CONTINUED

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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.

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DISCLOSURE OF PORTFOLIO HOLDINGS

CONTINUED

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DIMENSIONAL U.S. EQUITY ETF

SUMMARY SCHEDULE OF INVESTMENTS

October 31, 2023

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DIMENSIONAL U.S. EQUITY ETF

CONTINUED

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DIMENSIONAL U.S. EQUITY ETF

CONTINUED

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

Note):

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.

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DIMENSIONAL U.S. SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS

October 31, 2023

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DIMENSIONAL U.S. SMALL CAP ETF

CONTINUED

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DIMENSIONAL U.S. SMALL CAP ETF

CONTINUED

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

Note):