Annual Report

Period Ended: October 31, 2023

DIMENSIONAL ETF TRUST

Dimensional Core Fixed Income ETF

Dimensional Short-Duration Fixed Income ETF

Dimensional Inflation-Protected Securities ETF

Dimensional National Municipal Bond ETF

Dimensional California Municipal Bond ETF

Dimensional Ultrashort Fixed Income ETF

December 2023

Dear Shareholder,

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

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

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

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

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DIMENSIONAL ETF TRUST

ANNUAL REPORT

Table of Contents

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)

Schedules of Investments

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DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

CONTINUED

3

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional Core Fixed Income ETF vs.

Bloomberg U.S. Aggregate Bond Index

November 15, 2021-October 31, 2023

Dimensional Short-Duration Fixed Income ETF vs.

ICE BofA 1-5 Year US Corporate & Government Index

November 15, 2021-October 31, 2023

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional Inflation Protected Securities ETF vs.

Bloomberg U.S. TIPS Index

November 15, 2021-October 31, 2023

Dimensional National Municipal Bond ETF vs.

S&P Intermediate Term National AMT-Free Municipal Bond Index

November 15, 2021-October 31, 2023

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional California Municipal Bond ETF vs.

S&P Intermediate Term California AMT-Free Municipal Bond Index

June 26, 2023-October 31, 2023

Dimensional Ultrashort Fixed Income ETF vs.

ICE BofA 3-Month US Treasury Bill Index

September 26, 2023-October 31, 2023

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DIMENSIONAL ETF TRUST

MANAGEMENT’S DISCUSSION AND ANALYSIS

Bond yields generally increased in the U.S. during the 12 months ended October 31, 2023. Longer-term government bonds generally underperformed shorter-term government bonds for the period. Bond yields also generally increased across global developed markets, resulting in the general underperformance of longer-term government bonds across global developed markets as well.

Long-term bond indices generally underperformed short-term bond indices in global developed fixed income markets for the 12 months ended October 31, 2023. For example, the Bloomberg Global Treasury Bond Index 1-3 Years (hedged to USD) returned 3.63%, while the Bloomberg Global Treasury Bond Index 10+ Years (hedged to USD) returned -4.02%. Within the U.S., the Bloomberg U.S. Treasury Bond Index 1-3 Years returned 2.89%, while the Bloomberg U.S. Treasury Bond Index 10+ Years returned -8.50%.

Source: Bloomberg

Many of Dimensional’s fixed income strategies use a variable maturity approach that identifies a maturity range with higher expected returns. When the yield curve is flat or inverted, short-term securities are believed to offer higher expected returns. When the yield curve is upwardly sloped, portfolio maturities may be lengthened to seek the higher expected returns associated with longer maturities. These higher returns may be achieved by capital appreciation (from holding bonds through an upwardly sloped term structure) as well as by earning higher current yields.

During the period under review, within the taxable bond market, the ultrashort- and short-term Portfolios employing a variable maturity approach were generally positioned toward the shorter end of their eligible maturity ranges as short-term bonds generally exhibited higher expected returns, reflecting a generally flat to inverted ultrashort- to short-term segment of eligible yield curves. The intermediate-term Portfolios employing a variable maturity approach focused on a combination of short- and long-term securities as certain eligible yield curves were generally flat to inverted in their short-term segments but were slightly upwardly sloped in their intermediate- to long-term segments. Realized term premiums were negative during the period.

Some of Dimensional’s fixed income strategies use a variable credit approach that varies exposure to lower credit quality securities. When credit spreads are narrow, higher-quality securities are emphasized. When credit spreads are wide, additional credit exposure may be taken in order to position a Portfolio to seek higher expected returns by capturing higher expected credit premiums.

Credit spreads were relatively wide over the period, indicating larger expected credit premiums. As a result, the variable credit Portfolios generally maintained their allocations to single-A, BBB, and where allowable and appropriate, BB rated bonds during the period, but were generally below their maximum allowable weights. Realized credit premiums were positive, as corporate bonds outperformed their government bond counterparts. Both corporate and government bonds outperformed securitized bonds during the period.

For the tax-exempt market, Portfolios employing a variable maturity approach generally focused on the shorter-end of their eligible duration ranges, reflecting the relatively flat slope of eligible municipal curves during the period. Realized term premiums were mixed for municipal securities during the period, with intermediate-term municipal bonds generally underperforming shorter- and longer-term municipal bonds.

