2026
QUARTERLY
REPORT
Russell
Investments
Exchange
Traded
Funds
JUNE
30,
2026
FUND
Russell
Investments
U.S.
Small
Cap
Equity
ETF
(formerly,
U.S.
Small
Cap
Equity
Active
ETF)
Russell
Investments
International
Developed
Equity
ETF
(formerly,
International
Developed
Equity
Active
ETF)
Russell
Investments
Global
Equity
ETF
(formerly,
Global
Equity
Active
ETF)
Russell
Investments
Emerging
Markets
Equity
ETF
(formerly,
Emerging
Markets
Equity
Active
ETF)
Russell
Investments
Global
Infrastructure
ETF
(formerly,
Global
Infrastructure
Active
ETF)
Russell
Investments
Core
Plus
Bond
ETF
Russell
Investments
Global
Real
Estate
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Exchange
Traded
Funds
is
a
series
investment
company
with
seven
different
investment
portfolios
referred
to
as
Funds.
This
Quarterly
Report
reports
on
each
of
these
Funds.
Page
Russell
Investments
U.S.
Small
Cap
Equity
ETF
3
Russell
Investments
International
Developed
Equity
ETF
9
Russell
Investments
Global
Equity
ETF
16
Russell
Investments
Emerging
Markets
Equity
ETF
24
Russell
Investments
Global
Infrastructure
ETF
32
Russell
Investments
Core
Plus
Bond
ETF
35
Russell
Investments
Global
Real
Estate
ETF
44
Notes
to
Schedules
of
Investments
48
Notes
to
Quarterly
Report
49
Russell
Investments
Exchange
Traded
Funds
Quarterly
Report
June
30,
2026
(Unaudited)
Table
of
Contents
Russell
Investments
Exchange
Traded
Funds
Copyright
©
Russell
Investments
2026.
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
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.8%
Consumer
Discretionary
-
10.4%
Academy
Sports
&
Outdoors,
Inc.
2,946
139
Advance
Auto
Parts,
Inc.
2,407
150
Advanced
Energy
Industries,
Inc.
421
157
APi
Group
Corp.(Æ)
1,467
62
Atkore,
Inc.
1,533
117
Atmus
Filtration
Technologies,
Inc.
3,268
167
Boot
Barn
Holdings,
Inc.(Æ)
1,161
191
Brunswick
Corp.
1,866
157
Cadre
Holdings,
Inc.
4,885
139
Callaway
Golf
Co.(Æ)
6,759
127
Capri
Holdings,
Ltd.(Æ)
6,134
114
Cavco
Industries,
Inc.(Æ)
327
201
Century
Communities,
Inc.
3,014
216
Dana,
Inc.
5,373
146
Dillard's,
Inc.
Class
A
88
46
Douglas
Dynamics,
Inc.
3,153
170
Ethan
Allen
Interiors,
Inc.
5,163
115
EW
Scripps
Co.
(The)
Class
A(Æ)
26,474
73
First
Watch
Restaurant
Group,
Inc.(Æ)
14,164
183
FirstCash
Holdings,
Inc.
734
159
Five
Below,
Inc.(Æ)
817
147
Gap,
Inc.
(The)
3,478
65
Gray
Media,
Inc.
31,464
125
Green
Brick
Partners,
Inc.(Æ)
2,098
168
Haverty
Furniture
Cos.,
Inc.
5,796
148
Kura
Sushi
USA,
Inc.
Class
A(Æ)
1,238
71
Lear
Corp.
958
128
Life
Time
Group
Holdings,
Inc.(Æ)
5,476
224
Lindblad
Expeditions
Holdings,
Inc.(Æ)
7,648
216
Marriott
Vacations
Worldwide
Corp.
2,885
294
Matthews
International
Corp.
Class
A
3,688
99
Monro,
Inc.
8,803
151
Movado
Group,
Inc.
5,565
219
Newell
Brands,
Inc.
38,537
237
Nexstar
Media
Group,
Inc.
Class
A
511
91
Oxford
Industries,
Inc.
3,071
107
Patrick
Industries,
Inc.
982
88
Penn
Entertainment,
Inc.(Æ)
8,975
192
People,
Inc.(Æ)
2,494
115
PriceSmart
,
Inc.
677
132
Reservoir
Media,
Inc.(Æ)
8,975
89
Rocky
Brands,
Inc.
3,328
137
Rush
Street
Interactive,
Inc.(Æ)
9,061
269
SharkNinja
,
Inc.(Æ)
1,236
188
Shoe
Station
Group,
Inc.
9,571
142
Sphere
Entertainment
Co.(Æ)
1,375
238
Starz
Entertainment
Corp.(Æ)
5,349
154
Sturm
Ruger
&
Co.,
Inc.
2,817
107
Super
Group
SGHC,
Ltd.
13,629
185
Taylor
Morrison
Home
Corp.
Class
A(Æ)
1,753
126
Texas
Roadhouse,
Inc.
Class
A
622
120
Thor
Industries,
Inc.
1,263
95
United
Parks
&
Resorts,
Inc.(Æ)
2,812
134
VF
Corp.
4,122
69
Winmark
Corp.
405
171
Winnebago
Industries,
Inc.
3,078
96
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Wyndham
Hotels
&
Resorts,
Inc.
1,606
135
8,301
Consumer
Staples
-
3.4%
Andersons,
Inc.
(The)
2,600
178
Arko
Corp.
20,266
163
Chefs'
Warehouse,
Inc.
(The)(Æ)
2,188
210
Dole
PLC
14,931
205
Helen
of
Troy,
Ltd.(Æ)
7,479
217
Herbalife,
Ltd.(Æ)
8,749
115
Interparfums
,
Inc.
1,511
169
Mission
Produce,
Inc.(Æ)
22,059
260
National
Vision
Holdings,
Inc.(Æ)
5,156
98
Olaplex
Holdings,
Inc.(Æ)
68,438
140
Primo
Brands
Corp.
Class
A
1,784
44
Quanex
Building
Products
Corp.
12,321
229
Utz
Brands,
Inc.
36,322
280
Vita
Coco
Co.,
Inc.
(The)(Æ)
2,624
174
Warby
Parker,
Inc.
Class
A(Æ)
6,618
201
2,683
Energy
-
4.7%
Antero
Resources
Corp.(Æ)
4,083
144
DNOW,
Inc.(Æ)
11,676
151
EagleRock
Land
LLC
Class
A(Æ)
5,342
114
Kodiak
Gas
Services,
Inc.
3,048
229
Liberty
Energy,
Inc.
Class
A
5,913
155
Matrix
Service
Co.(Æ)
8,820
121
National
Energy
Services
Reunited
Corp.
(Æ)
10,038
300
Natural
Gas
Services
Group,
Inc.
3,639
157
NPK
International,
Inc.(Æ)
19,865
316
Oceaneering
International,
Inc.(Æ)
4,114
167
Ormat
Technologies,
Inc.
1,617
176
Select
Water
Solutions,
Inc.
Class
A
22,612
452
SM
Energy
Co.
6,413
167
Solaris
Energy
Infrastructure,
Inc.
Class
A
4,467
359
TETRA
Technologies,
Inc.(Æ)
20,685
234
Transocean,
Ltd.(Æ)
30,228
148
Warrior
Met
Coal,
Inc.
1,620
132
WaterBridge
Infrastructure
LLC
Class
A
5,174
177
Weatherford
International
PLC
1,288
105
3,804
Financial
Services
-
20.8%
Ally
Financial,
Inc.
3,269
150
American
Integrity
Insurance
Group,
Inc.
5,786
109
Ameris
Bancorp
1,589
143
Banc
of
California,
Inc.
6,214
127
Bank
of
Hawaii
Corp.
1,771
144
BankUnited,
Inc.
2,247
109
Banner
Corp.
2,067
137
BGC
Group,
Inc.
Class
A
15,553
166
Bladex,
Inc.
Class
E
1,913
118
Bowhead
Specialty
Holdings,
Inc.(Æ)
5,397
162
Bread
Financial
Holdings,
Inc.
1,896
205
Brixmor
Property
Group,
Inc.(ö)
487
15
Broadstone
Net
Lease,
Inc.(ö)
7,854
162
Business
First
Bancshares,
Inc.
5,379
165
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
4
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Camden
Property
Trust(ö)
772
88
Capital
Bancorp,
Inc.
4,295
151
Capital
City
Bank
Group,
Inc.
2,285
113
CareTrust
REIT,
Inc.(ö)
4,520
182
Centerspace
(ö)
1,889
106
CNO
Financial
Group,
Inc.
3,104
158
Coastal
Financial
Corp.(Æ)
1,078
84
Community
Financial
System,
Inc.
2,203
148
Community
Healthcare
Trust,
Inc.(ö)
7,225
132
Compass,
Inc.
Class
A(Æ)
17,192
212
Corebridge
Financial,
Inc.
4,956
142
CTO
Realty
Growth,
Inc.(ö)
12,410
267
Cullen/Frost
Bankers,
Inc.
930
144
Dave,
Inc.(Æ)
768
286
Dime
Commercial
Bancshares,
Inc.
5,966
243
Enterprise
Financial
Services
Corp.
1,994
131
Esquire
Financial
Holdings,
Inc.
1,104
132
EZCORP,
Inc.
Class
A(Æ)
8,398
290
FB
Financial
Corp.
2,908
161
Federal
Agricultural
Mortgage
Corp.
Class
C
756
151
First
BanCorp
7,055
184
First
Community
Corp.
3,505
115
First
Industrial
Realty
Trust,
Inc.(ö)
1,074
66
First
Mid
Bancshares,
Inc.
2,708
130
Five
Star
Bancorp
3,317
162
German
American
Bancorp,
Inc.
3,962
188
Getty
Realty
Corp.(ö)
3,452
115
Glacier
Bancorp,
Inc.
4,500
232
Globe
Life,
Inc.
713
127
Grid
Dynamics
Holdings,
Inc.(Æ)
12,693
72
Heritage
Financial
Corp.
4,687
139
Heritage
Insurance
Holdings,
Inc.(Æ)
3,271
85
Hippo
Holdings,
Inc.(Æ)
9,381
265
Home
BancShares
,
Inc.
5,146
147
Horizon
Bancorp,
Inc.
9,827
196
Independent
Bank
Corp.
2,020
169
Jackson
Financial,
Inc.
Class
A
2,114
216
John
Wiley
&
Sons,
Inc.
Class
A
3,356
163
Jones
Lang
LaSalle,
Inc.(Æ)
335
104
Lazard,
Inc.
1,904
80
Legacy
Housing
Corp.(Æ)
4,733
124
Marcus
&
Millichap,
Inc.
5,129
160
Marex
Group
PLC
3,311
202
McGrath
RentCorp
1,258
152
Mercury
General
Corp.
1,434
153
Metropolitan
Bank
Holding
Corp.
1,710
169
Miami
International
Holdings,
Inc.(Æ)
2,132
79
Mid
Penn
Bancorp,
Inc.
4,050
141
Millrose
Properties,
Inc.
Class
A(ö)
5,910
178
National
Bank
Holdings
Corp.
Class
A
5,335
237
NETSTREIT
Corp.(ö)
10,669
225
Newmark
Group,
Inc.
Class
A
9,063
137
Northeast
Bank
1,092
145
Northpointe
Bancshares,
Inc.
6,943
133
OceanFirst
Financial
Corp.
19,047
372
OFG
Bancorp
3,247
159
Peapack-Gladstone
Financial
Corp.
3,365
159
Pebblebrook
Hotel
Trust(ö)
10,821
210
Pelagos
Insurance
Capital,
Ltd.
11,456
279
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Perella
Weinberg
Partners
11,601
185
Popular,
Inc.
732
120
Prosperity
Bancshares,
Inc.
1,639
120
Rayonier,
Inc.(ö)
16,859
359
Reinsurance
Group
of
America,
Inc.
Class
A
666
142
Renasant
Corp.
3,280
140
Ridgepost
Capital,
Inc.
Class
A
22,484
177
RLJ
Lodging
Trust(ö)
20,484
243
Ryman
Hospitality
Properties,
Inc.(ö)
1,631
210
Seacoast
Banking
Corp.
of
Florida
3,876
129
Selective
Insurance
Group,
Inc.
1,179
114
ServisFirst
Bancshares,
Inc.
1,282
111
SmartFinancial
,
Inc.
2,688
126
South
Plains
Financial,
Inc.
2,920
126
Stifel
Financial
Corp.
1,459
102
Stock
Yards
Bancorp,
Inc.
2,430
186
StoneX
Group,
Inc.(Æ)
2,520
299
TeraWulf
,
Inc.(Æ)
9,995
247
Terreno
Realty
Corp.(ö)
2,003
130
Texas
Capital
Bancshares,
Inc.
1,258
130
Third
Coast
Bancshares,
Inc.(Æ)
3,152
127
Towne
Bank/Portsmouth
VA
4,548
165
TriCo
Bancshares
2,096
113
Triumph
Financial,
Inc.(Æ)
2,840
217
UL
Solutions,
Inc.
Class
A
1,260
128
UMH
Properties,
Inc.(ö)
8,826
134
Universal
Insurance
Holdings,
Inc.
10,054
416
Walker
&
Dunlop,
Inc.
1,904
104
WesBanco
,
Inc.
4,311
168
WisdomTree,
Inc.
7,183
122
16,692
Health
Care
-
17.0%
ADMA
Biologics,
Inc.(Æ)
13,653
114
Allogene
Therapeutics,
Inc.(Æ)
77,281
161
Alphatec
Holdings,
Inc.(Æ)
20,169
174
Amneal
Pharmaceuticals,
Inc.(Æ)
8,289
144
AngioDynamics
,
Inc.(Æ)
6,308
82
ANI
Pharmaceuticals,
Inc.(Æ)
2,929
242
Annexon
,
Inc.(Æ)
16,032
92
Apogee
Therapeutics,
Inc.(Æ)
1,514
201
Arcturus
Therapeutics
Holdings,
Inc.(Æ)
16,916
114
Arrowhead
Pharmaceuticals,
Inc.(Æ)
3,429
280
Artivion
,
Inc.(Æ)
3,345
75
Ascendis
Pharma
A/S(Æ)
374
100
Astrana
Health,
Inc.(Æ)
3,668
170
Aveanna
Healthcare
Holdings,
Inc.(Æ)
12,992
111
Axsome
Therapeutics,
Inc.(Æ)
917
224
BioLife
Solutions,
Inc.(Æ)
4,528
128
Bridgebio
Pharma,
Inc.(Æ)
4,661
347
BrightSpring
Health
Services,
Inc.(Æ)
2,653
185
CareDx
,
Inc.(Æ)
7,978
227
Celcuity
,
Inc.(Æ)
1,384
145
CG
Oncology,
Inc.(Æ)
2,839
202
Cogent
Biosciences,
Inc.(Æ)
6,425
249
Concentra
Group
Holdings
Parent,
Inc.
7,256
216
CRISPR
Therapeutics
AG(Æ)
2,264
124
Cytek
Biosciences,
Inc.(Æ)
22,740
101
Cytokinetics,
Inc.(Æ)
3,361
286
Dianthus
Therapeutics,
Inc.(Æ)
2,442
238
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
5
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Emergent
BioSolutions,
Inc.(Æ)
13,589
114
Enovis
Corp.
Class
W(Æ)
3,936
82
Ensign
Group,
Inc.
(The)
1,032
165
Fulgent
Genetics,
Inc.(Æ)
4,930
101
Guardant
Health,
Inc.(Æ)
2,316
347
Harmony
Biosciences
Holdings,
Inc.(Æ)
2,808
102
HealthEquity,
Inc.(Æ)
2,197
198
Icon
PLC(Æ)
823
143
Innoviva
,
Inc.(Æ)
7,517
171
Integer
Holdings
Corp.(Æ)
1,488
139
iRadimed
Corp.
1,651
158
Krystal
Biotech,
Inc.(Æ)
550
204
Kymera
Therapeutics,
Inc.(Æ)
1,842
211
Lantheus
Holdings,
Inc.(Æ)
1,799
200
LeMaitre
Vascular,
Inc.
1,998
192
Ligand
Pharmaceuticals,
Inc.
Class
B(Æ)
1,763
557
Madrigal
Pharmaceuticals,
Inc.(Æ)
567
304
Merit
Medical
Systems,
Inc.(Æ)
1,062
74
Mineralys
Therapeutics,
Inc.(Æ)
3,846
104
Mirum
Pharmaceuticals,
Inc.(Æ)
2,708
317
Nektar
Therapeutics(Æ)
1,464
102
Nuvalent
,
Inc.
Class
A(Æ)
1,719
212
Omnicell,
Inc.(Æ)
1,927
80
Option
Care
Health,
Inc.(Æ)
6,157
129
Oruka
Therapeutics,
Inc.(Æ)
3,402
324
Oscar
Health,
Inc.
Class
A(Æ)
8,251
235
Park
Dental
Partners,
Inc.(Æ)
4,719
102
Pennant
Group,
Inc.
(The)(Æ)
4,998
185
Phibro
Animal
Health
Corp.
Class
A
3,676
115
Praxis
Precision
Medicines,
Inc.(Æ)
607
203
Protagonist
Therapeutics,
Inc.(Æ)
1,859
228
PTC
Therapeutics,
Inc.(Æ)
3,562
291
Pursuit
Attractions
and
Hospitality,
Inc.(Æ)
2,741
153
RadNet
,
Inc.(Æ)
2,249
139
Rezolute
,
Inc.(Æ)
34,950
182
Rhythm
Pharmaceuticals,
Inc.(Æ)
1,913
212
Scholar
Rock
Holding
Corp.(Æ)
4,833
266
Schrodinger,
Inc.(Æ)
13,087
213
Spyre
Therapeutics,
Inc.(Æ)
2,245
199
Tango
Therapeutics,
Inc.(Æ)
6,685
209
Tarsus
Pharmaceuticals,
Inc.(Æ)
2,034
128
TG
Therapeutics,
Inc.(Æ)
4,376
240
Travere
Therapeutics,
Inc.(Æ)
4,923
280
UFP
Technologies,
Inc.(Æ)
651
173
US
Physical
Therapy,
Inc.
3,767
259
Xenon
Pharmaceuticals,
Inc.(Æ)
2,655
160
13,634
Materials
and
Processing
-
7.7%
AAON,
Inc.
1,210
154
AdvanSix
,
Inc.
6,091
121
Albemarle
Corp.
477
64
Alcoa
Corp.
1,441
75
Avient
Corp.
4,337
160
Boise
Cascade
Co.
1,346
105
BrightView
Holdings,
Inc.
7,622
108
Carpenter
Technology
Corp.
130
80
Celanese
Corp.
Class
A
1,785
82
Century
Aluminum
Co.(Æ)
2,356
108
Chemours
Co.
(The)
7,883
162
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Clearwater
Paper
Corp.(Æ)
4,776
75
Commercial
Metals
Co.
3,633
228
Constellium
SE(Æ)
5,314
169
Crown
Holdings,
Inc.
1,020
114
Fabrinet(Æ)
143
80
Ferroglobe
PLC
32,193
102
Greif,
Inc.
Class
A
1,789
133
H.B.
Fuller
Co.
2,463
144
Hudson
Technologies,
Inc.(Æ)
19,291
111
Huntsman
Corp.
8,683
92
Ingevity
Corp.(Æ)
1,893
141
Innospec,
Inc.
2,026
165
Insteel
Industries,
Inc.
3,959
120
James
Hardie
Industries
PLC(Æ)
3,781
99
JELD-WEN
Holding,
Inc.(Æ)
40,624
61
Karat
Packaging,
Inc.
2,681
90
Koppers
Holdings,
Inc.
3,235
145
Kronos
Worldwide,
Inc.
10,474
66
Legence
Corp.
Class
A(Æ)
1,642
140
Louisiana-Pacific
Corp.
1,918
151
Magnera
Corp.(Æ)
6,937
82
Mativ
Holdings,
Inc.
12,609
95
Metallus
,
Inc.(Æ)
7,165
134
Myers
Industries,
Inc.
6,742
238
OPENLANE,
Inc.(Æ)
4,130
170
Quaker
Chemical
Corp.
855
136
Ranpak
Holdings
Corp.(Æ)
17,313
127
Rayonier
Advanced
Materials,
Inc.(Æ)
12,789
101
Rogers
Corp.(Æ)
552
90
Simpson
Manufacturing
Co.,
Inc.
484
101
SSR
Mining,
Inc.(Æ)
4,591
130
Stepan
Co.
3,969
221
Timken
Co.
(The)
1,501
218
Titan
America
SA
5,112
95
Trekor
Metals,
Ltd.(Æ)
7,961
55
TriMas
Corp.
3,848
173
UFP
Industries,
Inc.
1,781
162
Watsco
,
Inc.
287
120
Worthington
Steel,
Inc.
3,118
105
6,198
Producer
Durables
-
16.7%
ABM
Industries,
Inc.
3,151
139
Aebi
Schmidt
Holding
AG
12,056
151
Albany
International
Corp.
Class
A
2,390
178
Allient
,
Inc.
