UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-24027

Russell Investments Exchange Traded Funds

(Exact name of registrant as specified in charter)

401 Union Street, 18^th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)

Mary Beth Albaneze, Secretary and Chief Legal Officer

401 Union Street

18th Floor

Seattle, Washington 98101

206-505-4846

______________________________________________

(Name and address of agent for service)

Registrant's telephone number, including area code: 800-787-7354

Date of fiscal year end:           September 30

Date of reporting period:        May 13, 2025 to September 30, 2025

Item 1. Reports to Stockholders

U.S. Small Cap Equity Active ETF^{Footnote Reference(a)}

RUSC

NASDAQ 

Annual Shareholder Report

September 30, 2025 

This annual shareholder report contains important information about U.S. Small Cap Equity Active ETF for the period of May 13, 2025 to September 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=ETF. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
U.S. Small Cap Equity Active ETF	$26Footnote Reference(b)	0.64%Footnote Reference(b)

How did the Fund perform last year and what affected its performance? 

• Since its inception on May 13, 2025 through September 30, 2025, the U.S. Small Cap Equity Active ETF (the “Fund”) underperformed the Russell 2000^® Index. The relative underperformance was primarily driven by stock selection and an underweight to the highest volatility and lowest quality names.

• Within sectors, stock selection within industrials (electrical equipment, ground transportation), information technology (semiconductors, information technology services), and materials (chemicals, metals & mining) was challenging while stock selection in healthcare (equipment & supplies, providers & services) and consumer discretionary (hotels, restaurants & leisure, specialty retail) contributed positively to performance.

• From a style perspective, exposure to the higher quality and lower volatility parts of the market dragged on performance as the Federal Reserve’s renewed rate-cutting cycle and stronger earnings reinforced investors’ risk-on sentiment alongside the broader artificial intelligence theme.

• Among money manager strategies, money managers with exposure to higher volatility names outperformed (Boston Partners Global Investors, Inc., Calamos Advisors LLC, Lord Abbett & Co. LLC, Penn Capital Management, LLC) while money managers with more defensive positioning (higher quality and lower volatility bias), such as DePrince, Race & Zollo, Inc., Ranger Investment Management, L.P., Jacobs Levy Equity Management, Inc. and Copeland Capital Management, LLC, underperformed during the period.

How did the Fund perform since inception?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment since inception in an appropriate broad-based securities market index for the same period.

	U.S. Small Cap Equity Active ETF	Russell 3000® Index	Russell 2000® Index
5/13/2025	10,000	10,000	10,000
2025	11,364	11,404	11,658

Annual Fund Performance*

	Since Inception
U.S. Small Cap Equity Active ETF	13.64%
Russell 3000® Index	14.04%
Russell 2000® Index	16.58%

*The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.    

Key Fund Statistics

Net Assets (thousands)	$39,914
Total Number of Portfolio Holdings	497
Total Advisory Fees Paid (thousands)	$68
Portfolio Turnover Rate	30%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Short-Term Investments	0.4%
Common Stocks	99.6%

Sector Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Financial Services	21.1%
Producer Durables	17.7%
Health Care	16.4%
Technology	15.1%
Consumer Discretionary	12.8%
Materials and Processing	7.4%
Energy	3.7%
Utilities	3.3%
Consumer Staples	2.1%
Other	0.4%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=ETF.

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Footnote	Description
Footnote(a)	Effective October 1, 2025, the U.S. Small Cap Equity Active ETF was renamed the Russell Investments U.S. Small Cap Equity ETF.
Footnote(b)	Expenses are only for the period since inception and would be higher for a full reporting period.

U.S. Small Cap Equity Active ETF^{Footnote Reference(a)}

RUSC

Annual Shareholder Report

NASDAQ 

September 30, 2025 

International Developed Equity Active ETF^{Footnote Reference(a)}

RINT

NASDAQ 

Annual Shareholder Report

September 30, 2025 

This annual shareholder report contains important information about International Developed Equity Active ETF for the period of May 13, 2025 to September 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=ETF. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
International Developed Equity Active ETF	$20Footnote Reference(b)	0.49%Footnote Reference(b)

How did the Fund perform last year and what affected its performance? 

• Since its inception on May 13, 2025 through September 30, 2025, the International Developed Equity Active ETF (the “Fund”) underperformed the MSCI World ex USA Index (Net).

• Stock selection within industrials (overweight Daimler Truck Holding AG) and materials (overweight Symrise AG) detracted from performance. The off-benchmark allocation to Taiwan Semiconductor Manufacturing Company Limited, Tencent Holdings, Ltd., and Alibaba Group Holding, Ltd. were top contributors of performance over the period.

• Sector bets did not have a meaningful impact on performance. An underweight to consumer staples and overweight to materials added value but was offset by an underweight to financials.

• Among money manager strategies, Pzena Investment Management, LLC and Wellington Management Company LLP were top performers driven by strong stock selection within European financials and off-benchmark positions in artificial intelligence stocks such as Alibaba Group Holding, Ltd., Baidu, Inc., and Samsung Electronics Co., Ltd. Money managers with tilts towards high-quality stocks lagged over the period, driven by unrewarded positions within the financials and health care sectors.

How did the Fund perform since inception?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment since inception in an appropriate broad-based securities market index for the same period.

	International Developed Equity Active ETF	MSCI World ex USA Index (Net)
5/13/2025	10,000	10,000
2025	11,044	11,097

Annual Fund Performance*

	Since Inception
International Developed Equity Active ETF	10.44%
MSCI World ex USA Index (Net)	10.97%

*The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.    

Key Fund Statistics

Net Assets (thousands)	$102,984
Total Number of Portfolio Holdings	349
Total Advisory Fees Paid (thousands)	$145
Portfolio Turnover Rate	28%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.1%
Short-Term Investments	0.5%
Preferred Stocks	0.6%
Common Stocks	98.8%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
Japan	16.7%
United Kingdom	10.2%
France	9.5%
Germany	9.2%
United States	9.1%
Canada	8.4%
Netherlands	5.0%
Switzerland	4.0%
Italy	3.1%
Australia	3.0%
Other Common Stocks	20.6%
Other	1.2%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=ETF.

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Footnote	Description
Footnote(a)	Effective October 1, 2025, the International Developed Equity Active ETF was renamed the Russell Investments International Developed Equity ETF.
Footnote(b)	Expenses are only for the period since inception and would be higher for a full reporting period.

International Developed Equity Active ETF^{Footnote Reference(a)}

RINT

Annual Shareholder Report

NASDAQ 

September 30, 2025 

Global Equity Active ETF^{Footnote Reference(a)}

RGLO

NASDAQ 

Annual Shareholder Report

September 30, 2025 

This annual shareholder report contains important information about Global Equity Active ETF for the period of May 29, 2025 to September 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=ETF. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Global Equity Active ETF	$18Footnote Reference(b)	0.49%Footnote Reference(b)

How did the Fund perform last year and what affected its performance? 

• Since its inception on May 29, 2025 through September 30, 2025, the Global Equity Active ETF (the “Fund”) outperformed the MSCI World Index (Net).

• Stock selection within financials, particularly an overweight to banks, and within industrials and information technology were top contributors to performance.

• Sector bets were unrewarded over the period. An underweight to information technology and overweight to health care detracted from performance. Specifically, underweights to Oracle Corp. and Palantir Technologies, Inc. negatively impacted performance, as both companies delivered strong returns supported by continued artificial intelligence (“AI”) momentum.

• Among money manager strategies, Sanders Capital, LLC and Wellington Management Company, LLP were top performers driven by strong stock selection within European financials and off-benchmark positions in AI stocks such as TSMC Arizona Corp., Alphabet, Inc., Baidu, Inc., Seagate Technology Holdings PLC, and Samsung Electronics Co., Ltd. Money managers with tilts towards high-quality stocks lagged over the period, driven by unrewarded positions within the health care sector.

• Equity index futures are used in the Fund to target and control fund-level exposures and these instruments performed as intended.

How did the Fund perform since inception?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment since inception in an appropriate broad-based securities market index for the same period.

	Global Equity Active ETF	MSCI World Index (Net)
5/29/2025	10,000	10,000
2025	11,227	11,194

Annual Fund Performance*

	Since Inception
Global Equity Active ETF	12.27%
MSCI World Index (Net)	11.94%

*The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.    

Key Fund Statistics

Net Assets (thousands)	$230,747
Total Number of Portfolio Holdings	429
Total Advisory Fees Paid (thousands)	$325
Portfolio Turnover Rate	24%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	1.0%
Preferred Stocks	0.3%
Short-Term Investments	1.2%
Common Stocks	97.5%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
United States	61.6%
Japan	5.8%
United Kingdom	4.3%
France	3.5%
Netherlands	2.5%
Switzerland	1.8%
Germany	1.8%
Taiwan	1.7%
Denmark	1.4%
Canada	1.3%
Other Common Stocks	11.8%
Other	2.5%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=ETF.

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Footnote	Description
Footnote(a)	Effective October 1, 2025, the Global Equity Active ETF was renamed the Russell Investments Global Equity ETF.
Footnote(b)	Expenses are only for the period since inception and would be higher for a full reporting period.

Global Equity Active ETF^{Footnote Reference(a)}

RGLO

Annual Shareholder Report

NASDAQ 

September 30, 2025 

Emerging Markets Equity Active ETF^{Footnote Reference(a)}

REMG

NASDAQ 

Annual Shareholder Report

September 30, 2025 

This annual shareholder report contains important information about Emerging Markets Equity Active ETF for the period of May 29, 2025 to September 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=ETF. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Emerging Markets Equity Active ETF	$24Footnote Reference(b)	0.64%Footnote Reference(b)

How did the Fund perform last year and what affected its performance? 

• Since its inception on May 29, 2025 through September 30, 2025, the Emerging Markets Equity Active ETF (the “Fund”) outperformed the MSCI Emerging Markets Index (Net). The relative outperformance was primarily driven by strong stock selection and favorable country allocation.

• From country perspective, an underweight allocation to India, particularly within software consulting and financials, was a key contributor. Stock selection within India was also positive despite the overall market underperforming as India’s trade relations with the U.S. deteriorated, weighing on investor sentiment. Stock selection within South Africa (overweight AngloGold Ashanti PLC, Sibanye Stillwater, Ltd.) and Taiwan was also beneficial, however an underweight allocation to Taiwan limited the overall gains. Stock selection within China and Hong Kong and Brazil were further detractors to relative returns.

• Within sectors, stock selection within financials (underweight banks) and materials across regions and in particular companies related to gold (overweight AngloGold Ashanti PLC in South Africa, Fresnillo PLC in UK) were positive, as prices of gold and other metals continued to climb. Stock picks within industrials also added to relative returns, while stock selection within consumer discretionary (across China and Hong Kong, Brazil) was challenged.

• From a style perspective, exposure to momentum and pro-cyclical parts of the market was favorable while a tilt away from large cap was a headwind.

• Among money manager strategies, Oaktree Fund Advisors, LLC was a strong performer primarily due to their overweight exposure to as well as strong stock selection within China. Value money managers (Barrow, Hanley, Mewhinney & Strauss, LLC and Pzena Investment Management, LLC) also performed well despite style headwinds, while growth money managers (Axiom Investors LLC and Sands Capital Management, LLC) underperformed predominately due to their underweight exposure to China. Systematic money manager Numeric Investors LLC performed roughly in line with the benchmark.

How did the Fund perform since inception?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment since inception in an appropriate broad-based securities market index for the same period.

	Emerging Markets Equity Active ETF	MSCI Emerging Markets Index (Net)
5/29/2025	10,000	10,000
2025	11,675	11,603

Annual Fund Performance*

	Since Inception
Emerging Markets Equity Active ETF	16.75%
MSCI Emerging Markets Index (Net)	16.03%

*The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.    

Key Fund Statistics

Net Assets (thousands)	$68,334
Total Number of Portfolio Holdings	365
Total Advisory Fees Paid (thousands)	$131
Portfolio Turnover Rate	15%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.4%
Short-Term Investments	0.1%
Common Stocks	99.5%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
China	30.1%
Taiwan	16.3%
South Korea	12.8%
India	12.5%
Brazil	6.2%
South Africa	2.5%
Saudi Arabia	2.2%
Mexico	2.1%
Thailand	2.1%
Hong Kong	1.5%
Other Common Stocks	11.2%
Other	0.5%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=ETF.

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Footnote	Description
Footnote(a)	Effective October 1, 2025, the Emerging Markets Equity Active ETF was renamed the Russell Investments Emerging Markets Equity ETF.
Footnote(b)	Expenses are only for the period since inception and would be higher for a full reporting period.

Emerging Markets Equity Active ETF^{Footnote Reference(a)}

REMG

Annual Shareholder Report

NASDAQ 

September 30, 2025 

Global Infrastructure Active ETF^{Footnote Reference(a)}

RIFR

NASDAQ 

Annual Shareholder Report

September 30, 2025 

This annual shareholder report contains important information about Global Infrastructure Active ETF for the period of May 13, 2025 to September 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments?Site=ETF. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Global Infrastructure Active ETF	$23Footnote Reference(b)	0.59%Footnote Reference(b)

How did the Fund perform last year and what affected its performance? 

• Since its inception on May 13, 2025 through September 30, 2025, the Global Infrastructure Active ETF (the “Fund”) underperformed the FTSE Developed Core Infrastructure 50/50 Index (Net).

• Underperformance was primarily driven by negative security selection among midstream energy names, particularly North American oil and gas pipeline operators, which experienced a wide dispersion in returns. An overweight position in toll roads also had a negative impact, given weaker performance results among European and Australian road operators. In an environment of growing demand for electricity, off-benchmark exposure to independent power producers and energy traders, along with positive stock selection among multi-utilities, contributed positively.

• Among money manager strategies, Cohen & Steers Capital Management, Inc., Cohen & Steers UK Limited and Cohen & Steers Asia Limited was the best-performing money manager, outperforming versus the benchmark. Positive security selection within the utilities and energy categories and an underweight to cellular towers were beneficial.

• First Sentier Investors (Australia) IM Ltd underperformed versus the benchmark. An overweight to toll roads and negative security selection in North American midstream energy and passenger rail detracted, while positive selection in freight rail, electric utilities, and airports added value.

How did the Fund perform since inception?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment since inception in an appropriate broad-based securities market index for the same period.

	Global Infrastructure Active ETF	MSCI World Index (Net)	FTSE Developed Core Infrastructure 50/50 Index (Net)
5/13/2025	10,000	10,000	10,000
2025	10,687	11,323	10,802

Annual Fund Performance*

	Since Inception
Global Infrastructure Active ETF	6.87%
MSCI World Index (Net)	13.23%
FTSE Developed Core Infrastructure 50/50 Index (Net)	8.02%

*The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.    

Key Fund Statistics

Net Assets (thousands)	$21,005
Total Number of Portfolio Holdings	63
Total Advisory Fees Paid (thousands)	$33
Portfolio Turnover Rate	24%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	0.2%
Short-Term Investments	0.3%
Common Stocks	99.5%

Country Exposure - Common Stocks

(% of Net Assets) 

Value	Value
United States	63.1%
Australia	6.7%
Canada	5.7%
United Kingdom	5.5%
Spain	4.8%
France	3.8%
Japan	3.4%
Switzerland	1.7%
Italy	1.5%
New Zealand	1.3%
Other Common Stocks	2.0%
Other	0.5%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments?Site=ETF.

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Footnote	Description
Footnote(a)	Effective October 1, 2025, the Global Infrastructure Active ETF was renamed the Russell Investments Global Infrastructure ETF.
Footnote(b)	Expenses are only for the period since inception and would be higher for a full reporting period.

Global Infrastructure Active ETF^{Footnote Reference(a)}

RIFR

Annual Shareholder Report

NASDAQ 

September 30, 2025 

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer (“Code”). There have been no amendments to, or waivers in connection with, the Code during the period covered by this Report.  The registrant has filed a copy of the Code as an exhibit to its annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Michelle Cahoon has been determined to be the Audit Committee Financial Expert and is also determined to be “independent” for purposes of Item 3, paragraph (a)(2)(i) and (ii) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed since inception for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for this fiscal year were as follows:

2025    $173,100

Audit-Related Fees

(b) The aggregate fees billed since inception for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:

Fees                                         Nature of Services

2025    $37,500                                   Tax Services performed in connection with the Audit

Tax Fees

(c) The aggregate fees billed since inception for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:

Fees                                         Nature of Services

2025    $52,500                                   Tax services

All Other Fees

(d) The aggregate fees billed since inception for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item and the nature of the services comprising those fees were as follows:

Fees                                         Nature of Services

2025    $0                                           

(e) (1) Registrant’s audit committee has adopted the following pre-approval policies and procedures for certain services provided by registrant’s accountants:

Russell Investment Company

Russell Investment Funds

Russell Investments Exchange Traded Funds

Russell Investments New Economy Infrastructure Fund

Russell Investments Strategic Credit Fund

(each an “Investment Company”)

Audit and Non-Audit Services Pre-Approval Policy

Effective Date: April 1, 2025

I.        Statement of Purpose.

This Audit and Non-Audit Services Pre-Approval Policy (“Policy”) has been adopted by the Audit Committee (the “Audit Committee”) of each Investment Company to apply to any and all engagements of the independent auditor with: (1) an Investment Company for audit and permissible non-audit services and (2) the Investment Company’s adviser or its control affiliates (collectively, “Adviser Entities”) for permissible non-audit services that relate directly to the Investment Company’s operations or financial reporting (“fund-related services”) ¹. The term “Funds” shall collectively refer to each series of an Investment Company that is a series company and to each Investment Company that is not a series company.  The term “Investment Adviser” shall refer to the Funds’ adviser, Russell Investment Management, LLC (“RIM”).  This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor. 

