MERCER GLOBAL ADVISORS INC /ADV

Mercer Global Advisors held $67.6B across 3,217 positions, an almost entirely ETF-built RIA book led by iShares Core U.S. Aggregate Bond (AGG, 5.8%), Vanguard Short-Term Bond (BSV, 5.3%), Vanguard's VOO (4.7%) and a suite of Dimensional (DFA) factor funds — DFAC, DFUV, DUHP. Unlike most filers this quarter, Mercer was a net buyer, with 38 positions increased against just 8 trimmed. The largest adds were to fixed income — BSV (+$296M) and AGG (+$285M) — and to DFA value and core equity (DFUV, DFAC). New positions in Johnson & Johnson, QQQ, the ESG bond ETF EAGG and emerging-markets IEMG. Assets rose from $65.6B to $67.6B.