2025
QUARTERLY
REPORT
Russell
Investments
Exchange
Traded
Funds
JUNE
30,
2025
FUND
U.S.
Small
Cap
Equity
Active
ETF
International
Developed
Equity
Active
ETF
Global
Equity
Active
ETF
Emerging
Markets
Equity
Active
ETF
Global
Infrastructure
Active
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Exchange
Traded
Funds
is
a
series
investment
company
with
five
different
investment
portfolios
referred
to
as
Funds.
This
Quarterly
Report
reports
on
each
of
these
Funds.
Page
U.S.
Small
Cap
Equity
Active
ETF
3
International
Developed
Equity
Active
ETF
9
Global
Equity
Active
ETF
15
Emerging
Markets
Equity
Active
ETF
22
Global
Infrastructure
Active
ETF
29
Notes
to
Schedules
of
Investments
32
Notes
to
Quarterly
Report
33
Russell
Investments
Exchange
Traded
Funds
Quarterly
Report
June
30,
2025
(Unaudited)
Table
of
Contents
Russell
Investments
Exchange
Traded
Funds
Copyright
©
Russell
Investments
2025.
All
rights
reserved.
Russell
Investments’
ownership
is
composed
of
a
majority
stake
held
by
funds
managed
by
TA
Associates
Management,
L.P.,
with
a
significant
minority
stake
held
by
funds
managed
by
Reverence
Capital
Partners,
L.P.
Certain
of
Russell
Investments’
employees
and
Hamilton
Lane
Advisors,
LLC
also
hold
minority,
non-
controlling,
ownership
stakes.
Frank
Russell
Company
is
the
owner
of
the
Russell
trademarks
contained
in
this
material
and
all
trademark
rights
related
to
the
Russell
trademarks,
which
the
members
of
the
Russell
Investments
group
of
companies
are
permitted
to
use
under
license
from
Frank
Russell
Company.
The
members
of
the
Russell
Investments
group
of
companies
are
not
affiliated
in
any
manner
with
Frank
Russell
Company
or
any
entity
operating
under
the
“FTSE
RUSSELL”
brand.
Fund
objectives,
risks,
charges
and
expenses
should
be
carefully
considered
before
investing.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Russell
Investments
Exchange
Traded
Funds
are
distributed
by
Foreside
Fund
Services,
LLC.
Russell
Investments
Exchange
Traded
Funds
U.S.
Small
Cap
Equity
Active
ETF
Schedule
of
Investments
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Active
ETF
3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.5%
Consumer
Discretionary
-
12.4%
Academy
Sports
&
Outdoors,
Inc.
899
40
Adtalem
Global
Education,
Inc.(Æ)
445
57
Advance
Auto
Parts,
Inc.
1,157
54
American
Outdoor
Brands,
Inc.(Æ)
6,579
69
API
Group
Corp.(Æ)
722
37
Atmus
Filtration
Technologies,
Inc.
1,959
71
Axon
Enterprise,
Inc.(Æ)
37
31
Blade
Air
Mobility,
Inc.(Æ)
12,796
52
Boot
Barn
Holdings,
Inc.(Æ)
428
65
Boyd
Gaming
Corp.
445
35
Brinker
International,
Inc.(Æ)
445
79
Brunswick
Corp.
899
50
Cadre
Holdings,
Inc.
337
11
Caleres,
Inc.
5,332
65
Cavco
Industries,
Inc.(Æ)
86
37
Dana
Holding
Corp.
2,864
49
Douglas
Dynamics,
Inc.
1,782
53
Driven
Brands
Holdings,
Inc.(Æ)
2,063
36
First
Watch
Restaurant
Group,
Inc.(Æ)
2,241
36
FirstCash
Holdings,
Inc.
356
48
Genesco,
Inc.(Æ)
2,513
49
Genius
Sports,
Ltd.(Æ)
3,576
37
Golden
Entertainment,
Inc.
2,553
75
Green
Brick
Partners,
Inc.(Æ)
623
39
Haverty
Furniture
Cos.,
Inc.
2,679
55
IAC,
Inc.(Æ)
1,168
44
International
Game
Technology
PLC
1,825
29
KB
Home
657
35
Kura
Sushi
USA,
Inc.
Class
A(Æ)
801
69
Lear
Corp.
455
43
Legacy
Education,
Inc.(Æ)
5,810
65
Leonardo
DRS,
Inc.
1,157
54
Liberty
Latin
America,
Ltd.
Class
C(Æ)
10,555
66
Life
Time
Group
Holdings,
Inc.(Æ)
1,602
49
Lincoln
Educational
Services
Corp.(Æ)
2,508
58
Magnite,
Inc.(Æ)
3,392
81
Marriott
Vacations
Worldwide
Corp.
712
51
Matthews
International
Corp.
Class
A
2,005
48
Meritage
Homes
Corp.
730
49
Newell
Brands,
Inc.
3,562
19
Nexstar
Media
Group,
Inc.
Class
A
267
46
OneSpaWorld
Holdings,
Ltd.
3,575
73
Papa
John's
International,
Inc.
1,621
79
Patrick
Industries,
Inc.
453
42
Potbelly
Corp.(Æ)
4,466
55
PriceSmart,
Inc.
445
47
QuinStreet,
Inc.(Æ)
2,152
35
Reservoir
Media,
Inc.(Æ)
4,568
35
Rush
Street
Interactive,
Inc.(Æ)
4,644
69
SharkNinja,
Inc.(Æ)
292
29
Signet
Jewelers,
Ltd.
623
50
Sportradar
Holding
AG
Class
A(Æ)
712
20
Stride,
Inc.(Æ)
365
53
Taylor
Morrison
Home
Corp.
Class
A(Æ)
979
60
Texas
Roadhouse,
Inc.
Class
A
260
49
Thor
Industries,
Inc.
534
47
TripAdvisor,
Inc.(Æ)
4,542
59
United
Parks
&
Resorts,
Inc.(Æ)
801
38
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Universal
Technical
Institute,
Inc.(Æ)
1,424
48
Wingstop,
Inc.
131
44
Winmark
Corp.
35
13
Wolverine
World
Wide,
Inc.
2,946
53
Wyndham
Hotels
&
Resorts,
Inc.
365
30
3,064
Consumer
Staples
-
2.9%
Calavo
Growers,
Inc.
2,152
57
Chefs'
Warehouse
Holdings,
Inc.
(The)(Æ)
890
57
J&J
Snack
Foods
Corp.
356
40
Lancaster
Colony
Corp.
267
46
National
Vision
Holdings,
Inc.(Æ)
3,131
72
Nomad
Foods,
Ltd.
2,044
35
Primo
Brands
Corp.
Class
A
1,387
41
Quanex
Building
Products
Corp.
4,233
80
Sprouts
Farmers
Market,
Inc.(Æ)
712
118
Utz
Brands,
Inc.
2,597
33
Vita
Coco
Co.,
Inc.
(The)(Æ)
1,246
45
Vital
Farms,
Inc.(Æ)
1,335
51
WD-40
Co.
120
27
702
Energy
-
3.5%
Aris
Water
Solutions,
Inc.
Class
A
2,419
57
Delek
US
Holdings,
Inc.
4,832
101
DNOW,
Inc.(Æ)
2,597
39
HF
Sinclair
Corp.
1,335
55
Liberty
Energy,
Inc.
Class
A
888
10
Matador
Resources
Co.
890
42
Matrix
Service
Co.(Æ)
3,220
44
Murphy
Oil
Corp.
1,321
30
NPK
International,
Inc.(Æ)
11,707
99
Oceaneering
International,
Inc.(Æ)
1,885
39
Patterson-UTI
Energy,
Inc.
4,147
25
RPC,
Inc.
14,109
67
Select
Water
Solutions,
Inc.
Class
A
5,979
52
SM
Energy
Co.
1,539
38
Solaris
Energy
Infrastructure,
Inc.
Class
A
1,691
48
TechnipFMC
PLC
1,246
43
TETRA
Technologies,
Inc.(Æ)
9,788
33
Warrior
Met
Coal,
Inc.
254
12
World
Kinect
Corp.
1,335
38
872
Financial
Services
-
23.9%
Acadia
Realty
Trust(ö)
987
18
Agree
Realty
Corp.(ö)
445
33
Air
Lease
Corp.
Class
A
979
57
Ally
Financial,
Inc.
1,424
55
Alpine
Income
Property
Trust,
Inc.(ö)
4,163
61
Ameris
Bancorp
712
46
Assured
Guaranty,
Ltd.
356
31
Banc
of
California,
Inc.
2,864
40
Banco
Latinoamericano
de
Comercio
Exterior
SA
Class
E
979
39
Bank
of
NT
Butterfield
&
Son,
Ltd.
(The)
801
35
Bank7
Corp.
801
34
BankUnited,
Inc.
991
35
Russell
Investments
Exchange
Traded
Funds
U.S.
Small
Cap
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
4
U.S.
Small
Cap
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
BGC
Group,
Inc.
Class
A
7,239
74
Bowhead
Specialty
Holdings,
Inc.(Æ)
657
25
Bread
Financial
Holdings,
Inc.
890
51
Brixmor
Property
Group,
Inc.(ö)
1,424
37
Broadstone
Net
Lease,
Inc.(ö)
2,419
39
Business
First
Bancshares,
Inc.
2,330
57
Cadence
Bank
1,614
52
Camden
Property
Trust(ö)
445
50
Cannae
Holdings,
Inc.
1,885
39
Capital
Bancorp,
Inc.
1,246
42
Capital
City
Bank
Group,
Inc.
1,154
45
CNO
Financial
Group,
Inc.
1,246
48
Cohen
&
Steers,
Inc.
438
33
Community
Bank
System,
Inc.
887
50
Community
Healthcare
Trust,
Inc.(ö)
4,262
71
Compass,
Inc.
Class
A(Æ)
5,550
35
Corebridge
Financial,
Inc.
1,157
41
CTO
Realty
Growth,
Inc.(ö)
2,588
45
Cullen/Frost
Bankers,
Inc.
270
35
Dave,
Inc.(Æ)
359
97
Dime
Community
Bancshares,
Inc.
1,691
46
Enterprise
Financial
Services
Corp.
886
49
Esquire
Financial
Holdings,
Inc.
445
42
Everest
Re
Group,
Ltd.
107
36
EZCORP,
Inc.
Class
A(Æ)
2,241
31
FB
Financial
Corp.
801
36
Federal
Agricultural
Mortgage
Corp.
Class
C
356
69
First
BanCorp
2,495
52
First
Commonwealth
Financial
Corp.
2,419
39
First
Community
Corp.
1,885
46
First
Industrial
Realty
Trust,
Inc.(ö)
623
30
First
Mid
Bancshares,
Inc.
1,245
47
FTAI
Aviation,
Ltd.
712
82
Genworth
Financial,
Inc.
Class
A(Æ)
5,461
42
German
American
Bancorp,
Inc.
1,246
48
Getty
Realty
Corp.(ö)
1,602
44
Glacier
Bancorp,
Inc.
1,246
54
Globe
Life,
Inc.
363
45
Guaranty
Bancshares,
Inc.
988
42
HA
Sustainable
Infrastructure
Capital,
Inc.
2,152
58
Hamilton
Lane,
Inc.
Class
A
235
33
Hanover
Insurance
Group,
Inc.
(The)
295
50
Healthcare
Realty
Trust,
Inc.(ö)
2,063
33
Heritage
Financial
Corp.
2,140
51
Home
BancShares,
Inc.
2,419
69
Horace
Mann
Educators
Corp.
1,512
65
Horizon
Bancorp,
Inc.
2,508
39
Houlihan
Lokey,
Inc.
Class
A
211
38
Howard
Hughes
Holdings,
Inc.(Æ)
584
39
Independent
Bank
Corp.
2,047
93
InvenTrust
Properties
Corp.(ö)
1,157
32
Jackson
Financial,
Inc.
Class
A
712
63
Kemper
Corp.
979
63
Kinsale
Capital
Group,
Inc.
89
43
Lakeland
Financial
Corp.
712
44
Lazard,
Inc.
801
38
Legacy
Housing
Corp.(Æ)
2,920
66
LendingTree,
Inc.(Æ)
1,599
59
Macerich
Co.
(The)(ö)
2,953
48
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Marcus
&
Millichap,
Inc.
1,602
49
Marex
Group
PLC
657
26
Metropolitan
Bank
Holding
Corp.(Æ)
801
56
National
Bank
Holdings
Corp.
Class
A
1,068
40
NBT
Bancorp,
Inc.
1,095
45
NETSTREIT
Corp.(ö)
5,720
98
Newmark
Group,
Inc.
Class
A
4,199
51
NexPoint
Residential
Trust,
Inc.(ö)
1,955
65
NNN
REIT,
Inc.(ö)
712
31
Northeast
Bank
534
48
Northpointe
Bancshares,
Inc.
3,954
54
OceanFirst
Financial
Corp.
2,063
36
OFG
Bancorp
1,424
61
Old
Republic
International
Corp.
979
38
OP
Bancorp
2,336
30
Origin
Bancorp,
Inc.
1,246
45
Palomar
Holdings,
Inc.(Æ)
280
43
Perella
Weinberg
Partners
3,305
64
Piper
Sandler
Cos.
178
49
Popular,
Inc.
445
49
PotlatchDeltic
Corp.(ö)
2,241
86
Prosperity
Bancshares,
Inc.
890
63
Rayonier,
Inc.(ö)
1,335
30
Reinsurance
Group
of
America,
Inc.
Class
A
219
43
Renasant
Corp.
1,602
58
RLI
Corp.
411
30
Robinhood
Markets,
Inc.
Class
A(Æ)
1,016
96
Ryman
Hospitality
Properties,
Inc.(ö)
618
61
Seacoast
Banking
Corp.
of
Florida
1,885
52
Selective
Insurance
Group,
Inc.
534
46
ServisFirst
Bancshares,
Inc.
623
48
Skyward
Specialty
Insurance
Group,
Inc.
(Æ)
536
31
SmartFinancial,
Inc.
1,246
42
South
Plains
Financial,
Inc.
1,157
42
Stewart
Information
Services
Corp.
534
35
Stock
Yards
Bancorp,
Inc.
623
49
StoneX
Group,
Inc.(Æ)
631
58
Synovus
Financial
Corp.
712
37
Tanger,
Inc.(ö)
1,335
41
Terreno
Realty
Corp.(ö)
505
28
Texas
Capital
Bancshares,
Inc.(Æ)
623
49
Towne
Bank
1,335
46
TriCo
Bancshares
991
40
Triumph
Financial,
Inc.(Æ)
462
25
UL
Solutions,
Inc.
Class
A
534
39
UMH
Properties,
Inc.(ö)
4,199
71
United
Bankshares,
Inc.
1,157
42
Walker
&
Dunlop,
Inc.
511
36
Webster
Financial
Corp.
708
39
WesBanco,
Inc.
1,602
51
Westamerica
BanCorp
928
45
Westwood
Holdings
Group,
Inc.
2,330
36
Xenia
Hotels
&
Resorts,
Inc.(ö)
5,356
67
5,894
Health
Care
-
14.3%
Acadia
Pharmaceuticals,
Inc.(Æ)
2,419
52
ADMA
Biologics,
Inc.(Æ)
5,592
102
Akero
Therapeutics,
Inc.(Æ)
1,157
62
Russell
Investments
Exchange
Traded
Funds
U.S.