1,567
161
American
Superconductor
Corp.(Æ)
2,509
104
AMN
Healthcare
Services,
Inc.(Æ)
7,226
234
Amprius
Technologies,
Inc.(Æ)
7,787
108
ArcBest
Corp.
842
121
Arcosa
,
Inc.
1,564
227
Ardmore
Shipping
Corp.
8,782
123
Argan,
Inc.
572
457
AZZ,
Inc.
920
143
Bowman
Consulting
Group,
Ltd.(Æ)
3,876
113
Cactus,
Inc.
Class
A
1,772
91
Cardinal
Infrastructure
Group,
Inc.
Class
A(Æ)
2,117
199
Casella
Waste
Systems,
Inc.
Class
A(Æ)
1,979
192
CECO
Environmental
Corp.(Æ)
4,169
378
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
6
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Centuri
Holdings,
Inc.(Æ)
4,888
148
Champion
Homes,
Inc.(Æ)
1,868
165
Comfort
Systems
USA,
Inc.
36
71
Covenant
Logistics
Group,
Inc.
Class
A
6,523
288
Cross
Country
Healthcare,
Inc.(Æ)
11,109
147
Custom
Truck
One
Source,
Inc.(Æ)
12,973
153
Deluxe
Corp.
7,405
177
DHT
Holdings,
Inc.
6,995
116
Ducommun,
Inc.(Æ)
809
150
EMCOR
Group,
Inc.
66
55
ESCO
Technologies,
Inc.
456
160
Everus
Construction
Group,
Inc.(Æ)
839
139
Federal
Signal
Corp.
1,290
166
Flowserve
Corp.
1,142
85
Fluor
Corp.(Æ)
3,961
208
Frontdoor
,
Inc.(Æ)
2,529
196
Frontier
Group
Holdings,
Inc.(Æ)
26,031
206
GPGI,
Inc.
Class
A
5,543
88
Greenbrier
Cos.,
Inc.
(The)
2,717
133
GXO
Logistics,
Inc.(Æ)
2,252
114
Herc
Holdings,
Inc.
Class
W
1,023
147
Holley,
Inc.(Æ)
21,311
54
Hub
Group,
Inc.
Class
A
3,543
155
Huntington
Ingalls
Industries,
Inc.
138
39
Hyster-Yale,
Inc.
2,655
93
Kelly
Services,
Inc.
Class
A
9,037
111
Kforce
,
Inc.
5,270
247
Knight-Swift
Transportation
Holdings,
Inc.
1,275
99
Littelfuse
,
Inc.
382
174
Mama's
Creations,
Inc.(Æ)
11,149
199
Marten
Transport,
Ltd.
15,620
271
Materion
Corp.
783
233
Maximus,
Inc.
1,859
100
Mercury
Systems,
Inc.(Æ)
1,767
216
Mesa
Laboratories,
Inc.
2,182
217
Methode
Electronics,
Inc.
11,125
211
Middleby
Corp.
(The)(Æ)
1,103
190
MillerKnoll
,
Inc.
12,468
255
MSC
Industrial
Direct
Co.,
Inc.
Class
A
905
108
MYR
Group,
Inc.(Æ)
391
196
Park
Aerospace
Corp.
4,445
170
Phinia
,
Inc.
2,410
198
Powell
Industries,
Inc.
538
154
Primoris
Services
Corp.
1,334
132
Priority
Technology
Holdings,
Inc.(Æ)
13,377
89
PROG
Holdings,
Inc.
5,076
237
Radiant
Logistics,
Inc.(Æ)
14,516
137
Regal
Rexnord
Corp.
445
106
Robert
Half,
Inc.
5,079
156
RXO,
Inc.(Æ)
7,927
219
Ryder
System,
Inc.
433
114
Saia,
Inc.(Æ)
385
162
Scorpio
Tankers,
Inc.
2,100
145
Scotts
Miracle-Gro
Co.
(The)
Class
A
2,426
165
Stagwell
,
Inc.(Æ)
22,618
168
Sterling
Infrastructure,
Inc.(Æ)
224
188
Teekay
Tankers,
Ltd.
Class
A
1,891
123
Tennant
Co.
1,160
102
Titan
Machinery,
Inc.(Æ)
4,897
103
TopBuild
Corp.(Æ)
150
53
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Toro
Co.
(The)
896
87
TrueBlue,
Inc.(Æ)
13,633
95
Tutor
Perini
Corp.
1,939
161
V2X,
Inc.(Æ)
2,718
203
Versigent
PLC(Æ)
3,955
166
Werner
Enterprises,
Inc.
6,296
275
ZipRecruiter,
Inc.
Class
A(Æ)
22,802
85
13,392
Technology
-
15.4%
ACM
Research,
Inc.
Class
A(Æ)
2,731
347
Aehr
Test
Systems(Æ)
1,445
139
Agilysys,
Inc.(Æ)
2,126
222
Ambarella,
Inc.(Æ)
1,468
126
Amentum
Holdings,
Inc.(Æ)
6,282
130
Appian
Corp.
Class
A(Æ)
13,686
313
Applied
Optoelectronics,
Inc.(Æ)
875
130
Axcelis
Technologies,
Inc.(Æ)
408
77
Calix,
Inc.(Æ)
2,465
92
Camtek
,
Ltd.(Æ)
604
98
Cargurus
,
Inc.(Æ)
3,482
119
Ciena
Corp.(Æ)
224
110
Cirrus
Logic,
Inc.(Æ)
720
107
Clear
Secure,
Inc.
Class
A
3,816
213
Clearfield,
Inc.(Æ)
3,147
125
Commvault
Systems,
Inc.(Æ)
1,719
244
Consensus
Cloud
Solutions,
Inc.
Class
W(Æ)
4,671
178
Crane
NXT
Co.
7,369
377
DigitalOcean
Holdings,
Inc.(Æ)
1,407
221
Diodes,
Inc.(Æ)
1,824
200
Dropbox,
Inc.
Class
A(Æ)
7,664
210
DXC
Technology
Co.(Æ)
19,809
175
Graham
Corp.(Æ)
1,426
176
Ichor
Holdings,
Ltd.(Æ)
2,092
235
Inspired
Entertainment,
Inc.(Æ)
11,512
95
InterDigital
,
Inc.
572
162
JFrog
,
Ltd.(Æ)
3,621
329
Kopin
Corp.(Æ)
26,143
117
Kulicke
&
Soffa
Industries,
Inc.
1,896
254
LightPath
Technologies,
Inc.
Class
A(Æ)
9,821
161
Lumentum
Holdings,
Inc.(Æ)
171
147
MACOM
Technology
Solutions
Holdings,
Inc.(Æ)
306
116
Manhattan
Associates,
Inc.(Æ)
1,513
211
Maplebear
,
Inc.(Æ)
2,914
138
Marqeta
,
Inc.
Class
A(Æ)
62,399
253
Match
Group,
Inc.
2,914
111
Napco
Security
Technologies,
Inc.
4,056
154
nCino
,
Inc.(Æ)
2,125
35
NCR
Voyix
Corp.(Æ)
13,757
112
nLight
,
Inc.(Æ)
2,009
140
Nutanix,
Inc.
Class
A(Æ)
2,759
141
NVE
Corp.
1,618
169
OneSpan
,
Inc.
16,732
240
Onto
Innovation,
Inc.(Æ)
583
221
Ouster,
Inc.(Æ)
5,314
332
PDF
Solutions,
Inc.(Æ)
7,186
509
Pegasystems,
Inc.
3,475
104
Planet
Labs
PBC(Æ)
7,485
248
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
7
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Playtika
Holding
Corp.
19,292
72
Power
Integrations,
Inc.
1,887
158
PubMatic,
Inc.
Class
A(Æ)
10,262
135
Rambus,
Inc.(Æ)
940
125
Red
Violet,
Inc.(Æ)
2,388
152
Roku,
Inc.(Æ)
1,221
169
Silicon
Motion
Technology
Corp.
-
ADR
1,016
339
SiTime
Corp.(Æ)
217
162
Teradata
Corp.(Æ)
4,357
151
Tower
Semiconductor,
Ltd.(Æ)
110
29
TTM
Technologies,
Inc.(Æ)
607
113
Ultra
Clean
Holdings,
Inc.(Æ)
3,158
450
Varonis
Systems,
Inc.(Æ)
3,728
156
Viavi
Solutions,
Inc.
Class
W(Æ)
3,854
184
Vishay
Intertechnology
,
Inc.
5,159
277
VTEX
Class
A(Æ)
25,805
103
WhiteFiber
,
Inc.(Æ)
5,185
201
Wolfspeed
,
Inc.(Æ)
3,066
148
Workiva,
Inc.(Æ)
2,643
128
Xperi
,
Inc.(Æ)
11,410
94
Zeta
Global
Holdings
Corp.
Class
A(Æ)
8,046
158
12,367
Utilities
-
3.7%
Artesian
Resources
Corp.
Class
A
6,198
211
BKV
Corp.(Æ)
4,672
128
Black
Hills
Corp.
1,919
143
Brookfield
Infrastructure
Corp.
Class
A
3,247
125
California
Resources
Corp.
2,307
122
Chesapeake
Utilities
Corp.
1,501
184
Excelerate
Energy,
Inc.
Class
A
6,095
231
Gulfport
Energy
Corp.(Æ)
702
119
Infinity
Natural
Resources,
Inc.
Class
A(Æ)
6,412
81
Lumen
Technologies,
Inc.(Æ)
24,661
189
MGE
Energy,
Inc.
1,628
133
Northern
Oil
&
Gas,
Inc.
7,711
140
Northwestern
Energy
Group,
Inc.
2,213
158
Permian
Resources
Corp.
Class
A
5,902
109
Portland
General
Electric
Co.
4,027
209
RGC
Resources,
Inc.
3,958
95
Southwest
Gas
Holdings,
Inc.
795
70
Spire,
Inc.
2,470
193
UGI
Corp.
5,641
195
Unitil
Corp.
2,753
145
2,980
Total
Common
Stocks
(cost
$66,070)
80,051
Warrants
and
Rights
-
0.0%
Blueprint
Medicines
Corp.(Æ)(Š)
Rights
5
Total
Warrants
and
Rights
(cost
$—)
Short-Term
Investments
-
0.2%
U.S.
Cash
Management
Fund(@)
119,131
(∞)
119
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Total
Short-Term
Investments
(cost
$119)
119
Total
Investments
-
100.0%
(identified
cost
$66,189)
80,170
Other
Assets
and
Liabilities,
Net
-
0.0%
5
Net
Assets
-
100.0%
80,175
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
8
Russell
Investments
U.S.
Small
Cap
Equity
ETF
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
$
8,301
$
$
$
$
8,301
Consumer
Staples
2,683
2,683
Energy
3,804
3,804
Financial
Services
16,692
16,692
Health
Care
13,634
13,634
Materials
and
Processing
6,198
6,198
Producer
Durables
13,392
13,392
Technology
12,367
12,367
Utilities
2,980
2,980
Warrants
and
Rights
Short-Term
Investments
119
119
Total
Investments
$
80,051
$
$
$
119
$
80,170
(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,
2026,
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,
2026,
if
any,
were
less
than
1%
of
net
assets.
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2026
with
an
underlying
fund
which
is,
or
was,
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
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
157
$
1,523
$
1,561
$
$
$
119
$
3
$
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
International
Developed
Equity
ETF
9
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.1%
Australia
-
3.9%
ALS,
Ltd.
26,323
416
Aristocrat
Leisure,
Ltd.
13,602
577
BHP
Group,
Ltd.
22,029
906
BlueScope
Steel,
Ltd.
14,097
311
Brambles,
Ltd.
35,213
475
Commonwealth
Bank
of
Australia
7,873
897
Computershare,
Ltd.
17,836
473
PLS
Group,
Ltd.(Æ)
85,925
299
Santos,
Ltd.
81,138
405
Westpac
Banking
Corp.
26,652
650
5,409
Austria
-
0.6%
Erste
Group
Bank
AG
4,900
656
Raiffeisen
Bank
International
AG
2,684
171
827
Belgium
-
0.7%
Ageas
SA
3,719
297
Anheuser-Busch
InBev
SA
5,476
455
Proximus
SADP
16,218
108
UCB
SA
613
184
1,044
Brazil
-
0.8%
Ambev
SA
102,207
322
Banco
Bradesco
SA
-
ADR
41,715
145
MercadoLibre,
Inc.(Æ)
66
112
Telefonica
Brasil
SA
33,136
218
Wheaton
Precious
Metals
Corp.
3,309
372
1,169
Canada
-
9.8%
Agnico
Eagle
Mines,
Ltd.
2,604
405
Bank
of
Montreal
3,530
624
Bank
of
Nova
Scotia
(The)
5,793
504
Barrick
Mining
Corp.
13,212
486
Bombardier,
Inc.
Class
B(Æ)
1,133
261
Brookfield
Corp.
9,375
400
Brookfield
Renewable
Corp.
3,797
141
Cameco
Corp.
3,345
341
Cameco
Corp.
Class
A
1,721
175
Canadian
Imperial
Bank
of
Commerce
4,527
521
Canadian
National
Railway
Co.
2,449
292
Canadian
Natural
Resources,
Ltd.
13,065
517
Canadian
Pacific
Kansas
City,
Ltd.
3,957
343
Celestica,
Inc.(Æ)
609
222
Cenovus
Energy,
Inc.
7,405
184
Dollarama,
Inc.
2,246
297
Enbridge,
Inc.
9,375
509
Fortis,
Inc.
4,139
237
Great-West
Lifeco,
Inc.
3,221
205
Intact
Financial
Corp.
1,588
328
Kinross
Gold
Corp.
11,040
261
Magna
International,
Inc.
Class
A
8,329
548
Manulife
Financial
Corp.
11,696
474
National
Bank
of
Canada
1,950
308
Nutrien,
Ltd.
2,672
168
Power
Corp.
of
Canada
3,461
216
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Royal
Bank
of
Canada
5,619
1,164
Shopify,
Inc.
Class
A(Æ)
7,793
891
Stantec,
Inc.
2,306
159
Sun
Life
Financial,
Inc.
4,905
385
Suncor
Energy,
Inc.
7,199
387
TC
Energy
Corp.
5,771
382
Teck
Resources,
Ltd.
Class
B
3,804
227
Toromont
Industries,
Ltd.
1,644
270
Toronto-Dominion
Bank
(The)
7,042
856
13,688
China
-
1.1%
Alibaba
Group
Holding,
Ltd.
36,800
435
SITC
International
Holdings
Co.,
Ltd.
49,000
196
Tencent
Holdings,
Ltd.
12,500
685
Trip.com
Group,
Ltd.
-
ADR(Æ)
4,535
181
1,497
Denmark
-
1.3%
Danske
Bank
A/S
10,868
582
DSV
A/S
1,248
295
H
Lundbeck
A/S
19,532
127
Novo
Nordisk
A/S
Class
B
15,766
758
1,762
Finland
-
0.8%
Nokia
Oyj
57,222
755
Nordea
Bank
Abp
19,798
376
Wartsila
Oyj
Abp
Class
B
1,435
55
1,186
France
-
8.9%
Accor
SA
6,230
362
Airbus
SE
4,102
912
Amundi
SA(Þ)
3,572
343
Arkema
SA
3,555
224
AXA
SA
10,028
503
Ayvens
SA(Þ)
10,647
140
BNP
Paribas
SA
6,911
807
Capgemini
SE
1,950
196
Carrefour
SA
8,731
162
Compagnie
de
Saint-Gobain
SA
3,142
284
Compagnie
Generale
des
Etablissements
Michelin
SCA
13,802
532
Eiffage
SA
2,260
333
Engie
SA
15,445
487
EssilorLuxottica
SA
829
155
Hermes
International
SCA
204
373
Ipsen
SA
1,322
255
L'Oreal
SA
1,250
548
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,476
816
Orange
SA
20,215
381
Publicis
Groupe
SA
5,816
575
Renault
SA
2,796
80
Rexel
SA
Class
H
10,561
461
Safran
SA
2,132
840
Sartorius
Stedim
Biotech
805
167
Societe
Generale
SA
8,652
765
Teleperformance
SE
2,815
148
Thales
SA
932
239
TotalEnergies
SE
11,065
860
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
10
Russell
Investments
International
Developed
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Vallourec
SA(Æ)
8,284
194
Vinci
SA
1,761
257
12,399
Germany
-
6.9%
Allianz
SE
1,405
665
BASF
SE
11,320
605
Bayer
AG
8,466
468
Continental
AG
4,557
376
CTS
Eventim
AG
&
Co.
KGaA
4,522
264
Daimler
Truck
Holding
AG
11,965
577
Deutsche
Bank
AG
9,409
319
Deutsche
Boerse
AG
1,899
518
Deutsche
Telekom
AG
18,369
501
Evonik
Industries
AG
16,224
294
Fresenius
Medical
Care
AG
7,302
330
Fresenius
SE
&
Co.
KGaA
6,602
302
Infineon
Technologies
AG
8,105
756
Mercedes-Benz
Group
AG
2,480
124
Merck
KGaA
1,838
308
Rheinmetall
AG
242
274
SAP
SE
5,400
827
Siemens
AG
2,878
925
Siemens
Energy
AG
3,613
684
Symrise
AG
5,216
523
9,640
Greece
-
0.3%
Eurobank
SA
95,393
454
Hong
Kong
-
1.2%
AIA
Group,
Ltd.
72,000
656
CK
Asset
Holdings,
Ltd.
25,500
143
Prudential
PLC
38,399
511
WH
Group,
Ltd.(Þ)
298,000
315
1,625
India
-
0.2%
HDFC
Bank,
Ltd.
-
ADR
11,773
304
Indonesia
-
0.1%
Bank
Central
Asia
Tbk
PT
613,300
190
Ireland
-
0.8%
Accenture
PLC
Class
A
1,411
175
AIB
Group
PLC
24,775
291
Bank
of
Ireland
Group
PLC
31,728
632
1,098
Israel
-
0.4%
Bank
Leumi
Le-Israel
BM
14,420
323
Elbit
Systems,
Ltd.
188
143
Tower
Semiconductor,
Ltd.(Æ)
484
124
590
Italy
-
3.5%
BPER
Banca
SpA
20,277
318
Davide
Campari-Milano
NV
44,608
278
Enel
SpA
61,512
706
Eni
SpA
17,911
422
FinecoBank
Banca
Fineco
SpA
25,801
647
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Intesa
Sanpaolo
SpA
63,797
437
Leonardo
SpA
3,343
179
Ryanair
Holdings
PLC
-
ADR
4,139
268
Saipem
SpA
88,862
448
UniCredit
SpA
10,366
927
Unipol
Assicurazioni
SpA
9,789
273
4,903
Japan
-
21.6%
Advantest
Corp.
4,500
895
Aeon
Co.,
Ltd.
14,100
116
Alfresa
Holdings
Corp.
14,200
190
Amada
Co.,
Ltd.
14,400
261
Asahi
Group
Holdings,
Ltd.
13,200
126
Asahi
Kasei
Corp.
24,300
268
Bridgestone
Corp.
14,800
310
Chiba
Bank,
Ltd.
(The)
17,400
264
Chugai
Pharmaceutical
Co.,
Ltd.
6,600
306
Dai
Nippon
Printing
Co.,
Ltd.
14,200
258
Daiichi
Life
Group,
Inc.
29,400
322
Daiichi
Sankyo
Co.,
Ltd.
14,200
228
Daikin
Industries,
Ltd.
3,300
501
Denso
Corp.
12,500
144
Disco
Corp.
500
250
Eisai
Co.,
Ltd.
4,400
111
Fast
Retailing
Co.,
Ltd.
1,000
509
FUJIFILM
Holdings
Corp.
13,800
296
Fujikura,
Ltd.
10,100
387
Fujitsu,
Ltd.
11,700
234
Fukuoka
Financial
Group,
Inc.
5,300
223
Hitachi,
Ltd.
25,100
690
Honda
Motor
Co.,
Ltd.
21,200
193
Horiba,
Ltd.
1,400
236
Hoya
Corp.
3,900
622
Isuzu
Motors,
Ltd.
8,000
106
ITOCHU
Corp.
31,400
358
Japan
Airlines
Co.,
Ltd.
8,900
156
Japan
Post
Insurance
Co.,
Ltd.
Class
A
31,600
297
Kajima
Corp.
6,400
231
Keyence
Corp.
1,900
947
Kioxia
Holdings
Corp.(Æ)
1,200
662
Koito
Manufacturing
Co.,
Ltd.
18,200
285
Komatsu,
Ltd.
7,300
282
Kubota
Corp.
32,200
532
MINEBEA
MITSUMI,
Inc.
13,900
407
Mitsubishi
Corp.
13,300
356
Mitsubishi
Electric
Corp.
13,400
484
Mitsubishi
Estate
Co.,
Ltd.
11,800
301
Mitsubishi
Gas
Chemical
Co.,
Inc.
3,800
118
Mitsubishi
Heavy
Industries,
Ltd.
11,700
264
Mitsubishi
UFJ
Financial
Group,
Inc.
49,100
968
Mitsui
&
Co.,
Ltd.
