Hi Kei,
I’ve tried this example using the FRDM-KL43Z board, and I didn’t have an issue with it, see the terminal screenshot below. I loaded the KSDK example \KSDK_1.2.0\examples\frdmkl43z\demo_apps\dac_adc_demo\iar, and did not need to make any changes to the board for the example to work correctly.

The document “Kinetis SDK v.1.2.0 Demo Applications User's Guide.pdf” covers the Hardware settings for the “DAC ADC Demo” in section 7.4.2. This section says “This table shows the connections that are required for each of the supported platforms. Not mentioned platforms use the internal connection.” The FRDM-KL43Z is not mentioned, and it is using internal connection for the demo
The example firmware sets the ADC channel to convert to BOARD_DAC_DEMO_ADC_CHANNEL, which is defined in the board.h file for that board. For the FRDM-KL43Z board, this is defined as channel 23 in \KSDK_1.2.0\examples\frdmkl43z\board.h. From the KL43 reference manual, the channel assignment table below shows channel 23 will read DAC0 output and ADC0_SE23 for external signal.

Looking in the pinout of the KL43, the DAC0_OUT signal is shared on the same pin as ADC0_SE23, see pinout below. So if the DAC0 output is enabled, then the DAC voltage will come out on this pin, and at the same time, the ADC can read it back in. This is why no hardware modification is required on this board.
This DAC0_OUT signal comes out to the header pins on the FRDM-KL43Z board. Header J1 pin 16 is tied to this pin. Since you are always reading 3.3V back in the example, can you try measuring the voltage on this header pin when using the example? Perhaps there is an issue with your board where this signal is shorted to VDD or some other signal. When I test it, I’m able to see the DAC voltage change when using the example, and when measuring the voltage, it matches the settings in the example.
Let us know what you find. Thanks