Small
Cap
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Active
ETF
5
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Alphatec
Holdings,
Inc.(Æ)
1,665
18
ANI
Pharmaceuticals,
Inc.(Æ)
1,246
81
Arcellx,
Inc.(Æ)
811
53
Artivion,
Inc.(Æ)
1,691
53
AtriCure,
Inc.(Æ)
1,157
38
BioLife
Solutions,
Inc.(Æ)
900
19
Blueprint
Medicines
Corp.(Æ)
806
104
BridgeBio
Pharma,
Inc.(Æ)
1,780
77
CareDx,
Inc.(Æ)
2,775
54
Catalyst
Pharmaceuticals,
Inc.(Æ)
370
8
Chemed
Corp.
97
47
Corcept
Therapeutics,
Inc.(Æ)
1,079
79
Crinetics
Pharmaceuticals,
Inc.(Æ)
733
21
Embecta
Corp.
3,398
33
Encompass
Health
Corp.
276
34
Enovis
Corp.
Class
W(Æ)
1,314
41
Ensign
Group,
Inc.
(The)
539
83
Exelixis,
Inc.(Æ)
801
35
GeneDx
Holdings
Corp.(Æ)
623
58
Glaukos
Corp.(Æ)
454
47
Guardant
Health,
Inc.(Æ)
1,246
65
Guardian
Pharmacy
Services,
Inc.
Class
A(Æ)
1,168
25
Halozyme
Therapeutics,
Inc.(Æ)
1,255
65
HealthEquity,
Inc.(Æ)
887
93
Innoviva,
Inc.(Æ)
1,780
36
Insmed,
Inc.(Æ)
1,872
189
iRadimed
Corp.
1,157
69
Krystal
Biotech,
Inc.(Æ)
267
37
LeMaitre
Vascular,
Inc.
1,074
89
Ligand
Pharmaceuticals,
Inc.
Class
B(Æ)
890
101
Madrigal
Pharmaceuticals,
Inc.(Æ)
203
61
Masimo
Corp.(Æ)
178
30
Medpace
Holdings,
Inc.(Æ)
178
56
Merit
Medical
Systems,
Inc.(Æ)
512
48
Mirum
Pharmaceuticals,
Inc.(Æ)
1,348
69
Natera,
Inc.(Æ)
267
45
Nuvalent,
Inc.
Class
A(Æ)
707
54
Organon
&
Co.
2,529
24
Pennant
Group,
Inc.
(The)(Æ)
1,885
56
Perrigo
Co.
PLC
2,419
65
Phibro
Animal
Health
Corp.
Class
A
1,872
48
Phreesia,
Inc.(Æ)
1,691
48
PROCEPT
BioRobotics
Corp.(Æ)
370
21
PTC
Therapeutics,
Inc.(Æ)
1,762
86
Pursuit
Attractions
and
Hospitality,
Inc.(Æ)
949
27
RadNet,
Inc.(Æ)
1,068
61
Revolution
Medicines,
Inc.(Æ)
1,209
44
Rhythm
Pharmaceuticals,
Inc.(Æ)
473
30
Rigel
Pharmaceuticals,
Inc.(Æ)
3,344
63
Scholar
Rock
Holding
Corp.(Æ)
1,424
50
Soleno
Therapeutics,
Inc.(Æ)
534
45
SpringWorks
Therapeutics,
Inc.(Æ)
955
45
Summit
Therapeutics,
Inc.(Æ)
1,460
31
Tarsus
Pharmaceuticals,
Inc.(Æ)
979
40
Teleflex,
Inc.
219
26
TG
Therapeutics,
Inc.(Æ)
1,796
65
Travere
Therapeutics,
Inc.(Æ)
2,044
30
Twist
Bioscience
Corp.(Æ)
979
36
UFP
Technologies,
Inc.(Æ)
267
65
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
US
Physical
Therapy,
Inc.
534
42
Vera
Therapeutics,
Inc.(Æ)
1,724
41
Veracyte,
Inc.(Æ)
949
26
Verona
Pharma
PLC
-
ADR(Æ)
275
26
Waystar
Holding
Corp.(Æ)
1,157
47
3,519
Materials
and
Processing
-
7.5%
AAON,
Inc.
145
11
Acuity,
Inc.
178
53
AdvanSix,
Inc.
2,960
71
Ashland,
Inc.
1,135
57
Avient
Corp.
521
17
Boise
Cascade
Co.
449
39
BrightView
Holdings,
Inc.(Æ)
3,574
60
Cabot
Corp.
623
47
Carpenter
Technology
Corp.
445
124
Century
Aluminum
Co.(Æ)
1,144
21
Coeur
Mining,
Inc.(Æ)
6,885
61
Commercial
Metals
Co.
1,335
65
Constellium
SE(Æ)
4,213
56
Crown
Holdings,
Inc.
534
55
Ferroglobe
PLC
13,147
48
Gibraltar
Industries,
Inc.(Æ)
890
53
Greif,
Inc.
Class
A
928
60
Huntsman
Corp.
1,664
17
Ingevity
Corp.(Æ)
1,424
61
Karat
Packaging,
Inc.
477
13
Knife
River
Corp.(Æ)
322
26
Lennox
International,
Inc.
73
42
Louisiana-Pacific
Corp.
438
38
Magnera
Corp.(Æ)
1,277
15
Masterbrand,
Inc.(Æ)
3,309
36
MDU
Resources
Group,
Inc.
3,665
61
MRC
Global,
Inc.(Æ)
2,953
40
Myers
Industries,
Inc.
4,264
62
Quaker
Chemical
Corp.
492
55
Sonoco
Products
Co.
712
31
SSR
Mining,
Inc.(Æ)
3,398
43
Stepan
Co.
1,350
75
TimkenSteel
Corp.(Æ)
4,029
62
TriMas
Corp.
2,304
66
UFP
Industries,
Inc.
543
54
Vox
Royalty
Corp.
7,408
23
VSE
Corp.
248
32
Watsco,
Inc.
73
32
Worthington
Steel,
Inc.
1,758
52
1,834
Producer
Durables
-
17.5%
ABM
Industries,
Inc.
803
38
Alight,
Inc.
Class
A
8,042
46
ArcBest
Corp.
541
42
Arcosa,
Inc.
712
62
Ardmore
Shipping
Corp.
4,575
44
Argan,
Inc.
270
60
Astec
Industries,
Inc.
1,068
45
AZZ,
Inc.
445
42
Bloom
Energy
Corp.
Class
A(Æ)
1,534
37
Bowman
Consulting
Group,
Ltd.(Æ)
1,871
54
Russell
Investments
Exchange
Traded
Funds
U.S.
Small
Cap
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
6
U.S.
Small
Cap
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Casella
Waste
Systems,
Inc.
Class
A(Æ)
627
72
CECO
Environmental
Corp.(Æ)
1,780
50
Chart
Industries,
Inc.(Æ)
365
60
Construction
Partners,
Inc.
Class
A(Æ)
449
48
Covenant
Logistics
Group,
Inc.
Class
A
2,085
50
CRA
International,
Inc.
205
38
Crane
Co.
267
51
Deluxe
Corp.
3,982
63
DHT
Holdings,
Inc.
3,220
35
Donaldson
Co.,
Inc.
455
32
Ducommun,
Inc.(Æ)
623
51
Dycom
Industries,
Inc.(Æ)
356
87
EnerSys
657
56
ESCO
Technologies,
Inc.
267
51
Everus
Construction
Group,
Inc.(Æ)
979
62
Federal
Signal
Corp.
712
76
Flowserve
Corp.
632
33
Fluor
Corp.(Æ)
1,885
97
Frontdoor,
Inc.(Æ)
1,068
63
FTI
Consulting,
Inc.(Æ)
178
29
Gorman-Rupp
Co.
(The)
1,201
44
Graco,
Inc.
534
46
GXO
Logistics,
Inc.(Æ)
890
43
Helios
Technologies,
Inc.
3,246
108
Hillman
Solutions
Corp.(Æ)
3,478
25
Hyster-Yale,
Inc.
1,792
71
I3
Verticals,
Inc.
Class
A(Æ)
2,690
74
Insperity,
Inc.
584
35
Kennametal,
Inc.
4,640
107
Lamb
Weston
Holdings,
Inc.
660
34
Landstar
System,
Inc.
271
38
LCI
Industries
445
41
Limbach
Holdings,
Inc.(Æ)
659
92
Lovesac
Co.
(The)(Æ)
3,187
58
Luxfer
Holdings
PLC
4,354
53
Mama's
Creations,
Inc.(Æ)
6,351
53
Marten
Transport,
Ltd.
3,098
40
MasTec,
Inc.(Æ)
356
61
Materion
Corp.
629
50
Maximus,
Inc.
623
44
Mercury
Systems,
Inc.(Æ)
801
43
Mesa
Laboratories,
Inc.
364
34
MillerKnoll,
Inc.
3,819
74
MSA
Safety,
Inc.
181
30
MSC
Industrial
Direct
Co.,
Inc.
Class
A
445
38
Mueller
Industries,
Inc.
811
64
MYR
Group,
Inc.(Æ)
356
65
National
CineMedia,
Inc.
4,391
21
NV5
Global,
Inc.(Æ)
2,916
67
Orion
Group
Holdings,
Inc.(Æ)
6,262
57
Park
Aerospace,
Corp.
4,018
59
Paylocity
Holding
Corp.(Æ)
58
11
Payoneer
Global,
Inc.(Æ)
3,650
25
PHINIA,
Inc.
1,335
59
Powell
Industries,
Inc.
184
39
Primoris
Services
Corp.
632
49
Proficient
Auto
Logistics,
Inc.(Æ)
4,110
30
Resources
Connection,
Inc.
9,808
53
Robert
Half,
Inc.
597
25
RXO,
Inc.(Æ)
2,508
39
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Ryder
System,
Inc.
267
42
Schneider
National,
Inc.
Class
B
1,691
41
Scorpio
Tankers,
Inc.
1,068
42
Scotts
Miracle-Gro
Co.
(The)
Class
A
720
47
Skyline
Champion
Corp.(Æ)
304
19
Standex
International
Corp.
270
42
Steelcase,
Inc.
Class
A
3,665
38
Sterling
Infrastructure,
Inc.(Æ)
269
62
Sun
Country
Airlines
Holdings,
Inc.(Æ)
2,847
33
Teekay
Tankers,
Ltd.
Class
A
979
41
Tennant
Co.
623
48
Tetra
Tech,
Inc.
1,246
45
TriNet
Group,
Inc.
187
14
Tutor
Perini
Corp.(Æ)
1,884
88
UniFirst
Corp.
205
39
V2X,
Inc.(Æ)
584
28
Werner
Enterprises,
Inc.
2,241
61
4,303
Technology
-
13.7%
Agilysys,
Inc.(Æ)
534
61
Alkami
Technology,
Inc.(Æ)
1,931
58
Alpha
&
Omega
Semiconductor,
Ltd.(Æ)
2,293
59
Ambarella,
Inc.(Æ)
801
53
Amentum
Holdings,
Inc.(Æ)
1,424
34
Appfolio,
Inc.
Class
A(Æ)
267
61
AvePoint,
Inc.(Æ)
2,859
55
AvidXchange
Holdings,
Inc.(Æ)
4,021
39
Blackbaud,
Inc.(Æ)
632
41
Calix,
Inc.(Æ)
1,256
67
Cargurus,
Inc.(Æ)
1,513
51
Cars.com,
Inc.(Æ)
3,951
47
Clear
Secure,
Inc.
Class
A
1,691
47
Clearfield,
Inc.(Æ)
1,349
59
CommVault
Systems,
Inc.(Æ)
191
33
Concentrix
Corp.
544
29
Couchbase,
Inc.(Æ)
2,429
59
Crane
NXT
Co.
1,343
72
Credo
Technology
Group
Holding,
Ltd.(Æ)
1,166
108
CyberArk
Software,
Ltd.(Æ)
89
36
DigitalOcean
Holdings,
Inc.(Æ)
1,095
31
Diodes,
Inc.(Æ)
890
47
Dropbox,
Inc.
Class
A(Æ)
1,241
35
DXC
Technology
Co.(Æ)
1,825
28
Extreme
Networks,
Inc.(Æ)
3,303
59
Guidewire
Software,
Inc.(Æ)
40
9
Inspired
Entertainment,
Inc.(Æ)
5,690
46
Jabil,
Inc.
439
96
KBR,
Inc.
369
18
Kulicke
&
Soffa
Industries,
Inc.
1,246
43
Kyndryl
Holdings,
Inc.(Æ)
2,586
109
Lumentum
Holdings,
Inc.
Class
E(Æ)
623
59
Lyft,
Inc.
Class
A(Æ)
2,482
39
Manhattan
Associates,
Inc.(Æ)
269
53
Marqeta,
Inc.
Class
A(Æ)
7,775
45
Match
Group,
Inc.
1,349
42
Napco
Security
Technologies,
Inc.
1,974
59
nCino,
Inc.(Æ)
1,780
50
NCR
Atleos
Corp.(Æ)
1,335
38
NCR
Voyix
Corp.(Æ)
4,377
51
Russell
Investments
Exchange
Traded
Funds
U.S.
Small
Cap
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Active
ETF
7
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Nutanix,
Inc.
Class
A(Æ)
584
45
NVE
Corp.
864
64
Oddity
Tech,
Ltd.
Class
A(Æ)
453
34
OneSpan,
Inc.
2,667
45
Ouster,
Inc.(Æ)
5,000
120
PAR
Technology
Corp.(Æ)
712
49
PDF
Solutions,
Inc.(Æ)
2,588
55
Pegasystems,
Inc.
1,966
106
Power
Integrations,
Inc.
890
50
Rambus,
Inc.(Æ)
1,076
69
Red
Violet,
Inc.
1,068
53
Roku,
Inc.(Æ)
623
55
Silicon
Laboratories,
Inc.(Æ)
362
53
Silicon
Motion
Technology
Corp.
-
ADR
979
74
SiTime
Corp.(Æ)
270
58
Sonos,
Inc.(Æ)
3,665
40
Teradata
Corp.(Æ)
1,460
33
Tower
Semiconductor,
Ltd.(Æ)
801
35
UiPath,
Inc.
Class
A(Æ)
3,576
46
Upland
Software,
Inc.(Æ)
15,300
30
Verint
Systems,
Inc.(Æ)
2,515
49
Vimeo,
Inc.(Æ)
2,206
9
Vishay
Intertechnology,
Inc.
5,096
81
Workiva,
Inc.(Æ)
584
40
Zeta
Global
Holdings
Corp.
Class
A(Æ)
3,238
50
3,369
Utilities
-
3.8%
Artesian
Resources
Corp.
Class
A
1,521
51
Avista
Corp.
890
34
BKV
Corp.(Æ)
1,780
43
Black
Hills
Corp.
808
45
Brookfield
Infrastructure
Corp.
Class
A
1,257
52
California
Resources
Corp.
1,077
49
Chesapeake
Utilities
Corp.
356
43
DT
Midstream,
Inc.
267
29
Excelerate
Energy,
Inc.
Class
A
1,920
56
Gulfport
Energy
Corp.(Æ)
267
54
IDACORP,
Inc.
275
32
Magnolia
Oil
&
Gas
Corp.
Class
A
2,227
50
Middlesex
Water
Co.
534
29
Northern
Oil
and
Gas,
Inc.
1,798
51
Northwestern
Energy
Group,
Inc.
1,022
52
Permian
Resources
Corp.
2,330
32
Portland
General
Electric
Co.
1,335
54
RGC
Resources,
Inc.
2,064
46
Spire,
Inc.
