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0001816125 cik0001816125:S000076642Member cik0001816125:BloombergGlobalAggregateBondIndexhedgedtoUSD115Member 2024-10-31 2024-10-31 iso4217:USD pure utr:Y N-1A DIMENSIONAL ETF TRUST 2025-02-28 Dimensional US Core Equity Market ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Core Equity Market ETF (the “US Core ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0 0.0012 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 12 39 68 154 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">4%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.04 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Core ETF’s investment objective, Dimensional Fund Advisors LP (the “Advisor”) implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core ETF is designed to purchase a broad and diverse group of readily marketable equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. companies listed on a securities exchange in the United States that have been authorized for </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">investment by the Advisor’s Investment Committee (the “U.S. Universe”). The Portfolio will invest in companies of all sizes, with modestly increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the U.S. Universe. The Portfolio’s modestly increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to their book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the US Core ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core ETF may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x5x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Core Equity Market ETF  —Total Returns Highest Quarter Lowest Quarter 0.1145 2023-12-31 -0.1586 2022-06-30 Annualized Returns (%) Return Before Taxes 0.2320 0.1390 Return After Taxes on Distributions 0.2286 0.1356 Return After Taxes on Distributions and Sale of Portfolio Shares 0.1395 0.1099 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1328 Dimensional US Core Equity 1 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Core Equity 1 ETF (the “US Core Equity 1 ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0005 0.0017 -0.0003 0.0014 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 14 52 93 214 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">9%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.09 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To achieve the </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#221F1F; font-weight:normal; text-decoration:none;">US Core Equity 1 ETF’</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core Equity 1 ETF is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. operating companies listed on a securities exchange in the United States that have been authorized for investment by the Advisor’s Investment Committee (the “U.S. Universe”). The Portfolio invests in companies of all sizes, with moderately increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the U.S. Universe. The Portfolio’s moderately increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the US Core Equity 1 ETF will invest at least 80% of its net assets in equity securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the US Core Equity 1 ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core Equity 1 ETF also may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core Equity 1 ETF may lend its portfolio securities to generate additional income. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core Equity 1 ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x15x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Large Shareholder Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Certain shareholders, including other funds or accounts advised by the Advisor, may from time to time own a substantial amount of a fund’s shares. In addition, a third-party investor, the Advisor, an authorized participant, a lead market maker, or another entity may invest in a fund and hold its investment for a limited period of time solely to facilitate commencement of a fund or to facilitate a fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of a fund would be maintained at such levels or that a fund would continue to meet applicable listing requirements. </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Redemptions by large shareholders could have a significant negative impact on a fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.</p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Core Equity 1 ETF  —Total Returns Highest Quarter Lowest Quarter 0.0983 2024-03-31 0.0163 2024-12-31 Annualized Returns (%) Return Before Taxes 0.2105 0.2262 Return After Taxes on Distributions 0.2076 0.2231 Return After Taxes on Distributions and Sale of Portfolio Shares 0.1265 0.1734 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.2484 Dimensional US High Profitability ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US High Profitability ETF (the “US High Profitability ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0019 0.0002 0.0021 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 22 68 118 268 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">6%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.06 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US High Profitability ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of readily marketable securities of large U.S. companies that the Advisor determines to have high profitability relative to other U.S. large cap companies at the time of purchase. An equity issuer is considered to have high profitability because it has high earnings or profits </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">from operations in relation to its book value or assets. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the large-cap, high profitability segment of the U.S. market. The Portfolio’s increased exposure to such stocks may be achieved by overweighting and/or underweighting eligible stocks based on their market capitalization, relative price, and/or profitability characteristics. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. As of the date of this Prospectus, for purposes of the Portfolio, the Advisor considers large cap companies to be companies whose market capitalizations are generally in the highest 90% of total market capitalization or companies whose market capitalizations are larger than or equal to the 1,000th largest U.S. company within the U.S. Universe, whichever results in the higher market capitalization break. The Advisor generally defines the U.S. Universe as a portfolio of U.S. companies listed on securities exchanges in the United States that are deemed appropriate by the Advisor. Total market capitalization is based on the market capitalization of eligible operating companies within the U.S. Universe. Under the Advisor’s market capitalization guidelines described above, based on market capitalization data as of December 31, 2024, the market capitalization of a large cap company would be $13,601 million or above. This threshold will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum and short-run reversals. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x25x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US High Profitability ETF  —Total Returns Highest Quarter Lowest Quarter 0.1179 2023-12-31 -0.0269 2023-09-30 Annualized Returns (%) Return Before Taxes 0.1945 0.1337 Return After Taxes on Distributions 0.1912 0.1301 Return After Taxes on Distributions and Sale of Portfolio Shares 0.1174 0.1040 Russell 1000® Index (reflects no deduction for fees, expenses or taxes) 0.2451 0.1367 Dimensional US Large Cap Value ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Large Cap Value ETF (the “US Large Cap Value ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0019 0.0002 0.0022 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 23 71 124 280 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">3%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.03 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Large Cap Value ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of readily marketable securities of large U.S. companies that the Advisor determines to be lower relative price stocks. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Advisor may overweight certain stocks, including smaller companies, lower relative price stocks, and/or higher profitability stocks within the large-cap value segment of the U.S. market. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in securities of large cap U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. As of the date of this Prospectus, for purposes of the Portfolio, the Advisor considers large cap companies to be companies whose market capitalizations are generally in the highest 90% of total market capitalization or companies whose market capitalizations are larger than or equal to the 1,000</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">^th</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of eligible U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the Advisor. Under the Advisor’s market capitalization guidelines described above, based on market capitalization data as of December 31, 2024, the market capitalization of a large cap company would be $13,601 million or above. This threshold will change due to market conditions.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum and short-run reversals. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x35x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Large Cap Value ETF  —Total Returns Highest Quarter Lowest Quarter 0.1128 2024-03-31 -0.0324 2024-06-30 Annualized Returns (%) Return Before Taxes 0.1295 0.1183 Return After Taxes on Distributions 0.1251 0.1136 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0798 0.0910 Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) 0.1437 0.1198 Russell 1000® Index (reflects no deduction for fees, expenses or taxes) 0.2451 0.2310 Dimensional US Small Cap Value ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Small Cap Value ETF (the “US Small Cap Value ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0028 0.0002 0.0030 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 31 97 169 381 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">8%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.08 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Small Cap Value ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio, using a market capitalization weighted approach, is designed to purchase a broad and diverse group of the readily marketable securities of U.S. small cap companies that the Advisor determines to be lower relative price stocks. A company’s market capitalization is the number of its shares outstanding times its price per share. </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the small-cap value segment of the U.S. market. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in securities of small cap U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. As of the date of this Prospectus, for purposes of the Portfolio, the Advisor considers small cap companies to be companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company within the U.S. Universe, whichever results in the higher market capitalization break. The Advisor generally defines the U.S. Universe as a portfolio of U.S. operating companies listed on securities exchanges in the United States that are deemed appropriate by the Advisor. Total market capitalization is based on the market capitalization of eligible operating companies within the U.S. Universe. Under the Advisor’s market capitalization guidelines described above, based on market capitalization data as of December 31, 2024, the market capitalization of a small cap company would be below $13,601 million. This threshold will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x45x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities of small companies are often less liquid than those of large companies and this could make it difficult to sell a small company security at a desired time or price. As a result, small company stocks may fluctuate relatively more in price. In general, smaller capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Small Cap Value ETF  —Total Returns Highest Quarter Lowest Quarter 0.1531 2023-12-31 -0.0393 2024-06-30 Annualized Returns (%) Return Before Taxes 0.0727 0.0950 Return After Taxes on Distributions 0.0692 0.0917 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0453 0.0734 Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) 0.0805 0.0516 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1328 Dimensional US Large Cap Vector ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Large Cap Vector ETF (the “US Large Cap Vector ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0016 0.0006 0.0022 -0.0003 0.0019 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 19 68 121 277 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">6%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.06 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Large Cap Vector ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of readily marketable securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. large cap operating companies listed on securities exchanges in the U.S. that the Advisor determines to have higher profitability and lower relative price as compared to other U.S. large cap companies at the time of purchase and that have been authorized for investment by the Advisor’s Investment Committee (the “U.S. Universe”). An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The Portfolio may strongly emphasize certain companies, including smaller capitalization, lower relative price, and/or higher profitability companies as compared to their representation in the large cap high profitability value segment of the U.S. market. The Portfolio’s</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">strongly</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">increased exposure to such companies may be achieved by overweighting and/or underweighting eligible companies based on their market capitalization, relative price, and/or profitability characteristics. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities of large cap U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. A company’s market capitalization is the number of its shares outstanding times its price per share. The Advisor considers large cap companies to be companies whose market capitalizations are generally in the highest 90% of total market capitalization within the U.S. Universe or companies whose market capitalizations are larger than or equal to the 1,000th largest U.S. company within the U.S. Universe, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of eligible operating companies within the U.S. Universe. Under the Advisor’s market capitalization guidelines described above, based on market capitalization data as of December 31, 2024, the market capitalization of a large cap company would be $13,601 million or above. This threshold will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum and short-run reversals. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x55x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Large Cap Vector ETF  —Total Returns Highest Quarter Lowest Quarter 0.1162 2024-03-31 -0.0043 2024-06-30 Annualized Returns (%) Return Before Taxes 0.1755 0.2651 Return After Taxes on Distributions 0.1721 0.2611 Return After Taxes on Distributions and Sale of Portfolio Shares 0.1063 0.2027 Russell 1000® Index (reflects no deduction for fees, expenses or taxes) 0.2451 0.3469 Dimensional US Vector Equity ETF Investment Objective <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Vector Equity ETF (the “US Vector Equity ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0005 0.0025 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 26 80 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the period September 10, 2024 to October 31, 2024, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">1%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.01 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Vector Equity ETF’s investment objective, Dimensional Fund Advisors LP (the “Advisor”) implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Vector Equity ETF is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. operating companies listed and principally traded on a securities exchange in the United States that have been authorized for investment by the Advisor’s Investment Committee (the “U.S. Universe”). The Portfolio invests in companies of all sizes, with strongly increased exposure to smaller capitalization, lower relative price and higher profitability companies as compared to their representation in the U.S. Universe. The Portfolio’s strongly increased exposure to smaller capitalization, lower relative price and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the U.S. Universe or by avoiding purchases in that segment of the market. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the US Vector Equity ETF will invest at least 80% of its net assets in equity securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the US Vector Equity ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Vector Equity ETF also may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Vector Equity ETF may lend its portfolio securities to generate additional income.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Vector Equity ETF is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="-sec-ix-redline:true;font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x65x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Large Shareholder Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Certain shareholders, including other funds or accounts advised by the Advisor, may from time to time own a substantial amount of a fund’s shares. In addition, a third-party investor, the Advisor, an authorized participant, a lead market maker, or another entity may invest in a fund and hold its investment for a limited period of time solely to facilitate commencement of a fund or to facilitate a fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of a fund would be maintained at such levels or that a fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on a fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Performance information is not available for the Portfolio because it has not yet completed a full calendar year of operations. Updated performance information for the Portfolio can be obtained in the future by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">. </span></p> Performance information is not available for the Portfolio because it has not yet completed a full calendar year of operations. https://www.dimensional.com/us-en/funds Dimensional US Real Estate ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Real Estate ETF (the “US Real Estate ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0017 0.0003 0.0020 -0.0001 0.0019 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 19 63 112 254 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">9%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.09 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Real Estate ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio, using a market capitalization weighted approach, will concentrate investments in readily marketable equity securities of companies whose principal activities include ownership, management, development, construction, or sale of residential, commercial or industrial real estate. The Portfolio will principally invest in equity securities of companies in certain real estate investment trusts (“REITs”) and companies engaged in residential construction and firms, except partnerships, whose principal business is to develop commercial property. The Portfolio invests in companies of all sizes. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Advisor may adjust the representation in the Portfolio of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, and other factors that the Advisor determines to be appropriate. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested in securities of U.S. companies in the real estate industry. The Portfolio concentrates (i.e., invests more than 25% of its net assets) its investments in securities of companies in the real estate industry. The Portfolio generally considers a company to be principally engaged in the real estate industry if the company (i) derives at least 50% of its revenue or profits from the ownership, management, development, construction, or sale of residential, commercial, industrial, or other real estate; (ii) has at least 50% of the value of its assets invested in residential, commercial, industrial, or other real estate; or (iii) is organized as a REIT or REIT-like entity. REITs and REIT-like entities are types of real estate companies that pool investors’ funds for investment primarily in income producing real estate or real estate related loans or interests. The Portfolio will make equity investments in securities listed on a securities exchange in the United States that is deemed appropriate by the Advisor.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x75x2"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Risks of Concentrating in the Real Estate Industry:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund that concentrates (i.e., invests more than 25% of its net assets) its investments in securities of companies in the real estate industry will be exposed to the general risks of direct real estate ownership. The value of securities in the real estate industry can be affected by changes in real estate values and rental income, property taxes, and tax and regulatory requirements. Also, the value of securities in the real estate industry may decline with changes in interest rates. Investing in REITs and REIT-like entities involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs and REIT-like entities are dependent upon management skill, may not be diversified, and are subject to heavy cash flow dependency and self-liquidation. REITs and REIT-like entities also are subject to the possibility of failing to qualify for tax free pass-through of income. Also, because REITs and REIT-like entities typically are invested in a </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">limited number of projects or in a particular market segment, these entities are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. The performance of a fund may be materially different from the broad equity market.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Real Estate ETF  —Total Returns Highest Quarter Lowest Quarter 0.1780 2023-12-31 -0.0832 2023-09-30 Annualized Returns (%) Return Before Taxes 0.0531 0.0065 Return After Taxes on Distributions 0.0411 -0.0037 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0315 0.0009 Dow Jones U.S. Select REIT Index (reflects no deduction for fees, expenses or taxes) 0.0810 0.0112 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1328 Dimensional International Core Equity Market ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International Core Equity Market ETF (the “International Core ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0 0.0018 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 18 58 101 230 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">5%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.05 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International Core ETF’s investment objective, Dimensional Fund Advisors LP (the “Advisor”) implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Core ETF is designed to purchase a broad and diverse group of readily marketable equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with developed markets that have been authorized </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">for investment by the Advisor’s Investment Committee (the “International Universe”). The Portfolio will invest in companies of all sizes, with modestly increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the International Universe. The Portfolio’s modestly increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the International Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to their book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the International Core ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor will seek to set country weights based on the relative market capitalizations of eligible companies within each Approved Market. As of the date of this Prospectus, the International Core ETF can invest in the following countries that have been designated as Approved Markets by the Advisor: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The countries designated as Approved Markets will change from time to time. In addition, the countries in which the Portfolio actually holds investments will change from time to time. For additional information regarding the Portfolio’s Approved Markets, see the “Additional Information on Investment Objectives and Policies—Approved Markets” section of the Prospectus.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Core ETF may gain exposure to companies associated with Approved Markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio also may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Core ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Core ETF is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x5x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional International Core Equity Market ETF  —Total Returns Highest Quarter Lowest Quarter 0.1641 2022-12-31 -0.1416 2022-06-30 Annualized Returns (%) Return Before Taxes 0.0480 0.0646 Return After Taxes on Distributions 0.0429 0.0599 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0347 0.0514 MSCI World ex USA IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0444 0.0530 Dimensional International Core Equity 2 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International Core Equity 2 ETF (the “International Core Equity 2 ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0003 0.0023 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 24 74 130 293 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">11%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.11 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International Core Equity 2 ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with developed markets that have been authorized for investment by the Advisor’s </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investment Committee (the “International Universe”). The Portfolio invests in companies of all sizes, with meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the International Universe. The Portfolio’s meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the International Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to purchase securities of companies associated with developed market countries that the Advisor has designated as approved markets. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities. The Advisor determines company size on a country or region-specific basis and based primarily on market capitalization. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio also may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of a foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x15x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional International Core Equity 2 ETF  —Total Returns Highest Quarter Lowest Quarter 0.0979 2023-12-31 -0.0734 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0422 0.0392 Return After Taxes on Distributions 0.0372 0.0346 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0319 0.0313 MSCI World ex USA IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0444 0.0358 Dimensional International Small Cap Value ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International Small Cap Value ETF (the “International Small Cap Value ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0039 0.0004 0.0043 -0.0001 0.0042 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 43 137 240 541 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">14%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.14 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International Small Cap Value ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio, using a market capitalization weighted approach, is designed to purchase securities of small, non-U.S. companies in countries with developed markets that the Advisor determines to be lower relative price stocks at the time of purchase. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the small-cap value segment of developed non-U.S. markets. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to purchase securities of small value companies associated with developed market countries that the Advisor has designated as approved markets. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in securities of small companies in the particular markets in which it invests. The Advisor determines the maximum market capitalization of a small company with respect to each country in which the Portfolio invests. In the countries or regions authorized for investment, the Advisor first ranks eligible companies listed on selected exchanges based on the companies’ market capitalizations. The Advisor then determines the universe of eligible securities by defining the maximum market capitalization of a small company that may be purchased by the Portfolio with respect to each country or region. Based on market capitalization data as of December 31, 2024, for the Portfolio, the market capitalization of a small company in any country in which the Portfolio invests would be below $8,786 million. This threshold will vary by country or region. For example, based on market capitalization data as of December 31, 2024, the Advisor would consider a small company in Switzerland to have a market capitalization below $8,729 million, a small company in Norway to have a market capitalization below $1,602 million, and a small company in Japan to have a market capitalization below $2,434 million. These thresholds will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio also may purchase or sell futures contracts and options on futures contracts for foreign and U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of a foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x25x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities of small companies are often less liquid than those of large companies and this could make it difficult to sell a small company security at a desired time or price. As a result, small company stocks may fluctuate relatively more in price. In general, smaller capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional International Small Cap Value ETF  —Total Returns Highest Quarter Lowest Quarter 0.0892 2023-12-31 -0.0754 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0602 0.0493 Return After Taxes on Distributions 0.0561 0.0453 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0432 0.0397 MSCI World ex USA Small Value Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0295 0.0170 MSCI World ex USA Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0470 0.0423 Dimensional International Small Cap ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International Small Cap ETF (the “International Small Cap ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0005 0.0040 -0.0001 0.0039 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 40 127 223 504 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">17%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.17 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International Small Cap ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio, using a market capitalization weighted approach, is designed to purchase securities of small, non-U.S. companies in countries with developed markets. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the small-cap segment of developed non-U.S. markets. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to purchase securities of small companies associated with developed market countries that the Advisor has designated as approved markets. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in securities of small companies in the particular markets in which it invests. The Advisor determines the maximum market capitalization of a small company with respect to each country in which the Portfolio invests. In the countries or regions authorized for investment, the Advisor first ranks eligible companies listed on selected exchanges based on the companies’ market capitalizations. The Advisor then determines the universe of eligible securities by defining the maximum market capitalization of a small company that may be purchased by the Portfolio with respect to each country or region. Based on market capitalization data as of December 31, 2024, for the Portfolio, the market capitalization of a small company in any country in which the Portfolio invests would be below $8,786 million. This threshold will vary by country or region. For example, based on market capitalization data as of December 31, 2024, the Advisor would consider a small company in Switzerland to have a market capitalization below $8,729 million, a small company in Norway to have a market capitalization below $1,602 million, and a small company in Japan to have a market capitalization below $2,434 million. These thresholds will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio also may purchase or sell futures contracts and options on futures contracts for foreign and U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of a foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x35x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities of small companies are often less liquid than those of large companies and this could make it difficult to sell a small company security at a desired time or price. As a result, small company stocks may fluctuate relatively more in price. In general, smaller capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional International Small Cap ETF  —Total Returns Highest Quarter Lowest Quarter 0.1057 2023-12-31 -0.0785 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0379 0.0144 Return After Taxes on Distributions 0.0344 0.0108 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0280 0.0121 MSCI World ex USA Small Cap Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0276 -0.0024 MSCI World ex USA Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0470 0.0423 Dimensional International High Profitability ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International High Profitability ETF (the “International High Profitability ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0003 0.0028 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 29 90 157 356 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">17%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.17 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International High Profitability ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase securities of large non-U.S. companies that the Advisor determines to have high profitability relative to other large capitalization companies in the same country or region, at the time of purchase. An equity issuer is considered to have high profitability because it has high earnings or profits from </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">operations in relation to its book value or assets. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the large-cap high profitability segments of developed non-U.S. markets. The Portfolio’s increased exposure to such stocks may be achieved by overweighting and/or underweighting eligible stocks based on their market capitalization, relative price, and/or profitability characteristics. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to purchase securities of large non-U.S. companies associated with developed market countries that the Advisor has designated as approved markets. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in securities of companies in the particular non-U.S. markets in which the Portfolio invests. The Advisor determines the minimum market capitalization of a large company with respect to each country or region in which the Portfolio invests. Based on market capitalization data as of December 31, 2024, the market capitalization of a large company in any country or region in which the Portfolio invests would be $1,331 million or above. This threshold will vary by country or region. For example, based on market capitalization data as of December 31, 2024, the Advisor considered a large company in the European Economic and Monetary Union (the “EMU“) to have a market capitalization of at least $8,786 million, a large company in Norway to have a market capitalization of at least $1,602 million and a large company in Switzerland to have a market capitalization of at least $8,729 million. These thresholds will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum and short-run reversals. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies in an approved market by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio also may purchase or sell futures contracts and options on futures contracts for foreign and U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of a foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x45x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional International High Profitability ETF  —Total Returns Highest Quarter Lowest Quarter 0.1091 2023-12-31 -0.0816 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0078 0.0278 Return After Taxes on Distributions 0.0043 0.0238 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0104 0.0225 MSCI World ex USA Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0470 0.0423 Dimensional International Vector Equity ETF Investment Objective <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International Vector Equity ETF (the “International Vector Equity ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0016 0.0041 -0.0011 0.0030 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 31 121 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the period September 10, 2024 to October 31, 2024, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">0%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International Vector Equity ETF’s investment objective, Dimensional Fund Advisors LP (the “Advisor”) implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The International Vector Equity ETF is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with developed markets that have been authorized for investment by the Advisor’s Investment Committee (the “International Universe”). The Portfolio invests in companies of all sizes, with strongly increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the International Universe. The Portfolio’s</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">strongly increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the International Universe or by avoiding purchases in that segment of the market. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor determines company size on a country or region-specific basis and based primarily on market capitalization. The Advisor will also establish a minimum market capitalization that a company must meet in order to be considered for purchase, which minimum will change due to market conditions.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Vector Equity ETF will purchase securities of companies associated with developed market countries that the Advisor has designated as approved markets for investment. Under normal market conditions, the Portfolio intends to invest at least 40% of its assets in three or more non-U.S. countries by investing in securities of companies associated with such countries. To determine whether a company is associated with a developed market country, the Advisor will consider various factors, such as where the company is organized or maintains its principal place of business, the principal trading market of the company, what government, agency or instrumentality issued or guaranteed the security, where the company’s revenues or profits are derived, and whether the company is in the Portfolio’s benchmark. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the International Vector Equity ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Vector Equity ETF may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Vector Equity ETF may lend its portfolio securities to generate additional income.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Vector Equity ETF is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x55x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Large Shareholder Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Certain shareholders, including other funds or accounts advised by the Advisor, may from time to time own a substantial amount of a fund’s shares. In addition, a third-party investor, the Advisor, an authorized participant, a lead market maker, or another entity may invest in a fund and hold its investment for a limited period of time solely to facilitate commencement of a fund or to facilitate a fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of a fund would be maintained at such levels or that a fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on a fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Performance information is not available for the Portfolio because it has not yet completed a full calendar year of operations. Updated performance information for the Portfolio can be obtained in the future by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">. </span></p> Performance information is not available for the Portfolio because it has not yet completed a full calendar year of operations. https://www.dimensional.com/us-en/funds Dimensional Emerging Core Equity Market ETF Investment Objective <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Emerging Core Equity Market ETF (the “Emerging Markets Core ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0 0.0035 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 36 113 197 443 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">7%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.07 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Emerging Markets Core ETF’s investment objective, Dimensional Fund Advisors LP (the “Advisor”) implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets Core ETF Portfolio is designed to purchase a broad and diverse group of readily marketable equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with emerging markets that have been </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">authorized for investment by the Advisor’s Investment Committee (“Approved Markets”), which may include frontier markets (emerging market countries in an earlier stage of development) (the “Emerging Markets Universe”). The Portfolio will invest in companies of all sizes, with modestly increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the Emerging Markets Universe. The Portfolio’s modestly increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the Emerging Markets Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to their book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in emerging market equity investments that are defined in the Prospectus as Approved Market Securities.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Emerging Markets Core ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As of the date of this Prospectus, the Emerging Markets Core ETF can invest in the following countries that have been designated as Approved Markets by the Advisor: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey, and United Arab Emirates. In determining what countries are eligible markets for the Portfolio, the Advisor may consider various factors, including without limitation, the classification of countries published or disseminated by international cooperatives and global development institutions, such as the International Bank for Reconstruction and Development (commonly known as the World Bank) and the International Finance Corporation, and widely recognized global index providers, such as FTSE Russell and MSCI. The countries designated as Approved Markets will change from time to time. In addition, the countries in which the Portfolio actually holds investments will change from time to time. To determine whether a company is related to an emerging market country, the Advisor will consider various factors, such as where the company is organized or maintains its principal place of business, the principal trading market of the company, what government, agency or instrumentality issued or guaranteed the security, where the company’s revenues or profits are derived, and whether the company is in the Portfolio’s benchmark.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets Core ETF may gain exposure to companies associated with Approved Markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio may also invest in China A-shares (equity securities of companies listed in China) and variable interest entities (special structures that utilize contractual arrangements to provide exposure to certain Chinese companies). The Portfolio also may purchase or sell futures contracts and options on futures contracts for Approved Market or other equity market securities and indices, including those of the United States, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets Core ETF may lend its portfolio securities to generate additional income.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets Core ETF is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="-sec-ix-redline:true;font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x65x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a fund investing in such securities. In addition, investments in special structures that utilize contractual arrangements to provide exposure to certain Chinese companies, known as variable interest entities (“VIEs”), that operate in sectors in which China restricts and/or prohibits foreign investments may present additional risks. The Chinese government’s acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure generally, or with respect to certain industries, or whether Chinese courts or arbitration bodies would decline to enforce the contractual rights of foreign investors, each of which would likely have significant, detrimental, and possibly permanent losses on the value of such investments.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Counterparty risk increases when a fund is a buyer of swaps. Swaps may be illiquid or difficult to value. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Emerging Core Equity Market ETF  —Total Returns Highest Quarter Lowest Quarter 0.0974 2022-12-31 -0.1265 2022-06-30 Annualized Returns (%) Return Before Taxes 0.0804 0.0235 Return After Taxes on Distributions 0.0738 0.0172 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0511 0.0169 MSCI Emerging Markets IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0709 0.0028 Dimensional Emerging Markets High Profitability ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Emerging Markets High Profitability ETF (the “Emerging Markets High Profitability ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0009 0.0044 -0.0003 0.0041 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 42 138 243 552 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">37%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.37 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Emerging Markets High Profitability ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase securities of large companies associated with emerging markets that the Advisor determines to have high profitability relative to other large companies in the same country or region at the time of purchase. The Portfolio intends to purchase securities of large companies that are associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by the Advisor’s Investment Committee (“Approved Markets”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the large-cap high profitability segments of the Approved Markets in which the Portfolio is authorized to invest. The Portfolio’s increased exposure to such stocks may be achieved by overweighting and/or underweighting eligible stocks based on their market capitalization, relative price, and/or profitability characteristics. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor’s definition of a large company varies across countries and is based primarily on market capitalization. A company’s market capitalization is the number of its shares outstanding times its price per share. In each country authorized for investment, the Advisor first ranks eligible companies listed on selected exchanges based on the companies’ market capitalizations. The Advisor then defines the minimum market capitalization for a large company in that country. Based on market capitalization data as of December 31, 2024, the market capitalization of a large cap company in any country or region in which the Portfolio invests would be $922 million or above. This threshold will vary by country or region. For example, based on market capitalization data as of December 31, 2024, the Advisor considered a large company in Mexico to have a market capitalization of at least $3,365 million, and a large company in the Czech Republic to have a market capitalization of at least $1,894 million. These thresholds will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum and short-run reversals. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in emerging markets investments that are defined in the prospectus as Approved Market securities. The Portfolio may gain exposure to companies in an Approved Market by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio may also invest in China A-shares (equity securities of companies listed in China) and variable interest entities (special structures that utilize contractual arrangements to provide exposure to certain Chinese companies). The Portfolio also may purchase or sell futures contracts and options on futures contracts for Approved Market or other equity market securities and indices, including those of the United States, to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of a foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x75x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a fund investing in such securities. In addition, investments in special structures that utilize contractual arrangements to provide exposure to certain Chinese companies, known as variable interest entities (“VIEs”), that operate in sectors in which China restricts and/or prohibits foreign investments may present additional risks. The Chinese government’s acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure generally, or with respect to certain industries, or whether Chinese courts or arbitration bodies would decline to enforce the contractual rights of foreign investors, each of which would likely have significant, detrimental, and possibly permanent losses on the value of such investments.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Emerging Markets High Profitability ETF  —Total Returns Highest Quarter Lowest Quarter 0.0727 2023-12-31 -0.0758 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0487 0.0230 Return After Taxes on Distributions 0.0422 0.0159 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0325 0.0165 MSCI Emerging Markets Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0750 0.0367 Dimensional Emerging Markets Value ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Emerging Markets Value ETF (the “Emerging Markets Value ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0.0009 0.0047 -0.0004 0.0043 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 44 147 259 588 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">23%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.23 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Emerging Markets Value ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase emerging market equity securities that are deemed by the Advisor to be lower relative price stocks at the time of purchase, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by the Advisor’s Investment Committee (“Approved Markets”). An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the value segments of the Approved Markets in which the Portfolio is authorized to invest. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in emerging markets investments that are defined in the Prospectus as Approved Markets securities. The Portfolio may purchase emerging market equity securities across all market capitalizations.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies associated with Approved Markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio may also invest in China A-shares (equity securities of companies listed in China) and variable interest entities (special structures that utilize contractual arrangements to provide exposure to certain Chinese companies). The Portfolio may purchase or sell futures contracts and options on futures contracts for Approved Market or other equity market securities and indices, including those of the United States, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of a foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x85x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a fund investing in such securities. In addition, investments in special structures that utilize contractual arrangements to provide exposure to certain Chinese companies, known as variable interest entities (“VIEs”), that operate in sectors in which China restricts and/or </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">prohibits foreign investments may present additional risks. The Chinese government’s acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure generally, or with respect to certain industries, or whether Chinese courts or arbitration bodies would decline to enforce the contractual rights of foreign investors, each of which would likely have significant, detrimental, and possibly permanent losses on the value of such investments.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Emerging Markets Value ETF  —Total Returns Highest Quarter Lowest Quarter 0.0687 2023-12-31 -0.0760 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0752 0.0565 Return After Taxes on Distributions 0.0666 0.0457 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0495 0.0413 MSCI Emerging Markets Value Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0451 0.0460 MSCI Emerging Markets Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0750 0.0367 Dimensional Emerging Markets Core Equity 2 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Emerging Markets Core Equity 2 ETF (the “Emerging Markets Core 2 ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0033 0.0007 0.0040 -0.0001 0.0039 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 40 127 223 504 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">13%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.13 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Emerging Markets Core 2 ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with emerging markets that have been authorized for investment by the Advisor’s Investment Committee (“Approved Markets”), which may include frontier markets (emerging market countries in an earlier stage of development) (the “Emerging Markets Universe”). The Portfolio will invest in companies of all sizes, with meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies. The Portfolio’s meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in emerging markets equity investments that are defined in the prospectus as Approved Market securities. