LOGO

 

Annual Report

Period Ended: October 31, 2021

 

 

DIMENSIONAL ETF TRUST

 

 

Dimensional U.S. Equity ETF

Dimensional US Core Equity Market ETF

Dimensional U.S. Core Equity 2 ETF

Dimensional U.S. Small Cap ETF

Dimensional U.S. Targeted Value ETF

Dimensional International Core Equity Market ETF

Dimensional International Value ETF

Dimensional Emerging Core Equity Market ETF

Dimensional World ex U.S. Core Equity 2 ETF


LOGO

December 2021

Dear Shareholder,

As we near the end of a year that saw us mark four decades since our founding, we want to thank you for entrusting us with your investments. We built Dimensional to implement the great ideas in finance, with the goal of transforming the investor experience for the better.

We are proud of the role Dimensional has played over the past 40 years in helping drive down costs, providing solutions that can improve diversification, and contributing to investor education. We’re committed to continuing to enhance our research-driven strategies, our efficient implementation, and the services we provide.

Just this past year, we launched an expanded offering for separately managed accounts, broadened our suite of fixed income solutions, and became one of the first asset managers to convert mutual funds into exchange-traded funds, offering greater choice in how investors access Dimensional’s strategies.

We have always focused on empowering financial professionals so they can meet their clients’ evolving needs. The solutions we have recently developed will help further that mission, offering more ability to customize and tailor investments to investors’ specific situations. It’s all part of our enduring tradition of innovation to enable the best possible experience for investors.

For 40 years, we have trusted markets. And for 40 years, we have built trust with financial professionals and investors around the world. The advances made in the industry have been profound for investors, and we believe this is just the beginning. We look forward to many more years of innovating on behalf of our clients and investors.

Sincerely,

 

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


DIMENSIONAL ETF TRUST

ANNUAL REPORT

Table of Contents

 

Letter to Shareholders

  

Definitions of Abbreviations and Footnotes

     3  

Performance Charts

     4  

Management’s Discussion and Analysis

     9  

Disclosure of Expenses

     14  

Disclosure of Portfolio Holdings

     16  

Summary Schedules of Portfolio Holdings

     18  

Statements of Assets and Liabilities

     50  

Statements of Operations

     53  

Statements of Changes In Net Assets

     56  

Financial Highlights

     61  

Notes to Financial Statements

     66  

Report of Independent Registered Public Accounting Firm

     84  

Fund Management

     85  

Voting Proxies on Fund Portfolio Securities

     94  

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

 

i


DIMENSIONAL ETF TRUST

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

(Unaudited)

 

Summary Schedules of Portfolio Holdings

Investment Abbreviations

PLC    Public Limited Company
SA    Special Assessment
ADR    American Depositary Receipt
GDR    Global Depositary Receipt

Investment Footnotes

   See Note B to Financial Statements
   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
*    Non-Income Producing Security
@    Security purchased with cash collateral received from Securities on Loan
§    Affiliated Fund
#    Total or Partial Securities on Loan

Financial Highlights

(a)    Computed using average shares outstanding
(b)    Net asset value (“NAV”) 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

 

3


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

 

Dimensional U.S. Equity ETF vs.

Russell 3000® Index

October 31, 2011-October 31, 2021

 

LOGO

    

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

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

    Average Annual
Total Return
   One
Year
     Five
Years
     Ten
Years
    
  Fund Net Asset Value    43.83%      18.95%      16.07%    
  Fund Market Price    43.80%      18.94%      16.07%       

 

 

 

Dimensional US Core Equity Market ETF vs.

Russell 3000® Index

November 17, 2020-October 31, 2021

 

LOGO

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on November 18, 2020.

 

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

    Average Annual
Total Return
                   Since
Inception
    
  Fund Net Asset Value              29.81%    
  Fund Market Price              29.88%       

 

 

 

4


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

 

Dimensional U.S. Core Equity 2 ETF vs.

Russell 3000® Index

October 31, 2011-October 31, 2021

 

LOGO

    

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

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

    Average Annual
Total Return
   One
Year
     Five
Years
     Ten
Years
    
  Fund Net Asset Value    46.47%      16.88%      14.96%    
  Fund Market Price    46.57%      16.90%      14.96%       

 

 

 

Dimensional U.S. Small Cap ETF vs.

Russell 2000® Index

October 31, 2011-October 31, 2021

 

LOGO

    

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

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

    Average Annual
Total Return
   One
Year
     Five
Years
     Ten
Years
    
  Fund Net Asset Value    57.38%      13.94%      13.41%    
  Fund Market Price    57.51%      13.96%      13.42%       

 

 

 

5


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

 

 

Dimensional U.S. Targeted Value ETF vs.

Russell 2000® Value Index

October 31, 2011-October 31, 2021

 

LOGO

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

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

    Average Annual
Total Return
   One
Year
     Five
Years
     Ten
Years
    
  Fund Net Asset Value    65.98%      12.25%      12.83%    
  Fund Market Price    66.13%      12.27%      12.84%       

 

 

 

Dimensional International Core Equity Market ETF vs.

MSCI World ex USA IMI Index (net dividends)

November 17, 2020-October 31, 2021

 

LOGO

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on November 18, 2020

 

MSCI data © MSCI 2021, all rights reserved.

    Average Annual
Total Return
                   Since
Inception
    
  Fund Net Asset Value              20.54%    
  Fund Market Price              21.08%       

 

 

6


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

 

 

Dimensional International Value ETF vs.

MSCI World ex USA Index (net dividends)

October 31, 2011-October 31, 2021

 

LOGO

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

MSCI data © MSCI 2021, all rights reserved.

    Average Annual
Total Return
   One
Year
     Five
Years
     Ten
Years
    
  Fund Net Asset Value    48.18%      7.85%      5.87%    
  Fund Market Price    48.68%      7.92%      5.90%       

 

 

 

Dimensional Emerging Core Equity Market ETF vs.

MSCI Emerging Markets IMI Index (net dividends)

December 1, 2020-October 31, 2021

 

LOGO

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on December 2, 2020.

 

MSCI data © MSCI 2021, all rights reserved.

    Average Annual
Total Return
                   Since
Inception
    
  Fund Net Asset Value              9.33%    
  Fund Market Price              9.57%       

 

 

7


DIMENSIONAL ETF TRUST

PERFORMANCE CHARTS

(Unaudited)

 

 

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

MSCI All Country World ex USA Index (net dividends)

October 31, 2011-October 31, 2021

 

LOGO

 

  

Past performance is not predictive of future performance.

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange.

 

MSCI data © MSCI 2021, all rights reserved.

    Average Annual
Total Return
   One
Year
     Five
Years
     Ten
Years
    
  Fund Net Asset Value    35.23%      9.57%      7.25%    
  Fund Market Price    35.23%      9.57%      7.25%       

 

 

8


DIMENSIONAL ETF TRUST

MANAGEMENT’S DISCUSSION AND ANALYSIS

 

U.S. Equity Market Review    12 Months Ended October 31, 2021

U.S. equities had positive returns for the period. The broad U.S. equity market, as measured by the Russell 3000® Index, gained approximately 43.90%. As measured by Russell indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, outperformed large-cap stocks but underperformed small-cap stocks. Value stocks outperformed growth stocks as measured by the Russell indices.

 

Total Return for 12 Months Ended October 31, 2021

 

Russell 3000® Index

     43.90%  

Russell 1000® Index (large-cap stocks)

     43.51%  

Russell Midcap® Index (mid-cap stocks)

     45.40%  

Russell 2000® Index (small-cap stocks)

     50.80%  

Russell Microcap® Index (micro-cap stocks)

     62.54%  

Dow Jones U.S. Select REIT Index SM

     56.10%  

 

Total Return for 12 Months Ended October 31, 2021

 

Russell 1000® Value Index (large-cap value stocks)

     43.76%  

Russell 1000® Growth Index (large-cap growth stocks)

     43.21%  

Russell 2000® Value Index (small-cap value stocks)

     64.30%  

Russell 2000® Growth Index (small-cap growth stocks)

     38.45%  

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

U.S. Equity ETF

The U.S. Equity ETF invests in a broadly diversified group of U.S. securities while considering the federal tax implications of investment decisions. The ETF generally excludes stocks with the lowest profitability and highest relative price. The ETF also generally excludes certain companies that have high asset growth. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 2,200 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2021, total returns were 43.83% on a net asset value basis for the ETF and 43.90% for the Russell 3000® Index, the ETF’s benchmark. The ETF’s exclusion of stocks with high asset growth contributed positively to performance relative to the benchmark, as those stocks underperformed. The ETF’s exclusion of stocks with the lowest profitability and highest relative price also contributed positively to relative performance, as those stocks underperformed. Conversely, the ETF’s exclusion of real estate investment trusts (REITs) detracted from performance relative to the benchmark, as REITs generally outperformed.