712
52
UGI
Corp.
976
36
Unitil
Corp.
633
33
923
Total
Common
Stocks
(cost
$23,918)
24,480
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Short-Term
Investments
-
0.3%
U.S.
Cash
Management
Fund(@)
71,139
(∞)
71
Total
Short-Term
Investments
(cost
$71)
71
Total
Investments
-
99.8%
(identified
cost
$23,989)
24,551
Other
Assets
and
Liabilities,
Net
-
0.2%
61
Net
Assets
-
100.0%
24,612
Russell
Investments
Exchange
Traded
Funds
U.S.
Small
Cap
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
8
U.S.
Small
Cap
Equity
Active
ETF
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical    
Expedient
(a)
Total
Common
Stocks
Consumer
Discretionary
$
3,064
$
—
$
—
$
—
$
3,064
Consumer
Staples
702
—
—
—
702
Energy
872
—
—
—
872
Financial
Services
5,894
—
—
—
5,894
Health
Care
3,519
—
—
—
3,519
Materials
and
Processing
1,834
—
—
—
1,834
Producer
Durables
4,303
—
—
—
4,303
Technology
3,369
—
—
—
3,369
Utilities
923
—
—
—
923
Short-Term
Investments
—
—
—
71
71
Total
Investments
$
24,480
$
—
$
—
$
71
$
24,551
For
a
description
of
the
Levels,
see
note
1
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2025,
if
any,
see
note
1
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
as
of
June
30,
2025,
if
any,
were
less
than
1%
of
net
assets.
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2025
with
underlying
funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
—
$
218
$
147
$
—
$
—
$
71
$
—
$
—
Russell
Investments
Exchange
Traded
Funds
International
Developed
Equity
Active
ETF
Schedule
of
Investments
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Equity
Active
ETF
9
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
98.9%
Australia
-
3.9%
Aristocrat
Leisure,
Ltd.
5,133
220
BHP
Group,
Ltd.
9,307
225
BlueScope
Steel,
Ltd.
17,425
265
Brambles,
Ltd.
16,380
252
Cochlear,
Ltd.
1,057
209
Commonwealth
Bank
of
Australia
3,969
483
Computershare,
Ltd.
1,046
27
JB
Hi-Fi,
Ltd.
1,842
134
National
Australia
Bank,
Ltd.
9,135
237
Qantas
Airways,
Ltd.
1,548
11
South32,
Ltd.
Class
B
55,433
106
Westpac
Banking
Corp.
12,033
268
Woolworths
Group,
Ltd.
8,721
179
2,616
Austria
-
0.8%
Erste
Group
Bank
AG
3,339
284
Mondi
PLC
2,132
35
Verbund
AG
Class
A
1,973
151
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
1,066
55
525
Belgium
-
0.6%
Ageas
SA
1,764
119
Anheuser-Busch
InBev
SA
3,276
225
Proximus
SADP
8,316
81
425
Brazil
-
1.1%
Ambev
SA
59,032
145
Lojas
Renner
SA(Æ)
48,953
177
MercadoLibre
,
Inc.(Æ)
63
165
Telefonica
Brasil
SA
23,892
136
Wheaton
Precious
Metals
Corp.
1,512
136
759
Canada
-
9.4%
Agnico
Eagle
Mines,
Ltd.
1,701
203
Alimentation
Couche-Tard,
Inc.
1,353
67
ARC
Resources,
Ltd.
5,166
109
Bank
of
Montreal
2,079
230
Bank
of
Nova
Scotia
(The)
3,213
178
Barrick
Mining
Corp.
7,938
165
Brookfield
Asset
Management,
Inc.
Class
A
1,829
101
Brookfield
Corp.
3,465
214
Canadian
Imperial
Bank
of
Commerce
2,772
197
Canadian
National
Railway
Co.
1,197
125
Canadian
Natural
Resources,
Ltd.
5,760
181
Canadian
Pacific
Kansas
City,
Ltd.
2,016
160
Canadian
Utilities,
Ltd.
Class
A
1,953
54
Constellation
Software,
Inc.
63
231
Dollarama
,
Inc.
1,575
222
Enbridge,
Inc.
3,630
165
Fairfax
Financial
Holdings,
Ltd.
63
114
Fortis,
Inc.
1,827
87
Gildan
Activewear
,
Inc.
Class
A
2,016
99
iA
Financial
Corp.,
Inc.
1,008
111
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Intact
Financial
Corp.
630
146
Kinross
Gold
Corp.
13,123
205
Magna
International,
Inc.
Class
A
6,158
238
Manulife
Financial
Corp.
8,569
274
National
Bank
of
Canada
1,197
124
Power
Corp.
of
Canada
2,583
101
Restaurant
Brands
International,
Inc.
1,071
71
Royal
Bank
of
Canada
3,276
431
Shopify,
Inc.
Class
A(Æ)
3,654
422
Stantec
,
Inc.
1,953
213
Sun
Life
Financial,
Inc.
1,638
109
Suncor
Energy,
Inc.
6,489
243
TC
Energy
Corp.
1,331
65
Teck
Resources,
Ltd.
Class
B
1,827
74
TELUS
Corp.
4,095
66
Thomson
Reuters
Corp.
756
152
TMX
Group,
Ltd.
2,394
101
Toronto-Dominion
Bank
(The)
3,969
292
6,340
China
-
1.1%
Alibaba
Group
Holding,
Ltd.
10,400
145
Tencent
Holdings,
Ltd.
6,300
404
Trip.com
Group,
Ltd.
-
ADR
2,915
171
720
Denmark
-
2.0%
AP
Moller
-
Maersk
A/S
Class
B
91
169
Danske
Bank
A/S
6,048
247
DSV
A/S
455
109
Genmab
A/S(Æ)
157
33
Novo
Nordisk
A/S
Class
B
11,387
790
1,348
Finland
-
1.2%
Konecranes
OYJ
84
7
Nokia
OYJ
59,334
308
Nordea
Bank
Abp
11,390
169
Orion
OYJ
Class
B
1,977
149
Wartsila
OYJ
Abp
Class
B
8,856
209
842
France
-
9.3%
Accor
SA
2,417
126
Airbus
SE
1,638
342
Amundi
SA(Þ)
1,287
104
Arkema
SA
2,692
198
AXA
SA
5,922
291
BNP
Paribas
SA
3,244
292
Bureau
Veritas
SA
5,639
192
Capgemini
SE
427
73
Carrefour
SA
9,922
140
Cie
de
Saint-Gobain
SA
1,188
139
Cie
Generale
des
Etablissements
Michelin
SCA
4,084
152
Credit
Agricole
SA
4,298
81
Dassault
Aviation
SA
567
201
Eiffage
SA
555
78
Engie
SA
9,387
220
Gaztransport
Et
Technigaz
SA
693
137
Hermes
International
147
398
Russell
Investments
Exchange
Traded
Funds
International
Developed
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
10
International
Developed
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
L'Air
Liquide
SA
Class
A
916
189
L'Oreal
SA
504
216
LVMH
Moet
Hennessy
Louis
Vuitton
SE
959
502
Orange
SA
12,159
185
Publicis
Groupe
SA
621
70
Rexel
SA
Class
H
8,506
262
Safran
SA
1,008
328
Sartorius
Stedim
Biotech
1,450
346
Societe
Generale
SA
5,664
324
Technip
Energies
NV
2,520
106
Teleperformance
1,080
105
TotalEnergies
SE
7,284
447
6,244
Germany
-
9.3%
adidas
AG
463
108
Allianz
SE
819
332
BASF
SE
6,926
342
Bayer
AG
3,053
92
Continental
AG
2,719
237
CTS
Eventim
AG
&
Co.
KGaA
1,421
176
Daimler
Truck
Holding
AG
8,071
382
Deutsche
Boerse
AG
1,134
370
Deutsche
Telekom
AG
9,135
333
Evonik
Industries
AG
5,107
105
Fresenius
Medical
Care
AG
2,406
138
Fresenius
SE
&
Co.
KGaA
1,801
91
Heidelberg
Materials
AG
1,151
270
Henkel
AG
&
Co.
KGaA
1,134
82
HOCHTIEF
AG
378
74
Infineon
Technologies
AG
3,249
138
Mercedes-Benz
Group
AG
1,738
102
MTU
Aero
Engines
AG
756
336
Muenchener
Rueckversicherungs-
Gesellschaft
AG
431
280
Nemetschek
SE
854
124
Rheinmetall
AG
189
400
SAP
SE
2,419
736
Siemens
AG
1,337
343
Siemens
Energy
AG(Æ)
1,890
218
Symrise
AG
2,325
244
Talanx
AG
1,553
201
6,254
Hong
Kong
-
2.1%
AIA
Group,
Ltd.
75,600
677
CK
Asset
Holdings,
Ltd.
31,500
139
Jardine
Matheson
Holdings,
Ltd.
1,600
77
Prudential
PLC
29,043
364
WH
Group,
Ltd.(Þ)
189,000
182
1,439
India
-
0.3%
HDFC
Bank,
Ltd.
-
ADR
2,268
174
Ireland
-
0.5%
AIB
Group
PLC
2,402
20
Bank
of
Ireland
Group
PLC
13,214
188
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Flutter
Entertainment
PLC(Æ)
567
161
369
Israel
-
0.3%
Bank
Leumi
Le-Israel
BM
9,387
175
Italy
-
3.1%
BPER
Banca
SpA
11,466
104
Davide
Campari-Milano
NV
26,145
176
De'
Longhi
SpA
4,402
148
Enel
SpA
38,745
368
Eni
SpA
14,357
233
FinecoBank
Banca
Fineco
SpA
10,948
243
Intesa
Sanpaolo
SpA
35,469
204
Moncler
SpA
694
40
Ryanair
Holdings
PLC
-
ADR
1,119
65
Terna
-
Rete
Elettrica
Nazionale
10,521
108
UniCredit
SpA
5,700
381
Unipol
Gruppo
SpA
675
13
2,083
Japan
-
17.6%
Advantest
Corp.
6,300
466
Alfresa
Holdings
Corp.
5,800
79
Amada
Co.,
Ltd.
10,400
114
Asahi
Kasei
Corp.
21,600
154
Bridgestone
Corp.
6,300
258
Chiba
Bank,
Ltd.
(The)
12,600
117
Dai-ichi
Life
Holdings,
Inc.
18,900
144
Daiichi
Sankyo
Co.,
Ltd.
2,000
47
Daikin
Industries,
Ltd.
1,200
142
Fast
Retailing
Co.,
Ltd.
300
103
Fuji
Electric
Co.,
Ltd.
2,900
134
Fukuoka
Financial
Group,
Inc.
100
3
Hitachi,
Ltd.
11,100
324
Honda
Motor
Co.,
Ltd.
11,800
114
Horiba,
Ltd.
1,600
125
Hoya
Corp.
700
83
Iida
Group
Holdings
Co.,
Ltd.
5,800
82
Isuzu
Motors,
Ltd.
2,200
28
ITOCHU
Corp.
6,300
331
Japan
Airlines
Co.,
Ltd.
1,400
29
Japan
Metropolitan
Fund
Investment
Corp.(ö)
126
89
Japan
Post
Insurance
Co.,
Ltd.
Class
A
4,100
93
Japan
Tobacco,
Inc.
6,300
186
Kao
Corp.
100
4
KDDI
Corp.
11,800
203
Keyence
Corp.
1,000
402
Kirin
Holdings
Co.,
Ltd.
5,800
81
Koito
Manufacturing
Co.,
Ltd.
11,600
139
Komatsu,
Ltd.
6,300
207
Kubota
Corp.
2,400
27
Makita
Corp.
4,200
130
Marubeni
Corp.
6,300
127
McDonald's
Holdings
Co.
Japan,
Ltd.
100
4
Minebea
Mitsumi,
Inc.
3,300
49
Mitsubishi
Corp.
6,300
126
Mitsubishi
Estate
Co.,
Ltd.
12,600
237
Mitsubishi
Heavy
Industries,
Ltd.
6,300
158
Mitsubishi
UFJ
Financial
Group,
Inc.
25,200
347
Russell
Investments
Exchange
Traded
Funds
International
Developed
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Equity
Active
ETF
11
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Mitsui
&
Co.,
Ltd.
6,300
129
Mitsui
Fudosan
Co.,
Ltd.
12,600
122
Mitsui
OSK
Lines,
Ltd.
100
3
Mizuho
Financial
Group,
Inc.
6,300
175
Murata
Manufacturing
Co.,
Ltd.
8,500
127
Nintendo
Co.,
Ltd.
6,300
608
Nippon
Telegraph
&
Telephone
Corp.
72,800
78
Nippon
Yusen
2,200
79
Nitto
Denko
Corp.
11,600
225
Nomura
Holdings,
Inc.
12,600
83
Nomura
Real
Estate
Master
Fund,
Inc.
(ö)
63
64
NS
Solutions
Corp.
400
11
Obic
Co.,
Ltd.
100
4
Olympus
Corp.
14,300
170
Ono
Pharmaceutical
Co.,
Ltd.
12,500
135
ORIX
Corp.
6,300
143
Persol
Holdings
Co.,
Ltd.
44,100
86
Recruit
Holdings
Co.,
Ltd.
3,100
184
Resona
Holdings,
Inc.
31,500
291
Rinnai
Corp.
2,400
60
Sekisui
Chemical
Co.,
Ltd.
4,100
74
Seven
&
i
Holdings
Co.,
Ltd.
6,300
102
Shin-Etsu
Chemical
Co.,
Ltd.
10,000
331
SMC
Corp.
300
108
Sompo
Holdings,
Inc.
500
15
Sony
Group
Corp.
15,100
391
Stanley
Electric
Co.,
Ltd.
6,300
125
Subaru
Corp.
2,700
47
Sumitomo
Mitsui
Financial
Group,
Inc.
12,600
318
Sumitomo
Mitsui
Trust
Holdings,
Inc.
6,300
168
Suntory
Beverage
&
Food,
Ltd.
5,900
189
T&D
Holdings,
Inc.
5,200
114
Takeda
Pharmaceutical
Co.,
Ltd.
5,300
163
TDK
Corp.
17,700
208
Tokio
Marine
Holdings,
Inc.
2,900
123
Tokyo
Broadcasting
System
Holdings,
Inc.
900
32
Tokyo
Electron,
Ltd.
2,200
423
Tokyu
Corp.
2,600
31
Tokyu
Fudosan
Holdings
Corp.
6,300
45
Toray
Industries,
Inc.
18,900
130
Toyota
Motor
Corp.
13,800
239
Tsuruha
Holdings,
Inc.
700
55
Unicharm
Corp.
19,900
144
Yamato
Holdings
Co.,
Ltd.
3,700
50
11,888
Luxembourg
-
0.4%
ArcelorMittal
SA
8,216
260
RTL
Group
SA
749
33
293
Macao
-
0.4%
Galaxy
Entertainment
Group,
Ltd.
63,000
280
Mexico
-
0.1%
America
Movil
SAB
de
CV
-
ADR
4,059
73
Netherlands
-
4.6%
ABN
AMRO
Bank
NV(Þ)
5,985
164
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Adyen
NV(Æ)(Þ)
92
169
Argenx
SE(Æ)
115
64
ASM
International
NV
249
159
ASML
Holding
NV
1,183
944
Ferrari
NV
457
224
Heineken
Holding
NV
431
32
Heineken
NV
394
34
ING
Groep
NV
17,766
390
Koninklijke
Philips
NV
2,764
66
NN
Group
NV
3,213
214
Randstad
NV
2,875
133
Universal
Music
Group
NV
16,034
519
3,112
Norway
-
0.7%
Equinor
ASA
Class
N
12,347
312
Kongsberg
Gruppen
ASA
3,780
147
459
Poland
-
0.2%
Zabka
Group
SA(Æ)
21,484
129
Singapore
-
1.0%
Grab
Holdings,
Ltd.