10,400
288
Mitsui
Fudosan
Co.,
Ltd.
30,000
277
Mizuho
Financial
Group,
Inc.
12,700
605
MS&AD
Insurance
Group
Holdings,
Inc.
12,800
334
Murata
Manufacturing
Co.,
Ltd.
12,400
869
Nintendo
Co.,
Ltd.
5,700
239
Nitto
Denko
Corp.
14,700
287
NOF
Corp.
13,200
214
Obayashi
Corp.
6,000
120
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
International
Developed
Equity
ETF
11
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Obic
Co.,
Ltd.
8,000
188
Olympus
Corp.
22,200
232
Oriental
Land
Co.,
Ltd.
12,400
190
ORIX
Corp.
10,200
386
Persol
Holdings
Co.,
Ltd.
140,000
213
Recruit
Holdings
Co.,
Ltd.
4,200
293
Resona
Holdings,
Inc.
49,100
636
Rinnai
Corp.
10,800
236
Rohm
Co.,
Ltd.
6,600
219
Shin-Etsu
Chemical
Co.,
Ltd.
14,100
608
SMC
Corp.
700
307
SoftBank
Corp.
207,200
265
SoftBank
Group
Corp.
16,900
620
Sompo
Holdings,
Inc.
4,500
173
Sony
Group
Corp.
26,000
524
Stanley
Electric
Co.,
Ltd.
9,800
212
Subaru
Corp.
10,200
150
Sumitomo
Corp.
34,000
324
Sumitomo
Metal
Mining
Co.,
Ltd.
2,400
110
Sumitomo
Mitsui
Financial
Group,
Inc.
21,100
824
Sumitomo
Mitsui
Trust
Group,
Inc.
12,700
473
Suntory
Beverage
&
Food,
Ltd.
12,600
348
Sysmex
Corp.
11,200
101
T&D
Holdings,
Inc.
13,700
405
Takeda
Pharmaceutical
Co.,
Ltd.
16,100
510
TDK
Corp.
31,400
689
Tokio
Marine
Holdings,
Inc.
10,600
470
Tokyo
Electron,
Ltd.
3,100
1,471
Toray
Industries,
Inc.
27,000
187
Toyota
Motor
Corp.
32,500
545
Tsuruha
Holdings,
Inc.
12,200
154
Yamato
Holdings
Co.,
Ltd.
8,100
91
30,081
Luxembourg
-
0.2%
ArcelorMittal
SA
1,284
77
RTL
Group
SA
4,125
147
224
Macao
-
0.2%
Galaxy
Entertainment
Group,
Ltd.
61,000
229
Mexico
-
0.1%
America
Movil
SAB
de
CV
-
ADR
7,374
192
Netherlands
-
5.7%
ABN
AMRO
Bank
NV
-
Dutch
Certificates(Þ)
10,191
433
Adyen
NV(Æ)(Þ)
120
112
Argenx
SE(Æ)
403
374
ASM
International
NV
55
63
ASML
Holding
NV
1,962
3,859
Heineken
NV
2,885
243
ING
Groep
NV
30,054
950
Koninklijke
Ahold
Delhaize
NV
6,889
277
Koninklijke
Philips
NV
14,239
386
Magnum
Ice
Cream
Co.
NV
(The)(Æ)
12,906
225
NN
Group
NV
5,249
460
Randstad
NV
7,460
215
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Universal
Music
Group
NV
19,611
411
8,008
Norway
-
0.4%
Equinor
ASA
Class
N
15,645
496
Portugal
-
0.2%
EDP
SA
40,189
210
Singapore
-
1.2%
DBS
Group
Holdings,
Ltd.
6,300
318
Grab
Holdings,
Ltd.
Class
A(Æ)
82,230
310
Oversea-Chinese
Banking
Corp.,
Ltd.
17,500
335
Sea,
Ltd.
-
ADR(Æ)
3,516
337
Singapore
Technologies
Engineering,
Ltd.
24,900
200
STMicroelectronics
NV
1,568
116
United
Overseas
Bank,
Ltd.
1,500
46
1,662
South
Africa
-
0.3%
Anglo
American
PLC
4,473
219
Old
Mutual,
Ltd.
181,336
149
368
South
Korea
-
1.3%
Samsung
Electronics
Co.,
Ltd.
129
28
Shinhan
Financial
Group
Co.,
Ltd.
4,403
272
SK
Hynix,
Inc.
594
1,016
SK
Square
Co.,
Ltd.
199
218
SK
Telecom
Co.,
Ltd.
3,733
213
1,747
Spain
-
1.8%
ACS
Actividades
de
Construccion
y
Servicios
SA
653
96
Banco
Santander
SA
64,145
886
Iberdrola
SA
26,134
652
Industria
de
Diseno
Textil
SA
8,793
554
Mapfre
SA
24,208
120
Repsol
SA
6,666
167
2,475
Sweden
-
1.8%
Assa
Abloy
AB
Class
B
7,169
253
Atlas
Copco
AB
Class
A
21,689
439
Atlas
Copco
AB
Class
B
14,737
261
Boliden
AB
1,391
78
Epiroc
AB
Class
B
7,675
178
Industrivarden
AB
Class
A
4,661
261
Investor
AB
Class
B
4,746
197
SKF
AB
Class
B
10,544
271
Tele2
AB
Class
B
3,726
65
Telefonaktiebolaget
LM
Ericsson
Class
B
31,866
355
Trelleborg
AB
Class
B
2,088
87
2,445
Switzerland
-
4.7%
ABB,
Ltd.
7,766
842
Compagnie
Financiere
Richemont
SA
Class
A
2,876
664
Galderma
Group
AG
1,876
427
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
12
Russell
Investments
International
Developed
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Julius
Baer
Group,
Ltd.
4,736
409
Logitech
International
SA
2,942
276
Lonza
Group
AG
824
556
Nestle
SA
8,605
885
Swatch
Group
AG
(The)
Class
B
920
225
UBS
Group
AG
37,117
1,840
Zurich
Insurance
Group
AG
572
424
6,548
Taiwan
-
1.9%
Delta
Electronics,
Inc.
3,000
184
Hon
Hai
Precision
Industry
Co.,
Ltd.
15,000
118
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
4,818
2,301
2,603
Thailand
-
0.1%
Kasikornbank
PCL
-
NVDR
24,800
163
United
Arab
Emirates
-
0.1%
First
Abu
Dhabi
Bank
PJSC
45,638
211
United
Kingdom
-
9.7%
3i
Group
PLC
9,502
313
AstraZeneca
PLC
6,606
1,236
Barclays
PLC
68,835
463
British
American
Tobacco
PLC
17,033
1,057
BT
Group
PLC
67,189
169
CK
Hutchison
Holdings,
Ltd.
Class
B
29,000
245
Compass
Group
PLC
19,004
614
Diageo
PLC
10,265
207
Diploma
PLC
4,993
472
GSK
PLC
46,212
1,214
HSBC
Holdings
PLC
84,376
1,601
ICG
PLC
5,701
128
Imperial
Brands
PLC
4,595
170
Intertek
Group
PLC
4,779
368
J
Sainsbury
PLC
82,762
351
Kingfisher
PLC
77,817
292
National
Grid
PLC
17,614
292
NatWest
Group
PLC
15,964
141
Reckitt
Benckiser
Group
PLC
13,342
869
RELX
PLC
12,393
389
Rolls-Royce
Holdings
PLC
43,158
827
Smith
&
Nephew
PLC
10,264
149
Standard
Chartered
PLC
24,807
672
Subsea
7
SA
5,431
185
Tesco
PLC
42,724
260
Unilever
PLC
6,581
395
United
Utilities
Group
PLC
9,903
172
Verisure
PLC(Æ)
16,827
188
Weir
Group
PLC
(The)
4,734
151
13,590
United
States
-
6.5%
Aegon,
Ltd.
24,696
210
AP
Moller
-
Maersk
A/S
Class
A
35
81
AP
Moller
-
Maersk
A/S
Class
B
43
102
BP
PLC
92,542
573
Experian
PLC
11,035
372
Haleon
PLC
114,595
529
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Linde
PLC
992
515
Medtronic
PLC
1,479
116
Novartis
AG
7,438
1,165
Roche
Holding
AG
3,923
1,622
Sanofi
SA
9,400
806
Schneider
Electric
SE
4,145
1,352
Shell
PLC
34,502
1,342
Spotify
Technology
SA(Æ)
698
321
9,106
Total
Common
Stocks
(cost
$117,687)
138,143
Preferred
Stocks
-
0.6%
Germany
-
0.6%
Dr
Ing
hc
F
Porsche
AG
2.248%
(Ÿ)(Þ)
3,714
185
Henkel
AG
&
Co.
KGaA
2.903%
(Ÿ)
2,554
215
Porsche
Automobil
Holding
SE
5.639%
(Ÿ)
5,892
181
Volkswagen
AG
6.666%
(Ÿ)
2,348
188
769
Total
Preferred
Stocks
(cost
$856)
769
Warrants
and
Rights
-
0.0%
Spain
-
0.0%
ACS
Actividades
de
Construccion
y
Servicios
SA(Æ)
Rights
653
1
Total
Warrants
and
Rights
(cost
$2)
1
Short-Term
Investments
-
0.0%
United
States
-
0.0%
U.S.
Cash
Management
Fund(@)
38,926
(∞)
39
Total
Short-Term
Investments
(cost
$39)
39
Total
Investments
-
99.7%
(identified
cost
$118,584)
138,952
Other
Assets
and
Liabilities,
Net
-
0.3%
483
Net
Assets
-
100.0%
139,435
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
International
Developed
Equity
ETF
13
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
1.1%
ABN
AMRO
Bank
NV
05/13/25
EUR
10,191
28
.33
289
433
Adyen
NV
02/09/26
EUR
120
1,051
.16
126
112
Amundi
SA
06/12/25
EUR
3,572
77
.12
276
343
Ayvens
SA
09/25/25
EUR
10,647
12
.12
129
140
Dr
Ing
hc
F
Porsche
AG
04/10/26
EUR
3,714
47
.12
175
185
WH
Group,
Ltd.
05/13/25
HKD
298,000
1
.00
298
315
1,528
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
$
5,409
$
$
$
$
5,409
Austria
827
827
Belgium
1,044
1,044
Brazil
1,169
1,169
Canada
13,688
13,688
China
1,497
1,497
Denmark
1,762
1,762
Finland
1,186
1,186
France
12,399
12,399
Germany
9,640
9,640
Greece
454
454
Hong
Kong
1,625
1,625
India
304
304
Indonesia
190
190
Ireland
1,098
1,098
Israel
590
590
Italy
4,903
4,903
Japan
30,081
30,081
Luxembourg
224
224
Macao
229
229
Mexico
192
192
Netherlands
8,008
8,008
Norway
496
496
Portugal
210
210
Singapore
1,662
1,662
South
Africa
368
368
South
Korea
1,747
1,747
Spain
2,475
2,475
Sweden
2,445
2,445
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
14
Russell
Investments
International
Developed
Equity
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Switzerland
6,548
6,548
Taiwan
2,603
2,603
Thailand
163
163
United
Arab
Emirates
211
211
United
Kingdom
13,590
13,590
United
States
9,106
9,106
Preferred
Stocks
769
769
Warrants
and
Rights
1
1
Short-Term
Investments
39
39
Total
Investments
$
138,913
$
$
$
39
$
138,952
(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,
2026,
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,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
....................................................................
15,888
11
.4
Consumer
Staples
...............................................................................
7,536
5
.4
Energy
................................................................................................
7,232
5
.2
Financial
Services
..............................................................................
39,812
28
.6
Health
Care
........................................................................................
13,080
9
.4
Materials
and
Processing
...................................................................
11,784
8
.5
Producer
Durables
..............................................................................
17,609
12
.6
Technology
.........................................................................................
19,003
13
.6
Utilities
...............................................................................................
6,199
4
.4
Preferred
Stocks
Consumer
Discretionary
....................................................................
554
0
.4
Consumer
Staples
...............................................................................
215
0
.2
Warrants
and
Rights
...................................................................
1
**
Short-Term
Investments
.............................................................
39
**
Total
Investments
...............................................................................
138,952
99
.7
**
Less
than
.05%
of
net
assets.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
International
Developed
Equity
ETF
15
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2026
with
an
underlying
fund
which
is,
or
was,
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
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
570
$
5,468
$
5,999
$
$
$
39
$
5
$
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
16
Russell
Investments
Global
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
97.3%
Australia
-
0.1%
Brambles,
Ltd.
18,134
245
Santos,
Ltd.
45,963
229
474
Austria
-
0.6%
ams-OSRAM
AG(Æ)
32,098
693
Erste
Group
Bank
AG
2,977
398
Mondi
PLC
11,062
100
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
9,820
723
1,914
Belgium
-
0.3%
Ageas
SA
7,739
619
Proximus
SADP
73,047
488
1,107
Brazil
-
0.8%
Ambev
SA
139,379
440
Banco
Bradesco
SA
-
ADR
163,131
566
Lojas
Renner
SA
151,001
432
MercadoLibre,
Inc.(Æ)
321
545
Telefonica
Brasil
SA
61,314
403
Ultrapar
Participacoes
SA
64,976
328
2,714
Canada
-
1.1%
Barrick
Mining
Corp.
16,614
611
Canadian
Imperial
Bank
of
Commerce
4,031
464
Canadian
Natural
Resources,
Ltd.
5,432
215
Enbridge,
Inc.
8,765
475
Nutrien,
Ltd.
3,320
209
Royal
Bank
of
Canada
3,389
702
Toromont
Industries,
Ltd.
2,240
368
Toronto-Dominion
Bank
(The)
5,301
645
3,689
China
-
0.7%
Alibaba
Group
Holding,
Ltd.
-
ADR
2,543
244
Baidu,
Inc.
Class
A(Æ)
18,150
254
China
Mengniu
Dairy
Co.,
Ltd.
141,000
289
PDD
Holdings,
Inc.
-
ADR(Æ)
3,292
251
Tencent
Holdings,
Ltd.
13,900
762
Trip.com
Group,
Ltd.
-
ADR(Æ)
10,833
431
2,231
Denmark
-
0.6%
Demant
A/S(Æ)
6,629
272
Genmab
A/S(Æ)
414
114
H
Lundbeck
A/S
111,377
723
Novo
Nordisk
A/S
Class
B
20,182
970
2,079
Finland
-
0.4%
Nokia
Oyj
95,260
1,258
Wartsila
Oyj
Abp
Class
B
4,296
164
1,422
France
-
3.2%
Accor
SA
10,786
627
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Airbus
SE
4,376
973
Arkema
SA
3,844
242
BNP
Paribas
SA
10,271
1,199
Carrefour
SA
31,576
586
Compagnie
de
Saint-Gobain
SA
2,566
232
Eiffage
SA
4,905
724
Engie
SA
13,816
436
EssilorLuxottica
SA
1,918
359
Hermes
International
SCA
156
285
Legrand
SA
2,897
489
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,277
706
Orange
SA
30,273
571
Societe
Generale
SA
12,223
1,081
Sodexo
SA
6,451
373
TotalEnergies
SE
16,061
1,248
Valeo
SE
35,735
523
10,654
Germany
-
2.9%
Aumovio
SE(Æ)
19,066
784
BASF
SE
7,007
375
Beiersdorf
AG
4,377
377
Brenntag
SE
6,929
421
Continental
AG
4,629
382
Daimler
Truck
Holding
AG
13,868
669
Deutsche
Telekom
AG
10,224
279
Evonik
Industries
AG
18,101
328
Fresenius
SE
&
Co.
KGaA
8,934
408
Henkel
AG
&
Co.
KGaA
54
4
Infineon
Technologies
AG
14,852
1,386
LEG
Immobilien
SE
6,609
417
Rheinmetall
AG
300
339
Siemens
AG
2,664
856
Siemens
Energy
AG
1,693
321
Siemens
Healthineers
AG(Þ)
13,908
543
Symrise
AG
10,186
1,022
Wacker
Chemie
AG(Æ)
3,715
386
Zalando
SE(Æ)(Þ)
15,534
450
9,747
Hong
Kong
-
0.8%
AIA
Group,
Ltd.
132,600
1,208
CK
Asset
Holdings,
Ltd.
81,000
456
Prudential
PLC
50,446
671
WH
Group,
Ltd.(Þ)
62,000
66
Yue
Yuen
Industrial
Holdings,
Ltd.
165,500
258
2,659
India
-
0.2%
HDFC
Bank,
Ltd.
-
ADR
31,015
801
Indonesia
-
0.1%
Bank
Negara
Indonesia
Persero
Tbk
PT
1,035,500
183
Ireland
-
0.6%
Accenture
PLC
Class
A
6,275
781
AIB
Group
PLC
46,427
545
Bank
of
Ireland
Group
PLC
26,976
537
1,863
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Global
Equity
ETF
17
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Israel
-
0.1%
Bank
Leumi
Le-Israel
BM
7,992
179
Italy
-
0.9%
BPER
Banca
SpA
30,590
480
Eni
SpA
19,369
456
Ryanair
Holdings
PLC
-
ADR
10,881
705
UniCredit
SpA
7,633
683
Unipol
Assicurazioni
SpA
22,314
622
2,946
Japan
-
7.0%
Advantest
Corp.
3,400
676
Alfresa
Holdings
Corp.
44,300
592
Amada
Co.,
Ltd.
38,100
692
ARCHION
Corp.(Æ)
199,300
354
Chiba
Bank,
Ltd.
(The)
38,300
581
Daiichi
Life
Group,
Inc.
41,100
450
Dentsu
Group,
Inc.(Æ)
15,800
301
Eisai
Co.,
Ltd.
3,800
96
Hakuhodo
DY
Holdings,
Inc.
74,300
524
Hitachi,
Ltd.
10,600
291
Honda
Motor
Co.,
Ltd.
54,700
498
Horiba,
Ltd.
4,000
674
Hoya
Corp.
5,200
830
Isuzu
Motors,
Ltd.
20,600
272
Japan
Post
Insurance
Co.,
Ltd.
Class
A
39,200
368
JGC
Holdings
Corp.
43,500
670
Keyence
Corp.
1,800
897
Koito
Manufacturing
Co.,
Ltd.
46,400
728
Kubota
Corp.
36,600
605
Kuraray
Co.,
Ltd.
34,400
353
Mitsubishi
Electric
Corp.
8,400
304
Mitsubishi
Estate
Co.,
Ltd.
22,700
579
Mitsubishi
Gas
Chemical
Co.,
Inc.
18,800
586
Mitsubishi
UFJ
Financial
Group,
Inc.
10,700
211
Mitsui
Fudosan
Co.,
Ltd.
10,500
97
Mizuho
Financial
Group,
Inc.
2,800
133
Nikon
Corp.
41,700
582
ORIX
Corp.
6,100
231
Persol
Holdings
Co.,
Ltd.
390,200
594
Resona
Holdings,
Inc.
41,800
541
Rinnai
Corp.
35,900
786
Rohm
Co.,
Ltd.
20,500
679
Sega
Sammy
Holdings,
Inc.
34,800
472
Shin-Etsu
Chemical
Co.,
Ltd.
16,700
720
Stanley
Electric
Co.,
Ltd.
25,100
543
Subaru
Corp.
16,900
248
Sumitomo
Heavy
Industries,
Ltd.
16,500
513
Sumitomo
Mitsui
Financial
Group,
Inc.
28,300
1,105
Sumitomo
Mitsui
Trust
Group,
Inc.
19,200
715
Sysmex
Corp.
42,200
382
T&D
Holdings,
Inc.
27,600
816
Taiheiyo
Cement
Corp.
9,400
230
Takeda
Pharmaceutical
Co.,
Ltd.
14,800
469
THK
Co.,
Ltd.
12,600
567
Tokyo
Century
Corp.
20,000
307
Tsuruha
Holdings,
Inc.
18,900
239
Yamato
Holdings
Co.,
Ltd.
28,900
326
23,427
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Luxembourg
-
0.2%
RTL
Group
SA
20,229
720
Mexico
-
0.1%
America
Movil
SAB
de
CV
-
ADR
17,119
445
Netherlands
-
2.4%
ABN
AMRO
Bank
NV
-
Dutch
Certificates(Þ)
17,528
745
Argenx
SE(Æ)
646
599
ASML
Holding
NV
1,300
2,557
Heineken
NV
9,673
813
ING
Groep
NV
47,270
1,495
Koninklijke
Philips
NV
10,440
283
NN
Group
NV
8,137
713
Randstad
NV
11,722
338
Universal
Music
Group
NV
30,860
646
8,189
Norway
-
0.2%
Norsk
Hydro
ASA
8,253
75
Wallenius
Wilhelmsen
ASA
48,407
642
717
Singapore
-
0.1%
United
Overseas
Bank,
Ltd.
16,000
492
South
Africa
-
0.4%
Anglo
American
PLC
8,152
400
MTN
Group,
Ltd.
30,575
425
Old
Mutual,
Ltd.
468,884
384
1,209
South
Korea
-
1.9%
Hankook
Tire
&
Technology
Co.,
Ltd.
6,992
279
Hyundai
Mobis
Co.,
Ltd.
