Semi-Annual Report
Period Ended: April 30, 2023 (Unaudited)
DIMENSIONAL ETF TRUST
Dimensional US Sustainability Core 1 ETF
Dimensional International Sustainability Core 1 ETF
Dimensional Emerging Markets Sustainability Core 1 ETF
Dimensional Global Sustainability Fixed Income ETF
June 2023
Dear Shareholder,
Dimensional has a long history of putting financial science to work for investors around the world. We believe in the power of markets. We focus on the drivers of higher expected returns. We add value through implementation. And we’re committed to delivering an exceptional client experience to help investors pursue their goals.
We’ve been innovating on behalf of investors since 1981. We start with what clients are looking for and then determine how best to deliver flexible, low-cost, diversified strategies to meet those needs. Our ability to capture long-term premiums has led Dimensional to outperform benchmarks and peers over long periods of time and across strategies.
Whether you’re investing through mutual funds or ETFs, we believe investors can have a successful investment experience without having to outguess the market. On behalf of everyone at Dimensional, we thank you for entrusting us with your investments.
Sincerely,
![]() |
![]() | |
David P. Butler | Gerard O’Reilly | |
CO-CHIEF EXECUTIVE OFFICER | CO-CHIEF EXECUTIVE OFFICER and | |
CHIEF INVESTMENT OFFICE |
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DIMENSIONAL ETF TRUST
SEMI-ANNUAL REPORT
(Unaudited)
3 | ||||
5 | ||||
7 | ||||
8 | ||||
8 | ||||
11 | ||||
15 | ||||
19 | ||||
19 | ||||
26 | ||||
28 | ||||
30 | ||||
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32 | ||||
46 | ||||
47 | ||||
49 |
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
[THIS PAGE INTENTIONALLY LEFT BLANK]
DIMENSIONAL ETF TRUST
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
(Unaudited)
Summary Schedules of Investments
Investment Abbreviations
ADR |
American Depositary Receipt | |
AUD |
Australian Dollars | |
GBP |
British Pounds | |
GDR |
Global Depositary Receipt | |
JPY |
Japanese Yen | |
MTN |
Medium-Term Note | |
NZD |
New Zealand Dollars | |
PLC |
Public Limited Company | |
SA |
Special Assessment | |
TBA |
To Be Announced purchase or sale commitment. Security is subject to delayed delivery. | |
USD |
United States Dollar | |
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 | |
^ |
Denominated in USD, unless otherwise noted. | |
@ |
Security purchased with cash collateral received from Securities on Loan |
3
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
CONTINUED
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. | |
All Statements, Schedules and Notes to Financial Statements | ||
— |
Amounts designated as — are either zero or rounded to zero | |
SEC |
Securities and Exchange Commission |
4
DIMENSIONAL ETF TRUST
(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.
EXPENSE TABLES
For the period ended April 30, 2023 | ||||||||||||||||
Beginning Account Value 11/1/2022 |
Ending Account Value 4/30/2023 |
Annualized Expense Ratio |
Expenses Paid During Period (a) |
|||||||||||||
Dimensional US Sustainability Core 1 ETF |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,076.80 | 0.18 | % | $ | 0.92 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.90 | 0.18 | % | $ | 0.90 | ||||||||