Class
A(Æ)
32,016
161
Sea,
Ltd.
-
ADR(Æ)
1,323
211
Singapore
Technologies
Engineering,
Ltd.
18,900
116
Singapore
Telecommunications,
Ltd.
29,900
90
United
Overseas
Bank,
Ltd.
4,100
116
694
South
Africa
-
0.0%
Valterra
Platinum,
Ltd.(Æ)
13
1
South
Korea
-
0.5%
Coway
Co.,
Ltd.
1,791
128
SK
Hynix,
Inc.
894
194
322
Spain
-
1.8%
Aena
SME
SA(Þ)
400
11
Banco
Santander
SA
34,965
289
CaixaBank
SA
21,609
187
Iberdrola
SA
14,931
287
Industria
de
Diseno
Textil
SA
8,059
419
1,193
Sweden
-
1.3%
AddTech
AB
Class
B
2,168
74
Assa
Abloy
AB
Class
B
1,850
58
Atlas
Copco
AB
Class
A
10,332
167
Atlas
Copco
AB
Class
B
1,168
17
Investor
AB
Class
B
5,167
153
SKF
AB
Class
B
8,223
188
Sweco
AB
Class
B
1,863
32
Swedbank
AB
Class
A
2,542
67
Telefonaktiebolaget
LM
Ericsson
Class
B
18,299
157
913
Russell
Investments
Exchange
Traded
Funds
International
Developed
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
12
International
Developed
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Switzerland
-
3.6%
Belimo
Holding
AG
204
208
Cie
Financiere
Richemont
SA
Class
A
1,127
212
Galderma
Group
AG
1,531
222
Julius
Baer
Group,
Ltd.
1,783
121
Logitech
International
SA
2,511
226
Lonza
Group
AG
373
266
Partners
Group
Holding
AG
64
83
Schindler
Holding
AG
624
228
Swatch
Group
AG
(The)
Class
B
87
14
UBS
Group
AG
18,354
621
Zurich
Insurance
Group
AG
315
220
2,421
Taiwan
-
1.2%
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
3,785
857
Thailand
-
0.1%
Kasikornbank
PCL
9,800
46
United
Kingdom
-
10.8%
AstraZeneca
PLC
3,516
488
Barclays
PLC
58,779
272
British
American
Tobacco
PLC
7,560
359
British
Land
Co.
PLC
(The)(ö)
8,036
42
BT
Group
PLC
57,456
153
CK
Hutchison
Holdings,
Ltd.
Class
B
31,500
194
Compass
Group
PLC
9,123
309
Diploma
PLC
4,221
283
easyJet
PLC
7,911
58
Games
Workshop
Group
PLC
693
154
HSBC
Holdings
PLC
51,093
619
Intermediate
Capital
Group
PLC
1,298
34
Intertek
Group
PLC
3,906
254
J
Sainsbury
PLC
49,581
197
JET2
PLC
6,575
167
Kingfisher
PLC
52,371
209
Land
Securities
Group
PLC(ö)
8,946
77
Lloyds
Banking
Group
PLC
193,788
204
London
Stock
Exchange
Group
PLC
1,811
264
Marks
&
Spencer
Group
PLC
604
3
National
Grid
PLC
11,655
170
NatWest
Group
PLC
27,451
193
Next
PLC
1,008
172
Reckitt
Benckiser
Group
PLC
5,796
394
RELX
PLC
11,214
607
Rolls-Royce
Holdings
PLC
29,043
386
Standard
Chartered
PLC
16,065
266
Tesco
PLC
39,753
219
Unilever
PLC
4,977
302
Vodafone
Group
PLC
110,880
118
Wise
PLC
Class
A(Æ)
8,064
115
7,282
United
States
-
9.6%
Alcon,
Inc.
983
87
Amdocs,
Ltd.
1,764
161
Aon
PLC
Class
A
378
135
Booking
Holdings,
Inc.
11
64
BP
PLC
44,415
223
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
CSL,
Ltd.
1,714
270
Eli
Lilly
&
Co.
4
3
GSK
PLC
18,884
360
Haleon
PLC
73,155
376
James
Hardie
Industries
PLC(Æ)
3,451
95
Linde
PLC
756
355
Medtronic
PLC
1,197
104
Nestle
SA
4,646
462
Novartis
AG
6,072
736
Philip
Morris
International,
Inc.
441
80
Roche
Holding
AG
2,114
694
Sanofi
SA
2,709
262
Schlumberger
NV
901
30
Schneider
Electric
SE
3,120
831
Shell
PLC
22,995
807
Spotify
Technology
SA(Æ)
441
338
6,473
Total
Common
Stocks
(cost
$65,565)
66,749
Preferred
Stocks
-
0.9%
Germany
-
0.5%
Dr
Ing
hc
F
Porsche
AG
5.409%
(Þ)(Ÿ)
1,689
83
Henkel
AG
&
Co.
KGaA
3.015%
(Ÿ)
1,875
148
Volkswagen
AG
6.871%
(Ÿ)
1,134
120
351
South
Korea
-
0.4%
Samsung
Electronics
Co.,
Ltd.
2.785%
(Ÿ)
7,043
258
Total
Preferred
Stocks
(cost
$607)
609
Short-Term
Investments
-
0.1%
United
States
-
0.1%
U.S.
Cash
Management
Fund(@)
66,233
(∞)
66
Total
Short-Term
Investments
(cost
$66)
66
Total
Investments
-
99.9%
(identified
cost
$66,238)
67,424
Other
Assets
and
Liabilities,
Net
-
0.1%
42
Net
Assets
-
100.0%
67,466
Russell
Investments
Exchange
Traded
Funds
International
Developed
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Equity
Active
ETF
13
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
1.1%
ABN
AMRO
Bank
NV
05/13/25
EUR
5,985
25
.94
155
164
Adyen
NV
06/25/25
EUR
92
1,856
.21
171
169
Aena
SME
SA
05/13/25
EUR
400
25
.49
10
11
Amundi
SA
06/11/25
EUR
1,287
79
.13
102
104
Dr
Ing
hc
F
Porsche
AG
06/11/25
EUR
1,689
49
.12
83
83
WH
Group,
Ltd.
05/13/25
HKD
189,000
0
.96
181
182
713
For
a
description
of
restricted
securities
see
note
9
in
the
Notes
to
Financial
Statements.
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Common
Stocks
Australia
$
2,616
$
—
$
—
$
—
$
2,616
Austria
525
—
—
—
525
Belgium
425
—
—
—
425
Brazil
759
—
—
—
759
Canada
6,340
—
—
—
6,340
China
720
—
—
—
720
Denmark
1,348
—
—
—
1,348
Finland
842
—
—
—
842
France
6,244
—
—
—
6,244
Germany
6,254
—
—
—
6,254
Hong
Kong
1,439
—
—
—
1,439
India
174
—
—
—
174
Ireland
369
—
—
—
369
Israel
175
—
—
—
175
Italy
2,083
—
—
—
2,083
Japan
11,888
—
—
—
11,888
Luxembourg
293
—
—
—
293
Macao
280
—
—
—
280
Mexico
73
—
—
—
73
Netherlands
3,112
—
—
—
3,112
Norway
459
—
—
—
459
Poland
129
—
—
—
129
Singapore
694
—
—
—
694
South
Africa
1
—
—
—
1
South
Korea
322
—
—
—
322
Spain
1,193
—
—
—
1,193
Sweden
913
—
—
—
913
Switzerland
2,421
—
—
—
2,421
Russell
Investments
Exchange
Traded
Funds
International
Developed
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
14
International
Developed
Equity
Active
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Taiwan
857
—
—
—
857
Thailand
46
—
—
—
46
United
Kingdom
7,282
—
—
—
7,282
United
States
6,473
—
—
—
6,473
Preferred
Stocks
609
—
—
—
609
Short-Term
Investments
—
—
—
66
66
Total
Investments
$
67,358
$
—
$
—
$
66
$
67,424
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
1
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2025,
if
any,
see
note
1
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
as
of
June
30,
2025,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Consumer
Discretionary
....................................................................
10,058
Consumer
Staples
...............................................................................
4,431
Energy
................................................................................................
3,415
Financial
Services
..............................................................................
18,464
Health
Care
........................................................................................
6,066
Materials
and
Processing
...................................................................
5,749
Producer
Durables
..............................................................................
7,991
Technology
.........................................................................................
7,532
Utilities
...............................................................................................
3,043
Preferred
Stocks
Consumer
Discretionary
....................................................................
203
Consumer
Staples
...............................................................................
147
Technology
.........................................................................................
259
Short-Term
Investments
.............................................................
66
Total
Investments
...............................................................................
67,424
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2025
with
underlying
funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
—
$
1,378
$
1,312
$
—
$
—
$
66
$
1
$
—
Russell
Investments
Exchange
Traded
Funds
Global
Equity
Active
ETF
Schedule
of
Investments
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Equity
Active
ETF
15
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
97.5%
Australia
-
0.3%
Aristocrat
Leisure,
Ltd.
4,158
178
Brambles,
Ltd.
11,781
182
JB
Hi-Fi,
Ltd.
2,079
151
511
Austria
-
0.8%
ams
-OSRAM
AG(Æ)
33,495
449
Erste
Group
Bank
AG
4,389
374
Verbund
AG
Class
A
2,310
177
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
4,389
226
1,226
Belgium
-
0.5%
Ageas
SA
5,082
343
Proximus
SADP
39,732
387
730
Brazil
-
0.9%
Ambev
SA
98,868
243
Banco
Bradesco
SA
-
ADR
90,090
278
MercadoLibre
,
Inc.(Æ)
231
604
Telefonica
Brasil
SA
49,665
282
1,407
Canada
-
1.3%
Bank
of
Montreal
1,386
154
Barrick
Mining
Corp.
11,319
236
Brookfield
Corp.
2,772
172
Canadian
Imperial
Bank
of
Commerce
2,310
164
Canadian
Natural
Resources,
Ltd.
5,082
160
Enbridge,
Inc.
4,158
188
Manulife
Financial
Corp.
5,082
162
Royal
Bank
of
Canada
1,848
243
Suncor
Energy,
Inc.
6,468
242
Toronto-Dominion
Bank
(The)
2,772
204
1,925
China
-
0.5%
Alibaba
Group
Holding,
Ltd.
-
ADR
1,617
184
PDD
Holdings,
Inc.
-
ADR(Æ)
1,617
169
Trip.com
Group,
Ltd.
-
ADR
7,161
420
773
Denmark
-
0.8%
AP
Moller
-
Maersk
A/S
Class
A
82
151
Demant
A/S(Æ)
3,696
154
Genmab
A/S(Æ)
924
192
Novo
Nordisk
A/S
Class
B
10,857
754
1,251
Finland
-
0.6%
Konecranes
OYJ
3,234
257
Nokia
OYJ
69,993
363
Wartsila
OYJ
Abp
Class
B
9,471
223
843
France
-
4.2%
Accor
SA
4,389
229
Airbus
SE
1,848
386
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
AXA
SA
7,161
352
BNP
Paribas
SA
10,164
914
Carrefour
SA
19,635
277
Cie
de
Saint-Gobain
SA
2,772
325
Dassault
Aviation
SA
462
163
Eiffage
SA
1,617
227
Engie
SA
17,094
401
EssilorLuxottica
SA
693
190
Gaztransport
Et
Technigaz
SA
1,386
275
Legrand
SA
2,079
278
LVMH
Moet
Hennessy
Louis
Vuitton
SE
924
484
Orange
SA
24,255
369
Pernod
Ricard
SA
2,079
207
Renault
SA
3,927
181
Societe
Generale
SA
8,778
502
TotalEnergies
SE
6,930
425
Valeo
SE
25,872
283
6,468
Germany
-
3.0%
BASF
SE
5,544
273
Bayerische
Motoren
Werke
AG
3,696
328
Continental
AG
2,772
242
Daimler
Truck
Holding
AG
10,857
514
Deutsche
Telekom
AG
6,237
228
Evonik
Industries
AG
10,626
219
Fresenius
SE
&
Co.
KGaA
6,930
348
Henkel
AG
&
Co.
KGaA
1,848
134
Infineon
Technologies
AG
5,775
246
Mercedes-Benz
Group
AG
2,772
162
Rheinmetall
AG
231
489
SAP
SE
924
281
Siemens
AG
1,617
415
Symrise
AG
5,313
558
Talanx
AG
1,386
179
4,616
Hong
Kong
-
1.2%
AIA
Group,
Ltd.
92,400
829
CK
Asset
Holdings,
Ltd.
43,000
189
Prudential
PLC
35,343
443
WH
Group,
Ltd.(Þ)
346,500
333
1,794
India
-
0.4%
HDFC
Bank,
Ltd.
-
ADR
7,392
567
Ireland
-
1.0%
Accenture
PLC
Class
A
1,386
414
AIB
Group
PLC
50,127
412
Bank
of
Ireland
Group
PLC
26,334
375
Flutter
Entertainment
PLC(Æ)
924
262
1,463
Israel
-
0.2%
Azrieli
Group,
Ltd.
1,848
170
Bank
Leumi
Le-Israel
BM
8,778
163
333
Russell
Investments
Exchange
Traded
Funds
Global
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
16
Global
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Italy
-
1.1%
BPER
Banca
SpA
41,580
378
De'
Longhi
SpA
7,854
264
Eni
SpA
23,100
374
Ryanair
Holdings
PLC
-
ADR
3,696
213
UniCredit
SpA
7,854
527
1,756
Japan
-
5.0%
Alfresa
Holdings
Corp.
23,100
316
Amada
Co.,
Ltd.
23,100
253
Hitachi,
Ltd.
400
12
Honda
Motor
Co.,
Ltd.
23,100
224
Horiba,
Ltd.
1,400
109
Keyence
Corp.
700
281
Koito
Manufacturing
Co.,
Ltd.
23,100
277
Kubota
Corp.
23,100
260
Mitsubishi
Corp.
6,000
120
Mitsubishi
Estate
Co.,
Ltd.
23,100
434
Mitsubishi
UFJ
Financial
Group,
Inc.
23,100
318
Nintendo
Co.,
Ltd.
1,500
145
Nippon
Telegraph
&
Telephone
Corp.
138,600
148
Ono
Pharmaceutical
Co.,
Ltd.
23,100
250
Persol
Holdings
Co.,
Ltd.
92,400
181
Resona
Holdings,
Inc.
23,100
214
Rohm
Co.,
Ltd.
23,100
295
Sekisui
Chemical
Co.,
Ltd.
9,900
179
Shin-Etsu
Chemical
Co.,
Ltd.
23,100
765
Sony
Group
Corp.
23,100
598
Subaru
Corp.
23,100
403
Sumitomo
Mitsui
Financial
Group,
Inc.
23,100
583
Sumitomo
Mitsui
Trust
Holdings,
Inc.
400
11
T&D
Holdings,
Inc.
23,100
508
Takeda
Pharmaceutical
Co.,
Ltd.
5,800
178
Tsuruha
Holdings,
Inc.
1,300
102
Unicharm
Corp.
23,100
167
Yamato
Holdings
Co.,
Ltd.