U.S. Targeted Value ETF

The U.S. Targeted Value ETF invests in a broadly diversified group of U.S. small- and mid-cap value stocks with higher profitability, while considering the federal tax implications of investment decisions. Additionally, the ETF generally excludes certain companies with high asset growth. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 1,610 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2021, total returns were 65.98% on a net asset value basis for the ETF and 64.30% for the Russell 2000® Value Index, the ETF’s benchmark. With low relative price (value) stocks outperforming high relative price (growth) stocks, the ETF’s greater emphasis on value stocks contributed positively to performance relative to the benchmark. The ETF’s exclusion of highly regulated utilities also contributed

 

9


positively to relative performance, as utilities generally underperformed. Conversely, the ETF’s lesser allocation to micro-cap stocks detracted from relative performance, as these stocks outperformed.

U.S. Small Cap ETF

The U.S. Small Cap ETF invests in a broadly diversified group of U.S. small-cap stocks while considering the federal tax implications of investment decisions. The ETF generally excludes stocks with the lowest profitability and highest relative price. Additionally, the ETF generally excludes certain companies with high asset growth. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 2,000 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2021, total returns were 57.38% on a net asset value basis for the ETF and 50.80% for the Russell 2000® Index, the ETF’s benchmark. The ETF’s exclusion of stocks with the lowest profitability and highest relative price contributed positively to performance relative to the benchmark, as those stocks underperformed. The ETF’s exclusion of stocks with high asset growth also contributed positively to relative performance, as those securities underperformed.

U.S. Core Equity 2 ETF

The U.S. Core Equity 2 ETF invests in a broadly diversified group of U.S. securities with increased exposure to smaller market capitalization stocks, lower relative price (value) stocks, and higher-profitability stocks relative to the market while considering federal tax implications of investment decisions. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 2,580 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2021, total returns were 46.47% on a net asset value basis for the ETF and 43.90% for the Russell 3000® Index, the ETF’s benchmark. The ETF’s emphasis on small-cap stocks contributed positively to performance relative to the benchmark, as small-caps outperformed large-caps for the period. With low relative price (value) stocks outperforming high relative price (growth) stocks, the ETF’s emphasis on value stocks also contributed positively to relative performance.

U.S. Core Equity Market ETF

The U.S. Core Equity Market ETF invests in a broadly diversified group of U.S. securities with increased exposure to smaller market capitalization stocks, lower relative price (value) stocks, and higher-profitability stocks relative to the market. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 2,500 securities. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

From its inception on November 17, 2020, through October 31, 2021, total returns were 29.81% on a net asset value basis for the ETF and 29.65% for the Russell 3000® Index, the ETF’s benchmark. The ETF’s emphasis on small-cap stocks contributed positively to performance relative to the benchmark, as small-caps outperformed large-caps for the period. With low relative price (value) stocks outperforming high relative price (growth) stocks, the ETF’s emphasis on value stocks also contributed positively to relative performance.

 

International Equity Market Review    12 Months Ended October 31, 2021

Performance of non-U.S. developed markets was positive for the period. As measured by the MSCI World ex USA indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, underperformed large-cap stocks and small-cap stocks. Value stocks outperformed growth stocks as measured by the MSCI World ex USA indices.

 

10


12 Months Ended October 31, 2021

 
     Return in U.S. Dollars  

MSCI World ex USA Index

     35.59%  

MSCI World ex USA Mid Cap Index

     31.20%  

MSCI World ex USA Small Cap Index

     37.19%  

MSCI World ex USA Value Index

     40.88%  

MSCI World ex USA Growth Index

     30.25%  

For the 12 Months Ended October 31, 2021, the U.S. dollar appreciated against some non-U.S. developed markets currencies and depreciated against others. Overall, currency movements did not have a material overall impact on the U.S. dollar-denominated returns of developed markets.

 

12 Months Ended October 31, 2021

 
Ten Largest Foreign Developed Markets by Market Cap    Local Return      Return in U.S. Dollars  

Japan

     30.75%        19.88%  

United Kingdom

     35.57%        43.72%  

Canada

     38.56%        49.05%  

France

     48.30%        47.33%  

Switzerland

     28.36%        28.75%  

Germany

     33.47%        32.60%  

Australia

     27.93%        36.82%  

Netherlands

     60.71%        59.67%  

Sweden

     40.26%        45.36%  

Hong Kong

     18.26%        17.91%  

Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2021, all rights reserved.

Emerging markets had positive performance for the period but underperformed both U.S. and non-U.S. developed markets. As measured by the MSCI Emerging Markets indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, outperformed large-cap stocks but underperformed small-cap stocks. Value stocks outperformed growth stocks as measured by the MSCI Emerging Markets indices.

 

12 Months Ended October 31, 2021

 
     Return in U.S. Dollars  

MSCI Emerging Markets Index

     16.96%  

MSCI Emerging Markets Mid Cap Index

     31.20%  

MSCI Emerging Markets Small Cap Index

     44.29%  

MSCI Emerging Markets Value Index

     28.31%  

MSCI Emerging Markets Growth Index

     7.38%  

 

11


For the 12 Months Ended October 31, 2021, the U.S. dollar depreciated against some emerging markets currencies and appreciated against others. Overall, currency movements had a positive impact on the U.S. dollar denominated returns of emerging markets.

 

12 Months Ended October 31, 2021

 
Ten Largest Emerging Markets by Market Cap    Local Return      Return in U.S.  

Dollars

     

China

     -9.52%        -9.21%  

Taiwan

     38.36%        42.32%  

Korea

     27.78%        24.08%  

India

     51.78%        50.21%  

Russia

     64.53%        81.80%  

Brazil

     10.38%        12.91%  

Saudi Arabia

     56.07%        56.04%  

South Africa

     18.16%        26.32%  

Mexico

     42.35%        47.44%  

Thailand

     34.75%        26.57%  

Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2021, all rights reserved.

For Portfolios investing in non-U.S. equities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2021, these differences generally detracted from the Portfolios’ relative performance.

International Value ETF

The International Value ETF invests in a broadly diversified group of developed ex U.S. large company value stocks while considering the federal tax implications of investment decisions. The investment strategy is process driven, emphasizing broad diversification, with increased exposure to stocks with smaller total market capitalizations, lower relative price (value), and higher-profitability within the large-cap value segment of developed ex U.S. markets. As of October 31, 2021, the ETF held approximately 520 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2021, total returns were 48.18% on a net asset value basis for the ETF and 35.59% for the MSCI World ex USA Index (net dividends), the ETF’s benchmark. With low relative price (value) stocks outperforming high relative price (growth) stocks for the period, the ETF’s focus on value stocks contributed positively to performance relative to the style-neutral benchmark.

World ex U.S. Core 2 Equity ETF

The World ex U.S. Core 2 Equity ETF invests in a broadly diversified group of stocks in developed ex U.S. and emerging markets, with increased exposure to stocks with smaller market capitalization, lower relative price, and higher profitability, while considering potential federal tax implications of investment decisions. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 9,390 securities in 46 eligible developed and emerging markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

For the 12 months ended October 31, 2021, total returns were 35.23% on a net asset value basis for the ETF and 29.66% for the MSCI All Country World ex USA Index (net dividends), the ETF’s benchmark. The ETF’s greater emphasis on low relative price (value) stocks contributed positively to relative performance, as value stocks outperformed high relative price (growth) stocks in developed ex U.S. and emerging markets.

 

12


International Core Equity Market ETF

The International Core Equity Market ETF invests in a broadly diversified group of stocks in developed ex U.S. markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 3,090 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

From its inception on November 17, 2020 through October 31, 2021, total returns were 20.54% on a net asset value basis for the ETF and 19.42% for the MSCI World ex USA IMI Index (net dividends), the ETF’s benchmark. The ETF’s emphasis on low relative price (value) stocks contributed positively to performance relative to the benchmark, as value stocks outperformed high relative price (growth) stocks in developed ex US markets.

Emerging Core Equity Market ETF

The Emerging Core Equity Market ETF invests in a broadly diversified group of stocks in emerging markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2021, the ETF held approximately 4,140 securities in 24 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the ETF’s assets.

From its inception on December 1, 2020 through October 31, 2021, total returns were 9.33% on a net asset value basis for the ETF and 7.48% for the MSCI Emerging Markets IMI Index (net dividends), the ETF’s benchmark. The ETF’s emphasis on low relative price (value) stocks contributed positively to performance relative to the benchmark, as value stocks outperformed high relative price (growth) stocks in emerging markets. The ETF’s emphasis on small-cap stocks contributed positively to performance relative to the benchmark, as small-caps outperformed large-caps for the period.

 

13


DIMENSIONAL ETF TRUST

DISCLOSURE OF FUND EXPENSES

 

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.

