Dimensional ETF Trust

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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

LOGO

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)

Table of Contents


Letter to Shareholders
Definitions of Abbreviations and Footnotes			3
Disclosure of Fund Expenses			5
Disclosure of Portfolio Holdings			7
Summary Schedules of Investments			8
Dimensional US Sustainability Core 1 ETF			8
Dimensional International Sustainability Core 1 ETF			11
Dimensional Emerging Markets Sustainability Core 1 ETF			15
Schedule of Investments			19
Dimensional Global Sustainability Fixed Income ETF			19
Statements of Assets and Liabilities			26
Statements of Operations			28
Statements of Changes In Net Assets			30
Financial Highlights			31
Notes to Financial Statements			32
Voting Proxies on Fund Portfolio Securities			46
Statement Regarding Liquidity Risk Management Program			47
Board Approval of Investment Management Agreements			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.

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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

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

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.

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

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.

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	%

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	%

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%) (Cost $381,337,969)				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%) (Cost $385,905,301)			$	400,584,269		101.0	%

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.

DIMENSIONAL INTERNATIONAL SUSTAINABILITY CORE 1 ETF

SUMMARY SCHEDULE OF INVESTMENTS

April 30, 2023

(Unaudited)


	Shares		Value†		Percentage of Net Assets‡
COMMON STOCKS — (97.7%)
AUSTRALIA — (4.8%)
Other Securities			$	9,010,791		4.8	%

AUSTRIA — (0.3%)
Other Securities				592,398		0.3	%

BELGIUM — (1.0%)
Other Securities				1,950,193		1.1	%

CANADA — (9.2%)
National Bank of Canada		6,898		513,828		0.3	%
Royal Bank of Canada		12,312		1,221,033		0.7	%
Other Securities				15,673,022		8.3	%

TOTAL CANADA				17,407,883		9.3	%

DENMARK — (3.8%)
Novo Nordisk A/S, Class B		21,276		3,544,057		1.9	%
Other Securities				3,746,879		2.0	%

TOTAL DENMARK				7,290,936		3.9	%

FINLAND — (2.0%)
Other Securities				3,742,546		2.0	%

FRANCE — (10.1%)
Airbus SE		6,051		849,331		0.5	%
AXA SA		24,336		794,453		0.4	%
BNP Paribas SA		8,923		577,168		0.3	%
Hermes International		460		998,816		0.5	%
Kering SA		814		520,949		0.3	%
L’Oreal SA		3,209		1,533,114		0.8	%
LVMH Moet Hennessy Louis Vuitton SE		3,355		3,226,104		1.7	%
Orange SA		58,290		760,383		0.4	%
Sanofi		5,843		645,065		0.4	%
Schneider Electric SE		3,204		558,242		0.3	%
Vinci SA		5,291		655,388		0.4	%
Other Securities				8,111,009		4.3	%

TOTAL FRANCE				19,230,022		10.3	%

GERMANY — (6.9%)
adidas AG		3,373		593,720		0.3	%
Allianz SE, Registered		3,117		782,691		0.4	%
E.ON SE		52,289		693,011		0.4	%
Mercedes-Benz Group AG		8,870		691,151		0.4	%
SAP SE		3,818		517,862		0.3	%
Siemens AG, Registered		4,797		788,555		0.4	%
Other Securities				9,055,809		4.8	%

TOTAL GERMANY				13,122,799		7.0	%

HONG KONG — (1.8%)
AIA Group, Ltd.		109,600		1,186,069		0.6	%
Other Securities				2,134,196		1.2	%

TOTAL HONG KONG				3,320,265		1.8	%

IRELAND — (0.6%)
Other Securities				1,184,573		0.6	%

ISRAEL — (0.3%)
Other Securities				624,366		0.3	%

DIMENSIONAL INTERNATIONAL SUSTAINABILITY CORE 1 ETF

CONTINUED


	Shares		Value†		Percentage of Net Assets‡
ITALY — (2.2%)
Other Securities			$	4,182,877		2.2	%

JAPAN — (21.1%)
KDDI Corp.		18,400		574,033		0.3	%
Nintendo Co., Ltd.		17,300		726,863		0.4	%
Nomura Research Institute, Ltd.		24,700		620,380		0.3	%
OBIC Co., Ltd.		4,400		675,680		0.4	%
Recruit Holdings Co., Ltd.		18,500		519,546		0.3	%
Shin-Etsu Chemical Co., Ltd.		29,400		834,078		0.5	%
Shiseido Co., Ltd.		11,500		574,388		0.3	%
Sony Group Corp.		12,300		1,158,954		0.6	%
Toyota Motor Corp.		77,600		1,058,298		0.6	%
Other Securities				33,178,032		17.6	%

TOTAL JAPAN				39,920,252		21.3	%

NETHERLANDS — (4.6%)
ASML Holding NV, Sponsored NYS		3,852		2,453,185		1.3	%
Koninklijke Ahold Delhaize NV		15,123		521,241		0.3	%
Wolters Kluwer NV		5,609		744,007		0.4	%
Other Securities				4,932,164		2.6	%

TOTAL NETHERLANDS				8,650,597		4.6	%

NEW ZEALAND — (0.3%)
Other Securities				493,090		0.3	%

NORWAY — (0.6%)
Other Securities				1,130,935		0.6	%

PORTUGAL — (0.2%)
Other Securities				371,398		0.2	%

SINGAPORE — (0.6%)
Other Securities				1,186,319		0.6	%

SPAIN — (2.2%)
Other Securities				4,172,072		2.2	%

SWEDEN — (3.9%)
Other Securities				7,330,818		3.9	%

SWITZERLAND — (8.2%)
ABB, Ltd., Registered		17,264		623,021		0.3	%
Givaudan SA, Registered		171		599,811		0.3	%
Novartis AG, Sponsored ADR		13,284		1,362,540		0.7	%
Roche Holding AG		6,150		1,937,141		1.0	%
Sika AG, Registered		2,985		823,009		0.5	%
Swisscom AG, Registered		805		554,424		0.3	%
UBS Group AG		25,450		515,363		0.3	%
Zurich Insurance Group AG		1,698		823,770		0.4	%
Other Securities				8,276,753		4.5	%

TOTAL SWITZERLAND				15,515,832		8.3	%

UNITED KINGDOM — (12.7%)
AstraZeneca PLC, Sponsored ADR		17,907		1,311,151		0.7	%
Compass Group PLC		20,008		527,353		0.3	%
Diageo PLC		26,352		1,199,670		0.6	%
GSK PLC		31,354		567,880		0.3	%
# HSBC Holdings PLC, Sponsored ADR		19,987		720,531		0.4	%
RELX PLC, Sponsored ADR		35,370		1,171,101		0.6	%
Rio Tinto PLC		12,176		772,698		0.4	%
Unilever PLC, Sponsored ADR		29,889		1,659,736		0.9	%
Other Securities				16,142,634		8.7	%

TOTAL UNITED KINGDOM				24,072,754		12.9	%

DIMENSIONAL INTERNATIONAL SUSTAINABILITY CORE 1 ETF

CONTINUED


	Shares		Value†		Percentage of Net Assets‡
UNITED STATES — (0.3%)
Ferguson PLC		4,389	$	618,059		0.3	%

TOTAL UNITED STATES				618,059		0.3	%

TOTAL COMMON STOCKS				185,121,775		98.8	%

PREFERRED STOCKS — (0.5%)
GERMANY — (0.5%)
Other Securities				941,930		0.5	%

TOTAL PREFERRED STOCKS				941,930		0.5	%

RIGHTS/WARRANTS — (0.0%)
AUSTRIA — (0.0%)
Other Securities				—		0.0	%

FRANCE — (0.0%)
Other Securities				1,112		0.0	%

SWEDEN — (0.0%)
Other Securities				2		0.0	%

UNITED STATES — (0.0%)
Other Securities				4		0.0	%

TOTAL RIGHTS/WARRANTS				1,118		0.0	%

TOTAL INVESTMENT SECURITIES — (98.2%) (Cost $167,256,774)				186,064,823

SECURITIES LENDING COLLATERAL — (1.8%)
@§ The DFA Short Term Investment Fund		293,173		3,390,638		1.8	%

TOTAL INVESTMENTS — (100.0%) (Cost $170,647,412)			$	189,455,461		101.1	%

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
Australia	$	9,007,007	$	3,784	$	—	$	9,010,791
Austria		592,398		—		—		592,398
Belgium		1,950,193		—		—		1,950,193
Canada		17,407,883		—		—		17,407,883
Denmark		7,290,936		—		—		7,290,936
Finland		3,742,546		—		—		3,742,546
France		19,229,642		380		—		19,230,022
Germany		13,122,799		—		—		13,122,799
Hong Kong		3,320,265		—		—		3,320,265
Ireland		1,184,573		—		—		1,184,573
Israel		624,366		—		—		624,366
Italy		4,182,877		—		—		4,182,877
Japan		39,920,252		—		—		39,920,252
Netherlands		8,650,597		—		—		8,650,597
New Zealand		493,090		—		—		493,090
Norway		1,130,935		—		—		1,130,935
Portugal		371,398		—		—		371,398
Singapore		1,186,319		—		—		1,186,319
Spain		4,172,072		—		—		4,172,072
Sweden		7,330,818		—		—		7,330,818
Switzerland		15,515,832		—		—		15,515,832
United Kingdom		24,072,754		—		—		24,072,754

DIMENSIONAL INTERNATIONAL SUSTAINABILITY CORE 1 ETF

CONTINUED


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
United States	$	618,059	$	—	$	—	$	618,059
Preferred Stocks
Germany		941,930		—		—		941,930
Rights/Warrants
Austria		—		—		—		—
France		—		1,112		—		1,112
Sweden		2		—		—		2
United States		—		—		4		4
Securities Lending Collateral		—		3,390,638		—		3,390,638

Total Investments	$	186,059,543	$	3,395,914	$	4	$	189,455,461

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.