23,100
310
7,641
Luxembourg
-
0.2%
RTL
Group
SA
7,623
334
Mexico
-
0.2%
America
Movil
SAB
de
CV
-
ADR
13,629
245
Netherlands
-
2.8%
ABN
AMRO
Bank
NV(Þ)
15,246
417
Argenx
SE(Æ)
231
128
ASML
Holding
NV
462
369
Ferrari
NV
462
226
Heineken
NV
2,772
242
ING
Groep
NV
44,121
968
Koninklijke
Philips
NV
13,398
322
NN
Group
NV
6,237
415
Randstad
NV
4,620
213
Universal
Music
Group
NV
19,173
621
VEON,
Ltd.
-
ADR(Æ)
7,161
330
4,251
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Norway
-
0.1%
Kongsberg
Gruppen
ASA
5,775
224
Singapore
-
0.3%
DBS
Group
Holdings,
Ltd.
400
14
SEA,
Ltd.
-
ADR(Æ)
1,617
259
Singapore
Telecommunications,
Ltd.
46,200
139
United
Overseas
Bank,
Ltd.
400
11
423
South
Africa
-
0.1%
Anglo
American
PLC
6,001
177
Valterra
Platinum,
Ltd.(Æ)
692
30
207
South
Korea
-
1.2%
Coway
Co.,
Ltd.
3,234
232
Hyundai
Mobis
Co.,
Ltd.
1,155
245
KB
Financial
Group,
Inc.
3,234
266
KT
Corp.
-
ADR
12,243
254
Samsung
Electronics
Co.,
Ltd.
11,550
512
Shinhan
Financial
Group
Co.,
Ltd.
8,547
389
1,898
Spain
-
0.5%
Aena
SME
SA(Þ)
6,930
185
Industria
de
Diseno
Textil
SA
11,781
613
798
Sweden
-
0.6%
Industrivarden
AB
Class
A
4,389
159
SKF
AB
Class
B
14,322
329
Telefonaktiebolaget
LM
Ericsson
Class
B
42,273
362
850
Switzerland
-
1.3%
Adecco
Group
AG
11,319
336
Belimo
Holding
AG
231
235
Logitech
International
SA
2,772
250
Sonova
Holding
AG
693
207
Swatch
Group
AG
(The)
Class
B
1,155
188
UBS
Group
AG
21,483
727
1,943
Taiwan
-
1.7%
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
3,000
109
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
10,857
2,459
2,568
Thailand
-
0.2%
Kasikornbank
PCL
69,300
327
United
Kingdom
-
4.6%
AstraZeneca
PLC
2,310
321
AstraZeneca
PLC
-
ADR
3,234
226
BAE
Systems
PLC
6,930
180
British
American
Tobacco
PLC
12,705
604
British
Land
Co.
PLC
(The)(ö)
36,036
186
BT
Group
PLC
122,892
327
Russell
Investments
Exchange
Traded
Funds
Global
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Equity
Active
ETF
17
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Burberry
Group
PLC(Æ)
15,246
247
Compass
Group
PLC
10,395
352
HSBC
Holdings
PLC
41,580
503
J
Sainsbury
PLC
45,507
181
Kingfisher
PLC
53,130
212
Land
Securities
Group
PLC(ö)
27,027
234
Lloyds
Banking
Group
PLC
348,579
367
NatWest
Group
PLC
51,282
360
Reckitt
Benckiser
Group
PLC
4,851
330
RELX
PLC
12,936
699
Standard
Chartered
PLC
25,872
429
Tate
&
Lyle
PLC
26,565
188
TechnipFMC
PLC
6,699
231
Unilever
PLC
9,009
547
WPP
PLC
31,878
224
6,948
United
States
-
61.9%
AbbVie,
Inc.
2,772
515
Adobe,
Inc.(Æ)
1,617
626
Airbnb,
Inc.
Class
A(Æ)
6,237
825
Albemarle
Corp.
3,465
217
Align
Technology,
Inc.(Æ)
1,155
219
Alphabet,
Inc.
Class
A
6,930
1,221
Alphabet,
Inc.
Class
C
18,018
3,196
Altria
Group,
Inc.
6,006
352
Amazon.com,
Inc.(Æ)
18,480
4,054
American
Express
Co.
1,155
368
ANSYS,
Inc.(Æ)
1,848
649
Antero
Resources
Corp.(Æ)
4,389
177
Apple,
Inc.
26,103
5,356
Applied
Materials,
Inc.
4,389
803
Arista
Networks,
Inc.(Æ)
3,696
378
Atlassian
Corp.
Class
A(Æ)
1,155
235
Autodesk,
Inc.(Æ)
693
215
Baker
Hughes
Co.
13,860
531
Bank
of
America
Corp.
19,866
940
Berkshire
Hathaway,
Inc.
Class
B(Æ)
1,848
898
Blackstone,
Inc.
Class
A
2,079
311
Booking
Holdings,
Inc.
231
1,337
Boston
Scientific
Corp.(Æ)
3,465
372
BP
PLC
74,844
376
Brixmor
Property
Group,
Inc.(ö)
8,316
217
Broadcom,
Inc.
8,778
2,420
BWX
Technologies,
Inc.
1,386
200
Charles
Schwab
Corp.
(The)
10,395
948
Chemed
Corp.
462
225
Chevron
Corp.
3,003
430
Chipotle
Mexican
Grill,
Inc.
Class
A(Æ)
5,775
324
Cigna
Group
(The)
1,848
611
Cintas
Corp.
1,386
309
Citigroup,
Inc.
6,237
531
Clorox
Co.
(The)
2,310
277
Cooper
Cos,
Inc.
(The)(Æ)
7,623
542
Costco
Wholesale
Corp.
693
686
Crown
Castle,
Inc.(ö)
2,310
237
Danaher
Corp.
3,234
639
Deckers
Outdoor
Corp.(Æ)
1,848
190
Delta
Air
Lines,
Inc.
6,699
329
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
DoorDash
,
Inc.
Class
A(Æ)
1,386
342
Edison
International
3,234
167
Electronic
Arts,
Inc.
1,617
258
Elevance
Health,
Inc.
1,386
539
Eli
Lilly
&
Co.
1,386
1,080
EMCOR
Group,
Inc.
462
247
EQT
Corp.
4,158
243
Equifax,
Inc.
2,541
659
Exxon
Mobil
Corp.
6,237
672
Fair
Isaac
Corp.(Æ)
231
422
Ferguson
Enterprises,
Inc.
1,155
252
Fiserv,
Inc.(Æ)
1,617
279
Fortinet,
Inc.(Æ)
2,310
244
Fox
Corp.
Class
B
4,851
250
GE
Vernova
,
Inc.
693
367
General
Dynamics
Corp.
1,617
472
General
Electric
Co.
2,079
535
General
Motors
Co.
5,544
273
Gilead
Sciences,
Inc.
3,003
333
Goldman
Sachs
Group,
Inc.
(The)
693
490
GSK
PLC
26,796
511
Haleon
PLC
144,144
741
Halliburton
Co.
13,398
273
HCA
Healthcare,
Inc.
2,310
885
Home
Depot,
Inc.
(The)
1,386
508
HubSpot
,
Inc.(Æ)
462
257
IDEXX
Laboratories,
Inc.(Æ)
462
248
Insulet
Corp.(Æ)
693
218
Intuitive
Surgical,
Inc.(Æ)
924
502
Iron
Mountain,
Inc.(ö)
1,848
190
Johnson
&
Johnson
4,389
670
JPMorgan
Chase
&
Co.
4,851
1,406
KLA
Corp.
462
414
Linde
PLC
2,079
975
Lithia
Motors,
Inc.
Class
A
462
156
Lockheed
Martin
Corp.
693
321
Manhattan
Associates,
Inc.(Æ)
1,155
228
Marsh
&
McLennan
Cos.,
Inc.
1,386
303
Marvell
Technology,
Inc.
3,696
286
MasterCard,
Inc.
Class
A
3,003
1,688
McDonald's
Corp.
2,079
607
McKesson
Corp.
231
169
Medpace
Holdings,
Inc.(Æ)
693
218
Merck
&
Co.,
Inc.
5,313
421
Meta
Platforms,
Inc.
Class
A
6,006
4,433
MetLife,
Inc.
2,079
167
Microsoft
Corp.
11,550
5,745
Molina
Healthcare,
Inc.(Æ)
693
206
Monster
Beverage
Corp.(Æ)
4,389
275
MSCI,
Inc.
Class
A
924
533
Mueller
Industries,
Inc.
3,465
275
Nestle
SA
4,620
459
Netflix,
Inc.
Class
B(Æ)
924
1,237
NEXTracker
,
Inc.
Class
A(Æ)
3,927
214
Northrop
Grumman
Corp.
924
462
Novartis
AG
6,237
756
NVIDIA
Corp.
32,571
5,146
O'Reilly
Automotive,
Inc.(Æ)
3,465
312
Packaging
Corp.
of
America
1,155
218
Palantir
Technologies,
Inc.
Class
A(Æ)
3,003
409
Russell
Investments
Exchange
Traded
Funds
Global
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
18
Global
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Parker-Hannifin
Corp.
462
323
PepsiCo,
Inc.
3,465
458
Pfizer,
Inc.
16,863
409
Philip
Morris
International,
Inc.
3,003
547
Procter
&
Gamble
Co.
(The)
4,620
736
Public
Storage(ö)
924
271
QUALCOMM,
Inc.
2,772
441
Ralph
Lauren
Corp.
Class
A
693
190
ROBLOX
Corp.
Class
A(Æ)
3,003
316
Roche
Holding
AG
2,079
677
Roku,
Inc.(Æ)
2,541
223
Rollins,
Inc.
4,389
248
RTX
Corp.
3,696
540
S&P
Global,
Inc.
1,617
853
Salesforce,
Inc.
3,003
819
Schlumberger
NV
7,623
258
Schneider
Electric
SE
3,465
922
Seagate
Technology
Holdings
PLC
3,696
533
ServiceNow
,
Inc.(Æ)
462
475
Shell
PLC
21,945
769
Smithfield
Foods,
Inc.
9,702
228
Starbucks
Corp.
3,927
360
Tesla,
Inc.(Æ)
3,465
1,101
TJX
Cos.,
Inc.
(The)
3,003
371
T-Mobile
US,
Inc.
1,386
330
Trade
Desk,
Inc.
(The)
Class
A(Æ)
3,003
216
TransDigm
Group,
Inc.
462
703
Uber
Technologies,
Inc.(Æ)
10,395
970
Ulta
Beauty,
Inc.(Æ)
693
324
United
Airlines,
Inc.(Æ)
3,465
276
UnitedHealth
Group,
Inc.
2,310
721
Ventas,
Inc.(ö)
3,003
190
Vertex
Pharmaceuticals,
Inc.(Æ)
1,386
617
Vertiv
Holdings
Co.
Class
A
4,620
593
Visa,
Inc.
Class
A
2,772
984
W.W.
Grainger,
Inc.
231
240
Walmart,
Inc.
6,237
610
Webster
Financial
Corp.
3,234
177
Wells
Fargo
&
Co.
5,544
444
Welltower
,
Inc.(ö)
2,079
320
Williams-Sonoma,
Inc.
1,617
264
94,499
Total
Common
Stocks
(cost
$145,615)
148,819
Preferred
Stocks
-
0.5%
Germany
-
0.3%
Henkel
AG
&
Co.
KGaA
3.015%
(Ÿ)
2,541
200
Volkswagen
AG
6.871%
(Ÿ)
2,541
268
468
South
Korea
-
0.2%
Samsung
Electronics
Co.,
Ltd.
2.785%
(Ÿ)
9,702
356
Total
Preferred
Stocks
(cost
$815)
824
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Short-Term
Investments
-
1.3%
United
States
-
1.3%
U.S.
Cash
Management
Fund(@)
1,935,850
(∞)
1,935
Total
Short-Term
Investments
(cost
$1,935)
1,935
Total
Investments
-
99.3%
(identified
cost
$148,365)
151,578
Other
Assets
and
Liabilities,
Net
-
0.7%
1,050
Net
Assets
-
100.0%
152,628
Russell
Investments
Exchange
Traded
Funds
Global
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Equity
Active
ETF
19
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.6%
ABN
AMRO
Bank
NV
05/29/25
EUR
15,246
26.19
400
417
Aena
SME
SA
05/29/25
EUR
6,930
27.30
189
185
WH
Group,
Ltd.
05/29/25
HKD
346,500
0.96
332
333
935
For
a
description
of
restricted
securities
see
note
9
in
the
Notes
to
Financial
Statements.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
  Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Russell
2000
E-Mini
Index
Futures
9
USD
986
09/25
33
S&P
500
E-Mini
Index
Futures
30
USD
9,381
09/25
247
TOPIX
Index
Futures
4
JPY
114,220
09/25
21
Short
Positions
CAC40
Euro
Index
Futures
21
EUR
1,611
07/25
3
DAX
Index
Futures
2
EUR
1,202
09/25
(25)
EURO
STOXX
50
Index
Futures
18
EUR
959
09/25
(5)
FTSE
100
Index
Futures
26
GBP
2,285
09/25
26
FTSE/MIB
Index
Futures
2
EUR
399
09/25
(5)
IBEX
35
Index
Futures
3
EUR
418
07/25
(4)
OMXS30
Index
Futures
17
SEK
4,238
07/25
—
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
291
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
49
AUD
75
09/17/25
—
Bank
of
America
USD
86
JPY
12,400
09/17/25
—
Bank
of
America
CHF
65
USD
80
09/17/25
(2)
Bank
of
America
EUR
200
USD
231
09/17/25
(6)
Bank
of
America
GBP
75
USD
10
2
09/17/25
(2)
Barclays
USD
1,962
AUD
3,000
09/17/25
16
Barclays
USD
2,812
JPY
400,000
09/17/25
(10)
Barclays
CHF
2,500
USD
3,111
09/17/25
(70)
Barclays
EUR
7,400
USD
8,624
09/17/25
(137)
Barclays
GBP
3,000
USD
4,081
09/17/25
(39)
State
Street
USD
49
AUD
75
09/17/25
—
State
Street
USD
1,110
AUD
1,700
09/17/25
10
State
Street
USD
87
JPY
12,400
09/17/25
—
State
Street
USD
2,192
JPY
314,000
09/17/25
7
State
Street
CHF
65
USD
80
09/17/25
(2)
State
Street
CHF
1,500
USD
1,852
09/17/25
(57)
State
Street
EUR
200
USD
231
09/17/25
(6)
State
Street
EUR
4,500
USD
5,200
09/17/25
(126)
State
Street
GBP
75
USD
102
09/17/25
(1)
State
Street
GBP
1,600
USD
2,167
09/17/25
(30)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(455)
Russell
Investments
Exchange
Traded
Funds
Global
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
20
Global
Equity
Active
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Common
Stocks
Australia
$
511
$
—
$
—
$
—
$
511
Austria
1,226
—
—
—
1,226
Belgium
730
—
—
—
730
Brazil
1,407
—
—
—
1,407
Canada
1,925
—
—
—
1,925
China
773
—
—
—
773
Denmark
1,251
—
—
—
1,251
Finland
843
—
—
—
843
France
6,468
—
—
—
6,468
Germany
4,616
—
—
—
4,616
Hong
Kong
1,794
—
—
—
1,794
India
567
—
—
—
567
Ireland
1,463
—
—
—
1,463
Israel
333
—
—
—
333
Italy
1,756
—
—
—
1,756
Japan
7,641
—
—
—
7,641
Luxembourg
334
—
—
—
334
Mexico
245
—
—
—
245
Netherlands
4,251
—
—
—
4,251
Norway
224
—
—
—
224
Singapore
423
—
—
—
423
South
Africa
207
—
—
—
207
South
Korea
1,898
—
—
—
1,898
Spain
798
—
—
—
798
Sweden
850
—
—
—
850
Switzerland
1,943
—
—
—
1,943
Taiwan
2,568
—
—
—
2,568
Thailand
327
—
—
—
327
United
Kingdom
6,948
—
—
—
6,948
United
States
94,499
—
—
—
94,499
Preferred
Stocks
824
—
—
—
824
Short-Term
Investments
—
—
—
1,935
1,935
Total
Investments
149,643
—
—
1,935
151,578
Other
Financial
Instruments
Assets
Futures
Contracts
330
—
—
—
330
Foreign
Currency
Exchange
Contracts
—
3
3
—
—
3
3
Liabilities
Futures
Contracts
(39)
—
—
—
(39)
Foreign
Currency
Exchange
Contracts
—
(488
)
—
—
(488
)
Russell
Investments
Exchange
Traded
Funds
Global
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Equity
Active
ETF
21
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Total
Other
Financial
Instruments
*
$
291
$
(455)
$
—
$
—
$
(164
)
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
1
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2025,
if
any,
see
note
1
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
as
of
June
30,
2025,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Consumer
Discretionary
....................................................................