1,626
525
KB
Financial
Group,
Inc.
6,137
630
KT
Corp.
-
ADR
21,705
375
Samsung
Electronics
Co.,
Ltd.
12,426
2,679
Shinhan
Financial
Group
Co.,
Ltd.
14,343
887
SK
Hynix,
Inc.
241
412
SK
Telecom
Co.,
Ltd.
9,033
515
6,302
Spain
-
0.3%
Industria
de
Diseno
Textil
SA
13,291
837
Mapfre
SA
70,972
351
1,188
Sweden
-
0.7%
Industrivarden
AB
Class
A
6,568
368
Investor
AB
Class
B
6,073
252
SKF
AB
Class
B
24,204
621
Telefonaktiebolaget
LM
Ericsson
Class
B
93,072
1,038
2,279
Switzerland
-
1.9%
Adecco
Group
AG
6,657
123
Compagnie
Financiere
Richemont
SA
Class
A
3,302
762
Galderma
Group
AG
2,231
508
Logitech
International
SA
6,511
610
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
18
Russell
Investments
Global
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Nestle
SA
7,228
743
SFS
Group
AG
3,796
626
Sonova
Holding
AG
2,701
642
Swatch
Group
AG
(The)
Class
B
2,043
500
Temenos
AG
5,781
473
UBS
Group
AG
28,237
1,400
6,387
Taiwan
-
1.6%
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
11,559
5,520
Thailand
-
0.2%
Kasikornbank
PCL
-
NVDR
117,300
770
United
Kingdom
-
5.3%
AstraZeneca
PLC
6,859
1,288
BAE
Systems
PLC
12,695
310
British
American
Tobacco
PLC
19,055
1,182
British
Land
Co.
PLC
(The)(ö)
69,032
379
BT
Group
PLC
185,368
467
Burberry
Group
PLC(Æ)
23,422
330
CK
Hutchison
Holdings,
Ltd.
Class
B
61,000
515
Compass
Group
PLC
18,035
582
DCC
PLC
6,301
522
easyJet
PLC
121,865
903
GSK
PLC
43,156
1,134
HSBC
Holdings
PLC
73,235
1,390
International
Consolidated
Airlines
Group
SA
70,709
448
J
Sainsbury
PLC
80,595
342
Kingfisher
PLC
111,310
418
Land
Securities
Group
PLC(ö)
52,738
455
Lloyds
Banking
Group
PLC
713,050
1,051
NatWest
Group
PLC
108,797
963
Reckitt
Benckiser
Group
PLC
18,312
1,193
Rolls-Royce
Holdings
PLC
27,187
521
Standard
Chartered
PLC
43,315
1,173
Subsea
7
SA
26,888
918
TechnipFMC
PLC
6,636
440
Unilever
PLC
12,627
758
WPP
PLC
69,276
217
17,899
United
States
-
61.6%
AbbVie,
Inc.
4,431
1,115
Adobe,
Inc.(Æ)
1,400
287
Advanced
Micro
Devices,
Inc.(Æ)
4,446
2,583
Airbnb,
Inc.
Class
A(Æ)
11,436
1,637
Albemarle
Corp.
1,676
226
Alphabet,
Inc.
Class
A
13,494
4,822
Alphabet,
Inc.
Class
C
28,582
10,099
Amazon.com,
Inc.(Æ)
39,381
9,386
American
Express
Co.
2,619
886
American
Tower
Corp.(ö)
3,991
653
AMETEK,
Inc.
2,779
672
Analog
Devices,
Inc.
2,553
1,014
AP
Moller
-
Maersk
A/S
Class
A
189
436
APi
Group
Corp.(Æ)
9,590
406
Apple,
Inc.
46,772
13,534
Applied
Materials,
Inc.
6,796
4,914
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Archer-Daniels-Midland
Co.
5,757
440
Arista
Networks,
Inc.(Æ)
4,807
817
Axon
Enterprise,
Inc.(Æ)
863
484
Baker
Hughes
Co.
20,738
1,151
Bank
of
America
Corp.
37,786
2,153
Berkshire
Hathaway,
Inc.
Class
B(Æ)
3,614
1,808
Blackstone,
Inc.
Class
A
4,125
485
Booking
Holdings,
Inc.
7,060
1,258
BP
PLC
119,920
743
Bristol-Myers
Squibb
Co.
13,863
799
Broadcom,
Inc.
17,158
6,481
Capital
One
Financial
Corp.
7,560
1,517
Cardinal
Health,
Inc.
2,761
656
Caterpillar,
Inc.
940
1,001
Charles
Schwab
Corp.
(The)
19,801
1,827
Chevron
Corp.
5,972
990
Chipotle
Mexican
Grill,
Inc.
Class
A(Æ)
24,490
833
Cigna
Group
(The)
4,746
1,308
Cintas
Corp.
2,979
507
Cisco
Systems,
Inc.
8,157
958
Citigroup,
Inc.
9,044
1,266
CME
Group,
Inc.
Class
A
6,286
1,388
Coca-Cola
Consolidated,
Inc.
2,940
561
Colgate-Palmolive
Co.
5,364
492
Corning,
Inc.
2,469
631
Costco
Wholesale
Corp.
1,325
1,240
Datadog,
Inc.
Class
A(Æ)
3,035
790
Delta
Air
Lines,
Inc.
12,608
1,181
Dexcom,
Inc.(Æ)
13,754
926
Dollar
General
Corp.
6,028
694
DoorDash,
Inc.
Class
A(Æ)
2,611
482
Dynatrace,
Inc.(Æ)
11,816
519
Eaton
Corp.
PLC
1,066
454
EchoStar
Corp.
Class
A(Æ)
2,105
214
Edison
International
2,350
175
Elevance
Health,
Inc.
3,330
1,288
Eli
Lilly
&
Co.
2,734
3,279
EMCOR
Group,
Inc.
793
658
EQT
Corp.
9,547
508
Equifax,
Inc.
5,083
807
Exxon
Mobil
Corp.
10,886
1,488
FedEx
Corp.
1,934
606
Fortinet,
Inc.(Æ)
3,858
593
Fox
Corp.
Class
A
987
51
Fox
Corp.
Class
B
9,021
423
GE
Vernova,
Inc.
1,028
1,208
General
Dynamics
Corp.
3,370
1,194
General
Electric
Co.
3,616
1,351
General
Motors
Co.
10,151
782
Gilead
Sciences,
Inc.
584
74
Goldman
Sachs
Group,
Inc.
(The)
1,406
1,422
Haleon
PLC
272,610
1,257
HCA
Healthcare,
Inc.
3,896
1,519
Home
Depot,
Inc.
(The)
484
171
Howmet
Aerospace,
Inc.
2,118
569
IDEXX
Laboratories,
Inc.(Æ)
1,056
556
Intel
Corp.(Æ)
7,420
1,036
Intuit,
Inc.
2,725
711
Intuitive
Surgical,
Inc.(Æ)
1,859
739
Johnson
&
Johnson
7,424
1,885
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Global
Equity
ETF
19
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
JPMorgan
Chase
&
Co.
7,910
2,589
Lam
Research
Corp.
4,523
1,960
Las
Vegas
Sands
Corp.
6,387
295
Linde
PLC
3,685
1,912
Lockheed
Martin
Corp.
1,613
822
MasTec,
Inc.(Æ)
1,539
640
Mastercard,
Inc.
Class
A
5,455
2,802
Merck
&
Co.,
Inc.
10,868
1,397
Meta
Platforms,
Inc.
Class
A
9,332
5,257
MetLife,
Inc.
8,674
734
Micron
Technology,
Inc.
3,026
3,493
Microsoft
Corp.
22,769
8,493
Monster
Beverage
Corp.(Æ)
7,956
765
Morgan
Stanley
3,806
796
Netflix,
Inc.
Class
B(Æ)
14,827
1,059
Northern
Trust
Corp.
2,637
458
Northrop
Grumman
Corp.
1,719
876
Novartis
AG
7,195
1,127
NVIDIA
Corp.
79,489
15,905
Oracle
Corp.
4,744
695
Palantir
Technologies,
Inc.
Class
A(Æ)
6,681
779
Parker-Hannifin
Corp.
802
784
Pfizer,
Inc.
23,699
571
PG&E
Corp.
40,072
674
Philip
Morris
International,
Inc.
6,875
1,244
Procter
&
Gamble
Co.
(The)
8,671
1,272
Progressive
Corp.
(The)
2,764
604
Roche
Holding
AG
4,679
1,930
Roivant
Sciences,
Ltd.(Æ)
16,617
588
Ross
Stores,
Inc.
2,844
605
RTX
Corp.
7,062
1,340
Salesforce,
Inc.
3,863
605
Sanofi
SA
8,151
699
Schneider
Electric
SE
5,712
1,863
Seagate
Technology
Holdings
PLC
2,879
2,778
Shell
PLC
35,685
1,388
Snowflake,
Inc.
Class
A(Æ)
2,272
578
Spotify
Technology
SA(Æ)
568
261
Starbucks
Corp.
8,347
853
Take-Two
Interactive
Software,
Inc.(Æ)
1,497
374
Teradyne,
Inc.
1,723
834
Tesla,
Inc.(Æ)
5,833
2,453
TJX
Cos.,
Inc.
(The)
6,905
1,046
TransDigm
Group,
Inc.
981
1,307
Tyson
Foods,
Inc.
Class
A
4,350
249
Uber
Technologies,
Inc.(Æ)
16,854
1,216
Ulta
Beauty,
Inc.(Æ)
1,408
635
United
Airlines
Holdings,
Inc.(Æ)
6,097
829
UnitedHealth
Group,
Inc.
6,396
2,658
Vertex
Pharmaceuticals,
Inc.(Æ)
2,718
1,350
Vertiv
Holdings
Co.
Class
A
4,398
1,473
VICI
Properties,
Inc.(ö)
11,992
318
Viking
Holdings,
Ltd.(Æ)
6,236
653
Visa,
Inc.
Class
A
4,880
1,674
Walmart,
Inc.
9,784
1,108
Waste
Management,
Inc.
4,462
995
Wells
Fargo
&
Co.
10,456
864
Welltower,
Inc.(ö)
4,882
1,108
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Western
Digital
Corp.
974
622
207,331
Total
Common
Stocks
(cost
$275,275)
327,537
Preferred
Stocks
-
0.4%
Germany
-
0.4%
Henkel
AG
&
Co.
KGaA
2.903%
(Ÿ)
9,110
766
Volkswagen
AG
6.666%
(Ÿ)
5,419
434
1,200
Total
Preferred
Stocks
(cost
$1,308)
1,200
Short-Term
Investments
-
0.8%
United
States
-
0.8%
U.S.
Cash
Management
Fund(@)
2,826,842
(∞)
2,826
Total
Short-Term
Investments
(cost
$2,826)
2,826
Total
Investments
-
98.5%
(identified
cost
$279,409)
331,563
Other
Assets
and
Liabilities,
Net
-
1.5%
5,217
Net
Assets
-
100.0%
336,780
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
20
Russell
Investments
Global
Equity
ETF
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
0.5%
ABN
AMRO
Bank
NV
06/11/25
EUR
17,528
30.13
528
745
Siemens
Healthineers
AG
02/24/26
EUR
13,908
43.21
601
543
WH
Group,
Ltd.
05/29/25
HKD
62,000
0.94
58
66
Zalando
SE
02/24/26
EUR
15,534
25.74
400
450
1,804
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
21
USD
3,198
09/26
82
S&P
500
E-Mini
Index
Futures
72
USD
27,174
09/26
176
S&P/TSX
60
Index
Futures
15
CAD
6,167
09/26
2
SPI
200
Index
Futures
11
AUD
2,413
09/26
(28)
Short
Positions
CAC40
Euro
Index
Futures
52
EUR
4,373
07/26
27
DAX
Index
Futures
6
EUR
3,770
09/26
17
EURO
STOXX
50
Index
Futures
41
EUR
2,606
09/26
(42)
FTSE
100
Index
Futures
61
GBP
6,430
09/26
(56)
FTSE/MIB
Index
Futures
6
EUR
1,556
09/26
5
Hang
Seng
Index
Futures
4
HKD
4,570
07/26
13
IBEX
35
Index
Futures
10
EUR
1,940
07/26
(38)
MSCI
Emerging
Markets
Index
Futures
34
USD
2,988
09/26
8
MSCI
Singapore
Index
Futures
18
SGD
861
07/26
3
OMXS30
Index
Futures
34
SEK
10,938
07/26
(27)
TOPIX
Index
Futures
8
JPY
320,240
09/26
(74)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
68
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
680
AUD
970
09/16/26
(9)
Bank
of
America
USD
510
JPY
81,160
09/16/26
(8)
Bank
of
America
CHF
1,066
USD
1,350
09/16/26
20
Bank
of
America
DKK
2,800
USD
435
09/16/26
5
Bank
of
America
EUR
2,772
USD
3,216
09/16/26
38
Bank
of
America
GBP
950
USD
1,272
09/16/26
12
BNP
Paribas
USD
679
AUD
970
09/16/26
(8)
BNP
Paribas
USD
510
JPY
81,160
09/16/26
(8)
BNP
Paribas
CHF
1,066
USD
1,350
09/16/26
20
BNP
Paribas
DKK
2,800
USD
435
09/16/26
5
BNP
Paribas
EUR
2,772
USD
3,215
09/16/26
38
BNP
Paribas
GBP
950
USD
1,273
09/16/26
12
Citigroup
USD
680
AUD
970
09/16/26
(9)
Citigroup
USD
510
JPY
81,160
09/16/26
(8)
Citigroup
CHF
1,066
USD
1,350
09/16/26
20
Citigroup
DKK
2,800
USD
435
09/16/26
5
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Global
Equity
ETF
21
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
EUR
2,772
USD
3,219
09/16/26
42
Citigroup
GBP
950
USD
1,273
09/16/26
13
Standard
Chartered
USD
681
AUD
970
09/16/26
(10)
Standard
Chartered
USD
510
JPY
81,160
09/16/26
(7)
Standard
Chartered
CHF
1,066
USD
1,351
09/16/26
21
Standard
Chartered
DKK
2,800
USD
435
09/16/26
6
Standard
Chartered
EUR
2,772
USD
3,219
09/16/26
41
Standard
Chartered
GBP
950
USD
1,274
09/16/26
14
State
Street
USD
680
AUD
970
09/16/26
(9)
State
Street
USD
510
JPY
81,160
09/16/26
(8)
State
Street
CHF
1,066
USD
1,350
09/16/26
20
State
Street
DKK
2,800
USD
435
09/16/26
5
State
Street
EUR
2,772
USD
3,216
09/16/26
39
State
Street
GBP
950
USD
1,273
09/16/26
13
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
305
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Common
Stocks
Australia
$
474
$
$
$
$
474
Austria
1,914
1,914
Belgium
1,107
1,107
Brazil
2,714
2,714
Canada
3,689
3,689
China
2,231
2,231
Denmark
2,079
2,079
Finland
1,422
1,422
France
10,654
10,654
Germany
9,747
9,747
Hong
Kong
2,659
2,659
India
801
801
Indonesia
183
183
Ireland
1,863
1,863
Israel
179
179
Italy
2,946
2,946
Japan
23,427
23,427
Luxembourg
720
720
Mexico
445
445
Netherlands
8,189
8,189
Norway
717
717
Singapore
492
492
South
Africa
1,209
1,209
South
Korea
6,302
6,302
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
22
Russell
Investments
Global
Equity
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Spain
1,188
1,188
Sweden
2,279
2,279
Switzerland
6,387
6,387
Taiwan
5,520
5,520
Thailand
770
770
United
Kingdom
17,899
17,899
United
States
207,331
207,331
Preferred
Stocks
1,200
1,200
Short-Term
Investments
2,826
2,826
Total
Investments
328,737
2,826
331,563
Other
Financial
Instruments
Assets
Futures
Contracts
333
333
Foreign
Currency
Exchange
Contracts
389
389
Liabilities
Futures
Contracts
(265)
(265)
Foreign
Currency
Exchange
Contracts
(84)
(84)
Total
Other
Financial
Instruments
*
$
68
$
305
$
$
$
373
*
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,
2026,
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,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
....................................................................
39,298
11.7
Consumer
Staples
...............................................................................
13,525
4.0
Energy
................................................................................................
12,727
3.8
Financial
Services
..............................................................................
59,659
17.7
Health
Care
........................................................................................
33,849
10.
0
Materials
and
Processing
...................................................................
11,789
3.5
Producer
Durables
..............................................................................
32,253
9.6
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Global
Equity
ETF
23
Technology
.........................................................................................
119,509
35.5
Utilities
...............................................................................................
4,928
1.5
Preferred
Stocks
Consumer
Discretionary
....................................................................
434
0.
2
Consumer
Staples
...............................................................................
766
0.2
Short-Term
Investments
.............................................................
2,826
0.8
Total
Investments
...............................................................................
331,563
98.5
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2026
with
an
underlying
fund
which
is,
or
was,
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
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
2,713
$
25,969
$
25,856
$
$
$
2,826
$
70
$
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
24
Russell
Investments
Emerging
Markets
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.1%
Austria
-
0.2%
Erste
Group
Bank
AG
1,459
195
Brazil
-
5.8%
Allos
SA
42,782
232
Ambev
SA
-
ADR
100,790
316
Axia
Energia
SA
-
ADR
19,942
211
B3
SA
-
Brasil
Bolsa
Balcao
118,169
333
Banco
Bradesco
SA
19,287
59
Banco
Bradesco
SA
-
ADR
81,537
283
Banco
BTG
Pactual
SA
16,924
177
Banco
do
Brasil
SA
46,806
180
C&A
Modas
SA(Æ)
9,847
20
Cia
De
Saneamento
Basico
Do
Estado
De
Sao
Paulo
Sabesp
-
ADR
34,231
198
Cia
Energetica
de
Minas
Gerais
-
ADR
140,281
295
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
12,291
55
Embraer
SA
-
ADR
4,845
309
Hypera
SA
35,635
144
Itau
Unibanco
Holding
SA
-
ADR(Æ)
44,662
365
Localiza
Rent
a
Car
SA
18,789
151
Lojas
Renner
SA
66,751
191
LWSA
SA(Þ)
32,429
25
MercadoLibre
,
Inc.(Æ)
96
163
Motiva
Infraestrutura
de
Mobilidade
SA
28,243
80
NU
Holdings,
Ltd.
Class
A(Æ)
38,818
519
Petroleo
Brasileiro
SA
-
Petrobras
-
ADR
32,336
492
PRIO
SA(Æ)
3,517
35
Raia
Drogasil
SA
47,507
155
TIM
SA
-
ADR
7,641
164
TOTVS
SA
18,346
102
Vale
SA
Class
B
-
ADR
35,544
535
Vibra
Energia
SA
13,390
77
WEG
SA
21,676
197
XP,
Inc.
Class
A
3,769
61
6,124
Canada
-
0.2%
Barrick
Mining
Corp.
5,740
211
China
-
19.6%
AAC
Technologies
Holdings,
Inc.
16,000
87
Advanced
Micro-Fabrication
Equipment,
Inc.
Class
A
4,173
288
Agricultural
Bank
of
China,
Ltd.
Class
A
36,400
33
Airtac
International
Group
3,000
126
Alibaba
Group
Holding,
Ltd.
-
ADR
14,299
1,372
Aluminum
Corp.
of
China,
Ltd.
Class
A
127,600
155
Aluminum
Corp.
of
China,
Ltd.
Class
H
126,000
120
Anta
Sports
Products,
Ltd.
23,200
210
Atour
Lifestyle
Holdings,
Ltd.
-
ADR
4,030
128
Baidu,
Inc.
-
ADR(Æ)
4,226
483
Bank
of
China,
Ltd.
Class
H
409,000
260
Bank
of
Jiangsu
Co.,
Ltd.
Class
A
26,300
42
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.,
Ltd.
Class
A
79,600
139
Bilibili
,
Inc.
Class
Z(Æ)
5,040
85
Budweiser
Brewing
Co.
APAC,
Ltd.(Þ)
74,600
58
BYD
Co.,
Ltd.
Class
H
25,600
236
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
China
Construction
Bank
Corp.
Class
H
616,000
634
China
CSSC
Holdings,
Ltd.
Class
A
7,600
38
China
Galaxy
Securities
Co.,
Ltd.
Class
H
51,000
48
China
Hongqiao
Group,
Ltd.
14,000
36
China
International
Capital
Corp.,
Ltd.
Class
H(Þ)
79,200
212
China
Life
Insurance
Co.,
Ltd.
Class
H
16,000
54
China
Mengniu
Dairy
Co.,
Ltd.
207,000
425
China
Merchants
Bank
Co.,
Ltd.
Class
H
69,000
395
China
Overseas
Land
&
Investment,
Ltd.
145,500
224
China
Pacific
Insurance
Group
Co.,
Ltd.
Class
A
9,300
39
China
Pacific
Insurance
Group
Co.,
Ltd.
Class
H
15,200
52
China
Petroleum
&
Chemical
Corp.
Class
H
238,000
121
China
Resources
Land,
Ltd.