II.     Statement of Principles.

Under the Sarbanes-Oxley Act of 2002 (the “Act”) and rules adopted by the United States Securities and Exchange Commission (the “SEC”), the Audit Committee of the Funds’ Board of Trustees (the “Audit Committee”) is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the Funds.  As part of these responsibilities, the Audit Committee is required to pre-approve: (1) the audit services and permissible non-audit services, such as audit-related, tax and other services (“non-audit services”), to be performed by the independent auditor for the Funds, and (2) the services to be performed by the independent auditor for Adviser Entities that relate directly to the operations and financial reporting of the fund, in each case to assure that the independence of the auditor is not in any way compromised or impaired with respect to the Funds.  In determining whether an auditor is independent in light of the services it provides to a Fund or Adviser Entity, there are four guiding principles under the Act and relevant SEC rules that must be considered.  In general, the independence of the auditor to the Funds could be deemed impaired if the auditor has a relationship or provides a service that:

(a) Creates a mutual or conflicting interest between the auditor and the audit client (including the Funds whose financial statements are being audited, as well as affiliates of the Funds covered by relevant SEC rules);

(b) Results in the auditor acting as management or an employee of the audit client;

(c) Places the auditor in the position of auditing its own work; or

(d) Places the accountant in a position of being an advocate for the audit client.

Accordingly, it is the Funds’ policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds.  This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.

Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee.  The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee’s responsibilities to management (“general pre-approval”), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis (“specific pre-approval”). 

The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent auditor.  The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee. ² As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor.  Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor.  The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

III.      Delegation.

As provided in the Act and in the SEC’s rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members.  Any member to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

IV.       Audit Services.

The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.  Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year.  These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds’ systems of internal control, and consultations relating to the audit.  Audit services also include the attestation engagement for the independent auditor’s report on the report from management on financial reporting internal controls.  The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee. 

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide.  These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A or Form N-2, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds’ securities offerings.

The audit services engagement terms and fees for the independent auditor for the Funds, as described above, must be specifically pre-approved by the Audit Committee or its delegate on an annual basis. The Audit Committee has pre-approved the other audit services set forth in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule.  All other audit services not listed in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

V.      Audit-Related Services.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor.  Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant pre-approval to audit related services.  “Audit-related services” include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements, including  reports required to be filed with the SEC pursuant to applicable requirements.

The Audit Committee has pre-approved the audit-related services set forth in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule.  All other audit-related services not listed in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VI.     Tax Services.

The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor’s independence and the SEC has stated that the independent auditor may provide such services.  Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence.  However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds’ investments outside the United States.  The Audit Committee will consult with the Treasurer of the Funds or outside counsel to determine that the Funds’ tax planning and reporting positions are consistent with this policy. 

The Audit Committee has pre-approved the tax services set forth in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule. All other tax services not listed in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VII.      All Other Services.

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted.  Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as “all other” services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the permissible “all other services” set forth in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule.  Permissible “all other services” not listed in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

A list of the SEC’s prohibited non-audit services are as follows:

(a) Bookkeeping or other services relating to the accounting records or financial statements of the Funds

(b) Financial information system design and implementation

(c) Appraisal or valuation services, fairness opinions or contribution-in-kind reports

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

(h) Broker-dealer, investment adviser or investment banking services

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

The SEC’s rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions.  Under no circumstance may an executive, manager or associate of the Funds, the Investment Adviser or an Adviser Entity authorize the independent auditor for the Funds to provide prohibited non-audit services.

VIII.      De Minimis Waiver.

In accordance with the Act and SEC regulations, notwithstanding anything in this Policy to the contrary, the pre-approval requirements of this Policy are waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided:

            (a)        The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid the Investment Company to the independent auditor during the fiscal year in which the services were provided;

            (b)        Such services were not recognized by the Funds at the time of the engagement to be non-audit services requiring pre-approval by the Audit Committee or its delegate; and

            (c)        Such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or its delegate prior to the completion of the audit, pursuant to the pre-approval provisions of this Policy.

With respect to the provision of fund-related services to Adviser Entities, the aggregate amount of services provided must constitute no more than five percent of the total amount of fees paid by the Investment Company and the relevant Adviser Entities to the independent auditor during the fiscal year in which the services were provided.

In connection with the approval of any non-audit service pursuant to this de minimis exception, a record shall be made indicating that each of the conditions for this exception has been satisfied.

IX.       Pre-Approval Fee Levels or Budgeted Amounts.

Pre-approved fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Funds and for other affiliates in the investment company complex subject to pre-approval).  Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee.  The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.  For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for audit, audit-related, and tax services for the Funds (including any audit-related or tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as “all other services” for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee or its delegate).

X.        Procedures

All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the “Investment Company Clearance Committee” (the “Clearance Committee”) (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services.  The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee.  The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearance Committee that, in their view, the request or application does not involve a prohibited non-audit service and is consistent with the SEC’s rules governing auditor independence.

Russell Investments’ associates and the officers of the Investment Company will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department or an officer of the Investment Company.

XI.       Additional Requirements.

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor’s continuing independence from the Funds and their affiliates.  Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and the Investment Company, RIM and their subsidiaries and affiliates (including persons in financial reporting oversight roles) that may reasonably be thought to bear on the auditor’s independence, consistent with Public Company Accounting Oversight Board Rule 3526, and discussing with the independent auditor its methods and procedures for ensuring its independence.

Footnotes

1      Adviser Entities include the Funds’ investment adviser (but not a sub-adviser whose role is primarily portfolio management and whose activities are overseen by the principal investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds.

2      As noted below, the annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:

Audit Fees                                          0%

Audit-Related Fees                           0%

Tax Fees                                             0%

All Other Fees                                   0%

(f) For services, 50 percent or more of which were pre-approved, the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant since inception of the registrant were as follows:

2025   $0

(h) The registrant’s audit committee of the board of trustees has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable, as the registrant has not been identified by the SEC as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) Not applicable, as the registrant is not a foreign issuer.

Item 5.  Audit Committee of Listed Registrants. 

Not Applicable.

Item 6.  Schedules of Investments

(a) The registrant’s Schedules of Investments are included as part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

2025

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investments

Exchange

Traded

Funds

SEPTEMBER

30,

2025

vv

Effective

October

1,

2025,

the

U.S.

Small

Cap

Equity

Active

ETF

was

renamed

the

Russell

Investments

U.S.

Small

Cap

Equity

ETF.

Effective

October

1,

2025,

the

International

Developed

Equity

Active

ETF

was

renamed

the

Russell

Investments

International

Developed

Equity

ETF.

Effective

October

1,

2025,

the

Global

Equity

Active

ETF

was

renamed

the

Russell

Investments

Global

Equity

ETF.

Effective

October

1,

2025,

the

Emerging

Markets

Equity

Active

ETF

was

renamed

the

Russell

Investments

Emerging

Markets

Equity

ETF.

Effective

October

1,

2025,

the

Global

Infrastructure

Active

ETF

was

renamed

the

Russell

Investment

s

Global

Infrastructure

ETF.

FUND

U.S.

Small

Cap

Equity

Active

ETF

International

Developed

Equity

Active

ETF

Global

Equity

Active

ETF

Emerging

Markets

Equity

Active

ETF

Global

Infrastructure

Active

ETF

Russell

Investments

Exchange

Traded

Funds

Russell

Investments

Exchange

Traded

Funds

is

a

series

investment

company

with

five

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

each

of

these

Funds.

Page

U.S.

Small

Cap

Equity

Active

ETF

(Form

N-CSR

Item

7)

3

International

Developed

Equity

Active

ETF

(Form

N-CSR

Item

7)

14

Global

Equity

Active

ETF

(Form

N-CSR

Item

7)

27

Emerging

Markets

Equity

Active

ETF

(Form

N-CSR

Item

7)

44

Global

Infrastructure

Active

ETF

(Form

N-CSR

Item

7)

58

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

68

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

69

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

70

Report

of

Independent

Registered

Public

Accounting

Firm

81

Tax

Information

83

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

84

Basis

for

Approval

of

Investment

Advisory

Agreements

(Form

N-CSR

Item

11)

85

Adviser,

Money

Managers

and

Service

Providers

89

Russell

Investments

Exchange

Traded

Funds

Annual

Financial

Statements

and

Other

Information

September

30,

2025

Table

of

Contents

Russell

Investments

Exchange

Traded

Funds

Copyright

©

Russell

Investments

2025.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Russell

Investments

Exchange

Traded

Funds

are

distributed

by

Foreside

Fund

Services,

LLC.

Indices

and

benchmarks

are

unmanaged

and

cannot

be

invested

in

directly.

Returns

represent

past

performance,

are

not

a

guarantee

of

future

performance,

and

are

not

indicative

of

any

specific

investment.

Index

return

information

is

provided

by

vendors

and

although

deemed

reliable,

is

not

guaranteed

by

Russell

Investments

or

its

affiliates.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Current

to

the

most

recent

month-end

performance

for

Russell

Investments

Exchange

Traded

Funds

is

available

by

visiting

https://russellinvestments.com/us/etf-center/performance-pricing.

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

Schedule

of

Investments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.6%

Consumer

Discretionary

-

12.8%

Academy

Sports

&

Outdoors,

Inc.

1,252

63

Adtalem

Global

Education,

Inc.(Æ)

635

98

Advance

Auto

Parts,

Inc.

1,621

100

Advanced

Energy

Industries,

Inc.

598

102

American

Eagle

Outfitters,

Inc.

8,832

150

API

Group

Corp.(Æ)

1,515

52

Atmus

Filtration

Technologies,

Inc.

2,976

134

Axon

Enterprise,

Inc.(Æ)

42

30

Boot

Barn

Holdings,

Inc.(Æ)

638

106

Brilliant

Earth

Group,

Inc.

Class

A

23,127

48

Brunswick

Corp.

1,477

93

Cadre

Holdings,

Inc.

1,754

64

Caleres

,

Inc.

5,429

71

Cavco

Industries,

Inc.(Æ)

171

99

Celestica,

Inc.(Æ)

119

29

Dana

Holding

Corp.

4,640

93

Douglas

Dynamics,

Inc.

2,622

82

Driven

Brands

Holdings,

Inc.(Æ)

2,766

45

First

Watch

Restaurant

Group,

Inc.(Æ)

7,320

114

FirstCash

Holdings,

Inc.

494

78

Five

Below,

Inc.(Æ)

585

90

Genesco,

Inc.(Æ)

3,005

87

Genius

Sports,

Ltd.(Æ)

9,145

113

G-III

Apparel

Group,

Ltd.(Æ)

2,494

66

Golden

Entertainment,

Inc.

2,638

62

Gray

Media,

Inc.

22,729

131

Green

Brick

Partners,

Inc.(Æ)

1,037

77

Haverty

Furniture

Cos.,

Inc.

3,187

70

Karman

Holdings,

Inc.(Æ)

1,155

83

Kura

Sushi

USA,

Inc.

Class

A(Æ)

868

52

Lear

Corp.

693

70

Legacy

Education,

Inc.(Æ)

5,426

52

Leonardo

DRS,

Inc.

800

36

Liberty

Latin

America,

Ltd.

Class

C(Æ)

12,261

103

Life

Time

Group

Holdings,

Inc.(Æ)

2,614

72

Lincoln

Educational

Services

Corp.(Æ)

2,831

67

Magnite

,

Inc.(Æ)

4,654

101

Marriott

Vacations

Worldwide

Corp.

1,013

67

Matthews

International

Corp.

Class

A

2,717

66

Meritage

Homes

Corp.

659

48

Newell

Brands,

Inc.

10,900

57

Nexstar

Media

Group,

Inc.

Class

A

363

72

OneSpaWorld

Holdings,

Ltd.

5,372

114

Papa

John's

International,

Inc.

2,257

109

Patrick

Industries,

Inc.

593

61

Potbelly

Corp.(Æ)

2,046

35

PriceSmart

,

Inc.

553

67

QuinStreet

,

Inc.(Æ)

3,473

54

Reservoir

Media,

Inc.(Æ)

6,264

51

Rush

Street

Interactive,

Inc.(Æ)

7,164

147

Scholastic

Corp.

2,226

61

SharkNinja

,

Inc.(Æ)

296

31

Signet

Jewelers,

Ltd.

910

87

Sonic

Automotive,

Inc.

Class

A

626

48

Strata

Critical

Medical,

Inc.(Æ)

16,924

86

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Stride,

Inc.(Æ)

493

73

Super

Group

SGHC,

Ltd.

5,909

78

Taylor

Morrison

Home

Corp.

Class

A(Æ)

1,587

105

Texas

Roadhouse,

Inc.

Class

A

123

20

Thor

Industries,

Inc.

634

66

Tri

Pointe

Homes,

Inc.(Æ)

2,465

84

United

Parks

&

Resorts,

Inc.(Æ)

1,279

66

Wingstop

,

Inc.

255

64

Winmark

Corp.

116

58

Winnebago

Industries,

Inc.

3,110

104

Wolverine

World

Wide,

Inc.

3,993

110

Wyndham

Hotels

&

Resorts,

Inc.

533

43

5,115

Consumer

Staples

-

2.1%

Beauty

Health

Co.

(The)(Æ)

33,173

66

Calavo

Growers,

Inc.

3,443

89

Chefs'

Warehouse,

Inc.

(The)(Æ)

1,036

60

J

&

J

Snack

Foods

Corp.

305

29

Marzetti

Co.(The)

353

61

National

Vision

Holdings,

Inc.(Æ)

3,920

115

Nomad

Foods,

Ltd.

764

10

Quanex

Building

Products

Corp.

2,765

39

Sprouts

Farmers

Market,

Inc.(Æ)

236

26

Utz

Brands,

Inc.

4,354

53

Vita

Coco

Co.,

Inc.

(The)(Æ)

2,012

85

Vital

Farms,

Inc.(Æ)

1,850

76

Warby

Parker,

Inc.

Class

A(Æ)

3,143

87

WD-40

Co.

312

62

858

Energy

-

3.7%

Aris

Water

Solutions,

Inc.

Class

A

3,373

83

Delek

US

Holdings,

Inc.

873

28

DNOW,

Inc.(Æ)

3,970

61

HF

Sinclair

Corp.

1,359

71

Liberty

Energy,

Inc.

Class

A

3,752

46

Matador

Resources

Co.

1,110

50

Matrix

Service

Co.(Æ)

3,743

49

National

Energy

Services

Reunited

Corp.

(Æ)

11,916

122

NPK

International,

Inc.(Æ)

16,429

187

Oceaneering

International,

Inc.(Æ)

3,803

94

Patterson-UTI

Energy,

Inc.

10,072

52

Select

Water

Solutions,

Inc.

Class

A

17,137

184

SM

Energy

Co.

2,253

56

Solaris

Energy

Infrastructure,

Inc.

Class

A

2,489

99

TechnipFMC

PLC

2,084

82

TETRA

Technologies,

Inc.(Æ)

16,201

93

Warrior

Met

Coal,

Inc.

943

60

World

Kinect

Corp.

1,647

43

1,460

Financial

Services

-

21.1%

Air

Lease

Corp.

Class

A

1,401

89

Ally

Financial,

Inc.

2,265

89

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

U.S.

Small

Cap

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Alpine

Income

Property

Trust,

Inc.(ö)

4,206

60

Americold

Realty

Trust,

Inc.(ö)

2,392

29

Ameris

Bancorp

946

69

Atlanticus

Holdings

Corp.(Æ)

1,062

62

Axis

Capital

Holdings,

Ltd.

876

84

Banc

of

California,

Inc.

4,721

78

Banco

Latinoamericano

de

Comercio

Exterior

SA

Class

E

1,441

66

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

1,087

47

Bank7

Corp.

1,179

55

BankUnited

,

Inc.

1,709

65

BGC

Group,

Inc.

Class

A

9,471

90

Bread

Financial

Holdings,

Inc.

1,393

78

Brixmor

Property

Group,

Inc.(ö)

2,452

68

Broadstone

Net

Lease,

Inc.(ö)

4,044

72

Business

First

Bancshares,

Inc.

4,232

100

Cadence

Bank

2,116

79

Camden

Property

Trust(ö)

441

47

Cannae

Holdings,

Inc.

2,532

46

Capital

Bancorp,

Inc.

1,834

59

Capital

City

Bank

Group,

Inc.

1,700

71

CareTrust

REIT,

Inc.(ö)

1,602

56

CNO

Financial

Group,

Inc.

2,015

80

Cohen

&

Steers,

Inc.

977

64

Community

Financial

System,

Inc.

1,444

85

Community

Healthcare

Trust,

Inc.(ö)

4,419

68

Compass,

Inc.

Class

A(Æ)

8,440

68

Corebridge

Financial,

Inc.

1,465

47

CTO

Realty

Growth,

Inc.(ö)

5,995

98

Cullen/Frost

Bankers,

Inc.

356

45

Dave,

Inc.(Æ)

498

99

Dime

Community

Bancshares,

Inc.

2,777

83

Enterprise

Financial

Services

Corp.

1,214

70

Esquire

Financial

Holdings,

Inc.

655

67

Everest

Group,

Ltd.

222

78

EZCORP,

Inc.

Class

A(Æ)

3,291

63

FB

Financial

Corp.

1,179

66

Federal

Agricultural

Mortgage

Corp.

Class

C

482

81

First

BanCorp

3,387

75

First

Commonwealth

Financial

Corp.

3,553

61

First

Community

Corp.

2,391

67

First

Industrial

Realty

Trust,

Inc.(ö)

1,222

63

First

Mid

Bancshares,

Inc.

1,833

69

Genworth

Financial,

Inc.

Class

A(Æ)

9,172

82

German

American

Bancorp,

Inc.

2,033

80

Getty

Realty

Corp.(ö)

2,627

70

Glacier

Bancorp,

Inc.

2,094

102

Globe

Life,

Inc.

623

89

Guaranty

Bancshares,

Inc.

1,450

71

Hamilton

Lane,

Inc.

Class

A

361

49

Hanover

Insurance

Group,

Inc.

(The)

401

73

Heritage

Financial

Corp.

3,863

93

Hilltop

Holdings,

Inc.

2,040

68

Home

BancShares

,

Inc.

3,157

89

Horizon

Bancorp,

Inc.

4,178

67

Houlihan

Lokey

,

Inc.

Class

A

368

76

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Howard

Hughes

Holdings,

Inc.(Æ)

878

72

Independent

Bank

Corp.

3,384

154

InvenTrust

Properties

Corp.(ö)

1,989

57

Jackson

Financial,

Inc.

Class

A

1,171

118

Kemper

Corp.

580

30

Lakeland

Financial

Corp.

1,048

67

Lazard,

Inc.

1,320

70

Legacy

Housing

Corp.(Æ)

2,996

82

LendingTree

,

Inc.(Æ)

1,759

114

Marcus

&

Millichap,

Inc.