DIMENSIONAL EMERGING MARKETS SUSTAINABILITY CORE 1 ETF

SUMMARY SCHEDULE OF INVESTMENTS

April 30, 2023

(Unaudited)


	Shares		Value†		Percentage of Net Assets‡
COMMON STOCKS — (99.0%)
BRAZIL — (3.6%)
Other Securities			$	4,464,414		3.5	%

CHILE — (0.5%)
Other Securities				613,132		0.5	%

CHINA — (30.9%)
* Alibaba Group Holding, Ltd.		173,800		1,816,621		1.5	%
ANTA Sports Products, Ltd.		28,200		347,745		0.3	%
* Baidu, Inc., Class A		26,000		383,215		0.3	%
Bank of China, Ltd., Class H		2,075,000		827,367		0.7	%
China Construction Bank Corp., Class H		983,000		657,429		0.5	%
China Merchants Bank Co., Ltd., Class H		69,000		330,941		0.3	%
China Resources Beer Holdings Co., Ltd.		54,000		415,152		0.3	%
China Resources Land, Ltd.		88,000		408,056		0.3	%
ENN Energy Holdings, Ltd.		30,000		408,922		0.3	%
Industrial & Commercial Bank of China, Ltd., Class H		1,487,000		799,391		0.6	%
JD.com, Inc., Class A		18,800		325,472		0.3	%
Lenovo Group, Ltd.		510,000		521,051		0.4	%
Li Ning Co., Ltd.		83,500		594,081		0.5	%
*W Meituan, Class B		31,510		533,871		0.4	%
NetEase, Inc.		47,100		831,611		0.7	%
* PDD Holdings, Inc., Sponsored ADR		5,419		369,305		0.3	%
PICC Property & Casualty Co., Ltd., Class H		324,000		390,869		0.3	%
Ping An Insurance Group Co. of China, Ltd., Class H		155,500		1,123,180		0.9	%
Sinopharm Group Co., Ltd., Class H		114,800		405,827		0.3	%
Tencent Holdings, Ltd.		81,100		3,558,114		2.8	%
* Vipshop Holdings, Ltd., Sponsored ADR		27,361		429,568		0.4	%
*W Xiaomi Corp., Class B		311,400		438,742		0.4	%
Other Securities				22,937,133		17.9	%

TOTAL CHINA				38,853,663		30.7	%

COLOMBIA — (0.1%)
Other Securities				68,931		0.1	%

CZECHIA — (0.0%)
Other Securities				21,754		0.0	%

EGYPT — (0.0%)
Other Securities				17,659		0.0	%

GREECE — (0.4%)
Other Securities				458,299		0.4	%

HUNGARY — (0.1%)
Other Securities				175,017		0.1	%

INDIA — (14.3%)
Asian Paints, Ltd.		10,336		366,570		0.3	%
HDFC Bank, Ltd.		21,473		442,809		0.4	%
Hindustan Unilever, Ltd.		14,522		436,053		0.4	%
ICICI Bank, Ltd., Sponsored ADR		17,561		399,513		0.3	%
Infosys, Ltd.		89,452		1,369,332		1.1	%
Mahindra & Mahindra, Ltd.		22,126		331,716		0.3	%
Tata Consultancy Services, Ltd.		18,571		730,540		0.6	%
Other Securities				13,935,141		10.8	%

TOTAL INDIA				18,011,674		14.2	%

DIMENSIONAL EMERGING MARKETS SUSTAINABILITY CORE 1 ETF

CONTINUED


	Shares		Value†		Percentage of Net Assets‡
INDONESIA — (0.8%)
Other Securities			$	992,045		0.8	%

KOREA, REPUBLIC OF — (14.1%)
Ecopro Co., Ltd.		1,014		553,063		0.5	%
KB Financial Group, Inc.		10,327		381,938		0.3	%
LG Electronics, Inc.		4,398		359,161		0.3	%
Samsung Electronics Co., Ltd., GDR		292		360,328		0.3	%
Samsung Electronics Co., Ltd.		69,245		3,388,783		2.7	%
Shinhan Financial Group Co., Ltd.		12,289		320,906		0.3	%
SK Hynix, Inc.		5,728		383,036		0.3	%
Other Securities				12,022,149		9.4	%

TOTAL KOREA, REPUBLIC OF				17,769,364		14.1	%

KUWAIT — (0.2%)
Other Securities				191,437		0.2	%

MALAYSIA — (1.1%)
Other Securities				1,362,318		1.1	%

MEXICO — (2.4%)
Other Securities				2,972,325		2.3	%

PERU — (0.1%)
Other Securities				119,938		0.1	%

PHILIPPINES — (0.4%)
Other Securities				462,088		0.4	%

POLAND — (0.8%)
Other Securities				968,814		0.8	%

QATAR — (0.8%)
Other Securities				1,011,700		0.8	%

SAUDI ARABIA — (3.3%)
Al Rajhi Bank		24,962		511,126		0.4	%
Other Securities				3,697,788		2.9	%

TOTAL SAUDI ARABIA				4,208,914		3.3	%

SOUTH AFRICA — (2.5%)
Gold Fields, Ltd., Sponsored ADR		28,783		447,863		0.4	%
Other Securities				2,746,804		2.1	%

TOTAL SOUTH AFRICA				3,194,667		2.5	%

TAIWAN — (18.7%)
Accton Technology Corp.		51,000		496,023		0.4	%
CTBC Financial Holding Co., Ltd.		513,000		377,126		0.3	%
Fubon Financial Holding Co., Ltd.		202,000		387,672		0.3	%
Hon Hai Precision Industry Co., Ltd.		162,000		550,671		0.4	%
International Games System Co., Ltd.		32,000		556,884		0.5	%
Lite-On Technology Corp.		190,000		454,257		0.4	%
MediaTek, Inc.		39,000		843,620		0.7	%
Novatek Microelectronics Corp.		34,000		462,845		0.4	%
Pegatron Corp.		253,000		576,075		0.5	%
Realtek Semiconductor Corp.		49,000		572,205		0.5	%
Taiwan Semiconductor Manufacturing Co., Ltd.		213,000		3,478,117		2.8	%
Other Securities				14,769,351		11.4	%

TOTAL TAIWAN				23,524,846		18.6	%

THAILAND — (1.7%)
Other Securities				2,098,338		1.7	%

TURKEY — (0.7%)
Other Securities				926,528		0.7	%

DIMENSIONAL EMERGING MARKETS SUSTAINABILITY CORE 1 ETF

CONTINUED


	Shares		Value†		Percentage of Net Assets‡
UNITED ARAB EMIRATES — (1.5%)
Emirates Telecommunications Group Co. PJSC		55,373	$	361,915		0.3	%
Other Securities				1,568,694		1.2	%

TOTAL UNITED ARAB EMIRATES				1,930,609		1.5	%

TOTAL COMMON STOCKS				124,418,474		98.4	%

PREFERRED STOCKS — (0.8%)
BRAZIL — (0.8%)
Other Securities				1,030,362		0.8	%

CHILE — (0.0%)
Other Securities				24,527		0.0	%

COLOMBIA — (0.0%)
Other Securities				717		0.0	%

TOTAL PREFERRED STOCKS				1,055,606		0.8	%

INVESTMENT COMPANY — (0.0%)
BRAZIL — (0.0%)
Other Securities				59		0.0	%

TOTAL INVESTMENT COMPANY				59		0.0	%

RIGHTS/WARRANTS — (0.0%)
BRAZIL — (0.0%)
Other Securities				230		0.0	%

CHINA — (0.0%)
Other Securities				—		0.0	%

TAIWAN — (0.0%)
Other Securities				—		0.0	%

THAILAND — (0.0%)
Other Securities				21		0.0	%

TOTAL RIGHTS/WARRANTS				251		0.0	%

TOTAL INVESTMENT SECURITIES — (99.8%) (Cost $114,922,776)				125,474,390

SECURITIES LENDING COLLATERAL — (0.2%)
@§ The DFA Short Term Investment Fund		19,884		229,968		0.2	%

TOTAL INVESTMENTS — (100.0%) (Cost $115,152,744)			$	125,704,358		99.4	%

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
Brazil	$	4,464,414	$	—	$	—	$	4,464,414
Chile		613,132		—		—		613,132
China		38,792,089		61,574		—		38,853,663
Colombia		68,931		—		—		68,931
Czechia		21,754		—		—		21,754
Egypt		17,659		—		—		17,659
Greece		458,299		—		—		458,299
Hungary		175,017		—		—		175,017
India		17,978,015		7,539		26,120		18,011,674
Indonesia		992,045		—		—		992,045
Korea, Republic of		17,466,620		302,744		—		17,769,364
Kuwait		191,437		—		—		191,437

DIMENSIONAL EMERGING MARKETS SUSTAINABILITY CORE 1 ETF

CONTINUED


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Malaysia	$	1,362,318	$	—	$	—	$	1,362,318
Mexico		2,972,325		—		—		2,972,325
Peru		119,938		—		—		119,938
Philippines		462,088		—		—		462,088
Poland		968,814		—		—		968,814
Qatar		1,011,700		—		—		1,011,700
Saudi Arabia		4,208,914		—		—		4,208,914
South Africa		3,194,667		—		—		3,194,667
Taiwan		23,524,846		—		—		23,524,846
Thailand		2,090,964		7,374		—		2,098,338
Turkey		926,528		—		—		926,528
United Arab Emirates		1,930,609		—		—		1,930,609
Preferred Stocks
Brazil		1,030,362		—		—		1,030,362
Chile		24,527		—		—		24,527
Colombia		717		—		—		717
Rights/Warrants
Brazil		230		—		—		230
China		—		—		—		—
Taiwan		—		—		—		—
Thailand		—		21		—		21
Investment Company		59		—		—		59
Securities Lending Collateral		—		229,968		—		229,968

Total Investments	$	125,069,018	$	609,220	$	26,120	$	125,704,358

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.

DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

(Unaudited)


	Face Amount ^		Value†
	(000)
AGENCY OBLIGATIONS — (8.7%)
Federal National Mortgage Association
2.000%, 05/25/38, 15YR TBA		2,615	$	2,360,037
2.500%, 05/25/38, 15YR TBA		2,161		2,008,126
2.500%, 05/25/53, 30YR TBA		2,752		2,382,791
2.000%, 05/25/53, 30YR TBA		278		231,267
3.000%, 05/25/53, 30YR TBA		2,700		2,425,148
Government National Mortgage Association
3.000%, 05/20/53, 30YR TBA		697		636,013
3.500%, 05/20/53, 30YR TBA		1,335		1,253,127
TOTAL AGENCY OBLIGATIONS				11,296,509

BONDS — (77.6%)
AUSTRALIA — (4.3%)
ASB Finance, Ltd.
0.250%, 09/08/28, MTN		118		107,210
New South Wales Treasury Corp.
1.750%, 03/20/34		2,700		1,401,989
South Australian Government Financing Authority
1.750%, 05/24/34		500		258,433
2.000%, 05/23/36		800		401,410
Treasury Corp. of Victoria
2.000%, 09/17/35		1,012		516,795
4.750%, 09/15/36		2,138		1,457,803
Westpac Banking Corp.
4.892%, 02/16/28, MTN		500		331,249
Westpac Securities NZ, Ltd.
1.099%, 03/24/26, MTN		1,015		1,036,519

TOTAL AUSTRALIA				5,511,408

AUSTRIA — (0.3%)
Oesterreichische Kontrollbank AG
3.125%, 11/07/23		350		346,456

TOTAL AUSTRIA				346,456

BELGIUM — (0.7%)
Dexia Credit Local SA
0.010%, 01/22/27, MTN		900		884,748

TOTAL BELGIUM				884,748

CANADA — (6.5%)
Brookfield Finance, Inc.
3.900%, 01/25/28		39		36,760


	Face Amount ^		Value†
	(000)
CANADA — (Continued)
4.850%, 03/29/29		12	$	11,804
4.350%, 04/15/30		219		207,482
2.724%, 04/15/31		5		4,198
Canadian Imperial Bank of Commerce
# 3.600%, 04/07/32		595		548,691
CDP Financial, Inc.
1.125%, 04/06/27		500		507,938
CPPIB Capital, Inc.
1.250%, 12/07/27		856		934,799
Fairfax Financial Holdings, Ltd.
4.850%, 04/17/28		100		98,369
4.625%, 04/29/30		50		47,795
3.375%, 03/03/31		100		85,054
W 5.625%, 08/16/32		664		657,294
OMERS Finance Trust
0.450%, 05/13/25		300		311,201
Ontario Teachers’ Finance Trust
3.300%, 10/05/29, MTN		800		873,273
0.050%, 11/25/30		700		597,720
1.850%, 05/03/32		924		889,143
Province of Alberta Canada
0.625%, 04/18/25		300		314,000
Province of Ontario Canada
0.250%, 12/15/26, MTN		899		967,468
Rogers Communications, Inc.
2.900%, 11/15/26		41		37,794
7.500%, 08/15/38		456		516,727
Royal Bank of Canada
2.125%, 04/26/29, MTN		700		694,230