 

     For the period ended October 31, 2021  

Expense Tables

                 
     Beginning
Account
Value
5/1/2021
       Ending
Account
Value
10/31/2021
       Annualized
Expense
Ratio(a)
       Expenses
Paid
During
Period(a)
 

Dimensional U.S. Equity ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,102.20          0.17      $ 0.90  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,024.35          0.17      $ 0.87  

Dimensional US Core Equity Market ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,092.90          0.12      $ 0.63  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,024.60          0.12      $ 0.61  

 

14


DISCLOSURE OF FUND EXPENSES

CONTINUED

 

     Beginning
Account
Value
5/1/2021
       Ending
Account
Value
10/31/2021
       Annualized
Expense
Ratio(a)
       Expenses
Paid
During
Period(a)
 

Dimensional U.S. Core Equity 2 ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,076.00          0.21      $ 1.10  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,024.15          0.21      $ 1.07  

Dimensional U.S. Small Cap ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,047.30          0.39      $ 2.01  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,023.24          0.39      $ 1.99  

Dimensional U.S. Targeted Value ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,042.40          0.38      $ 1.96  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,023.29          0.38      $ 1.94  

Dimensional International Core Equity Market ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,049.40          0.18      $ 0.93  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,024.30          0.18      $ 0.92  

Dimensional International Value ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,054.50          0.48      $ 2.49  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,022.79          0.48      $ 2.45  

Dimensional Emerging Core Equity Market ETF

                 

Actual Fund Return

   $ 1,000.00        $ 961.80          0.35      $ 1.73  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,023.44          0.35      $ 1.79  

Dimensional World ex U.S. Core Equity 2 ETF

                 

Actual Fund Return

   $ 1,000.00        $ 1,018.40          0.36      $ 1.83  

Hypothetical 5% Annual Return

   $ 1,000.00        $ 1,023.39          0.36      $ 1.84  

 

(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 (184), then divided by the number of days in the year (365) (to reflect the six-month period).

 

15


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, 2021. 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 Portfolio Holdings” in lieu of a full Schedule of Investments. The Summary Schedule of Portfolio Holdings 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 Portfolio Holdings identify 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 U.S. Equity ETF

 

Communication Services

    10.4

Consumer Discretionary

    13.0

Consumer Staples

    5.4

Energy

    2.5

Financials

    12.2

Health Care

    13.2

Industrials

    9.1

Information Technology

    29.1

Materials

    2.7

Real Estate

    0.1

Utilities

    2.3
 

 

 

 
    100.0

Dimensional US Core Equity Market ETF

 

Communication Services

    9.3

Consumer Discretionary

    13.0

Consumer Staples

    5.8

Energy

    3.3

Financials

    12.9

Health Care

    12.7

Industrials

    10.4

Information Technology

    26.6

Materials

    3.2

Real Estate

    0.2

Utilities

    2.6
 

 

 

 
    100.0
Dimensional U.S. Core Equity 2 ETF

 

Communication Services

    7.0

Consumer Discretionary

    13.2

Consumer Staples

    5.1

Energy

    3.0

Financials

    15.4

Health Care

    11.7

Industrials

    13.9

Information Technology

    24.4

Materials

    4.3

Real Estate

    0.4

Utilities

    1.6
 

 

 

 
    100.0

 

Dimensional U.S. Small Cap ETF

 

Communication Services

    2.3

Consumer Discretionary

    14.6

Consumer Staples

    4.1

Energy

    3.3

Financials

    20.7

Health Care

    11.8

Industrials

    20.8

Information Technology

    13.7

Materials

    5.8

Real Estate

    0.5

Utilities

    2.4
 

 

 

 
    100.0

Dimensional U.S. Targeted Value ETF

 

Communication Services

    2.8

Consumer Discretionary

    14.8

Consumer Staples

    5.0

Energy

    5.1

Financials

    29.0

Health Care

    4.1

Industrials

    22.0

Information Technology

    8.4

Materials

    8.0

Real Estate

    0.6

Utilities

    0.2
 

 

 

 
    100.0
Dimensional International Core Equity Market ETF

 

Communication Services

    4.8

Consumer Discretionary

    12.7

Consumer Staples

    8.8

Energy

    5.0

Financials

    17.6

Health Care

    10.5

Industrials

    17.4

Information Technology

    9.2

Materials

    9.1

Real Estate

    1.4

Utilities

    3.5
 

 

 

 
    100.0

 

16


DISCLOSURE OF PORTFOLIO HOLDINGS

CONTINUED

 

Dimensional International Value ETF

 

Communication Services

    4.9

Consumer Discretionary

    14.3

Consumer Staples

    4.8

Energy

    12.6

Financials

    29.0

Health Care

    5.5

Industrials

    11.2

Information Technology

    1.2

Materials

    12.9

Real Estate

    2.1

Utilities

    1.5
 

 

 

 
    100.0

Dimensional Emerging Core Equity Market ETF

 

Communication Services

    9.3

Consumer Discretionary

    13.2

Consumer Staples

    6.0

Energy

    5.1

Financials

    17.1

Health Care

    4.2

Industrials

    7.8

Information Technology

    21.1

Materials

    11.0

Real Estate

    2.5

Utilities

    2.7
 

 

 

 
    100.0

Dimensional World ex U.S. Core Equity 2 ETF

 

Communication Services

    5.8

Consumer Discretionary

    13.6

Consumer Staples

    7.7

Energy

    5.1

Financials

    15.0

Health Care

    6.3

Industrials

    16.9

Information Technology

    11.7

Materials

    12.1

Real Estate

    2.8

Utilities

    3.0
 

 

 

 
    100.0

 

17


DIMENSIONAL U.S. EQUITY ETF

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2021

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

COMMON STOCKS — (99.1%)

 

COMMUNICATION SERVICES — (10.3%)

 

*

 

Alphabet, Inc., Class A

    41,882        $ 124,009,251          2.1%  

*

 

Alphabet, Inc., Class C

    41,863          124,140,959          2.1%  
 

Comcast Corp., Class A

    633,966          32,604,871          0.6%  

*

 

Facebook, Inc., Class A

    336,080          108,745,406          1.8%  

*

 

Netflix, Inc.

    61,692          42,586,605          0.7%  
 

Verizon Communications, Inc.

    577,823          30,618,841          0.5%  

*

 

Walt Disney Co. (The)

    252,754          42,733,119          0.7%  
 

Other Securities

         120,108,481          1.9%  
        

 

 

      

 

 

 

TOTAL COMMUNICATION SERVICES

         625,547,533          10.4%  
      

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (12.8%)

 

*

 

Amazon.com, Inc.

    61,739          208,210,456          3.5%  
 

Home Depot, Inc. (The)

    150,712          56,025,679          0.9%  
 

Lowe’s Cos., Inc.

    105,669          24,707,526          0.4%  
 

McDonald’s Corp.

    104,363          25,626,335          0.4%  
 

NIKE, Inc., Class B

    174,778          29,238,612          0.5%  

*

 

Tesla, Inc.

    108,041          120,357,674          2.0%  
 

Other Securities

         318,178,523          5.3%  
        

 

 

      

 

 

 

TOTAL CONSUMER DISCRETIONARY

         782,344,805          13.0%  
      

 

 

      

 

 

 

CONSUMER STAPLES — (5.4%)

 

 

Coca-Cola Co. (The)

    570,909          32,182,140          0.5%  
 

Costco Wholesale Corp.

    63,220          31,075,159          0.5%  

*

 

PepsiCo., Inc.

    200,142          32,342,947          0.5%  
 

Procter & Gamble Co. (The)

    347,476          49,685,593          0.8%  
 

Walmart, Inc.

    198,534          29,664,950          0.5%  
 

Other Securities

         152,790,715          2.6%  
        

 

 

      

 

 

 

TOTAL CONSUMER STAPLES

         327,741,504          5.4%  
      

 

 

      

 

 

 

ENERGY — (2.5%)

 

 

Chevron Corp.

    237,748          27,219,769          0.5%  
 

Exxon Mobil Corp.

    517,515          33,364,192          0.6%  
 

Other Securities

         92,417,867          1.4%  
        

 

 

      

 

 

 

TOTAL ENERGY

         153,001,828          2.5%  
      

 

 

      

 

 

 

FINANCIALS — (12.1%)

 

 

Bank of America Corp.

    1,086,017          51,889,892          0.9%  

*

 

Berkshire Hathaway, Inc., Class B

    270,863          77,740,390          1.3%  
 

JPMorgan Chase & Co.

    425,131          72,225,506          1.2%  
 

Wells Fargo & Co.

    481,144          24,615,327          0.4%  
 

Other Securities

         508,168,125          8.4%  
        

 

 

      

 

 

 

TOTAL FINANCIALS

         734,639,240          12.2%  
      

 

 

      

 

 

 

HEALTH CARE — (13.1%)

 

 

Abbott Laboratories

    245,051          31,584,623          0.5%  
 

AbbVie, Inc.

    246,043          28,213,751          0.5%  
 

Danaher Corp.

    82,522          25,727,884          0.4%  
 

Eli Lilly & Co.

    124,654          31,756,853          0.5%  
 

Johnson & Johnson

    367,378          59,838,529          1.0%  
 

Merck & Co., Inc.

    352,752          31,059,814          0.5%  
 

Pfizer, Inc.

    777,093          33,990,048          0.6%  
 

Thermo Fisher Scientific, Inc.

    55,402          35,073,344          0.6%  
 

UnitedHealth Group, Inc.

    132,814          61,156,863          1.0%  

 

18


DIMENSIONAL U.S. EQUITY ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

HEALTH CARE — (Continued)

           
 

Other Securities

       $ 456,277,856          7.6%  
        

 

 

      

 

 

 

TOTAL HEALTH CARE

         794,679,565          13.2%  
        

 

 

      

 

 

 

INDUSTRIALS — (9.0%)

 

 

Union Pacific Corp.

    95,269          1,962,031          0.3%  
 

Other Securities

         544,975,801          8.8%  
        

 

 

      

 

 

 

INFORMATION TECHNOLOGY — (28.8%)

 

 

Accenture PLC, Class A

    88,303          31,682,233          0.5%  

*

 

Adobe, Inc.