2,734

80

Metropolitan

Bank

Holding

Corp.

1,179

88

National

Bank

Holdings

Corp.

Class

A

1,798

69

NBT

Bancorp,

Inc.

1,940

81

NETSTREIT

Corp.(ö)

7,557

136

Newmark

Group,

Inc.

Class

A

6,988

129

NexPoint

Residential

Trust,

Inc.(ö)

2,308

74

Northeast

Bank

786

79

Northpointe

Bancshares,

Inc.

3,772

64

OceanFirst

Financial

Corp.

3,573

63

OFG

Bancorp

2,004

87

Old

Republic

International

Corp.

537

23

OP

Bancorp

3,428

48

Oppenheimer

Holdings,

Inc.

Class

A

824

61

Origin

Bancorp,

Inc.

1,834

63

Perella

Weinberg

Partners

5,273

112

Piper

Sandler

Cos.

281

98

Popular,

Inc.

503

64

PotlatchDeltic

Corp.(ö)

3,461

140

Prosperity

Bancshares,

Inc.

1,322

88

Rayonier,

Inc.(ö)

3,006

80

Reinsurance

Group

of

America,

Inc.

Class

A

556

107

Renasant

Corp.

2,472

91

Ryman

Hospitality

Properties,

Inc.(ö)

892

80

Seacoast

Banking

Corp.

of

Florida

3,058

93

Selective

Insurance

Group,

Inc.

789

64

Selectquote

,

Inc.(Æ)

37,845

74

ServisFirst

Bancshares,

Inc.

1,021

82

SmartFinancial

,

Inc.

1,834

66

South

Plains

Financial,

Inc.

1,703

66

Stewart

Information

Services

Corp.

786

58

Stock

Yards

Bancorp,

Inc.

887

62

StoneX

Group,

Inc.(Æ)

866

87

Synovus

Financial

Corp.

814

40

Tanger

,

Inc.(ö)

2,218

75

Terreno

Realty

Corp.(ö)

1,498

85

Texas

Capital

Bancshares,

Inc.(Æ)

815

69

Towne

Bank

1,853

64

TriCo

Bancshares

1,673

74

Triumph

Financial,

Inc.(Æ)

1,323

66

UL

Solutions,

Inc.

Class

A

663

47

UMH

Properties,

Inc.(ö)

4,952

74

Walker

&

Dunlop,

Inc.

858

72

Webster

Financial

Corp.

1,173

70

WesBanco

,

Inc.

2,358

75

Xenia

Hotels

&

Resorts,

Inc.(ö)

8,434

116

8,413

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Health

Care

-

16.4%

ADMA

Biologics,

Inc.(Æ)

10,197

149

Akero

Therapeutics,

Inc.(Æ)

1,095

52

Aldeyra

Therapeutics,

Inc.(Æ)

14,663

77

Alector

,

Inc.(Æ)

21,990

65

Alphatec

Holdings,

Inc.(Æ)

5,157

75

AnaptysBio

,

Inc.(Æ)

3,285

101

ANI

Pharmaceuticals,

Inc.(Æ)

1,727

158

Arcellx

,

Inc.(Æ)

1,339

110

Artivion

,

Inc.(Æ)

2,380

101

Arvinas

,

Inc.(Æ)

8,824

75

Avidity

Biosciences,

Inc.(Æ)

3,131

136

BioCryst

Pharmaceuticals,

Inc.(Æ)

5,234

40

BioLife

Solutions,

Inc.(Æ)

2,828

72

Blueprint

Medicines

Corp.(Æ)(Š)

5

—

Bridgebio

Pharma,

Inc.(Æ)

2,615

136

CareDx

,

Inc.(Æ)

2,834

41

Chemed

Corp.

104

47

Corcept

Therapeutics,

Inc.(Æ)

862

72

Crinetics

Pharmaceuticals,

Inc.(Æ)

2,105

88

Cytokinetics,

Inc.(Æ)

3,124

171

Dentsply

Sirona,

Inc.

7,471

95

Encompass

Health

Corp.

492

62

Enovis

Corp.

Class

W(Æ)

2,416

73

Ensign

Group,

Inc.

(The)

781

135

Exelixis

,

Inc.(Æ)

797

33

GeneDx

Holdings

Corp.(Æ)

827

89

Guardant

Health,

Inc.(Æ)

1,742

109

Halozyme

Therapeutics,

Inc.(Æ)

2,005

147

HealthEquity

,

Inc.(Æ)

1,032

98

Indivior

PLC(Æ)

4,633

112

Innoviva

,

Inc.(Æ)

2,046

37

Insmed

,

Inc.(Æ)

1,320

189

iRadimed

Corp.

1,778

127

iRhythm

Technologies,

Inc.(Æ)

620

107

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

47,711

63

Joint

Corp.

(The)(Æ)

4,976

47

Keros

Therapeutics,

Inc.(Æ)

3,797

60

Kodiak

Sciences,

Inc.(Æ)

7,246

119

Krystal

Biotech,

Inc.(Æ)

505

89

Kura

Oncology,

Inc.(Æ)

7,768

69

LeMaitre

Vascular,

Inc.

1,629

143

LifeStance

Health

Group,

Inc.(Æ)

12,378

68

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

1,330

235

Madrigal

Pharmaceuticals,

Inc.(Æ)

363

166

Medpace

Holdings,

Inc.(Æ)

217

112

Merit

Medical

Systems,

Inc.(Æ)

669

56

Mirum

Pharmaceuticals,

Inc.(Æ)

2,154

158

Moderna

,

Inc.(Æ)

2,649

68

Natera

,

Inc.(Æ)

428

69

Neurocrine

Biosciences,

Inc.(Æ)

362

51

Nuvalent

,

Inc.

Class

A(Æ)

1,083

94

Pennant

Group,

Inc.

(The)(Æ)

2,654

67

Perrigo

Co.

PLC

1,706

38

Phibro

Animal

Health

Corp.

Class

A

2,754

111

Phreesia

,

Inc.(Æ)

2,022

48

PTC

Therapeutics,

Inc.(Æ)

2,715

167

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

1,411

51

RadNet

,

Inc.(Æ)

1,557

119

Revolution

Medicines,

Inc.(Æ)

1,997

93

Rhythm

Pharmaceuticals,

Inc.(Æ)

1,146

116

Sarepta

Therapeutics,

Inc.(Æ)

4,044

78

Scholar

Rock

Holding

Corp.(Æ)

1,824

68

SI-BONE,

Inc.(Æ)

4,212

62

Tarsus

Pharmaceuticals,

Inc.(Æ)

1,484

88

Teleflex,

Inc.

451

55

TG

Therapeutics,

Inc.(Æ)

2,459

89

Travere

Therapeutics,

Inc.(Æ)

3,737

89

UFP

Technologies,

Inc.(Æ)

277

55

US

Physical

Therapy,

Inc.

778

66

Vera

Therapeutics,

Inc.(Æ)

2,522

73

Waystar

Holding

Corp.(Æ)

1,319

50

Zimvie

,

Inc.(Æ)

5,710

108

6,537

Materials

and

Processing

-

7.4%

AAON,

Inc.

567

53

Acuity,

Inc.

222

76

AdvanSix

,

Inc.

1,687

33

Ashland,

Inc.

1,295

62

Avient

Corp.

1,933

64

Boise

Cascade

Co.

659

51

BrightView

Holdings,

Inc.

2,907

39

Cabot

Corp.

1,094

83

Carpenter

Technology

Corp.

126

31

Century

Aluminum

Co.(Æ)

2,711

80

Coeur

Mining,

Inc.(Æ)

10,713

200

Commercial

Metals

Co.

1,964

112

Constellium

SE(Æ)

5,884

88

Crown

Holdings,

Inc.

435

42

Ferroglobe

PLC

19,717

90

Gibraltar

Industries,

Inc.(Æ)

1,433

90

Greif,

Inc.

Class

A

861

51

Huntsman

Corp.

5,719

51

Ingevity

Corp.(Æ)

1,872

103

Karat

Packaging,

Inc.

2,293

58

Knife

River

Corp.(Æ)

964

74

Louisiana-Pacific

Corp.

648

58

Magnera

Corp.(Æ)

4,487

53

Masterbrand,

Inc.(Æ)

5,689

75

Mativ

Holdings,

Inc.

9,611

109

MDU

Resources

Group,

Inc.

5,536

99

Metallus

,

Inc.(Æ)

4,539

75

Modine

Manufacturing

Co.(Æ)

561

80

MRC

Global,

Inc.(Æ)

4,610

66

Myers

Industries,

Inc.

5,224

88

Quaker

Chemical

Corp.

652

86

ScanSource

,

Inc.(Æ)

1,850

81

Sonoco

Products

Co.

1,297

56

SSR

Mining,

Inc.(Æ)

2,447

60

Stepan

Co.

1,214

58

TriMas

Corp.

3,050

118

UFP

Industries,

Inc.

893

83

VSE

Corp.

422

70

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

U.S.

Small

Cap

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Watsco

,

Inc.

69

28

Worthington

Steel,

Inc.

2,262

69

2,943

Producer

Durables

-

17.7%

ABM

Industries,

Inc.

1,588

73

Aebi

Schmidt

Holding

AG

9,435

118

ArcBest

Corp.

783

55

Arcosa

,

Inc.

1,018

95

Ardmore

Shipping

Corp.

6,351

75

Argan

,

Inc.

673

182

Astec

Industries,

Inc.

1,572

76

Bowman

Consulting

Group,

Ltd.(Æ)

2,646

112

Casella

Waste

Systems,

Inc.

Class

A(Æ)

473

45

CECO

Environmental

Corp.(Æ)

2,338

120

Champion

Homes,

Inc.(Æ)

760

58

Chart

Industries,

Inc.(Æ)

277

55

CompoSecure

,

Inc.

Class

A(Æ)

4,487

93

Covenant

Logistics

Group,

Inc.

Class

A

5,164

112

CRA

International,

Inc.

370

77

Crane

Co.

246

45

Deluxe

Corp.

5,374

104

DHT

Holdings,

Inc.

4,732

57

Donaldson

Co.,

Inc.

762

62

Ducommun,

Inc.(Æ)

815

78

Dycom

Industries,

Inc.(Æ)

392

114

EnerSys

1,120

127

ESCO

Technologies,

Inc.

420

89

Everus

Construction

Group,

Inc.(Æ)

1,339

115

Federal

Signal

Corp.

1,028

122

Flowserve

Corp.

1,066

57

Fluor

Corp.(Æ)

2,550

107

Frontdoor

,

Inc.(Æ)

1,490

100

FTAI

Aviation,

Ltd.

622

104

FTI

Consulting,

Inc.(Æ)

519

84

Gorman-Rupp

Co.

(The)

1,747

81

Graco

,

Inc.

896

76

GXO

Logistics,

Inc.(Æ)

1,164

62

Helios

Technologies,

Inc.

3,525

184

Hillman

Solutions

Corp.(Æ)

6,118

56

Hyster

-Yale,

Inc.

1,575

58

I3

Verticals,

Inc.

Class

A(Æ)

4,091

133

Insperity

,

Inc.

543

27

Kennametal,

Inc.

5,098

107

Kforce

,

Inc.

4,097

123

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

1,955

179

Landstar

System,

Inc.

269

33

LCI

Industries

655

61

Limbach

Holdings,

Inc.(Æ)

419

41

Lovesac

Co.

(The)(Æ)

3,626

61

Luxfer

Holdings

PLC

5,640

78

Mama's

Creations,

Inc.(Æ)

10,234

108

Marten

Transport,

Ltd.

7,080

75

MasTec

,

Inc.(Æ)

554

118

Materion

Corp.

739

89

Maximus,

Inc.

1,030

94

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mercury

Systems,

Inc.(Æ)

1,337

103

Mesa

Laboratories,

Inc.

835

56

MillerKnoll

,

Inc.

5,005

89

MSA

Safety,

Inc.

298

51

MSC

Industrial

Direct

Co.,

Inc.

Class

A

655

60

Mueller

Industries,

Inc.

661

67

MYR

Group,

Inc.(Æ)

504

105

Orion

Group

Holdings,

Inc.(Æ)

6,567

55

Park

Aerospace

Corp.

5,248

107

Phinia

,

Inc.

2,113

121

Powell

Industries,

Inc.

305

93

Primoris

Services

Corp.

1,027

141

Resources

Connection,

Inc.

10,729

54

Robert

Half,

Inc.

2,153

73

RXO,

Inc.(Æ)

4,183

64

Ryder

System,

Inc.

291

55

Schneider

National,

Inc.

Class

B

2,343

50

Scorpio

Tankers,

Inc.

1,727

97

Scotts

Miracle-

Gro

Co.

(The)

Class

A

711

40

Standex

International

Corp.

438

93

Steelcase,

Inc.

Class

A

3,805

65

Sterling

Infrastructure,

Inc.(Æ)

416

141

Sun

Country

Airlines

Holdings,

Inc.(Æ)

5,310

63

TAT

Technologies,

Ltd.(Æ)

2,175

96

Teekay

Tankers,

Ltd.

Class

A

1,441

73

Tennant

Co.

1,021

83

Tetra

Tech,

Inc.

1,418

47

TriNet

Group,

Inc.

891

60

Tutor

Perini

Corp.(Æ)

1,842

121

UniFirst

Corp.

324

54

V2X,

Inc.(Æ)

878

51

Werner

Enterprises,

Inc.

3,636

96

7,079

Technology

-

15.1%

8x8,

Inc.(Æ)

42,346

90

Agilysys

,

Inc.(Æ)

677

71

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

3,049

85

Ambarella

,

Inc.(Æ)

1,179

97

Amentum

Holdings,

Inc.(Æ)

1,700

41

Angi

,

Inc.(Æ)

5,078

83

Appfolio

,

Inc.

Class

A(Æ)

327

90

AvePoint

,

Inc.(Æ)

1,657

25

Bandwidth,

Inc.

Class

A(Æ)

4,227

70

Calix,

Inc.(Æ)

1,988

122

Cargurus

,

Inc.(Æ)

2,461

92

Cars.com,

Inc.(Æ)

4,753

58

Clear

Secure,

Inc.

Class

A

2,753

92

Clearfield,

Inc.(Æ)

1,489

51

Coherent

Corp.(Æ)

547

59

Commerce.com,

Inc.(Æ)

13,621

68

Commvault

Systems,

Inc.(Æ)

402

76

Concentrix

Corp.

929

43

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

3,673

108

Crane

NXT

Co.

1,899

127

Credo

Technology

Group

Holding,

Ltd.(Æ)

1,683

246

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Diebold

Nixdorf,

Inc.(Æ)

818

47

DigitalOcean

Holdings,

Inc.(Æ)

1,814

62

Diodes,

Inc.(Æ)

1,370

73

Dropbox,

Inc.

Class

A(Æ)

1,829

55

DXC

Technology

Co.(Æ)

3,768

51

Eventbrite,

Inc.

Class

A(Æ)

20,562

52

Extreme

Networks,

Inc.(Æ)

5,286

109

Guidewire

Software,

Inc.(Æ)

93

21

Inspired

Entertainment,

Inc.(Æ)

6,976

65

IonQ

,

Inc.(Æ)

3,111

192

Jabil,

Inc.

557

121

KBR,

Inc.

1,451

69

Kulicke

&

Soffa

Industries,

Inc.

2,062

84

Kyndryl

Holdings,

Inc.(Æ)

2,146

64

Lumentum

Holdings,

Inc.

Class

E(Æ)

991

162

Lyft,

Inc.

Class

A(Æ)

3,658

81

Manhattan

Associates,

Inc.(Æ)

431

88

Maplebear

,

Inc.(Æ)

1,591

58

Marqeta

,

Inc.

Class

A(Æ)

10,728

57

Match

Group,

Inc.

2,003

71

Napco

Security

Technologies,

Inc.

3,068

132

nCino

,

Inc.(Æ)

2,893

78

NCR

Atleos

Corp.(Æ)

1,066

42

NCR

Voyix

Corp.(Æ)

6,567

82

Nutanix

,

Inc.

Class

A(Æ)

1,281

95

NVE

Corp.

1,091

71

OneSpan

,

Inc.

3,379

54

Ouster,

Inc.(Æ)

3,792

103

PDF

Solutions,

Inc.(Æ)

4,115

106

Pegasystems

,

Inc.

2,544

146

Porch

Group,

Inc.(Æ)

5,775

97

Power

Integrations,

Inc.

406

16

Rambus,

Inc.(Æ)

1,441

150

Red

Violet,

Inc.

1,725

90

Ribbon

Communications,

Inc.(Æ)

19,592

74

Riskified

,

Ltd.

Class

A(Æ)

13,750

64

Roku,

Inc.(Æ)

887

89

Semtech

Corp.(Æ)

1,630

116

Silicon

Laboratories,

Inc.(Æ)

473

62

Silicon

Motion

Technology

Corp.

-

ADR

1,287

122

SiTime

Corp.(Æ)

421

127

Sonos

,

Inc.(Æ)

5,911

93

Teradata

Corp.(Æ)

2,945

63

Tower

Semiconductor,

Ltd.(Æ)

915

66

UiPath

,

Inc.

Class

A(Æ)

5,907

79

Verint

Systems,

Inc.(Æ)

3,519

71

Vimeo,

Inc.(Æ)

11,693

91

Vishay

Intertechnology

,

Inc.

7,490

115

Workiva

,

Inc.(Æ)

878

76

Zeta

Global

Holdings

Corp.

Class

A(Æ)

4,471

89

6,035

Utilities

-

3.3%

Artesian

Resources

Corp.

Class

A

1,869

61

Avista

Corp.

1,488

56

BKV

Corp.(Æ)

2,404

56

Black

Hills

Corp.

1,318

81

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brookfield

Infrastructure

Corp.

Class

A

1,940

80

California

Resources

Corp.

1,748

93

Chesapeake

Utilities

Corp.

514

69

Excelerate

Energy,

Inc.

Class

A

3,707

93

Gulfport

Energy

Corp.(Æ)

226

41

IDACORP,

Inc.

487

64

Lumen

Technologies,

Inc.(Æ)

21,840

134

Magnolia

Oil

&

Gas

Corp.

Class

A

3,683

88

Northern

Oil

&

Gas,

Inc.