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies associated with Approved Markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio may also invest in China A-shares (equity securities of companies listed in China) and variable interest entities (special structures that utilize contractual arrangements to provide exposure to certain Chinese companies). The Portfolio may purchase or sell futures contracts and options on futures contracts for Approved Market or other equity market securities and indices, including those of the United States, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of a foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x95x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a fund investing in such securities. In addition, investments in special structures that utilize contractual arrangements to provide exposure to certain Chinese companies, known as variable interest entities (“VIEs”), that operate in sectors in which China restricts and/or prohibits foreign investments may present additional risks. The Chinese government’s acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure generally, or with respect to certain industries, or whether Chinese courts or arbitration bodies would decline to enforce the contractual rights of foreign investors, each of which would likely have significant, detrimental, and possibly permanent losses on the value of such investments.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Emerging Markets Core Equity 2 ETF  —Total Returns Highest Quarter Lowest Quarter 0.0750 2023-12-31 -0.0679 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0779 0.0443 Return After Taxes on Distributions 0.0707 0.0368 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0497 0.0324 MSCI Emerging Markets IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0709 0.0401 Dimensional Emerging Markets ex China Core Equity ETF Investment Objective <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Emerging Markets ex China Core Equity ETF (the “Emerging Markets ex China Core Equity ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0033 0.0020 0.0053 -0.0010 0.0043 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 44 160 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. Because the Portfolio is new, information about portfolio turnover rate is not yet available.</p> Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Emerging Markets ex China Core Equity ETF’s investment objective, Dimensional Fund Advisors LP (the “Advisor”) implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies, sectors, and countries. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets ex China Core Equity ETF is designed to purchase a broad and diverse group of readily marketable emerging markets equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. securities associated with emerging markets authorized for investment by the Advisor’s Investment Committee (“Approved Markets”), which may include frontier markets (emerging markets in an earlier stage of development) but which does not include China (the “Emerging Markets Universe”). The Portfolio will invest in companies of all sizes, with meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the Emerging Markets Universe. The Portfolio’s meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the Emerging Markets Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Emerging Markets ex China Core Equity ETF will invest at least 80% of its net assets in emerging market equity investments that are defined in the Prospectus as Approved Market securities. In determining which countries are eligible markets for the Portfolio, the Advisor may consider various factors, including without limitation, the classification of countries published or disseminated by international cooperatives and global development institutions, such as the International Bank for Reconstruction and Development (commonly known as the World Bank) and the International Finance Corporation, and widely recognized global index providers, such as FTSE Russell and MSCI. To determine whether a company is associated with an emerging market country, the Advisor will consider various factors, such as where the company is organized or maintains its principal place of business, the principal trading market of the company, what government, agency or instrumentality issued or guaranteed the security, where the company’s revenues or profits are derived, and whether the company is in the Portfolio’s benchmark.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Emerging Markets ex China Core Equity ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets ex China Core Equity ETF may gain exposure to companies associated with Approved Markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country, or by entering into equity swap agreements. The Portfolio also may purchase or sell futures contracts and options on futures contracts for Approved Market or other equity market securities and indices, including those of the United States, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets ex China Core Equity ETF may lend its portfolio securities to generate additional income.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Emerging Markets ex China Core Equity ETF will be an actively managed exchange traded fund and will not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="-sec-ix-redline:true;font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x105x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Taiwan Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> There are special risks associated with investments in Taiwan. Taiwan and China are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Taiwan’s political stability and ability to sustain its economic growth could be significantly affected by its political and economic relationship with China and Taiwan remains vulnerable to both Chinese territorial ambitions and economic downturns. The economic success of China will continue to have an outsized influence on the growth and prosperity of Taiwan.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Counterparty risk increases when a fund is a buyer of swaps. Swaps may be illiquid or difficult to value. </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Large Shareholder Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Certain shareholders, including other funds or accounts advised by the Advisor, may from time to time own a substantial amount of a fund’s shares. In addition, a third-party investor, the Advisor, an authorized participant, a lead market maker, or another entity may invest in a fund and hold its investment for a limited period of time solely to facilitate commencement of a fund or to facilitate a fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of a fund would be maintained at such levels or that a fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on a fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Performance information is not available for the Portfolio because it has not yet completed a full calendar year of operations. Updated performance information for the Portfolio can be obtained in the future by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">. </span></p> Performance information is not available for the Portfolio because it has not yet completed a full calendar year of operations. https://www.dimensional.com/us-en/funds Dimensional World Equity ETF Investment Objective <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional World Equity ETF (the “World Equity ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0.0005 0.0020 0.0027 -0.0002 0.0025 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 26 85 150 341 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. The Portfolio does not pay transaction costs when buying and selling shares of other investment companies (the “Underlying Funds”); however, the Underlying Funds pay transaction costs when buying and selling securities for their portfolio. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">7%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> based on the weighted average portfolio turnover ratios of each of the Portfolio's underlying investments.</span></p> 0.07 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The World Equity ETF is a “fund of funds”, which means that the Portfolio generally allocates its assets among other funds managed by the Advisor (the “Underlying Funds”), although it has the flexibility to invest directly in securities and derivatives. The Portfolio allocates its assets to Underlying Funds that invest in domestic and international equity securities.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Portfolio’s and the Underlying Funds’ investment objectives, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s and Underlying Funds’ designs emphasize long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to provide exposure to a broad portfolio of equity securities of both U.S. companies and non-U.S. companies associated with countries with developed and emerging markets, primarily by purchasing shares of the Underlying Funds. In addition, the Portfolio further diversifies its investment portfolio by allocating its assets among Underlying Funds that provide exposure to companies in all market capitalization ranges, as well as real estate securities. The Portfolio and certain Underlying Funds may invest with a moderate to meaningful emphasis on securities of smaller, lower relative price, and higher profitability companies.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio invests substantially all of its assets in the Dimensional US Core Equity 1 ETF, Dimensional US Core Equity 2 ETF, Dimensional International Core Equity 2 ETF, Dimensional Emerging Markets Core Equity 2 ETF, and Dimensional Global Real Estate ETF. The Portfolio, directly or indirectly through its investment in the Underlying Funds, intends to invest its assets to gain exposure to at least three different countries, including the United States. Periodically, the Advisor will review the allocations for the Portfolio in each Underlying Fund and may adjust the allocations to the Underlying Funds or may add or remove Underlying Funds in the Portfolio without notice to shareholders. As of the date of the Prospectus, the Portfolio, directly or indirectly through its investment in the Underlying Funds, invests approximately 73% of its net assets in U.S. companies. This percentage will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested directly, or indirectly through its investment in the Underlying Funds, in equity securities.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s and/or Underlying Funds’ exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because many of the Portfolio’s and certain Underlying Funds’ investments may be denominated in foreign currencies, the Portfolio and certain Underlying Funds may enter into foreign currency exchange transactions, including foreign currency forward contracts in connection with the settlement of foreign securities, or to transfer balances from one currency to another. In addition, the Portfolio and certain Underlying Funds may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio and each Underlying Fund may purchase and sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio or Underlying Funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio and Underlying Funds may lend their portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x115x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Fund of Funds Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> The investment performance of the Portfolio is affected by the investment performance of its underlying funds in which the fund of funds invests. The ability of the fund of funds to achieve its investment objective depends on the ability of the underlying funds to meet their investment objectives and on the Advisor’s decisions regarding the allocation of a fund of funds assets among underlying funds. A fund of funds may allocate assets to an underlying fund or asset class that underperforms other funds or asset classes. There can be no assurance that the investment objective of a fund of funds or any underlying fund will be achieved. When a fund of funds invests in an underlying fund, investors are exposed to a proportionate share of the expenses of those underlying funds in addition to the expenses of the fund of funds. Through its investments in underlying funds, a fund of funds is subject to the risks of the underlying funds’ investments. Certain risks of an underlying funds’ investments that are principal risks of investing in a fund of funds are described below. In addition to the risks associated with a underlying funds’ investments, a fund of funds investments in underlying funds operated as exchange-traded funds (“ETFs”) are also subject to the following additional risks: (1) an ETF’s shares may trade at a significant premium or discount to net asset value due to disruptions to creations and redemptions or the market prices of the ETF’s holdings, the existence of extreme market volatility or potential lack of an active trading market; (2) an active trading market for an ETF’s shares may not develop or be maintained by market makers or authorized participants; and (3) trading in an ETF’s shares may be halted in certain circumstances.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio and each Underlying Fund do not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional World Equity ETF  —Total Returns Highest Quarter Lowest Quarter 0.0781 2024-03-31 -0.0119 2024-12-31 Annualized Returns (%) Return Before Taxes 0.1542 0.2233 Return After Taxes on Distributions 0.1502 0.2191 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0942 0.1711 MSCI All Country World IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.1637 0.2302 Dimensional Global Real Estate ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Global Real Estate ETF (the “Global Real Estate ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0019 0.0004 0.0023 -0.0001 0.0022 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 23 73 129 292 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">5%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.05 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Global Real Estate ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio, using a market capitalization weighted approach, purchases a broad and diverse set of securities of U.S. and non-U.S. companies principally engaged in the real estate industry, including developed and emerging markets, with a particular focus on real estate investment trusts (“REITs”) and companies the Advisor considers to be REIT-like entities. The Portfolio invests in companies of all sizes. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. However, the Advisor may limit or fix the Portfolio’s exposure to a particular country or issuer. The Advisor may also adjust the representation in the Portfolio of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, and other factors that the Advisor determines to be appropriate. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. The Advisor also may limit or fix the Portfolio’s exposure to a particular country or issuer.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested in securities of companies in the real estate industry. The Portfolio concentrates (i.e., invests more than 25% of its net assets) its investments in securities of companies in the real estate industry. The Portfolio generally considers a company to be principally engaged in the real estate industry if the company (i) derives at least 50% of its revenue or profits from the ownership, management, development, construction, or sale of residential, commercial, industrial, or other real estate; (ii) has at least 50% of the value of its assets invested in residential, commercial, industrial, or other real estate; or (iii) is organized as a REIT or REIT-like entity. REITs and REIT-like entities are types of real estate companies that pool investors’ funds for investment primarily in income producing real estate or real estate related loans or interests. The Portfolio also may invest in stapled securities, where one or more of the underlying securities represents interests in a company or subsidiary in the real estate industry.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio intends to purchase securities of companies associated with countries that the Advisor has identified as approved markets for investment for the Portfolio. The Portfolio intends to invest its assets to gain exposure to at least three different countries, including the United States. (For a description of the securities and countries approved for investment, see the </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">“Additional Information on Investment Objective and Policies—Approved Markets”</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> section of the Prospectus). As of the date of the Prospectus, the Portfolio invests approximately 75% of its net assets in U.S. companies. This percentage will change due to market conditions.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x125x3"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Risks of Concentrating in the Real Estate Industry:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund that concentrates (i.e., invests more than 25% of its net assets) its investments in securities of companies in the real estate industry will be exposed to the general risks of direct real estate ownership. The value of securities in the real estate industry can be affected by changes in real estate values and rental income, property taxes, and tax and regulatory requirements. Also, the value of securities in the real estate industry may decline with changes in interest rates. Investing in REITs and REIT-like entities involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs and REIT-like entities are dependent upon management skill, may not be diversified, and are subject to heavy cash flow dependency and self-liquidation. REITs and REIT-like entities also are subject to the possibility of failing to qualify for tax free pass-through of income. Also, because REITs and REIT-like entities typically are invested in a limited number of projects or in a particular market segment, these entities are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. The performance of a fund may be materially different from the broad equity market.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Global Real Estate ETF  —Total Returns Highest Quarter Lowest Quarter 0.1728 2023-12-31 -0.0982 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0192 0.0489 Return After Taxes on Distributions 0.0045 0.0351 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0116 0.0319 S&P Global REIT Index (net dividends)2 (reflects no deduction for fees, expenses or taxes on sales) 0.0277 0.0535 MSCI All Country World IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.1637 0.1712 Dimensional U.S. Equity Market ETF Investment Objective <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional U.S. Equity Market ETF (the “US Equity ETF” or “Portfolio”) is to achieve long-term capital appreciation while minimizing federal income taxes on returns.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0008 0.0001 0.0009 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 9 29 51 115 PORTFOLIO TURNOVER <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">2%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.02 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Dimensional Fund Advisors LP’s (the “Advisor”) tax management strategies for the US Equity ETF are designed to maximize the after tax value of a shareholder’s investment. Generally, the Advisor buys and sells securities for the Portfolio with the goals of: (i) delaying and minimizing the realization of net capital gains (e.g., selling stocks with capital losses to offset gains, realized or anticipated); and (ii) maximizing the extent to which any realized net capital gains are long-term in nature (i.e., taxable at lower capital gains tax rates).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Equity ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Equity ETF, using a market capitalization weighted approach, is designed to generally purchase a broad and diverse group of equity securities of U.S. companies. A company’s market capitalization is the number of its shares outstanding times its price per share. The Portfolio may subtly emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the U.S. market. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the US Equity ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum and short-run reversals. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the US Equity ETF will invest at least 80% of its net assets in securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. The Advisor considers companies of all market capitalizations for purchase by the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Equity ETF may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Equity ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Equity ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x5x4"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax-Management Strategy Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed funds. The Advisor anticipates that performance of a fund may deviate from that of non-tax managed funds. Although the Advisor may intend to manage a fund in a manner </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">which considers the effects of the realization of capital gains and taxable dividend income each year, the fund may nonetheless distribute taxable gains and dividends to shareholders.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Equity Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. The returns shown for periods ending on or prior to June 11, 2021 are those of the predecessor fund. Returns of the Portfolio will be different from the returns of the predecessor fund as they have different expenses. Performance reflects any applicable fee waivers and expense reimbursements. Performance </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">returns would be lower without applicable fee waivers and expense reimbursements. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Equity Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional U.S. Equity Market ETF  —Total Returns Highest Quarter Lowest Quarter 0.2191 2020-06-30 -0.2077 2020-03-31 Annualized Returns (%) Return Before Taxes 0.2440 0.1446 0.1283 Return After Taxes on Distributions 0.2408 0.1409 0.1241 Return After Taxes on Distributions and Sale of Portfolio Shares 0.1465 0.1155 0.1061 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1386 0.1255 Dimensional U.S. Small Cap ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional U.S. Small Cap ETF (the “US Small Cap ETF” or “Portfolio”) is to achieve long-term capital appreciation while minimizing federal income taxes on returns.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0002 0.0027 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 28 87 152 343 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">8%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.08 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Dimensional Fund Advisors LP’s (the “Advisor”) tax management strategies for the US Small Cap ETF are designed to maximize the after tax value of a shareholder’s investment. Generally, the Advisor buys and sells securities for the Portfolio with the goals of: (i) delaying and minimizing the realization of net capital gains (e.g., selling stocks with capital losses to offset gains, realized or anticipated); and (ii) maximizing the extent to which any realized net capital gains are long-term in nature (i.e., taxable at lower capital gains tax rates).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Small Cap ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Small Cap ETF, using a market capitalization weighted approach, is designed to generally purchase a broad and diverse group of securities of U.S. small cap companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the small-cap segment of the U.S. market. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the US Small Cap ETF will invest at least 80% of its net assets in securities of small cap U.S. companies. For the purposes of the Portfolio, the Advisor considers small cap companies to be companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of eligible U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the Advisor. Under the Advisor’s market capitalization guidelines described above, based on market capitalization data as of December 31, 2024, the market capitalization of a small cap company would be below $13,601 million. This threshold will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the US Small Cap ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Small Cap ETF may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Small Cap ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Small Cap ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x15x4"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities of small companies are often less liquid than those of large companies and this could make it difficult to sell a small company security at a desired time or price. As a result, small company stocks </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">may fluctuate relatively more in price. In general, smaller capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax-Management Strategy Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed funds. The Advisor anticipates that performance of a fund may deviate from that of non-tax managed funds. Although the Advisor may intend to manage a fund in a manner which considers the effects of the realization of capital gains and taxable dividend income each year, the fund may nonetheless distribute taxable gains and dividends to shareholders.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Small Cap Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. The returns shown for periods ending on or prior to June 11, 2021 are those of the predecessor fund. Returns of the Portfolio will be different from the returns of the predecessor fund as they have different expenses. Performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Small Cap Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional U.S. Small Cap ETF  —Total Returns Highest Quarter Lowest Quarter 0.2847 2020-12-31 -0.3232 2020-03-31 Annualized Returns (%) Return Before Taxes 0.1035 0.0986 0.0854 Return After Taxes on Distributions 0.1010 0.0947 0.0788 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0629 0.0776 0.0678 Russell 2000® Index (reflects no deduction for fees, expenses or taxes) 0.1154 0.0740 0.0782 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1386 0.1255 Dimensional U.S. Targeted Value ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional U.S. Targeted Value ETF (the “US Targeted Value ETF” or “Portfolio”) is to achieve long-term capital appreciation while minimizing federal income taxes on returns.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0001 0.0028 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 29 90 157 356 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">9%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.09 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Dimensional Fund Advisors LP’s (the “Advisor”) tax management strategies for the US Targeted Value ETF are designed to maximize the after tax value of a shareholder’s investment. Generally, the Advisor buys and sells securities for the Portfolio with the goals of: (i) delaying and minimizing the realization of net capital gains (e.g., selling stocks with capital losses to offset gains, realized or anticipated); and (ii) maximizing the extent to which any realized net capital gains are long-term in nature (i.e., taxable at lower capital gains tax rates).