    67,867          44,137,982          0.7%  
 

Apple, Inc.

    2,426,513          363,491,647          6.0%  
 

Broadcom, Inc.

    56,543          30,062,217          0.5%  
 

Cisco Systems, Inc.

    590,015          33,023,140          0.6%  
 

Intel Corp.

    594,424          29,126,776          0.5%  
 

Mastercard, Inc., Class A

    124,413          41,743,050          0.7%  
 

Microsoft Corp.

    1,007,984          334,267,654          5.5%  
 

NVIDIA Corp.

    337,735          86,348,707          1.4%  
 

Oracle Corp.

    298,001          28,590,216          0.5%  

*

 

PayPal Holdings, Inc.

    161,088          37,467,458          0.6%  

*

 

salesforce.com, Inc.

    122,379          36,675,763          0.6%  
 

Texas Instruments, Inc.

    128,211          24,036,998          0.4%  
 

Visa, Inc., Class A

    234,741          49,711,102          0.8%  
 

Other Securities

         583,675,055          9.7%  
        

 

 

      

 

 

 

TOTAL INFORMATION TECHNOLOGY

         1,754,039,998          29.0%  
      

 

 

      

 

 

 

MATERIALS — (2.7%)

 

 

Linde PLC

    73,618          23,498,866          0.4%  
 

Other Securities

         141,668,949          2.3%  
        

 

 

      

 

 

 

TOTAL MATERIALS

         165,167,815          2.7%  
      

 

 

      

 

 

 

REAL ESTATE — (0.1%)

 

 

Other Securities

         8,092,288          0.1%  
        

 

 

      

 

 

 

UTILITIES — (2.3%)

 

 

NextEra Energy, Inc.

    274,601          23,431,703          0.4%  
 

Other Securities

         117,237,466          1.9%  
        

 

 

      

 

 

 

TOTAL UTILITIES

         140,669,169          2.3%  
      

 

 

      

 

 

 

TOTAL COMMON STOCKS

         6,032,861,577          99.9%  
      

 

 

      

 

 

 

PREFERRED STOCKS — (0.0%)

 

INDUSTRIALS — (0.0%)

 

 

Other Securities

         97,183          0.0%  
        

 

 

      

 

 

 

TOTAL PREFERRED STOCKS

         97,183          0.0%  
      

 

 

      

 

 

 

RIGHTS/WARRANTS — (0.0%)

 

COMMUNICATION SERVICES — (0.0%)

 

 

Other Securities

         213          0.0%  
        

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (0.0%)

 

 

Other Securities

         15          0.0%  
        

 

 

      

 

 

 

FINANCIALS — (0.0%)

 

 

Other Securities

         390          0.0%  
        

 

 

      

 

 

 

 

19


DIMENSIONAL U.S. EQUITY ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

HEALTH CARE — (0.0%)

 

 

Other Securities

       $ 2,610          0.0%  
        

 

 

      

 

 

 

TOTAL RIGHTS/WARRANTS

         3,228          0.0%  
      

 

 

      

 

 

 

TOTAL INVESTMENT SECURITIES — (99.1%)

 

    

(Cost $1,776,076,906)

         6,032,961,988       
        

 

 

      

SECURITIES LENDING COLLATERAL — (0.9%)

 

    

 

The DFA Short Term Investment Fund

    4,863,828          56,272,062          0.9%  
        

 

 

      

 

 

 

TOTAL INVESTMENTS — 100.0%

           

(Cost $1,832,348,968)

       $ 6,089,234,050          100.8%  
        

 

 

      

 

 

 

Summary of the Fund’s investments as of October 31, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investment in Securities (Market Value)  
     Level 1        Level 2        Level 3        Total  

Common Stocks

                 

Communication Services

     $625,546,774          $759          $—          $625,547,533  

Consumer Discretionary

     782,344,805                            782,344,805  

Consumer Staples

     327,741,504                            327,741,504  

Energy

     153,001,828                            153,001,828  

Financials

     734,639,240                            734,639,240  

Healthcare

     794,641,710                   37,855          794,679,565  

Industrials

     546,937,832                            546,937,832  

Information Technology

     1,754,039,998                            1,754,039,998  

Materials

     165,167,815                            165,167,815  

Real Estate

     8,092,288                            8,092,288  

Utilities

     140,669,169                            140,669,169  

Preferred Stocks

                 

Industrials

     97,183                            97,183  

Rights/Warrants

                 

Communication Services

                       213          213  

Consumer Discretionary

                       15          15  

Financials

                       390          390  

Healthcare

                       2,610          2,610  

Collateral for Securities on Loan

     56,272,062                            56,272,062  
  

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $6,089,192,208          $759          $41,083          $6,089,234,050  
  

 

 

      

 

 

      

 

 

      

 

 

 

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.

 

20


DIMENSIONAL US CORE EQUITY MARKET ETF

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2021

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

COMMON STOCKS — (98.8%)

 

COMMUNICATION SERVICES — (9.2%)

 

*

 

Alphabet, Inc., Class A

    7,874        $ 23,314,284          1.8%  

*

 

Alphabet, Inc., Class C

    7,889          23,394,119          1.8%  
 

AT&T, Inc.

    222,296          5,615,197          0.4%  
 

Comcast Corp., Class A

    131,270          6,751,216          0.5%  

*

 

Facebook, Inc., Class A

    60,082          19,440,733          1.5%  

*

 

Netflix, Inc.

    9,564          6,602,125          0.5%  
 

Verizon Communications, Inc.

    157,735          8,358,378          0.6%  

*

 

Walt Disney Co. (The)

    38,734          6,548,757          0.5%  
 

Other Securities

         22,824,591          1.6%  
        

 

 

      

 

 

 

TOTAL COMMUNICATION SERVICES

         122,849,400          9.2%  
      

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (12.8%)

 

*

 

Amazon.com, Inc.

    11,958          40,327,518          3.0%  
 

Home Depot, Inc. (The)

    27,432          10,197,572          0.8%  
 

Lowe’s Cos., Inc.

    20,030          4,683,415          0.4%  
 

McDonald’s Corp.

    18,480          4,537,764          0.4%  
 

NIKE, Inc., Class B

    37,267          6,234,396          0.5%  

*

 

Tesla, Inc.

    19,427          21,641,678          1.6%  
 

Other Securities

         84,504,127          6.3%  
        

 

 

      

 

 

 

TOTAL CONSUMER DISCRETIONARY

         172,126,470          13.0%  
      

 

 

      

 

 

 

CONSUMER STAPLES — (5.7%)

 

 

Coca-Cola Co. (The)

    110,156          6,209,494          0.5%  
 

Costco Wholesale Corp.

    11,584          5,693,999          0.4%  
 

PepsiCo., Inc.

    42,177          6,815,803          0.5%  
 

Procter & Gamble Co. (The)

    75,108          10,739,693          0.8%  
 

Walmart, Inc.

    46,009          6,874,665          0.5%  
 

Other Securities

         40,541,062          3.1%  
        

 

 

      

 

 

 

TOTAL CONSUMER STAPLES

         76,874,716          5.8%  
      

 

 

      

 

 

 

ENERGY — (3.3%)

 

 

Chevron Corp.

    50,928          5,830,747          0.4%  
 

Exxon Mobil Corp.

    101,611          6,550,861          0.5%  
 

Other Securities

         31,635,286          2.4%  
        

 

 

      

 

 

 

TOTAL ENERGY

         44,016,894          3.3%  
      

 

 

      

 

 

 

FINANCIALS — (12.7%)

 

 

Bank of America Corp.

    186,214          8,897,305          0.7%  

*

 

Berkshire Hathaway, Inc., Class B

    41,322          11,859,827          0.9%  
 

JPMorgan Chase & Co.

    84,147          14,295,734          1.1%  
 

Wells Fargo & Co.

    94,881          4,854,112          0.4%  
 

Other Securities

         131,177,299          9.8%  
        

 

 

      

 

 

 

TOTAL FINANCIALS

         171,084,277          12.9%  
      

 

 

      

 

 

 

HEALTH CARE — (12.6%)

 

 

Abbott Laboratories

    41,732          5,378,837          0.4%  
 

AbbVie, Inc.

    53,510          6,135,992          0.5%  
 

Danaher Corp.

    14,916          4,650,361          0.4%  
 

Eli Lilly & Co.

    23,624          6,018,450          0.5%  
 

Johnson & Johnson

    80,812          13,162,659          1.0%  
 

Merck & Co., Inc.

    65,010          5,724,131          0.4%  

 

21


DIMENSIONAL US CORE EQUITY MARKET ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

HEALTH CARE — (Continued)

 

 

Pfizer, Inc.

    138,358        $ 6,051,779          0.5%  
 

Thermo Fisher Scientific, Inc.

    9,970          6,311,708          0.5%  
 

UnitedHealth Group, Inc.

    26,312          12,115,887          0.9%  
 

Other Securities

         103,240,587          7.6%  
        

 

 

      

 

 

 

TOTAL HEALTH CARE

         168,790,391          12.7%  
      

 

 

      

 

 

 

INDUSTRIALS — (10.3%)

 
 

Union Pacific Corp.