1,417

35

Northwestern

Energy

Group,

Inc.

1,484

87

Permian

Resources

Corp.

2,832

36

Portland

General

Electric

Co.

2,132

94

RGC

Resources,

Inc.

2,584

58

Spire,

Inc.

936

76

UGI

Corp.

148

5

1,307

Total

Common

Stocks

(cost

$35,909)

39,747

Short-Term

Investments

-

0.4%

U.S.

Cash

Management

Fund(@)

156,740

(∞)

157

Total

Short-Term

Investments

(cost

$157)

157

Total

Investments

-

100.0%

(identified

cost

$36,066)

39,904

Other

Assets

and

Liabilities,

Net

-

0.0%

10

Net

Assets

-

100.0%

39,914

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

U.S.

Small

Cap

Equity

Active

ETF

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

5,115

$

—

$

—

$

—

$

5,115

Consumer

Staples

858

—

—

—

858

Energy

1,460

—

—

—

1,460

Financial

Services

8,413

—

—

—

8,413

Health

Care

6,537

—

—

—

6,537

Materials

and

Processing

2,943

—

—

—

2,943

Producer

Durables

7,079

—

—

—

7,079

Technology

6,035

—

—

—

6,035

Utilities

1,307

—

—

—

1,307

Short-Term

Investments

—

—

—

157

157

Total

Investments

$

39,747

$

—

$

—

$

157

$

39,904

(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

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

9

Statement

of

Assets

and

Liabilities

—

September

30,

2025

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

36,066

Investments,

at

fair

value(>)

........................................................................................................................................................

39,904

Receivables:

Dividends

and

interest

......................................................................................................................................................

30

Total

assets

...............................................................................................................................................................

39,934

Liabilities

Payables:

Accrued

fees

to

affiliates

..................................................................................................................................................

20

Total

liabilities

...........................................................................................................................................................

20

Net

Assets

...............................................................................................................................................................

$

39,914

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

3,570

Shares

of

beneficial

interest

.........................................................................................................................................................

13

Additional

paid-in

capital

............................................................................................................................................................

36,331

Net

Assets

...............................................................................................................................................................

$

39,914

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

157

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

......................................................................................................................................................

$

30.38

Net

assets

.............................................................................................................................................................................

$

39,913,744

Shares

outstanding

($.01

par

value)

.....................................................................................................................................

1,314,000

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

U.S.

Small

Cap

Equity

Active

ETF

Statement

of

Operations

—

For

the

Period

Ended

September

30,

2025

(1)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

169

Dividends

from

affiliated

funds

.......................................................................................................................................

1

Total

investment

income

..............................................................................................................................................................

170

Expenses

Advisory

fees

...................................................................................................................................................................

68

Expenses

before

reductions

..............................................................................................................................................

68

Expense

reductions

..........................................................................................................................................................

(5)

Net

expenses

................................................................................................................................................................................

63

Net

investment

income

(loss)

.......................................................................................................................................................

107

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(374)

In-kind

redemptions

.........................................................................................................................................................

176

Net

realized

gain

(loss)

................................................................................................................................................................

(198)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  

....................................................................................................................................................................

3,838

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

3,838

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

3,640

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

3,747

(1)    

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025.

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

11

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Period

Ended

September

30,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

..............................................................................................................

$

107

Net

realized

gain

(loss)

.......................................................................................................................

(198)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

3,838

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

3,747

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

36,167

Total

Net

Increase

(Decrease)

in

Net

Assets

........................................................................

39,914

Net

Assets

Beginning

of

period

..................................................................................................................................

—

End

of

period

.............................................................................................................................................

$

39,914

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

2025

(1)

Shares

Dollars

Shares

created

1,414

$

38,995

Shares

redeemed

(100)

(2,828)

Total

increase

(decrease)

1,314

$

36,167

(1)

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

U.S.

Small

Cap

Equity

Active

ETF

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

the

Period.

09/30/25

(ſ)

Per-Share

Data

–

$

Net

Asset

Value,

Beginning

of

Period

26

.

73‌

Income

(loss)

from

investment

operations:

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.12‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

3

.

53‌

$

Total

from

Investment

Operations

3

.

65‌

$

Net

Asset

Value,

End

of

Period

30.38‌

%

Total

Return

(ǿ)

13.64‌

–

Ratios/Supplemental

Data

–

$

Net

Assets,

End

of

Period

(000)

39,914‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.69‌

%

Expenses,

Net

(Ƃ)(ɯ)

.64‌

%

Net

Investment

Income

(Ƃ)(ɯ)

1.10‌

%

Portfolio

Turnover

Rate

(ǿ)(Ω)

3

0‌

Russell

Investments

Exchange

Traded

Funds

U.S.

Small

Cap

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

13

Related

Party

Transactions,

Fees

and

Expenses

Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$20,483.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

—

$

480

$

323

$

—

$

—

$

157

$

1

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

36,062,308

$

4,557,861

$

(716,014)

$

3,841,847

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

Net

Unrealized

Appreciation

(Depreciation)*

Other

Book/Tax

Differences**

Post

October

Losses

Deferred***

Total

Accumulated

Earnings

(Losses)

$

101,861

$

(373,599

)

$

3,841,846

$

—

$

—

$

3,570,108

*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

**

Other

Book/Tax

Differences

represent

differences

related

to

timing.

***

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

31

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund’s

next

taxable

year.

September

30,

2025

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

—

$

—

$

—

Total

distributable

earnings

(losses)

$

(177

)

Additional

paid-in

capital

177

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Schedule

of

Investments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

98.8%

Australia

-

3.0%

Aristocrat

Leisure,

Ltd.

8,533

395

BHP

Group,

Ltd.

17,209

484

BlueScope

Steel,

Ltd.

19,316

290

Brambles,

Ltd.

23,858

392

Cochlear,

Ltd.

2

—

Commonwealth

Bank

of

Australia

5,013

554

Computershare,

Ltd.

9,474

227

JB

Hi-Fi,

Ltd.

2

—

National

Australia

Bank,

Ltd.

12,973

379

Qantas

Airways,

Ltd.

2

—

Santos,

Ltd.

10,538

47

Sigma

Healthcare,

Ltd.

34,388

68

Westpac

Banking

Corp.

7,636

197

3,033

Austria

-

0.7%

Erste

Group

Bank

AG

4,601

449

Mondi

PLC

10,273

142

Verbund

AG

Class

A

1,305

95

686

Belgium

-

0.4%

Ageas

SA

2,582

178

Anheuser-Busch

InBev

SA

3,097

185

Proximus

SADP

9,991

87

450

Brazil

-

1.0%

Ambev

SA

81,619

186

Banco

Bradesco

SA

-

ADR

35,261

119

Lojas

Renner

SA(Æ)

47,181

134

MercadoLibre

,

Inc.(Æ)

44

103

Telefonica

Brasil

SA(Æ)

34,796

223

Wheaton

Precious

Metals

Corp.

2,729

305

1,070

Canada

-

8.4%

Agnico

Eagle

Mines,

Ltd.

2,479

418

ARC

Resources,

Ltd.

8,242

150

Bank

of

Montreal

3,031

395

Bank

of

Nova

Scotia

(The)

4,700

304

Barrick

Mining

Corp.

13,739

451

Brookfield

Asset

Management,

Inc.

Class

A

2

—

Brookfield

Corp.

5,122

351

Canadian

Imperial

Bank

of

Commerce

4,516

361

Canadian

National

Railway

Co.

1,254

118

Canadian

Natural

Resources,

Ltd.

11,512

368

Canadian

Pacific

Kansas

City,

Ltd.

2,621

195

Constellation

Software,

Inc.

79

215

Dollarama

,

Inc.

1,505

199

Emera

,

Inc.

3

—

Enbridge,

Inc.

5,839

295

Fairfax

Financial

Holdings,

Ltd.

107

187

Intact

Financial

Corp.

602

117

Kinross

Gold

Corp.

13,964

347

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Loblaw

Cos.,

Ltd.

4,434

172

Magna

International,

Inc.

Class

A

6,945

329

Manulife

Financial

Corp.

9,572

298

National

Bank

of

Canada

1,799

191

Restaurant

Brands

International,

Inc.

2

—

Royal

Bank

of

Canada

4,792

706

Shopify,

Inc.

Class

A(Æ)

5,389

801

Stantec

,

Inc.

2,645

285

Sun

Life

Financial,

Inc.

3,913

235

Suncor

Energy,

Inc.

7,369

308

TC

Energy

Corp.

3,142

171

Thomson

Reuters

Corp.

825

128

TMX

Group,

Ltd.

3,091

118

Toronto-Dominion

Bank

(The)

5,648

452

8,665

China

-

1.6%

Alibaba

Group

Holding,

Ltd.

15,700

357

Tencent

Holdings,

Ltd.

10,200

869

Trip.com

Group,

Ltd.

-

ADR

5,581

420

Yangzijiang

Shipbuilding

Holdings,

Ltd.

300

1

1,647

Denmark

-

2.2%

AP

Moller

-

Maersk

A/S

Class

A

52

102

AP

Moller

-

Maersk

A/S

Class

B

120

235

Danske

Bank

A/S

9,450

403

DSV

A/S

993

197

Genmab

A/S(Æ)

896

272

H

Lundbeck

A/S

19,447

139

Novo

Nordisk

A/S

Class

B

17,589

953

2,301

Finland

-

1.1%

Konecranes

Oyj

1,315

108

Nokia

Oyj

56,433

270

Nordea

Bank

Abp

15,141

249

Orion

Oyj

Class

B

2,537

194

Wartsila

Oyj

Abp

Class

B

10,013

299

1,120

France

-

9.5%

Accor

SA

6,077

288

Airbus

SE

2,334

541

Amundi

SA(Þ)

3,860

306

Arkema

SA

2,219

140

AXA

SA

7,996

381

Ayvens

SA(Þ)

4,980

60

BNP

Paribas

SA

5,645

512

Bureau

Veritas

SA

4,209

132

Capgemini

SE

1,761

255

Carrefour

SA

7,966

121

Cie

de

Saint-Gobain

SA

2,832

305

Cie

Generale

des

Etablissements

Michelin

SCA

12,352

443

Dassault

Aviation

SA

713

238

Eiffage

SA

1,801

230

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Engie

SA

10,310

221

Gaztransport

Et

Technigaz

SA

848

157

Hermes

International

156

381

Ipsen

SA

1,248

166

L'Air

Liquide

SA

Class

A

2,272

472

L'Oreal

SA

1,186

513

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,263

772

Orange

SA

17,364

281

Publicis

Groupe

SA

1,414

136

Rexel

SA

Class

H

10,070

329

Safran

SA

1,819

641

Sartorius

Stedim

Biotech

1,494

302

Societe

Generale

SA

7,379

488

Teleperformance

3,285

244

Thales

SA

656

205

TotalEnergies

SE

8,859

538

9,798

Germany

-

9.2%

adidas

AG

1,325

279

Allianz

SE

1,241

521

AUMOVIO

SE(Æ)

2,950

122

BASF

SE

8,529

425

Bayer

AG

7,877

261

Continental

AG

5,221

344

CTS

Eventim

AG

&

Co.

KGaA

3,496

342

Daimler

Truck

Holding

AG

9,127

375

Deutsche

Boerse

AG

1,422

381

Deutsche

Telekom

AG

15,149

516

Evonik

Industries

AG

15,479

268

Fresenius

Medical

Care

AG

6,731

353

Fresenius

SE

&

Co.

KGaA

4,388

244

Heidelberg

Materials

AG

1,331

299

Hochtief

AG

3

1

Infineon

Technologies

AG

7,653

298

Mercedes-Benz

Group

AG

4,537

285

MTU

Aero

Engines

AG

1,072

492

Muenchener

Rueckversicherungs-

Gesellschaft

AG

454

290

Nemetschek

SE

848

110

Rheinmetall

AG

246

573

SAP

SE

4,141

1,108

Siemens

AG

2,681

721

Siemens

Energy

AG(Æ)

2,569

300

Symrise

AG

3,681

320

Talanx

AG

1,531

204

9,432

Hong

Kong

-

2.0%

AIA

Group,

Ltd.

87,400

838

CK

Asset

Holdings,

Ltd.

28,500

138

Hong

Kong

Exchanges

&

Clearing,

Ltd.

2,000

114

Jardine

Matheson

Holdings,

Ltd.

200

13

Prudential

PLC

44,509

623

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WH

Group,

Ltd.(Þ)

276,000

299

2,025

India

-

0.2%

HDFC

Bank,

Ltd.

-

ADR

7,200

246

Ireland

-

0.7%

AIB

Group

PLC

14,387

130

Bank

of

Ireland

Group

PLC

25,948

427

Flutter

Entertainment

PLC(Æ)

749

195

752

Israel

-

0.5%

Bank

Leumi

Le-Israel

BM

6,242

123

Elbit

Systems,

Ltd.

1

1

Nice,

Ltd.(Æ)

1,847

272

Wix.com,

Ltd.(Æ)

401

71

467

Italy

-

3.1%

BPER

Banca

SpA

17,837

198

Davide

Campari-Milano

NV

34,610

218

De'

Longhi

SpA

4,382

158

Enel

SpA

52,455

497

Eni

SpA

16,240

284

FinecoBank

Banca

Fineco

SpA

21,998

475

Intesa

Sanpaolo

SpA

57,180

377

Moncler

SpA

3

—

Ryanair

Holdings

PLC

-

ADR

4,607

277

UniCredit

SpA

7,606

576

Unipol

Gruppo

SpA

5,939

127

3,187

Japan

-

16.7%

Advantest

Corp.

5,400

535

Alfresa

Holdings

Corp.

6,800

97

Amada

Co.,

Ltd.

11,600

143

Asahi

Kasei

Corp.

25,200

198

Bridgestone

Corp.

7,400

343

Central

Japan

Railway

Co.

2,700

77

Chiba

Bank,

Ltd.

(The)

16,500

173

Chugai

Pharmaceutical

Co.,

Ltd.

1,300

57

Dai-ichi

Life

Holdings,

Inc.

22,000

173

Daiichi

Sankyo

Co.,

Ltd.

7,900

177

Daikin

Industries,

Ltd.

1,200

139

Fuji

Electric

Co.,

Ltd.

2,600

175

Fukuoka

Financial

Group,

Inc.

3,800

114

Hitachi,

Ltd.

18,800

500

Honda

Motor

Co.,

Ltd.

17,600

182

Horiba,

Ltd.

1,300

110

Iida

Group

Holdings

Co.,

Ltd.

9,900

158

Isuzu

Motors,

Ltd.

6,500

82

ITOCHU

Corp.

5,900

336

Japan

Airlines

Co.,

Ltd.

5,800

117

Japan

Post

Insurance

Co.,

Ltd.

Class

A

6,800

193

KDDI

Corp.

11,400

182

Keyence

Corp.

1,600

597

Kirin

Holdings

Co.,

Ltd.

15,200

223

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kobe

Bussan

Co.,

Ltd.

2,100

58

Koito

Manufacturing

Co.,

Ltd.

12,200

185

Komatsu,

Ltd.

9,400

328

Kubota

Corp.

11,200

141

Makita

Corp.

200

7

Marubeni

Corp.

300

8

Minebea

Co.,

Ltd.

12,300

232

Mitsubishi

Corp.

11,700

279

Mitsubishi

Estate

Co.,

Ltd.

14,600

336

Mitsubishi

Heavy

Industries,

Ltd.

8,400

220

Mitsubishi

UFJ

Financial

Group,

Inc.

37,200

602

Mitsui

&

Co.,

Ltd.

9,200

229

Mitsui

Fudosan

Co.,

Ltd.

16,400

179

Mizuho

Financial

Group,

Inc.

10,900

368

Murata

Manufacturing

Co.,

Ltd.

13,500

257

Nintendo

Co.,

Ltd.

5,300

459

Nippon

Telegraph

&

Telephone

Corp.

100

—

Nippon

Yusen

2,500

85

Nitto

Denko

Corp.

19,200

457

Nomura

Holdings,

Inc.

200

1

Obic

Co.,

Ltd.

3,600

125

Olympus

Corp.

12,700

161

Ono

Pharmaceutical

Co.,

Ltd.

9,700

112

ORIX

Corp.

8,800

231

Persol

Holdings

Co.,

Ltd.

53,200

97

Recruit

Holdings

Co.,

Ltd.

3,400

183

Resona

Holdings,

Inc.

41,800

427

Rinnai

Corp.

7,500

178

Sekisui

Chemical

Co.,

Ltd.

8,800

164

Shin-Etsu

Chemical

Co.,

Ltd.

18,400

604

SMC

Corp.

300

92

SoftBank

Group

Corp.

1,100

139

Sompo

Holdings,

Inc.

6,300

195

Sony

Financial

Holdings,

Inc.(Æ)

24,900

28

Sony

Group

Corp.

23,700

683

Stanley

Electric

Co.,

Ltd.

8,500

172

Subaru

Corp.

9,000

184

Sumitomo

Mitsui

Financial

Group,

Inc.

18,000

508

Sumitomo

Mitsui

Trust

Holdings,

Inc.

10,400

302

Sumitomo

Rubber

Industries,

Ltd.

8,700

106

Suntory

Beverage

&

Food,

Ltd.

8,500

266

T&D

Holdings,

Inc.

10,300

252

Takeda

Pharmaceutical

Co.,

Ltd.

10,500

306

TDK

Corp.

26,400

384

Tokio

Marine

Holdings,

Inc.

6,200

263

Tokyo

Electron,

Ltd.

3,000

535

Toray

Industries,

Inc.

25,400

162

Toyota

Motor

Corp.

24,600

474

Tsuruha

Holdings,

Inc.

8,100

130

Unicharm

Corp.

23,600

153

Yamato

Holdings

Co.,

Ltd.

6,400

102

17,230

Luxembourg

-

0.5%

ArcelorMittal

SA

9,217

331

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RTL

Group

SA

3,625

149

480

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

66,000

364

Mexico

-

0.1%

America

Movil

SAB

de

CV

-

ADR

6,925

145

Netherlands

-

5.0%

ABN

AMRO

Bank

NV(Þ)

8,303

266

Adyen

NV(Æ)(Þ)

67

107

Aegon

,

Ltd.