Dimensional International Sustainability Core 1 ETF |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,225.60 | 0.24 | % | $ | 1.32 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.60 | 0.24 | % | $ | 1.20 | ||||||||
Dimensional Emerging Markets Sustainability Core 1 ETF |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,156.50 | 0.41 | % | $ | 2.18 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,022.76 | 0.41 | % | $ | 2.06 |
5
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Account Value 11/1/2022 |
Ending Account Value 4/30/2023 |
Annualized Expense Ratio |
Expenses Paid During Period (a) |
|||||||||||||
Dimensional Global Sustainability Fixed Income ETF |
||||||||||||||||
Actual Fund Return(b) |
$ | 1,000.00 | $ | 1,044.00 | 0.24 | % | $ | 1.12 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.60 | 0.24 | % | $ | 1.20 |
(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 (181), 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 167 days from November 15, 2022 (commencement of operations) to April 30, 2023 and has been calculated using expense ratios and rates of returns for the same period. |
6
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 March 30, 2023. They are 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 will be 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 Sustainability Core 1 ETF | ||||
Communication Services |
9.2 | % | ||
Consumer Discretionary |
12.7 | % | ||
Consumer Staples |
6.6 | % | ||
Energy |
2.0 | % | ||
Financials |
16.6 | % | ||
Health Care |
14.6 | % | ||
Industrials |
13.2 | % | ||
Information Technology |
19.9 | % | ||
Materials |
3.7 | % | ||
Real Estate |
0.3 | % | ||
Utilities |
1.2 | % | ||
|
|
|||
100.0 | % |
Dimensional International
Sustainability Core 1 ETF |
||||
Communication Services |
5.9 | % | ||
Consumer Discretionary |
14.2 | % | ||
Consumer Staples |
8.2 | % | ||
Energy |
1.4 | % | ||
Financials |
17.9 | % | ||
Health Care |
9.7 | % | ||
Industrials |
20.5 | % | ||
Information Technology |
8.7 | % | ||
Materials |
8.4 | % | ||
Real Estate |
2.1 | % | ||
Utilities |
3.0 | % | ||
|
|
|||
100.0 | % |
Dimensional Emerging Markets
Sustainability Core 1 ETF |
||||
Communication Services |
8.9 | % | ||
Consumer Discretionary |
11.8 | % | ||
Consumer Staples |
6.2 | % | ||
Energy |
1.7 | % | ||
Financials |
17.6 | % | ||
Health Care |
5.9 | % | ||
Industrials |
10.2 | % | ||
Information Technology |
22.8 | % | ||
Materials |
9.2 | % | ||
Real Estate |
3.1 | % | ||
Utilities |
2.6 | % | ||
|
|
|||
100.0 | % |
Dimensional Global
Sustainability Fixed Income ETF |
||||
Communication Services |
5.7 | % | ||
Consumer Discretionary |
6.5 | % | ||
Consumer Staples |
1.9 | % | ||
Energy |
0.3 | % | ||
Financials |
31.2 | % | ||
Foreign Government |
4.3 | % | ||
Health Care |
4.0 | % | ||
Industrials |
4.0 | % | ||
Information Technology |
5.1 | % | ||
Materials |
0.3 | % | ||
Real Estate |
2.4 | % | ||
Sovereign Bond |
11.9 | % | ||
U.S. Government |
21.8 | % | ||
Utilities |
0.6 | % | ||
|
|
|||
100.0 | % |
7
DIMENSIONAL US SUSTAINABILITY CORE 1 ETF
SUMMARY SCHEDULE OF INVESTMENTS
April 30, 2023
(Unaudited)
Shares | Value† | Percentage of Net Assets‡ |
||||||||||
COMMON STOCKS — (98.9%) |
||||||||||||
COMMUNICATION SERVICES — (9.1%) |
||||||||||||
* Alphabet, Inc., Class A |
58,679 | $ | 6,298,604 | 1.6 | % | |||||||
* Alphabet, Inc., Class C |
53,238 | 5,761,416 | 1.5 | % | ||||||||
Comcast Corp., Class A |