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Dimensional Core Fixed Income ETF

The Dimensional Core Fixed Income ETF is designed to maximize total returns through exposure to a broad portfolio of investment grade debt securities of U.S. and non-U.S. corporate and government issuers using a variable credit approach. The ETF may also gain exposure to mortgage-backed securities through the “to-be-announced” (TBA) market. The ETF emphasizes investment grade obligations rated in the lower half of the investment grade spectrum, except when Dimensional believes the expected credit premium is relatively low. The ETF primarily invests in securities that mature within 20 years and follows a variable maturity strategy within a range of no more than a quarter of a year greater than, and no less than one year below, the weighted average duration of the ETF’s benchmark. The currency exposure associated with non-U.S. dollar-denominated securities within the ETF is generally hedged back to the U.S. dollar. The weighted average duration of the ETF was 6.15 years as of October 31, 2023, compared to 6.63 years as of October 31, 2022. The weighted average duration of the benchmark was 6.04 years as of October 31, 2023, compared to 6.11 years as of October 31, 2022.

For the 12 months ended October 31, 2023, total returns were 2.29% for the ETF and 0.36% for the Bloomberg U.S. Aggregate Bond Index, the ETF’s benchmark. During the period, the U.S. yield curve was generally flat to inverted in the short- to intermediate-term maturity segment, indicating smaller expected term premiums. As such, the ETF increased its allocation to short-term securities and had a weighted average duration that was shorter than the benchmark over the full period. Realized term premiums were generally negative during the period. As a result, the ETF’s exclusion of securities with maturities longer than 20-years, and allocation to securities with maturities shorter than one-year, contributed positively to relative performance. Credit spreads were relatively wide during the period, indicating larger expected credit premiums. As such, the ETF emphasized single-A and BBB rated corporate securities during this period. Realized credit premiums were generally positive during the period. As a result, the ETF’s overweight to single-A and BBB rated corporate securities contributed positively to relative performance.

Dimensional Short-Duration Fixed Income ETF

The Dimensional Short-Duration Fixed Income ETF is designed to maximize total returns by investing in U.S. and foreign corporate debt securities with an investment grade credit rating. The ETF engages in a variable credit approach that generally emphasizes investment grade obligations rated in the lower half of the investment grade spectrum except when Dimensional believes the expected credit premium is relatively low. The ETF primarily invests in securities that mature within five years and follows a variable maturity strategy within a range of no more than one half year greater than, and no less than one year below, the weighted average duration of the ETF’s benchmark. The currency exposure associated with non-U.S. dollar-denominated securities within the ETF is generally hedged back to the U.S. dollar. The weighted average duration of the ETF was 1.77 years as of October 31, 2023, compared to 2.53 years as of October 31, 2022. The weighted average duration of the benchmark was 2.55 years as of October 31, 2023, compared to 2.57 years as of October 31, 2022.

For the 12 months ended October 31, 2023, total returns were 5.04% for the ETF and 3.03% for the ICE BofA 1-5 Year U.S. Corporate & Government Index, the ETF’s benchmark. At the beginning of the period, eligible yield curves in global developed markets were generally upwardly sloped along the ETF’s eligible maturity segment, with higher expected returns generally residing within the zero- to two-year maturity segment. However, during the period, eligible yield curves inverted, indicating smaller expected term premiums. As such, the ETF’s duration was decreased. The ETF allocated to securities denominated in the Australian dollar, British pound, Canadian dollar, euro, and U.S. dollar given higher currency hedged expected returns residing within these markets. Realized term premiums were generally negative during the period. As a result, the ETF’s allocation to securities with maturities shorter than one-year, and underweight to longer-term securities, contributed positively to relative performance. Credit spreads were relatively wide during the period, indicating larger expected credit premiums. As such, the ETF emphasized single-A and BBB rated corporate securities during the period. Realized credit premiums were generally positive during the period. As a result, the ETF’s overweight to single-A and BBB rated corporate securities, and underweight to government securities, also contributed positively to relative performance.

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CONTINUED

Dimensional Inflation-Protected Securities ETF

The Dimensional Inflation-Protected Securities ETF is designed to provide inflation protection and current income by investing in inflation-protected securities (TIPS) issued by the U.S. government and its agencies and instrumentalities with maturities of between five and 20 years. The weighted average duration of the ETF was 6.71 years as of October 31, 2023, compared to 6.92 years as of October 31, 2022. The weighted average duration of the benchmark was 6.44 years as of October 31, 2023, compared to 6.67 years as of October 31, 2022.