TOTAL CANADA				8,341,740

FINLAND — (1.3%)
Finnvera Oyj
2.125%, 03/08/28, MTN		500		530,222
Nordea Bank Abp
1.125%, 02/12/25, MTN		417		439,566
0.500%, 11/02/28, MTN		821		754,735

TOTAL FINLAND				1,724,523

FRANCE — (8.4%)
Agence Francaise de Developpement EPIC
0.500%, 05/31/35, MTN		1,200		951,246
Agence France Locale
2.810%, 03/20/31, MTN		800		687,966
BNP Paribas SA
3.625%, 09/01/29, MTN		500		534,363
BPCE SA
W 2.700%, 10/01/29		50		44,077
0.625%, 01/15/30		300		267,393
2.375%, 04/26/32, MTN		800		775,368

DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME ETF

CONTINUED


	Face Amount ^		Value†
	(000)
FRANCE — (Continued)
Credit Agricole SA
0.375%, 04/20/28, MTN		500	$	462,243
2.500%, 08/29/29, MTN		400		411,093
French Republic Government Bond OAT
W 1.250%, 05/25/36		2,588		2,299,314
1.250%, 05/25/38		693		590,683
La Poste SA
2.625%, 09/14/28, MTN		900		958,753
0.625%, 01/18/36, MTN		400		298,796
Societe Generale SA
0.250%, 07/08/27, MTN		700		664,366
4.250%, 11/16/32, MTN		100		111,838
Societe Nationale SNCF SA
1.500%, 02/02/29, MTN		900		905,652
UNEDIC ASSEO
0.500%, 05/25/36, MTN		1,000		772,673
Vinci SA
2.250%, 03/15/27, MTN		200		228,997

TOTAL FRANCE				10,964,821

GERMANY — (4.5%)
BMW US Capital LLC
1.000%, 04/20/27, MTN		114		115,870
W 3.700%, 04/01/32		50		47,065
Bundesrepublik Deutschland Bundesanleihe
1.000%, 08/15/24		1,132		1,220,930
Deutsche Bahn Finance GMBH
0.375%, 12/03/26, MTN		306		332,614
0.750%, 07/16/35, MTN		1,520		1,228,566
Deutsche Telekom International Finance BV
2.500%, 10/10/25, MTN		200		238,969
W 4.750%, 06/21/38		35		33,311
Fresenius Medical Care AG & Co KGaA
3.875%, 09/20/27, MTN		209		228,689
Fresenius Medical Care US Finance III, Inc.
W 3.750%, 06/15/29		138		120,352
Fresenius SE & Co KGaA
2.875%, 05/24/30, MTN		150		150,503
HOWOGE Wohnungsbaugesellschaft mbH
0.625%, 11/01/28, MTN		200		180,960
Kreditanstalt fuer Wiederaufbau
2.600%, 06/20/37		62,000		571,651
Mercedes-Benz International Finance BV
2.000%, 08/22/26, MTN		796		852,312
Siemens Financieringsmaatschappij NV
2.250%, 03/10/25, MTN		200		216,564
W 2.875%, 03/11/41		213		165,808


	Face Amount ^		Value†
	(000)
GERMANY — (Continued)
State of North Rhine-Westphalia Germany
1.875%, 03/15/24, MTN		280	$	305,100

TOTAL GERMANY				6,009,264

IRELAND — (0.4%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.650%, 07/21/27		64		59,551
3.300%, 01/30/32		677		554,512

TOTAL IRELAND				614,063

ITALY — (1.1%)
Intesa Sanpaolo SpA
5.250%, 01/12/24		29		28,876
W 3.250%, 09/23/24		45		43,375
1.350%, 02/24/31, MTN		500		416,676
Italy Buoni Poliennali Del Tesoro
5.750%, 02/01/33		483		601,243
W 0.950%, 03/01/37		193		139,811
W 3.250%, 03/01/38		100		96,499
W 1.800%, 03/01/41		100		75,232

TOTAL ITALY				1,401,712

JAPAN — (4.0%)
7-Eleven, Inc.
W 1.800%, 02/10/31		669		535,246
Japan Government Thirty Year Bond
2.000%, 03/20/42		50,000		430,206
Japan Government Twenty Year Bond
0.400%, 03/20/36		67,000		476,447
0.600%, 09/20/37		14,000		100,718
Mitsubishi UFJ Financial Group, Inc.
3.195%, 07/18/29		560		504,050
Mizuho Financial Group, Inc.
3.490%, 09/05/27, MTN		300		324,674
Nomura Holdings, Inc.
2.679%, 07/16/30		666		547,224
NTT Finance Corp.
0.082%, 12/13/25, MTN		665		673,982
ORIX Corp.
5.200%, 09/13/32		311		320,083
Sumitomo Mitsui Financial Group, Inc.
1.546%, 06/15/26		727		746,503
3.040%, 07/16/29		77		68,891
2.724%, 09/27/29		243		211,796
Takeda Pharmaceutical Co., Ltd.
1.000%, 07/09/29		473		446,373
3.025%, 07/09/40		24		18,688

TOTAL JAPAN				5,404,881

LUXEMBOURG — (0.4%)
Prologis International Funding II SA
3.625%, 03/07/30, MTN		498		517,811

TOTAL LUXEMBOURG				517,811

DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME ETF

CONTINUED


	Face Amount ^		Value†
	(000)
LUXEMBOURG — (Continued)
NETHERLANDS — (1.9%)
ABN AMRO Bank NV
4.250%, 02/21/30, MTN		500	$	551,415
BNG Bank NV
0.500%, 12/21/26		600		653,259
1.600%, 11/27/30		640		346,659
2.450%, 07/21/32		556		310,106
Cooperatieve Rabobank UA
5.250%, 05/24/41		118		125,911
ING Groep NV
4.100%, 10/02/23		209		207,714
2.000%, 09/20/28, MTN		200		200,237
4.550%, 10/02/28		17		16,653
4.050%, 04/09/29		21		20,072

TOTAL NETHERLANDS				2,432,026

NEW ZEALAND — (0.4%)
New Zealand Government Bond
0.500%, 05/15/24		850		500,417

TOTAL NEW ZEALAND				500,417

SPAIN — (1.4%)
CaixaBank SA
3.750%, 09/07/29, MTN		600		657,765
Spain Government Bond
2.833%, 01/31/27		227		224,486
Telefonica Emisiones SA
7.045%, 06/20/36		447		496,656
4.665%, 03/06/38		356		310,306
Telefonica Europe BV
8.250%, 09/15/30		66		77,714

TOTAL SPAIN				1,766,927

SUPRANATIONAL — (4.9%)
African Development Bank
3.000%, 09/20/23		469		465,208
Asian Development Bank
0.250%, 07/14/23		200		198,082
2.350%, 06/21/27		50,000		401,787
0.750%, 12/07/27		500		537,479
European Investment Bank
2.875%, 08/15/23		214		212,497
2.150%, 01/18/27		70,000		553,267
European Union
2.630%, 10/04/30, MTN		120		106,950
Inter-American Development Bank
3.000%, 10/04/23		1,073		1,063,013
0.250%, 11/15/23		1,093		1,064,886
International Bank for Reconstruction & Development
0.250%, 11/24/23		445		432,994
2.500%, 01/24/24, MTN		59		35,593
International Finance Corp.
1.250%, 02/06/31, MTN		500		265,540
1.500%, 04/15/35, MTN		2,100		1,003,995

TOTAL SUPRANATIONAL				6,341,291


	Face Amount ^		Value†
	(000)
SUPRANATIONAL — (Continued)
SWEDEN — (1.6%)
Kommuninvest I Sverige AB
1.000%, 05/12/25, MTN		1,000	$	92,792
Svenska Handelsbanken AB
3.900%, 11/20/23		115		114,082
0.050%, 09/06/28, MTN		1,600		1,455,240
Volvo Treasury AB
2.625%, 02/20/26, MTN		350		378,246

TOTAL SWEDEN				2,040,360

SWITZERLAND — (0.1%)
Novartis Capital Corp.
3.400%, 05/06/24		120		118,211

TOTAL SWITZERLAND				118,211

UNITED KINGDOM — (5.1%)
Ashtead Capital, Inc.
W 5.500%, 08/11/32		259		255,822
British Telecommunications PLC
5.125%, 12/04/28		45		45,614
W 3.250%, 11/08/29		184		166,766
3.375%, 08/30/32, MTN		200		211,949
Diageo Finance PLC
1.750%, 10/12/26, MTN		250		286,029
HSBC USA, Inc.
3.750%, 05/24/24		135		132,614
Lloyds Banking Group PLC
4.375%, 03/22/28		269		259,976
4.550%, 08/16/28		176		169,722
Motability Operations Group PLC
3.750%, 07/16/26, MTN		250		305,539
Nationwide Building Society
3.250%, 09/05/29, MTN		515		543,178
Unilever Finance Netherlands BV
1.375%, 09/04/30		804		784,401
United Kingdom Gilt
0.625%, 07/31/35		1,489		1,285,884
1.750%, 09/07/37		1,667		1,590,293
Vodafone Group PLC
6.150%, 02/27/37		466		502,018

TOTAL UNITED KINGDOM				6,539,805

UNITED STATES — (30.3%)
AbbVie, Inc.
4.050%, 11/21/39		27		23,883
Advance Auto Parts, Inc.
3.900%, 04/15/30		255		233,927
Affiliated Managers Group, Inc.
3.300%, 06/15/30		648		562,079
Amcor Finance USA, Inc.
4.500%, 05/15/28		50		49,411
American Express Co.
4.050%, 05/03/29		370		362,313
4.050%, 12/03/42		200		181,284

DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME ETF

CONTINUED


	Face Amount ^		Value†
	(000)
UNITED STATES — (Continued)
American Medical Systems Europe BV
1.625%, 03/08/31		473	$	443,571
American Tower Corp.
1.500%, 01/31/28		39		33,551
American Water Capital Corp.
6.593%, 10/15/37		664		762,745
Amgen, Inc.
6.400%, 02/01/39		93		101,537
Arrow Electronics, Inc.
3.875%, 01/12/28		561		528,275
Assured Guaranty US Holdings, Inc.
3.150%, 06/15/31		88		77,055
AT&T, Inc.
3.550%, 12/17/32		360		382,733
4.850%, 03/01/39		322		302,155
Autodesk, Inc.
2.850%, 01/15/30		244		217,796
Avnet, Inc.
3.000%, 05/15/31		224		182,819
5.500%, 06/01/32		229		222,197
Best Buy Co., Inc.
1.950%, 10/01/30		1		820
Booking Holdings, Inc.
4.500%, 11/15/31		1,048		1,205,191
Brighthouse Financial, Inc.
5.625%, 05/15/30		306		298,872
Brixmor Operating Partnership, LP
3.900%, 03/15/27		35		32,684
2.250%, 04/01/28		45		38,360
4.125%, 05/15/29		142		130,057
4.050%, 07/01/30		84		75,922
Broadcom, Inc.
W 4.000%, 04/15/29		80		75,341
W 3.469%, 04/15/34		422		348,642
W 3.187%, 11/15/36		396		301,358
Broadstone Net Lease LLC
2.600%, 09/15/31		98		71,906
Brown & Brown, Inc.
2.375%, 03/15/31		525		430,008
Chubb INA Holdings, Inc.
0.875%, 12/15/29		231		211,613
Cigna Group (The)
2.400%, 03/15/30		238		206,364
3.200%, 03/15/40		470		370,158
Citigroup, Inc.
8.125%, 07/15/39		70		90,472
5.875%, 01/30/42		125		133,313
CNA Financial Corp.
3.900%, 05/01/29		372		353,447
CNO Financial Group, Inc.
5.250%, 05/30/29		150		142,769
Comcast Corp.
3.480%, 09/14/26		611		602,323