    20,423          4,930,112          0.4%  
 

Other Securities

         133,579,269          10.0%  
        

 

 

      

 

 

 

TOTAL INDUSTRIALS

         138,509,381          10.4%  
      

 

 

      

 

 

 

INFORMATION TECHNOLOGY — (26.3%)

 

 

Accenture PLC, Class A

    19,075          6,843,919          0.5%  

*

 

Adobe, Inc.

    11,857          7,711,319          0.6%  
 

Apple, Inc.

    483,503          72,428,749          5.5%  
 

Broadcom, Inc.

    13,278          7,059,514          0.5%  
 

Cisco Systems, Inc.

    120,142          6,724,348          0.5%  
 

Intel Corp.

    145,823          7,145,327          0.6%  
 

Mastercard, Inc., Class A

    25,251          8,472,216          0.7%  
 

Microsoft Corp.

    200,479          66,482,846          5.0%  
 

NVIDIA Corp.

    58,272          14,898,402          1.1%  
 

Oracle Corp.

    55,871          5,360,264          0.4%  

*

 

PayPal Holdings, Inc.

    21,698          5,046,738          0.4%  
 

QUALCOMM, Inc.

    35,543          4,728,641          0.4%  

*

 

Salesforce.com, Inc.

    18,400          5,514,296          0.4%  
 

Texas Instruments, Inc.

    29,308          5,494,664          0.4%  
 

Visa, Inc., Class A

    42,538          9,008,272          0.7%  
 

Other Securities

         120,314,815          8.9%  
        

 

 

      

 

 

 

TOTAL INFORMATION TECHNOLOGY

         353,234,330          26.6%  
      

 

 

      

 

 

 

MATERIALS — (3.2%)

 

 

Other Securities

         42,619,965          3.2%  
        

 

 

      

 

 

 

REAL ESTATE — (0.2%)

 

 

Other Securities

         2,862,338          0.2%  
        

 

 

      

 

 

 

UTILITIES — (2.5%)

 

 

Other Securities

         34,109,146          2.6%  
        

 

 

      

 

 

 

TOTAL COMMON STOCKS

         1,327,077,308          99.9%  
      

 

 

      

 

 

 

RIGHTS/WARRANTS — (0.0%)

 

HEALTH CARE — (0.0%)

 

 

Other Securities

         92          0.0%  
        

 

 

      

 

 

 

TOTAL RIGHTS/WARRANTS

         92          0.0%  
      

 

 

      

 

 

 

TOTAL INVESTMENT SECURITIES — (98.8%)

           

(Cost $1,178,651,884)

         1,327,077,400       
        

 

 

      

SECURITIES LENDING COLLATERAL — (1.2%)

           

 

The DFA Short Term Investment Fund

    1,353,948          15,664,505          1.2%  
        

 

 

      

 

 

 

TOTAL INVESTMENTS — 100.0%

           

(Cost $1,194,316,389)

       $ 1,342,741,905          101.1%  
      

 

 

      

 

 

 

 

22


DIMENSIONAL US CORE EQUITY MARKET ETF

CONTINUED

 

Summary of the Fund’s investments as of October 31, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investment in Securities (Market Value)  
     Level 1        Level 2        Level 3        Total  

Common Stocks

                 

Communication Services

     $122,849,400          $—                   $122,849,400  

Consumer Discretionary

     172,126,470                            172,126,470  

Consumer Staples

     76,874,716                            76,874,716  

Energy

     44,016,894                            44,016,894  

Financials

     171,084,277                            171,084,277  

Healthcare

     168,790,391                            168,790,391  

Industrials

     138,509,381                            138,509,381  

Information Technology

     353,234,330                            353,234,330  

Materials

     42,619,965                            42,619,965  

Real Estate

     2,862,338                            2,862,338  

Utilities

     34,109,146                            34,109,146  

Rights/Warrants

                 

Healthcare

              92                   92  

Collateral for Securities on Loan

     15,664,505                            15,664,505  
  

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $1,342,741,813          $92                   $1,342,741,905  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

See accompanying Notes to Financial Statements.

 

23


DIMENSIONAL U.S. CORE EQUITY 2 ETF

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2021

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

COMMON STOCKS — (98.7%)

 

COMMUNICATION SERVICES — (7.0%)

 

*

 

Alphabet, Inc., Class A

    46,097        $ 136,489,529          1.0%  

*

 

Alphabet, Inc., Class C

    43,937          130,291,219          0.9%  
 

AT&T, Inc.

    1,861,421          47,019,494          0.3%  

#*

 

Charter Communications, Inc., Class A

    59,151          39,920,418          0.3%  
 

Comcast Corp., Class A

    1,670,985          85,938,759          0.6%  

*

 

Facebook, Inc., Class A

    409,273          132,428,465          0.9%  
 

Verizon Communications, Inc.

    1,494,331          79,184,600          0.6%  

*

 

Walt Disney Co. (The)

    287,831          48,663,587          0.3%  
 

Other Securities

         316,864,066          2.1%  
        

 

 

      

 

 

 

TOTAL COMMUNICATION SERVICES

         1,016,800,137          7.0%  
      

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (13.0%)

 

*

 

Amazon.com, Inc.

    110,142          371,446,185          2.6%  

*

 

Home Depot, Inc. (The)

    174,264          64,780,899          0.5%  

*

 

Lowe’s Cos., Inc.

    222,608          52,050,203          0.4%  

*

 

NIKE, Inc., Class B

    239,422          40,052,906          0.3%  
 

Target Corp.

    212,860          55,262,713          0.4%  

*

 

Tesla, Inc.

    36,850          41,050,900          0.3%  
 

Other Securities

         1,284,347,315          8.7%  
        

 

 

      

 

 

 

TOTAL CONSUMER DISCRETIONARY

         1,908,991,121          13.2%  
      

 

 

      

 

 

 

CONSUMER STAPLES — (5.0%)

 

*

 

Coca-Cola Co. (The)

    943,734          53,198,286          0.4%  
 

Costco Wholesale Corp.

    85,007          41,784,341          0.3%  

*

 

PepsiCo., Inc.

    371,657          60,059,771          0.4%  
 

Procter & Gamble Co. (The)

    541,034          77,362,452          0.5%  

*

 

Walmart, Inc.

    380,368          56,834,587          0.4%  
 

Other Securities

         447,090,562          3.1%  
        

 

 

      

 

 

 

TOTAL CONSUMER STAPLES

         736,329,999          5.1%  
      

 

 

      

 

 

 

ENERGY — (2.9%)

 

*

 

Chevron Corp.

    400,964          45,906,368          0.3%  
 

ConocoPhillips

    529,860          39,469,271          0.3%  
 

Exxon Mobil Corp.

    725,975          46,803,608          0.3%  
 

Other Securities

         293,606,826          2.0%  
        

 

 

      

 

 

 

TOTAL ENERGY

         425,786,073          2.9%  
      

 

 

      

 

 

 

FINANCIALS — (15.2%)

 

 

American Express Co.

    282,115          49,025,945          0.4%  

*

 

Bank of America Corp.

    1,783,289          85,205,548          0.6%  

*

 

Berkshire Hathaway, Inc., Class B

    373,165          107,102,087          0.8%  
 

JPMorgan Chase & Co.

    911,109          154,788,308          1.1%  
 

Morgan Stanley

    469,909          48,297,247          0.3%  
 

Other Securities

         1,776,466,884          12.2%  
        

 

 

      

 

 

 

TOTAL FINANCIALS

         2,220,886,019          15.4%  
      

 

 

      

 

 

 

HEALTH CARE — (11.6%)

 

 

AbbVie, Inc.

    383,467          43,972,161          0.3%  

*

 

Eli Lilly & Co.

    191,095          48,683,362          0.3%  

*

 

Johnson & Johnson

    844,412          137,537,827          1.0%  
 

Merck & Co., Inc.

    632,612          55,701,487          0.4%  

 

24


DIMENSIONAL U.S. CORE EQUITY 2 ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

HEALTH CARE — (Continued)

 

*

 

Pfizer, Inc.

    1,223,377        $ 53,510,510          0.4%  

*

 

Thermo Fisher Scientific, Inc.

    69,685          44,115,483          0.3%  
 

UnitedHealth Group, Inc.

    239,504          110,284,407          0.8%  
 

Other Securities

         1,195,876,721          8.2%  
        

 

 

      

 

 

 

TOTAL HEALTH CARE

         1,689,681,958          11.7%  
      

 

 

      

 

 

 

INDUSTRIALS — (13.8%)

 

*

 

Generac Holdings, Inc.

    83,981          41,869,567          0.3%  
 

Union Pacific Corp.

    246,644          59,539,862          0.4%  
 

Other Securities

         1,911,713,845          13.2%  
        

 

 

      

 

 

 

TOTAL INDUSTRIALS

         2,013,123,274          13.9%  
      

 

 

      

 

 

 

INFORMATION TECHNOLOGY — (24.1%)

 

 

Accenture PLC, Class A

    155,759          55,884,772          0.4%  

*

 

Adobe, Inc.

    69,394          45,131,082          0.3%  

*

 

Apple, Inc.

    4,465,082          668,869,284          4.6%  

*

 

Applied Materials, Inc.