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Targeted Value ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Targeted Value ETF, using a market capitalization weighted approach, is designed to generally purchase a broad and diverse group of readily marketable securities of U.S. small and mid cap companies that the Advisor determines to be lower relative price stocks with higher profitability. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the small- and mid-cap value segment of the U.S. market. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the US Targeted Value ETF will invest at least 80% of its net assets in securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. The Advisor considers for investment companies whose market capitalizations are generally smaller than the 500th largest U.S. company. As of December 31, 2024, companies smaller than the 500th largest U.S. company fall in the lowest 11% of total U.S. market capitalization. Total market capitalization is based on the market capitalization of eligible U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the Advisor. Based on market capitalization data as of December 31, 2024, the market capitalization of a company smaller than the 500th largest U.S. company would be below $14,232 million. This threshold will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the US Targeted Value ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Targeted Value ETF may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Targeted Value ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Targeted Value ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x25x4"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax-Management Strategy Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed funds. The Advisor anticipates that performance of a fund may deviate from that of non-tax managed funds. Although the Advisor may intend to manage a fund in a manner which considers the effects of the realization of capital gains and taxable dividend income each year, the fund may nonetheless distribute taxable gains and dividends to shareholders.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Targeted Value Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. The returns shown for periods ending on or prior to June 11, 2021 are those of the predecessor fund. Returns of the Portfolio will be different from the returns of the predecessor fund as they have different expenses. Performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Targeted Value Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional U.S. Targeted Value ETF  —Total Returns Highest Quarter Lowest Quarter 0.3073 2020-12-31 -0.3794 2020-03-31 Annualized Returns (%) Return Before Taxes 0.0798 0.1112 0.0871 Return After Taxes on Distributions 0.0764 0.1072 0.0796 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0496 0.0878 0.0687 Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) 0.0805 0.0729 0.0714 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1386 0.1255 Dimensional U.S. Core Equity 2 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional U.S. Core Equity 2 ETF (the “US Core Equity 2 ETF” or “Portfolio”) is to achieve long-term capital appreciation while considering federal income tax implications of investment decisions.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0016 0.0001 0.0017 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 17 55 96 217 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">4%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.04 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Dimensional Fund Advisors LP’s (the “Advisor”) tax management strategies for the US Core Equity 2 ETF are designed to maximize the after tax value of a shareholder’s investment. Generally, the Advisor buys and sells securities for the Portfolio with the goals of: (i) delaying and minimizing the realization of net capital gains (e.g., selling stocks with capital losses to offset gains, realized or anticipated); and (ii) maximizing the extent to which any realized net capital gains are long-term in nature (i.e., taxable at lower capital gains tax rates).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Core Equity 2 ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The US Core Equity 2 ETF is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. operating companies listed on a securities exchange in the United States that have been authorized for investment by the Advisor’s Investment Committee (the “U.S. Universe”). The Portfolio invests in companies of all sizes, with meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the U.S. Universe. The Portfolio’s meaningfully</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the US Core Equity 2 ETF will invest at least 80% of its net assets in equity securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the US Core Equity 2 ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core Equity 2 ETF may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core Equity 2 ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Core Equity 2 ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x35x4"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax-Management Strategy Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed funds. The Advisor anticipates that performance of a fund may deviate from that of non-tax managed funds. Although the Advisor may intend to manage a fund in a manner which considers the effects of the realization of capital gains and taxable dividend income each year, the fund may nonetheless distribute taxable gains and dividends to shareholders.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the T.A. U.S. Core Equity 2 Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. The returns shown for periods ending on or prior to June 11, 2021 are those of the predecessor fund. Returns of the Portfolio will be different from the returns of the predecessor fund as they have different expenses. Performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the T.A. U.S. Core Equity 2 Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on June 11, 2021 (the “Reorganization”).Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional U.S. Core Equity 2 ETF  —Total Returns Highest Quarter Lowest Quarter 0.2214 2020-06-30 -0.2540 2020-03-31 Annualized Returns (%) Return Before Taxes 0.1967 0.1287 0.1122 Return After Taxes on Distributions 0.1937 0.1252 0.1075 Return After Taxes on Distributions and Sale of Portfolio Shares 0.1185 0.1023 0.0916 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1386 0.1255 Dimensional US Marketwide Value ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Marketwide Value ETF (the “US Marketwide Value ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0001 0.0021 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 22 68 118 268 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">4%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.04 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Dimensional Fund Advisors LP’s (the “Advisor”) tax management strategies for the US Marketwide Value ETF are designed to maximize the after-tax value of a shareholder’s investment. Generally, the Advisor buys and sells securities for the Portfolio with the goals of: (i) delaying and minimizing the realization of net capital gains (e.g., selling stocks with capital losses to offset gains, realized or anticipated); and (ii) maximizing the extent to which any realized net capital gains are long-term in nature (i.e., taxable at lower capital gains tax rates).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Marketwide Value ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The US Marketwide Value ETF is designed to purchase a broad and diverse group of securities of U.S. companies that the Advisor determines to be lower relative price stocks. A company’s market capitalization is the number of its shares outstanding times its price per share. Companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Advisor may overweight certain stocks, including smaller companies, lower relative price stocks, and/or higher profitability stocks within the value segment of the U.S. market. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. The Advisor considers companies of all market capitalizations for purchase by the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x45x4"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax-Management Strategy Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed funds. The Advisor anticipates that performance of a fund may deviate from that of non-tax managed funds. Although the Advisor may intend to manage a fund in a manner which considers the effects of the realization of capital gains and taxable dividend income each year, the fund may nonetheless distribute taxable gains and dividends to shareholders.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Marketwide Value Portfolio II (the predecessor fund) as the result of a reorganization of the </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">predecessor fund into the Portfolio, which was consummated after the close of business on May 6, 2022 (the “Reorganization”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. The returns shown for periods ending on or prior to May 6, 2022 are those of the predecessor fund. Returns of the Portfolio will be different from the returns of the predecessor fund as they have different expenses. Performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed U.S. Marketwide Value Portfolio II (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on May 6, 2022 (the “Reorganization”).Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Marketwide Value ETF  —Total Returns Highest Quarter Lowest Quarter 0.1826 2020-12-31 -0.3033 2020-03-31 Annualized Returns (%) Return Before Taxes 0.1187 0.0837 0.0863 Return After Taxes on Distributions 0.1142 0.0789 0.0779 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0733 0.0651 0.0678 Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) 0.1398 0.0860 0.0840 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.1386 0.1255 Dimensional International Value ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International Value ETF (the “International Value ETF” or “Portfolio”) is to achieve long-term capital appreciation while minimizing federal income taxes on returns.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0002 0.0027 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 28 87 152 343 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">16%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.16 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Dimensional Fund Advisors LP’s (the “Advisor”) tax management strategies for the International Value ETF are designed to maximize the after tax value of a shareholder’s investment. Generally, the Advisor buys and sells securities for the Portfolio with the goals of: (i) delaying and minimizing the realization of net capital gains (e.g., selling stocks with capital losses to offset gains, realized or anticipated); and (ii) maximizing the extent to which any realized net capital gains are long-term in nature (i.e., taxable at lower capital gains tax rates).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International Value ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Value ETF is designed to generally purchase securities of large non-U.S. companies in countries with developed markets that the Advisor determines to be lower relative price stocks. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Advisor may overweight certain stocks, including smaller companies, lower relative price stocks, and/or higher profitability stocks within the large-cap value segment of developed ex U.S. markets. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Value ETF intends to purchase securities of large companies associated with developed market countries that the Advisor has designated as approved markets. The Advisor determines the minimum market capitalization of a large company with respect to each country or region in which the Portfolio invests. Based on market capitalization data as of December 31, 2024, for the Portfolio, the market capitalization of a large company in any country or region in which the Portfolio invests would be $1,331 million or above. This threshold will change due to market conditions.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the International Value ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum and short-run reversals. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Value ETF also may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Value ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The International Value ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x55x4"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax-Management Strategy Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed funds. The Advisor anticipates that performance of a fund may deviate from that of non-tax managed funds. Although the Advisor may intend to manage a fund in a manner which considers the effects of the realization of capital gains and taxable dividend income each year, the fund may nonetheless distribute taxable gains and dividends to shareholders.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed DFA International Value Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on September 10, 2021 (the “Reorganization”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. The returns shown for periods ending on or prior to September 10, 2021 are those of the predecessor fund. Returns of the Portfolio will be different from the returns of the predecessor fund as they have different expenses. Performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the Tax-Managed DFA International Value Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on September 10, 2021 (the “Reorganization”).Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional International Value ETF  —Total Returns Highest Quarter Lowest Quarter 0.2149 2020-12-31 -0.3149 2020-03-31 Annualized Returns (%) Return Before Taxes 0.0726 0.0704 0.0555 Return After Taxes on Distributions 0.0641 0.0631 0.0492 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0510 0.0558 0.0447 MSCI World ex USA Value Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0665 0.0550 0.0454 MSCI World ex USA Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0470 0.0510 0.0526 Dimensional World ex U.S. Core Equity 2 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional World ex U.S. Core Equity 2 ETF (the “World ex U.S. Core Equity 2 ETF” or “Portfolio”) is to achieve long-term capital appreciation while considering federal tax implications of investment decisions.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0004 0.0029 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 30 93 163 368 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">12%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.12 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Dimensional Fund Advisors LP’s (the “Advisor”) tax management strategies for the World ex U.S. Core Equity 2 ETF are designed to maximize the after tax value of a shareholder’s investment. Generally, the Advisor buys and sells securities for the Portfolio with the goals of: (i) delaying and minimizing the realization of net capital gains (e.g., selling stocks with capital losses to offset gains, realized or anticipated); and (ii) maximizing the extent to which any realized net capital gains are long-term in nature (i.e., taxable at lower capital gains tax rates).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the World ex U.S. Core Equity 2 ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The World ex U.S. Core Equity 2 ETF is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with countries with developed and emerging markets that have been authorized for investment by the Advisor’s Investment Committee (the “Non-U.S. Universe”). The Portfolio invests in companies of all sizes, with</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the Non-U.S. Universe. The Portfolio’s meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the Non-U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. The Advisor determines company size on a country or region specific basis and based primarily on market capitalization.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The World ex U.S. Core Equity 2 ETF intends to purchase securities of companies associated with developed market and emerging market countries, which may include frontier markets (emerging market countries in an earlier stage of development), that the Advisor has designated as approved markets. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in non-U.S. equity securities and/or investments that provide exposure to non-U.S. securities. The Portfolio intends to invest its assets to gain exposure to at least three different countries, excluding the United States. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the World ex U.S. Core Equity 2 ETF’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The World ex U.S. Core Equity 2 ETF may gain exposure to non-U.S. securities by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio may also invest in China A-shares (equity securities of companies listed in China) and variable interest entities (special structures that utilize contractual arrangements to provide exposure to certain Chinese companies). The Portfolio may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The World ex U.S. Core Equity 2 ETF may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The World ex U.S. Core Equity 2 ETF is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x65x4"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a fund investing in such securities. In addition, investments in special structures that utilize contractual arrangements to provide exposure to certain Chinese companies, known as variable interest entities (“VIEs”), that operate in sectors in which China restricts and/or prohibits foreign investments may present additional risks. The Chinese government’s acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure generally, or with respect to certain industries, or whether Chinese courts or arbitration bodies would decline to enforce the contractual rights of foreign investors, each of which would likely have significant, detrimental, and possibly permanent losses on the value of such investments.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax-Management Strategy Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed funds. The Advisor anticipates that performance of a fund may deviate from that of non-tax managed funds. Although the Advisor may intend to manage a fund in a manner which considers the effects of the realization of capital gains and taxable dividend income each year, the fund may nonetheless distribute taxable gains and dividends to shareholders.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the T.A. World ex U.S. Core Equity Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on September 10, 2021 (the “Reorganization”).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. The returns shown for periods ending on or prior to September 10, 2021 are those of the predecessor fund. Returns of the Portfolio will be different from the returns of the predecessor fund as they have different expenses. Performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense reimbursements. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The Portfolio has adopted the performance of the T.A. World ex U.S. Core Equity Portfolio (the predecessor fund) as the result of a reorganization of the predecessor fund into the Portfolio, which was consummated after the close of business on September 10, 2021 (the “Reorganization”).Prior to the Reorganization, the Portfolio had not yet commenced operations. The bar chart shows the changes in the Portfolio’s (and the predecessor fund’s) performance from year to year. The Portfolio’s (and the predecessor fund’s) past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional World ex U.S. Core Equity 2 ETF  —Total Returns Highest Quarter Lowest Quarter 0.1921 2020-06-30 -0.2807 2020-03-31 Annualized Returns (%) Return Before Taxes 0.0502 0.0505 0.0546 Return After Taxes on Distributions 0.0435 0.0445 0.0493 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0354 0.0396 0.0439 MSCI All Country World ex USA IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0523 0.0412 0.0491 MSCI All Country World ex USA Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0553 0.0410 0.0480 Dimensional Core Fixed Income ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Core Fixed Income ETF (the “Core Fixed Income ETF” or “Portfolio”) is to seek to maximize total returns from the universe of eligible investments. Total return is comprised of income and capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0016 0.0002 0.0018 -0.0001 0.0017 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 17 57 100 229 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">42%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.42 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Core Fixed Income ETF will seek to achieve its investment objective through exposure to a broad portfolio of U.S. and foreign investment grade fixed income securities. The Portfolio may invest in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, including mortgage-backed securities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, money market funds, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. The Portfolio may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested in fixed income securities considered to be investment grade quality.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio will be managed with a view to capturing expected credit premiums and expected term premiums. The term “expected credit premium” means the expected incremental return on investment for holding obligations considered to have greater credit risk than direct obligations of the U.S. Treasury, and “expected term premium” means the expected incremental return on investment for holding securities having longer-term maturities as compared to shorter-term maturities. In managing the Portfolio, the Advisor will increase or decrease investment exposure to intermediate-term securities depending on the expected term premium and also increase or decrease investment exposure to non-government securities depending on the expected credit premium.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may invest in fixed income securities considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”)). The Portfolio may invest with an emphasis on debt securities rated A+ to BBB- by S&amp;P or Fitch or A1 to Baa3 by Moody’s. The Portfolio will increase or decrease investment exposure to lower-rated investment grade securities (i.e., those rated A+ to BBB- by S&amp;P or Fitch or A1 to Baa3 by Moody’s) depending on the expected credit premium. In addition, the Portfolio is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes, and obligations of federal agencies and instrumentalities.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio primarily invests in securities that mature within twenty years from the date of settlement, but may, as in the case of mortgage-backed securities, invest in securities with longer maturities. Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one quarter year greater than, and no less than one year below, the weighted average duration of the Bloomberg U.S. Aggregate Bond Index, which was approximately 6.08 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio’s investments may include securities denominated in foreign currencies. The Portfolio intends to hedge foreign currency exposure to attempt to protect against uncertainty in the level of future foreign currency rates. The Portfolio may enter into foreign currency forward contracts to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio’s total return. The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its currency exposure or to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x5x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. Government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. Government, that are supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limitations, and securities issued by agencies and instrumentalities sponsored by the U.S. Government that are sponsored by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. U.S. government agency securities issued or guaranteed by the credit of the agency may still involve a risk of non-payment of principal and/or interest.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio hedges foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Government Debt Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk that: (a) the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or to pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity’s debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors; (b) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling; and (c) there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Mortgage-Backed Securities Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Mortgage-backed securities represent interests in “pools” of mortgages and often involve risks that are different from or potentially more significant than risks associated with other types of debt instruments. Mortgage securities differ from typical debt securities in that principal is not paid back at maturity, but rather periodically over the life of the security. A fund may receive unscheduled payments of principal due to </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a fund because it may have to reinvest that money at the lower prevailing interest rates. As a result, mortgage securities may be less effective than some other types of debt securities as a means of securing long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. Conversely, in a period of rising interest rates, a fund may exhibit additional volatility since rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As interest rates rise mortgage borrowers are less likely to exercise prepayment options, which may reduce the value of these securities and potentially cause a fund to lose money. This is known as extension risk.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. In regard to currency hedging, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of a fund between the date a foreign currency forward contract is entered into and the date it expires. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Core Fixed Income ETF  —Total Returns Highest Quarter Lowest Quarter 0.0681 2023-12-31 -0.0732 2022-03-31 Annualized Returns (%) Return Before Taxes 0.0195 -0.0232 Return After Taxes on Distributions 0.0008 -0.0383 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0114 -0.0239 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes on sales) 0.0125 -0.0216 Dimensional Short-Duration Fixed Income ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Short-Duration Fixed Income ETF (the “Short-Duration Fixed Income ETF” or “Portfolio”) is to maximize total returns from the universe of fixed income securities in which the Portfolio invests. Total return is comprised of income and capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0002 0.0017 -0.0001 0.0016 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 16 54 95 216 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">43%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.43 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Short-Duration Fixed Income ETF will seek to achieve its investment objective through exposure to a broad portfolio of U.S. and foreign corporate debt securities with an investment grade rating. In addition, the Portfolio may invest in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, including mortgage-backed securities, bank obligations, commercial paper, repurchase agreements, money market funds, corporate debt obligations having investment grade ratings, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested in fixed income securities considered to be investment grade quality. In addition, the Portfolio is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes, and obligations of federal agencies and instrumentalities.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may invest in fixed income securities considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”)). The Portfolio may invest with an emphasis on debt securities rated A+ to BBB- by S&amp;P or Fitch or A1 to Baa3 by Moody’s. The Portfolio will increase or decrease investment exposure to lower-rated investment grade securities (i.e., those rated A+ to BBB- by S&amp;P or Fitch or A1 to Baa3 by Moody’s) depending on the expected credit premium. The Advisor expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio primarily invests in securities that mature within five years from the date of settlement. Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one half year greater than, and no less than one year below, the weighted average duration of the ICE BofA 1-5 Year US Corporate &amp; Government Index, which was approximately 2.54 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. In making these purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the Advisor will focus on investment in the longer-term area, otherwise, the Portfolio will focus its investment in the shorter-term area of the eligible maturity range. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio’s investments may include securities denominated in foreign currencies. The Portfolio intends to hedge foreign currency exposure to attempt to protect against uncertainty in the level of future foreign currency rates. The Portfolio may enter into foreign currency forward contracts to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Portfolio may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio’s total return. The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its currency exposure or to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x15x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. Government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. Government, that are supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limitations, and securities issued by agencies and instrumentalities sponsored by the U.S. Government that are sponsored by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. U.S. government agency securities issued or guaranteed by the credit of the agency may still involve a risk of non-payment of principal and/or interest.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio hedges foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Government Debt Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk that: (a) the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or to pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity’s debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors; (b) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling; and (c) there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Mortgage-Backed Securities Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Mortgage-backed securities represent interests in “pools” of mortgages and often involve risks that are different from or potentially more significant than risks associated with other types of debt instruments. Mortgage securities differ from typical debt securities in that principal is not paid back at maturity, but rather periodically over the life of the security. A fund may receive unscheduled payments of principal due to voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a fund because it may have to reinvest that money at the lower prevailing interest rates. As a result, mortgage securities may be less effective than some other types of debt securities as a means of securing long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. Conversely, in a period of rising interest rates, a fund may exhibit additional volatility since rising interest rates tend to extend the duration of fixed rate </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">mortgage-related securities, making them more sensitive to changes in interest rates. As interest rates rise mortgage borrowers are less likely to exercise prepayment options, which may reduce the value of these securities and potentially cause a fund to lose money. This is known as extension risk.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. In regard to currency hedging, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of a fund between the date a foreign currency forward contract is entered into and the date it expires. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Short-Duration Fixed Income ETF  —Total Returns Highest Quarter Lowest Quarter 0.0286 2023-12-31 -0.0396 2022-03-31 Annualized Returns (%) Return Before Taxes 0.0496 0.0141 Return After Taxes on Distributions 0.0293 -0.0002 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0291 0.0046 ICE BofA 1-5 Year US Corporate & Government Index2 (reflects no deduction for fees, expenses or taxes) 0.0391 0.0091 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes on sales) 0.0125 -0.0216 Dimensional Inflation-Protected Securities ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Inflation-Protected Securities ETF (the “Inflation-Protected ETF” or “Portfolio”) is to provide inflation protection and earn current income consistent with inflation-protected securities.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0009 0.0003 0.0012 -0.0001 0.0011 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 11 38 67 153 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">11%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.11 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Inflation-Protected ETF will seek to achieve its investment objective by investing in a universe of inflation-protected securities that are structured to provide returns linked to the rate of inflation over the long-term. The </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Portfolio ordinarily invests in inflation-protected securities issued by the U.S. Government and its agencies and instrumentalities and the credit quality of such inflation-protected securities will be that of such applicable U.S. Government, agency or instrumentality issuer.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested in inflation-protected securities. Inflation-protected securities (also known as inflation-indexed securities) are securities whose principal and/or interest payments are adjusted for inflation, unlike conventional debt securities that make fixed principal and interest payments. Inflation-protected securities include Treasury Inflation-Protected Securities (“TIPS”), which are securities issued by the U.S. Treasury. The principal value of TIPS is adjusted for inflation (payable at maturity) and the semi-annual interest payments by TIPS equal a fixed percentage of the inflation-adjusted principal amount. These inflation adjustments are based upon the Consumer Price Index for Urban Consumers (CPI-U). The original principal value of TIPS is guaranteed. At maturity, TIPS are redeemed at the greater of their inflation-adjusted principal or par amount at original issue. Other types of inflation-protected securities may use other methods to adjust for inflation and other measures of inflation. In addition, inflation-protected securities issued by entities other than the U.S. Treasury may not provide a guarantee of principal value at maturity.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Generally, the Portfolio will purchase inflation-protected securities with maturities between five and twenty years from the date of settlement, although at times, the Portfolio may purchase securities outside of this range. Under normal circumstances, when determining its duration, the Portfolio will consider an average duration similar to the Bloomberg U.S. TIPS Index, which was approximately 6.46 years as of December 31, 2024. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes and obligations of U.S. government agencies and instrumentalities. The Portfolio may also invest in money market funds. The Portfolio will not shift the maturity of its investments in anticipation of interest rate movements.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x25x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Inflation-Protected Securities Tax Risk:</span><span style="font-size:9.0pt; font-family:Avenir-Heavy; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Any increase in the principal amount of an inflation-protected security may be included for tax purposes in a fund’s gross income, even though no cash attributable to such gross income has been received by a fund. In such event, a fund may be required to make annual gross distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, a fund may be required to raise cash by selling its investments. The sale of such investments could result in capital gains to a fund and additional capital gain </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">distributions to shareholders. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by a fund may cause amounts previously distributed to shareholders in the taxable year as income to be characterized as a return of capital, which could increase or decrease a fund’s ordinary income distributions to shareholders, and may cause some of a fund’s distributed income to be classified as a return of capital.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Inflation-Protected Securities Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Inflation-protected securities may react differently from other fixed income securities to changes in interest rates. Because interest rates on inflation-protected securities are adjusted for inflation, the values of these securities are not materially affected by inflation expectations. Therefore, the value of inflation-protected securities are anticipated to change in response to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. Generally, the value of an inflation-protected security will fall when real interest rates rise and will rise when real interest rates fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. Government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. Government, that are supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limitations, and securities issued by agencies and instrumentalities sponsored by the U.S. Government that are sponsored by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. U.S. government agency securities issued or guaranteed by the credit of the agency may still involve a risk of non-payment of principal and/or interest.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Risks of Investing for Inflation Protection:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Because the interest and/or principal payments on an inflation-protected security are adjusted periodically for changes in inflation, the income distributed by a fund investing in such securities may be irregular. Although the U.S. Treasury guarantees to pay at maturity at least the original face value of any inflation-protected securities the Treasury issues, other issuers may not offer the same guarantee. Inflation-protected securities are not protected against deflation. As a result, in a period of deflation, the principal and income of inflation-protected securities held by a fund will decline and the fund may suffer a loss during such periods. While inflation-protected securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in the value of a fund holding such securities. For example, if interest rates rise due to reasons other than inflation, a fund’s investment in these securities may not be protected to the extent that the increase is not reflected in the securities’ inflation measures. In addition, positive adjustments to principal generally will result in taxable income to a fund at the time of such adjustments (which generally would be distributed by the fund as part of its taxable dividends), even though the principal amount is not paid until maturity. The current market value of inflation-protected securities is not guaranteed and will fluctuate.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Inflation-Protected Securities ETF  —Total Returns Highest Quarter Lowest Quarter 0.0473 2023-12-31 -0.0656 2022-06-30 Annualized Returns (%) Return Before Taxes 0.0184 -0.0245 Return After Taxes on Distributions 0.0035 -0.0415 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0109 -0.0256 Bloomberg U.S. TIPS Index (reflects no deduction for fees, expenses or taxes on sales) 0.0184 -0.0227 Bloomberg U.S. Aggregate Bond Index2 (reflects no deduction for fees, expenses or taxes on sales) 0.0125 -0.0216 Dimensional Global Core Plus Fixed Income ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Global Core Plus Fixed Income ETF (the “Global Core Plus Fixed Income ETF” or “Portfolio”) is to seek to maximize total returns. Total return is comprised of income and capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0004 0.0024 -0.0002 0.0022 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 23 75 133 304 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the period November 7, 2023 to October 31, 2024, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">15%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.15 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Global Core Plus Fixed Income ETF seeks to achieve its investment objective by investing in a universe of U.S. and foreign debt securities. The Portfolio may invest in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, including mortgage-backed securities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, money market funds, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. The Portfolio may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. At the present time, the Advisor expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries. However, the Advisor may invest in issuers located in other countries as well, which may include emerging markets. The Advisor selects the Portfolio's foreign country and currency compositions based on an evaluation of various factors, including, but not limited to, relative interest rates and exchange rates.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may invest in fixed income securities considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”)) and in lower-rated (i.e., below investment grade, also known as “junk” bonds) fixed income securities. The Portfolio may invest with an emphasis on fixed income securities rated A+ to BBB- by S&amp;P or Fitch or A1 to Baa3 by Moody’s. The Portfolio will be managed with a view to capturing expected credit premiums and expected term premiums. The term “expected credit premium” means the expected incremental return on investment for holding obligations considered to have greater credit risk than direct obligations of the U.S. Treasury, and “expected term premium” means the expected incremental return on investment for holding securities having longer-term maturities as compared to shorter-term maturities. In managing the Portfolio, the Advisor will increase or decrease investment exposure to intermediate-term securities depending on the expected term premium and also increase or decrease investment exposure to lower-rated debt securities depending on the expected credit premium. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio primarily invests in securities that mature within twenty years from the date of settlement, but may, as in the case of mortgage-backed securities, invest in securities with longer maturities. Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one half year greater than, and no less than one year below, the weighted average duration of the Bloomberg Global Aggregate Bond Index (hedged to USD), which was approximately 6.55 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The Portfolio is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes, and obligations of federal agencies and instrumentalities. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to invest its assets to gain exposure to at least three different countries, including the United States. As of the date of the Prospectus, the Portfolio invests approximately 46% of its net assets in U.S. issuers. This percentage will change due to market conditions. An issuer may be considered to be of a country if it is organized under the laws of, maintains its principal place of business in, has at least 50% of its assets or derives at least 50% of its operating income in, or is a government, government agency, instrumentality or central bank of, that country. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in fixed income securities. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency forward contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio’s total return. The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate or currency exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure, including adjustments based on actual or expected cash inflows to or outflows from the Portfolio. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x35x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">High Yield Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities rated below investment grade may be subject to greater credit and liquidity risks than investment grade securities. Fixed income securities that are below investment grade involve high credit risk and are considered speculative. Below investment grade fixed income securities may also fluctuate in value more than higher quality fixed income securities and, during periods of market volatility, may be more difficult to sell at the time and price a fund desires.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. Government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. Government, that are supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limitations, and securities issued by agencies and instrumentalities sponsored by the U.S. Government that are sponsored by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. U.S. government agency securities issued or guaranteed by the credit of the agency may still involve a risk of non-payment of principal and/or interest. Credit risk is greater for fixed income securities with ratings below investment grade (e.g., BB+ or below by S&amp;P or Fitch or Ba1 or below by Moody’s). Fixed income securities that are below investment grade involve high credit risk and are considered speculative. Below investment grade fixed income securities may also fluctuate in value more than higher quality fixed income securities and, during periods of market volatility, may be more difficult to sell at the time and price the Portfolio desires.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio hedges foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Government Debt Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk that: (a) the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or to pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity’s debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors; (b) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling; and (c) there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Mortgage-Backed Securities Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Mortgage-backed securities represent interests in “pools” of mortgages and often involve risks that are different from or potentially more significant than risks associated with other types of debt instruments. Mortgage securities differ from typical debt securities in that principal is not paid back at maturity, but rather periodically over the life of the security. A fund may receive unscheduled payments of principal due to voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a fund because it may have to reinvest that money at the lower prevailing interest rates. As a result, mortgage securities may be less effective than some other types of debt securities as a means of securing long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. Conversely, in a period of rising interest rates, a fund may exhibit additional volatility since rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As interest rates rise mortgage borrowers are less likely to exercise prepayment options, which may reduce the value of these securities and potentially cause a fund to lose money. This is known as extension risk.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. In regard to currency hedging, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of a fund between the date a foreign currency forward contract is entered into and the date it expires. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Global Core Plus Fixed Income ETF  —Total Returns Highest Quarter Lowest Quarter 0.0474 2024-09-30 -0.0129 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0413 0.0938 Return After Taxes on Distributions 0.0226 0.0743 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0243 0.0633 Bloomberg Global Aggregate Bond Index (hedged to USD) (reflects no deduction for fees, expenses or taxes on sales) 0.0340 0.0751 Dimensional Global ex US Core Fixed Income ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Global ex US Core Fixed Income ETF (the “Global ex US Core Fixed Income ETF” or “Portfolio”) is to seek to maximize total returns. Total return is comprised of income and capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0006 0.0024 -0.0004 0.0020 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 20 73 131 302 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the period November 7, 2023 to October 31, 2024, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">48%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.48 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Global ex US Core Fixed Income ETF seeks its investment objective by investing primarily in a universe of non-U.S. dollar-denominated foreign and U.S. debt securities. The Portfolio also may invest in U.S. dollar-denominated debt securities to manage cash or to maintain liquidity. The Portfolio may invest in obligations issued or guaranteed by foreign and U.S. governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, money market funds, and obligations of supranational organizations. At the present time, the Advisor expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries. However, the Advisor may invest in issuers located in other countries as well, which may include emerging markets. The Advisor selects the Portfolio’s foreign country and currency compositions based on an evaluation of various factors, including, but not limited to, relative interest rates and exchange rates. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may invest in fixed income securities considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&amp;P Global Ratings ("S&amp;P") or Fitch Ratings Ltd. ("Fitch") or Aaa to Baa3 by Moody's Investor's Service, Inc. ("Moody's")). The Portfolio may invest with an emphasis on fixed income securities rated A+ to BBB- by S&amp;P or Fitch or A1 to Baa3 by Moody's. The Portfolio will be managed with a view to capturing expected credit premiums and expected term premiums. The term "expected credit premium" means the expected incremental return on investment for holding obligations considered to have greater credit risk than direct obligations of the U.S. Treasury, and "expected term premium" means the expected incremental return on investment for holding securities having longer-term maturities as compared to shorter-term maturities. In managing the Portfolio, the Advisor will increase or decrease investment exposure to intermediate-term securities depending on the expected term premium and also increase or decrease investment exposure to lower-rated investment grade securities (i.e., those rated A+ to BBB- by S&amp;P or Fitch or A1 to Baa3 by Moody’s) depending on the expected credit premium. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to invest its assets to gain exposure to at least three different countries, excluding the United States. An issuer may be considered to be of a country if it is organized under the laws of, maintains its principal place of business in, has at least 50% of its assets or derives at least 50% of its operating income in, or is a government, government agency, instrumentality or central bank of, that country. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in fixed income securities. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Generally, the Portfolio will purchase fixed income securities that mature within twenty years from the date of settlement. Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one half year greater than, and no less than one year below, the weighted average duration of the Bloomberg Global Aggregate ex-USD Bond Index (Hedged to USD), which was approximately 7.02 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency forward contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio's total return. The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate or currency exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure, including adjustments based on actual or expected cash inflows to or outflows from the Portfolio. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x45x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Credit risk is the risk that the issuer of a security, including a governmental entity, may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact a fund’s performance.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio hedges foreign currency risk.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Government Debt Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk that: (a) the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or to pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity’s debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors; (b) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling; and (c) there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. In regard to currency hedging, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of a fund between the date a foreign currency forward contract is entered into and the date it expires. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Global ex US Core Fixed Income ETF  —Total Returns Highest Quarter Lowest Quarter 0.0362 2024-09-30 -0.0052 2024-06-30 Annualized Returns (%) Return Before Taxes 0.0416 0.0832 Return After Taxes on Distributions 0.0225 0.0640 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0245 0.0554 Bloomberg Global Aggregate ex-USD Bond Index (hedged to USD) (reflects no deduction for fees, expenses or taxes on sales) 0.0497 0.0827 Dimensional Global Credit ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Global Credit ETF (the “Global Credit ETF” or “Portfolio”) is to seek to maximize total returns. Total return is comprised of income and capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0006 0.0024 -0.0004 0.0020 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 20 73 131 302 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the period November 7, 2023 to October 31, 2024, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">17%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.17 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Global Credit ETF seeks to maximize total returns primarily from a universe of U.S. and foreign corporate debt securities that mature within twenty years from the date of settlement. In addition, the Portfolio may invest in </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, bank obligations, commercial paper, repurchase agreements, money market funds, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. The Advisor expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries. The Advisor selects the Portfolio's foreign country and currency compositions based on an evaluation of various factors, including, but not limited to, relative interest rates and exchange rates. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to invest its assets to gain exposure to at least three different countries, including the United States. As of the date of the Prospectus, the Portfolio invests approximately 57% of its net assets in U.S. issuers. This percentage will change due to market conditions. An issuer may be considered to be of a country if it is organized under the laws of, maintains its principal place of business in, has at least 50% of its assets or derives at least 50% of its operating income in, or is a government, government agency, instrumentality, or central bank of, that country. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in debt securities. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio generally emphasizes investments in debt securities rated A+ to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or A1 to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”). The Portfolio may also invest in higher-rated investment grade securities (i.e., those rated AAA to AA- by S&amp;P or Fitch or Aaa to Aa3 by Moody’s) and/or below-investment grade securities (i.e., those rated below BBB- by S&amp;P or Fitch or below Baa3 by Moody’s) depending on the expected credit premium. </p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one half year greater than, and no less than one year below, the weighted average duration of the Bloomberg Global Aggregate Credit Bond Index (Hedged to USD), which was approximately 5.93 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio’s investments may include foreign securities denominated in foreign currencies. The Portfolio intends to hedge foreign currency exposure to attempt to protect against uncertainty in the level of future foreign currency rates. The Portfolio may enter into foreign currency forward contracts to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio’s total return. The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its currency exposure or to hedge its interest rate exposure or for non- hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x55x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">High Yield Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities rated below investment grade may be subject to greater credit and liquidity risks than investment grade securities. Fixed income securities that are below investment grade involve high credit risk and are considered speculative. Below investment grade fixed income securities may also fluctuate in value more than higher quality fixed income securities and, during periods of market volatility, may be more difficult to sell at the time and price a fund desires.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. Government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. Government, that are supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limitations, and securities issued by agencies and instrumentalities sponsored by the U.S. Government that are sponsored by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. U.S. government agency securities issued or guaranteed by the credit of the agency may still involve a risk of non-payment of principal and/or interest. Credit risk is greater for fixed income securities with ratings below investment grade (e.g., BB+ or below by S&amp;P or Fitch or Ba1 or below by Moody’s). Fixed income securities that are below investment grade involve high credit risk and are considered speculative. Below investment grade fixed income securities may also fluctuate in value more than higher quality fixed income securities and, during periods of market volatility, may be more difficult to sell at the time and price the Portfolio desires.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio hedges foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Government Debt Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk that: (a) the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or to pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity’s debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors; (b) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling; and (c) there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. In regard to currency hedging, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of a fund between the date a foreign currency forward contract is entered into and the date it expires. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Global Credit ETF  —Total Returns Highest Quarter Lowest Quarter 0.0492 2024-09-30 -0.0171 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0407 0.0913 Return After Taxes on Distributions 0.0210 0.0708 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0240 0.0610 Bloomberg Global Aggregate Credit Bond Index (hedged to USD) (reflects no deduction for fees, expenses or taxes on sales) 0.0352 0.0871 Bloomberg Global Aggregate Bond Index (hedged to USD) (reflects no deduction for fees, expenses or taxes on sales) 0.0340 0.0751 Dimensional Ultrashort Fixed Income ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Ultrashort Fixed Income ETF (the “Ultrashort Fixed Income ETF” or “Portfolio”) is to seek to maximize total returns. Total return is comprised of income and capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0006 0.0018 -0.0003 0.0015 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 15 55 98 227 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">19%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.19 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Ultrashort Fixed Income ETF seeks to achieve its investment objective by generally investing in a universe of investment grade fixed income securities that typically mature in one year or less from the date of settlement. The </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Portfolio may, however, take a large position in securities maturing within two years from the date of settlement when higher yields are available. The Portfolio invests in U.S. government obligations, U.S. government agency obligations, dollar-denominated obligations of foreign issuers issued in the U.S., securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the U.S., foreign government and agency obligations, bank obligations, including U.S. subsidiaries and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements, money market funds and obligations of supranational organizations. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in fixed income securities. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio will maintain a weighted average maturity that will not exceed one year. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the Advisor will focus investment in the longer-term area, otherwise, the Portfolio will focus investment in the shorter-term area of the eligible maturity range. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The fixed income securities in which the Portfolio invests are considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”). The Portfolio principally invests in certificates of deposit, commercial paper, bankers’ acceptances, notes and bonds. In addition, the Portfolio is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes, and obligations of federal agencies and instrumentalities. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x65x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar).</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Government Debt Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk that: (a) the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or to pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity’s debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors; (b) governments may default on their debt securities, which may require holders of such securities to participate in </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">debt rescheduling; and (c) there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. Government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. Government, that are supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limitations, and securities issued by agencies and instrumentalities sponsored by the U.S. Government that are sponsored by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. U.S. government agency securities issued or guaranteed by the credit of the agency may still involve a risk of non-payment of principal and/or interest.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Ultrashort Fixed Income ETF  —Total Returns Highest Quarter Lowest Quarter 0.0149 2024-09-30 0.0127 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0570 0.0589 Return After Taxes on Distributions 0.0360 0.0381 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0335 0.0361 ICE BofA US 3-Month Treasury Bill Index2 (reflects no deduction for fees, expenses or taxes) 0.0525 0.0532 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes on sales) 0.0125 0.0626 Dimensional National Municipal Bond ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional National Municipal Bond ETF (the “Municipal Bond ETF” or “Portfolio”) is to seek to provide current income that is expected to be exempt from federal personal income tax.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0016 0.0002 0.0018 -0.0001 0.0017 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 17 57 100 229 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">15%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.15 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Municipal Bond ETF will seek to achieve its investment objective by investing primarily in a universe of investment grade municipal securities, the interest on which is exempt from regular federal income tax. Municipal </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">securities in which the Portfolio may invest include, among others, revenue bonds, general obligation bonds, industrial development bonds, municipal lease obligations, commercial paper, variable rate demand obligations and other instruments (including participation interests in such securities) issued by or on behalf of the states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities. The interest on the municipal securities purchased by the Portfolio, in the opinion of bond counsel for the issuers and under current tax law, is exempt from federal income tax (i.e., excludable from gross income for individuals for federal income tax purposes but not necessarily exempt from state or local taxes). As a fundamental investment policy, under normal market conditions, the Portfolio will invest at least 80% of its net assets in municipal securities that pay interest exempt from federal income tax. The Portfolio does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one half year greater, and no less than one year below, the average duration of the S&amp;P Intermediate Term National AMT-Free Municipal Bond Index, which was approximately 4.42 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. In making purchase decisions, if the expected term premium is greater for longer-term securities, the Advisor will focus investment in longer-term securities, otherwise, the Portfolio will focus investment in shorter-term securities. If a security has been redeemed by the issuer at a date prior to the stated final maturity date for the purposes of the above duration restriction, the early redemption date shall be considered the maturity date regardless of the stated final maturity. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The fixed income securities in which the Portfolio invests are considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”) or an equivalent rating assigned by another nationally recognized statistical rating organization, or that are unrated but have been determined by the Advisor to be of comparable quality). Municipal securities are often issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as bridges, highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities, such as water and sewer works. Municipal securities include municipal leases, certificates of participation, municipal obligation components and municipal custody receipts. The Portfolio may invest more than 25% of its assets in municipal securities issued to finance projects in a particular segment of the bond market including, but not limited to, health care, housing, education, utilities, and transportation. The Portfolio also may invest more than 25% of its assets in industrial development bonds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may (1) purchase certain municipal securities that are insured, (2) invest in municipal securities secured by mortgages on single-family homes and multi-family projects, (3) invest in pre-refunded municipal securities, (4) purchase tax-exempt municipal securities on a “when-issued” basis, and (5) use fixed income related futures and options contracts, credit default swaps and interest rate swaps to hedge against changes in interest rates. The Portfolio may also invest in exchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipal bonds. The Portfolio may also invest in money market funds. The Portfolio also may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Although the Portfolio attempts to invest all of its assets in tax-exempt securities, it is possible, although not anticipated, that a portion of its assets may be invested in securities that pay taxable interest, including interest that may be subject to the federal alternative minimum tax. These investments could generate taxable income for shareholders.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x75x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security, including a governmental entity, may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. The ability of a municipal securities issuer to make payments could be affected by litigation, legislation or other political events or the bankruptcy of the issuer. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax Liability Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Tax liability risk is the risk that distributions by a fund become taxable to shareholders due to noncompliant conduct by a municipal bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the Internal Revenue Service or state tax authorities or other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of a fund’s shares, to decline. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Municipal Securities Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk of a municipal security generally depends on the financial and credit status of the issuer. Municipal securities can be significantly affected by political, regulatory or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer’s insolvency.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Municipal Project-Specific Risk</span><span style="font-size:9.5pt; font-family:AvenirLT-Roman; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in municipal securities that finance similar types of projects in a segment of the municipal bond market (such as education, health care, housing, education, utilities or transportation) or industrial development bonds. A change that affects one project in a particular segment of the market, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:bold; text-decoration:none;">Variable Rate Demand Obligations Risk: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Certain</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">variable rate demand obligations (“VRDOs”) may not have an active secondary market. These VRDOs could be difficult to dispose of if the remarketing agent defaults on its payment obligation and/or if the fund is not entitled to exercise its demand rights, which could cause a loss with respect to such VRDOs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. Additionally, payments made or received by a fund under such derivatives may increase the amount of distributions taxable to you as ordinary income, increase or decrease the amount of capital gain distributions to you and/or decrease the amount available for distribution to you as exempt-interest dividends. </p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional National Municipal Bond ETF  —Total Returns Highest Quarter Lowest Quarter 0.0513 2023-12-31 -0.0379 2022-03-31 Annualized Returns (%) Return Before Taxes 0.0131 0.0048 Return After Taxes on Distributions 0.0131 0.0033 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0190 0.0069 S&P Intermediate Term National AMT-Free Municipal Bond Index (reflects no deduction for fees, expenses or taxes on sales) 0.0122 0.0027 S&P National AMT-Free Municipal Bond Index (reflects no deduction for fees, expenses or taxes on sales) 0.0132 -0.0020 Dimensional California Municipal Bond ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional California Municipal Bond ETF (the “California Municipal Bond ETF” or “Portfolio”) is to seek to provide current income that is expected to be exempt from federal personal income tax and California state personal income taxes.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0016 0.0006 0.0022 -0.0003 0.0019 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 19 68 121 277 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">36%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.36 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The California Municipal Bond ETF will seek to achieve its investment objective by investing primarily in a universe of investment grade municipal securities, the interest on which is exempt from regular federal income tax and the state personal income tax of California. Municipal securities in which the Portfolio may invest include, among others, revenue bonds, general obligation bonds, industrial development bonds, municipal lease obligations, commercial paper, variable rate demand obligations and other instruments (including participation interests in such securities) issued by or on behalf of California state or local governments and their agencies, instrumentalities, and regional government authorities. The interest on the municipal securities purchased by the Portfolio, in the opinion of bond counsel for the issuers and under current tax law, is exempt from California and federal personal income taxes (i.e., excludable from gross income for individuals for California and federal income tax purposes). As a fundamental investment policy, under normal market conditions, the Portfolio will invest at least 80% of its net assets in municipal securities that pay interest exempt from California and federal personal income taxes. The Portfolio does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one half year greater than, and no less than one year below, the average duration of the S&amp;P Intermediate Term California AMT-Free Municipal Bond Index, which was approximately 4.16 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. In making purchase decisions, if the expected term premium is greater for longer-term securities, the Advisor will focus investment in longer-term securities, otherwise, the Portfolio will focus investment in shorter-term securities. If a security has been redeemed by the issuer at a date prior to the stated final maturity date for the purposes of the above duration restriction, the early redemption date shall be considered the maturity date regardless of the stated final maturity. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The fixed income securities in which the Portfolio invests are considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”) or an equivalent rating assigned by another nationally recognized statistical rating organization, or that are unrated but have been determined by the Advisor to be of comparable quality).</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Municipal securities are often issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as bridges, highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities, such as water and sewer works. Municipal securities include municipal leases, certificates of participation, municipal obligation components and municipal custody receipts. The Portfolio may invest more than 25% of its assets in municipal securities issued to finance projects in a particular segment of the bond market including, but not limited to, health care, housing, education, utilities, and transportation. The Portfolio also may invest more than 25% of its assets in industrial development bonds. The Portfolio may (1) purchase certain municipal securities that are insured, (2) invest in municipal securities secured by mortgages on single-family homes and multi-family projects, (3) invest in pre-refunded municipal securities, (4) purchase tax-exempt municipal securities on a “when-issued” basis, and (5) use derivatives, such as fixed income related futures and options contracts, credit default swaps and interest rate swaps to hedge against changes in interest rates.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may also invest in exchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipal bonds. The Portfolio may also invest in money market funds. The Portfolio also may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Although the Portfolio attempts to invest all of its assets in tax-exempt securities, it is possible, although not anticipated, that a portion of its assets may be invested in securities that pay taxable interest, including interest that may be subject to the federal alternative minimum tax. These investments could generate taxable income for shareholders.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange-traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is primarily designed for investment by California taxpayers.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x85x5"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security, including a governmental entity, may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. The ability of a municipal securities issuer to make payments could be affected by litigation, legislation or other political events or the bankruptcy of the issuer. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Tax Liability Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Tax liability risk is the risk that distributions by a fund become taxable to shareholders due to noncompliant conduct by a municipal bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the Internal Revenue Service or state tax authorities or other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of a fund’s shares, to decline. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Municipal Securities Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk of a municipal security generally depends on the financial and credit status of the issuer. Municipal securities can be significantly affected by political, regulatory or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer’s insolvency.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Municipal Project-Specific Risk</span><span style="font-size:9.5pt; font-family:AvenirLT-Roman; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in municipal securities that finance similar types of projects in a segment of the municipal bond market (such as education, health care, housing, education, utilities or transportation) or industrial development bonds. A change that affects one project in a particular segment of the market, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">State-Specific Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund that focuses its investments primarily in California municipal securities will be highly sensitive to events affecting the fiscal stability of the State of California and its agencies, municipalities, authorities and other instrumentalities that issue securities. Having a significant percentage of its assets invested in the securities of fewer issuers, particularly obligations of government issuers of a single state, could result in greater credit risk exposure to a smaller number of issuers due to economic, regulatory or political problems in California. </span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">These issues may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, state constitutional limits on tax increases, natural disasters or environmental issues (including drought and wildfires), budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of California. Also, to the extent that a fund makes significant investments in securities issued to finance projects in a particular segment of the California municipal securities market such focused investment may cause the value of the fund’s shares to change more than the value of shares of funds that invest more broadly. These risks are disclosed in more detail in the Portfolio’s Statement of Additional Information.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:bold; text-decoration:none;">Variable Rate Demand Obligations Risk: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Certain</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">variable rate demand obligations (“VRDOs”) may not have an active secondary market. These VRDOs could be difficult to dispose of if the remarketing agent defaults on its payment obligation and/or if the fund is not entitled to exercise its demand rights, which could cause a loss with respect to such VRDOs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. Additionally, payments made or received by a fund under such derivatives may increase the amount of distributions taxable to you as ordinary income, increase or decrease the amount of capital gain distributions to you and/or decrease the amount available for distribution to you as exempt-interest dividends. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The table also includes the performance of an additional index with a similar investment universe as the Portfolio. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting https://www.dimensional.com/us-en/funds.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional California Municipal Bond ETF  —Total Returns Highest Quarter Lowest Quarter 0.0185 2024-09-30 -0.0027 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0160 0.0270 Return After Taxes on Distributions 0.0160 0.0270 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0212 0.0272 S&P Intermediate Term California AMT-Free Municipal Bond Index (reflects no deduction for fees, expenses or taxes on sales) 0.0124 0.0278 S&P National AMT-Free Municipal Bond Index (reflects no deduction for fees, expenses or taxes on sales) 0.0132 0.0302 Dimensional US Sustainability Core 1 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional US Sustainability Core 1 ETF (the “US Sustainability ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0014 0.0002 0.0017 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 17 55 96 217 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">5%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.05 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the US Sustainability ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. operating companies (the “U.S. Universe”). The Portfolio invests in companies of all sizes and seeks to moderately increase the Portfolio’s exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the U.S. Universe, while adjusting the composition of the Portfolio based on sustainability considerations. The Portfolio may seek to achieve a moderately increased exposure to smaller capitalization, lower relative price, and higher profitability companies by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. Additionally, the representation of securities in the Portfolio as compared to their representation in the U.S. Universe may be affected by the Portfolio's sustainability considerations.