60,594 | 2,506,774 | 0.6 | % | ||||||||
* Meta Platforms, Inc., Class A |
41,519 | 9,977,846 | 2.5 | % | ||||||||
Verizon Communications, Inc. |
53,311 | 2,070,066 | 0.5 | % | ||||||||
* Walt Disney Co. (The) |
16,195 | 1,659,987 | 0.4 | % | ||||||||
Other Securities |
8,308,853 | 2.1 | % | |||||||||
|
|
|
|
|||||||||
TOTAL COMMUNICATION SERVICES |
36,583,546 | 9.2 | % | |||||||||
|
|
|
|
|||||||||
CONSUMER DISCRETIONARY — (12.6%) |
||||||||||||
* Amazon.com, Inc. |
60,307 | 6,359,373 | 1.6 | % | ||||||||
* Booking Holdings, Inc. |
592 | 1,590,296 | 0.4 | % | ||||||||
Home Depot, Inc. (The) |
13,548 | 4,071,716 | 1.0 | % | ||||||||
McDonald’s Corp. |
5,923 | 1,751,727 | 0.4 | % | ||||||||
NIKE, Inc., Class B |
18,828 | 2,385,884 | 0.6 | % | ||||||||
* Tesla, Inc. |
24,433 | 4,014,586 | 1.0 | % | ||||||||
Other Securities |
30,227,672 | 7.7 | % | |||||||||
|
|
|
|
|||||||||
TOTAL CONSUMER DISCRETIONARY |
50,401,254 | 12.7 | % | |||||||||
|
|
|
|
|||||||||
CONSUMER STAPLES — (6.6%) |
||||||||||||
Coca-Cola Co. (The) |
40,988 | 2,629,380 | 0.7 | % | ||||||||
Costco Wholesale Corp. |
5,875 | 2,956,418 | 0.7 | % | ||||||||
PepsiCo., Inc. |
10,675 | 2,037,751 | 0.5 | % | ||||||||
Procter & Gamble Co. (The) |
21,241 | 3,321,668 | 0.8 | % | ||||||||
Walmart, Inc. |
16,698 | 2,520,897 | 0.6 | % | ||||||||
Other Securities |
12,771,201 | 3.3 | % | |||||||||
|
|
|
|
|||||||||
TOTAL CONSUMER STAPLES |
26,237,315 | 6.6 | % | |||||||||
|
|
|
|
|||||||||
ENERGY — (2.0%) |
||||||||||||
Marathon Petroleum Corp. |
9,587 | 1,169,614 | 0.3 | % | ||||||||
Other Securities |
6,944,554 | 1.7 | % | |||||||||
|
|
|
|
|||||||||
TOTAL ENERGY |
8,114,168 | 2.0 | % | |||||||||
|
|
|
|
|||||||||
FINANCIALS — (16.4%) |
||||||||||||
JPMorgan Chase & Co. |
27,716 | 3,831,460 | 1.0 | % | ||||||||
Mastercard, Inc., Class A |
9,408 | 3,575,322 | 0.9 | % | ||||||||
Morgan Stanley |
15,922 | 1,432,502 | 0.4 | % | ||||||||
Travelers Cos, Inc. (The) |
7,085 | 1,283,377 | 0.3 | % | ||||||||
Visa, Inc., Class A |
17,664 | 4,110,943 | 1.0 | % | ||||||||
Other Securities |
51,584,310 | 13.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL FINANCIALS |
65,817,914 | 16.6 | % | |||||||||
|
|
|
|
|||||||||
HEALTH CARE — (14.4%) |
||||||||||||
AbbVie, Inc. |
19,645 | 2,968,752 | 0.8 | % | ||||||||
Amgen, Inc. |
5,903 | 1,415,185 | 0.4 | % | ||||||||
Bristol-Myers Squibb Co. |
30,192 | 2,015,920 | 0.5 | % | ||||||||
Cigna Group (The) |
5,505 | 1,394,361 | 0.4 | % | ||||||||
CVS Health Corp. |
18,760 | 1,375,296 | 0.4 | % | ||||||||
Danaher Corp. |
6,015 | 1,425,014 | 0.4 | % | ||||||||
Elevance Health, Inc. |
2,922 | 1,369,395 | 0.4 | % | ||||||||
Eli Lilly & Co. |
5,260 | 2,082,224 | 0.5 | % | ||||||||
Gilead Sciences, Inc. |
15,893 | 1,306,564 | 0.3 | % | ||||||||
Johnson & Johnson |
25,258 | 4,134,735 | 1.0 | % | ||||||||
Merck & Co., Inc. |
17,168 | 1,982,389 | 0.5 | % | ||||||||
Pfizer, Inc. |
61,837 | 2,404,841 | 0.6 | % |
8
DIMENSIONAL US SUSTAINABILITY CORE 1 ETF
CONTINUED
Shares | Value† | Percentage of Net Assets‡ |
||||||||||
HEALTH CARE — (Continued) |
||||||||||||
Thermo Fisher Scientific, Inc. |
2,371 | $ | 1,315,668 | 0.3 | % | |||||||
UnitedHealth Group, Inc. |
13,146 | 6,469,015 | 1.6 | % | ||||||||
Other Securities |
25,986,880 | 6.4 | % | |||||||||
|
|
|
|
|||||||||
TOTAL HEALTH CARE |
57,646,239 | 14.5 | % | |||||||||
|
|
|
|
|||||||||
INDUSTRIALS — (13.1%) |
||||||||||||