For the 12 months ended October 31, 2023, total returns were -0.56% for the ETF and -0.72% for the Bloomberg U.S. TIPS Index, the ETF’s benchmark. Real interest rates increased during the period and long-term TIPS underperformed short-term TIPS. As a result, the ETF’s exclusion of TIPS with maturities longer than 20-years contributed positively to relative performance. Conversely, the ETF’s underweight to short-term TIPS and overweight to intermediate-term TIPS detracted from relative performance.

Dimensional National Municipal Bond ETF

The Dimensional National Municipal Bond ETF is designed to provide current income exempt from federal personal income tax by investing in a universe of investment grade municipal securities. The ETF follows a variable maturity strategy within a range of no more than half a year greater than, and no less than one year below, the weighted average duration of the ETF’s benchmark. The weighted average duration of the ETF was 4.28 years as of October 31, 2023, compared to 3.53 years as of October 31, 2022. The weighted average duration of the benchmark was 5.08 years as of October 31, 2023, compared to 4.66 years as of October 31, 2022.

For the 12 months ended October 31, 2023, total returns were 1.55% for the ETF and 2.36% for the S&P Intermediate Term National AMT-Free Municipal Bond Index, the ETF’s benchmark. During the period, municipal yield curves were relatively flat, indicating smaller expected term premiums. As such, the ETF maintained a shorter duration than that of its benchmark. Realized term premiums were mixed during the period, with intermediate-term municipal securities generally underperforming shorter- and longer-term municipal securities. As a result, the ETF’s underweight to longer-term municipal securities, and overweight to intermediate-term municipal securities, detracted from relative performance.

Dimensional California Municipal Bond ETF

The Dimensional California Municipal Bond ETF is designed to provide current income that is exempt from both federal personal income taxes and California state personal income taxes by investing primarily in a universe of municipal securities issued by or on behalf of California state or local governments and their agencies, instrumentalities, and regional governmental authorities. The ETF follows a variable maturity strategy within a range of no more than half a year greater than, and no less than one year below, the weighted average duration of the ETF’s benchmark. The weighted average duration of the ETF was 4.32 years as of October 31, 2023. The weighted average duration of the benchmark was 4.90 years as of October 31, 2023.

Since inception on June 26, 2023, through October 31, 2023, total returns were -2.47% for the ETF and -3.16% for the S&P Intermediate Term California AMT-Free Municipal Bond Index, the ETF’s benchmark. During the truncated period, the California municipal yield curve was relatively flat, indicating smaller expected term premiums. As such, the ETF maintained a shorter duration than that of its benchmark. Realized term premiums were generally negative during the period. As a result, the Portfolio’s overweight to shorter-term California municipal securities, and underweight to longer-term California municipal securities, contributed positively to relative performance.

Dimensional Ultrashort Fixed Income ETF

The Dimensional Ultrashort Fixed Income ETF is designed to maximize total returns by generally investing in a universe of investment grade quality fixed income securities and maintaining a weighted average portfolio maturity of one year or less. The investment strategy uses both variable maturity and variable credit approaches, shifting maturities based on changes in the yield curve and credit quality based on changes in credit spreads. The strategy uses current yields and identifies favorable maturity ranges of expected returns based on potential buy and

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DIMENSIONAL ETF TRUST

CONTINUED

sell strategies. Maturity targets are shifted based on Dimensional’s expectations for term premiums. The weighted average duration of the ETF was 0.65 year as of October 31, 2023. The weighted average duration of the benchmark was 0.22 year as of October 31, 2023.

From inception on September 26, 2023, through October 31, 2023, total returns were 0.45% for the ETF and 0.52% for the ICE BofA 3-Month U.S. Treasury Bill Index, the ETF’s benchmark. During the period, eligible yield curves were inverted, indicating smaller expected term premiums. As such, the Portfolio’s duration was shorter than the allowable limit but longer than the benchmark. Realized term premiums were generally negative during the period. As a result, the ETF’s allocation to securities with maturities longer than three-months detracted from relative performance. Within the ETF’s eligible universe, credit spreads were relatively wide, indicating higher expected returns for single-A and BBB rated corporate securities. Realized credit premiums were generally negative during the period but had a negligible impact on relative performance.

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DIMENSIONAL ETF TRUST

DISCLOSURE OF FUND EXPENSES

(Unaudited)

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

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

Actual Fund Return

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

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

Hypothetical Example for Comparison Purposes

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

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

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DISCLOSURE OF FUND EXPENSES

CONTINUED

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DIMENSIONAL ETF TRUST

DISCLOSURE OF PORTFOLIO HOLDINGS

(Unaudited)

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

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

PORTFOLIO HOLDINGS

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

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DIMENSIONAL CORE FIXED INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023

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CONTINUED

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CONTINUED

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CONTINUED

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CONTINUED