21,049
Consumer
Staples
...............................................................................
7,125
Energy
................................................................................................
5,923
Financial
Services
..............................................................................
28,609
Health
Care
........................................................................................
15,889
Materials
and
Processing
...................................................................
5,179
Producer
Durables
..............................................................................
13,168
Technology
.........................................................................................
48,552
Utilities
...............................................................................................
3,325
Preferred
Stocks
Consumer
Discretionary
....................................................................
268
Consumer
Staples
...............................................................................
200
Technology
.........................................................................................
356
Short-Term
Investments
.............................................................
1,935
Total
Investments
...............................................................................
151,578
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2025
with
underlying
f
unds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
—
$
6,975
$
5,040
$
—
$
—
$
1,935
$
5
$
—
Russell
Investments
Exchange
Traded
Funds
Emerging
Markets
Equity
Active
ETF
Schedule
of
Investments
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
22
Emerging
Markets
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.5%
Austria
-
0.2%
Erste
Group
Bank
AG
945
80
Brazil
-
6.5%
Ambev
SA
-
ADR
54,285
131
B3
SA
-
Brasil
Bolsa
Balcao
68,880
185
Banco
Bradesco
SA
-
ADR
45,255
140
Banco
do
Brasil
SA
23,135
94
Centrais
Eletricas
Brasileiras
SA
-
ADR
17,675
131
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
-
ADR
4,060
89
Cia
Energetica
de
Minas
Gerais
-
ADR
68,355
134
Cosan
SA
-
ADR(Æ)
10,780
55
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
5,469
26
Dexco
SA
59,430
62
Embraer
SA
-
ADR
3,396
193
Itau
Unibanco
Holding
SA
-
ADR
26,494
180
Localiza
Rent
a
Car
SA
11,095
83
Lojas
Renner
SA(Æ)
20,265
73
MercadoLibre,
Inc.(Æ)
105
274
NU
Holdings,
Ltd.
Class
A(Æ)
16,451
226
Petroleo
Brasileiro
SA
-
ADR
22,120
264
PRIO
SA(Æ)
4,309
34
Raia
Drogasil
SA
20,195
56
Suzano
SA(Æ)
5,880
55
TIM
SA
-
ADR
5,145
104
Vale
SA
Class
B
-
ADR
22,889
222
WEG
SA
14,630
115
2,926
Canada
-
0.2%
Barrick
Mining
Corp.
4,095
85
Chile
-
0.1%
Enel
Americas
SA
554,610
54
China
-
27.8%
AAC
Technologies
Holdings,
Inc.
11,500
60
Agricultural
Bank
of
China,
Ltd.
Class
A
80,500
66
Agricultural
Bank
of
China,
Ltd.
Class
H
175,000
125
Alibaba
Group
Holding,
Ltd.
-
ADR
9,905
1,123
Aluminum
Corp.
of
China,
Ltd.
Class
A
77,000
76
Aluminum
Corp.
of
China,
Ltd.
Class
H
70,000
47
ANTA
Sports
Products,
Ltd.
14,000
169
Atour
Lifestyle
Holdings,
Ltd.
-
ADR
2,100
68
Autohome,
Inc.
-
ADR
2,065
53
Baidu,
Inc.
-
ADR(Æ)
2,626
225
Bank
of
China,
Ltd.
Class
H
315,000
183
BeOne
Medicines,
Ltd.(Æ)
3,500
66
Bilibili,
Inc.
Class
Z(Æ)
2,360
50
Bosideng
International
Holdings,
Ltd.
70,000
41
Budweiser
Brewing
Co.
APAC,
Ltd.(Þ)
30,800
31
BYD
Co.,
Ltd.
Class
H
17,500
273
China
Construction
Bank
Corp.
Class
H
489,000
493
China
CSSC
Holdings,
Ltd.
Class
A
14,000
64
China
International
Capital
Corp.,
Ltd.
Class
H(Þ)
55,600
125
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
China
Life
Insurance
Co.,
Ltd.
Class
H
35,000
84
China
Mengniu
Dairy
Co.,
Ltd.
35,000
72
China
Merchants
Bank
Co.,
Ltd.
Class
H
45,500
318
China
Overseas
Land
&
Investment,
Ltd.
70,000
121
China
Petroleum
Engineering
Co.,
Ltd.
Class
A
133,000
61
China
Resources
Land,
Ltd.
29,000
98
China
Tower
Corp.,
Ltd.
Class
H(Þ)
35,500
51
China
Yangtze
Power
Co.,
Ltd.
Class
A
17,500
74
Chow
Tai
Fook
Jewellery
Group,
Ltd.
56,000
96
CITIC
Securities
Co.,
Ltd.
Class
H
17,500
53
Consun
Pharmaceutical
Group,
Ltd.
35,000
50
Contemporary
Amperex
Technology
Co.,
Ltd.
Class
A
3,500
123
Eastroc
Beverage
Group
Co.,
Ltd.(Æ)
2,300
101
Foshan
Haitian
Flavouring
&
Food
Co.,
Ltd.
Class
A
14,000
76
Full
Truck
Alliance
Co.,
Ltd.
-
ADR
4,970
59
Geely
Automobile
Holdings,
Ltd.
24,000
49
GF
Securities
Co.,
Ltd.
Class
A
24,500
57
Giant
Biogene
Holding
Co.,
Ltd.(Þ)
7,000
51
Great
Wall
Motor
Co.,
Ltd.
Class
H
52,500
81
Guosen
Securities
Co.,
Ltd.
Class
A
35,000
56
Guotai
Haitong
Securities
Co.,
Ltd.
Class
H(Þ)
42,000
67
Guotai
Junan
Securities
Co.,
Ltd.
Class
A
31,500
84
H
World
Group,
Ltd.
-
ADR
2,730
93
Haidilao
International
Holding,
Ltd.(Þ)
35,000
66
Haier
Smart
Home
Co.,
Ltd.
Class
H
49,000
140
Henan
Pinggao
Electric
Co.,
Ltd.
Class
A
28,000
60
Hisense
Visual
Technology
Co.,
Ltd.
Class
A
9,500
31
Huatai
Securities
Co.,
Ltd.
Class
A
31,500
78
JD.com,
Inc.
-
ADR
9,310
304
Jiangsu
Hengrui
Pharmaceuticals
Co.,
Ltd.
Class
A
4,700
34
Kanzhun,
Ltd.
-
ADR(Æ)
2,940
52
KE
Holdings,
Inc.
-
ADR
3,815
68
Kingsoft
Corp.,
Ltd.
21,000
109
Lenovo
Group,
Ltd.
70,000
84
LexinFintech
Holdings,
Ltd.
-
ADR
5,670
41
Li
Ning
Co.,
Ltd.
35,000
75
Longfor
Group
Holdings,
Ltd.(Þ)
52,500
62
Meituan
Class
B(Æ)(Þ)
24,500
391
Midea
Group
Co.,
Ltd.
Class
A
7,000
71
NetEase,
Inc.
-
ADR
1,854
250
PDD
Holdings,
Inc.
-
ADR(Æ)
2,589
271
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
A
7,000
54
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
H
52,500
333
Pop
Mart
Internaitonal
Group,
Ltd.(Þ)
7,000
238
Qifu
Technology,
Inc.
-
ADR
1,855
80
SDIC
Capital
Co.,
Ltd.
Class
A
28,400
30
SF
Holding
Co.,
Ltd.
Class
H
9,200
53
Russell
Investments
Exchange
Traded
Funds
Emerging
Markets
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Emerging
Markets
Equity
Active
ETF
23
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Shandong
Nanshan
Aluminum
Co.,
Ltd.
Class
A
52,100
28
Shandong
Weigao
Group
Medical
Polymer
Co.,
Ltd.
Class
H
38,000
30
Shanying
International
Holdings
Co.,
Ltd.
Class
A(Æ)
116,000
31
Shenzhou
International
Group
Holdings,
Ltd.
4,700
33
Sunny
Optical
Technology
Group
Co.,
Ltd.
7,100
63
Tencent
Holdings,
Ltd.
31,500
2,018
Tencent
Music
Entertainment
Group
-
ADR
3,745
73
Trip.com
Group,
Ltd.
-
ADR
3,815
224
Vipshop
Holdings,
Ltd.
-
ADR
3,780
57
Weichai
Power
Co.,
Ltd.
Class
H
70,000
142
Wilmar
International,
Ltd.
45,500
103
Wuliangye
Yibin
Co.,
Ltd.
Class
A
2,400
40
WuXi
AppTec
Co.,
Ltd.
Class
A
3,500
34
WuXi
AppTec
Co.,
Ltd.
Class
H(Þ)
7,000
70
Xiaomi
Corp.
Class
B(Æ)(Þ)
76,800
587
Xinyi
Glass
Holdings,
Ltd.
70,000
67
Xinyi
Solar
Holdings,
Ltd.
140,000
44
Yealink
Network
Technology
Corp.,
Ltd.
Class
A
7,000
34
Yum
China
Holdings,
Inc.
2,065
92
Yutong
Bus
Co.,Ltd.
Class
A
14,000
49
Zhejiang
Longsheng
Group
Co.,
Ltd.
Class
A
23,700
34
Zhejiang
NHU
Co.,
Ltd.
Class
A
21,000
62
Zhongsheng
Group
Holdings,
Ltd.
35,000
54
Zijin
Mining
Group
Co.,
Ltd.
Class
H
48,000
123
ZTO
Express
(Cayman),
Inc.
-
ADR
7,805
139
12,519
Colombia
-
0.4%
Ecopetrol
SA
-
ADR
6,895
61
Grupo
Cibest
SA
-
ADR
2,555
118
179
France
-
0.1%
Danone
SA
560
46
Greece
-
1.0%
Alpha
Bank
SA
30,765
108
Eurobank
Ergasias
SA
17,745
61
National
Bank
of
Greece
SA
9,065
116
OPAP
SA
3,885
88
Piraeus
Financial
Holdings
SA
10,885
75
448
Hong
Kong
-
1.4%
AIA
Group,
Ltd.
21,000
188
ASMPT,
Ltd.
7,000
51
Sino
Biopharmaceutical,
Ltd.
280,000
188
WH
Group,
Ltd.(Þ)
192,500
185
612
Hungary
-
0.5%
OTP
Bank
PLC
2,625
210
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
India
-
15.7%
Apollo
Hospitals
Enterprise,
Ltd.
2,240
189
Avenue
Supermarts,
Ltd.(Æ)(Þ)
1,645
84
Axis
Bank,
Ltd.
13,615
190
Bajaj
Finance,
Ltd.
30,260
330
Bank
of
Baroda
22,400
65
Bharat
Electronics,
Ltd.
59,640
293
Bharti
Airtel,
Ltd.
19,705
462
Britannia
Industries,
Ltd.
2,170
148
Canara
Bank
55,195
74
Cipla,
Ltd.
3,430
60
Dixon
Technologies
India,
Ltd.(Þ)
350
61
DLF,
Ltd.
10,780
105
Eternal,
Ltd.(Æ)
34,790
107
GAIL
India,
Ltd.
38,955
87
GMR
Infrastructure,
Ltd.(Æ)
36,675
36
Godrej
Properties,
Ltd.(Æ)
2,310
63
HCL
Technologies,
Ltd.
7,490
151
HDFC
Asset
Management
Co.,
Ltd.(Þ)
1,295
78
HDFC
Bank,
Ltd.
-
ADR
10,010
768
HDFC
Life
Insurance
Co.,
Ltd.(Þ)
12,355
117
Hero
MotoCorp,
Ltd.
663
33
Hindalco
Industries,
Ltd.
13,370
108
Hindustan
Aeronautics,
Ltd.(Þ)
1,820
103
ICICI
Bank,
Ltd.
-
ADR
12,354
416
ICICI
Lombard
General
Insurance
Co.,
Ltd.(Þ)
2,240
53
Indian
Hotels
Co.,
Ltd.
(The)
12,285
109
Infosys,
Ltd.
-
ADR
15,224
282
Larsen
&
Toubro,
Ltd.
3,465
148
Lupin,
Ltd.
3,465
78
Macrotech
Developers,
Ltd.(Þ)
3,745
61
Mahindra
&
Mahindra,
Ltd.
5,285
196
MakeMyTrip,
Ltd.(Æ)
525
52
Max
Healthcare
Institute,
Ltd.
8,330
124
Mphasis,
Ltd.
1,750
58
National
Aluminium
Co.,
Ltd.
16,218
36
Persistent
Systems,
Ltd.
521
37
Petronet
LNG,
Ltd.
23,625
83
Phoenix
Mills,
Ltd.
(The)
3,290
60
Power
Finance
Corp.,
Ltd.
12,005
60
Reliance
Industries,
Ltd.
27,336
478
Shriram
Finance,
Ltd.
13,405
111
State
Bank
of
India
10,325
99
Sun
Pharmaceutical
Industries,
Ltd.
7,210
141
Tech
Mahindra,
Ltd.
4,270
84
Titan
Co.,
Ltd.
3,325
143
Trent,
Ltd.
1,120
81
TVS
Motor
Co.,
Ltd.
1,960
67
UPL,
Ltd.
27,055
209
Varun
Beverages,
Ltd.
13,125
70
7,048
Indonesia
-
1.4%
Astra
International
Tbk
PT
381,500
106
Bank
Central
Asia
Tbk
PT
409,500
219
Bank
Rakyat
Indonesia
Persero
Tbk
PT
735,000
169
Telkom
Indonesia
Persero
Tbk
PT
780,500
134
628
Russell
Investments
Exchange
Traded
Funds
Emerging
Markets
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
24
Emerging
Markets
Equity
Active
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Italy
-
0.2%
Coca-Cola
HBC
AG(Æ)
1,435
75
Kazakhstan
-
0.3%
Air
Astana
JSC
-
GDR(Þ)
6,860
38
Kaspi.KZ
JSC
-
ADR
1,295
110
148
Macao
-
0.3%
Galaxy
Entertainment
Group,
Ltd.