    295,382          40,363,950          0.3%  
 

Broadcom, Inc.

    86,838          46,169,159          0.3%  
 

Cisco Systems, Inc.

    1,250,244          69,976,157          0.5%  

*

 

Intel Corp.

    1,809,759          88,678,191          0.6%  
 

Mastercard, Inc., Class A

    224,959          75,478,244          0.5%  

*

 

Microsoft Corp.

    1,856,730          615,728,803          4.3%  
 

NVIDIA Corp.

    294,561          75,310,411          0.5%  
 

Oracle Corp.

    622,608          59,733,012          0.4%  

*

 

QUALCOMM, Inc.

    419,413          55,798,706          0.4%  
 

Texas Instruments, Inc.

    268,223          50,286,448          0.4%  
 

Visa, Inc., Class A

    415,024          87,889,632          0.6%  
 

Other Securities

         1,494,275,370          10.3%  
        

 

 

      

 

 

 

TOTAL INFORMATION TECHNOLOGY

         3,529,573,221          24.4%  
      

 

 

      

 

 

 

MATERIALS — (4.2%)

 

 

Other Securities

         619,418,291          4.3%  
        

 

 

      

 

 

 

REAL ESTATE — (0.3%)

 

 

Other Securities

         50,215,840          0.4%  
        

 

 

      

 

 

 

UTILITIES — (1.6%)

 

 

Other Securities

         226,559,886          1.6%  
        

 

 

      

 

 

 

TOTAL COMMON STOCKS

         14,437,365,819          99.9%  
      

 

 

      

 

 

 

PREFERRED STOCKS — (0.0%)

 

COMMUNICATION SERVICES — (0.0%)

 

 

Other Securities

         268,380          0.0%  
        

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (0.0%)

 

 

Other Securities

         776,597          0.0%  
        

 

 

      

 

 

 

INDUSTRIALS — (0.0%)

 

 

Other Securities

         819,854          0.0%  
        

 

 

      

 

 

 

TOTAL PREFERRED STOCKS

         1,864,831          0.0%  
      

 

 

      

 

 

 

RIGHTS/WARRANTS — (0.0%)

 

COMMUNICATION SERVICES — (0.0%)

 

 

Other Securities

         2,181          0.0%  
        

 

 

      

 

 

 

 

25


DIMENSIONAL U.S. CORE EQUITY 2 ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

CONSUMER DISCRETIONARY — (0.0%)

 

 

Other Securities

       $ 2,568          0.0%  
        

 

 

      

 

 

 

ENERGY — (0.0%)

 

 

Other Securities

         23,297          0.0%  
        

 

 

      

 

 

 

FINANCIALS — (0.0%)

           
 

Other Securities

         4,345          0.0%  
        

 

 

      

 

 

 

HEALTH CARE — (0.0%)

 

 

Other Securities

         288,457          0.0%  
        

 

 

      

 

 

 

TOTAL RIGHTS/WARRANTS

         320,848          0.0%  
      

 

 

      

 

 

 

TOTAL INVESTMENT SECURITIES — (98.7%)

           

(Cost $5,783,599,229)

         14,439,551,498       
        

 

 

      

SECURITIES LENDING COLLATERAL — (1.3%)

 

 

The DFA Short Term Investment Fund

    16,805,717          194,433,748          1.3%  
        

 

 

      

 

 

 

TOTAL INVESTMENTS — 100.0%

           

(Cost $5,978,032,977)

       $ 14,633,985,246          101.2%  
        

 

 

      

 

 

 

Summary of the Fund’s investments as of October 31, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investment in Securities (Market Value)  
     Level 1        Level 2        Level 3        Total  

Common Stocks

                 

Communication Services

     $1,016,774,472          $25,665                   $1,016,800,137  

Consumer Discretionary

     1,908,991,121                            1,908,991,121  

Consumer Staples

     736,315,481          14,518                   736,329,999  

Energy

     425,786,073                            425,786,073  

Financials

     2,220,879,869          6,150                   2,220,886,019  

Healthcare

     1,689,299,695                   $382,263          1,689,681,958  

Industrials

     2,012,616,798          506,476                   2,013,123,274  

Information Technology

     3,529,573,221                            3,529,573,221  

Materials

     619,418,291                            619,418,291  

Real Estate

     50,215,840                            50,215,840  

Utilities

     226,559,886                            226,559,886  

Preferred Stocks

                 

Communication Services

     268,380                            268,380  

Consumer Discretionary

     776,597                            776,597  

Industrials

     819,854                            819,854  

Rights/Warrants

                 

Communication Services

                       2,181          2,181  

Consumer Discretionary

                       2,568          2,568  

Energy

     23,297                            23,297  

Financials

                       4,345          4,345  

Healthcare

              10,255          278,202          288,457  

Collateral for Securities on Loan

     194,433,748                            194,433,748  
  

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $14,632,752,623          $563,064          $669,559          $14,633,985,246  
  

 

 

      

 

 

      

 

 

      

 

 

 

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.

 

26


DIMENSIONAL U.S. SMALL CAP ETF

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2021

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

COMMON STOCKS — (97.3%)

 

COMMUNICATION SERVICES — (2.2%)

 

 

Nexstar Media Group, Inc., Class A

    70,281        $ 10,537,230          0.3%  
 

Other Securities

         87,725,440          2.0%  
        

 

 

      

 

 

 

TOTAL COMMUNICATION SERVICES

         98,262,670          2.3%  
      

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (14.2%)

 

*

 

Crocs, Inc.

    125,337          20,235,659          0.5%  

#

 

Dick’s Sporting Goods, Inc.

    83,687          10,394,762          0.2%  

*

 

Fox Factory Holding Corp.

    72,260          11,630,247          0.3%  

*

 

Helen of Troy, Ltd.

    52,142          11,729,343          0.3%  

*

 

Lithia Motors, Inc., Class A

    47,402          15,131,666          0.4%  
 

Marriott Vacations Worldwide Corp.

    61,634          9,690,097          0.2%  

*

 

Murphy USA, Inc.

    59,830          9,749,299          0.2%  
 

Penske Automotive Group, Inc.

    103,793          11,007,248          0.3%  

*

 

RH

    15,878          10,473,605          0.2%  

*

 

TopBuild Corp.

    51,917          13,341,111          0.3%  
 

Other Securities

         499,967,931          11.6%  
        

 

 

      

 

 

 

TOTAL CONSUMER DISCRETIONARY

         623,350,968          14.5%  
      

 

 

      

 

 

 

CONSUMER STAPLES — (4.0%)

 

*

 

Darling Ingredients, Inc.

    288,631          24,395,092          0.6%  
 

Other Securities

         150,250,685          3.5%  
        

 

 

      

 

 

 

TOTAL CONSUMER STAPLES

         174,645,777          4.1%  
      

 

 

      

 

 

 

ENERGY — (3.2%)

 

*

 

Range Resources Corp.

    481,008          11,217,107          0.3%  
 

Other Securities

         131,787,711          3.0%  
        

 

 

      

 

 

 

TOTAL ENERGY

         143,004,818          3.3%  
      

 

 

      

 

 

 

FINANCIALS — (20.1%)

 

*

 

Cadence Bank

    334,563          9,709,021          0.2%  
 

Evercore, Inc.

    66,805          10,143,671          0.2%  

*

 

Huntington Bancshares, Inc.

    624,454          9,828,906          0.2%  
 

Primerica, Inc.

    59,904          10,078,249          0.2%  

#*

 

Stifel Financial Corp.

    141,416          10,304,984          0.2%  

*

 

UMB Financial Corp.

    98,861          9,769,444          0.2%  
 

Walker & Dunlop, Inc.

    75,459          9,814,952          0.2%  
 

Other Securities

         817,168,411          19.3%  
        

 

 

      

 

 

 

TOTAL FINANCIALS

         886,817,638          20.7%  
      

 

 

      

 

 

 

HEALTH CARE — (11.5%)

 

*

 

Intellia Therapeutics, Inc.

    82,732          11,001,701          0.3%  

*

 

Medpace Holdings, Inc.

    47,538          10,769,734          0.3%  

*

 

Omnicell, Inc.

    86,451          15,401,246          0.4%  

*

 

Tenet Healthcare Corp.

    179,446          12,859,100          0.3%  
 

Other Securities

         456,027,100          10.5%  
        

 

 

      

 

 

 

TOTAL HEALTH CARE

         506,058,881          11.8%  
      

 

 

      

 

 

 

INDUSTRIALS — (20.2%)

 

*

 

ASGN, Inc.

    105,213          12,589,788          0.3%  

*

 

Avis Budget Group, Inc.

    85,979          14,901,020          0.4%  

*

 

Builders FirstSource, Inc.

    315,867          18,405,570          0.4%  

 

27


DIMENSIONAL U.S. SMALL CAP ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

INDUSTRIALS — (Continued)

 

*

 

Chart Industries, Inc.

    58,714        $ 10,422,909          0.3%  
 

EMCOR Group, Inc.

    86,972          10,566,228          0.3%  
 

Exponent, Inc.

    86,244          9,900,811          0.2%  

*

 

FTI Consulting, Inc.

    73,465          10,573,083          0.3%  

*

 

Generac Holdings, Inc.