15,413

124

Argenx

SE(Æ)

367

266

ASM

International

NV

87

52

ASML

Holding

NV

1,576

1,532

Ferrari

NV

924

447

Heineken

NV

2,410

188

ING

Groep

NV

25,271

655

Koninklijke

Philips

NV

9,806

265

NN

Group

NV

4,130

290

Randstad

NV

8,447

359

Universal

Music

Group

NV

20,875

602

5,153

Norway

-

0.6%

DNB

Bank

ASA

1

—

Equinor

ASA

Class

N

13,372

326

Norsk

Hydro

ASA

30,150

205

Orkla

ASA

7,966

83

614

Poland

-

0.2%

Zabka

Group

SA(Æ)

37,266

240

Portugal

-

0.1%

EDP

SA

23,127

110

Singapore

-

1.2%

Grab

Holdings,

Ltd.

Class

A(Æ)

67,665

408

SEA,

Ltd.

-

ADR(Æ)

3,694

660

Singapore

Telecommunications,

Ltd.

300

1

United

Overseas

Bank,

Ltd.

4,300

115

1,184

South

Africa

-

0.1%

Anglo

American

PLC

3,034

114

South

Korea

-

0.7%

Coway

Co.,

Ltd.

2,031

143

Samsung

Electronics

Co.,

Ltd.

2,946

176

Shinhan

Financial

Group

Co.,

Ltd.

3,725

188

SK

Hynix,

Inc.

889

220

727

Spain

-

2.3%

Aena

SME

SA(Þ)

10,076

275

Banco

Santander

SA

49,737

518

CaixaBank

SA

32,743

344

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

17

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Iberdrola

SA

20,889

395

Industria

de

Diseno

Textil

SA

14,650

808

2,340

Sweden

-

2.2%

AddTech

AB

Class

B

4,386

142

Assa

Abloy

AB

Class

B

6,255

217

Atlas

Copco

AB

Class

A

20,844

352

Atlas

Copco

AB

Class

B

12,273

184

Industrivarden

AB

Class

A

5,534

219

Investor

AB

Class

B

12,299

384

SKF

AB

Class

B

9,027

224

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

6,511

198

Telefonaktiebolaget

LM

Ericsson

Class

B

46,393

384

2,304

Switzerland

-

4.0%

Belimo

Holding

AG

227

237

Cie

Financiere

Richemont

SA

Class

A

1,072

204

Galderma

Group

AG

1,725

300

Julius

Baer

Group,

Ltd.

3,997

276

Logitech

International

SA

2,883

314

Lonza

Group

AG

519

344

Partners

Group

Holding

AG

220

286

Schindler

Holding

AG

765

275

Swatch

Group

AG

(The)

Class

B

954

179

UBS

Group

AG

33,715

1,377

Zurich

Insurance

Group

AG

512

364

4,156

Taiwan

-

1.7%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

6,109

1,706

Thailand

-

0.1%

Kasikornbank

PCL

-

NVDR

21,000

108

United

Kingdom

-

10.2%

AstraZeneca

PLC

5,986

900

Barclays

PLC

85,622

437

British

American

Tobacco

PLC

9,632

511

British

Land

Co.

PLC

(The)(ö)

19,102

90

BT

Group

PLC

75,448

194

CK

Hutchison

Holdings,

Ltd.

Class

B

31,500

208

Compass

Group

PLC

16,872

574

Diploma

PLC

6,233

445

easyJet

PLC

5,904

37

Games

Workshop

Group

PLC

792

155

HSBC

Holdings

PLC

74,428

1,046

Intermediate

Capital

Group

PLC

6,088

182

Intertek

Group

PLC

5,648

359

J

Sainsbury

PLC

72,225

324

JET2

PLC

2,472

47

Kingfisher

PLC

46,817

194

Land

Securities

Group

PLC(ö)

8,147

64

Lloyds

Banking

Group

PLC

89,049

100

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

London

Stock

Exchange

Group

PLC

2,657

304

National

Grid

PLC

17,488

251

NatWest

Group

PLC

47,478

333

Next

PLC

1,321

220

Reckitt

Benckiser

Group

PLC

7,784

599

RELX

PLC

15,092

722

Rolls-Royce

Holdings

PLC

41,308

661

Standard

Chartered

PLC

23,403

452

Subsea

7

SA

5,492

113

Tate

&

Lyle

PLC

11,047

67

Tesco

PLC

46,555

279

Unilever

PLC

6,339

375

Wise

PLC

Class

A(Æ)

13,148

183

WPP

PLC

18,442

91

10,517

United

States

-

9.1%

Amdocs,

Ltd.

2,651

217

Aon

PLC

Class

A

636

227

BP

PLC

62,526

358

CSL,

Ltd.

1,700

223

GSK

PLC

33,863

717

Haleon

PLC

114,738

513

James

Hardie

Industries

PLC(Æ)

5,322

99

Linde

PLC

1,075

511

Medtronic

PLC

1,962

187

Nestle

SA

6,987

641

Novartis

AG

8,211

1,033

Roche

Holding

AG

3,460

1,138

Sanofi

SA

7,204

664

Schlumberger

NV

2

—

Schneider

Electric

SE

4,200

1,171

Shell

PLC

33,728

1,202

Spotify

Technology

SA(Æ)

618

431

9,332

Total

Common

Stocks

(cost

$96,824)

101,703

Preferred

Stocks

-

0.6%

Germany

-

0.4%

Henkel

AG

&

Co.

KGaA

2.922%

(Ÿ)

2,581

208

Volkswagen

AG

7.122%

(Ÿ)

1,712

185

393

South

Korea

-

0.2%

Samsung

Electronics

Co.,

Ltd.

1.988%

(Ÿ)

3,895

184

Total

Preferred

Stocks

(cost

$529)

577

Short-Term

Investments

-

0.5%

United

States

-

0.5%

U.S.

Cash

Management

Fund(@)

569,569

(∞)

570

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$570)

570

Total

Investments

-

99.9%

(identified

cost

$97,923)

102,850

Other

Assets

and

Liabilities,

Net

-

0.1%

134

Net

Assets

-

100.0%

102,984

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

19

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

S

hares

$

$

$

1.3%

ABN

AMRO

Bank

NV

05/13/25

EUR

8,303

26.94

224

266

Adyen

NV

06/25/25

EUR

67

1,788.06

120

107

Aena

SME

SA

05/13/25

EUR

10,076

27.09

273

275

Amundi

SA

06/11/25

EUR

3,860

76.42

295

306

Ayvens

SA

09/25/25

EUR

4,980

11.29

56

60

WH

Group,

Ltd.

05/13/25

HKD

276,000

0.98

271

299

1,313

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

$

3,033

$

—

$

—

$

—

$

3,033

Austria

686

—

—

—

686

Belgium

450

—

—

—

450

Brazil

1,070

—

—

—

1,070

Canada

8,665

—

—

—

8,665

China

1,647

—

—

—

1,647

Denmark

2,301

—

—

—

2,301

Finland

1,120

—

—

—

1,120

France

9,798

—

—

—

9,798

Germany

9,432

—

—

—

9,432

Hong

Kong

2,025

—

—

—

2,025

India

246

—

—

—

246

Ireland

752

—

—

—

752

Israel

467

—

—

—

467

Italy

3,187

—

—

—

3,187

Japan

17,230

—

—

—

17,230

Luxembourg

480

—

—

—

480

Macao

364

—

—

—

364

Mexico

145

—

—

—

145

Netherlands

5,153

—

—

—

5,153

Norway

614

—

—

—

614

Poland

240

—

—

—

240

Portugal

110

—

—

—

110

Singapore

1,184

—

—

—

1,184

South

Africa

114

—

—

—

114

South

Korea

727

—

—

—

727

Spain

2,340

—

—

—

2,340

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

International

Developed

Equity

Active

ETF

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Sweden

2,304

—

—

—

2,304

Switzerland

4,156

—

—

—

4,156

Taiwan

1,706

—

—

—

1,706

Thailand

108

—

—

—

108

United

Kingdom

10,517

—

—

—

10,517

United

States

9,332

—

—

—

9,332

Preferred

Stocks

577

—

—

—

577

Short-Term

Investments

—

—

—

570

570

Total

Investments

$

102,280

$

—

$

—

$

570

$

102,850

(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

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

14,593

14.2

Consumer

Staples

...............................................................................

5,907

5.7

Energy

................................................................................................

4,498

4.4

Financial

Services

..............................................................................

28,709

27.9

Health

Care

........................................................................................

10,097

9.8

Materials

and

Processing

...................................................................

9,535

9.3

Producer

Durables

..............................................................................

12,193

11.8

Technology

.........................................................................................

12,271

11.9

Utilities

...............................................................................................

3,900

3.8

Preferred

Stocks

Consumer

Discretionary

....................................................................

185

0.2

Consumer

Staples

...............................................................................

208

0.2

Technology

.........................................................................................

184

0.2

Short-Term

Investments

.............................................................

570

0.5

Total

Investments

...............................................................................

102,850

99.9

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Fair

Value

of

Derivative

Instruments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

21

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Foreign

currency

exchange

contracts

$

15

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

International

Developed

Equity

Active

ETF

Statement

of

Assets

and

Liabilities

—

September

30,

2025

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

97,923

Investments,

at

fair

value(

>

)

........................................................................................................................................................

102,850

Foreign

currency

holdings(^)

.......................................................................................................................................................

147

Cash

collateral

for

in-kind

contributions

.....................................................................................................................................

4,140

Receivables:

Dividends

and

interest

......................................................................................................................................................

259

Dividends

from

affiliated

funds

.......................................................................................................................................

1

Fund

shares

sold

...............................................................................................................................................................

2,239

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

18

Total

assets

...............................................................................................................................................................

109,654

Liabilities

Payables:

Collateral

upon

receipt

of

securities

in-kind

....................................................................................................................

4,140

Investments

purchased

.....................................................................................................................................................

2,492

Accrued

fees

to

affiliates

..................................................................................................................................................

38

Total

liabilities

...........................................................................................................................................................

6,670

Net

Assets

...............................................................................................................................................................

$

102,984

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

4,697

Shares

of

beneficial

interest

.........................................................................................................................................................

37

Additional

paid-in

capital

............................................................................................................................................................

98,

2

50

Net

Assets

...............................................................................................................................................................

$

102,984

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

570

(^)    

Foreign

currency

holdings

-

cost

$

147

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

......................................................................................................................................................

$

27.98

Net

assets

.............................................................................................................................................................................

$

102,983,839

Shares

outstanding

($.01

par

value)

.....................................................................................................................................

3,680,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

23

Statement

of

Operations

—

For

the

Period

Ended

September

30,

2025

(1)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

653

Dividends

from

affiliated

funds

.......................................................................................................................................

4

Less

foreign

taxes

withheld

.............................................................................................................................................

(59)

Total

investment

income

..............................................................................................................................................................

598

Expenses

Advisory

fees

...................................................................................................................................................................

145

Expenses

before

reductions

..............................................................................................................................................

145

Expense

reductions

..........................................................................................................................................................

(25)

Net

expenses

................................................................................................................................................................................

120

Net

investment

income

(loss)

.......................................................................................................................................................

478

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(692)

Foreign

currency

exchange

contracts

...............................................................................................................................

15

Foreign

currency-related

transactions

..............................................................................................................................

(32)

In-kind

redemptions

.........................................................................................................................................................

428

Net

realized

gain

(loss)

................................................................................................................................................................

(281)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

4,927

Foreign

currency-related

transactions

..............................................................................................................................

1

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

4,928

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

4,647

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

5,125

(1)    

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025.

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

International

Developed

Equity

Active

ETF

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Period

Ended

September

30,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

478

Net

realized

gain

(loss)

................................................................................................................

(281)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

4,928

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

5,125

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

97,859

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

102,984

Net

Assets

Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

102,984

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

2025

(1)

Shares

Dollars

Shares

created

3,960

$

105,506

Shares

redeemed

(280)

(7,647)

Total

increase

(decrease)

3,680

$

97,859

(1)

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

25

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

the

Period.

09/30/25

(ſ)

Per-Share

Data

–

$

Net

Asset

Value,

Beginning

of

Period

25.

34‌

Income

(loss)

from

investment

operations:

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.20‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.

44‌

$

Total

from

Investment

Operations

2.

64‌

$

Net

Asset

Value,

End

of

Period

27.98‌

%

Total

Return

(ǿ)

10.44‌

–

Ratios/Supplemental

Data

–

$

Net

Assets,

End

of

Period

(000)

102,984‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.59‌

%

Expenses,

Net

(Ƃ)(ɯ)

.49‌

%

Net

Investment

Income

(Ƃ)(ɯ)

1.94‌

%

Portfolio

Turnover

Rate

(ǿ)(Ω)

28‌

Russell

Investments

Exchange

Traded

Funds

International

Developed

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

International

Developed

Equity

Active

ETF

Related

Party

Transactions,

Fees

and

Expenses

Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$38,008.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

—

$

4,240

$

3,670

$

—

$

—

$

570

$

4

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

98,249,025

$

6,559,658

$

(1,958,867)

$

4,600,791

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

Net

Unrealized

Appreciation

(Depreciation)*

Other

Book/Tax

Differences**

Post

October

Losses

Deferred***

Total

Accumulated

Earnings

(Losses)

$

702,613

$

(607,265

)

$

4,601,924

$

—

$

—

$

4,697,272

*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

**

Other

Book/Tax

Differences

represent

differences

related

to

timing.

***

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

31

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund’s

next

taxable

year.

September

30,

2025

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

—

$

—

$

—

Total

distributable

earnings

(losses)

$

(428

)

Additional

paid-in

capital

428

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.5%

Australia

-

0.3%

Aristocrat

Leisure,

Ltd.

4,112

191

Brambles,

Ltd.

15,132

248

Computershare,

Ltd.

70

2

JB

Hi-Fi,

Ltd.

1,264

97

Santos,

Ltd.

26,095

116

654

Austria

-

0.7%

ams

-OSRAM

AG(Æ)

25,143

351

Erste

Group

Bank

AG

4,436

433

Mondi

PLC

28,622

394

Verbund

AG

Class

A

808

59

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

6,870

378

1,615

Belgium

-

0.3%

Ageas

SA

4,406

304

Proximus

SADP

40,498

354

658

Brazil

-

0.7%

Ambev

SA

138,746

315

Banco

Bradesco

SA

-

ADR

108,493

367

Lojas

Renner

SA(Æ)

29,264

83

MercadoLibre

,

Inc.(Æ)

216

505

Telefonica

Brasil

SA(Æ)

69,642

446

1,716

Canada

-

1.3%

ARC

Resources,

Ltd.

233

4

Bank

of

Montreal

1,944

253

Barrick

Mining

Corp.

15,872

521

Brookfield

Corp.

3,888

267

Canadian

Imperial

Bank

of

Commerce

3,571

285

Canadian

Natural

Resources,

Ltd.

1,688

54

Enbridge,

Inc.

5,221

264

iA

Financial

Corp.,

Inc.

2,335

266

Manulife

Financial

Corp.

3,341

104

Royal

Bank

of

Canada

2,774

409

Shopify,

Inc.

Class

A(Æ)

1,725

256

Stantec

,

Inc.

60

7

Suncor

Energy,

Inc.

6

—

Toronto-Dominion

Bank

(The)

3,890

311

3,001

China

-

1.0%

Alibaba

Group

Holding,

Ltd.

-

ADR

2,026

362

PDD

Holdings,

Inc.

-

ADR(Æ)

2,010

266

Tencent

Holdings,

Ltd.

8,200

698

Trip.com

Group,

Ltd.

-

ADR

9,374

705

Yangzijiang

Shipbuilding

Holdings,

Ltd.

91,100

238

2,269

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Denmark

-

1.4%

AP

Moller

-

Maersk

A/S

Class

A

249

487

AP

Moller

-

Maersk

A/S

Class

B

98

192

Demant

A/S(Æ)

1,626

57

Genmab

A/S(Æ)

2,117

642

H

Lundbeck

A/S

95,678

685

Novo

Nordisk

A/S

Class

B

22,990

1,246

3,309

Finland

-

0.7%

Konecranes

Oyj

5,638

465

Nokia

Oyj

162,559

778

Wartsila

Oyj

Abp

Class

B

13,280

397

1,640

France

-

3.5%

Accor

SA

8,969

424

Airbus

SE

2,360

547

Arkema

SA

3,218

202

BNP

Paribas

SA

8,214

746

Carrefour

SA

18,829

285

Cie

de

Saint-Gobain

SA

2,022

218

Dassault

Aviation

SA

1,081

361

Eiffage

SA

2,116

270

Engie

SA

298

6

EssilorLuxottica

SA

1,486

482

Gaztransport

Et

Technigaz

SA

3,259

603

Hermes

International

143

350

Legrand

SA

2,780

459

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,451

887

Orange

SA

24,405

396

Pernod

Ricard

SA

683

67

Societe

Generale

SA

8,344

552

TotalEnergies

SE

13,367

812

Valeo

SE

28,296

353

8,020

Germany

-

1.8%

AUMOVIO

SE(Æ)

1,790

74

BASF

SE

6,311

314

Bayerische

Motoren

Werke

AG

461

46

Continental

AG

3,577

236

Daimler

Truck

Holding

AG

10,613

436

Deutsche

Telekom

AG

2,822

96

Evonik

Industries

AG

2,654

46

Fresenius

SE

&

Co.

KGaA

2,206

123

Henkel

AG

&

Co.

KGaA

6

—

Hochtief

AG

1,161

310

Infineon

Technologies

AG

6,994

273

Mercedes-Benz

Group

AG

503

32

Rheinmetall

AG

213

496

SAP

SE

2,406

644

Siemens

AG

1,591

428

Symrise

AG

5,312

462

Talanx

AG

1,422

189

4,205

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

Global

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hong

Kong

-

1.3%

AIA

Group,

Ltd.

133,000

1,276

ASMPT,

Ltd.

23,300

246

CK

Asset

Holdings,

Ltd.

43,000

208

Prudential

PLC

51,580

722

WH

Group,

Ltd.(Þ)

486,000

527

2,979

India

-

0.3%

HDFC

Bank,

Ltd.