35,000
155
Malaysia
-
0.4%
Petronas
Chemicals
Group
Bhd
66,500
55
Public
Bank
Bhd
129,500
133
188
Mexico
-
1.7%
Arca
Continental
SAB
de
CV
6,300
67
Fresnillo
PLC
8,190
162
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
23,975
219
Kimberly-Clark
de
Mexico
SAB
de
CV
Class
A
51,800
95
Southern
Copper
Corp.
630
64
Ternium
SA
-
ADR
1,610
48
Wal-Mart
de
Mexico
SAB
de
CV
35,420
117
772
Netherlands
-
0.3%
ASML
Holding
NV
Class
G
105
84
Ferrari
NV
70
35
119
Peru
-
0.4%
Credicorp,
Ltd.
770
172
Philippines
-
0.7%
Ayala
Land,
Inc.
175,000
84
BDO
Unibank,
Inc.
43,400
118
International
Container
Terminal
Services,
Inc.
13,300
97
299
Poland
-
1.0%
Bank
Polska
Kasa
Opieki
SA
1,085
56
Dino
Polska
SA(Æ)(Þ)
980
143
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
6,895
144
Powszechny
Zaklad
Ubezpieczen
SA
5,635
98
441
Qatar
-
0.2%
Qatar
National
Bank
QPSC
20,475
98
Saudi
Arabia
-
2.5%
Al
Rajhi
Bank
11,620
293
Banque
Saudi
Fransi
6,795
32
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
497
36
Etihad
Etisalat
Co.
6,685
105
Riyad
Bank
9,555
73
Saudi
Arabian
Oil
Co.(Þ)
23,835
155
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Saudi
Awwal
Bank
13,230
119
Saudi
National
Bank
(The)
23,135
223
Saudi
Telecom
Co.
8,085
92
1,128
Singapore
-
0.8%
Grab
Holdings,
Ltd.
Class
A(Æ)
21,735
109
Sea,
Ltd.
-
ADR(Æ)
1,681
269
378
South
Africa
-
2.0%
Absa
Group,
Ltd.
11,620
116
Anglogold
Ashanti
PLC
3,885
177
Clicks
Group,
Ltd.
2,625
55
FirstRand,
Ltd.
26,110
112
Gold
Fields,
Ltd.
6,930
163
Naspers,
Ltd.
Class
N
595
185
Sibanye
Stillwater,
Ltd.(Æ)
52,920
96
904
South
Korea
-
12.8%
Amorepacific
Corp.
1,015
103
Cheil
Worldwide,
Inc.
2,462
37
CJ
CheilJedang
Corp.
166
31
Coupang,
Inc.(Æ)
3,500
105
DB
Insurance
Co.,
Ltd.
1,400
128
Hana
Financial
Group,
Inc.
3,010
192
Hankook
Tire
&
Technology
Co.,
Ltd.
3,535
104
Hanwha
Aerospace
Co.,
Ltd.
245
154
HD
Hyundai
Electric
Co.,
Ltd.
315
118
Hyundai
Heavy
Industries
Co.,
Ltd.
735
199
Hyundai
Mobis
Co.,
Ltd.
770
164
Hyundai
Robotics
Co.,
Ltd.
1,400
134
Hyundai
Rotem
Co.,
Ltd.
1,085
158
KB
Financial
Group,
Inc.
-
ADR
3,325
275
KEPCO
Plant
Service
&
Engineering
Co.,
Ltd.
1,575
70
Korea
Electric
Power
Corp.
-
ADR
15,576
222
Korea
Investment
Holdings
Co.,
Ltd.
1,925
199
KT
Corp.
-
ADR
5,075
105
KT&G
Corp.
1,085
103
LG
Electronics,
Inc.
Class
H
592
32
Mando
Corp.
2,415
59
NAVER
Corp.
770
150
Samsung
Biologics
Co.,
Ltd.(Æ)(Þ)
174
128
Samsung
Electro-Mechanics
Co.,
Ltd.
1,785
178
Samsung
Electronics
Co.,
Ltd.
21,806
966
Samsung
Fire
&
Marine
Insurance
Co.,
Ltd.
350
113
Samsung
Heavy
Industries
Co.,
Ltd.(Æ)
4,874
60
Samsung
Securities
Co.,
Ltd.
1,890
103
Shinhan
Financial
Group
Co.,
Ltd.
-
ADR
5,531
250
SK
Hynix,
Inc.
3,605
780
SK
Telecom
Co.,
Ltd.
-
ADR
6,055
141
S-Oil
Corp.
2,135
95
Woori
Financial
Group,
Inc.
-
ADR
2,485
124
5,780
Taiwan
-
16.0%
Accton
Technology
Corp.
7,000
175
Russell
Investments
Exchange
Traded
Funds
Emerging
Markets
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Emerging
Markets
Equity
Active
ETF
25
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Arcadyan
Technology
Corp.
7,000
48
ASPEED
Technology,
Inc.
1,000
162
Bizlink
Holding,
Inc.
6,000
174
China
Airlines,
Ltd.
70,000
52
Compal
Electronics,
Inc.
105,000
104
CTBC
Financial
Holding
Co.,
Ltd.
105,000
157
Delta
Electronics,
Inc.
8,000
113
E
Ink
Holdings,
Inc.
3,000
23
E.Sun
Financial
Holding
Co.,
Ltd.
105,000
118
Fubon
Financial
Holding
Co.,
Ltd.
70,000
209
Globalwafers
Co.,
Ltd.
8,000
83
Hiwin
Technologies
Corp.
13,000
93
Hon
Hai
Precision
Industry
Co.,
Ltd.
54,000
298
KGI
Financial
Holding
Co.,
Ltd.
280,000
143
Largan
Precision
Co.,
Ltd.
1,000
81
MediaTek,
Inc.
12,000
514
Realtek
Semiconductor
Corp.
9,000
175
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
105,000
3,810
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
1,924
436
Uni-President
Enterprises
Corp.
35,000
97
Yuanta
Financial
Holding
Co.,
Ltd.
105,000
123
7,188
Thailand
-
2.1%
Advanced
Info
Service
PCL
10,500
90
Bangkok
Bank
PCL
24,500
105
Bangkok
Dusit
Medical
Services
PCL
66,500
42
Charoen
Pokphand
Foods
PCL
115,500
82
CP
ALL
PCL
49,000
66
Indorama
Ventures
PCL
105,000
66
Kasikornbank
PCL
21,000
99
PTT
Exploration
&
Production
PCL
35,000
118
SCB
X
PCL
28,000
101
Siam
Cement
PCL
(The)
10,500
54
Srisawad
Corp.
PCL
80,500
40
Thai
Beverage
PCL
252,000
91
954
Turkey
-
0.7%
Akbank
TAS
86,345
148
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
15,120
57
BIM
Birlesik
Magazalar
AS
4,900
61
Turkcell
Iletisim
Hizmetleri
AS
29,785
72
338
United
Arab
Emirates
-
1.0%
Dubai
Islamic
Bank
PJSC
27,335
68
Emaar
Development
PJSC
15,750
58
Emaar
Properties
PJSC
74,375
275
Salik
Co.
PJSC
42,140
69
470
United
Kingdom
-
0.1%
HSBC
Holdings
PLC
4,270
52
United
States
-
0.7%
Cognizant
Technology
Solutions
Corp.
Class
A
1,680
131
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Freeport-McMoRan,
Inc.
1,820
79
Globant
SA(Æ)
595
54
Netflix,
Inc.
Class
B(Æ)
35
47
311
Total
Common
Stocks
(cost
$43,640)
44,805
Short-Term
Investments
-
0.4%
United
States
-
0.4%
U.S.
Cash
Management
Fund(@)
171,323
(∞)
171
Total
Short-Term
Investments
(cost
$171)
171
Total
Investments
-
99.9%
(identified
cost
$43,811)
44,976
Other
Assets
and
Liabilities,
Net
-
0.1%
38
Net
Assets
-
100.0%
45,014
Russell
Investments
Exchange
Traded
Funds
Emerging
Markets
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
26
Emerging
Markets
Equity
Active
ETF
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
6.5%
Air
Astana
JSC
05/29/25
6,860
5.80
40
38
Avenue
Supermarts,
Ltd.
05/29/25
INR
1,645
47.52
78
84
Budweiser
Brewing
Co.
APAC,
Ltd.
05/29/25
HKD
30,800
1.09
34
31
China
International
Capital
Corp.,
Ltd.
05/29/25
HKD
55,600
2.06
115
125
China
Tower
Corp.,
Ltd.
05/29/25
HKD
35,500
1.50
53
51
Dino
Polska
SA
05/29/25
PLN
980
140.50
138
143
Dixon
Technologies
India,
Ltd.
05/29/25
INR
350
170.90
60
61
Giant
Biogene
Holding
Co.,
Ltd.
05/29/25
HKD
7,000
7.70
54
51
Guotai
Haitong
Securities
Co.,
Ltd.
05/29/25
HKD
42,000
1.50
63
67
Haidilao
International
Holding,
Ltd.
05/29/25
HKD
35,000
1.95
68
66
HDFC
Asset
Management
Co.,
Ltd.
05/29/25
INR
1,295
59.00
76
78
HDFC
Life
Insurance
Co.,
Ltd.
05/29/25
INR
12,355
8.91
110
117
Hindustan
Aeronautics,
Ltd.
05/29/25
INR
1,820
58.79
107
103
ICICI
Lombard
General
Insurance
Co.,
Ltd.
05/29/25
INR
2,240
22.59
51
53
Longfor
Group
Holdings,
Ltd.
05/29/25
HKD
52,500
1.26
66
62
Macrotech
Developers,
Ltd.
05/29/25
INR
3,745
17.13
64
61
Meituan
05/29/25
HKD
24,500
18.06
442
391
Pop
Mart
Internaitonal
Group,
Ltd.
05/29/25
HKD
7,000
34.00
238
238
Samsung
Biologics
Co.,
Ltd.
05/29/25
KRW
174
753.02
131
128
Saudi
Arabian
Oil
Co.
05/29/25
SAR
23,835
6.66
159
155
WH
Group,
Ltd.
05/29/25
HKD
192,500
0.95
184
185
WuXi
AppTec
Co.,
Ltd.
05/29/25
HKD
7,000
9.71
68
70
Xiaomi
Corp.
05/29/25
HKD
76,800
6.79
521
587
2,945
For
a
description
of
restricted
securities
see
note
9
in
the
Notes
to
Financial
Statements.
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Common
Stocks
Austria
$
80
$
—
$
—
$
—
$
80
Brazil
2,926
—
—
—
2,926
Canada
85
—
—
—
85
Chile
54
—
—
—
54
China
12,519
—
—
—
12,519
Colombia
179
—
—
—
179
France
46
—
—
—
46
Greece
448
—
—
—
448
Hong
Kong
612
—
—
—
612
Hungary
210
—
—
—
210
India
7,048
—
—
—
7,048
Indonesia
628
—
—
—
628
Italy
75
—
—
—
75
Kazakhstan
148
—
—
—
148
Macao
155
—
—
—
155
Malaysia
188
—
—
—
188
Mexico
772
—
—
—
772
Netherlands
119
—
—
—
119
Peru
172
—
—
—
172
Russell
Investments
Exchange
Traded
Funds
Emerging
Markets
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Emerging
Markets
Equity
Active
ETF
27
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Philippines
299
—
—
—
299
Poland
441
—
—
—
441
Qatar
98
—
—
—
98
Saudi
Arabia
1,128
—
—
—
1,128
Singapore
378
—
—
—
378
South
Africa
904
—
—
—
904
South
Korea
5,780
—
—
—
5,780
Taiwan
7,188
—
—
—
7,188
Thailand
954
—
—
—
954
Turkey
338
—
—
—
338
United
Arab
Emirates
470
—
—
—
470
United
Kingdom
52
—
—
—
52
United
States
311
—
—
—
311
Short-Term
Investments
—
—
—
171
171
Total
Investments
$
44,80
5
$
—
$
—
$
171
$
44,976
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
1
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2025,
if
any,
see
note
1
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
as
of
June
30,
2025,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Consumer
Discretionary
....................................................................
8,668
Consumer
Staples
...............................................................................
2,049
Energy
................................................................................................
1,325
Financial
Services
..............................................................................
12,692
Health
Care
........................................................................................
1,333
Materials
and
Processing
...................................................................
2,400
Producer
Durables
..............................................................................
2,874
Technology
.........................................................................................
11,800
Utilities
...............................................................................................
1,664
Short-Term
Investments
.............................................................
171
Total
Investments
...............................................................................
44,976
Russell
Investments
Exchange
Traded
Funds
Emerging
Markets
Equity
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
28
Emerging
Markets
Equity
Active
ETF
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2025
with
underlying
funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
—
$
16,822
$
16,651
$
—
$
—
$
171
$
3
$
—
Russell
Investments
Exchange
Traded
Funds
Global
Infrastructure
Active
ETF
Schedule
of
Investments
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Infrastructure
Active
ETF
29
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.6%
Australia
-
7.0%
Atlas
Arteria,
Ltd.
67,765
227
Transurban
Group(Æ)
91,758
844
1,071
Canada
-
7.3%
Canadian
National
Railway
Co.
2,143
223
Canadian
Pacific
Kansas
City,
Ltd.
4,095
325
Fortis,
Inc.
1,456
70
Pembina
Pipeline
Corp.
4,089
154
TC
Energy
Corp.
7,143
348
1,120
France
-
3.8%
Aeroports
de
Paris
SA
1,893
238
Getlink
SE
9,274
179
Vinci
SA
1,095
161
578
Germany
-
1.1%
RWE
AG
4,024
168
Italy
-
1.4%
Hera
SpA
22,389
108
Infrastrutture
Wireless
Italiane
SpA(Þ)
8,281
101
209
Japan
-
3.7%
Chubu
Electric
Power
Co.,
Inc.
4,600
57
East
Japan
Railway
Co.
6,000
129
Japan
Airport
Terminal
Co.,
Ltd.
5,300
169
Kansai
Electric
Power
Co.,
Inc.
(The)
4,600
55
Osaka
Gas
Co.,
Ltd.
6,200
159
569
Netherlands
-
1.1%
Koninklijke
Vopak
NV
3,413
170
New
Zealand
-
1.6%
Auckland
International
Airport,
Ltd.
52,892
250
Spain
-
5.7%
Aena
SME
SA(Þ)
28,570
763
Cellnex
Telecom
SA(Þ)
2,871
111
874
Switzerland
-
1.7%
Flughafen
Zurich
AG
920
262
United
Kingdom
-
4.5%
National
Grid
PLC
35,616
519
Severn
Trent
PLC
Class
H
4,820
181
700
United
States
-
60.7%
Ameren
Corp.
2,384
229
American
Electric
Power
Co.,
Inc.
3,784
393
American
Tower
Corp.(ö)
2,140
473
American
Water
Works
Co.,
Inc.
1,032
144
CenterPoint
Energy,
Inc.
3,296
121
Cheniere
Energy,
Inc.
1,465
357
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Consolidated
Edison,
Inc.
2,081
209
Crown
Castle,
Inc.(ö)
2,630
270
CSX
Corp.
13,232
432
Dominion
Energy,
Inc.
6,046
342
Duke
Energy
Corp.
4,520
534
Entergy
Corp.
2,928
243
Evergy,
Inc.
4,264
294
Eversource
Energy
3,664
233
Exelon
Corp.
7,808
339
GFL
Environmental,
Inc.
3,168
160
Kinder
Morgan,
Inc.
9,879
290
NextEra
Energy,
Inc.
7,568
525
NiSource,
Inc.
