Annual Report

Period Ended: October 31, 2022

DIMENSIONAL ETF TRUST

Dimensional Core Fixed Income ETF

Dimensional Short-Duration Fixed Income ETF

Dimensional Inflation-Protected Securities ETF

Dimensional National Municipal Bond ETF

Shareholder Letter

December 2022

Dear Shareholder,

For more than four decades, Dimensional has been innovating on behalf of investors, using financial science to pursue higher expected returns across a range of market conditions.

We start with what clients are seeking and determine how best to deliver strategies to meet those needs through a systematic approach designed to add value over indexing. Every day, we manage our strategies through a flexible process that allows us to consistently focus on reducing costs and controlling risks. We believe in sensible ideas that we can implement well. And we’re committed to continuing to enhance the investment solutions and services we provide to empower financial professionals.

On behalf of everyone at Dimensional, we thank you for entrusting us with your investments.

Sincerely,

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

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)

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DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

CONTINUED

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional Short-Duration Fixed Income ETF vs.

ICE BofA 1-5 Year US Corporate & Government Index

November 15, 2021-October 31, 2022

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DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

Dimensional National Municipal Bond ETF vs.

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

November 15, 2021-October 31, 2022

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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, 2022. Longer-term government bonds generally underperformed shorter-term government bonds for the period. Bond yields also 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, 2022. For example, the FTSE World Government Bond Index 1-3 Years (hedged to USD) returned -3.35%, while the FTSE World Government Bond Index 20+ Years (hedged to USD) returned -29.51%. Within the U.S., the Bloomberg U.S. Treasury Bond Index 1-3 Years returned -4.85%, while the Bloomberg U.S. Treasury Bond Index 20+ Years returned -33.73%.

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 ultra-short-term Portfolios employing a variable maturity approach generally focused on the longer end of their eligible maturity range, reflecting a generally upwardly sloped ultra-short-term segment of eligible yield curves. The short-term Portfolios employing a variable maturity approach typically shortened duration by focusing on the one- to three-year maturity range as higher expected returns generally resided within this segment, reflecting the flat to inverted nature of eligible yield curves beyond three-years. 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 upwardly sloped in their long-term segments. Realized term premiums were generally 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 widened over the period, indicating larger expected credit premiums. As a result, the variable credit Portfolios generally increased their allocations to single-A, BBB, and where allowable and appropriate, BB rated bonds during the period. Realized credit premiums were generally negative, as corporate bonds underperformed their government bond counterparts. Corporate bonds also generally underperformed 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 generally negative for municipal securities during the period.

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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 6.63 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -17.67% for the ETF and -15.31% for the Bloomberg U.S. Aggregate Bond Index, the ETF’s benchmark. During the period, the U.S. yield curve was broadly upwardly sloped, indicating larger expected term premiums. As such, the ETF maintained a duration at the longer end of its eligible maturity range. Realized term premiums were generally negative since the ETF’s inception date. As such, the ETF’s underweight to government securities in the one- to three-year maturity range and overweight to intermediate-term securities detracted from relative performance. Credit spreads widened since the ETF’s inception, indicating larger expected credit premiums. As such, the ETF’s allocation to single-A and BBB rated corporate securities was increased. Realized credit premiums were, however, generally negative since the ETF’s inception date. As a result, the ETF’s overweight to BBB rated corporate securities detracted from relative performance. In addition, the ETF’s fixed income securities underperformed the financing cost of the TBA contracts, also detracting from performance relative to the benchmark.

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 2.53 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -7.68% for the ETF and -7.10% for the ICE BofA 1-5 Year U.S. Corporate & Government Index, the ETF’s benchmark. During the period, the U.S. Treasury yield curve was generally upwardly sloped along the ETF’s eligible maturity range but became flat to inverted beyond two-years later in the period, indicating smaller expected term premiums. As such, the ETF’s duration was positioned at the longer end of its eligible maturity range at inception and then shortened later in the period. Credit spreads widened since the ETF’s inception, indicating larger expected credit premiums. As such, the ETF’s allocation to single-A and BBB rated corporate securities was increased. Both realized term premiums and realized credit premiums were generally negative since the ETF’s inception date. As a result, the ETF’s underweight to government securities in the zero- to three-year maturity range and overweight to corporate securities in the three- to five-year maturity range detracted from relative performance.

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 6.92 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -13.40% for the ETF and -12.71% for the Bloomberg U.S. TIPS Index, the ETF’s benchmark. Real interest rates increased since the

7

ETF’s inception date and long-term TIPS underperformed short-term TIPS. As a result, the ETF’s underweight to TIPS in the one- to five-year maturity range and overweight to TIPS in the 15- to 20-year maturity range detracted from relative performance. Conversely, the ETF’s exclusion of TIPS with maturities longer than 20-years contributed positively to 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 3.53 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -6.38% for the ETF and -8.72% 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 its benchmark. Realized term premiums were generally negative since the ETF’s inception date. As a result, the ETF’s overweight to short-term municipal securities, and underweight to municipal securities with maturities longer than seven years, contributed positively to performance relative to the benchmark. The ETF’s overweight to higher-quality municipal securities also contributed positively to relative performance as higher-quality municipal securities generally outperformed lower-quality municipal securities.

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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 mutual 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 mutual 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 mutual 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 mutual 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 29, 2022. 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.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after distributing 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.

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DIMENSIONAL CORE FIXED INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2022

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DIMENSIONAL CORE FIXED INCOME ETF

CONTINUED

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DIMENSIONAL CORE FIXED INCOME ETF

CONTINUED

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DIMENSIONAL CORE FIXED INCOME ETF

CONTINUED

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DIMENSIONAL CORE FIXED INCOME ETF

CONTINUED