	Face Amount ^		Value†
	(000)
UNITED STATES — (Continued)
6.400%, 03/01/40		96	$	106,173
Cox Communications, Inc.
W 2.600%, 06/15/31		98		81,175
W 4.800%, 02/01/35		871		804,820
DH Europe Finance II Sarl
3.250%, 11/15/39		128		107,122
Discover Financial Services
3.750%, 03/04/25		25		23,949
4.100%, 02/09/27		251		238,798
eBay, Inc.
6.300%, 11/22/32		462		500,694
Elevance Health, Inc.
4.100%, 05/15/32		60		57,612
6.375%, 06/15/37		434		486,261
Equifax, Inc.
2.350%, 09/15/31		398		321,621
Experian Finance PLC
0.739%, 10/29/25, MTN		260		295,424
FedEx Corp.
4.900%, 01/15/34		75		74,808
Fidelity National Financial, Inc.
3.400%, 06/15/30		664		587,593
First American Financial Corp.
4.000%, 05/15/30		162		147,217
2.400%, 08/15/31		341		265,025
Fiserv, Inc.
3.500%, 07/01/29		80		74,515
1.625%, 07/01/30		150		141,637
Flex, Ltd.
4.875%, 06/15/29		317		307,498
Flowserve Corp.
3.500%, 10/01/30		402		354,771
2.800%, 01/15/32		90		72,780
Fortune Brands Innovations, Inc.
3.250%, 09/15/29		323		289,495
4.000%, 03/25/32		511		459,649
Fox Corp.
3.500%, 04/08/30		150		136,193
5.476%, 01/25/39		610		578,104
GATX Corp.
4.550%, 11/07/28		100		97,807
General Motors Co.
6.600%, 04/01/36		587		602,994
General Motors Financial Co., Inc.
0.650%, 09/07/28		300		272,486
Global Payments, Inc.
2.150%, 01/15/27		88		78,938
4.450%, 06/01/28		15		14,408
3.200%, 08/15/29		337		298,058
Goldman Sachs Group, Inc. (The)
7.250%, 04/10/28		827		1,121,710
Health Care Service Corp. A Mutual Legal Reserve Co.
W 2.200%, 06/01/30		436		366,038

DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME ETF

CONTINUED


	Face Amount ^		Value†
	(000)
UNITED STATES — (Continued)
Healthcare Realty Holdings, LP
3.625%, 01/15/28		26	$	23,776
3.100%, 02/15/30		80		69,572
Home Depot, Inc. (The)
3.300%, 04/15/40		50		41,675
HP, Inc.
3.400%, 06/17/30		114		101,030
4.200%, 04/15/32		605		542,135
6.000%, 09/15/41		229		232,237
Intel Corp.
4.600%, 03/25/40		125		117,583
International Business Machines Corp.
0.875%, 02/09/30, MTN		550		511,936
4.150%, 05/15/39		123		109,148
International Flavors & Fragrances, Inc.
4.450%, 09/26/28		15		14,042
W 3.268%, 11/15/40		165		117,770
Interpublic Group of Cos., Inc. (The)
4.750%, 03/30/30		56		54,984
3.375%, 03/01/41		691		522,170
Invitation Homes Operating Partnership, LP
2.000%, 08/15/31		69		53,175
Jackson Financial, Inc.
# 5.670%, 06/08/32		407		403,066
Johnson & Johnson
5.850%, 07/15/38		486		565,431
JPMorgan Chase & Co.
5.600%, 07/15/41		90		93,860
Juniper Networks, Inc.
3.750%, 08/15/29		215		202,256
Kemper Corp.
2.400%, 09/30/30		94		75,767
Kraft Heinz Foods Co.
W 7.125%, 08/01/39		686		783,968
Lazard Group LLC
4.500%, 09/19/28		268		258,067
Lear Corp.
4.250%, 05/15/29		341		325,904
Liberty Mutual Group, Inc.
W 4.569%, 02/01/29		357		344,410
Marsh & McLennan Cos., Inc.
4.750%, 03/15/39		394		373,257
Mastercard, Inc.
3.375%, 04/01/24		98		96,501
MetLife, Inc.
5.375%, 12/09/24		75		93,876
5.700%, 06/15/35		95		101,199
Mohawk Industries, Inc.
3.625%, 05/15/30		293		267,403
Morgan Stanley
1.875%, 04/27/27, MTN		400		408,505


	Face Amount ^		Value†
	(000)
UNITED STATES — (Continued)
7.250%, 04/01/32		9	$	10,615
6.375%, 07/24/42		120		135,847
Motorola Solutions, Inc.
4.600%, 02/23/28		5		4,960
2.300%, 11/15/30		95		77,884
2.750%, 05/24/31		756		629,240
Mylan, Inc.
4.550%, 04/15/28		40		38,319
NewMarket Corp.
2.700%, 03/18/31		264		222,192
NIKE, Inc.
3.250%, 03/27/40		602		508,054
Oracle Corp.
6.500%, 04/15/38		223		243,611
6.125%, 07/08/39		455		480,047
3.600%, 04/01/40		117		90,854
5.375%, 07/15/40		80		77,070
Penske Truck Leasing Co., Lp/PTL Finance Corp.
W 3.350%, 11/01/29		350		310,996
Pfizer, Inc.
7.200%, 03/15/39		245		309,470
Principal Financial Group, Inc.
3.700%, 05/15/29		379		359,723
Prologis, LP
4.625%, 01/15/33		117		116,567
Prudential Financial, Inc.
5.700%, 12/14/36, MTN		96		103,363
PulteGroup, Inc.
7.875%, 06/15/32		200		233,451
Reinsurance Group of America, Inc.
3.150%, 06/15/30		335		294,360
Revvity, Inc.
2.550%, 03/15/31		85		70,765
Schlumberger Holdings Corp.
W 4.300%, 05/01/29		357		348,528
Simon Property Group, LP
2.250%, 01/15/32		512		407,552
6.750%, 02/01/40		431		482,926
Spirit Realty, LP
2.100%, 03/15/28		105		88,679
4.000%, 07/15/29		285		258,461
STORE Capital Corp.
4.500%, 03/15/28		434		387,694
Sutter Health
3.695%, 08/15/28		41		39,015
3.161%, 08/15/40		780		596,753
Tapestry, Inc.
3.050%, 03/15/32		870		720,470
Texas Instruments, Inc.
3.875%, 03/15/39		1,153		1,058,377
Thermo Fisher Scientific, Inc.
3.200%, 01/21/26		150		164,654

DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME ETF

CONTINUED


	Face Amount ^		Value†
	(000)
UNITED STATES — (Continued)
T-Mobile USA, Inc.
4.375%, 04/15/40		550	$	493,999
Travelers Cos., Inc. (The)
6.250%, 06/15/37, MTN		141		159,784
5.350%, 11/01/40		316		332,872
UnitedHealth Group, Inc.
5.700%, 10/15/40		237		255,662
Unum Group
5.750%, 08/15/42		757		706,653
Upjohn Finance BV
1.362%, 06/23/27		400		390,687
Verizon Communications, Inc.
0.875%, 03/19/32		250		214,736
VF Corp.
# 2.950%, 04/23/30		602		510,217
Walgreens Boots Alliance, Inc.
4.500%, 11/18/34		331		305,378
Walt Disney Co. (The)
6.650%, 11/15/37		337		400,333
Welltower OP LLC
3.850%, 06/15/32		80		71,902
Western Union Co. (The)
1.350%, 03/15/26		131		117,967
2.750%, 03/15/31		939		751,983
Whirlpool Corp.
4.750%, 02/26/29		75		74,937
WP Carey, Inc.
3.850%, 07/15/29		80		74,321

TOTAL UNITED STATES				39,788,955


	Face Amount ^		Value†
	(000)
UNITED STATES — (Continued)
TOTAL BONDS			$	101,249,419

U.S. TREASURY OBLIGATIONS — (13.0%)
U.S. Treasury Bonds
1.125%, 08/15/40		1,670		1,109,898
1.750%, 08/15/41		5,295		3,851,346
U.S. Treasury Notes
0.125%, 07/31/23		222		219,294
0.125%, 08/31/23		1,306		1,284,829
0.250%, 09/30/23		420		412,092
0.375%, 10/31/23		170		166,202
2.750%, 02/15/24		271		266,395
1.500%, 02/29/24		3,336		3,244,130
0.250%, 03/15/24		1,800		1,729,758
2.250%, 03/31/24		3,802		3,714,079
2.500%, 05/31/24		212		206,932
3.000%, 06/30/24		811		795,825
TOTAL U.S. TREASURY OBLIGATIONS				17,000,780

TOTAL INVESTMENT SECURITIES — (99.3%) (Cost $126,427,195)				129,546,708

SECURITIES LENDING COLLATERAL — (0.7%)
The DFA Short Term
@§ Investment Fund		76,202		881,300

TOTAL INVESTMENTS — (100.0%) (Cost $127,308,495)			$	130,428,008

Forward Currency Contracts

As of April 30, 2023, Dimensional Global Sustainability Fixed Income ETF had entered into the following forward currency contracts:


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Foreign Exchange Appreciation (Depreciation)
USD	1,133,076	JPY	148,776,026	Citigroup		05/02/23	$	40,460
GBP	75,980	USD	91,498	Citigroup		05/09/23		4,017
GBP	93,464	USD	115,745	Citigroup		05/09/23		1,749
GBP	90,424	USD	112,452	State Street Bank and Trust		05/09/23		1,221
USD	537,988	NZD	868,798	Citigroup		05/15/23		1,393
USD	123,367	AUD	184,713	Citigroup		06/07/23		1,105
USD	57,904	AUD	85,941	State Street Bank and Trust		06/07/23		1,020
USD	1,717,785	AUD	2,593,514	State Street Bank and Trust		06/07/23		1,131
USD	88,906	AUD	133,811	Citigroup		06/29/23		249
USD	62,405	AUD	93,480	Citigroup		06/29/23		470
USD	1,796,290	AUD	2,677,486	State Street Bank and Trust		06/29/23		22,315
USD	1,102,179	JPY	148,711,553	State Street Bank and Trust		06/29/23		61
USD	1,512,908	JPY	196,519,520	State Street Bank and Trust		07/05/23		55,132
USD	1,788,449	AUD	2,628,116	Citigroup		07/13/23		46,146
USD	975,836	AUD	1,470,708	State Street Bank and Trust		07/13/23		834

Total Appreciation							$	177,303

USD	95,416	GBP	76,559	Citigroup		05/05/23	$	(818	)

DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME ETF

CONTINUED


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Foreign Exchange Appreciation (Depreciation)
USD	2,557,406		GBP	2,046,530	State Street Bank and Trust		05/05/23	$	(15,056	)
USD	93,054		SEK	961,656	Citigroup		05/08/23		(731	)
USD	8,074,222		EUR	7,390,040	State Street Bank and Trust		05/08/23		(87,443	)
USD	6,389,784		GBP	5,243,915	Citigroup		05/09/23		(202,380	)
USD	14,152,234		EUR	13,374,558	Citigroup		05/09/23		(619,748	)
USD	14,185,680		EUR	12,950,974	State Street Bank and Trust		05/22/23		(130,178	)
AUD	131,633		USD	88,201	State Street Bank and Trust		06/07/23		(1,073	)
AUD	175,230		USD	118,008	Citigroup		06/29/23		(1,909	)