50,000
191
Chongqing
Rural
Commercial
Bank
Co.,
Ltd.
Class
A
44,700
40
Chongqing
Rural
Commercial
Bank
Co.,
Ltd.
Class
H
156,000
115
CITIC
Securities
Co.,
Ltd.
Class
A
29,500
125
CITIC
Securities
Co.,
Ltd.
Class
H
17,500
61
CMOC
Group,
Ltd.
Class
A
16,000
41
CMOC
Group,
Ltd.
Class
H
9,000
17
Consun
Pharmaceutical
Group,
Ltd.
43,000
69
Contemporary
Amperex
Technology
Co.,
Ltd.
Class
A
9,800
568
Contemporary
Amperex
Technology
Co.,
Ltd.
Class
H
3,947
353
DiDi
Global,
Inc.
-
ADR(Æ)
29,706
100
Dongyue
Group,
Ltd.
53,000
129
Eastroc
Beverage
Group
Co,
Ltd.
Class
H
1,100
15
Eoptolink
Technology
Inc.,
Ltd.
Class
A
2,100
188
Fujian
Star-net
Communication
Co.,
Ltd.
Class
A
51,350
145
Full
Truck
Alliance
Co.,
Ltd.
-
ADR
9,736
79
Fuyao
Glass
Industry
Group
Co.,
Ltd.
Class
H(Þ)
6,400
42
Geely
Automobile
Holdings,
Ltd.
61,000
131
GF
Securities
Co.,
Ltd.
Class
A
12,400
43
Great
Wall
Motor
Co.,
Ltd.
Class
H
98,000
110
Guizhou
Qianyuan
Power
Co,
Ltd.
Class
A
48,500
135
Guoquan
Food
(Shanghai)
Co.,
Ltd.
Class
H
184,400
44
Guosen
Securities
Co.,
Ltd.
Class
A
72,700
107
Guotai
Haitong
Securities
Co.,
Ltd.
Class
H(Þ)
34,200
65
H
World
Group,
Ltd.
-
ADR
4,451
186
Haier
Smart
Home
Co.,
Ltd.
Class
H
100,200
255
Hansoh
Pharmaceutical
Group
Co.,
Ltd.
(Þ)
22,000
83
Hisense
Visual
Technology
Co.,
Ltd.
Class
A
34,900
143
Huaming
Power
Equipment
Co.,
Ltd.
Class
A
38,400
107
Huatai
Securities
Co.,
Ltd.
Class
A
18,300
56
Huatai
Securities
Co.,
Ltd.
Class
H(Þ)
31,800
68
Huaxia
Bank
Co.,
Ltd.
Class
A
64,900
61
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Emerging
Markets
Equity
ETF
25
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Huishang
Bank
Corp.,
Ltd.
Class
H
235,000
129
Industrial
&
Commercial
Bank
of
China,
Ltd.
Class
H
438,000
359
Innovent
Biologics,
Inc.(Æ)(Þ)
17,500
178
JD
Health
International,
Inc.(Æ)(Þ)
13,400
56
JD.com,
Inc.
-
ADR
9,145
233
Jiangsu
Hengli
Hydraulic
Co.,
Ltd.
Class
A
5,700
90
Jiangsu
Hengrui
Pharmaceuticals
Co.,
Ltd.
Class
A
5,900
45
Jinduicheng
Molybdenum
Co.,
Ltd.
Class
A
10,600
44
Laopu
Gold
Co.,
Ltd.
Class
H
800
35
Leader
Harmonious
Drive
Systems
Co.,
Ltd.
Class
A
1,466
90
Li
Ning
Co.,
Ltd.
100,000
188
Longfor
Group
Holdings,
Ltd.(Þ)
86,500
66
Meituan
Class
B(Æ)(Þ)
20,000
175
Montage
Technology
Co.,
Ltd.
Class
A
619
28
NAURA
Technology
Group
Co.,
Ltd.
Class
A
400
52
NetEase,
Inc.
-
ADR
2,770
355
New
Oriental
Education
&
Technology
Group,
Inc.
6,200
28
PDD
Holdings,
Inc.
-
ADR(Æ)
4,337
331
PetroChina
Co.,
Ltd.
Class
H
176,000
190
PICC
Property
&
Casualty
Co.,
Ltd.
Class
H
96,000
175
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
H
87,000
566
Piotech
,
Inc.
Class
A(Š)
1,139
140
Pop
Mart
International
Group,
Ltd.(Þ)
200
4
Qinghai
Salt
Lake
Industry
Co.,
Ltd.
Class
A(Æ)
18,600
83
Sany
Heavy
Industry
Co.,
Ltd.
Class
H
20,181
48
Shandong
Weigao
Group
Medical
Polymer
Co.,
Ltd.
Class
H
204,000
82
Shengyi
Technology
Co.,
Ltd.
Class
A
3,400
87
Shenzhou
International
Group
Holdings,
Ltd.
34,400
173
Sieyuan
Electric
Co.,
Ltd.
Class
A
3,800
97
Sino
Biopharmaceutical,
Ltd.
140,000
79
Sinopec
Engineering
Group
Co.,
Ltd.
Class
H
121,500
76
Sunny
Optical
Technology
Group
Co.,
Ltd.
18,600
145
SY
Holdings
Group,
Ltd.(Þ)
143,000
139
TAL
Education
Group
-
ADR
4,363
42
Tencent
Holdings,
Ltd.
48,500
2,658
Trip.com
Group,
Ltd.
-
ADR(Æ)
456
18
Vipshop
Holdings,
Ltd.
-
ADR
6,661
88
Weichai
Power
Co.,
Ltd.
Class
H
106,000
461
Western
Mining
Co.,
Ltd.
Class
A
9,200
37
Wilmar
International,
Ltd.
67,900
189
WuXi
AppTec
Co.,
Ltd.
Class
A
2,500
46
WuXi
AppTec
Co.,
Ltd.
Class
H(Þ)
15,600
306
WuXi
Biologics
(Cayman),
Inc.(Æ)(Þ)
39,000
172
Wuxi
Lead
Intelligent
Equipment
Co,
Ltd.
Class
H
8,800
38
Xiaomi
Corp.
Class
B(Æ)(Þ)
116,600
322
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Xinxing
Ductile
Iron
Pipes
Co.,
Ltd.
Class
A
34,500
19
Xinyi
Glass
Holdings,
Ltd.
125,000
136
Yadea
Group
Holdings,
Ltd.(Þ)
72,000
82
Yangtze
Optical
Fibre
&
Cable
Joint
Stock,
Ltd.
Co.
Class
H(Þ)
2,500
81
Yunnan
Tin
Co.,
Ltd.
Class
A
6,400
40
Yutong
Bus
Co.,
Ltd.
Class
A
7,400
29
Zhaojin
Mining
Industry
Co.,
Ltd.
Class
H
34,000
71
Zhejiang
Leapmotor
Technology
Co.,
Ltd.
Class
H(Æ)(Þ)
16,600
73
Zhejiang
Longsheng
Group
Co.,
Ltd.
Class
A
33,200
59
Zhejiang
NHU
Co.,
Ltd.
Class
A
23,400
98
Zhongji
Innolight
Co.,
Ltd.
Class
A
1,200
225
Zhongsheng
Group
Holdings,
Ltd.(Æ)
121,000
75
Zhuzhou
CRRC
Times
Electric
Co.,
Ltd.
Class
H
12,100
62
Zijin
Mining
Group
Co.,
Ltd.
Class
A
35,600
132
Zijin
Mining
Group
Co.,
Ltd.
Class
H
102,000
356
ZTO
Express
Cayman,
Inc.
-
ADR
18,179
407
20,860
Colombia
-
0.2%
Parex
Resources,
Inc.
12,800
193
Greece
-
0.7%
Alpha
Bank
SA
49,916
225
Eurobank
SA
19,048
91
National
Bank
of
Greece
SA
15,012
259
Piraeus
Bank
SA(Æ)
10,858
113
Public
Power
Corp.
SA
3,863
101
789
Guatemala
-
0.2%
Millicom
International
Cellular
SA
1,856
169
Hong
Kong
-
1.3%
AIA
Group,
Ltd.
35,400
323
ASMPT,
Ltd.
12,000
365
Hong
Kong
Exchanges
&
Clearing,
Ltd.
2,600
120
Techtronic
Industries
Co.,
Ltd.
13,500
223
WH
Group,
Ltd.(Þ)
283,000
299
Zijin
Gold
International
Co.,
Ltd.
4,059
46
1,376
Hungary
-
0.6%
OTP
Bank
Nyrt
.
4,262
629
India
-
9.5%
Adani
Ports
&
Special
Economic
Zone,
Ltd.
8,286
158
Amber
Enterprises
India,
Ltd.(Æ)
1,542
123
APL
Apollo
Tubes,
Ltd.
7,304
138
Apollo
Hospitals
Enterprise,
Ltd.
2,363
217
Asian
Paints,
Ltd.
289
8
Axis
Bank,
Ltd.
24,263
345
Bajaj
Finance,
Ltd.
44,043
467
Bank
of
Baroda
1,954
6
Bharat
Electronics,
Ltd.
120,170
523
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
26
Russell
Investments
Emerging
Markets
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Bharat
Forge,
Ltd.
8,775
199
Bharat
Petroleum
Corp.,
Ltd.
44,766
144
Bharti
Airtel,
Ltd.
36,559
715
BSE,
Ltd.
3,637
148
Canara
Bank
44,521
59
DLF,
Ltd.
6,354
42
Eicher
Motors,
Ltd.
1,533
115
Eternal,
Ltd.(Æ)
47,616
133
GE
Vernova
T&D
India,
Ltd.
1,538
80
GMR
Airports,
Ltd.(Æ)
108,729
129
HDFC
Asset
Management
Co.,
Ltd.(Þ)
4,234
119
HDFC
Bank,
Ltd.
107,195
904
HDFC
Life
Insurance
Co.,
Ltd.(Þ)
23,573
143
Hero
MotoCorp,
Ltd.
2,764
140
Hindalco
Industries,
Ltd.
3,193
32
Hindustan
Aeronautics,
Ltd.(Þ)
3,014
139
Hindustan
Petroleum
Corp.,
Ltd.
19,869
83
Hindustan
Zinc,
Ltd.
8,857
50
Hitachi
Energy
India,
Ltd.
154
57
ICICI
Bank,
Ltd.
-
ADR
19,674
571
Indian
Hotels
Co.,
Ltd.
(The)
13,756
104
Indian
Oil
Corp.,
Ltd.
87,196
128
Laurus
Labs,
Ltd.(Þ)
7,612
122
Lupin,
Ltd.
6,673
171
Mahindra
&
Mahindra,
Ltd.
9,581
311
Marico,
Ltd.
14,031
124
MTAR
Technologies,
Ltd.(Æ)(Þ)
903
73
National
Aluminium
Co.,
Ltd.
38,247
137
NTPC,
Ltd.
21,007
79
Oil
&
Natural
Gas
Corp.,
Ltd.
56,989
141
Paradeep
Phosphates,
Ltd.(Þ)
2,808
4
Petronet
LNG,
Ltd.
53,052
157
Phoenix
Mills,
Ltd.
(The)
12,125
250
Power
Finance
Corp.,
Ltd.
35,761
160
REC,
Ltd.
48,845
188
Reliance
Industries,
Ltd.
32,925
450
Shriram
Finance,
Ltd.
22,223
245
State
Bank
of
India
5,020
54
Sun
Pharmaceutical
Industries,
Ltd.
9,411
185
Tata
Motors
Passenger
Vehicles,
Ltd.
13,602
51
Tata
Steel,
Ltd.
76,659
152
Titan
Co.,
Ltd.
5,916
275
TVS
Motor
Co.,
Ltd.
6,783
248
UPL,
Ltd.
46,785
282
Vedanta
Aluminium
Metal,
Ltd.(Æ)
8,762
41
Vedanta
Iron
and
Steel,
Ltd.(Æ)
8,762
3
Vedanta
Oil
and
Gas,
Ltd.(Æ)
8,762
3
Vedanta
Power,
Ltd.(Æ)
8,762
4
Vedanta,
Ltd.
9,070
27
10,156
Indonesia
-
0.6%
Astra
International
Tbk
PT
463,401
117
Bank
Central
Asia
Tbk
PT
184,500
57
Bank
Mandiri
Persero
Tbk
PT
356,200
77
Bank
Rakyat
Indonesia
Persero
Tbk
PT
1,520,600
232
Telkom
Indonesia
Persero
Tbk
PT
1,368,480
180
663
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Kazakhstan
-
0.2%
Kaspi.KZ
JSC
-
ADR
2,835
246
Macao
-
0.2%
Galaxy
Entertainment
Group,
Ltd.
55,000
206
Malaysia
-
0.4%
Public
Bank
Berhad
185,200
218
RHB
Bank
Berhad
66,200
134
Sunway
Construction
Group
Berhad
63,600
116
468
Mexico
-
1.4%
America
Movil
SAB
de
CV
227,090
294
Fresnillo
PLC
4,730
172
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
36,156
382
Kimberly-Clark
de
Mexico
SAB
de
CV
Class
A
82,187
182
Southern
Copper
Corp.
892
155
Ternium
SA
-
ADR
2,573
110
Wal-Mart
de
Mexico
SAB
de
CV
79,298
233
1,528
Netherlands
-
0.3%
ASML
Holding
NV
Class
G
158
314
Peru
-
0.5%
Credicorp
,
Ltd.
1,387
540
Philippines
-
0.5%
Ayala
Land,
Inc.
361,800
87
BDO
Unibank,
Inc.
55,840
108
International
Container
Terminal
Services,
Inc.
20,440
297
492
Poland
-
1.0%
Bank
Polska
Kasa
Opieki
SA
1,970
120
KGHM
Polska
Miedz
SA
1,666
147
ORLEN
SA
7,637
257
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
10,908
299
Powszechny
Zaklad
Ubezpieczen
SA
11,831
206
1,029
Qatar
-
0.2%
Ooredoo
QPSC
11,776
43
Qatar
National
Bank
QPSC
33,850
160
203
Saudi
Arabia
-
2.1%
Al
Babtain
Power
&
Telecommunication
Co.
9,421
162
Al
Rajhi
Bank
28,072
492
Etihad
Etisalat
Co.
11,054
178
Jarir
Marketing
Co.
15,056
67
Rasan
Information
Technology
Co.(Æ)
2,931
121
Riyad
Bank
25,135
133
Saudi
Arabian
Mining
Co.(Æ)
7,405
117
Saudi
Arabian
Oil
Co.(Þ)
56,796
395
Saudi
Awwal
Bank
22,035
190
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Emerging
Markets
Equity
ETF
27
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Saudi
National
Bank
(The)
37,440
385
2,240
Singapore
-
0.2%
DBS
Group
Holdings,
Ltd.
700
35
Sea,
Ltd.
-
ADR(Æ)
1,666
160
195
South
Africa
-
2.1%
Absa
Group,
Ltd.
20,600
287
Anglogold
Ashanti
PLC
6,701
542
Bidvest
Group,
Ltd.
14,594
213
Gold
Fields,
Ltd.
13,903
468
Harmony
Gold
Mining
Co.,
Ltd.
1,188
18
Harmony
Gold
Mining
Co.,
Ltd.
-
ADR
6,258
95
MTN
Group,
Ltd.
14,842
207
Naspers,
Ltd.
Class
N
4,152
208
Sibanye
Stillwater,
Ltd.
70,714
150
2,188
South
Korea
-
23.4%
Amorepacific
Corp.
868
59
APR
Corp.
389
97
DB
Insurance
Co.,
Ltd.
473
41
Doosan
Bobcat,
Inc.
514
20
Hana
Financial
Group,
Inc.
4,818
356
Hankook
Tire
&
Technology
Co.,
Ltd.
5,466
218
Hanwha
Aerospace
Co.,
Ltd.
376
242
HD
Hyundai
Co.,
Ltd.
1,516
195
HD
Hyundai
Electric
Co.,
Ltd.
522
328
HD
Hyundai
Heavy
Industries
Co.,
Ltd.
670
256
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.,
Ltd.
1,135
256
HL
Mando
Co.,
Ltd.
607
19
Hyosung
Heavy
Industries
Corp.
9
20
Hyundai
Engineering
&
Construction
Co.,
Ltd.
607
45
Hyundai
Marine
&
Fire
Insurance
Co.,
Ltd.(Æ)
3,806
86
Hyundai
Mobis
Co.,
Ltd.
833
269
Hyundai
Motor
Co.
1,374
439
Hyundai
Rotem
Co.,
Ltd.
62
7
KB
Financial
Group,
Inc.
-
ADR
4,652
488
Kia
Corp.
2,078
185
Korea
Electric
Power
Corp.
-
ADR
15,496
188
Korea
Investment
Holdings
Co.,
Ltd.
179
26
KT
Corp.
2,586
88
KT
Corp.
-
ADR
3,786
65
KT&G
Corp.
1,635
179
LG
Electronics,
Inc.
Class
H
2,426
318
Samsung
Biologics
Co.,
Ltd.(Æ)(Þ)
110
99
Samsung
Electro-Mechanics
Co.,
Ltd.
1,188
1,675
Samsung
Electronics
Co.,
Ltd.
38,754
8,355
Samsung
Fire
&
Marine
Insurance
Co.,
Ltd.
168
67
Samsung
Heavy
Industries
Co.,
Ltd.(Æ)
8,067
121
Samsung
Securities
Co.,
Ltd.
2,917
204
Shinhan
Financial
Group
Co.,
Ltd.
-
ADR
7,085
448
SK
Hynix,
Inc.
5,114
8,747
SK
Square
Co.,
Ltd.
546
598
S-Oil
Corp.
277
19
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Woori
Financial
Group,
Inc.
-
ADR
2,577
148
24,971
Taiwan
-
23.2%
Accton
Technology
Corp.
12,000
940
AP
Memory
Technology
Corp.
4,000
125
ASE
Technology
Holding
Co.,
Ltd.
18,000
384
Asia
Vital
Components
Co.,
Ltd.
4,000
317
ASPEED
Technology,
Inc.
1,000
518
Bizlink
Holding,
Inc.
9,059
544
Chailease
Holding
Co.,
Ltd.
75,000
277
Chroma
ATE,
Inc.
2,000
136
Compal
Electronics,
Inc.
231,000
256
Compeq
Manufacturing
Co.,
Ltd.
6,000
44
Delta
Electronics,
Inc.
27,000
1,653
E.Sun
Financial
Holding
Co.,
Ltd.
164,051
177
Elite
Material
Co.,
Ltd.
3,000
508
eMemory
Technology,
Inc.
1,000
92
Globalwafers
Co.,
Ltd.
12,000
379
Gold
Circuit
Electronics,
Ltd.
1,000
38
Hiwin
Technologies
Corp.
20,000
204
Hon
Hai
Precision
Industry
Co.,
Ltd.
101,000
796
Hon
Precision,
Inc.
1,000
203
KGI
Financial
Holding
Co.,
Ltd.
329,530
297
King
Yuan
Electronics
Co.,
Ltd.
7,000
74
Largan
Precision
Co.,
Ltd.
3,000
404
Lite-On
Technology
Corp.
17,000
118
MediaTek,
Inc.
15,000
1,999
Pegatron
Corp.
93,000
245
Sigurd
Microelectronics
Corp.
10,000
74
SinoPac
Financial
Holdings
Co.,
Ltd.
158,000
198
Sunonwealth
Electric
Machine
Industry
Co.,
Ltd.
13,482
60
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
165,000
12,482
TS
Financial
Holding
Co.,
Ltd.
123,000
128
United
Microelectronics
Corp.
-
ADR
15,368
418
Winbond
Electronics
Corp.
7,000
46
WPG
Holdings,
Ltd.
50,000
168
Yageo
Corp.
10,000
358
Yuanta
Financial
Holding
Co.,
Ltd.
24,990
51
24,711
Thailand
-
2.2%
Advanced
Info
Service
PCL
-
NVDR
17,400
192
Bangkok
Bank
PCL
-
NVDR
36,200
195
Charoen
Pokphand
Foods
PCL
-
NVDR
267,500
158
CP
ALL
PCL
-
NVDR
130,800
184
Delta
Electronics
Thailand
PCL
4,300
42
Indorama
Ventures
PCL
-
NVDR
123,300
82
Kasikornbank
PCL
-
NVDR
32,500
213
Kiatnakin
Phatra
Bank
PCL
-
NVDR
46,900
142
PTT
Exploration
&
Production
PCL
-
NVDR
20,400
82
PTT
Oil
&
Retail
Business
PCL
-
NVDR
602,700
227
PTT
PCL
-
NVDR
272,200
291
SCB
X
PCL
-
NVDR
44,400
198
Siam
Cement
PCL
(The)
-
NVDR
21,500
158
Srisawad
Corp.