4,275
172
Norfolk
Southern
Corp.
1,227
314
ONEOK,
Inc.
3,534
288
PG&E
Corp.
18,064
252
PPL
Corp.
5,856
198
Public
Service
Enterprise
Group,
Inc.
4,516
380
SBA
Communications
Corp.(ö)
738
173
Sempra
Energy
2,567
195
Targa
Resources
Corp.
1,281
223
TXNM
Energy,
Inc.
930
52
UGI
Corp.
5,423
198
Union
Pacific
Corp.
1,890
435
WEC
Energy
Group,
Inc.
1,948
203
Williams
Cos.,
Inc.
(The)
4,816
302
Xcel
Energy,
Inc.
5,120
349
9,322
Total
Common
Stocks
(cost
$15,128)
15,293
Short-Term
Investments
-
0.2%
United
States
-
0.2%
U.S.
Cash
Management
Fund(@)
22,770
(∞)
23
Total
Short-Term
Investments
(cost
$23)
23
Total
Investments
-
99.8%
(identified
cost
$15,151)
15,316
Other
Assets
and
Liabilities,
Net
-
0.2%
36
Net
Assets
-
100.0%
15,352
Russell
Investments
Exchange
Traded
Funds
Global
Infrastructure
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
30
Global
Infrastructure
Active
ETF
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
6.4%
Aena
SME
SA
05/13/25
EUR
28,570
26.73
764
763
Cellnex
Telecom
SA
05/13/25
EUR
2,871
37.84
109
111
Infrastrutture
Wireless
Italiane
SpA
05/13/25
EUR
8,281
11.78
97
101
975
For
a
description
of
restricted
securities
see
note
9
in
the
Notes
to
Financial
Statements.
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Common
Stocks
Australia
$
1,071
$
—
$
—
$
—
$
1,071
Canada
1,120
—
—
—
1,120
France
578
—
—
—
578
Germany
168
—
—
—
168
Italy
209
—
—
—
209
Japan
569
—
—
—
569
Netherlands
170
—
—
—
170
New
Zealand
250
—
—
—
250
Spain
874
—
—
—
874
Switzerland
262
—
—
—
262
United
Kingdom
700
—
—
—
700
United
States
9,322
—
—
—
9,322
Short-Term
Investments
—
—
—
23
23
Total
Investments
$
15,293
$
—
$
—
$
23
$
15,316
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
1
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
June
30,
2025,
if
any,
see
note
1
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
as
of
June
30,
2025,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Airport
Services
.................................................................................
919
Construction
&
Engineering
..............................................................
161
Diversified
..........................................................................................
270
Electric
Utilities
.................................................................................
3,469
Environmental
&
Facilities
Services
.................................................
160
Gas
Utilities
.......................................................................................
357
Highways
&
Railtracks
......................................................................
1,250
Russell
Investments
Exchange
Traded
Funds
Global
Infrastructure
Active
ETF
Schedule
of
Investments,
continued
—
June
30,
2025
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Infrastructure
Active
ETF
31
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Integrated
Telecommunication
Services
............................................
101
Multi-Utilities
....................................................................................
2,646
Oil
&
Gas
Storage
&
Transportation
.................................................
2,132
Rail
Transportation
.............................................................................
1,858
Technology
.........................................................................................
757
Water
Utilities
....................................................................................
1,213
Short-Term
Investments
.......................................................
23
Total
Investments
...............................................................................
15,316
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2025
with
underlying
funds
which
are,
or
were,
an
affiliated
company
are
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Income
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
—
$
185
$
162
$
—
$
—
$
23
$
—
$
—
Russell
Investments
Exchange
Traded
Funds
Notes
to
Schedules
of
Investments
—
June
30,
2025
(Unaudited)
32
Notes
to
Schedules
of
Investments
Footnotes:
Abbreviations:
Foreign
Currency
Abbreviations:
(Æ)
Non-income
producing
security.
(Ï)
Forward
commitment.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ö)
Real
Estate
Investment
Trust
(REIT).
(ç)
At
amortized
cost,
which
approximates
fair
value
–
due
within
60
days.
(ž)
Rate
noted
is
yield-to-maturity
from
date
of
acquisition.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(Þ)
Restricted
security.
Rule
144A
security
not
registered
under
the
Securities
Act
of
1933.
(å)
Currency
balances
were
pledged
in
connection
with
futures
contracts
entered
into
by
the
Fund.
(~)
Rate
fluctuates
based
on
various
factors
such
as
changes
in
current
rates
and
prepayments
of
the
underlying
assets,
changes
in
the
Consumer
Price
Index
(CPI)
or
other
contractual
arrangements.
ADR
–
American
Depositary
Receipt
GDR
–
Global
Depositary
Receipt
AUD
–
Australian
dollar
EUR
–
Euro
GBP
–
British
pound
sterling
HKD
–
Hong
Kong
dollar
INR
–
Indian
rupee
JPY
–
Japanese
yen
KRW
–
South
Korean
won
PLN
–
Polish
zloty
SAR
–
Saudi
riyal
SEK
–
Swedish
krona
USD
–
United
States
dollar
Russell
Investments
Exchange
Traded
Funds
Notes
to
Quarterly
Report
—
June
30,
2025
(Unaudited)
Notes
to
Quarterly
Report
33
1.
Significant
Accounting
Policies
Russell
Investments
Exchange
Traded
Funds
(the
“Trust”)
is
a
series
investment
company
with
five
different
investment
portfolios
referred
to
as
funds.
This
Quarterly
Report
reports
on
each
of
these
funds
(each
a
“Fund”
and
collectively
the
“Funds”).
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
this
Quarterly
Report.
These
policies
are
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”),
which
require
the
use
of
management
estimates
and
assumptions
at
the
date
of
the
Quarterly
Report.
Actual
results
could
differ
from
those
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Security
Valuation
The
Funds
value
portfolio
instruments
according
to
securities
valuation
procedures,
which
include
market
value
procedures,
fair
value
procedures,
other
key
valuation
procedures
and
a
description
of
the
pricing
sources
and
services
used
by
the
Funds.
With
respect
to
a
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Funds’
Board
of
Trustees
(“Board”)
has
designated
Russell
Investment
Management,
LLC
(“RIM”),
the
Funds’
adviser,
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940,
as
amended.
However,
the
Board
retains
oversight
over
the
valuation
process.
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods,
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
and
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIM
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market),
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Preferred
stock
and
other
equities
traded
on
inactive
markets
or
valued
by
reference
to
similar
instruments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Certain
foreign
equity
securities
may
be
fair
valued
using
a
pricing
service
that
considers
the
correlation
of
the
trading
patterns
of
the
foreign
security
to
the
intraday
trading
in
the
U.S.
markets
for
investments
such
as
American
Depositary
Receipts,
financial
futures,
exchange-traded
funds,
and
the
movement
of
certain
indexes
of
securities,
based
on
the
statistical
analysis
of
historical
relationships.
Foreign
equity
securities
prices
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Quarterly
Report,
continued
—
June
30,
2025
(Unaudited)
34
Notes
to
Quarterly
Report
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
will
be
valued
based
upon
the
net
asset
value
(“NAV”)
of
such
investments.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity’s
measurement
date.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
market
value.
These
investments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Derivative
instruments
are
instruments
such
as
foreign
currency
exchange
contracts
and
futures
contracts
that
derive
their
value
from
underlying
asset
prices,
indices,
reference
rates,
and
other
inputs
or
a
combination
of
these
factors.
Derivatives
may
be
classified
into
two
groups
depending
upon
the
way
that
they
are
traded:
privately
traded
over-the-counter
(“OTC”)
derivatives
that
do
not
go
through
an
exchange
or
intermediary
and
exchange-traded
derivatives
that
are
traded
through
specialized
derivatives
exchanges
or
other
regulated
exchanges.
OTC
derivatives
are
normally
valued
on
the
basis
of
broker-dealer
quotations
or
pricing
service
providers.
Depending
on
the
product
and
the
terms
of
the
transaction,
the
value
of
the
derivative
instrument
can
be
estimated
by
a
pricing
service
provider
using
a
series
of
techniques,
including
simulation
pricing
models.
The
pricing
models
use
inputs
that
are
observed
from
actively
quoted
markets
such
as
issuer
details,
indices,
spreads,
interest
rates,
yield
curves,
dividends
and
exchange
rates.
OTC
derivatives
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy,
with
the
exception
of
foreign
currency
spot
contracts
which
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
OTC
derivatives
that
use
broker-dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Exchange-traded
derivatives
are
valued
based
on
the
last
reported
sales
price
on
the
day
of
valuation
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Events
or
circumstances
affecting
the
values
of
portfolio
instruments
that
occur
between
the
closing
of
the
principal
markets
on
which
they
trade
and
the
time
the
NAV
of
Fund
shares
is
determined
may
be
reflected
in
the
calculation
of
NAV
for
each
applicable
Fund
when
the
Fund
deems
that
the
particular
event
or
circumstance
would
materially
affect
such
Fund’s
NAV.
Funds
that
invest
primarily
in
frequently
traded
exchange
listed
securities
will
use
fair
value
pricing
in
limited
circumstances
since
reliable
market
quotations
will
often
be
readily
available.
The
NAV
of
a
Fund’s
portfolio
that
includes
foreign
securities
may
change
on
days
when
shareholders
will
not
be
able
to
purchase
or
redeem
Fund
shares,
since
foreign
securities
can
trade
on
non-business
days.
There
were
no
Level
3
investments
at
the
beginning
or
end
of
the
period.
Level
3
Fair
Value
Investments
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
of
financial
instruments
classified
as
Level
3
of
the
fair
value
hierarchy
are
as
follows:
Securities
and
other
assets
for
which
market
quotes
or
pricing
service
prices
are
not
readily
available,
or
are
not
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
by
RIM
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Market
quotes
are
considered
not
readily
available
in
circumstances
where
there
is
an
absence
of
current
or
reliable
market-based
data
(e.g.,
trade
information
or
broker
quotes).
When
RIM
applies
fair
valuation
methods
that
use
significant
unobservable
inputs
to
determine
a
Fund’s
NAV,
securities
will
not
be
priced
on
the
basis
of
quotes
from
the
primary
market
in
which
they
are
traded,
but
instead
may
be
priced
by
another
method
that
RIM
believes
accurately
reflects
fair
value
and
will
be
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fair
value
pricing
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
securities
valuation
procedures
are
intended
to
result
in
a
calculation
of
a
Fund’s
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
process
cannot
guarantee
that
fair
values
determined
by
RIM
would
accurately
reflect
the
price
that
a
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
a
Fund
may
differ
from
the
value
that
would
be
realized
if
the
security
was
sold.
RIM
employs
third-party
pricing
vendors
to
provide
fair
value
measurements.
RIM
oversees
third-party
pricing
service
providers
in
order
to
support
the
valuation
process.
The
significant
unobservable
input
used
in
fair
value
measurement
of
certain
of
the
Funds’
preferred
equity
securities
is
the
redemption
value
calculated
on
a
fully-diluted
basis
if
converted
to
common
stock.
Significant
increases
or
decreases
in
the
redemption
value
would
have
a
direct
and
proportional
impact
to
fair
value.
These
significant
unobservable
inputs
are
further
disclosed
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund
as
applicable.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Quarterly
Report,
continued
—
June
30,
2025
(Unaudited)
Notes
to
Quarterly
Report
35
If
third-party
evaluated
vendor
pricing
is
neither
available
nor
deemed
to
be
indicative
of
fair
value,
RIM
may
elect
to
obtain
indicative
market
quotations
(“broker
quotes”)
directly
from
the
broker
or
passed
through
from
a
third-party
vendor.
In
the
event
that
the
source
of
fair
value
is
from
a
single
source
broker
quote,
these
securities
are
classified
as
Level
3
per
the
fair
value
hierarchy.
Broker
quotes
are
typically
received
from
established
market
participants.
Although
independently
received
on
a
daily
basis,
RIM
does
not
have
the
transparency
to
view
the
underlying
inputs
which
support
the
broker
quotes.
Significant
changes
in
the
broker
quote
would
have
direct
and
proportional
changes
in
the
fair
value
of
the
security.
There
is
a
third-party
pricing
exception
to
the
quantitative
disclosure
requirement
when
prices
are
not
determined
by
the
reporting
entity.
RIM
is
exercising
this
exception
and
has
made
a
reasonable
attempt
to
obtain
quantitative
information
from
the
third-party
pricing
vendors
regarding
the
unobservable
inputs
used.
For
fair
valuations
using
significant
unobservable
inputs,
U.S.
GAAP
requires
a
reconciliation
of
the
beginning
to
ending
balances
for
reported
fair
values
that
present
changes
attributable
to
total
realized
and
unrealized
gains
or
losses,
purchases
and
sales,
and
transfers
in/out
of
the
Level
3
category
during
the
period.
Additionally,
U.S.
GAAP
requires
quantitative
information
regarding
the
significant
unobservable
inputs
used
in
the
determination
of
fair
value
of
assets
categorized
as
Level
3
in
the
fair
value
hierarchy.
In
accordance
with
the
requirements
of
U.S.
GAAP,
a
fair
value
hierarchy,
a
Level
3
reconciliation
and
an
additional
disclosure
about
fair
value
measurements,
if
any,
has
been
included
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund.
Foreign
Currency
Translations
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Foreign
currency
amounts
and
transactions
of
the
Funds
are
translated
into
U.S.
dollars
on
the
following
basis:
(a)
Fair
value
of
investment
securities,
other
assets
and
liabilities
at
the
closing
rate
of
exchange
on
the
valuation
date.
(b)
Purchases
and
sales
of
investment
securities
and
income
at
the
closing
rate
of
exchange
prevailing
on
the
respective
trade
dates
of
such
transactions.
Net
realized
gains
or
losses
from
foreign
currency-related
transactions
arise
from:
sales
and
maturities
of
short-term
securities;
sales
of
foreign
currencies;
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions;
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
gains
or
losses
from
foreign
currency-related
transactions
arise
from
changes
in
the
value
of
assets
and
liabilities,
other
than
investments
in
securities,
as
a
result
of
changes
in
the
exchange
rates.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
of
the
Funds
that
arises
as
a
result
of
changes
in
exchange
rates
from
that
portion
that
arises
from
changes
in
market
prices
of
investments
during
the
period.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
However,
for
federal
income
tax
purposes,
the
Funds
do
isolate
the
effects
of
changes
in
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
market
prices
for
realized
gain
(or
loss)
on
debt
obligations.
2.
Related
Party
Transactions
The
Funds
are
permitted
to
invest
any
cash
held
in
the
U.S.
Cash
Management
Fund,
an
unregistered
fund
advised
by
RIM.
RIM
has
waived
its
0.05%
advisory
fee
for
the
unregistered
fund.
Russell
Investments
Fund
Services,
LLC,
the
Funds’
administrator,
charges
a
0.05%
administrative
fee
to
the
unregistered
fund.
Each
Fund’s
investment
in
the
U.S.
Cash
Management
Fund
is
disclosed
within
the
Fund’s
Schedule
of
Investments.
For
additional
information
on
the
Funds’
significant
accounting
policies
and
risks,
please
refer
to
the
Funds’
most
recent
prospectus
.
Russell
Investments
Exchange
Traded
Funds
1301
Second
Avenue
Seattle,
Washington
98101*
800-787-7354
Fax:
206-505-3495
*
Effective
September
2025,
the
address
will
change
to
401
Union
Street,
Suite
1800,
Seattle,
Washington
98101
.