Total (Depreciation)								$	(1,059,336	)

Total Appreciation (Depreciation)								$	(882,033	)

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
Agency Obligations
United States	$	—	$	11,296,509		$	—	$	11,296,509
Bonds
Australia		—		5,511,408			—		5,511,408
Austria		—		346,456			—		346,456
Belgium		—		884,748			—		884,748
Canada		—		8,341,741			—		8,341,741
Finland		—		1,724,523			—		1,724,523
France		—		10,964,821			—		10,964,821
Germany		—		6,009,264			—		6,009,264
Ireland		—		614,063			—		614,063
Italy		—		1,401,712			—		1,401,712
Japan		—		5,404,881			—		5,404,881
Luxembourg		—		517,811			—		517,811
Netherlands		—		2,432,026			—		2,432,026
New Zealand		—		500,417			—		500,417
Spain		—		1,766,927			—		1,766,927
Supranational		—		6,341,291			—		6,341,291
Sweden		—		2,040,360			—		2,040,360
Switzerland		—		118,211			—		118,211
United Kingdom		—		6,539,805			—		6,539,805
United States		—		39,788,955			—		39,788,955
U.S. Treasury Obligations
United States		—		17,000,779			—		17,000,779
Securities Lending Collateral		—		881,300			—		881,300
Forward Currency Contracts**		—		(882,033	)		—		(882,033	)

Total Investments	$	—	$	129,545,975		$	—	$	129,545,975

**	Valued at the unrealized appreciation/(depreciation) on the investment.

See accompanying Notes to Financial Statements.

DIMENSIONAL ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

APRIL 30, 2023

(Unaudited)

(Amounts in thousands, except share and per share amounts)


	Dimensional US Sustainability Core 1 ETF		Dimensional International Sustainability Core 1 ETF
ASSETS:
Investment Securities at Value (including $4,461 and $3,524 of securities on loan, respectively)	$	396,017	$	186,065
Collateral from Securities on Loan Invested in Affiliate at Value (Cost of $4,567 and $3,391, respectively) (Note G)		4,567		3,391
Foreign Currencies at Value		—		616
Cash		237		104
Receivables:
Investment Securities Sold		25		345
Dividends and Interest		244		714
Receivable for Tax Reclaims		—		115
Prepaid Expenses and Other Assets		2		2

Total Assets		401,092		191,352

LIABILITIES:
Payables:
Investment Securities Purchased		—		461
Upon Return of Securities Loaned		4,567		3,391
Accrued Expenses and Other Liabilities:
Advisory Fee		40		9
Administration and Accounting		17		17
Custodian		1		8
Other Expenses		8		4

Total Liabilities		4,633		3,890

NET ASSETS	$	396,459	$	187,462

SHARES OUTSTANDING, $0.01 PAR VALUE		14,800,000		6,100,000

Net Asset Value, Offering and Redemption price per share	$	26.79	$	30.73

Investment Securities at Cost	$	381,338	$	167,257

Foreign Currencies at Cost	$	—	$	616

NET ASSETS CONSIST OF:
Paid-In Capital	$	381,448	$	168,222
Total Distributable Earnings (Loss)		15,011		19,240

NET ASSETS	$	396,459	$	187,462

See accompanying Notes to Financial Statements.

DIMENSIONAL ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

APRIL 30, 2023

(Unaudited)

(Amounts in thousands, except share and per share amounts)


	Dimensional Emerging Markets Sustainability Core 1 ETF		Dimensional Global Sustainability Fixed Income ETF
ASSETS:
Investment Securities at Value (including $548 and $86,178 of securities on loan, respectively)	$	125,474	$	129,547
Collateral from Securities on Loan Invested in Affiliate at Value (Cost of $230 and $881, respectively) (Note G)		230		881
Foreign Currencies at Value		553		65
Cash		21		1,220
Unrealized Appreciation on Forward Foreign Currency Contracts		—		177
Receivables:
Investment Securities Sold		721		983
Dividends and Interest		165		912
Receivable for Tax Reclaims		—		2
Prepaid Expenses and Other Assets		58		2

Total Assets		127,222		133,789

LIABILITIES:
Payables:
Investment Securities Purchased		505		12,463
Unrealized Depreciation on Forward Foreign Currency Contracts		—		1,059
Upon Return of Securities Loaned		230		881
Accrued Expenses and Other Liabilities:
Advisory Fee		10		6
Administration and Accounting		17		17
Custodian		—		1
Trustee		1		—
Other Expenses		4		10

Total Liabilities		767		14,437

NET ASSETS	$	126,455	$	119,352

SHARES OUTSTANDING, $0.01 PAR VALUE		4,300,000		2,300,000

Net Asset Value, Offering and Redemption price per share	$	29.41	$	51.89

Investment Securities at Cost	$	114,923	$	126,427

Foreign Currencies at Cost	$	552	$	66

NET ASSETS CONSIST OF:
Paid-In Capital	$	116,176	$	116,510
Total Distributable Earnings (Loss)		10,279		2,842

NET ASSETS	$	126,455	$	119,352

See accompanying Notes to Financial Statements.

DIMENSIONAL ETF TRUST

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2023

(Unaudited)

(Amounts in thousands)


	Dimensional US Sustainability Core 1 ETF(a) (b)			Dimensional International Sustainability Core 1 ETF(a) (b)
INVESTMENT INCOME:
Dividends (Net of Foreign Taxes Withheld of $(1) and $(273), respectively)	$	1,483		$	2,047
Income from Securities Lending		7			11

Total Investment Income		1,490			2,058

EXPENSES:
Investment Management Fees (Note D)		142			127
Administration and Accounting		22			21
Custodian		1			28
Filing Fees		7			4
Trustees’ Fees & Expenses		1			1
Organization Fees		3			3
Professional Fees		1			2
Exchange Listing Fee		4			4
Other Expenses		5			6

Total Expenses		186			196

Fees Waived, Expenses Reimbursed by Advisor (Note D)		(3	)		(42	)
Fees Paid Indirectly (Note D)		—			(2	)

Net Expenses		183			152

Net Investment Income (Loss)		1,307			1,906

Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) from:
Investment Securities Sold and Foreign Currency Transactions		(1,155	)		(992	)
In-Kind Transactions		943			—
Change in Unrealized Appreciation (Depreciation) on:
Investment Securities and Foreign Currency Translations		14,679			18,803

Net Realized and Unrealized Gain (Loss)		14,467			17,811

Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,774		$	19,717

(a)	Portion of income is from investment in affiliated fund.

(b)	For the period from the commencement of operations on November 1, 2022 through April 30, 2023.

See accompanying Notes to Financial Statements.

DIMENSIONAL ETF TRUST

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2023

(Unaudited)

(Amounts in thousands)


	Dimensional Emerging Markets Sustainability Core 1 ETF(a) (b)			Dimensional Global Sustainability Fixed Income ETF(a)(c)
INVESTMENT INCOME:
Interest (Net of Foreign Taxes Withheld of $— and $(15), respectively)	$	—		$	1,792
Dividends (Net of Foreign Taxes Withheld of $(137) and $—, respectively)		922			—
Non-cash Dividends		187			—
Income from Securities Lending		14			2

Total Investment Income		1,123			1,794

EXPENSES:
Investment Management Fees (Note D)		187			81
Administration and Accounting		21			22
Custodian		64			2
Filing Fees		4			3
Trustees’ Fees & Expenses		1			—
Organization Fees		4			3
Professional Fees		3			6
Exchange Listing Fee		4			4
Other Expenses		10			5

Total Expenses		298			126

Fees Waived, Expenses Reimbursed by Advisor (Note D)		(66	)		(29	)
Fees Paid Indirectly (Note D)		(13	)		—

Net Expenses		219			97

Net Investment Income (Loss)		904			1,697

Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) from:
Investment Securities Sold and Foreign Currency Transactions*		(739	)		639
Forward Currency Contracts		—			(1,077	)
Futures		9			—
Change in Unrealized Appreciation (Depreciation) on:
Investment Securities and Foreign Currency Translations		10,557			3,128
Forward Currency Contracts		—			(882	)

Net Realized and Unrealized Gain (Loss)		9,827			1,808

Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,731		$	3,505

(a)	Portion of income is from investment in affiliated fund.

(b)	For the period from the commencement of operations on November 1, 2022 through April 30, 2023.

(c)	For the period from the commencement of operations on November 15, 2022 through April 30, 2023.

*	Net of foreign capital gain taxes withheld of $— and $0.

See accompanying Notes to Financial Statements.

DIMENSIONAL ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)


	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
	For the period Nov. 1, 2022 through April 30, 2023			For the period Nov. 1, 2022 through April 30, 2023			For the period Nov. 1, 2022 through April 30, 2023			For the period Nov. 15, 2022 through April 30, 2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income (Loss)	$	1,307		$	1,906		$	904		$	1,697
Net Realized Gain (Loss) on:
Investment Securities Sold and Foreign Currency Transactions*		(1,155	)		(992	)		(739	)		639
In-Kind Transactions		943			—			—			—
Forward Currency Contracts		—			—			—			(1,077	)
Futures		—			—			9			—
Change in Unrealized Appreciation (Depreciation)on:
Investment Securities and Foreign Currency Translations		14,679			18,803			10,557			3,128
Forward Currency Contracts		—			—			—			(882	)

Change in Net Assets Resulting from Operations		15,774			19,717			10,731			3,505

Distributions:
Total Distributions		(763	)		(477	)		(452	)		(663	)

Change in Net Assets Resulting from Distributions		(763	)		(477	)		(452	)		(663	)

Capital Share Transactions:
Shares Issued		388,142			168,222			116,176			116,510
Cost of Shares Redeemed		(6,694	)		—			—			—

Change in Net Assets Resulting from Capital Share Transactions		381,448			168,222			116,176			116,510

Change in Net Assets		396,459			187,462			126,455			119,352

Net Assets:
Beginning of Period		—			—			—			—

End of Period	$	396,459		$	187,462		$	126,455		$	119,352

Share Transactions:
Issued		15,050			6,100			4,300			2,300
Redeemed		(250	)		—			—			—

Change in Shares		14,800			6,100			4,300			2,300

*	Net of foreign capital gain taxes withheld of $0, $0, $— and $0.

See accompanying Notes to Financial Statements.

DIMENSIONAL ETF TRUST

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period)


	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
	Period November 1, 2022 through April 30, 2023			Period November 1, 2022 through April 30, 2023			Period November 1, 2022 through April 30, 2023			Period November 15, 2022 through April 30, 2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net Asset Value, Beginning of Period	$	24.97		$	25.17		$	25.54		$	50.10

Income From Investment Operations (a)
Net Investment Income (Loss)		0.17			0.43			0.24			0.98
Net Gains (Losses) on Securities (Realized and Unrealized)		1.74			5.23			3.75			1.22

Total from Investment Operations		1.91			5.66			3.99			2.20

Less Distributions:
Net Investment Income		(0.09	)		(0.10	)		(0.12	)		(0.41	)

Total Distributions		(0.09	)		(0.10	)		(0.12	)		(0.41	)

Net Asset Value, End of Period	$	26.79		$	30.73		$	29.41		$	51.89

Total Return at NAV (b)(c)		7.68	%		22.57	%		15.65	%		4.41	%

Total Return at Market (c)(d)		7.60	%		22.89	%		16.51	%		4.71	%

Net Assets, End of Year (thousands)	$	396,459		$	187,462		$	126,455		$	119,352
Ratio of Expenses to Average Net Assets (e)		0.18	%		0.24	%		0.41	%		0.24	%
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed, Previously Waived Fees Recovered by Advisor and/or Fees Paid Indirectly) (e)		0.18	%		0.31	%		0.56	%		0.31	%
Ratio of Net Investment Income to Average Net Assets (e)		1.29	%		3.00	%		1.69	%		4.16	%
Portfolio Turnover Rate (c)(f)		—	%		6	%		6	%		4	%

See page 3 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.