PCL
-
NVDR
194,100
135
2,299
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
28
Russell
Investments
Emerging
Markets
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Turkey
-
0.6%
Akbank
TAS
70,942
117
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
23,288
172
BIM
Birlesik
Magazalar
AS
15,695
123
Migros
Ticaret
AS
8,336
120
Turkcell
Iletisim
Hizmetleri
AS
46,465
107
Turkiye
Petrol
Rafinerileri
AS
9,596
47
686
United
Arab
Emirates
-
1.1%
Abu
Dhabi
Commercial
Bank
PJSC
42,371
167
Adnoc
Gas
PLC
98,136
92
Aldar
Properties
PJSC
60,680
137
Emaar
Development
PJSC
29,626
111
Emaar
Properties
PJSC
116,207
377
First
Abu
Dhabi
Bank
PJSC
47,437
220
Salik
Co.
PJSC
75,114
120
1,224
United
Kingdom
-
0.1%
Investec
PLC
12,410
99
United
States
-
0.5%
BeOne
Medicines,
Ltd.
Class
H(Æ)
6,600
143
Broadcom,
Inc.
149
56
Cognizant
Technology
Solutions
Corp.
Class
A
1,335
52
Freeport-McMoRan,
Inc.
2,225
140
NVIDIA
Corp.
667
134
525
Total
Common
Stocks
(cost
$76,224)
105,529
Preferred
Stocks
-
0.4%
India
-
0.0%
TVS
Motor
Co.,
Ltd.
6.000%
due
09/01/26
(Æ)
10,752
1
South
Korea
-
0.4%
Samsung
Electronics
Co.,
Ltd.
0.853%
(Ÿ)
3,366
461
Total
Preferred
Stocks
(cost
$331)
462
Short-Term
Investments
-
0.1%
United
States
-
0.1%
U.S.
Cash
Management
Fund(@)
126,769
(∞)
127
Total
Short-Term
Investments
(cost
$127)
127
Total
Investments
-
99.6%
(identified
cost
$76,682)
106,118
Other
Assets
and
Liabilities,
Net
-
0.4%
393
Net
Assets
-
100.0%
106,511
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Emerging
Markets
Equity
ETF
29
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
3.4%
Budweiser
Brewing
Co.
APAC,
Ltd.
05/29/25
HKD
74,600
1.01
75
58
China
International
Capital
Corp.,
Ltd.
05/29/25
HKD
79,200
2.22
176
212
Fuyao
Glass
Industry
Group
Co.,
Ltd.
01/22/26
HKD
6,400
8.07
52
42
Guotai
Haitong
Securities
Co.,
Ltd.
05/29/25
HKD
34,200
1.62
55
65
Hansoh
Pharmaceutical
Group
Co.,
Ltd.
11/10/25
HKD
22,000
4.55
100
83
HDFC
Asset
Management
Co.,
Ltd.
05/29/25
INR
4,234
28.71
122
119
HDFC
Life
Insurance
Co.,
Ltd.
06/11/25
INR
23,573
7.59
179
143
Hindustan
Aeronautics,
Ltd.
05/29/25
INR
3,014
54.80
165
139
Huatai
Securities
Co.,
Ltd.
11/10/25
HKD
31,800
2.49
79
68
Innovent
Biologics,
Inc.
09/23/25
HKD
17,500
11.22
196
178
JD
Health
International,
Inc.
09/23/25
HKD
13,400
7.62
102
56
Laurus
Labs,
Ltd.
06/02/26
INR
7,612
14.74
112
122
Longfor
Group
Holdings,
Ltd.
05/29/25
HKD
86,500
1.21
105
66
LWSA
SA
03/19/26
BRL
32,429
0.70
23
25
Meituan
06/13/25
HKD
20,000
14.99
300
175
MTAR
Technologies,
Ltd.
06/04/26
INR
903
80.47
73
73
Paradeep
Phosphates,
Ltd.
03/09/26
INR
2,808
1.21
3
4
Pop
Mart
International
Group,
Ltd.
04/09/26
HKD
200
19.52
4
4
Samsung
Biologics
Co.,
Ltd.
05/29/25
KRW
110
1,029.63
113
99
Saudi
Arabian
Oil
Co.
05/29/25
SAR
56,796
6.81
387
395
SY
Holdings
Group,
Ltd.
03/19/26
HKD
143,000
1.20
171
139
WH
Group,
Ltd.
05/29/25
HKD
283,000
0.99
280
299
WuXi
AppTec
Co.,
Ltd.
05/29/25
HKD
15,600
11.45
179
306
WuXi
Biologics
(Cayman),
Inc.
07/09/25
HKD
39,000
4.04
157
172
Xiaomi
Corp.
05/29/25
HKD
116,600
6.26
730
322
Yadea
Group
Holdings,
Ltd.
04/28/26
HKD
72,000
1.49
107
82
Yangtze
Optical
Fibre
&
Cable
Joint
Stock,
Ltd.
Co.
06/02/26
HKD
2,500
32.18
81
81
Zhejiang
Leapmotor
Technology
Co.,
Ltd.
09/23/25
HKD
16,600
6.82
113
73
3,600
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
$
195
$
$
$
$
195
Brazil
6,124
6,124
Canada
211
211
China
20,720
140
20,860
Colombia
193
193
Greece
789
789
Guatemala
169
169
Hong
Kong
1,376
1,376
Hungary
629
629
India
10,156
10,156
Indonesia
663
663
Kazakhstan
246
246
Macao
206
206
Malaysia
468
468
Mexico
1,528
1,528
Netherlands
314
314
Peru
540
540
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
30
Russell
Investments
Emerging
Markets
Equity
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Philippines
492
492
Poland
1,029
1,029
Qatar
203
203
Saudi
Arabia
2,240
2,240
Singapore
195
195
South
Africa
2,188
2,188
South
Korea
24,971
24,971
Taiwan
24,711
24,711
Thailand
2,299
2,299
Turkey
686
686
United
Arab
Emirates
1,224
1,224
United
Kingdom
99
99
United
States
525
525
Preferred
Stocks
462
462
Short-Term
Investments
127
127
Total
Investments
$
105,851
$
$
140
$
127
$
106,118
(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,
2026,
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,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
....................................................................
12,437
11.7
Consumer
Staples
...............................................................................
2,858
2.7
Energy
................................................................................................
4,889
4.6
Financial
Services
..............................................................................
22,338
21.0
Health
Care
........................................................................................
2,238
2.1
Materials
and
Processing
...................................................................
6,102
5.7
Producer
Durables
..............................................................................
6,644
6.2
Technology
.........................................................................................
44,752
42.0
Utilities
...............................................................................................
3,271
3.1
Preferred
Stocks
Consumer
Discretionary
....................................................................
1
—**
Technology
.........................................................................................
461
0.4
Short-Term
Investments
.............................................................
127
0.1
Total
Investments
...............................................................................
106,118
99.6
**
Less
than
.05%
of
net
assets.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Emerging
Markets
Equity
ETF
31
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2026
with
an
underlying
fund
which
is,
or
was,
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
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
95
$
11,036
$
11,004
$
$
$
127
$
8
$
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
32
Russell
Investments
Global
Infrastructure
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.2%
Australia
-
7.4%
APA
Group
44,829
315
Atlas
Arteria,
Ltd.
165,557
585
Cleanaway
Waste
Management,
Ltd.
190,009
309
Transurban
Group(Æ)
203,315
2,024
3,233
Canada
-
6.5%
Algonquin
Power
&
Utilities
Corp.
59,298
349
Canadian
National
Railway
Co.
8,914
1,064
Fortis,
Inc.
3,781
217
Keyera
Corp.
5,059
203
TC
Energy
Corp.
15,077
998
2,831
China
-
0.3%
ENN
Energy
Holdings,
Ltd.
28,600
147
Denmark
-
0.7%
Orsted
A/S
Class
A(Æ)(Þ)
12,640
284
France
-
3.1%
Aeroports
de
Paris
SA
6,373
830
Getlink
SE
19,433
413
Vinci
SA
915
134
1,377
Greece
-
0.1%
Public
Power
Corp.
SA
1,051
27
Hong
Kong
-
1.1%
CLP
Holdings,
Ltd.
53,500
499
Italy
-
1.2%
Hera
SpA
50,032
209
Snam
SpA
44,203
319
528
Japan
-
2.3%
Japan
Airport
Terminal
Co.,
Ltd.
6,600
205
Kansai
Electric
Power
Co.,
Inc.
(The)
17,600
247
Osaka
Gas
Co.,
Ltd.
9,500
319
West
Japan
Railway
Co.
13,000
218
989
New
Zealand
-
1.4%
Auckland
International
Airport,
Ltd.
129,019
612
Spain
-
7.6%
Aena
SME
SA(Þ)
76,046
2,316
Cellnex
Telecom
SA(Þ)
34,405
1,028
3,344
Switzerland
-
1.9%
Flughafen
Zurich
AG
2,716
840
United
Kingdom
-
5.2%
National
Grid
PLC
81,677
1,352
United
Utilities
Group
PLC
53,486
929
2,281
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
United
States
-
60.4%
Alliant
Energy
Corp.
6,347
484
Ameren
Corp.
5,092
576
American
Electric
Power
Co.,
Inc.
10,434
1,427
American
Tower
Corp.(ö)
3,781
618
American
Water
Works
Co.,
Inc.
6,594
868
Atmos
Energy
Corp.
3,060
527
CenterPoint
Energy,
Inc.
10,592
466
Cheniere
Energy,
Inc.
2,877
688
Crown
Castle,
Inc.(ö)
9,140
692
CSX
Corp.
31,745
1,509
Dominion
Energy,
Inc.
15,431
1,054
DTE
Energy
Co.
2,143
326
Duke
Energy
Corp.
11,756
1,488
Entergy
Corp.
7,362
846
Evergy
,
Inc.
8,258
714
GFL
Environmental,
Inc.
6,177
227
Kinder
Morgan,
Inc.
15,156
485
NextEra
Energy,
Inc.
23,666
2,077
NiSource,
Inc.
9,309
443
Norfolk
Southern
Corp.
2,209
695
ONEOK,
Inc.
10,445
908
PG&E
Corp.
50,625
851
PPL
Corp.
6,848
249
Public
Service
Enterprise
Group,
Inc.
8,934
725
SBA
Communications
Corp.(ö)
3,083
544
Sempra
10,913
1,012
Southwest
Gas
Holdings,
Inc.
2,352
209
Targa
Resources
Corp.
3,248
871
UGI
Corp.
10,762
372
Union
Pacific
Corp.
7,437
2,023
Waste
Connections,
Inc.
2,197
366
Williams
Cos.,
Inc.
(The)
14,268
1,061
Xcel
Energy,
Inc.
12,770
1,025
26,426
Total
Common
Stocks
(cost
$40,351)
43,418
Short-Term
Investments
-
0.3%
United
States
-
0.3%
U.S.
Cash
Management
Fund(@)
129,715
(∞)
130
Total
Short-Term
Investments
(cost
$130)
130
Total
Investments
-
99.5%
(identified
cost
$40,481)
43,548
Other
Assets
and
Liabilities,
Net
-
0.5%
198
Net
Assets
-
100.0%
43,746
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Global
Infrastructure
ETF
33
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
8.3%
Aena
SME
SA
05/13/25
EUR
76,046
28.50
2,167
2,316
Cellnex
Telecom
SA
05/13/25
EUR
34,405
33.27
1,145
1,028
Orsted
A/S
11/14/25
DKK
12,640
20.75
262
284
3,628
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
$
3,233
$
$
$
$
3,233
Canada
2,831
2,831
China
147
147
Denmark
284
284
France
1,377
1,377
Greece
27
27
Hong
Kong
499
499
Italy
528
528
Japan
989
989
New
Zealand
612
612
Spain
3,344
3,344
Switzerland
840
840
United
Kingdom
2,281
2,281
United
States
26,426
26,426
Short-Term
Investments
130
130
Total
Investments
$
43,418
$
$
$
130
$
43,548
(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,
2026,
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,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Infrastructure
Subindustry
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Airport
Services
.................................................................................
4,804
11
.0
Construction
&
Engineering
..............................................................
134
0
.3
Electric
Utilities
.................................................................................
10,153
23
.2
Environmental
&
Facilities
Services
.................................................
903
2
.1
Gas
Utilities
.......................................................................................
1,888
4
.3
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
34
Russell
Investments
Global
Infrastructure
ETF
Highways
&
Railtracks
......................................................................
3,022
6
.9
Integrated
Telecommunication
Services
............................................
1,028
2
.4
Multi-Utilities
....................................................................................
6,511
14
.9
Oil
&
Gas
Storage
&
Transportation
.................................................
5,532
12
.6
Rail
Transportation
.............................................................................
5,508
12
.6
Renewable
Electricity
........................................................................
284
0
.6
Telecom
Tower
REITs
........................................................................
1,855
4
.2
Water
Utilities
....................................................................................
1,796
4
.1
Short-Term
Investments
.......................................................
130
0
.3
Total
Investments
...............................................................................
43,548
99
.5
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2026
with
an
underlying
fund
which
is,
or
was,
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
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
58
$
4,186
$
4,114
$
$
$
130
$
3
$
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Core
Plus
Bond
ETF
35
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Long-Term
Fixed
Income
Investments
-
92.2%
Corporate
Bonds
and
Notes
-
29.9%
Consumer
Discretionary
-
3.7%
Amazon.com,
Inc.
5.550%
due
11/20/65
23
21
5.950%
due
03/13/66
142
141
6.050%
due
03/13/76
141
141
Carvana
Co.
9.000%
due
06/01/31
(Þ)
45
50
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
7.000%
due
02/01/33
(Þ)
10
10
Churchill
Downs,
Inc.
4.750%
due
01/15/28
(Þ)
50
50
Comcast
Corp.
5.168%
due
01/15/37
(Þ)
123
118
6.950%
due
08/15/37
88
97
6.550%
due
07/01/39
133
142
Directv
Financing
LLC
8.875%
due
02/01/30
(Þ)
46
47
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
10.000%
due
02/15/31
(Þ)
63
65
Discovery
Communications
LLC
6.350%
due
06/01/40
68
49
Discovery
Global
Holdings,
Inc.
4.279%
due
03/15/32
62
50
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
4.625%
due
01/15/29
(Þ)
51
50
FirstCash,
Inc.
4.625%
due
09/01/28
(Þ)
51
50
Gates
Corp.
6.875%
due
07/01/29
(Þ)
64
66
Hilton
Domestic
Operating
Co.,
Inc.
3.625%
due
02/15/32
(Þ)
32
29
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.
5.000%
due
06/01/29
(Þ)
33
32
4.875%
due
07/01/31
(Þ)
70
66
HNI
Corp.
5.125%
due
01/18/29
(Þ)
51
50
JetBlue
Airways
Corp.
/
JetBlue
Loyalty,
LP
9.875%
due
09/20/31
(Þ)
57
52
Las
Vegas
Sands
Corp.
6.000%
due
06/14/30
114
117
5.300%
due
05/15/31
22
22
5.650%
due
05/18/33
22
22
Macy's
Retail
Holdings
LLC
6.700%
due
07/15/34
(Þ)
68
66
MGM
Resorts
International
6.500%
due
04/15/32
50
50
Michaels
Cos.,
Inc.(The)
8.500%
due
03/15/33
(Þ)
67
66
Sekisui
House
US,
Inc.
3.850%
due
01/15/30
156
148
2.500%
due
01/15/31
161
142
Station
Casinos
LLC
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.500%
due
02/15/28
(Þ)
51
50
Tri
Pointe
Homes,
Inc.
5.700%
due
06/15/28
50
50
Univision
Communications,
Inc.
4.500%
due
05/01/29
(Þ)
64
61
8.500%
due
07/31/31
(Þ)
59
59
Yum!
Brands,
Inc.
4.750%
due
01/15/30
(Þ)
16
16
2,245
Consumer
Staples
-
2.6%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons,
LP
/
Albertson's
LLC
5.500%
due
03/31/31
(Þ)
50
49
5.625%
due
03/31/32
(Þ)
52
50
APi
Group
DE,
Inc.
4.125%
due
07/15/29
(Þ)
52
50
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
8.000%
due
02/15/31
(Þ)
37
37
8.375%
due
06/15/32
(Þ)
49
49
Coca-Cola
Co.
(The)
5.400%
due
05/13/64
23
22
CoreCivic,
Inc.
4.750%
due
10/15/27
50
50
Grand
Canyon
University
5.125%
due
10/01/28
68
67
Hertz
Corp.
(The)
12.625%
due
07/15/29
(Þ)
69
56
Kraft
Heinz
Foods
Co.
6.875%
due
01/26/39
130
142
6.500%
due
02/09/40
114
120
Maple
Parent
Holdings
Corp.
5.050%
due
03/26/31
(Þ)
11
11
5.700%
due
03/26/36
(Þ)
141
143
Mobility
Global,
Inc.
5.450%
due
06/15/31
(Þ)
147
149
6.050%
due
06/15/36
(Þ)
147
149
Performance
Food
Group,
Inc.
4.250%
due
08/01/29
(Þ)
45
44
Pilgrim's
Pride
Corp.
3.500%
due
03/01/32
37
34
Post
Holdings,
Inc.
4.500%
due
09/15/31
(Þ)
65
61
6.375%
due
03/01/33
(Þ)
61
61
Safeway,
Inc.
7.250%
due
02/01/31
47
49
Turning
Point
Brands,
Inc.
7.625%
due
03/15/32
(Þ)
48
50
Upbound
Group,
Inc.
6.375%
due
02/15/29
(Þ)
50
50
VM
Consolidated,
Inc.
5.500%
due
04/15/29
(Þ)
56
49
1,542
Energy
-
1.5%
BKV
Upstream
Midstream
LLC
7.500%
due
10/15/30
(Þ)
66
66
CNX
Midstream
Partners,
LP
4.750%
due
04/15/30
(Þ)
52
49
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
36
Russell
Investments
Core
Plus
Bond
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Energy
Transfer,
LP
7.125%
due
10/01/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.829%)(Ê)
53
55
6.500%
due
02/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.676%)(Ê)
60
60
Enterprise
Products
Operating
LLC
5.375%
due
02/15/78
(CME
Term
SOFR
3
Month
+
2.832%)(Ê)
149
148
Gulfport
Energy
Operating
Corp.
6.750%
due
09/01/29
(Þ)
65
66
Hess
Corp.
7.300%
due
08/15/31
20
22
Moss
Creek
Resources
Holdings,
Inc.
8.250%
due
09/01/31
(Þ)
50
50
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
8.125%
due
02/15/29
(Þ)
47
49
8.375%
due
02/15/32
(Þ)
48
50
Phillips
66
Co.
Series
A
5.875%
due
03/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.283%)(Ê)
143
142
Talos
Production,
Inc.
9.375%
due
02/01/31
(Þ)
62
65
Venture
Global
LNG,
Inc.
8.375%
due
06/01/31
(Þ)
23
24
9.875%
due
02/01/32
(Þ)
27
29
Venture
Global
Plaquemines
LNG
LLC
7.500%
due
05/01/33
(Þ)
16
18
6.500%
due
06/15/34
(Þ)
29
30
923
Financial
Services
-
10.2%
Arbor
Realty
SR,
Inc.
7.875%
due
07/15/30
(Þ)
46
43
Series
QIB
8.500%
due
10/15/27
(Þ)
51
51
Associated
Banc-Corp.
6.455%
due
08/29/30
(SOFR
+
3.030%)(Ê)
144
148
Athene
Holding,
Ltd.
6.625%
due
10/15/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.607%)(Ê)
154
148
Atlanticus
Holdings
Corp.
9.750%
due
09/01/30
(Þ)
65
66
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance
7.125%
due
05/15/31
(Þ)
50
50
Bank
of
America
Corp.
5.819%
due
09/15/29
(SOFR
+
1.570%)(Ê)
11
11
Series
MTN
2.087%
due
06/14/29
(SOFR
+
1.060%)(Ê)
26
25
BGC
Group,
Inc.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
8.000%
due
05/25/28
142
148
6.600%
due
06/10/29
138
142
Blackstone
Mortgage
Trust,
Inc.
7.750%
due
12/01/29
(Þ)
59
61
6.250%
due
06/01/31
(Þ)
44
43
Blue
Owl
Capital
Corp.
5.950%
due
03/15/29
149
149
6.200%
due
07/15/30
149
149
Citigroup,
Inc.
5.592%
due
11/19/34
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.280%)(Ê)
22
22
Credit
Acceptance
Corp.
6.625%
due
03/15/30
(Þ)
50
50
Essent
Group,
Ltd.
6.250%
due
07/01/29
137
141
F&G
Annuities
&
Life,
Inc.
7.400%
due
01/13/28
144
148
6.500%
due
06/04/29
145
148
First
Citizens
BancShares,
Inc.
4.869%
due
03/03/32
(SOFR
+
1.487%)(Ê)
23
22
5.600%
due
09/05/35
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.850%)(Ê)
151
148
6.254%
due
03/12/40
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.970%)(Ê)
123
121
Five
Point
Operating
Co.,
LP
8.000%
due
10/01/30
(Þ)
49
50
FNB
Corp.
5.722%
due
12/11/30
(SOFR
+
1.930%)(Ê)
147
148
FS
KKR
Capital
Corp.