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities of U.S. companies. The Advisor generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Advisor. The percentage by which the Portfolio’s allocation to securities of the largest U.S. high relative price companies is reduced will change due to market movements, sustainability considerations and other factors. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio also may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. The above-referenced investments are not subject to, although they may incorporate, the Portfolio’s sustainability considerations.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor intends to take into account certain sustainability considerations when making investment decisions for the Portfolio. Relative to a fund without these considerations that otherwise has the same investment objective, strategies, and policies as the Portfolio, the Portfolio will generally have excluded, and have less overall weight in, securities of companies that, according to the Portfolio’s sustainability considerations, may be less sustainable as compared to other companies in the Portfolio’s investment universe. Similarly, relative to such a fund, the Portfolio will generally have more overall weight in securities of companies that, according to the Portfolio’s sustainability considerations, may be more sustainable as compared to other companies in the Portfolio’s investment universe. In particular, the Advisor ranks companies (i) relative to the broader equity market based on potential emissions from reserves and scaled potential emissions from reserves and the securities of the worst-ranking companies are generally underweighted or excluded, (ii) relative to the applicable universe of securities based on carbon intensity and the securities of the worst-ranking companies are generally underweighted or excluded and (iii) relative to their sector peers based primarily on carbon intensity, but also considering several other factors, including controversies related to land use and biodiversity, toxic spills and releases, operational waste, and water management, and the securities of the worst-ranking companies are generally underweighted or excluded and the securities of the remaining companies are generally overweighted or neutral-weighted. In addition, the Advisor seeks to exclude securities of companies based on sustainability considerations relating to coal, factory farming, palm oil, cluster </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">munitions and landmines, tobacco, child labor, civilian firearms, private prisons, and material involvement in severe environmental, social, or governance controversies that indicate operations inconsistent with responsible business conduct standards (such as those defined by the United Nations Global Compact Principles and the Organization for Economic Co-operation and Development Guidelines for Multinational Enterprises). For a more detailed description of these sustainability considerations, see “Applying the Portfolios’ Sustainability Considerations”. The Advisor engages third party service providers to provide research information relating to the Portfolio’s sustainability considerations with respect to securities in the Portfolio, where information is available from such providers. The Advisor also may use, or supplement third party service providers’ data with, proprietary research relating to certain sustainability considerations where information is not available or has not been obtained from third party service providers engaged by the Advisor.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The Advisor periodically reviews the Portfolio’s sustainability considerations and the Portfolio</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> may periodically modify, add, or remove sustainability considerations.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x5x6"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="-sec-ix-redline:true;font-size:11.0pt; font-family:Calibri; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sustainability Consideration Investment Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund that takes into account sustainability considerations may limit the number of investment opportunities available to the fund, and as a result, at times, may underperform funds that are not subject to such sustainability considerations. For example, a fund may decline to purchase, or underweight its investment in, certain securities due to sustainability considerations when other investment considerations would suggest that a more significant investment in such securities would be advantageous. A fund may also overweight its investment in certain securities due to sustainability considerations when other investment considerations would suggest that a lesser investment in such securities would be advantageous. In addition, a fund may sell or retain certain securities due to sustainability considerations when it is otherwise disadvantageous to do so. The sustainability considerations may also cause a fund’s industry allocations to deviate from those of funds without these considerations and of conventional benchmarks. The Advisor may also not be able to assess the sustainability of each company with securities eligible for purchase. For example, the Advisor may not be able to determine all of the sustainability considerations for each company because the third party service providers may not have data on the entire universe of companies with securities considered by the Advisor, or may not have information with respect to each factor considered as a sustainability consideration. Furthermore, “sustainability” is not uniformly defined, </span></p> <p style="-sec-ix-redline:true;font-size:11.0pt; font-family:Calibri; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">and there are significant differences in interpretations of what it means for a company to meet sustainability criteria. A fund’s exposure to companies, industries and sectors of the market may be affected by sustainability data obtained that may be inaccurate and the Advisor’s assessment of a company’s sustainability may differ from assessments made by other funds, managers, or investors. As a result, there is no guarantee that a fund’s investments will reflect the sustainability considerations of any particular investor.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional US Sustainability Core 1 ETF  —Total Returns Highest Quarter Lowest Quarter 0.1246 2023-12-31 -0.0293 2023-09-30 Annualized Returns (%) Return Before Taxes 0.2297 0.2251 Return After Taxes on Distributions 0.2268 0.2220 Return After Taxes on Distributions and Sale of Portfolio Shares 0.1379 0.1756 Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.2381 0.2243 <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The implementation and management of the Advisor’s “Sustainability” portfolios, including without limitation, the US Sustainability ETF is protected by U.S. Patent Nos. 7,596,525 B1, 7,599,874 B1 and 8,438,092 B2.</p> Dimensional International Sustainability Core 1 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional International Sustainability Core 1 ETF (the “International Sustainability ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0004 0.0024 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 25 77 135 306 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">11%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.11 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the International Sustainability ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with developed markets that have been authorized for investment by the Advisor’s </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investment Committee (the “International Universe”). The Portfolio invests in companies of all sizes and seeks to moderately increase the Portfolio’s exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the International Universe, while adjusting the composition of the Portfolio based on sustainability considerations. The Portfolio may seek to achieve a moderately increased exposure to smaller capitalization, lower relative price, and higher profitability companies by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the International Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. Additionally, the representation of securities in the Portfolio as compared to their representation in the International Universe may be affected by the Portfolio's sustainability considerations.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio intends to purchase securities of companies associated with developed market countries that the Advisor has designated as approved markets. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities. The Advisor determines company size on a country or region specific basis and based primarily on market capitalization. The percentage by which the Portfolio’s allocation to securities of the largest high relative price companies is reduced will change due to market movements, sustainability considerations and other factors. </p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Because many of the Portfolio’s investments may be denominated in foreign currencies, the Portfolio may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency. The above-referenced investments are not subject to, although they may incorporate, the Portfolio’s sustainability considerations.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor intends to take into account certain sustainability considerations when making investment decisions for the Portfolio. Relative to a fund without these considerations that otherwise has the same investment objective, strategies, and policies as the Portfolio, the Portfolio will generally have excluded, and have less overall weight in, securities of companies that, according to the Portfolio’s sustainability considerations, may be less sustainable as compared to other companies in the Portfolio’s investment universe. Similarly, relative to such a fund, the Portfolio will generally have more overall weight in securities of companies that, according to the Portfolio’s sustainability considerations, may be more sustainable as compared to other companies in the Portfolio’s investment universe. In particular, the Advisor ranks companies (i) relative to the broader equity market based on potential emissions from reserves and scaled potential emissions from reserves and the securities of the worst-ranking companies are generally underweighted or excluded, (ii) relative to the applicable universe of securities based on carbon intensity and the securities of the worst-ranking companies are generally underweighted or excluded and (iii) relative to their sector peers based primarily on carbon intensity, but also considering several other factors, including controversies related to land use and biodiversity, toxic spills and releases, operational waste, and water management, and the securities of the worst-ranking companies are generally underweighted or excluded and the securities of the remaining companies are generally overweighted or neutral-weighted. In addition, the Advisor seeks to exclude securities of companies based on sustainability considerations relating to coal, factory farming, palm oil, cluster </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">munitions and landmines, tobacco, child labor, civilian firearms, private prisons, and material involvement in severe environmental, social, or governance controversies that indicate operations inconsistent with responsible business conduct standards (such as those defined by the United Nations Global Compact Principles and the Organization for Economic Co-operation and Development Guidelines for Multinational Enterprises). For a more detailed description of these sustainability considerations, see “Applying the Portfolios’ Sustainability Considerations”. The Advisor engages third party service providers to provide research information relating to the Portfolio’s sustainability considerations with respect to securities in the Portfolio, where information is available from such providers. The Advisor also may use, or supplement third party service providers’ data with, proprietary research relating to certain sustainability considerations where information is not available or has not been obtained from third party service providers engaged by the Advisor.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The Advisor periodically reviews the Portfolio’s sustainability considerations and the Portfolio</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> may periodically modify, add, or remove sustainability considerations.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x15x6"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="-sec-ix-redline:true;font-size:11.0pt; font-family:Calibri; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sustainability Consideration Investment Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund that takes into account sustainability considerations may limit the number of investment opportunities available to the fund, and as a result, at times, may underperform funds that are not subject to such sustainability considerations. For example, a fund may decline to purchase, or underweight its investment in, certain securities due to sustainability considerations when other investment considerations would suggest that a more significant investment in such securities would be advantageous. A fund may also overweight its investment in certain securities due to sustainability considerations when other investment considerations would suggest that a lesser investment in such securities would be advantageous. In addition, a fund may sell or retain certain securities due to sustainability considerations when it is otherwise disadvantageous to do so. The sustainability considerations may also cause a fund’s industry allocations to deviate from those of funds without these considerations and of conventional benchmarks. The Advisor may also not be able to assess the sustainability of each company with securities eligible for purchase. For example, the Advisor may not be able to determine all of the sustainability considerations for each company because the third party service providers may not have data on the entire universe of companies with securities considered by the Advisor, or may not have information with respect to each factor considered as a sustainability consideration. Furthermore, “sustainability” is not uniformly defined, and there are significant differences in interpretations of what it means for a company to meet sustainability criteria. A fund’s exposure to companies, industries and sectors of the market may be affected by sustainability data obtained that may be inaccurate and the Advisor’s assessment of a company’s sustainability may differ from assessments made by other funds, managers, or investors. As a result, there is no guarantee that a fund’s investments will reflect the sustainability considerations of any particular investor.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional International Sustainability Core 1 ETF  —Total Returns Highest Quarter Lowest Quarter 0.1185 2023-12-31 -0.0730 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0527 0.1568 Return After Taxes on Distributions 0.0486 0.1528 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0372 0.1235 MSCI World ex USA IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0444 0.1439 <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The implementation and management of the Advisor’s “Sustainability” portfolios, including without limitation, the International Sustainability ETF is protected by U.S. Patent Nos. 7,596,525 B1, 7,599,874 B1 and 8,438,092 B2.</p> Dimensional Emerging Markets Sustainability Core 1 ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Emerging Markets Sustainability Core 1 ETF (the “Emerging Markets Sustainability ETF” or “Portfolio”) is to achieve long-term capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0012 0.0047 -0.0006 0.0041 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The costs for the Portfolio reflect the net expenses of the Portfolio that result from the contractual expense waiver in the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 42 145 257 586 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">11%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.11 Principal Investment Strategies <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">To achieve the Emerging Markets Sustainability ETF’s investment objective, the Advisor implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio’s design emphasizes long-term drivers of expected returns identified by the Advisor’s research, while balancing risk through broad diversification across companies and sectors. The Advisor’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is designed to purchase a broad and diverse group of securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with emerging markets authorized for investment by the Advisor’s Investment Committee (“Approved Markets”), which may include frontier markets (emerging market countries in an earlier stage of development) (the “Emerging Markets Universe”). The Portfolio invests in companies of all sizes and seeks to moderately increase the Portfolio’s exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the Emerging Markets Universe, while adjusting the composition of the Portfolio based on sustainability considerations. The Portfolio may seek to achieve a moderately increased exposure to smaller capitalization, lower relative price, and higher profitability companies by decreasing the allocation of the Portfolio’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the Emerging Markets Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Advisor may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Advisor uses for assessing relative price and profitability are subject to change from time to time. Additionally, the representation of securities in the Portfolio as compared to their representation in the Emerging Markets Universe may be affected by the Portfolio's sustainability considerations.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor may also increase or reduce the Portfolio’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Advisor considers ratios such as recent changes in assets divided by total assets. The criteria the Advisor uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Advisor seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in emerging markets equity investments that are defined in the Prospectus as Approved Markets securities. The Portfolio may gain exposure to companies associated with Approved Markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Portfolio may also invest in China A-shares (equity securities of companies listed in China) and variable interest entities (special structures that utilize contractual arrangements to provide exposure to certain Chinese companies).</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may purchase or sell futures contracts and options on futures contracts for Approved Markets or other equity market securities and indices, including those of the United States, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Portfolio. The above-referenced investments are not subject to, although they may incorporate, the Portfolio’s sustainability considerations.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor intends to take into account certain sustainability considerations when making investment decisions for the Portfolio. Relative to a fund without these considerations that otherwise has the same investment objective, strategies, and policies as the Portfolio, the Portfolio will generally have excluded, and have less overall weight in, securities of companies that, according to the Portfolio’s sustainability considerations, may be less sustainable as compared to other companies in the Portfolio’s investment universe. Similarly, relative to such a fund, the Portfolio will generally have more overall weight in securities of companies that, according to the Portfolio’s sustainability considerations, may be more sustainable as compared to other companies in the Portfolio’s investment universe. In </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">particular, the Advisor ranks companies (i) relative to the broader equity market based on potential emissions from reserves and scaled potential emissions from reserves and the securities of the worst-ranking companies are generally underweighted or excluded, (ii) relative to the applicable universe of securities based on carbon intensity and the securities of the worst-ranking companies are generally underweighted or excluded and (iii) relative to their sector peers based primarily on carbon intensity, but also considering several other factors, including controversies related to land use and biodiversity, toxic spills and releases, operational waste, and water management, and the securities of the worst-ranking companies are generally underweighted or excluded and the securities of the remaining companies are generally overweighted or neutral-weighted. In addition, the Advisor seeks to exclude securities of companies based on sustainability considerations relating to coal, factory farming, palm oil, cluster munitions and landmines, tobacco, child labor, civilian firearms, private prisons, and material involvement in severe environmental, social, or governance controversies that indicate operations inconsistent with responsible business conduct standards (such as those defined by the United Nations Global Compact Principles and the Organization for Economic Co-operation and Development Guidelines for Multinational Enterprises). For a more detailed description of these sustainability considerations, see “Applying the Portfolios’ Sustainability Considerations”. The Advisor engages third party service providers to provide research information relating to the Portfolio’s sustainability considerations with respect to securities in the Portfolio, where information is available from such providers. The Advisor also may use, or supplement third party service providers’ data with, proprietary research relating to certain sustainability considerations where information is not available or has not been obtained from third party service providers engaged by the Advisor.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The Advisor periodically reviews the Portfolio’s sustainability considerations and the Portfolio</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> may periodically modify, add, or remove sustainability considerations.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x25x6"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of equity securities, and a fund that owns them, to rise or fall. Stock markets are volatile, with periods of rising prices and periods of falling prices.</span></p> <p style="-sec-ix-redline:true;font-size:11.0pt; font-family:Calibri; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sustainability Consideration Investment Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund that takes into account sustainability considerations may limit the number of investment opportunities available to the fund, and as a result, at times, may underperform funds that are not subject to such sustainability considerations. For example, a fund may decline to purchase, or underweight its investment in, certain securities due to sustainability considerations when other investment considerations would suggest that a more significant investment in such securities would be advantageous. A fund may also overweight its investment in certain securities due to sustainability considerations when other investment considerations would suggest that a lesser investment in such securities would be advantageous. In addition, a fund may sell or retain certain securities due to sustainability considerations when it is otherwise disadvantageous to do so. The sustainability considerations may also cause a fund’s industry allocations to deviate from those of funds without these considerations and of conventional benchmarks. The Advisor may also not be able to assess the sustainability of each company with securities eligible for purchase. For example, the Advisor may not be able to determine all of the sustainability considerations for each company because the third party service providers may not have data on the entire universe of companies with securities considered by the Advisor, or may not have information with respect to each factor considered as a sustainability consideration. Furthermore, “sustainability” is not uniformly defined, and there are significant differences in interpretations of what it means for a company to meet sustainability criteria. A fund’s exposure to companies, industries and sectors of the market may be affected by sustainability data obtained that may be inaccurate and the Advisor’s assessment of a company’s sustainability may differ from assessments made by other funds, managers, or investors. As a result, there is no guarantee that a fund’s investments will reflect the sustainability considerations of any particular investor.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio does not hedge foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.</p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Geographic Focus Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">If a fund focuses its investments in securities of issuers located in a particular country or region, the fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Mid-Cap Company Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets.</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">China Investments Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, Hong Kong, and Taiwan. China, Hong Kong, and Taiwan are highly interconnected and interdependent, with relationships and tensions built on trade, finance, culture, and politics. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the U.S. as economic and strategic competition between the U.S. and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a fund investing in such securities. In addition, investments in special structures that utilize contractual arrangements to provide exposure to certain Chinese companies, known as variable interest entities (“VIEs”), that operate in sectors in which China restricts and/or prohibits foreign investments may present additional risks. The Chinese government’s acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure generally, or with respect to certain industries, or whether Chinese courts or arbitration bodies would decline to enforce the contractual rights of foreign investors, each of which would likely have significant, detrimental, and possibly permanent losses on the value of such investments.