DIMENSIONAL ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

A. ORGANIZATION

The Dimensional ETF Trust (the “Trust”) was organized on June 16, 2020 as a Delaware statutory trust. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940 (the “1940 Act”). As of April 30, 2023, the Trust is comprised of thirty operational exchange-traded funds (“ETFs”) and is authorized to issue an unlimited number of shares of beneficial interest (“Shares”) for each fund representing interests in separate portfolios of securities. The accompanying financial statements are those of the following (individually referred to as a “Fund” or collectively as the “Funds”):


Fund		Short Name
Dimensional US Sustainability Core 1 ETF		US Sustainability Core 1 ETF
Dimensional International Sustainability Core 1 ETF		International Sustainability Core 1 ETF
Dimensional Emerging Markets Sustainability Core 1 ETF		Emerging Markets Sustainability Core 1 ETF
Dimensional Global Sustainability Fixed Income ETF		Global Sustainability Fixed Income ETF

The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which Shares are held. The Funds are investment companies and, accordingly, follow the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies”.

The Board is responsible for establishing the Trust’s policies and for overseeing the management of the Trust. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust and/or its affiliates that have not yet occurred. However, based on prior experience, the Trust expects the risk of loss to be remote.

B. SIGNIFICANT ACCOUNTING POLICIES

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value (“NAV”). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares called “Creation Units”. Creation Units are issued and redeemed principally in-kind. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of each Fund may be purchased or redeemed directly only by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Funds’ distributor (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem Shares directly from a Fund.

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

1. SECURITY VALUATION

The Funds hold investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures approved by the Board. Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds’ securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by a committee established by the Advisor, with input from certain third-party pricing services and others, in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures approved by the Board. The fair valuation process is designed to value the subject security at the price the Funds would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

The Trust has a three-tier fair value hierarchy that is dependent upon the various inputs used to determine the value of the Funds’ investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

•

Level 1 – Inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts)

•

Level 2 – Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable pricing inputs at the measurement date (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Debt securities held by the Funds are valued on the basis of evaluated prices provided by one or more pricing services or other reasonably reliable sources including broker/dealers that typically handle the purchase and sale of such securities. Securities that are traded over-the-counter and on a stock exchange generally will be valued according to the broadest and most representative market, and it is expected that for bonds and other fixed income securities, this ordinarily will be the over-the-counter market. These securities are generally categorized as Level 2 or Level 3 in the hierarchy.

Rights and warrants are valued at the last sales price on a national securities exchange. If these instruments are not scheduled to trade for a certain period they are generally valued intrinsically based on the terms of the issuance and the price of the underlying security. These instruments are typically categorized as Level 1 in the fair value hierarchy unless intrinsic value is used and then would be categorized as Level 2 in the fair value hierarchy.

Equity securities traded on a securities exchange are valued at the official closing price or the last reported sales price on the principal exchange. Equity securities quoted by Nasdaq are valued at the Nasdaq official closing price. If there is no reported sale on the principal exchange or official closing price of the day, and in the case of over-the-counter securities, the Funds value the securities at the mean between the most recent quoted bid and asked prices. In each of these situations, securities are typically categorized as Level 1 and Level 2, respectively, in the fair value hierarchy.

With respect to the International Sustainability ETF, Emerging Sustainability ETF, and Global Sustainability Fixed Income ETF (“the International Funds”), the prices of securities traded in foreign currencies will be expressed in U.S. dollars by using the mid-rate prices for the U.S. dollar as quoted by generally recognized reliable sources at 4 p.m. London time. The International Funds own securities that are primarily listed on foreign exchanges which may trade on days when the International Funds do not price their shares, therefore the value of securities held by the International Funds may change on days when shareholders will not be able to purchase or redeem shares.

Derivative Instruments: Forward currency contracts are valued using the sum of the spot rate, the available forward point quotation nearest and prior to settlement date, and the linear interpolation of the available forward point quotations nearest to, before and after the settlement date. Futures contracts are valued using the settlement price established each day on the exchange on which they are traded. The value of such futures contracts held by the Fund is determined each day as of such exchange close.

Listed derivatives, such as futures, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy.

Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures approved by the Board. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of the Advisor) occur before the NAV is calculated. When fair value pricing is used, the prices of securities used by the Funds may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are typically categorized as Level 2 or Level 3 in the fair value hierarchy.

2. SECURITY TRANSACTIONS AND RELATED INCOME

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by a Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. Such taxes are accrued on a daily basis and due upon sale of individual securities. Non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received.

3. FOREIGN CURRENCY TRANSLATIONS

The accounting records of the International Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The International Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as net change in unrealized appreciation (depreciation) on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as net realized gains or losses from investment securities sold and foreign currency transactions on the Statements of Operations.

4. TO BE ANNOUNCED (TBA) COMMITMENTS

To Be Announced (“TBA”) commitments are commitments to purchase or sell mortgage-backed securities for a fixed price at a future date, typically not exceeding 90 days. TBA’s may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. This risk is in addition to the risk of decline in each Fund’s other assets. Unsettled TBA securities are valued by an independent pricing service based on the characteristics of the securities to be delivered or received.

5. RESTRICTED SECURITIES

A restricted security is a security that cannot be offered for public sale without prior registration under the Securities Act of 1933 (the “1933 Act”) (absent an exemption). Whether a restricted security is illiquid is determined pursuant to the applicable provisions of the Funds’ liquidity risk management program. Not all restricted securities are considered illiquid.

6. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Distributions are recorded on the ex-dividend date. The Funds intend to distribute to their shareholders net investment income, if any, at least quarterly except for the Global Sustainability Fixed Income ETF, which intends to distribute dividends to shareholders monthly. The Funds intend to distribute net realized capital gains to shareholders, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP.

7. DEFERRED COMPENSATION PLAN

Each eligible Trustee (each a “Trustee” and collectively, the “Trustees”) of the Trust may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the “Plan”). Under the Plan, effective January 1, 2002, such Trustees may defer payment of all or a portion of their total fees earned as a Trustee. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the U.S. Large Cap Value Portfolio, U.S. Core Equity 1 Portfolio, U.S. Large Company Portfolio, U.S. Vector Equity Portfolio, U.S. Micro Cap Portfolio, DFA International Value Portfolio, International Core Equity Portfolio, Emerging Markets Portfolio, Emerging Markets Core Equity Portfolio, DFA Inflation-Protected Securities Portfolio, and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income are included in Trustees’ Fees & Expenses.

Each Trustee has the option to receive the distribution of proceeds by one of the following methods: lump sum, annual installments over a period of agreed-upon years, or quarterly installments over a period of agreed-upon years. Each Trustee shall have the right in a notice of election (the “Notice”) to defer the receipt of the Trustee’s deferred compensation until a date specified by such Trustee in the Notice, which date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Trustee ceases to be a member of the Board and (ii) five years following the effective date of the Trustee’s first deferral election. If a Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Trustee’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Trustee ceases to be a member of the Board (unless the Trustee files an amended Notice selecting a different distribution date).

8. OTHER

Discount and premium on debt securities purchased are amortized over the lives of the respective securities, using the effective interest method. Expenses directly attributable to a Fund are charged directly. Common expenses of the Funds are allocated using methods approved by the Board, generally based on average net assets.

The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Funds accrue such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. Additionally, if there is a deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. Emerging Markets Sustainability Core 1 ETF is subject to tax on short-term and long-term capital gains for investments in India. Such taxes are accrued on a daily basis and due upon sale of individual securities.

C. DERIVATIVE INSTRUMENTS

All open derivative positions at period end are reflected on each Fund’s Summary Schedule of Investments. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.

1. FORWARD CURRENCY CONTRACTS

The International Funds may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency. The decision to hedge a Fund’s currency exposure with respect to a foreign market will be based primarily on the Fund’s existing exposure to a given foreign currency. Each contract is valued daily and the change in value is recorded by a Fund as an unrealized gain or loss, which is presented in the Fund’s Statement of Operations as the change in unrealized appreciation or depreciation of forward currency contracts. When the contract is closed or offset with the same counterparty, a Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset. This is presented in the Statement of Operations as a net realized gain or loss on forward currency contracts. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currency relative to the U.S. dollar.

2. FUTURES CONTRACTS

Each Fund may purchase or sell futures and options on futures contracts for securities and indices to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Fund. Global Sustainability Fixed Income ETF may also purchase or sell futures contracts and options on futures contracts to hedge its interest rate or currency exposure or for non-hedging purposes, such as a substitute for direct investment. Upon entering into futures contracts, the Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made or received each day, depending on the daily fluctuations in the fair value of the underlying security. The Funds recognize an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the amounts reflected on the Statements of Assets and Liabilities as variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts, the possibility of an illiquid market, and the possibility that the Fund could lose more than the initial margin requirements. The Funds entering into stock index futures are subject to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

The average volume (based on the open positions at each fiscal month-end) of derivative activity for the period ended April 30, 2023 was as follows (amounts in thousands):


	Forward Currency Contracts*
Global Sustainability Fixed Income ETF	$	42,839

*	Average amount of Currency Purchased/Sold in USD.

Summary of Derivative Instruments:

The following is a summary of the fair value of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of April 30, 2023 (amounts in thousands):


	Assets
	Unrealized Appreciation on Forward Currency Contracts (1)
Currency Rate Risk Exposure:
Global Sustainability Fixed Income ETF	$	177

	Liabilities
	Unrealized Depreciation on Forward Currency Contracts (2)
Currency Rate Risk Exposure:
Global Sustainability Fixed Income ETF	$	1,059

(1)	Presented on Statements of Assets and Liabilities as Unrealized Appreciation on Forward Foreign Currency Contracts.

(2)	Presented on Statements of Assets and Liabilities as Unrealized Depreciation on Forward Foreign Currency Contracts.

The following summary of the realized and change in unrealized gains and losses from derivative instrument holdings categorized by primary risk exposure for the period ended April 30, 2023 (amounts in thousands):


				Realized Gain (Loss) from Futures (1)
Equity Rate Risk Exposure:
Emerging Markets Sustainability Core 1 ETF				$	9

	Realized Gain (Loss) from:			Net Change in Unrealized Appreciation (Depreciation) on Derivatives
	Forward Currency Contracts (2)			Forward Currency Contracts (3)
Currency Rate Risk Exposure:
Global Sustainability Fixed Income ETF	$	(1,077	)	$	(882	)

(1)	Presented on Statements of Operations as Net Realized Gain (Loss) of: Futures.

(2)	Presented on Statements of Operations as Net Realized Gain (Loss) of: Forward Currency Contracts.

(3)	Presented on Statements of Operations as Change in Unrealized Appreciation (Depreciation) on: Forward Currency Contracts.