7.875%
due
01/15/29
58
60
6.875%
due
08/15/29
54
54
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.750%
due
06/01/28
22
22
4.000%
due
01/15/30
125
120
4.000%
due
01/15/31
157
148
Goldman
Sachs
Group,
Inc.
(The)
3.814%
due
04/23/29
(CME
Term
SOFR
3
Month
+
1.420%)(Ê)
122
120
4.223%
due
05/01/29
(CME
Term
SOFR
3
Month
+
1.563%)(Ê)
96
95
4.153%
due
10/21/29
(SOFR
+
0.900%)(Ê)
150
148
6.484%
due
10/24/29
(SOFR
+
1.770%)(Ê)
21
22
5.049%
due
07/23/30
(SOFR
+
1.210%)(Ê)
119
120
Hercules
Capital,
Inc.
5.350%
due
02/10/29
150
149
6.000%
due
06/16/30
149
149
Icahn
Enterprises,
LP
/
Icahn
Enterprises
Finance
Corp.
9.750%
due
01/15/29
36
35
4.375%
due
02/01/29
58
50
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Core
Plus
Bond
ETF
37
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Independent
Bank
Corp.
7.250%
due
04/01/35
(CME
Term
SOFR
3
Month
+
3.530%)(Ê)
21
22
Iron
Mountain,
Inc.
4.875%
due
09/15/29
(Þ)
51
50
JPMorgan
Chase
&
Co.
4.203%
due
07/23/29
(CME
Term
SOFR
3
Month
+
1.522%)(Ê)
121
120
6.087%
due
10/23/29
(SOFR
+
1.570%)(Ê)
116
120
4.452%
due
12/05/29
(CME
Term
SOFR
3
Month
+
1.592%)(Ê)
143
142
5.581%
due
04/22/30
(SOFR
+
1.160%)(Ê)
21
22
4.995%
due
07/22/30
(SOFR
+
1.125%)(Ê)
22
22
Main
Street
Capital
Corp.
6.950%
due
03/01/29
134
138
Morgan
Stanley
5.449%
due
07/20/29
(SOFR
+
1.630%)(Ê)
22
22
6.407%
due
11/01/29
(SOFR
+
1.830%)(Ê)
21
22
5.173%
due
01/16/30
(SOFR
+
1.450%)(Ê)
119
120
MPT
Operating
Partnership,
LP
/
MPT
Finance
Corp.
8.500%
due
02/15/32
(Þ)
64
66
New
Mountain
Finance
Corp.
6.875%
due
02/01/29
148
149
NMI
Holdings,
Inc.
6.000%
due
08/15/29
145
148
North
Haven
Private
Income
Fund
LLC
5.125%
due
09/25/28
(Þ)
152
148
5.750%
due
02/01/30
152
148
OneMain
Finance
Corp.
7.125%
due
09/15/32
17
17
PartnerRe
Finance
B
LLC
3.700%
due
07/02/29
153
148
PennyMac
Financial
Services,
Inc.
5.750%
due
09/15/31
(Þ)
53
50
6.875%
due
05/15/32
(Þ)
43
42
Prospect
Capital
Corp.
3.437%
due
10/15/28
53
50
Rithm
Capital
Corp.
8.000%
due
07/15/30
(Þ)
63
63
8.500%
due
06/01/31
(Þ)
43
43
Service
Properties
Trust
3.334%
due
09/30/28
(Þ)(ž)
54
50
Simmons
First
National
Corp.
6.250%
due
10/01/35
(CME
Term
SOFR
3
Month
+
3.020%)(Ê)
148
149
SouthState
Bank
Corp.
7.000%
due
06/13/35
(CME
Term
SOFR
3
Month
+
3.190%)(Ê)
115
120
Texas
Capital
Bancshares,
Inc.
5.301%
due
02/27/32
(SOFR
+
1.940%)(Ê)
150
149
Valley
National
Bancorp
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.219%
due
06/01/36
(CME
Term
SOFR
3
Month
+
2.430%)(Ê)
149
149
Velocity
Commercial
Capital
LLC
9.375%
due
02/15/31
(Þ)
63
65
Western
Alliance
Bank
6.537%
due
11/15/35
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.850%)(Ê)
121
120
6,198
Health
Care
-
0.7%
AHP
Health
Partners,
Inc.
5.750%
due
07/15/29
(Þ)
67
66
BellRing
Brands,
Inc.
7.000%
due
03/15/30
(Þ)
50
50
Centene
Corp.
4.625%
due
12/15/29
18
18
2.625%
due
08/01/31
110
96
CVS
Health
Corp.
7.000%
due
03/10/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.886%)(Ê)
10
10
LifePoint
Health,
Inc.
8.375%
due
02/15/32
(Þ)
57
59
7.000%
due
05/01/34
(Þ)
52
50
Tenet
Healthcare
Corp.
6.750%
due
05/15/31
29
30
5.500%
due
11/15/32
(Þ)
24
24
403
Materials
and
Processing
-
0.6%
Arcosa,
Inc.
4.375%
due
04/15/29
(Þ)
51
50
FMC
Corp.
8.450%
due
11/01/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.366%)(Ê)
91
67
Novelis
Corp.
4.750%
due
01/30/30
(Þ)
62
60
6.875%
due
01/30/30
(Þ)
53
54
Owens-Brockway
Glass
Container,
Inc.
9.500%
due
06/01/33
(Þ)
48
49
Park-Ohio
Industries,
Inc.
8.500%
due
08/01/30
(Þ)
48
50
TriMas
Corp.
4.125%
due
04/15/29
(Þ)
52
50
380
Producer
Durables
-
0.5%
BWX
Technologies,
Inc.
4.125%
due
04/15/29
(Þ)
69
67
Dycom
Industries,
Inc.
4.500%
due
04/15/29
(Þ)
51
50
EMRLD
Borrower,
LP
/
Emerald
Co-
Issuer,
Inc.
6.625%
due
12/15/30
(Þ)
49
50
GFL
Environmental,
Inc.
4.000%
due
08/01/28
(Þ)
62
61
4.375%
due
08/15/29
(Þ)
62
60
TransDigm,
Inc.
6.250%
due
01/31/34
(Þ)
15
15
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
38
Russell
Investments
Core
Plus
Bond
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
303
Technology
-
3.5%
Alphabet,
Inc.
5.300%
due
05/15/65
107
98
5.750%
due
02/15/66
135
134
5.700%
due
11/15/75
153
147
Amdocs,
Ltd.
2.538%
due
06/15/30
165
149
Booking
Holdings,
Inc.
5.375%
due
05/07/36
120
120
Conduent
Business
Services,
LLC
/
Conduent
State
&
Local
Solutions,
Inc.
6.000%
due
11/01/29
(Þ)
60
51
Dotdash
Meredith,
Inc.
7.625%
due
06/15/32
(Þ)
53
50
Getty
Images,
Inc.
11.250%
due
02/21/30
(Þ)
78
64
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
3.500%
due
03/01/29
(Þ)
53
50
IBM
International
Capital
Pte,
Ltd.
4.900%
due
02/05/34
100
99
International
Business
Machines
Corp.
4.950%
due
02/03/36
100
98
7.125%
due
12/01/96
130
147
Meta
Platforms,
Inc.
5.750%
due
05/15/63
44
40
5.550%
due
08/15/64
135
118
5.750%
due
11/15/65
163
146
6.450%
due
05/15/66
148
146
Oracle
Corp.
6.550%
due
02/04/46
156
147
6.700%
due
02/04/56
65
61
6.850%
due
02/04/66
157
146
PTC,
Inc.
4.000%
due
02/15/28
(Þ)
68
67
Salesforce,
Inc.
6.700%
due
03/15/66
51
51
2,129
Utilities
-
6.6%
Alliant
Energy
Corp.
5.750%
due
04/01/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.077%)(Ê)
150
148
American
Electric
Power
Co.,
Inc.
7.050%
due
12/15/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.750%)(Ê)
116
121
AmeriGas
Partners,
LP
/
AmeriGas
Finance
Corp.
9.500%
due
06/01/30
(Þ)
47
50
6.875%
due
06/01/31
(Þ)
50
51
Berkshire
Hathaway
Energy
Co.
6.125%
due
04/01/36
77
82
4.450%
due
01/15/49
168
138
4.250%
due
10/15/50
20
16
4.600%
due
05/01/53
134
112
CenterPoint
Energy,
Inc.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.950%
due
04/01/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.223%)(Ê)
149
149
Series
A
7.000%
due
02/15/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.254%)(Ê)
12
12
Edison
International
8.125%
due
06/15/53
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.864%)(Ê)
49
50
7.875%
due
06/15/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.658%)(Ê)
28
29
Entergy
Corp.
7.125%
due
12/01/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.670%)(Ê)
137
142
5.875%
due
06/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.179%)(Ê)
144
144
6.100%
due
06/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.013%)(Ê)
22
22
Entergy
Louisiana
LLC
4.900%
due
04/15/36
25
24
EUSHI
Finance,
Inc.
7.625%
due
12/15/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.136%)(Ê)
48
50
Eversource
Energy
Series
A
6.100%
due
08/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.521%)(Ê)
143
143
GCI
LLC
4.750%
due
10/15/28
(Þ)
52
50
NextEra
Energy
Capital
Holdings,
Inc.
6.700%
due
09/01/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.364%)(Ê)
97
99
6.375%
due
08/15/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.053%)(Ê)
22
22
5.650%
due
05/01/79
(USD
3
Month
SOFR
+
3.156%)(Ê)
100
100
NiSource,
Inc.
6.950%
due
11/30/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.451%)(Ê)
138
143
5.750%
due
07/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.035%)(Ê)
148
148
NRG
Energy,
Inc.
3.625%
due
02/15/31
(Þ)
25
23
6.000%
due
02/01/33
(Þ)
29
29
Oncor
Electric
Delivery
Co.
LLC
7.000%
due
05/01/32
22
24
7.250%
due
01/15/33
125
141
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Core
Plus
Bond
ETF
39
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.500%
due
09/01/38
120
142
PG&E
Corp.
7.375%
due
03/15/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.883%)(Ê)
49
50
6.850%
due
09/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.225%)(Ê)
60
60
Sempra
6.875%
due
10/01/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.789%)(Ê)
146
149
6.625%
due
04/01/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.354%)(Ê)
146
148
6.375%
due
04/01/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.632%)(Ê)
49
49
Southern
Co.
(The)
6.000%
due
04/01/58
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.993%)(Ê)
148
148
Series
2025
6.375%
due
03/15/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.069%)(Ê)
76
78
Southern
Co.
Gas
Capital
Corp.
6.050%
due
09/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.822%)(Ê)
148
148
Spire,
Inc.
6.250%
due
06/01/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.556%)(Ê)
133
132
Talen
Energy
Supply
LLC
6.250%
due
02/01/34
(Þ)
50
50
Verizon
Communications,
Inc.
6.200%
due
05/14/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.042%)(Ê)
146
148
6.050%
due
05/14/58
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.813%)(Ê)
147
148
WEC
Energy
Group,
Inc.
5.625%
due
05/15/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.905%)(Ê)
150
149
Xcel
Energy,
Inc.
5.750%
due
12/03/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.168%)(Ê)
150
148
4,009
18,132
International
Debt
-
7.2%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.000%
due
10/15/30
(Þ)
53
50
Bank
of
Montreal
Series
J
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.338%
due
03/19/30
(SOFR
+
0.890%)(Ê)
22
22
Bank
of
Nova
Scotia
(The)
5.130%
due
02/14/31
(SOFR
+
1.070%)(Ê)
147
149
4.338%
due
09/15/31
(SOFR
+
1.090%)(Ê)
152
149
4.813%
due
02/02/34
(SOFR
+
1.045%)(Ê)
25
25
Brookfield
Finance,
Inc.
6.350%
due
01/05/34
34
36
5.675%
due
01/15/35
130
132
5.330%
due
01/15/36
151
149
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
5.000%
due
06/15/29
(Þ)
31
29
4.875%
due
02/15/30
(Þ)
54
50
Canadian
Imperial
Bank
of
Commerce
4.283%
due
01/29/30
(SOFR
+
0.790%)(Ê)
25
25
5.245%
due
01/13/31
(SOFR
+
1.105%)(Ê)
146
148
4.580%
due
09/08/31
(SOFR
+
1.170%)(Ê)
150
148
CGI,
Inc.
4.950%
due
03/14/30
142
141
Deutsche
Telekom
International
Finance
BV
9.250%
due
06/01/32
116
141
Enbridge,
Inc.
7.200%
due
06/27/54
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.970%)(Ê)
139
148
7.375%
due
03/15/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.122%)(Ê)
141
148
Fortescue
Treasury
Pty,
Ltd.
4.500%
due
09/15/27
(Þ)
50
50
goeasy,
Ltd.
9.250%
due
12/01/28
(Þ)
62
61
6.875%
due
05/15/30
(Þ)
49
44
Petroleos
Mexicanos
8.750%
due
06/02/29
565
604
Rogers
Communications,
Inc.
Series
NC5
7.000%
due
04/15/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.653%)(Ê)
65
66
Romanian
Government
International
Bond
5.875%
due
01/30/29
(Þ)
1,300
1,308
South
Bow
Canadian
Infrastructure
Holdings,
Ltd.
7.625%
due
03/01/55
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.949%)(Ê)
63
66
Toronto-Dominion
Bank
(The)
5.298%
due
01/30/32
24
25
4.866%
due
04/22/33
100
99
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
40
Russell
Investments
Core
Plus
Bond
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.146%
due
09/10/34
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.500%)(Ê)
22
22
TransCanada
PipeLines,
Ltd.
6.125%
due
10/17/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.250%)(Ê)
147
148
6.375%
due
10/17/56
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.117%)(Ê)
46
47
7.000%
due
06/01/65
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.614%)(Ê)
122
126
4,357
Mortgage-Backed
Securities
-
34.0%
Fannie
Mae
3.500%
due
2052
981
898
2.500%
due
2054
1,078
906
6.000%
due
2054
902
927
5.500%
due
2055
923
927
4.500%
due
2056
991
956
5.000%
due
2056
2
,4
71
2,440
5.500%
due
2056
970
987
Freddie
Mac
3.000%
due
2052
1,041
915
4.000%
due
2052
1,014
952
6.000%
due
2054
890
917
5.000%
due
2055
949
936
5.500%
due
2055
937
947
6.000%
due
2055
943
975
5.000%
due
2056
1,984
1,959
5.500%
due
2056
884
900
Ginnie
Mae
II
3.000%
due
2050
446
398
2.500%
due
2052
3,084
2,637
Hudson
Yards
Mortgage
Trust
Series
2025-SPRL
Class
A
5.649%
due
01/13/40
(~)(Ê)(Þ)
500
508
NYC
Commercial
Mortgage
Trust
Series
2026-9W57
Class
A
5.053%
due
06/06/40
(~)(Ê)(Þ)
500
498
20,583
United
States
Government
Treasuries
-
21.1%
United
States
Treasury
Notes
4.875%
due
10/31/28
6,689
6,793
6.125%
due
08/15/29
3,700
3,904
5.375%
due
02/15/31
1,300
1,362
5.000%
due
05/15/37
726
762
12,821
Total
Long-Term
Fixed
Income
Investments
(cost
$55,902)
55,893
Short-Term
Investments
-
7.0%
U.S.
Cash
Management
Fund
(@)
4,260,169
(∞)
4,259
Total
Short-Term
Investments
(cost
$4,259)
4,259
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Total
Investments
-
99.2%
(identified
cost
$60,161)
60,152
Other
Assets
and
Liabilities,
Net
-
0.8%
465
Net
Assets
-
100.0%
60,617
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Core
Plus
Bond
ETF
41
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
12.5%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
06/22/26
53,000
94.36
50
50
AHP
Health
Partners,
Inc.
06/22/26
67,000
98.72
66
66
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons,
LP
/
Albertson's
LLC
06/22/26
52,000
96.86
50
50
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons,
LP
/
Albertson's
LLC
06/22/26
50,000
97.88
49
49
AmeriGas
Partners,
LP
/
AmeriGas
Finance
Corp.
06/22/26
50,000
101.45
51
51
AmeriGas
Partners,
LP
/
AmeriGas
Finance
Corp.
06/22/26
47,000
107.45
50
50
APi
Group
DE,
Inc.
06/22/26
52,000
96.48
50
50
Arbor
Realty
SR,
Inc.
06/22/26
51,000
100.27
51
51
Arbor
Realty
SR,
Inc.
06/22/26
46,000
92.70
43
43
Arcosa,
Inc.
06/22/26
51,000
98.47
50
50
Atlanticus
Holdings
Corp.
06/22/26
65,000
101.28
66
66
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
06/22/26
37,000
101.61
38
37
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
06/22/26
49,000
101.87
50
49
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance
06/22/26
50,000
100.28
50
50
BellRing
Brands,
Inc.
06/22/26
50,000
99.17
50
50
BKV
Upstream
Midstream
LLC
06/22/26
66,000
100.65
66
66
Blackstone
Mortgage
Trust,
Inc.
06/22/26
59,000
103.80
61
61
Blackstone
Mortgage
Trust,
Inc.
06/22/26
44,000
97.60
43
43
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
06/22/26
54,000
92.89
50
50
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
06/22/26
31,000
94.96
29
29
BWX
Technologies,
Inc.
06/22/26
69,000
97.07
67
67
Carvana
Co.
06/22/26
45,400
110.32
50
50
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
06/22/26
10,000
95.66
10
10
Churchill
Downs,
Inc.
06/22/26
50,000
99.22
50
50
CNX
Midstream
Partners,
LP
06/22/26
52,000
96.13
50
49
Comcast
Corp.
06/22/26
123,000
96.57
119
118
Conduent
Business
Services,
LLC
/
Conduent
State
&
Local
Solutions,
Inc.
06/22/26
60,000
83.64
50
51
Credit
Acceptance
Corp.
06/22/26
50,000
100.28
50
50
Directv
Financing
LLC
06/22/26
46,000
102.21
47
47
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
06/22/26
63,000
103.77
65
65
Dotdash
Meredith,
Inc.
06/22/26
53,000
95.10
50
50
Dycom
Industries,
Inc.
06/22/26
51,000
97.63
50
50
EMRLD
Borrower,
LP
/
Emerald
Co-Issuer,
Inc.
06/22/26
49,000
101.97
50
50
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
06/22/26
51,000
97.60
50
50
FirstCash,
Inc.
06/22/26
51,000
98.37
50
50
Five
Point
Operating
Co.,
LP
06/22/26
49,000
102.62
50
50
Fortescue
Treasury
Pty,
Ltd.
06/23/26
50,000
99.34
50
50
Gates
Corp.
06/22/26
64,000
102.54
66
66
GCI
LLC
06/22/26
52,000
95.74
50
50
Getty
Images,
Inc.
06/22/26
77,800
88.56
69
64
GFL
Environmental,
Inc.
06/22/26
62,000
97.34
60
60
GFL
Environmental,
Inc.
06/22/26
62,000
97.88
61
61
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
06/22/26
53,000
94.24
50
50
goeasy,
Ltd.
06/22/26
49,000
89.18
44
44
goeasy,
Ltd.
06/22/26
62,000
98.16
61
61
Gulfport
Energy
Operating
Corp.
06/22/26
65,000
102.05
66
66
Hertz
Corp.
(The)
06/22/26
69,000
91.35
63
56
Hilton
Domestic
Operating
Co.,
Inc.
06/24/26
32,000
91.57
29
29
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.
06/22/26
70,000
93.69
66
66
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.
06/22/26
33,000
97.51
32
32
HNI
Corp.
06/22/26
51,000
98.20
50
50
Hudson
Yards
Mortgage
Trust
06/22/26
500,000
101.61
508
508
Iron
Mountain,
Inc.
06/22/26
51,000
97.98
50
50
JetBlue
Airways
Corp.
/
JetBlue
Loyalty,
LP
06/22/26
57,000
89.21
51
52
LifePoint
Health,
Inc.
06/22/26
57,000
104.17
59
59
LifePoint
Health,
Inc.
06/22/26
52,000
95.89
50
50
Macy's
Retail
Holdings
LLC
06/22/26
68,000
96.40
66
66
Maple
Parent
Holdings
Corp.
06/22/26
141,000
100.73
142
143
Maple
Parent
Holdings
Corp.
06/23/26
11,000
99.78
11
11
Michaels
Cos.,
Inc.(The)
06/22/26
67,000
98.49
66
66
Mobility
Global,
Inc.
06/22/26
147,000
100.60
148
149
Mobility
Global,
Inc.
06/22/26
147,000
100.88
148
149
Moss
Creek
Resources
Holdings,
Inc.
06/22/26
50,000
100.57
50
50
MPT
Operating
Partnership,
LP
/
MPT
Finance
Corp.
06/22/26
64,000
102.37
66
66
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
06/22/26
47,000
103.45
49
49
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
42
Russell
Investments
Core
Plus
Bond
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
$
$
$
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
06/22/26
48,000
104.21
50
50
North
Haven
Private
Income
Fund
LLC
06/22/26
152,000
97.64
148
148
Novelis
Corp.
06/22/26
53,000
102.63
54
54
Novelis
Corp.