-

ADR

17,258

589

Ireland

-

0.9%

Accenture

PLC

Class

A

3,529

870

AIB

Group

PLC

45,891

416

Bank

of

Ireland

Group

PLC

27,882

459

Flutter

Entertainment

PLC(Æ)

1,025

266

2,011

Israel

-

0.3%

Bank

Leumi

Le-Israel

BM

3,098

61

Nice,

Ltd.(Æ)

3,619

533

594

Italy

-

1.2%

BPER

Banca

SpA

46,211

512

De'

Longhi

SpA

18,242

659

Eni

SpA

22,840

399

Ryanair

Holdings

PLC

-

ADR

8,577

517

UniCredit

SpA

7,334

555

Unipol

Gruppo

SpA

8,970

192

2,834

Japan

-

5.8%

Advantest

Corp.

2,400

238

Alfresa

Holdings

Corp.

15,100

216

Amada

Co.,

Ltd.

15,200

187

Chiba

Bank,

Ltd.

(The)

29,600

311

Dai-ichi

Life

Holdings,

Inc.

24,500

193

Hitachi,

Ltd.

4,900

130

Honda

Motor

Co.,

Ltd.

26,200

271

Horiba,

Ltd.

2,700

229

Isuzu

Motors,

Ltd.

17,400

220

ITOCHU

Corp.

3,500

200

Japan

Airlines

Co.,

Ltd.

7,700

155

Japan

Post

Insurance

Co.,

Ltd.

Class

A

7,700

218

KDDI

Corp.

13,800

220

Keyence

Corp.

2,100

784

Koito

Manufacturing

Co.,

Ltd.

25,900

393

Kubota

Corp.

28,800

363

Mitsubishi

Corp.

9,900

236

Mitsubishi

Estate

Co.,

Ltd.

25,600

589

Mitsubishi

Gas

Chemical

Co.,

Inc.

15,500

277

Mitsubishi

UFJ

Financial

Group,

Inc.

22,400

363

Mitsui

&

Co.,

Ltd.

9,400

234

Mitsui

Fudosan

Co.,

Ltd.

10,100

110

Mizuho

Financial

Group,

Inc.

6,900

233

Nintendo

Co.,

Ltd.

2,000

173

Nippon

Telegraph

&

Telephone

Corp.

123,300

129

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nippon

Yusen

2,600

89

Ono

Pharmaceutical

Co.,

Ltd.

22,700

261

ORIX

Corp.

10,200

268

Persol

Holdings

Co.,

Ltd.

4,400

8

Resona

Holdings,

Inc.

33,500

342

Rinnai

Corp.

6,200

147

Rohm

Co.,

Ltd.

15,200

227

Sekisui

Chemical

Co.,

Ltd.

17,100

319

Shin-Etsu

Chemical

Co.,

Ltd.

20,100

660

Sompo

Holdings,

Inc.

9,500

294

Sony

Financial

Holdings,

Inc.(Æ)

18,700

21

Sony

Group

Corp.

18,900

544

Stanley

Electric

Co.,

Ltd.

13,200

267

Subaru

Corp.

17,000

348

Sumitomo

Mitsui

Financial

Group,

Inc.

22,700

641

Sumitomo

Mitsui

Trust

Holdings,

Inc.

12,800

372

T&D

Holdings,

Inc.

16,400

402

Taiheiyo

Cement

Corp.

9,100

237

Takeda

Pharmaceutical

Co.,

Ltd.

12,200

356

Toyota

Motor

Corp.

20,000

385

Toyota

Tsusho

Corp.

2,700

75

Tsuruha

Holdings,

Inc.

12,200

195

Yamato

Holdings

Co.,

Ltd.

15,700

251

13,381

Luxembourg

-

0.2%

RTL

Group

SA

13,268

544

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

16,455

346

Netherlands

-

2.5%

ABN

AMRO

Bank

NV(Þ)

15,340

491

Argenx

SE(Æ)

542

393

ASM

International

NV

877

526

ASML

Holding

NV

1,000

972

Ferrari

NV

322

156

Heineken

NV

22

2

ING

Groep

NV

40,647

1,053

Koninklijke

Philips

NV

10,380

281

NN

Group

NV

6,275

441

Randstad

NV

9,166

389

Universal

Music

Group

NV

34,173

985

VEON,

Ltd.

-

ADR(Æ)

1,530

83

5,772

Norway

-

0.2%

Kongsberg

Gruppen

ASA

995

32

Norsk

Hydro

ASA

59,920

406

438

Singapore

-

0.3%

DBS

Group

Holdings,

Ltd.

7,600

302

SEA,

Ltd.

-

ADR(Æ)

1,557

278

Singapore

Telecommunications,

Ltd.

400

1

United

Overseas

Bank,

Ltd.

5,600

150

731

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

South

Africa

-

0.1%

Anglo

American

PLC

6

—

Old

Mutual,

Ltd.

269,758

209

Valterra

Platinum,

Ltd.

971

69

278

South

Korea

-

1.3%

Coway

Co.,

Ltd.

4,538

319

Hyundai

Mobis

Co.,

Ltd.

1,875

399

KB

Financial

Group,

Inc.

4,538

373

KT

Corp.

-

ADR

3,480

68

Samsung

Electronics

Co.,

Ltd.

16,196

968

Shinhan

Financial

Group

Co.,

Ltd.

12,880

650

SK

Telecom

Co.,

Ltd.

3,570

138

2,915

Spain

-

0.7%

Aena

SME

SA(Þ)

11,985

328

Industria

de

Diseno

Textil

SA

19,149

1,056

Mapfre

SA

54,143

256

1,640

Sweden

-

0.9%

Industrivarden

AB

Class

A

10,054

398

Investor

AB

Class

B

16,054

501

SKF

AB

Class

B

17,032

422

Telefonaktiebolaget

LM

Ericsson

Class

B

99,727

825

2,146

Switzerland

-

1.8%

Adecco

Group

AG

7,976

223

Belimo

Holding

AG

488

510

Cie

Financiere

Richemont

SA

Class

A

1,684

321

Galderma

Group

AG

1,633

284

Logitech

International

SA

4,378

477

Schindler

Holding

AG

455

164

Sonova

Holding

AG

2,336

636

Swatch

Group

AG

(The)

Class

B

1,861

349

UBS

Group

AG

29,174

1,191

4,155

Taiwan

-

1.7%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,000

128

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

13,666

3,817

3,945

Thailand

-

0.2%

Kasikornbank

PCL

-

NVDR

91,600

473

SCB

X

PCL

-

NVDR

23,600

94

567

United

Kingdom

-

4.3%

AstraZeneca

PLC

3,240

487

AstraZeneca

PLC

-

ADR

4,242

325

BAE

Systems

PLC

9,718

269

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

British

American

Tobacco

PLC

14,006

744

British

Land

Co.

PLC

(The)(ö)

11,104

52

BT

Group

PLC

124,190

319

Burberry

Group

PLC(Æ)

996

16

CK

Hutchison

Holdings,

Ltd.

Class

B

18,000

119

Compass

Group

PLC

11,333

386

DCC

PLC

5,079

326

easyJet

PLC

59,239

370

HSBC

Holdings

PLC

56,334

792

International

Consolidated

Airlines

Group

SA

61,465

319

J

Sainsbury

PLC

63,812

287

Kingfisher

PLC

50,436

209

Land

Securities

Group

PLC(ö)

15,242

119

Lloyds

Banking

Group

PLC

489,132

551

NatWest

Group

PLC

79,797

560

Next

PLC

57

10

Reckitt

Benckiser

Group

PLC

6,451

496

RELX

PLC

12,879

616

Rolls-Royce

Holdings

PLC

13,306

213

Standard

Chartered

PLC

35,054

677

Subsea

7

SA

23,325

482

Tate

&

Lyle

PLC

7,679

46

TechnipFMC

PLC

8,170

322

Unilever

PLC

9,488

561

WPP

PLC

60,500

299

9,972

United

States

-

61.6%

AbbVie,

Inc.

3,807

881

Adobe,

Inc.(Æ)

1,800

635

Airbnb,

Inc.

Class

A(Æ)

7,649

929

Albemarle

Corp.

1,457

118

Alphabet,

Inc.

Class

A

10,340

2,514

Alphabet,

Inc.

Class

C

25,837

6,293

Altria

Group,

Inc.

8,074

533

Amazon.com,

Inc.(Æ)

27,439

6,025

American

Express

Co.

1,848

614

American

Tower

Corp.(ö)

2,487

478

Antero

Midstream

Corp.

14,178

276

Antero

Resources

Corp.(Æ)

1,276

43

API

Group

Corp.(Æ)

3,023

104

Apple,

Inc.

36,676

9,339

Applied

Materials,

Inc.

9,033

1,849

Arista

Networks,

Inc.(Æ)

4,920

717

Atlassian

Corp.

Class

A(Æ)

90

14

Autodesk,

Inc.(Æ)

1,483

471

Baker

Hughes

Co.

18,966

924

Bank

of

America

Corp.

28,730

1,482

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,836

1,426

Blackstone,

Inc.

Class

A

2,916

498

Boeing

Co.

(The)(Æ)

2,181

471

Booking

Holdings,

Inc.

180

972

Boston

Scientific

Corp.(Æ)

3,427

335

BP

PLC

79,333

454

Bristol-Myers

Squibb

Co.

11,452

516

Brixmor

Property

Group,

Inc.(ö)

2

—

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

30

Global

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Broadcom,

Inc.

12,001

3,959

BWX

Technologies,

Inc.

2

—

Cadence

Design

Systems,

Inc.(Æ)

902

317

Capital

One

Financial

Corp.

4,261

906

Charles

Schwab

Corp.

(The)

13,241

1,264

Chemed

Corp.

136

61

Chevron

Corp.

4,723

733

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

2,256

88

Cigna

Group

(The)

3,316

956

Cintas

Corp.

918

188

Citigroup,

Inc.

8,447

857

Clorox

Co.

(The)

80

10

CME

Group,

Inc.

Class

A

2,264

612

Coca-Cola

Co.

(The)

8,620

572

Cooper

Cos,

Inc.

(The)(Æ)

10,377

711

Costco

Wholesale

Corp.

1,201

1,112

Crown

Castle,

Inc.(ö)

45

4

Danaher

Corp.

3,086

612

Datadog

,

Inc.

Class

A(Æ)

2,061

293

Deckers

Outdoor

Corp.(Æ)

2,393

243

Delta

Air

Lines,

Inc.

9,020

512

DoorDash

,

Inc.

Class

A(Æ)

1,618

440

DraftKings

,

Inc.

Class

A(Æ)

4,514

169

Edison

International

8,093

447

Edwards

Lifesciences

Corp.(Æ)

3,916

304

Electronic

Arts,

Inc.

1,260

254

Elevance

Health,

Inc.

2,691

869

Eli

Lilly

&

Co.

2,102

1,604

EMCOR

Group,

Inc.

553

359

EQT

Corp.

1,889

103

Equifax,

Inc.

3,930

1,008

Exxon

Mobil

Corp.

8,731

984

Fair

Isaac

Corp.(Æ)

241

361

Ferguson

Enterprises,

Inc.

1,718

386

Fiserv,

Inc.(Æ)

1,364

176

Fox

Corp.

Class

B

6,802

390

Garmin,

Ltd.

1,248

307

GE

Vernova

,

Inc.

739

454

General

Dynamics

Corp.

2,244

765

General

Electric

Co.

3,047

917

General

Motors

Co.

7,340

447

Gilead

Sciences,

Inc.

4,347

482

Goldman

Sachs

Group,

Inc.

(The)

972

774

GSK

PLC

32,902

697

Haleon

PLC

239,029

1,069

Halliburton

Co.

23,822

586

HCA

Healthcare,

Inc.

3,326

1,417

Home

Depot,

Inc.

(The)

1,964

796

HubSpot

,

Inc.(Æ)

219

102

IDEXX

Laboratories,

Inc.(Æ)

4

2

Insulet

Corp.(Æ)

788

243

Intuitive

Surgical,

Inc.(Æ)

980

438

Johnson

&

Johnson

5,872

1,089

JPMorgan

Chase

&

Co.

6,804

2,146

KLA

Corp.

591

637

Linde

PLC

2,595

1,233

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lithia

Motors,

Inc.

Class

A

144

45

Lockheed

Martin

Corp.

1,084

541

Manhattan

Associates,

Inc.(Æ)

808

166

Marsh

&

McLennan

Cos.,

Inc.

192

39

Marvell

Technology,

Inc.

3,050

256

MasTec

,

Inc.(Æ)

898

191

MasterCard,

Inc.

Class

A

4,361

2,481

McKesson

Corp.

54

42

Medpace

Holdings,

Inc.(Æ)

700

360

Merck

&

Co.,

Inc.

9,005

756

Meta

Platforms,

Inc.

Class

A

7,613

5,591

MetLife,

Inc.

7,838

646

Microsoft

Corp.

17,109

8,862

Molina

Healthcare,

Inc.(Æ)

79

15

Monster

Beverage

Corp.(Æ)

4,882

329

MSCI,

Inc.

Class

A

1,533

870

Mueller

Industries,

Inc.

3,502

354

Nestle

SA

1,847

169

Netflix,

Inc.

Class

B(Æ)

1,123

1,346

NEXTracker

,

Inc.

Class

A(Æ)

4,760

352

Northrop

Grumman

Corp.

1,111

677

Novartis

AG

6,225

783

NVIDIA

Corp.

46,073

8,596

Oracle

Corp.

3,421

962

O'Reilly

Automotive,

Inc.(Æ)

3,569

385

Otis

Worldwide

Corp.

3,759

344

Packaging

Corp.

of

America

1,368

298

Palantir

Technologies,

Inc.

Class

A(Æ)

4,930

899

Parker-Hannifin

Corp.

652

494

PepsiCo,

Inc.

4,316

606

Pfizer,

Inc.

18,959

483

PG&E

Corp.

29,414

444

Philip

Morris

International,

Inc.

3,093

502

Pilgrim's

Pride

Corp.

2,722

111

Procter

&

Gamble

Co.

(The)

7,638

1,174

Progressive

Corp.

(The)

1,906

471

Public

Storage(ö)

312

90

Ralph

Lauren

Corp.

Class

A

6

2

Range

Resources

Corp.

6,528

246

ROBLOX

Corp.

Class

A(Æ)

3,199

443

Roche

Holding

AG

3,613

1,180

Roku,

Inc.(Æ)

1,629

163

Rollins,

Inc.

2,141

126

RTX

Corp.

5,042

844

S&P

Global,

Inc.

1,394

678

Salesforce,

Inc.

3,970

941

Sanofi

SA

7,457

688

Schneider

Electric

SE

5,474

1,527

Seagate

Technology

Holdings

PLC

5,006

1,182

ServiceNow

,

Inc.(Æ)

530

488

Shell

PLC

30,208

1,075

Smithfield

Foods,

Inc.

9,890

232

Spotify

Technology

SA(Æ)

352

246

Starbucks

Corp.

3,014

255

Synopsys,

Inc.(Æ)

1,387

684

Take-Two

Interactive

Software,

Inc.(Æ)

1,297

335

Tesla,

Inc.(Æ)

4,614

2,052

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

31

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TJX

Cos.,

Inc.

(The)

4,386

634

T-Mobile

US,

Inc.

1,800

431

Trade

Desk,

Inc.

(The)

Class

A(Æ)

33

2

TransDigm

Group,

Inc.

929

1,224

Uber

Technologies,

Inc.(Æ)

14,350

1,406

Ulta

Beauty,

Inc.(Æ)

790

432

United

Airlines,

Inc.(Æ)

4,621

446

UnitedHealth

Group,

Inc.

5,545

1,915

Ventas,

Inc.(ö)

3,656

256

Vertex

Pharmaceuticals,

Inc.(Æ)

1,498

587

Vertiv

Holdings

Co.

Class

A

4,362

658

Viking

Holdings,

Ltd.(Æ)

4,650

289

Visa,

Inc.

Class

A

3,221

1,100

W.W.

Grainger,

Inc.

66

63

Walmart,

Inc.

7,584

782

Webster

Financial

Corp.

3,832

228

Wells

Fargo

&

Co.

7,778

652

Welltower

,

Inc.(ö)

4,083

727

Williams-Sonoma,

Inc.

4

1

Workday,

Inc.

Class

A(Æ)

3,418

823

142,149

Total

Common

Stocks

(cost

$207,326)

225,073

Preferred

Stocks

-

0.3%

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.922%

(Ÿ)

7,058

569

Volkswagen

AG

7.122%

(Ÿ)

1,798

194

763

Total

Preferred

Stocks

(cost

$767)

763

Short-Term

Investments

-

1.2%

United

States

-

1.2%

U.S.

Cash

Management

Fund(@)

2,713,342

(∞)

2,713

Total

Short-Term

Investments

(cost

$2,713)

2,713

Total

Investments

-

99.0%

(identified

cost

$210,806)

228,549

Other

Assets

and

Liabilities,

Net

-

1.0%

2,198

Net

Assets

-

100.0%

230,747

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

32

Global

Equity

Active

ETF

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

Shares

$

$

$

0.6%

ABN

AMRO

Bank

NV

05/29/25

EUR

15,340

26.22

402

491

Aena

SME

SA

05/29/25

EUR

11,985

27.58

331

328

WH

Group,

Ltd.