    27,660          13,790,170          0.3%  

#

 

KBR, Inc.

    229,643          9,746,049          0.2%  

*

 

MasTec, Inc.

    131,255          11,698,758          0.3%  

*

 

Regal Rexnord Corp.

    122,112          18,601,321          0.4%  

*

 

Saia, Inc.

    61,117          19,107,619          0.5%  

#

 

Tetra Tech, Inc.

    64,747          11,373,458          0.3%  
 

UFP Industries, Inc.

    121,049          9,905,440          0.2%  
 

Other Securities

         707,009,077          16.3%  
        

 

 

      

 

 

 

TOTAL INDUSTRIALS

         888,591,301          20.7%  
      

 

 

      

 

 

 

INFORMATION TECHNOLOGY — (13.3%)

 

*

 

Amkor Technology, Inc.

    460,154          10,086,576          0.2%  

*

 

Brooks Automation, Inc.

    108,343          12,616,542          0.3%  

*

 

Calix, Inc.

    162,383          10,163,552          0.2%  

*

 

Cirrus Logic, Inc.

    122,804          9,923,791          0.2%  

*

 

Lattice Semiconductor Corp.

    243,698          16,922,389          0.4%  

*

 

Novanta, Inc.

    68,725          11,859,186          0.3%  

*

 

Onto Innovation, Inc.

    127,461          10,096,186          0.2%  

*

 

Power Integrations, Inc.

    109,590          11,310,784          0.3%  

*

 

Silicon Laboratories, Inc.

    57,733          10,897,681          0.3%  

*

 

Synaptics, Inc.

    66,325          12,904,855          0.3%  
 

Other Securities

         468,161,138          10.9%  
        

 

 

      

 

 

 

TOTAL INFORMATION TECHNOLOGY

         584,942,680          13.6%  
      

 

 

      

 

 

 

MATERIALS — (5.7%)

 

*

 

Louisiana-Pacific Corp.

    216,002          12,728,998          0.3%  

*

 

Olin Corp.

    215,263          12,265,686          0.3%  
 

Other Securities

         225,560,717          5.3%  
        

 

 

      

 

 

 

TOTAL MATERIALS

         250,555,401          5.9%  
      

 

 

      

 

 

 

REAL ESTATE — (0.5%)

 

 

Other Securities

         22,823,904          0.5%  
        

 

 

      

 

 

 

UTILITIES — (2.4%)

 

 

Other Securities

         104,622,189          2.5%  
        

 

 

      

 

 

 

TOTAL COMMON STOCKS

         4,283,676,227          99.9%  
      

 

 

      

 

 

 

PREFERRED STOCKS — (0.0%)

 

COMMUNICATION SERVICES — (0.0%)

 

 

Other Securities

         252,874          0.0%  
        

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (0.0%)

 

 

Other Securities

         588,044          0.0%  
        

 

 

      

 

 

 

INDUSTRIALS — (0.0%)

 

 

Other Securities

         1,271,417          0.1%  
        

 

 

      

 

 

 

TOTAL PREFERRED STOCKS

         2,112,335          0.1%  
      

 

 

      

 

 

 

RIGHTS/WARRANTS — (0.0%)

 

COMMUNICATION SERVICES — (0.0%)

 

 

Other Securities

         3,650          0.0%  
        

 

 

      

 

 

 

 

28


DIMENSIONAL U.S. SMALL CAP ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

CONSUMER DISCRETIONARY — (0.0%)

 

 

Other Securities

       $ 4,777          0.0%  
        

 

 

      

 

 

 

ENERGY — (0.0%)

           
 

Other Securities

         14,341          0.0%  
        

 

 

      

 

 

 

FINANCIALS — (0.0%)

 

 

Other Securities

         11,470          0.0%  
        

 

 

      

 

 

 

HEALTH CARE — (0.0%)

 

 

Other Securities

         548,651          0.0%  
        

 

 

      

 

 

 

TOTAL RIGHTS/WARRANTS

         582,889          0.0%  
      

 

 

      

 

 

 

TOTAL INVESTMENT SECURITIES — (97.3%)

           

(Cost $1,871,104,529)

         4,286,371,451       
        

 

 

      

SECURITIES LENDING COLLATERAL — (2.7%)

 

 

The DFA Short Term Investment Fund

    10,161,013          117,557,837          2.7%  
        

 

 

      

 

 

 

TOTAL INVESTMENTS — 100.0%

           

(Cost $1,988,662,366)

       $ 4,403,929,288          102.7%  
      

 

 

      

 

 

 

Summary of the Fund’s investments as of October 31, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investment in Securities (Market Value)  
     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Communication Services

   $      98,196,097      $   66,573             $      98,262,670  

Consumer Discretionary

     623,350,968                      623,350,968  

Consumer Staples

     174,571,751        74,026               174,645,777  

Energy

     143,004,818                      143,004,818  

Financials

     886,768,909        48,729               886,817,638  

Healthcare

     505,053,785        175,403      $    829,693        506,058,881  

Industrials

     888,591,301                      888,591,301  

Information Technology

     584,942,680                      584,942,680  

Materials

     250,555,401                      250,555,401  

Real Estate

     22,823,904                      22,823,904  

Utilities

     104,622,189                      104,622,189  

Preferred Stocks

           

Communication Services

     252,874                      252,874  

Consumer Discretionary

     588,044                      588,044  

Industrials

     1,271,417                      1,271,417  

Rights/Warrants

           

Communication Services

                   3,650        3,650  

Consumer Discretionary

                   4,777        4,777  

Energy

     14,341                      14,341  

Financials

                   11,470        11,470  

Healthcare

            29,072        519,579        548,651  

Collateral for Securities on Loan

     117,557,837                      117,557,837  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 4,402,166,316      $ 393,803      $ 1,369,169      $ 4,403,929,288  
  

 

 

    

 

 

    

 

 

    

 

 

 

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.

 

29


DIMENSIONAL U.S. TARGETED VALUE ETF

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2021

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

COMMON STOCKS — (97.8%)

 

COMMUNICATION SERVICES — (2.7%)

 

 

News Corp., Class A

    1,305,422        $ 29,894,164          0.5%  
 

Other Securities

         146,409,641          2.3%  
        

 

 

      

 

 

 

TOTAL COMMUNICATION SERVICES

         176,303,805          2.8%  
      

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (14.5%)

 

*

 

AutoNation, Inc.

    340,002          41,181,042          0.6%  

*

 

BorgWarner, Inc., Class A

    561,041          25,286,118          0.4%  

#

 

Dick’s Sporting Goods, Inc.

    236,805          29,413,549          0.5%  

#*

 

Dillard’s, Inc., Class A

    150,871          34,872,323          0.5%  

*

 

Kohl’s Corp.

    490,688          23,813,089          0.4%  

*

 

Lithia Motors, Inc., Class A

    83,546          26,669,554          0.4%  
 

Penske Automotive Group, Inc.

    306,413          32,495,099          0.5%  
 

PulteGroup, Inc.

    708,193          34,049,919          0.5%  

*

 

PVH Corp.

    226,849          24,801,401          0.4%  
 

Toll Brothers, Inc.

    597,653          35,960,781          0.6%  
 

Other Securities

         641,009,454          9.9%  
        

 

 

      

 

 

 

TOTAL CONSUMER DISCRETIONARY

         949,552,329          14.7%  
      

 

 

      

 

 

 

CONSUMER STAPLES — (4.9%)

 

 

Bunge, Ltd.

    493,858          45,751,005          0.7%  

*

 

Darling Ingredients, Inc.

    699,905          59,155,971          0.9%  

*

 

Post Holdings, Inc.

    255,797          25,958,280          0.4%  
 

Other Securities

         189,102,860          3.0%  
        

 

 

      

 

 

 

TOTAL CONSUMER STAPLES

         319,968,116          5.0%  
      

 

 

      

 

 

 

ENERGY — (5.0%)

 

 

Devon Energy Corp.

    912,879          36,588,190          0.6%  
 

Other Securities

         291,932,034          4.5%  
        

 

 

      

 

 

 

TOTAL ENERGY

         328,520,224          5.1%  
      

 

 

      

 

 

 

FINANCIALS — (28.4%)

 

 

Assured Guaranty, Ltd.

    459,563          25,542,512          0.4%  

*

 

Athene Holding, Ltd., Class A

    653,882          56,894,273          0.9%  
 

CNO Financial Group, Inc.

    1,142,791          27,586,975          0.4%  

*

 

First Horizon Corp.

    1,751,204          29,717,932          0.5%  
 

Invesco, Ltd.

    1,323,799          33,637,733          0.5%  
 

Janus Henderson Group PLC

    474,958          22,085,547          0.3%  
 

Old Republic International Corp.

    853,193          22,037,975          0.3%  
 

People’s United Financial, Inc.

    1,723,032          29,532,768          0.5%  
 

Pinnacle Financial Partners, Inc.

    246,783          23,831,834          0.4%  

*

 

Popular, Inc.

    379,807          30,931,482          0.5%  

*

 

Reinsurance Group of America, Inc.

    186,199          21,986,378          0.3%  
 

Santander Consumer USA Holdings, Inc.

    713,312          29,745,110          0.5%  

*

 

Voya Financial, Inc.