Offsetting of Derivative Assets and Derivative Liabilities:

In order to better define contractual rights and to secure rights that will help mitigate counterparty risk, certain Funds have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with certain derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (OTC) derivatives and

forward currency contracts and typically contains, among other things, provisions in the event of a default and/or termination event and may also include collateral posting items. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted, if any, and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, a Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The Funds’ derivative assets and liabilities (by type) were as follows:


	Global Sustainability Fixed Income ETF
	Assets		Liabilities
Derivative Financial Instruments:
Forward currency contracts (without ISDA)	$	—	$	—
Forward currency contracts (with ISDA)		177		1,059
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	177	$	1,059
Derivative asset and liabilities not subject to a master netting agreement or similar agreement (“MNA”)		—		—

Total assets and liabilities subject to a MNA	$	177	$	1,059

The following tables present the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Counterparty	Derivative Assets Subject to a MNA by Counterparty		Derivatives Available for Offset			Non-cash Collateral Received (a)		Cash Collateral Received (a)		Net Amount of Derivative Assets
Global Sustainability Fixed Income ETF
Citigroup	$	95	$	(95	)	$	—	$	—	$	—
State Street Bank and Trust		82		(82	)		—		—		—

	$	177	$	(177	)	$	—	$	—	$	—

(a)	The actual collateral received may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statements of Assets and Liabilities.


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty		Derivatives Available for Offset			Non-cash Collateral Pledged (b)		Cash Collateral Pledged (b)		Net Amount of Derivative Liabilities
Global Sustainability Fixed Income ETF
Citigroup	$	825	$	(95	)	$	—	$	—	$	730
State Street Bank and Trust		234		(82	)		—		—		152

	$	1,059	$	(177	)	$	—	$	—	$	882

(b)	The actual collateral pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statements of Assets and Liabilities.

D. INVESTMENT ADVISORY AND OTHER CONTRACTUAL SERVICES

1. INVESTMENT ADVISORY FEES

Dimensional Fund Advisors LP (the “Advisor”) serves as the investment advisor to the Funds pursuant to an investment management agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Funds. Dimensional Fund Advisors Ltd. and DFA Australia Limited serve as Sub-Advisors for the International Funds.

For the period ended April 30, 2023, each Fund’s investment management fee was accrued daily and paid monthly to the Advisor based on the following effective annual rate of average daily net assets:


	Management Fee
US Sustainability Core 1 ETF		0.14	%
International Sustainability Core 1 ETF		0.20	%
Emerging Markets Sustainability Core 1 ETF		0.35	%
Global Sustainability Fixed Income ETF		0.20	%

Pursuant to a Fee Waiver and Expense Assumption Agreement (the “Fee Waiver Agreement”), the Advisor has contractually agreed to waive certain fees, and in certain instances, assume certain expenses of the Funds, as described in the notes below. The Fee Waiver Agreement will remain in effect through February 28, 2024, may only be terminated by the Trust’s Board of Trustees prior to that date and shall continue in effect from year to year thereafter unless terminated by the Trust or the Advisor. During the period ended April 30, 2023, the Funds had expense limits based on a percentage of average net assets on an annualized basis, as listed below. The net amount of waived fees/expenses assumed during the period ended April 30, 2023 are also reflected below (amounts in thousands). At any time that the ETF Fund Expenses (defined below) of a Fund are less than the applicable Expense Limitation Amount listed below, the Advisor retains the right to recover fees previously waived and/or expenses previously assumed to the extent that the expense ratio following such recovery would be less than the Expense Limitation Amount that was in place when such prior year fees were waived and/or expenses assumed, and less than the current Expense Limitation Amount in place for the Fund. The Trust, on behalf of a Fund, is also not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of recovery.


	Expense Limitation Amount			Waived Fees/ Expenses Assumed		Recovery of Previously Waived Fees/ Expense Assumed		Previous Waived Fees/ Expense Assumed Subject to Future Recovery
US Sustainability Core 1 ETF		0.18	%	$	3	$	—	$	3
International Sustainability Core 1 ETF		0.24	%		42		—		42
Emerging Markets Sustainability Core 1 ETF		0.41	%		66		—		66
Global Sustainability Fixed Income ETF		0.24	%		29		—		29

The Advisor has contractually agreed to waive all or a portion of its management fee and assume the ordinary operating expenses of the Funds (excluding the expenses that the Funds incurs indirectly through its investment in other investment companies) (“ETF Fund Expenses”) to the extent necessary to limit the ETF Fund Expenses of the Funds, on an annualized basis, to the rate listed above as percentage of average net assets (the “Expense Limitation Amount”).

2. EARNED INCOME CREDIT

Additionally, certain Funds have entered into arrangements with their custodian whereby net interest earned on uninvested cash balances was used to reduce a portion of each Fund’s custody expenses. Custody expense in the accompanying financial statements is presented before reduction for credits. The impact of such credits is generally less than one basis point of each Fund’s net assets. During the period ended April 30, 2023, expenses reduced were as follows (amounts in thousands):


	Fees Paid Indirectly
International Sustainability Core 1 ETF	$	2
Emerging Markets Sustainability Core 1 ETF		13

3. ADMINISTRATION, ACCOUNTING, TRANSFER AGENT, AND CUSTODIAN FEES

Citi Fund Services Ohio, Inc. serves as the Funds’ Administrator and Fund Accountant pursuant to a Services Agreement with the Trust. Citibank, N.A. serves as the Funds’ Custodian and Transfer Agent pursuant to a Global Custodial and Agency Services Agreement with the Trust.

4. DISTRIBUTION AND SHAREHOLDER SERVICES FEES

DFA Securities, LLC, a wholly-owned subsidiary of the Advisor, is the principal underwriter and distributor for the Funds’ Shares. The Distributor does not maintain any secondary market in the Funds’ shares.

5. FEES PAID TO OFFICERS AND TRUSTEES

Certain Officers and Trustees of the Advisor are also Officers and Trustees of the Trust; however, such Officers and Trustees (with the exception of the CCO, with respect to the Funds) receive no compensation from the Trust. For the period ended April 30, 2023, the total related amounts paid by the Trust to the CCO was $11 (in thousands). The total related amounts paid by each of the Funds are included in Other Expenses on the Statements of Operations.

E. DEFERRED COMPENSATION

As of April 30, 2023, the total liability for deferred compensation to Trustees is included in Accrued Expenses and Other Liabilities on the Statements of Assets and Liabilities as follows (amounts in thousands):


US Sustainability Core 1 ETF	$	—
International Sustainability Core 1 ETF		—
Emerging Markets Sustainability Core 1 ETF		—
Global Sustainability Fixed Income ETF		—

F. FEDERAL INCOME TAXES

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code for federal income tax purposes and to distribute substantially all of its taxable income and net capital gains to its shareholders. Accordingly, no provision has been made for federal income taxes.

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under GAAP. These book/tax differences are either temporary or permanent in nature. To the extent that these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, undistributed net investment income or accumulated net realized gains or losses, as appropriate, in the period that the differences arise. Accordingly, the permanent differences can occur as a result of realized gains on securities considered to be “passive foreign investment companies,” non-deductible expenses, realized foreign capital gains tax, the use of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for

income tax purposes, net foreign currency gains/losses, distributions received from real estate investment trusts and distribution redesignations, redemption in-kind transactions, and were reclassified to the accounts mentioned above. These reclassifications had no effect on net assets or net asset value per share.

As of April 30, 2023, the total cost and aggregate gross unrealized appreciation (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes, as follows (amounts in thousands):


	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
US Sustainability Core 1 ETF	$	385,905	$	27,691	$	(13,012	)	$	14,679
International Sustainability Core 1 ETF		170,652		20,512		(1,709	)		18,803
Emerging Markets Sustainability Core 1 ETF		115,157		14,604		(4,056	)		10,548
Global Sustainability Fixed Income ETF		127,308		3,378		(259	)		3,119

The difference between GAAP-basis and tax-basis unrealized gains (losses) can occur as a result of wash sales, net mark-to-market gains (losses) on regulated futures contracts, net mark-to-market gains (losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments or other investments.

ASC 740 Accounting for Uncertainty in Income Taxes sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed the Funds’ tax positions for all open years and has concluded that no additional provision for income tax is required in the Funds’ financial statements. The Funds are not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Funds’ federal tax returns for the prior three fiscal years, if applicable, remain subject to examination by the Internal Revenue Service.

G. SECURITIES LENDING

As of April 30, 2023, the Funds had securities on loan to brokers/dealers for which the Funds received cash collateral. Additionally, the Funds received non-cash collateral consisting of short-and/or long-term U.S. Treasuries and U.S. government agency securities as follows (amounts in thousands):


	Non-Cash Collateral Market Value
International Sustainability Core 1 ETF	$	224
Emerging Markets Sustainability Core 1 ETF		458

Each Fund with securities on loan invests the cash collateral, as described below, and records a liability for the return of the collateral during the period the securities are on loan. Loans of securities are expected at all times to be secured by collateral in an amount (i) equal to at least 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) generally equal to 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) generally equal to 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Funds’ collateral to be lower or higher than the expected thresholds. If this were to occur, the collateral would be adjusted the next business day to ensure adequate collateralization. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities, and such collateral insufficiency is not the result of investment losses, the lending agent has

agreed to pay the amount of the shortfall to the Fund or, at the option of the lending agent, to replace the securities. In the event of the bankruptcy of the borrower, the Fund could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

Subject to its stated investment policies, a Fund with securities on loan will generally invest the cash collateral received for the loaned securities in The DFA Short Term Investment Fund (the “Money Market Series”), an affiliated registered money market fund advised by the Advisor for which the Advisor receives a management fee of 0.05% of the average daily net assets of the Money Market Series. Income received from the Money Market Series is netted with fees for securities lending and collateral investment expenses and with other payments to and from borrowers of securities. The Funds also may invest the cash collateral received for the loaned securities in securities of the U.S. government or its agencies, repurchase agreements collateralized by securities of the U.S. government or its agencies, and affiliated or unaffiliated money market funds that are registered or unregistered. For purposes of this paragraph, agencies include both agency debentures and agency mortgage-backed securities. Additionally, a Fund will be able to terminate the loan at any time and will receive reasonable interest on the loan, as well as amounts equal to any dividends, interest or, other distributions on the loaned securities. However, dividend income received from loaned securities may not be eligible for taxation at qualified dividend income rates.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of April 30, 2023 (amounts in thousands):


	Remaining Contractual Maturity of Ingredients
	Overnight and Continuous		<30 days		Between 30 and 90 days		>90 days		Total
US Sustainability Core 1 ETF
Common Stocks	$	4,567	$	—	$	—	$	—	$	4,567
International Sustainability Core 1 ETF
Common Stocks		3,391		—		—		—		3,391
Emerging Markets Sustainability Core 1 ETF
Common Stocks		230		—		—		—		230
Global Sustainability Fixed Income ETF
Common Stocks		881		—		—		—		881

H. AFFILIATED TRADES

Cross trades for the period ended April 30, 2023, if any, were executed by the Funds pursuant to procedures adopted by the Board of Trustees of the Trust to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of fund securities between series of investment companies, or between a series of an investment company and another entity, that are or could be considered affiliates by virtue of a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the CCO certifies to the Board that the 17a-7 transactions entered into by the Funds complied with the Rule 17a-7 Procedures adopted by the Board of Trustees of the Trust. For the period ended April 30, 2023, the Funds did not engage in any Rule 17a-7 transactions under the Rule.

I. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended April 30, 2023 were as follows (amounts in thousands):


	US Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
US Sustainability Core 1 ETF	$	—	$	—	$	1,756	$	953
International Sustainability Core 1 ETF		—		—		21,581		7,490
Emerging Markets Sustainability Core 1 ETF		—		—		108,339		5,854
Global Sustainability Fixed Income ETF		15,896		1,283		43,381		2,719

In-kind transactions for the period ended April 30, 2023 were as follows (amounts in thousands):


	US Government Securities				Other Investment Securities
	Purchases		Sales		Purchases		Sales
US Sustainability Core 1 ETF	$	—	$	—	$	387,427	$	6,687
International Sustainability Core 1 ETF		—		—		154,134		—
Emerging Markets Sustainability Core 1 ETF		—		—		12,945		—
Global Sustainability Fixed Income ETF		15,464		—		58,851		—

J. CAPITAL SHARES TRANSACTIONS

Shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail on the Statement of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund’s specified universe, and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The Advisor may increase, decrease or otherwise modify the creation transaction fee to an amount that, in its judgment, is necessary or appropriate to recoup for the Fund the costs it may incur as a result of such purchases, or to otherwise eliminate or reduce so far as practicable any dilution of the value of the Shares.

Such transactions fees are treated as increases in capital and are disclosed in the Funds’ Statements of Changes in Net Assets.

From time to time, settlement of securities related to subscriptions-in-kind or redemptions-in-kind may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities payable related to in-kind transactions” on the Statements of Assets and Liabilities.

K. FINANCIAL INSTRUMENTS

In accordance with the Funds’ investment objectives and policies, the Funds may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below:

Foreign Market Risks: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Funds may be inhibited.

L. LINE OF CREDIT AND INTERFUND LENDING PROGRAM

The Trust, together with other Dimensional-advised funds, has entered into a $700 million unsecured line of credit with its custodian bank effective December 28, 2022. A line of credit with similar terms was in effect through December 28, 2022. Each Fund is permitted to borrow, subject to its investment limitations, up to a maximum of the lower of one-quarter of such Fund’s net assets or $500 million, as long as total borrowings under the line of credit do not exceed $700 million in the aggregate. Each Fund is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The line of credit agreement expires on December 27, 2023.

For the period ended April 30, 2023, borrowings by the following Fund under the line of credit were as follows (amounts in thousands, except percentages and days):


	Weighted Average Interest Rate			Weighted Average Loan Balance		Number of Days Outstanding*		Interest Expense Incurred		Maximum Amount Borrowed During the Year		Outstanding Borrowings as of 4/30/23
Emerging Markets Sustainability Core 1 ETF		5.38	%	$	29		10	$	—	$	62	$	—

*	Number of Days Outstanding represents the total of single or consecutive days during the period ended April 30, 2023, that the Fund’s available line of credit was used.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds may participate in an interfund lending program among certain portfolios managed by the Advisor (funds that operate as feeder funds do not participate in the program). The program allows the participating funds to borrow money from and loan money to each other for temporary or emergency purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice.

The Funds did not use the interfund lending program during the period ended April 30, 2023.

M. RECENTLY ISSUED ACCOUNTING STANDARDS AND REGULATIONS

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs were effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and determined the adoption of these ASUs will not have a material impact on the Funds’ financial statements.

N. OTHER

The Funds are subject to claims and suits that arise from time to time in the ordinary course of business (for example, claw back litigation against former shareholders of fund companies that filed for bankruptcy, such as the now ended litigation involving The Tribune Company and the ongoing litigation involving Nine West). Although management currently believes that resolving claims against the Funds, individually or in aggregate, will not have a material adverse impact on the Funds’ financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

As of April 30, 2023, the following number of shareholders held the following approximate percentages of the Funds’ outstanding shares. The following shareholders are omnibus accounts, which typically hold shares for the benefit of several other underlying investors.


	Number of Shareholders		Approximate Percentage of Outstanding Shares
US Sustainability Core 1 ETF		1		100	%
International Sustainability Core 1 ETF		1		100	%
Emerging Markets Sustainability Core 1 ETF		1		100	%
Global Sustainability Fixed Income ETF		1		100	%

O. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Fund and the Trust use in voting proxies relating to securities held in the portfolios is available (1) without charge, upon request, by calling collect: (512) 306-7400 (2) from the Advisor’s website at www.dimensional.com; and (3) on the SEC’s website at http://www.sec.gov. Information regarding how the Advisor votes these proxies is available from the EDGAR database on the SEC’s website at http://www.sec.gov and from the Advisor’s website at http://us.dimensional.com and reflects the twelve-month period beginning July 1st and ending June 30th.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Each series/portfolio of DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc., Dimensional Emerging Markets Value Fund, Dimensional ETF Trust and The DFA Investment Trust Company, except for The DFA Short Term Investment Fund (each, a “Fund”), has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (which is defined as the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including with respect to: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) illiquid investments; and (v) redemptions in-kind.

Each Fund’s Board of Directors/Trustees (collectively, the “Board”) previously approved the designation of the Liquidity Risk Management Committee of Dimensional Fund Advisors LP, each Fund’s investment advisor, to serve as administrator of the Program (the “Program Administrator”). The Program Administrator oversees the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on March 23-24, 2023, the Program Administrator provided its annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation and any material changes to the Program for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”).

The Program Administrator conducted an annual review of each Fund’s liquidity risk in accordance with the requirements of the Liquidity Rule, taking into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions;

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources; and

4) For the series of the Dimensional ETF Trust that operate as exchange-traded funds (“ETFs”), in addition to the factors above: (i) the relationship between the ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including, the efficiency of the arbitrage function and the level of active participation by market participants (including authorized participants); and (ii) the effect of the composition of baskets on the overall liquidity of the ETF’s portfolio.

Based on the information considered, which included a review of notable liquidity matters that arose during the Reporting Period, such as the impacts of sanctions regimes adopted by various government and regulatory bodies on Russian securities in response to the Russia-Ukraine conflict and extended market holidays, on the Funds’ portfolio liquidity, as applicable, the Report concluded that each of the Funds continues to have an investment strategy that is appropriate for an open-end fund, and that each of the Funds is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. The Report further noted the flexibility of the Funds to draw on a line of credit and/or engage in interfund lending, as applicable.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program,

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

CONTINUED

and generally incorporate analysis from a third-party data vendor. The Report reviewed the adequacy of the vendor methodology and services provided to the Funds during the Reporting Period and noted that the liquidity model functioned as intended.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Report concluded that the Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirements, as applicable, and that such provisions were implemented effectively during the Reporting Period.

In addition, the Report also referenced the ability of each Fund to effect in-kind redemptions to manage liquidity as needed and actual in-kind transactions pursuant to the Funds’ applicable policies and procedures effected during the Reporting Period. The Report further noted that the ETFs settle redemptions in-kind with authorized participants in the primary market.

During the Reporting Period, each of the Funds that is subject to the HLIM provisions of the Program qualified as a fund that primarily holds assets that are highly liquid investments and, therefore, no Fund was required to establish or comply with an HLIM as set forth in the Program.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period.

BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

At the Board meeting held on December 19-20, 2022 (the “Meeting”), the Board of Trustees of Dimensional ETF Trust (the “Board”) considered the continuation of the investment management agreements for each Portfolio (collectively, the “Funds”) and a Fund’s sub-advisory agreements. Dimensional Fund Advisors Ltd. or DFA Australia Limited serves as a sub-advisor. (The investment management agreements and the sub-advisory agreements are referred to as the “Management Agreements,” and the Advisor and sub-advisors are referred to as the “Advisor.”)

Prior to the Meeting, independent counsel to the Independent Board Members sent to the Advisor a request for information, which identified the information that the Independent Board Members wished to receive in order to consider the continuation of the Management Agreements. At a Board meeting held on October 31, 2022, the Board discussed the materials provided by the Advisor, the independent reports prepared by Broadridge Financial Solutions (the “Broadridge Reports”), and issues related to the continuation of the Management Agreements. Also in advance of the Meeting, the Independent Board Members met with their independent counsel to discuss the materials and management provided additional materials to address and respond to questions that the Independent Board Members posed after their review and analysis of materials provided by the Advisor and the Broadridge Reports.

At the Meeting, the Board considered a number of factors when considering the continuation of each Management Agreement for a Fund, including: (i) the nature, extent and quality of services provided by the Advisor to each Fund; (ii) the performance of each Fund and the Advisor; (iii) the fees and expenses borne by each Fund; (iv) the profitability realized by the Advisor from the relationship with each Fund; and (v) whether economies of scale are realized by the Advisor with respect to each Fund as it grows larger, and the extent to which this is reflected in the level of the management fee charged.

When considering the nature and quality of the services provided by the Advisor to a Fund, the Board reviewed: (a) the scope and depth of the Advisor’s organization; (b) the experience and expertise of its investment professionals currently providing management services to the Fund; and (c) the Advisor’s investment global advisory capabilities. The Board evaluated the Advisor’s portfolio management process and discussed the unique features of the Advisor’s investment approach. The Board also considered the nature and character of non-investment advisory services provided by the Advisor, including administrative services. After analyzing the caliber of services provided by the Advisor to each Fund, both quantitatively and qualitatively, including the impact of these services on investment performance, the Board concluded that the nature, extent and quality of services provided to each Fund were consistent with the operational requirements of the Fund and met the needs of the shareholders of the Fund.

In considering the performance of each Fund, the Board analyzed the Broadridge Reports, which compared the performance of each Fund with other funds in its respective peer group and investment category. The Board also reviewed the performance analysis prepared by the Advisor, which presented the performance of each Fund and its benchmark index, over multiple performance periods, along with the Advisor’s explanation of the performance. The Board concluded that the Advisor’s explanations provided a sound basis for understanding the comparative performance of the Funds. The Board determined, among other things, that after considering each Fund’s investment strategies and the expectations of its shareholder base, the performance of each Fund was reasonable as compared with relevant performance standards and appropriate market indexes.

When considering the fees and expenses borne by each Fund, and considering the reasonableness of the management fees paid to the Advisor in light of the services provided to the Fund and any additional benefits received by the Advisor in connection with providing such services, the Board compared the fees charged by the Advisor to the Fund to the fees charged to the funds in its peer group for comparable services as provided in the Broadridge Reports. The Board concluded that the effective management fees and total expenses of each Fund over various periods were favorable in relation to those of its peer funds, and that the management fees were fair, both on an absolute basis and in comparison with the fees of other funds identified in the peer groups and the industry at large.

BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

CONTINUED

The Board considered the profitability of each Fund to the Advisor by reviewing the profitability analysis provided by the Advisor, including information about its fee revenues and income. The Board reviewed the overall profitability of the Advisor, and the compensation that it received for providing services to each Fund. The Board considered the profitability to the Advisor of managing and servicing the Funds and the Advisor’s unregistered clients, such as collective trusts, group trusts and separate accounts. Upon closely examining the Advisor’s profitability, the Board concluded, among other things, that it was reasonable and similar to the profitability reported in previous years.

The Board also discussed whether economies of scale are realized by the Advisor with respect to each Fund as it grows larger, and the extent to which this is reflected in the level of management fees charged. For several reasons, the Board concluded that economies of scale and the reflection of such economies of scale in the level of management fees charged were not particularly meaningful to each Fund at the present time, due to the current level of fees and expenses and the profitability of the Fund.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, including the Independent Board Members, with the assistance of independent counsel, concluded that the continuation of the Management Agreement for each Fund was in the best interests of the Fund and its shareholders.


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