Caterpillar, Inc. |
5,378 | 1,176,706 | 0.3 | % | ||||||||
Raytheon Technologies Corp. |
12,913 | 1,290,009 | 0.3 | % | ||||||||
Other Securities |
49,898,866 | 12.6 | % | |||||||||
|
|
|
|
|||||||||
TOTAL INDUSTRIALS |
52,365,581 | 13.2 | % | |||||||||
|
|
|
|
|||||||||
INFORMATION TECHNOLOGY — (19.6%) |
||||||||||||
Accenture PLC, Class A |
6,697 | 1,877,102 | 0.5 | % | ||||||||
* Adobe, Inc. |
4,684 | 1,768,491 | 0.5 | % | ||||||||
Apple, Inc. |
130,951 | 22,219,766 | 5.6 | % | ||||||||
Broadcom, Inc. |
5,584 | 3,498,376 | 0.9 | % | ||||||||
Cisco Systems, Inc. |
38,831 | 1,834,765 | 0.5 | % | ||||||||
International Business Machines Corp. |
11,189 | 1,414,401 | 0.4 | % | ||||||||
Microsoft Corp. |
41,196 | 12,657,883 | 3.2 | % | ||||||||
NVIDIA Corp. |
15,643 | 4,340,776 | 1.1 | % | ||||||||
Oracle Corp. |
13,881 | 1,314,808 | 0.3 | % | ||||||||
QUALCOMM, Inc. |
16,180 | 1,889,824 | 0.5 | % | ||||||||
* Salesforce, Inc. |
6,302 | 1,250,128 | 0.3 | % | ||||||||
Other Securities |
24,547,285 | 6.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL INFORMATION TECHNOLOGY |
78,613,605 | 19.8 | % | |||||||||
|
|
|
|
|||||||||
MATERIALS — (3.6%) |
||||||||||||
Other Securities |
14,477,230 | 3.7 | % | |||||||||
|
|
|
|
|||||||||
REAL ESTATE — (0.3%) |
||||||||||||
Other Securities |
1,205,450 | 0.3 | % | |||||||||
|
|
|
|
|||||||||
UTILITIES — (1.2%) |
||||||||||||
Other Securities |
4,554,541 | 1.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL COMMON STOCKS |
396,016,843 | 99.8 | % | |||||||||
|
|
|
|
|||||||||
RIGHTS/WARRANTS — (0.0%) |
||||||||||||
HEALTH CARE — (0.0%) |
||||||||||||
Other Securities |
65 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
INDUSTRIALS — (0.0%) |
||||||||||||
Other Securities |
29 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL RIGHTS/WARRANTS |
94 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL
INVESTMENT SECURITIES — (98.9%) |
396,016,937 | |||||||||||
|
|
|||||||||||
SECURITIES LENDING COLLATERAL — (1.1%) |
||||||||||||
@§ The DFA Short Term Investment Fund |
394,917 | 4,567,332 | 1.2 | % | ||||||||
|
|
|
|
|||||||||
TOTAL
INVESTMENTS — (100.0%) |
$ | 400,584,269 | 101.0 | % | ||||||||
|
|
|
|
9
DIMENSIONAL US SUSTAINABILITY CORE 1 ETF
CONTINUED
Summary of the Fund’s investments as of April 30, 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 |
$ | 36,583,546 | $ | — | $ | — | $ | 36,583,546 | ||||||||
Consumer Discretionary |
50,401,254 | — | — | 50,401,254 | ||||||||||||
Consumer Staples |
26,237,315 | — | — | 26,237,315 | ||||||||||||
Energy |
8,114,168 | — | — | 8,114,168 | ||||||||||||
Financials |
$ | 65,817,914 | $ | — | $ | — | $ | 65,817,914 | ||||||||
Health Care |
57,646,239 | — | — | 57,646,239 | ||||||||||||
Industrials |
52,365,581 | — | — | 52,365,581 | ||||||||||||
Information Technology |
78,613,605 | — | — | 78,613,605 | ||||||||||||
Materials |
14,477,230 | — | — | 14,477,230 | ||||||||||||
Real Estate |
1,205,450 | — | — | 1,205,450 | ||||||||||||
Utilities |
4,554,541 | — | — | 4,554,541 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Health Care |
— | 65 | — | 65 | ||||||||||||
Industrials |
29 | — | — | 29 | ||||||||||||
Securities Lending Collateral |
— | 4,567,332 | — | 4,567,332 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 396,016,872 | $ | 4,567,397 | $ | — | $ | 400,584,269 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
10