    468,022          32,653,895          0.5%  

*

 

Zions BanCorp NA

    546,831          34,444,885          0.5%  
 

Other Securities

         1,438,700,800          22.3%  
        

 

 

      

 

 

 

TOTAL FINANCIALS

         1,859,330,099          28.8%  
      

 

 

      

 

 

 

HEALTH CARE — (4.0%)

 

*

 

Acadia Healthcare Co., Inc.

    355,206          22,022,772          0.4%  
 

Other Securities

         241,445,632          3.7%  
        

 

 

      

 

 

 

TOTAL HEALTH CARE

         263,468,404          4.1%  
      

 

 

      

 

 

 

 

30


DIMENSIONAL U.S. TARGETED VALUE ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

INDUSTRIALS — (21.5%)

 

#

 

AGCO Corp.

    291,053        $ 35,569,587          0.6%  
 

AMERCO

    45,826          33,773,304          0.5%  

*

 

Chart Industries, Inc.

    163,089          28,951,559          0.5%  

*

 

Colfax Corp.

    532,332          27,478,978          0.4%  

*

 

Knight-Swift Transportation Holdings, Inc.

    708,692          40,175,749          0.6%  
 

Owens Corning

    254,024          23,728,382          0.4%  
 

Quanta Services, Inc.

    590,769          71,648,464          1.1%  

*

 

Regal Rexnord Corp.

    169,170          25,769,666          0.4%  
 

Triton International, Ltd.

    365,065          22,703,392          0.4%  
 

UFP Industries, Inc.

    278,960          22,827,297          0.4%  

*

 

WESCO International, Inc.

    173,722          22,507,422          0.4%  
 

Other Securities

         1,056,101,390          16.2%  
        

 

 

      

 

 

 

TOTAL INDUSTRIALS

         1,411,235,190          21.9%  
      

 

 

      

 

 

 

INFORMATION TECHNOLOGY — (8.2%)

 

*

 

Arrow Electronics, Inc.

    390,791          45,234,058          0.7%  
 

Concentrix Corp.

    211,396          37,560,841          0.6%  

*

 

Jabil, Inc.

    378,632          22,702,775          0.4%  
 

SYNNEX Corp.

    210,629          22,116,045          0.4%  
 

Other Securities

         409,696,779          6.2%  
        

 

 

      

 

 

 

TOTAL INFORMATION TECHNOLOGY

         537,310,498          8.3%  
      

 

 

      

 

 

 

MATERIALS — (7.8%)

 

*

 

Huntsman Corp.

    793,071          25,838,253          0.4%  

*

 

Olin Corp.

    480,822          27,397,238          0.4%  

*

 

Reliance Steel & Aluminum Co.

    305,575          44,662,842          0.7%  

*

 

Steel Dynamics, Inc.

    533,554          35,257,248          0.6%  

*

 

Westlake Chemical Corp.

    260,362          25,343,637          0.4%  
 

Other Securities

         352,093,657          5.4%  
        

 

 

      

 

 

 

TOTAL MATERIALS

         510,592,875          7.9%  
      

 

 

      

 

 

 

REAL ESTATE — (0.6%)

 

 

Other Securities

         38,471,815          0.6%  
        

 

 

      

 

 

 

UTILITIES — (0.2%)

 

 

Other Securities

         13,915,954          0.2%  
        

 

 

      

 

 

 

TOTAL COMMON STOCKS

         6,408,669,309          99.4%  
      

 

 

      

 

 

 

PREFERRED STOCKS — (0.1%)

 

COMMUNICATION SERVICES — (0.0%)

 

 

Other Securities

         389,421          0.0%  
        

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (0.0%)

 

 

Other Securities

         1,327,411          0.0%  
        

 

 

      

 

 

 

INDUSTRIALS — (0.1%)

 

 

Other Securities

         2,076,984          0.1%  
        

 

 

      

 

 

 

TOTAL PREFERRED STOCKS

         3,793,816          0.1%  
      

 

 

      

 

 

 

RIGHTS/WARRANTS — (0.0%)

 

COMMUNICATION SERVICES — (0.0%)

 

 

Other Securities

         6,168          0.0%  
        

 

 

      

 

 

 

CONSUMER DISCRETIONARY — (0.0%)

 

 

Other Securities

         8,487          0.0%  
        

 

 

      

 

 

 

 

31


DIMENSIONAL U.S. TARGETED VALUE ETF

CONTINUED

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

ENERGY — (0.0%)

 

 

Other Securities

       $ 25,597          0.0%  
        

 

 

      

 

 

 

FINANCIALS — (0.0%)

           
 

Other Securities

         16,226          0.0%  
        

 

 

      

 

 

 

HEALTH CARE — (0.0%)

 

 

Other Securities

         146,004          0.0%  
        

 

 

      

 

 

 

TOTAL RIGHTS/WARRANTS

         202,482          0.0%  
      

 

 

      

 

 

 

TOTAL INVESTMENT SECURITIES — (97.9%)

           

(Cost 3,105,479,309)

         6,412,665,606       
        

 

 

      

SECURITIES LENDING COLLATERAL — (2.1%)

 

 

The DFA Short Term Investment Fund

    11,803,654          136,562,377          2.1%  
        

 

 

      

 

 

 

TOTAL INVESTMENTS — 100.0%

           

(Cost $3,242,041,687)

       $ 6,549,227,985          101.6%  
      

 

 

      

 

 

 

Summary of the Fund’s investments as of October 31, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):

 

     Investment in Securities (Market Value)  
     Level 1      Level 2      Level 3      Total  

Common Stocks

           

Communication Services

   $    176,126,334      $ 177,471             $    176,303,805  

Consumer Discretionary

     949,552,329                      949,552,329  

Consumer Staples

     319,876,494        91,622               319,968,116  

Energy

     328,520,224                      328,520,224  

Financials

     1,859,116,719        213,380               1,859,330,099  

Healthcare

     262,250,873        17,278      $ 1,200,253        263,468,404  

Industrials

     1,411,235,190                      1,411,235,190  

Information Technology

     537,310,498                      537,310,498  

Materials

     510,592,875                      510,592,875  

Real Estate

     38,471,815                      38,471,815  

Utilities

     13,915,954                      13,915,954  

Preferred Stocks

           

Communication Services

     389,421                      389,421  

Consumer Discretionary

     1,327,411                      1,327,411  

Industrials

     2,076,984                      2,076,984  

Rights/Warrants

           

Communication Services

                   6,168        6,168  

Consumer Discretionary

                   8,487        8,487  

Energy

     25,597                      25,597  

Financials

                   16,226        16,226  

Healthcare

            2,461        143,543        146,004  

Collateral for Securities on Loan

     136,562,378                      136,562,378  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 6,547,351,096      $ 502,212      $ 1,374,677      $ 6,549,227,985  
  

 

 

    

 

 

    

 

 

    

 

 

 

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.

 

32


DIMENSIONAL INTERNATIONAL CORE EQUITY MARKET ETF

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2021

 

   

Shares

      

Value†

      

Percentage
of Net Assets‡

 

COMMON STOCKS — (98.5%)

 

AUSTRALIA — (6.4%)

 

#

 

BHP Group, Ltd.

    89,728        $ 2,465,299          0.3%  
 

Commonwealth Bank of Australia

    53,249          4,186,712          0.5%  
 

CSL, Ltd.

    14,963          3,377,121          0.5%  

*

 

National Australia Bank, Ltd.

    113,499          2,447,503          0.3%  
 

Other Securities

         37,028,582          4.8%  
        

 

 

      

 

 

 

TOTAL AUSTRALIA

         49,505,217          6.4%  
        

 

 

      

 

 

 

AUSTRIA — (0.4%)

 

 

Other Securities

         2,845,092          0.4%  
        

 

 

      

 

 

 

BELGIUM — (0.9%)

 

 

Other Securities

         6,951,048          0.9%  
        

 

 

      

 

 

 

CANADA — (10.4%)

 

 

Bank of Nova Scotia (The)

    36,952          2,418,850          0.3%  
 

Canadian National Railway Co.

    18,178          2,412,099          0.3%  
 

Royal Bank of Canada

    39,637          4,119,268          0.5%  

*

 

Shopify, Inc., Class A

    1,816          2,647,371          0.3%  
 

Toronto-Dominion Bank (The)

    49,520          3,589,106          0.5%  
 

Other Securities

         65,077,733          8.6%  
        

 

 

      

 

 

 

TOTAL CANADA

         80,264,427          10.5%  
        

 

 

      

 

 

 

CHINA — (0.0%)

 

 

Other Securities

         39,664          0.0%  
        

 

 

      

 

 

 

DENMARK — (2.5%)

 

 

Novo Nordisk A/S, Class B

    55,898          6,124,272          0.8%  
 

Other Securities

         13,073,594          1.7%  
        

 

 

      

 

 

 

TOTAL DENMARK

         19,197,866          2.5%  
        

 

 

      

 

 

 

FINLAND — (1.4%)

 

 

Other Securities

         11,043,964          1.4%  
        

 

 

      

 

 

 

FRANCE — (8.8%)

 

 

Air Liquide SA

    14,568          2,431,709          0.3%  

*

 

Airbus SE

    19,991          2,558,678          0.3%  

#

 

BNP Paribas SA

    33,449