| Investment Objective: |
The investment objective of the Dimensional California Municipal Bond ETF is to seek to provide current income that is expected to be exempt from federal personal income tax and California state personal income taxes. 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 fixed income securities in which the Portfolio invests are considered investment grade at the time of purchase. The Portfolio also may invest more than 25% of its assets in industrial development bonds. The Portfolio may also invest in exchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipal bonds. |