05/29/25

HKD

486,000

0.98

477

527

1,346

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

14

USD

1,719

12/25

27

S&P

500

E-Mini

Index

Futures

44

USD

14,825

12/25

132

S&P/TSX

60

Index

Futures

1

CAD

355

12/25

6

Short

Positions

CAC40

Euro

Index

Futures

27

EUR

2,132

10/25

(26)

DAX

Index

Futures

3

EUR

1,801

12/25

(29)

EURO

STOXX

50

Index

Futures

22

EUR

1,219

12/25

(42)

FTSE

100

Index

Futures

33

GBP

3,105

12/25

(49)

FTSE/MIB

Index

Futures

3

EUR

637

12/25

5

Hang

Seng

Index

Futures

4

HKD

5,382

10/25

(9)

IBEX

35

Index

Futures

4

EUR

620

10/25

(15)

MSCI

Singapore

Index

Futures

18

SGD

805

10/25

1

OMXS30

Index

Futures

21

SEK

5,597

10/25

(11)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(10)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

644

AUD

970

12/17/25

(2)

Bank

of

America

USD

13

HKD

101

10/02/25

—

Bank

of

America

USD

1,013

JPY

147,760

12/17/25

(6)

Bank

of

America

CHF

826

USD

1,049

12/17/25

2

Bank

of

America

EUR

2,460

USD

2,901

12/17/25

—

Bank

of

America

GBP

950

USD

1,289

12/17/25

11

Bank

of

America

JPY

168,000

USD

1,139

12/17/25

(6)

Barclays

USD

641

AUD

970

12/17/25

1

Barclays

USD

1,012

JPY

147,760

12/17/25

(5)

Barclays

CHF

826

USD

1,047

12/17/25

—

Barclays

EUR

2,460

USD

2,894

12/17/25

(7)

Barclays

GBP

950

USD

1,286

12/17/25

8

Goldman

Sachs

USD

643

AUD

970

12/17/25

—

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

33

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Goldman

Sachs

USD

1,013

JPY

147,760

12/17/25

(6)

Goldman

Sachs

CHF

826

USD

1,047

12/17/25

—

Goldman

Sachs

EUR

2,460

USD

2,897

12/17/25

(4)

Goldman

Sachs

GBP

950

USD

1,287

12/17/25

9

Morgan

Stanley

USD

642

AUD

970

12/17/25

—

Morgan

Stanley

USD

1,012

JPY

147,760

12/17/25

(5)

Morgan

Stanley

CHF

826

USD

1,047

12/17/25

—

Morgan

Stanley

EUR

2,460

USD

2,895

12/17/25

(6)

Morgan

Stanley

GBP

950

USD

1,286

12/17/25

9

Standard

Chartered

USD

642

AUD

970

12/17/25

1

Standard

Chartered

USD

1,012

JPY

147,760

12/17/25

(5)

Standard

Chartered

CHF

826

USD

1,047

12/17/25

—

Standard

Chartered

EUR

2,460

USD

2,895

12/17/25

(6)

Standard

Chartered

GBP

950

USD

1,286

12/17/25

7

State

Street

USD

5

BRL

28

10/01/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(10)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

654

$

—

$

—

$

—

$

654

Austria

1,615

—

—

—

1,615

Belgium

658

—

—

—

658

Brazil

1,716

—

—

—

1,716

Canada

3,001

—

—

—

3,001

China

2,269

—

—

—

2,269

Denmark

3,309

—

—

—

3,309

Finland

1,640

—

—

—

1,640

France

8,020

—

—

—

8,020

Germany

4,205

—

—

—

4,205

Hong

Kong

2,979

—

—

—

2,979

India

589

—

—

—

589

Ireland

2,011

—

—

—

2,011

Israel

594

—

—

—

594

Italy

2,834

—

—

—

2,834

Japan

13,381

—

—

—

13,381

Luxembourg

544

—

—

—

544

Mexico

346

—

—

—

346

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

Global

Equity

Active

ETF

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Netherlands

5,772

—

—

—

5,772

Norway

438

—

—

—

438

Singapore

731

—

—

—

731

South

Africa

278

—

—

—

278

South

Korea

2,915

—

—

—

2,915

Spain

1,640

—

—

—

1,640

Sweden

2,146

—

—

—

2,146

Switzerland

4,155

—

—

—

4,155

Taiwan

3,945

—

—

—

3,945

Thailand

567

—

—

—

567

United

Kingdom

9,972

—

—

—

9,972

United

States

142,149

—

—

—

142,149

Preferred

Stocks

763

—

—

—

763

Short-Term

Investments

—

—

—

2,713

2,713

Total

Investments

225,836

—

—

2,713

228,549

Other

Financial

Instruments

Assets

Futures

Contracts

171

—

—

—

171

Foreign

Currency

Exchange

Contracts

—

48

—

—

48

Liabilities

Futures

Contracts

(181)

—

—

—

(181)

Foreign

Currency

Exchange

Contracts

—

(58)

—

—

(58)

Total

Other

Financial

Instruments

*

$

(10)

$

(10)

$

—

$

—

$

(20)

*

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

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

30,125

13.0

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

35

Consumer

Staples

...............................................................................

8,934

3.9

Energy

................................................................................................

9,137

3.9

Financial

Services

..............................................................................

42,776

18.5

Health

Care

........................................................................................

24,500

10.6

Materials

and

Processing

...................................................................

7,531

3.3

Producer

Durables

..............................................................................

19,560

8.5

Technology

.........................................................................................

78,157

33.9

Utilities

...............................................................................................

4,353

1.9

Preferred

Stocks

Consumer

Discretionary

....................................................................

194

0.1

Consumer

Staples

...............................................................................

569

0.2

Short-Term

Investments

.............................................................

2,713

1.2

Total

Investments

...............................................................................

228,549

99.0

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

Global

Equity

Active

ETF

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Fair

Value

of

Derivative

Instruments

—

September

30,

2025

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

48

Variation

margin

on

futures

contracts*

171

—

Total

$

171

$

48

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

0

0

Variation

margin

on

futures

contracts*

$

181

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

58

Total

$

181

$

58

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

858

$

—

Foreign

currency

exchange

contracts

—

(306)

Total

$

858

$

(306)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

0

0

Futures

contracts

$

(10)

$

—

Foreign

currency

exchange

contracts

—

(10)

Total

$

(10)

$

(10)

*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

37

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

48

$

—

$

48

Total

Financial

and

Derivative

Assets

48

—

48

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

48

$

—

$

48

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

America

$

1

3

$

1

3

$

—

$

—

Barclays

9

9

—

—

Goldman

Sachs

9

9

—

—

Morgan

Stanley

8

8

—

—

Standard

Chartered

9

9

—

—

Total

$

48

$

48

$

—

$

—

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

Global

Equity

Active

ETF

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

58

$

—

$

58

Total

Financial

and

Derivative

Liabilities

58

—

58

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

58

$

—

$

58

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Bank

of

America

$

14

$

1

3

$

—

$

1

Barclays

12

9

—

3

Goldman

Sachs

10

9

—

1

Morgan

Stanley

11

8

—

3

Standard

Chartered

11

9

—

2

Total

$

58

$

48

$

—

$

10

^

Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

39

Statement

of

Assets

and

Liabilities

—

September

30,

2025

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

210,806

Investments,

at

fair

value(>)

........................................................................................................................................................

228,549

Foreign

currency

holdings(^)

.......................................................................................................................................................

155

Cash

collateral

for

in-kind

contributions

.....................................................................................................................................

459

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

48

Receivables:

Dividends

and

interest

......................................................................................................................................................

265

Dividends

from

affiliated

funds

.......................................................................................................................................

12

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

20

From

broker(a)

.................................................................................................................................................................

1,916

Total

assets

...............................................................................................................................................................

231,424

Liabilities

Payables:

Collateral

upon

receipt

of

securities

in-kind

....................................................................................................................

459

Investments

purchased

.....................................................................................................................................................

62

Accrued

fees

to

affiliates

..................................................................................................................................................

89

Variation

margin

on

futures

contracts

..............................................................................................................................

9

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

58

Total

liabilities

...........................................................................................................................................................

677

Net

Assets

...............................................................................................................................................................

$

230,747

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

17,70

9

Shares

of

beneficial

interest

.........................................................................................................................................................

81

Additional

paid-in

capital

............................................................................................................................................................

212,95

7

Net

Assets

...............................................................................................................................................................

$

230,747

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

2,713

(^)    

Foreign

currency

holdings

-

cost

$

155

(a)    

Receivable

from

Broker

for

Futures

$

1,916

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

......................................................................................................................................................

$

28.49

Net

assets

.............................................................................................................................................................................

$

230,747,126

Shares

outstanding

($.01

par

value)

.....................................................................................................................................

8,100,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

Global

Equity

Active

ETF

Statement

of

Operations

—

For

the

Period

Ended

September

30,

2025

(1)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

1,021

Dividends

from

affiliated

funds

.......................................................................................................................................

35

Interest

..............................................................................................................................................................................

9

Less

foreign

taxes

withheld

............................................................................................................................................

(57)

Total

investment

income

..............................................................................................................................................................

1,008

Expenses

Advisory

fees

...................................................................................................................................................................

325

Expenses

before

reductions

..............................................................................................................................................

325

Expense

reductions

..........................................................................................................................................................

(55)

Net

expenses

................................................................................................................................................................................

270

Net

investment

income

(loss)

.......................................................................................................................................................

738

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(1,313)

Futures

contracts

..............................................................................................................................................................

858

Foreign

currency

exchange

contracts

...............................................................................................................................

(306)

Foreign

currency-related

transactions

..............................................................................................................................

7

In-kind

redemptions

.........................................................................................................................................................

559

Net

realized

gain

(loss)

................................................................................................................................................................

(195)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

17,743

Futures

contracts

..............................................................................................................................................................

(10)

Foreign

currency

exchange

contracts

...............................................................................................................................

(10)

Foreign

currency-related

transactions

..............................................................................................................................

3

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

17,726

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

17,531

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

18,269

(1)    

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025.

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

41

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Period

Ended

September

30,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

738

Net

realized

gain

(loss)

................................................................................................................

(195)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

17,726

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

18,269

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

212,478

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

230,747

Net

Assets

Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

230,747

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

2025

(1)

Shares

Dollars

Shares

created

8,350

$

219,275

Shares

redeemed

(250)

(6,797)

Total

increase

(decrease)

8,100

$

212,478

(1)

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

Global

Equity

Active

ETF

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

the

Period.

09/30/25

(ƣ)

Per-Share

Data

–

$

Net

Asset

Value,

Beginning

of

Period

25.

37‌

Income

(loss)

from

investment

operations:

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.12‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.

00‌

$

Total

from

Investment

Operations

3.

12‌

$

Net

Asset

Value,

End

of

Period

28.49‌

%

Total

Return

(ǿ)

12.27‌

–

Ratios/Supplemental

Data

–

$

Net

Assets,

End

of

Period

(000)

230,747‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.59‌

%

Expenses,

Net

(Ƃ)(ɯ)

.49‌

%

Net

Investment

Income

(Ƃ)(ɯ)

1.34‌

%

Portfolio

Turnover

Rate

(ǿ)

(Ω)

2

4‌

Russell

Investments

Exchange

Traded

Funds

Global

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

43

Related

Party

Transactions,

Fees

and

Expenses

Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$88,968.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025

,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

—

$

14,963

$

12,250

$

—

$

—

$

2,713

$

35

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

210,965,629

$

20,466,133

$

(2,938,538)

$

17,527,595

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

Net

Unrealized

Appreciation

(Depreciation)*

Other

Book/Tax

Differences**

Post

October

Losses

Deferred***

Total

Accumulated

Earnings

(Losses)

$

618,223

$

(439,317)

$

17,530,232

$

—

$

—

$

17,709,138

*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

**

Other

Book/Tax

Differences

represent

differences

related

to

timing.

***

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

31

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund’

s

next

taxable

year.

September

30,

2025

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

—

$

—

$

—

Total

distributable

earnings

(losses)

$

(560

)

Additional

paid-in

capital

560

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

44

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.5%

Austria

-

0.2%

Erste

Group

Bank

AG

1,188

116

Brazil

-

6.2%

Ambev

SA

-

ADR

74,788

167

B3

SA

-

Brasil

Bolsa

Balcao

(Æ)

94,464

238

Banco

Bradesco

SA

-

ADR

68,428

231

Banco

do

Brasil

SA

31,728

132

Centrais

Eletricas

Brasileiras

SA

-

ADR

21,654

215

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

-

ADR

6,303

157

Cia

Energetica

de

Minas

Gerais

-

ADR

93,744

198

Cosan

SA

-

ADR(Æ)

13,708

63

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

12,079

70

Dexco

SA

56,198

61

Embraer

SA

-

ADR

4,148

251

Hapvida

Participacoes

e

Investimentos

SA(Æ)(Þ)

7,312

49

Hypera

SA

26,063

111

Itau

Unibanco

Holding

SA

-

ADR

33,561

246

Localiza

Rent

a

Car

SA(Æ)

26,234

194

Lojas

Renner

SA(Æ)

27,158

77

MBRF

Global

Foods

Company

SA

4,738

17

MercadoLibre

,

Inc.(Æ)

135

315

NU

Holdings,

Ltd.

Class

A(Æ)

29,290

469

Petroleo

Brasileiro

SA

-

ADR

15,273

183

Raia

Drogasil

SA

27,696

96

Suzano

SA(Æ)

5,503

52

TIM

SA

-

ADR

8,014

179

Vale

SA

Class

B

-

ADR

31,391

341

WEG

SA

21,949

151

4,263

Canada

-

0.4%

Barrick

Mining

Corp.

5,616

184

Parex

Resources,

Inc.

8,079

106

290

Chile

-

0.1%

Enel

Americas

SA

324,915

33

China

-

30.1%

AAC

Technologies

Holdings,

Inc.

14,500

85

Agricultural

Bank

of

China,

Ltd.

Class

A

110,400

103

Akeso

,

Inc.

Class

B(Æ)(Þ)

6,000

109

Alibaba

Group

Holding,

Ltd.

-

ADR

13,469

2,407

Aluminum

Corp.

of

China,

Ltd.

Class

A

105,600

122

Aluminum

Corp.

of

China,

Ltd.

Class

H

96,000

100

Anta

Sports

Products,

Ltd.

21,000

252

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

2,880

108

Autohome

,

Inc.

-

ADR

1,060

30

Baidu,

Inc.

-

ADR(Æ)

3,601

475

Bank

of

China,

Ltd.

Class

H

408,000

223

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

35,000

61

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BeOne

Medicines,

Ltd.

Class

H(Æ)

5,600

148

Bilibili

,

Inc.

Class

Z(Æ)

5,580

161

Bosideng

International

Holdings,

Ltd.

116,000

69

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

53,900

57

BYD

Co.,

Ltd.

Class

H

30,000

425

CEVIA

Enviro,

Inc.

Class

A

20,500

44

China

Construction

Bank

Corp.

Class

H

645,000

620

China

CSSC

Holdings,

Ltd.

Class

A

19,200

93

China

Galaxy

Securities

Co.,

Ltd.

Class

H

13,500

21

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

68,400

188

China

Life

Insurance

Co.,

Ltd.

Class

H

33,000

94

China

Mengniu

Dairy

Co.,

Ltd.

83,000

160

China

Merchants

Bank

Co.,

Ltd.

Class

H

61,000

367

China

Overseas

Land

&

Investment,

Ltd.

96,000

177

China

Petroleum

Engineering

Co.,

Ltd.

Class

A

87,400

42

China

Resources

Land,

Ltd.

42,000

164

China

Tower

Corp.,

Ltd.

Class

H(Þ)

14,500

21

Chow

Tai

Fook

Jewellery

Group,

Ltd.

76,800

154

CITIC

Securities

Co.,

Ltd.

Class

H

17,500

69

CMOC

Group,

Ltd.

Class

A

22,500

50

Consun

Pharmaceutical

Group,

Ltd.

59,000

130

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

4,800

271

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

1,700

125

DiDi

Global,

Inc.

-

ADR(Æ)

7,150

44

Dongfang

Electric

Corp.,

Ltd.

Class

A

4,900

13

Eastroc

Beverage

Group

Co.,

Ltd.(Æ)

2,605

111

Eoptolink

Technology

Inc.,

Ltd.

Class

A

1,500

77

Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

18,300

100

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

8,493

110

Geely

Automobile

Holdings,

Ltd.

25,000

63

GF

Securities

Co.,

Ltd.

Class

A

24,500

77

Giant

Biogene

Holding

Co.,

Ltd.(Þ)

12,600

92

Great

Wall

Motor

Co.,

Ltd.

Class

H

72,000

155

Guosen

Securities

Co.,

Ltd.

Class

A

48,000

91

Guotai

Haitong

Securities

Co.,

Ltd.

Class

H(Þ)

57,600

119

Guoyuan

Securities

Co.,

Ltd.

Class

A

37,890

49

H

World

Group,

Ltd.

-

ADR

3,240

127

Haier

Smart

Home

Co.,

Ltd.

Class

H

76,800

250

Henan

Pinggao

Electric

Co.,

Ltd.

Class

A

5,900

14

Hisense

Visual

Technology

Co.,

Ltd.

Class

A

16,100

55

Huatai

Securities

Co.,

Ltd.

Class

A

40,000

122

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

290,000

214

Innovent

Biologics,

Inc.(Æ)(Þ)

9,000

112

JD

Health

International,

Inc.(Æ)(Þ)

4,250

36

JD.com,

Inc.

-

ADR

12,053

422

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

700

7

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

H(Æ)

3,000

34

Jinduicheng

Molybdenum

Co.,

Ltd.

Class

A

22,600

49

Joincare

Pharmaceutical

Group

Industry

Co.,

Ltd.

Class

A

21,000

37

Kanzhun

,

Ltd.

-

ADR(Æ)

3,689

86

KE

Holdings,

Inc.

-

ADR

4,130

78

Kingsoft

Corp.,

Ltd.

27,200

121

Kuaishou

Technology(Þ)

11,300

123

Laopu

Gold

Co.,

Ltd.

Class

H

200

18

Lenovo

Group,

Ltd.

106,000

157

LexinFintech

Holdings,

Ltd.

-

ADR

1,296

7

Li

Ning

Co.,

Ltd.

52,000

118

Longfor

Group

Holdings,

Ltd.(Þ)

72,000

110

Meituan

Class

B(Æ)(Þ)

30,200

406

Midea

Group

Co.,

Ltd.

Class

A

1,700

17

NetEase

,

Inc.

-

ADR

2,325

353

Ningbo

Jintian

Copper

Group

Co.,

Ltd.

Class

A

35,900

62

PDD

Holdings,

Inc.

-

ADR(Æ)

941

124

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

20,000

45

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

200

2

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

72,000

491

Pop

Mart

International

Group,

Ltd.(Þ)

9,400

322

Qfin

Holdings,

Inc.

-

ADR

689

20

SAIC

Motor

Corp.,

Ltd.

Class

A

25,700

62

Satellite

Chemical

Co.,

Ltd.

Class

A

8,200

22

SDIC

Capital

Co.,

Ltd.

Class

A

62,200

69

SF

Holding

Co.,

Ltd.

Class

H

11,800

56

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

9,250

44

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

71,600

40

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

116,400

87

Shanying

International

Holdings

Co.,

Ltd.

Class

A(Æ)

14,700

4

Shenzhou

International

Group

Holdings,

Ltd.