06/22/26
62,000
96.66
60
60
NRG
Energy,
Inc.
06/24/26
29,000
100.52
29
29
NRG
Energy,
Inc.
06/24/26
25,000
92.76
23
23
NYC
Commercial
Mortgage
Trust
06/22/26
500,000
99.40
497
498
Owens-Brockway
Glass
Container,
Inc.
06/22/26
48,000
103.03
49
49
Park-Ohio
Industries,
Inc.
06/22/26
48,000
104.69
50
50
PennyMac
Financial
Services,
Inc.
06/22/26
53,000
93.67
50
50
PennyMac
Financial
Services,
Inc.
06/22/26
43,000
97.33
42
42
Performance
Food
Group,
Inc.
06/22/26
45,000
96.93
44
44
Post
Holdings,
Inc.
06/22/26
65,000
93.68
61
61
Post
Holdings,
Inc.
06/22/26
61,000
99.46
61
61
PTC,
Inc.
06/22/26
68,000
98.17
67
67
Rithm
Capital
Corp.
06/22/26
63,000
99.07
62
63
Rithm
Capital
Corp.
06/22/26
43,000
99.77
43
43
Romanian
Government
International
Bond
06/22/26
1,300,000
101.29
1,317
1,309
Service
Properties
Trust
06/22/26
54,000
92.92
50
50
Station
Casinos
LLC
06/22/26
51,000
98.82
50
50
Talen
Energy
Supply
LLC
06/22/26
50,000
99.62
50
50
Talos
Production,
Inc.
06/22/26
62,000
105.22
65
65
Tenet
Healthcare
Corp.
06/24/26
24,000
99.43
24
24
TransDigm,
Inc.
06/24/26
15,000
101.90
15
15
TriMas
Corp.
06/22/26
52,000
96.22
50
50
Turning
Point
Brands,
Inc.
06/22/26
48,000
103.35
50
50
Univision
Communications,
Inc.
06/22/26
59,000
100.63
59
59
Univision
Communications,
Inc.
06/22/26
64,000
95.35
61
61
Upbound
Group,
Inc.
06/22/26
50,000
99.20
50
50
Velocity
Commercial
Capital
LLC
06/22/26
63,000
103.91
65
65
Venture
Global
LNG,
Inc.
06/24/26
23,000
104.04
24
24
Venture
Global
LNG,
Inc.
06/24/26
27,000
106.76
29
29
Venture
Global
Plaquemines
LNG
LLC
06/24/26
29,000
104.39
30
30
Venture
Global
Plaquemines
LNG
LLC
06/24/26
16,000
110.01
18
18
VM
Consolidated,
Inc.
06/22/26
56,000
87.77
49
49
Yum!
Brands,
Inc.
06/22/26
16,000
98.29
16
16
7,597
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
United
States
2
Year
Treasury
Note
Futures
9
USD
1,855
09/26
2
United
States
10
Year
Treasury
Note
Futures
6
USD
659
09/26
3
United
States
10
Year
Ultra
Treasury
Note
Futures
20
USD
2,249
09/26
14
United
States
Treasury
Long
Bond
Futures
40
USD
4,541
09/26
16
United
States
Treasury
Ultra
Bond
Futures
13
USD
1,510
09/26
10
Short
Positions
United
States
5
Year
Treasury
Note
Futures
50
USD
5,352
09/26
(12)
United
States
10
Year
Treasury
Note
Futures
3
USD
330
09/26
United
States
10
Year
Ultra
Treasury
Note
Futures
2
USD
225
09/26
(1)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
32
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Core
Plus
Bond
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Core
Plus
Bond
ETF
43
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical    
Expedient
(a)
Total
Long-Term
Fixed
Income
Investments
Corporate
Bonds
and
Notes
$
$
18,132
$
$
$
18,132
International
Debt
4,357
4,357
Mortgage-Backed
Securities
20,583
20,583
United
States
Government
Treasuries
12,821
12,821
Short-Term
Investments
4,259
4,259
Total
Investments
55,893
4,259
60,152
Other
Financial
Instruments
Assets
Futures
Contracts
45
45
Liabilities
Futures
Contracts
(13)
(13)
Total
Other
Financial
Instruments
*
$
32
$
$
$
$
32
*
Futures
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,
2026,
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,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Country
Exposure
Fair
Value
$
%
of
Net
Assets
Australia
.............................................................................................
50
0.1
Canada
................................................................................................
2,253
3.7
Germany
.............................................................................................
141
0.2
Mexico
...............................................................................................
604
1.0
Romania
.............................................................................................
1,309
2.2
United
States
......................................................................................
55,795
92.0
Total
Investments
...............................................................................
60,152
99.2
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2026
with
an
underlying
fund
which
is,
or
was,
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
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
$
16,393
$
12,134
$
$
$
4,259
$
3
$
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Real
Estate
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
44
Russell
Investments
Global
Real
Estate
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.6%
Australia
-
5.8%
Charter
Hall
Group(ö)
380
6
Dexus(ö)
1,671
6
Goodman
Group(ö)
2,175
47
HomeCo
Daily
Needs
REIT(ö)(Þ)
5,976
5
Mirvac
Group(ö)
4,236
5
NEXTDC,
Ltd.(Æ)
1,141
12
Scentre
Group(ö)
11,664
31
Vicinity,
Ltd.(ö)
2,696
5
117
Belgium
-
1.3%
Aedifica
SA(ö)
160
13
Warehouses
De
Pauw
CVA(ö)
537
14
27
Canada
-
1.5%
Chartwell
Retirement
Residences
1,026
16
Granite
Real
Estate
Investment
Trust(ö)
83
6
RioCan
Real
Estate
Investment
Trust(ö)
502
8
30
France
-
2.2%
Unibail-Rodamco-Westfield(ö)
384
45
Germany
-
1.9%
Sirius
Real
Estate,
Ltd.(ö)
6,307
8
TAG
Immobilien
AG
1,396
22
Vonovia
SE
311
8
38
Hong
Kong
-
2.5%
Hongkong
Land
Holdings,
Ltd.
2,000
14
Link
REIT(ö)
1,700
8
Sun
Hung
Kai
Properties,
Ltd.
2,000
29
51
Japan
-
7.8%
Activia
Properties,
Inc.(ö)
9
8
Arealink
Co.,
Ltd.
1,100
6
Daiwa
Securities
Living
Investments
Corp.(ö)
10
6
Hoshino
Resorts
REIT,
Inc.(ö)
4
6
Isetan
Mitsukoshi
Holdings,
Ltd.
300
8
Japan
Metropolitan
Fund
Investment
Corp.(ö)
11
8
Japan
Real
Estate
Investment
Corp.(ö)
9
6
KDX
Realty
Investment
Corp.
(ö)
12
11
Mitsubishi
Estate
Co.,
Ltd.
800
20
Mitsui
Fudosan
Co.,
Ltd.
3,000
28
Mitsui
Fudosan
Logistics
Park,
Inc.(ö)
16
11
Nippon
Prologis
REIT,
Inc.(ö)
14
7
Nomura
Real
Estate
Master
Fund,
Inc.(ö)
8
7
Sumitomo
Realty
&
Development
Co.,
Ltd.
1,100
25
157
Netherlands
-
0.4%
CTP
NV(Þ)
434
8
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Singapore
-
3.0%
CapitaLand
Integrated
Commercial
Trust
(ö)
12,100
21
Capitaland
Investment,
Ltd.
4,000
8
Centurion
Accommodation
REIT(Æ)(ö)
14,600
12
Keppel
REIT(ö)
7,400
5
Lendlease
Global
Commercial
REIT(ö)
12,600
6
UOL
Group,
Ltd.
1,200
9
61
Spain
-
1.4%
Merlin
Properties
Socimi
SA(ö)
1,252
22
Neinor
Homes
SA(Þ)
363
7
29
Sweden
-
0.6%
Castellum
AB
382
5
Fastighets
AB
Balder
Class
B(Æ)
1,355
7
12
Switzerland
-
1.1%
Swiss
Prime
Site
AG
139
23
United
Kingdom
-
4.0%
Big
Yellow
Group
PLC(ö)
1,115
13
British
Land
Co.
PLC
(The)(ö)
1,317
7
Hammerson
PLC(ö)
2,358
12
Land
Securities
Group
PLC(ö)
1,070
9
LondonMetric
Property
PLC(ö)
5,843
15
Segro
PLC(ö)
2,191
25
81
United
States
-
66.1%
Agree
Realty
Corp.(ö)
184
14
American
Tower
Corp.(ö)
127
21
Brixmor
Property
Group,
Inc.(ö)
406
13
Camden
Property
Trust(ö)
185
21
CareTrust
REIT,
Inc.(ö)
502
20
Curbline
Properties
Corp.(ö)
352
11
Digital
Realty
Trust,
Inc.(ö)
274
49
EastGroup
Properties,
Inc.(ö)
77
16
Equinix,
Inc.(ö)
128
133
Equity
LifeStyle
Properties,
Inc.(ö)
338
22
Equity
Residential(ö)
760
52
Essential
Properties
Realty
Trust,
Inc.(ö)
237
7
Essex
Property
Trust,
Inc.(ö)
136
40
Extra
Space
Storage,
Inc.(ö)
216
31
Federal
Realty
Investment
Trust(ö)
248
31
First
Industrial
Realty
Trust,
Inc.(ö)
119
7
Gaming
and
Leisure
Properties,
Inc.(ö)
687
31
Healthcare
Realty
Trust,
Inc.(ö)
1,213
24
Hilton
Worldwide
Holdings,
Inc.
19
6
Host
Hotels
&
Resorts,
Inc.(ö)
999
24
Invitation
Homes,
Inc.(ö)
1,220
37
Iron
Mountain,
Inc.(ö)
294
37
Janus
Living,
Inc.
Class
A(ö)
319
9
Macerich
Co.
(The)(ö)
393
10
Marriott
International,
Inc.
Class
A
9
3
National
Storage
Affiliates
Trust(ö)
485
22
NETSTREIT
Corp.(ö)
870
18
Outfront
Media,
Inc.(ö)
371
12
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Real
Estate
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Global
Real
Estate
ETF
45
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Pebblebrook
Hotel
Trust(ö)
251
5
Prologis,
Inc.(ö)
840
114
Public
Storage(ö)
133
42
Realty
Income
Corp.(ö)
510
32
Regency
Centers
Corp.(ö)
204
16
Simon
Property
Group,
Inc.(ö)
285
64
SL
Green
Realty
Corp.(ö)
187
10
Sun
Communities,
Inc.(ö)
229
27
Terreno
Realty
Corp.(ö)
80
5
Urban
Edge
Properties(ö)
295
7
Ventas,
Inc.(ö)
556
49
Vornado
Realty
Trust(ö)
1,081
42
Welltower,
Inc.(ö)
806
183
WP
Carey,
Inc.(ö)
266
19
1,336
Total
Common
Stocks
(cost
$1,996)
2,015
Short-Term
Investments
-
0.2%
United
States
-
0.2%
U.S.
Cash
Management
Fund(@)
4,087
(∞)
4
Total
Short-Term
Investments
(cost
$4)
4
Total
Investments
-
99.8%
(identified
cost
$2,000)
2,019
Other
Assets
and
Liabilities,
Net
-
0.2%
4
Net
Assets
-
100.0%
2,023
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Real
Estate
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
46
Russell
Investments
Global
Real
Estate
ETF
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
1.0%
CTP
NV
06/22/26
EUR
434
17.79
8
8
HomeCo
Daily
Needs
REIT
06/22/26
AUD
5,976
0.92
5
5
Neinor
Homes
SA
06/22/26
EUR
363
18.64
7
7
20
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
$
117
$
$
$
$
117
Belgium
2
7
2
7
Canada
30
30
France
45
45
Germany
38
38
Hong
Kong
51
51
Japan
157
157
Netherlands
8
8
Singapore
61
61
Spain
29
29
Sweden
12
12
Switzerland
23
23
United
Kingdom
81
81
United
States
1,33
6
1,33
6
Short-Term
Investments
4
4
Total
Investments
$
2,015
$
$
$
4
$
2,019
(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,
2026,
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,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Diversified
..........................................................................................
379
18.7
Healthcare
..........................................................................................
293
14.5
Industrial
............................................................................................
263
13.0
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Real
Estate
ETF
Schedule
of
Investments,
continued
June
30,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Russell
Investments
Global
Real
Estate
ETF
47
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Lodging/Resorts
.................................................................................
75
3.7
Office
..................................................................................................
118
5.8
Residential
..........................................................................................
248
12.3
Retail
..................................................................................................
32
1
15.9
Self
Storage
........................................................................................
114
5.6
Technology
.........................................................................................
20
4
10.1
Short-Term
Investments
.......................................................
4
0.2
Total
Investments
...............................................................................
2,019
99.8
Transactions
(amounts
in
thousands)
during
the
period
ended
June
30,
2026
with
an
underlying
fund
which
is,
or
was,
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
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
$
669
$
665
$
$
$
4
$
$
Russell
Investments
Exchange
Traded
Funds
Notes
to
Schedules
of
Investments
June
30,
2026
(Unaudited)
48
Notes
to
Schedules
of
Investments
Footnotes:
Abbreviations:
Foreign
Currency
Abbreviations:
(Æ)
Non-income
producing
security.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ö)
Real
Estate
Investment
Trust
(REIT).
(Þ)
Restricted
security.
Security
may
have
contractual
restrictions
on
resale,
may
have
been
offered
in
a
private
placement
transaction,
and
is
not
registered
under
the
Securities
Act
of
1933,
as
amended
(“the
Act”).
The
most
common
types
of
restricted
securities
are
those
sold
under
Rule
144A
of
the
Act
and
commercial
paper
sold
under
Section
4(2)
of
the
Act.
(ÿ)
Notional
amount
in
thousands.
(∞)
Unrounded
units.
(
Š)
Value
was
determined
using
significant
unobservable
inputs
.
(~)
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.
(
@)
Affiliate
.
(
Ÿ)
Rate
noted
is
dividend
yield
at
period
end
.
ADR
-
American
Depositary
Receipt
NVDR
-
Non-Voting
Depository
Receipt
AED
-
United
Arab
Emirates
dirham
IDR
-
Indonesian
rupiah
PLN
-
Polish
zloty
AUD
-
Australian
dollar
ILS
-
Israeli
shekel
QAR-
Qatari
riyal
BRL
-
Brazilian
real
INR
-
Indian
rupee
SAR
-
Saudi
riyal
CAD
-
Canadian
dollar
ISK
-
Icelandic
krona
SEK
-
Swedish
krona
CHF
-
Swiss
franc
ITL
-
Italian
lira
SGD
-
Singapore
dollar
CNH
Chinese
offshore
spot
JPY
-
Japanese
yen
THB
-
Thai
baht
CNY
-
Chinese
renminbi
yuan
KRW
-
South
Korean
won
TRY
-
Turkish
lira
DKK
-
Danish
krone
MXN
-
Mexican
peso
TWD
-
Taiwanese
dollar
EUR
-
Euro
MYR
-
Malaysian
ringgit
USD
-
United
States
dollar
GBP
-
British
pound
sterling
NOK
-
Norwegian
krone
ZAR
-
South
African
rand
HKD
-
Hong
Kong
dollar
NZD
-
New
Zealand
dollar
HUF
-
Hungarian
forint
PHP
-
Philippine
peso
Russell
Investments
Exchange
Traded
Funds
Notes
to
Quarterly
Report
June
30,
2026
(Unaudited)
Notes
to
Quarterly
Report
49
1.
Significant
Accounting
Policies
Russell
Investments
Exchange
Traded
Funds
(the
“Trust”)
is
a
series
investment
company
with
seven
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
including,
but
not
limited
to,
Accounting
Standards
Codification
946.
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
(the
“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,
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,
2026
(Unaudited)
50
Notes
to
Quarterly
Report
Fixed
income
securities
including
corporate,
convertible,
U.S.
government
agency,
municipal
bonds
and
notes,
U.S.
treasury
obligations,
sovereign
issues,
bank
loans,
bank
notes
and
non-U.S.
bonds
are
normally
valued
by
pricing
service
providers
that
use
broker-dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
service
providers’
internal
models
use
inputs
that
are
observable
such
as
issuer
details,
interest
rates,
yield
curves,
prepayment
speeds,
credit
risks/spreads
and
default
rates.
Such
fixed
income
securities
that
use
pricing
service
internal
models
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Such
fixed
income
securities
that
use
broker-dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fixed
income
securities
purchased
on
a
delayed-delivery
basis
and
marked-to-market
daily
until
settlement
at
the
forward
settlement
date
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Mortgage
and
asset-backed
securities
are
usually
issued
as
separate
tranches,
or
classes,
of
securities
within
each
deal.
These
securities
are
also
normally
valued
by
pricing
service
providers
that
use
broker-dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
models
for
these
securities
usually
consider
tranche-level
attributes,
including
estimated
cash
flows
of
each
tranche,
market-based
yield
spreads
for
each
tranche,
and
current
market
data,
as
well
as
incorporate
deal
collateral
performance,
as
available.
Mortgage
and
asset-backed
securities
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
will
be
valued
based
upon
the
net
asset
value
(“NAV”)
per
share
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.
The
Russell
Investments
U.S.
Small
Cap
Equity,
Russell
Investments
International
Developed
Equity,
Russell
Investments
Global
Equity,
Russell
Investments
Global
Infrastructure,
Russell
Investments
Core
Plus
Bond
and
Russell
Investments
Global
Real
Estate
ETFs
had
no
transfers
into
or
out
of
Level
3
for
the
period
ended
June
30,
2026.
The
Russell
Investments
Emerging
Markets
Equity
ETF
had
transfers
out
of
Level
3
into
Level
1
representing
financial
instruments
for
which
quoted
prices
in
an
active
market
became
available.
The
amount
transferred
was
$1,176.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Quarterly
Report,
continued
June
30,
2026
(Unaudited)
Notes
to
Quarterly
Report
51
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.
The
significant
unobservable
input
used
in
the
fair
value
measurement
of
certain
Funds’
debt
securities
is
the
yield
to
worst
ratio.
Significant
increases
(decreases)
in
the
yield
to
worst
ratio
would
result
in
a
lower
(higher)
fair
value
measurement.
Significant
unobservable
inputs
are
further
disclosed
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund
as
applicable.
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
Russell
Investments
Exchange
Traded
Funds
Notes
to
Quarterly
Report,
continued
June
30,
2026
(Unaudited)
52
Notes
to
Quarterly
Report
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.
3.
Subsequent
Events
Management
has
evaluated
the
events
and/or
transactions
that
have
occurred
through
the
date
the
Quarterly
Report
was
issued
and
determined
no
events
have
occurred
that
require
disclosure
except
the
following:
RIM
has
advised
the
Funds
that,
on
July
9,
2026,
Russell
Investments
announced
that
an
investor
consortium
led
by
B
Capital,
a
global
multi-stage
investment
firm,
and
including
California
Public
Employees’
Retirement
System,
has
agreed
to
acquire
Russell
Investments,
including
RIM,
from
TA
Associates
and
Reverence
Capital
(the
“Transaction”).
RIM
expects
the
Transaction
to
close
in
the
first
quarter
of
2027,
subject
to
the
receipt
of
regulatory
approvals
and
other
customary
closing
conditions.
The
Transaction
is
not
expected
to
result
in
any
material
change
in
the
day-to-day
management
of
the
Funds.
As
required
by
the
Investment
Company
Act
of
1940,
as
amended,
the
consummation
of
the
Transaction
would
result
in
the
automatic
termination
of
the
advisory
agreement
between
RIM
and
the
Trust,
on
behalf
of
the
Funds.
Accordingly,
prior
to
such
consummation,
a
new
investment
advisory
agreement
(the
“New
Advisory
Agreement”)
between
the
Trust
and
RIM
will
be
required
for
RIM
to
continue
in
its
capacity
as
an
investment
adviser
to
each
Fund.
The
New
Advisory
Agreement
is
subject
to
the
approval
of
the
Board
and
respective
shareholders
of
each
Fund.
If
approved
by
the
Board,
shareholders
of
the
Funds
as
of
a
record
date
to
be
determined
by
the
Board
will
be
asked
to
approve
the
New
Advisory
Agreement
at
a
special
meeting
of
shareholders
which
RIM
expects
to
be
held
in
the
fourth
quarter
of
2026
or
the
first
quarter
of
2027
through
a
proxy
solicitation
that
will
describe
the
Transaction
in
greater
detail.
Under
the
New
Advisory
Agreement,
RIM
would
provide
investment
advisory
services
to
each
Fund
on
substantially
similar
terms
to
the
current
agreement
for
fees
that
do
not
exceed
those
that
are
currently
in
effect
with
respect
to
each
Fund.
For
additional
information
on
the
Funds’
significant
accounting
policies
and
risks,
please
refer
to
the
Funds’
most
recent
semi-annual
or
annual
financial
statements
and
other
information
and
prospectus
.
Russell
Investments
Exchange
Traded
Funds
401
Union
Street
18
th
Floor
Seattle,
WA
98101
800-787-7354
Fax:
206-505-3495