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Profitability Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Investment Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Emerging Markets Sustainability Core 1 ETF  —Total Returns Highest Quarter Lowest Quarter 0.0775 2024-09-30 -0.0693 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0719 0.1524 Return After Taxes on Distributions 0.0661 0.1457 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0456 0.1170 MSCI Emerging Markets IMI Index (net dividends) (reflects no deduction for fees, expenses or taxes on sales) 0.0709 0.1359 <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The implementation and management of the Advisor’s “Sustainability” portfolios, including without limitation, the Emerging Markets Sustainability ETF is protected by U.S. Patent Nos. 7,596,525 B1, 7,599,874 B1 and 8,438,092 B2.</p> Dimensional Global Sustainability Fixed Income ETF Investment Objective <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The investment objective of the Dimensional Global Sustainability Fixed Income ETF (the “Global Sustainability Fixed Income ETF” or “Portfolio”) is to seek to maximize total returns from the universe of debt securities in which the Portfolio invests. Total return is comprised of income and capital appreciation.</p> Fees and Expenses of the Portfolio <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:bold; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses you may pay if you buy, hold or sell shares of the Portfolio. </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:bold; text-decoration:none;">You may also incur usual and customary brokerage commissions when buying or selling shares of the Portfolio, which are not reflected in the table or Example that follows.</span></p> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0003 0.0024 EXAMPLE <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">This Example is meant to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs whether you sell or hold your shares would be: </p> 25 77 135 306 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund generally pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">27%</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> of the average value of its investment portfolio.</span></p> 0.27 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Global Sustainability Fixed Income ETF invests in a broad portfolio of investment grade debt securities (e.g., rated AAA to BBB- by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”)) of U.S. and non-U.S. corporate and government issuers, including </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">mortgage-backed securities, while excluding or underweighting securities of corporate and certain government issuers based upon the Portfolio’s sustainability considerations. The Portfolio may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. At times, the Portfolio may invest a majority of its net assets in securities of U.S. and non-U.S. government issuers. The Advisor expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries. The Advisor selects the Portfolio's foreign country and currency compositions based on an evaluation of various factors, including, but not limited to, relative interest rates and exchange rates.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio will be managed with a view to capturing expected credit premiums and expected term premiums. The term “expected credit premium” means the expected incremental return on investment for holding obligations considered to have greater credit risk than direct obligations of the U.S. Treasury, and “expected term premium” means the expected incremental return on investment for holding securities having longer-term maturities as compared to shorter-term maturities. In managing the Portfolio, the Advisor will increase or decrease investment exposure to intermediate-term securities depending on the expected term premium and also increase or decrease investment exposure to non-government securities depending on the expected credit premium.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio will primarily invest in securities that mature within twenty years from the date of settlement, but may, as in the case of mortgage-backed securities, invest in securities with longer maturities. Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one half year greater than, and no less than one year below, the weighted average duration of the Bloomberg Global Aggregate Bond Index (Hedged to USD), which was approximately 6.55 years as of December 31, 2024. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The Portfolio intends to invest its assets to gain exposure to at least three different countries, including the United States. As of the date of the Prospectus, the Portfolio invests approximately 35% of its net assets in U.S. issuers. This percentage will change due to market conditions. An issuer may be considered to be of a country if it is organized under the laws of, maintains its principal place of business in, has at least 50% of its assets or derives at least 50% of its operating income in, or is a government, government agency, instrumentality or central bank of, that country.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested in fixed income securities considered to be investment grade quality. The Portfolio may invest in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, including mortgage-backed securities, bank obligations, commercial paper, repurchase agreements, money market funds, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. In addition, the Portfolio is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes, and obligations of federal agencies and its instrumentalities.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio’s investments may include foreign securities denominated in foreign currencies. The Portfolio intends to hedge foreign currency exposure to attempt to protect against uncertainty in the level of future foreign currency rates. The Portfolio may enter into foreign currency forward contracts to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio’s total return. The Portfolio also may use derivatives, such as futures contracts and options on futures contracts, for hedging purposes such as hedging its interest rate or currency exposure or for non-hedging purposes as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.</p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio may lend its portfolio securities to generate additional income.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Advisor intends to take into account certain sustainability considerations when making investment decisions for the Portfolio. Relative to a fund without these considerations that otherwise has the same investment objective, strategies, and policies as the Portfolio, the Portfolio will generally have excluded, and have less overall weight in, securities of companies that, according to the Portfolio’s sustainability considerations, may be less sustainable as compared to other companies in the Portfolio’s investment universe. Similarly, relative to such a fund, the Portfolio will generally have more overall weight in securities of companies that, according to the Portfolio’s sustainability considerations, may be more sustainable as compared to other companies in the Portfolio’s investment universe. In </p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">particular, the Advisor assesses corporate issuers by considering several factors, including carbon intensity and controversies related to land use and biodiversity, toxic spills and releases, operational waste, and water management, with most weight placed on carbon intensity. These issuers are then ranked based on one or more of these factors relative to the applicable universe of securities or their sector peers. Securities of the worst ranked of these companies within the applicable universe of securities or sector peers are then generally excluded, and securities of the remaining companies are generally underweighted, overweighted or neutral-weighted. The Advisor also assesses corporate issuers based on potential emissions from reserves and scaled potential emissions from reserves. These issuers are then ranked relative to the applicable universe of securities. Securities of the worst ranked of these companies within the applicable universe of securities are then generally excluded. In addition, the Advisor seeks to exclude securities of companies based on sustainability considerations relating to coal, factory farming, palm oil, cluster munitions and landmines, tobacco, child labor, civilian firearms, private prisons, and material involvement in severe environmental, social, or governance controversies that indicate operations inconsistent with responsible business conduct standards (such as those defined by the United Nations Global Compact Principles and the Organization for Economic Co-operation and Development Guidelines for Multinational Enterprises). For a more detailed description of these sustainability considerations, see “Applying the Portfolios’ Sustainability Considerations”. The Advisor engages third party service providers to provide research information relating to the Portfolio’s sustainability considerations with respect to securities in the Portfolio, where information is available from such providers. The Advisor also may use, or supplement third party service providers’ data with, proprietary research relating to certain sustainability considerations where information is not available or has not been obtained from third party service providers engaged by the Advisor.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; color:#000000; font-weight:normal; text-decoration:none;">In addition to excluding, underweighting, overweighting and neutral weighting securities of companies based upon the Portfolio’s sustainability considerations, the Portfolio also will assess treasury, sovereign and local authority issuers on the respective sovereign entity’s greenhouse gas emissions per GDP and underweight the highest emitters in aggregate. Additionally, the Portfolio will assess government agency and supranational issuers on their carbon intensity and potential emissions from reserves and seek to exclude securities of such issuers with relatively high carbon intensity or potential emissions from reserves.</p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The Advisor periodically reviews the Portfolio’s sustainability considerations and the Portfolio</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> may periodically modify, add, or remove sustainability considerations.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The Portfolio is an actively managed exchange traded fund and does not seek to replicate the performance of a specific index and may have a higher degree of portfolio turnover than such index funds.</p> <p style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><a href="." id="x35x6"></a><span style="font-size:12.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a description of principal risks of investing in the Portfolio.</p> Principal Risks Because the value of your investment in the Portfolio will fluctuate, there is the risk that you will lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Even a long-term investment approach cannot guarantee a profit. Economic, market, political, and issuer-specific conditions and events will cause the value of securities, and a fund that owns them, to rise or fall.</span></p> <p style="-sec-ix-redline:true;font-size:11.0pt; font-family:Calibri; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sustainability Consideration Investment Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund that takes into account sustainability considerations may limit the number of investment opportunities available to the fund, and as a result, at times, may underperform funds that are not subject to such sustainability considerations. For example, a fund may decline to purchase, or underweight its investment in, certain securities due to sustainability considerations when other investment considerations would suggest that a more significant investment in such securities would be advantageous. A fund may also overweight its investment in certain securities due to sustainability considerations when other investment considerations would suggest that a lesser investment in such securities would be advantageous. In addition, a fund may sell or retain certain securities due to sustainability considerations when it is otherwise disadvantageous to do so. The sustainability considerations may also cause a fund’s industry allocations to deviate from those of funds without these considerations and of conventional benchmarks. The Advisor may also not be able to assess the sustainability of each company with securities eligible for purchase. For example, the Advisor may not be able to determine all of the sustainability considerations for each company because the third party service providers may not have data on the entire universe of companies with securities considered by the Advisor, or may not have information with respect to each factor considered as a sustainability consideration. Furthermore, “sustainability” is not uniformly defined, </span></p> <p style="-sec-ix-redline:true;font-size:11.0pt; font-family:Calibri; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">and there are significant differences in interpretations of what it means for a company to meet sustainability criteria. A fund’s exposure to companies, industries and sectors of the market may be affected by sustainability data obtained that may be inaccurate and the Advisor’s assessment of a company’s sustainability may differ from assessments made by other funds, managers, or investors. As a result, there is no guarantee that a fund’s investments will reflect the sustainability considerations of any particular investor.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Income risk is the risk that falling interest rates will cause a fund’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Call Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing a fund to reinvest in fixed income securities with lower interest rates than the original obligations.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. During periods of very low or negative interest rates, a fund may be subject to a greater risk of rising interest rates. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the performance of a fund holding such securities. Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. Government that are supported by the full faith and credit of the United States, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. Government, that are supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limitations, and securities issued by agencies and instrumentalities sponsored by the U.S. Government that are sponsored by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. U.S. government agency securities issued or guaranteed by the credit of the agency may still involve a risk of non-payment of principal and/or interest.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Securities and Currencies Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar). The Portfolio hedges foreign currency risk.</span></p><p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Government Debt Risk</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;">: </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The risk that: (a) the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or to pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity’s debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors; (b) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling; and (c) there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Mortgage-Backed Securities Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Mortgage-backed securities represent interests in “pools” of mortgages and often involve risks that are different from or potentially more significant than risks associated with other types of debt instruments. Mortgage securities differ from typical debt securities in that principal is not paid back at maturity, but rather periodically over the life of the security. A fund may receive unscheduled payments of principal due to </span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">voluntary prepayments, refinancings or foreclosures on the underlying mortgage loans. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a fund because it may have to reinvest that money at the lower prevailing interest rates. As a result, mortgage securities may be less effective than some other types of debt securities as a means of securing long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. Conversely, in a period of rising interest rates, a fund may exhibit additional volatility since rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As interest rates rise mortgage borrowers are less likely to exercise prepayment options, which may reduce the value of these securities and potentially cause a fund to lose money. This is known as extension risk.</p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are instruments, such as swaps, futures contracts, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by a fund or if the cost of the derivative outweighs the benefit of the hedge. In regard to currency hedging, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of a fund between the date a foreign currency forward contract is entered into and the date it expires. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When a fund uses derivatives, the fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, settlement, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than the principal amount invested. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when a fund is the seller of swaps and counterparty risk increases when the fund is a buyer of swaps. In addition, where a fund is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations. Swaps may be illiquid or difficult to value. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that a fund holds illiquid investments, the fund’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by a fund due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that a fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of a fund are concentrated in one or a few investors. </span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Trading Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Active trading markets for a fund’s shares may not be developed or maintained by market makers or authorized participants. Authorized participants are not obligated to make a market in a fund’s shares or to submit purchase or redemption orders for creation units, which may widen bid-ask spreads. Trading in shares on an exchange may be halted in certain circumstances. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of a fund will continue to be met.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Premium/Discount Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The net asset value (“NAV”) of a fund and the value of your investment may fluctuate. Disruptions to creations and redemptions or the market price of a fund’s holdings, the existence of extreme market volatility or potential lack of an active trading market for shares may widen bid-ask spreads and result in shares trading at a significant premium or discount to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">International Closed Market Trading Risk:</span><span style="font-size:9.0pt; font-family:AdvP3F2712; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">To the extent that the underlying securities held by a fund trade on an exchange that is closed when the securities exchange on which a fund’s shares list and trade is open, there may be market uncertainty about the stale security pricing (i.e., the last quote from its closed foreign market) resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Securities Lending Risk:</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;"> Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a fund may lose money and there may be a delay in recovering the loaned securities. A fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Operational Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a fund’s or its advisor’s control, including instances at third parties. A fund and its advisor seek to reduce these operational risks through controls and procedures. However, measures that seek to reduce these operational risks through controls and procedures may not address every possible risk and may be inadequate to address these risks.</span></p> <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Cyber Security Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">A fund and its service providers’ use of internet, technology and information systems may expose the fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the fund and/or its service providers to suffer data corruption or lose operational functionality.</span></p> <p style="-sec-ix-redline:true;font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Large Shareholder Risk:</span><span style="font-size:9.0pt; font-family:Avenir-HeavyOblique; font-style:italic; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">Certain shareholders, including other funds or accounts advised by the Advisor, may from time to time own a substantial amount of a fund’s shares. In addition, a third-party investor, the Advisor, an authorized participant, a lead market maker, or another entity may invest in a fund and hold its investment for a limited period of time solely to facilitate commencement of a fund or to facilitate a fund achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of a fund would be maintained at such levels or that a fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on a fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the listing exchange and may, therefore, have a material upward or downward effect on the market price of the shares.</span></p> Performance <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The table illustrates how annualized returns for certain periods, both before and after taxes, compare with those of a broad measure of market performance. The Portfolio’s past performance (before and after taxes) is not an indication of future results. Updated performance information for the Portfolio can be obtained by visiting </span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:underline;">https://www.dimensional.com/us-en/funds</span><span style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; font-style:normal; font-weight:normal; text-decoration:none;">.</span></p><p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> The bar chart and table immediately following illustrate the variability of the Portfolio’s returns and are meant to provide some indication of the risks of investing in the Portfolio. The bar chart shows the changes in the Portfolio’s performance from year to year. The Portfolio’s past performance (before and after taxes) is not an indication of future results. https://www.dimensional.com/us-en/funds The after-tax returns presented in the table for the Portfolio are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Portfolio through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Dimensional Global Sustainability Fixed Income ETF  —Total Returns Highest Quarter Lowest Quarter 0.0765 2023-12-31 -0.0167 2024-12-31 Annualized Returns (%) Return Before Taxes 0.0259 0.0564 Return After Taxes on Distributions 0.0081 0.0361 Return After Taxes on Distributions and Sale of Portfolio Shares 0.0152 0.0344 Bloomberg Global Aggregate Bond Index (hedged to USD) (reflects no deduction for fees, expenses or taxes on sales) 0.0340 0.0485 <p style="font-size:9.0pt; font-family:Avenir LT Pro 45 Book; text-align:justify; font-weight:normal; text-decoration:none;">The implementation and management of the Advisor’s “Sustainability” portfolios, including without limitation, the Global Sustainability Fixed Income ETF is protected by U.S. Patent Nos. 7,596,525 B1, 7,599,874 B1 and 8,438,092 B2.</p> 485BPOS 2024-10-31 0001816125 false 2025-02-28 2025-02-28 ~ http://www.dimensional.com/20241031/role/RRSchedule4 ~ ~ http://www.dimensional.com/20241031/role/RRSchedule5 ~ ~ 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Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception September 12, 2023. Since inception February 23, 2022. Since inception December 6, 2022. Since inception February 23, 2022. The “Management Fee” and “Total Annual Fund Operating Expenses" have been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.19% to 0.16% effective as of February 28, 2025. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 1, 2023. The “Management Fee” and “Total Annual Fund Operating Expenses" have been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.25% to 0.20% effective as of February 28, 2025. The Portfolio is a new portfolio, so the “Other Expenses" shown are based on anticipated fees and expenses for the first full fiscal year. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception February 23, 2022. Since inception November 17, 2020. Since inception March 23, 2022. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception March 23, 2022. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception March 23, 2022. Since inception March 23, 2022. The “Management Fee” and “Total Annual Fund Operating Expenses" have been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.30% to 0.25% effective as of February 28, 2025. The Portfolio is a new portfolio, so the “Other Expenses" shown are based on anticipated fees and expenses for the first full fiscal year. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception December 1, 2020. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception April 26, 2022. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception April 26, 2022. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception April 26, 2022. The Portfolio is a new portfolio, so the “Other Expenses" shown are based on anticipated fees and expenses for the first full fiscal year. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception September 26, 2023. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception December 6, 2022. Copyright® 2024 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 15, 2021. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 15, 2021. ICE BofA index data copyright 2024 ICE Data Indices, LLC. Prior to July 1, 2022, index returns reflect no deduction for transaction costs. Effective July 1, 2022, index returns include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual transaction costs incurred by the Portfolio. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 15, 2021. The Portfolio incorporated this broad-based securities market index to reflect the overall applicable securities market of the Portfolio. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 7, 2023. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 7, 2023. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 7, 2023. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception September 26, 2023. ICE BofA index data copyright 2024 ICE Data Indices, LLC. Prior to July 1, 2022, index returns reflect no deduction for transaction costs. Effective July 1, 2022, index returns include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual transaction costs incurred by the Portfolio. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 15, 2021. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception June 26, 2023. Since inception November 1, 2022. Since inception November 1, 2022. Dimensional Fund Advisors LP (the “Advisor”) has agreed to waive certain fees and in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2026, and may only be terminated by the Trust’s Board of Trustees prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption. Since inception November 1, 2022. Since inception November 15, 2022.