8,600

68

Starlake

Bioscience

Co.,

Inc.

Zhaoqing

Guangdong

Class

A

60,800

65

Sunny

Optical

Technology

Group

Co.,

Ltd.

11,700

136

Tencent

Holdings,

Ltd.

43,200

3,681

Tencent

Music

Entertainment

Group

-

ADR

5,136

120

Trip.com

Group,

Ltd.

-

ADR

4,788

360

Vipshop

Holdings,

Ltd.

-

ADR

5,184

102

Weichai

Power

Co.,

Ltd.

Class

H

96,000

172

Wilmar

International,

Ltd.

31,900

70

WuXi

AppTec

Co.,

Ltd.

Class

A

4,800

76

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

12,600

192

Wuxi

Biologics

(Cayman),

Inc.(Æ)(Þ)

24,500

129

Xiamen

ITG

Group

Corp.,Ltd

.

Class

A

23,000

20

Xiaomi

Corp.

Class

B(Æ)(Þ)

112,000

777

Xinyi

Glass

Holdings,

Ltd.

105,000

122

Xinyi

Solar

Holdings,

Ltd.

140,000

62

Yealink

Network

Technology

Corp.,

Ltd.

Class

A

4,700

24

Yum

China

Holdings,

Inc.

1,463

63

Yunnan

Tin

Co.,

Ltd.

Class

A

5,400

18

Yutong

Bus

Co.,Ltd

.

Class

A

16,700

64

Zai

Lab,

Ltd.(Æ)

4,200

14

Zhefu

Holding

Group

Co.,

Ltd.

Class

A

47,100

27

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

Class

H(Æ)(Þ)

4,600

39

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

32,800

46

Zhejiang

NHU

Co.,

Ltd.

Class

A

28,800

96

Zhongsheng

Group

Holdings,

Ltd.

54,500

102

Zijin

Mining

Group

Co.,

Ltd.

Class

A

15,100

62

Zijin

Mining

Group

Co.,

Ltd.

Class

H

90,000

377

ZTO

Express

(Cayman),

Inc.

-

ADR

7,867

151

20,584

Colombia

-

0.4%

Ecopetrol

SA

-

ADR

8,426

77

Grupo

Cibest

SA

-

ADR

3,789

197

274

Greece

-

1.1%

Alpha

Bank

SA

45,649

194

Eurobank

Ergasias

SA

24,336

94

National

Bank

of

Greece

SA

12,432

181

OPAP

SA

5,542

129

Piraeus

Financial

Holdings

SA(Æ)

14,928

126

724

Hong

Kong

-

1.5%

AIA

Group,

Ltd.

26,800

257

ASMPT,

Ltd.

11,200

118

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,000

57

Sino

Biopharmaceutical,

Ltd.

280,000

293

WH

Group,

Ltd.(Þ)

264,000

286

1,011

Hungary

-

0.5%

OTP

Bank

PLC

4,037

349

India

-

12.5%

Apollo

Hospitals

Enterprise,

Ltd.

3,072

256

Avenue

Supermarts

,

Ltd.(Æ)(Þ)

2,256

114

Axis

Bank,

Ltd.

18,191

232

Bajaj

Finance,

Ltd.

42,114

474

Bank

of

Baroda

30,720

89

Bharat

Electronics,

Ltd.

79,954

364

Bharti

Airtel,

Ltd.

29,043

614

Britannia

Industries,

Ltd.

2,976

201

Canara

Bank

85,918

120

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

46

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cipla

,

Ltd.

4,704

80

Dixon

Technologies

India,

Ltd.(Þ)

480

88

DLF,

Ltd.

14,784

119

Eternal,

Ltd.(Æ)

47,712

175

GAIL

India,

Ltd.

5,724

11

GMR

Infrastructure,

Ltd.(Æ)

50,299

49

Godrej

Properties,

Ltd.(Æ)

3,168

70

HCL

Technologies,

Ltd.

10,272

160

HDFC

Asset

Management

Co.,

Ltd.(Þ)

1,979

123

HDFC

Bank,

Ltd.

-

ADR

25,787

881

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

16,944

144

Hero

MotoCorp,

Ltd.

1,130

70

Hindalco

Industries,

Ltd.

9,349

80

Hindustan

Aeronautics,

Ltd.(Þ)

2,496

134

Hindustan

Petroleum

Corp.,

Ltd.

9,731

48

ICICI

Bank,

Ltd.

-

ADR

15,160

458

Indian

Hotels

Co.,

Ltd.

(The)

16,848

137

Infosys,

Ltd.

-

ADR

17,070

278

ITC,

Ltd.

9,027

41

JSW

Energy,

Ltd.

4,330

26

Larsen

&

Toubro,

Ltd.

236

10

LIC

Housing

Finance,

Ltd.

3,402

22

Lupin

,

Ltd.

4,752

102

Macrotech

Developers,

Ltd.(Þ)

5,136

66

Mahindra

&

Mahindra,

Ltd.

7,248

280

MakeMyTrip

,

Ltd.(Æ)

595

56

Max

Healthcare

Institute,

Ltd.

11,424

143

Mphasis

,

Ltd.

1,300

39

National

Aluminium

Co.,

Ltd.

30,851

74

Paradeep

Phosphates,

Ltd.(Þ)

22,761

50

Persistent

Systems,

Ltd.

1,195

65

Petronet

LNG,

Ltd.

32,400

102

Phoenix

Mills,

Ltd.

(The)

4,512

79

Power

Finance

Corp.,

Ltd.

19,406

90

Reliance

Industries,

Ltd.

36,632

563

Shriram

Finance,

Ltd.

20,285

141

State

Bank

of

India

14,160

139

Sun

Pharmaceutical

Industries,

Ltd.

9,888

178

Tata

Motors,

Ltd.

4,377

33

Tech

Mahindra,

Ltd.

5,856

92

Titan

Co.,

Ltd.

4,312

163

TVS

Motor

Co.,

Ltd.

2,688

104

UPL,

Ltd.

37,104

274

Vedanta,

Ltd.

2,642

14

8,515

Indonesia

-

1.4%

Astra

International

Tbk

PT

592,463

205

Bank

Central

Asia

Tbk

PT

528,700

242

Bank

Mandiri

Persero

Tbk

PT

535,800

142

Bank

Rakyat

Indonesia

Persero

Tbk

PT

919,700

215

Telkom

Indonesia

Persero

Tbk

PT

978,800

180

984

Italy

-

0.0%

Coca-Cola

HBC

AG(Æ)

551

26

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kazakhstan

-

0.3%

Air

Astana

JSC

-

GDR(Þ)

4,324

26

Kaspi.KZ

JSC

-

ADR

1,944

159

185

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

46,000

253

Malaysia

-

0.3%

Petronas

Chemicals

Group

Bhd

52,600

53

Public

Bank

Bhd

177,600

183

236

Mexico

-

2.1%

America

Movil

SAB

de

CV

63,955

67

Arca

Continental

SAB

de

CV

7,979

84

Cemex

SAB

de

CV

60,554

54

Fresnillo

PLC

11,232

357

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

30,790

310

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

69,986

148

Southern

Copper

Corp.

808

98

Ternium

SA

-

ADR

3,311

115

Wal-Mart

de

Mexico

SAB

de

CV

69,619

215

1,448

Netherlands

-

0.3%

ASML

Holding

NV

Class

G

153

148

Ferrari

NV

55

27

175

Peru

-

0.4%

Credicorp

,

Ltd.

1,031

274

Philippines

-

0.5%

Ayala

Land,

Inc.

195,000

82

BDO

Unibank

,

Inc.

51,370

117

International

Container

Terminal

Services,

Inc.

18,240

148

347

Poland

-

0.8%

Bank

Polska

Kasa

Opieki

SA

1,085

52

Dino

Polska

SA(Æ)(Þ)

7,887

95

ORLEN

SA

5,861

140

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

6,780

131

Powszechny

Zaklad

Ubezpieczen

SA

6,762

101

519

Qatar

-

0.2%

Qatar

National

Bank

QPSC

28,030

143

Saudi

Arabia

-

2.2%

Al

Rajhi

Bank

16,899

483

Banque

Saudi

Fransi

9,301

44

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

679

49

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Etihad

Etisalat

Co.

9,152

165

Riyad

Bank

13,080

95

Saudi

Arabian

Oil

Co.(Þ)

32,628

214

Saudi

Awwal

Bank

16,238

139

Saudi

National

Bank

(The)

31,670

331

Saudi

Telecom

Co.

644

7

1,527

Singapore

-

0.8%

Grab

Holdings,

Ltd.

Class

A(Æ)

27,033

163

Sea,

Ltd.

-

ADR(Æ)

2,216

396

559

South

Africa

-

2.5%

Absa

Group,

Ltd.

17,298

182

Anglogold

Ashanti

PLC

5,452

384

Bidvest

Group,

Ltd.

(The)

1,460

18

Clicks

Group,

Ltd.

1,875

38

FirstRand,

Ltd.

49,126

221

Gold

Fields,

Ltd.

9,480

400

Naspers,

Ltd.

Class

N

796

288

Sibanye

Stillwater,

Ltd.(Æ)

67,353

192

1,723

South

Korea

-

12.8%

Amorepacific

Corp.

1,392

121

Cheil

Worldwide,

Inc.

5,832

84

CJ

CheilJedang

Corp.

490

80

Coupang

,

Inc.(Æ)

4,400

142

DB

Insurance

Co.,

Ltd.

1,920

190

Hana

Financial

Group,

Inc.

4,128

257

Hankook

Tire

&

Technology

Co.,

Ltd.

4,848

133

Hanwha

Aerospace

Co.,

Ltd.

336

265

HD

Hyundai

Electric

Co.,

Ltd.

432

179

HD

Hyundai

Heavy

Industries

Co.,

Ltd.

437

160

Hyundai

Engineering

&

Construction

Co.,

Ltd.

633

25

Hyundai

Heavy

Industries

Co.,

Ltd.

961

282

Hyundai

Mobis

Co.,

Ltd.

1,056

225

Hyundai

Motor

Co.

859

132

Hyundai

Robotics

Co.,

Ltd.

1,855

205

Hyundai

Rotem

Co.,

Ltd.

1,337

209

Kakao

Corp.

919

39

KB

Financial

Group,

Inc.

-

ADR

3,991

331

KEPCO

Plant

Service

&

Engineering

Co.,

Ltd.

705

24

Korea

Electric

Power

Corp.

-

ADR

18,691

244

Korea

Investment

Holdings

Co.,

Ltd.

1,943

201

Krafton

,

Inc.(Æ)

54

11

KT

Corp.

-

ADR

859

17

KT&G

Corp.

1,488

142

LG

Electronics,

Inc.

Class

H

1,429

77

LG

Uplus

Corp.

2,337

26

Mando

Corp.

759

18

NAVER

Corp.

1,056

202

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

215

153

Samsung

Electro-Mechanics

Co.,

Ltd.

2,448

338

Samsung

Electronics

Co.,

Ltd.

30,955

1,851

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

480

154

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

6,681

104

Samsung

Securities

Co.,

Ltd.

2,592

132

Shinhan

Financial

Group

Co.,

Ltd.

-

ADR

6,232

314

SK

Hynix,

Inc.

4,944

1,224

SK

Square

Co.,

Ltd.(Æ)

289

41

SK

Telecom

Co.,

Ltd.

-

ADR

6,054

131

S-Oil

Corp.(Æ)

2,928

130

Woori

Financial

Group,

Inc.

-

ADR

2,800

157

8,750

Taiwan

-

16.3%

Accton

Technology

Corp.

11,000

377

Arcadyan

Technology

Corp.

12,000

87

Asia

Vital

Components

Co.,

Ltd.

2,000

64

Asustek

Computer,

Inc.

3,673

81

Bizlink

Holding,

Inc.

9,059

306

Compal

Electronics,

Inc.

144,000

153

CTBC

Financial

Holding

Co.,

Ltd.

22,000

31

Delta

Electronics,

Inc.

15,000

420

E

Ink

Holdings,

Inc.

2,000

16

E.Sun

Financial

Holding

Co.,

Ltd.

119,051

130

Elite

Material

Co.,

Ltd.

1,000

40

Fubon

Financial

Holding

Co.,

Ltd.

92,250

267

Gigabyte

Technology

Co.,

Ltd.

4,000

39

Globalwafers

Co.,

Ltd.

9,000

138

Hiwin

Technologies

Corp.

17,000

120

Hon

Hai

Precision

Industry

Co.,

Ltd.

83,000

588

International

Games

System

Co.,

Ltd.

1,000

26

KGI

Financial

Holding

Co.,

Ltd.

356,530

175

Largan

Precision

Co.,

Ltd.

2,000

154

Lite-On

Technology

Corp.

6,000

34

MediaTek

,

Inc.

17,000

734

Realtek

Semiconductor

Corp.

12,000

217

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

144,000

6,166

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

2,366

661

Yuanta

Financial

Holding

Co.,

Ltd.

98,990

113

11,137

Thailand

-

2.1%

Advanced

Info

Service

PCL

-

NVDR

10,800

97

Bangkok

Bank

PCL

-

NVDR

29,400

135

Bangkok

Dusit

Medical

Services

PCL

-

NVDR

99,100

63

Charoen

Pokphand

Foods

PCL

-

NVDR

171,300

118

CP

ALL

PCL

-

NVDR

83,400

121

Indorama

Ventures

PCL

-

NVDR

126,100

87

Kasikornbank

PCL

-

NVDR

26,900

139

PTT

Exploration

&

Production

PCL

-

NVDR

25,200

90

PTT

Oil

&

Retail

Business

PCL

-

NVDR

221,300

97

SCB

X

PCL

-

NVDR

35,000

139

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

48

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Siam

Cement

PCL

(The)

-

NVDR

18,000

128

Srisawad

Corp.

PCL

-

NVDR

110,400

102

Thai

Beverage

PCL

297,700

107

1,423

Turkey

-

0.9%

Akbank

TAS

97,528

147

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

19,282

100

BIM

Birlesik

Magazalar

AS

9,900

129

Haci

Omer

Sabanci

Holding

AS

25,703

53

Turk

Hava

Yollari

AO

9,656

73

Turkcell

Iletisim

Hizmetleri

AS

26,361

62

Turkiye

Petrol

Rafinerileri

AS

12,896

58

622

United

Arab

Emirates

-

1.5%

Abu

Dhabi

Commercial

Bank

PJSC

28,498

113

Aldar

Properties

PJSC

72,312

187

Dubai

Islamic

Bank

PJSC

27,335

71

Emaar

Development

PJSC

23,314

85

Emaar

Properties

PJSC

99,670

354

First

Abu

Dhabi

Bank

PJSC

32,262

137

Salik

Co.

PJSC

57,792

95

1,042

United

Kingdom

-

0.2%

HSBC

Holdings

PLC

5,002

70

Investec

PLC

8,839

66

136

United

States

-

0.5%

Cognizant

Technology

Solutions

Corp.

Class

A

1,242

83

Freeport-McMoRan,

Inc.

2,496

98

Globant

SA(Æ)

1,018

59

JBS

NV

-

BDR(Æ)

1,733

26

JBS

NV

Class

A(Æ)

960

14

Netflix,

Inc.

Class

B(Æ)

36

43

323

Total

Common

Stocks

(cost

$60,697)

67,991

Preferred

Stocks

-

0.0%

India

-

0.0%

TVS

Motor

Co.

6.000%

(Æ)(Š)

10,752

1

Total

Preferred

Stocks

(cost

$—)

1

Short-Term

Investments

-

0.1%

United

States

-

0.1%

U.S.

Cash

Management

Fund(@)

95,042

(∞)

95

Total

Short-Term

Investments

(cost

$95)

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

-

99.6%

(identified

cost

$60,792)

68,087

Other

Assets

and

Liabilities,

Net

-

0.4%

247

Net

Assets

-

100.0%

68,334

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

49

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

S

hares

$

$

$

6.5%

Air

Astana

JSC

05/29/25

4,324

5.71

25

26

Akeso

,

Inc.

07/09/25

HKD

6,000

14.80

89

109

Avenue

Supermarts

,

Ltd.

05/29/25

INR

2,256

47.68

108

114

Budweiser

Brewing

Co.

APAC,

Ltd.

05/29/25

HKD

53,900

1.08

58

57

China

International

Capital

Corp.,

Ltd.

05/29/25

HKD

68,400

2.15

147

188

China

Tower

Corp.,

Ltd.

07/09/25

HKD

14,500

1.45

21

21

Dino

Polska

SA

06/11/25

PLN

7,887

13.48

106

95

Dixon

Technologies

India,

Ltd.

05/29/25

INR

480

175.57

84

88

Giant

Biogene

Holding

Co.,

Ltd.

05/29/25

HKD

12,600

7.55

95

92

Guotai

Haitong

Securities

Co.,

Ltd.

05/29/25

HKD

57,600

1.69

97

119

Hapvida

Participacoes

e

Investimentos

SA

09/23/25

BRL

7,312

7.19

53

49

HDFC

Asset

Management

Co.,

Ltd.

05/29/25

INR

1,979

60.76

120

123

HDFC

Life

Insurance

Co.,

Ltd.

05/29/25

INR

16,944

8.83

150

144

Hindustan

Aeronautics,

Ltd.

05/29/25

INR

2,496

56.85

142

134

Innovent

Biologics,

Inc.

09/23/25

HKD

9,000

12.09

109

112

JD

Health

International,

Inc.

09/23/25

HKD

4,250

8.66

37

36

Kuaishou

Technology

09/23/25

HKD

11,300

9.38

106

123

Longfor

Group

Holdings,

Ltd.

05/29/25

HKD

72,000

1.27

91

110

Macrotech

Developers,

Ltd.

05/29/25

INR

5,136

16.28

84

66

Meituan

05/29/25

HKD

30,200

17.27

521

406

Paradeep

Phosphates,

Ltd.

09/23/25

INR

22,761

2.01

46

50

Pop

Mart

International

Group,

Ltd.

05/29/25

HKD

9,400

34.13

321

322

Samsung

Biologics

Co.,

Ltd.

05/29/25

KRW

215

750.45

161

153

Saudi

Arabian

Oil

Co.

05/29/25

SAR

32,628

6.61

216

214

Shandong

Gold

Mining

Co.,

Ltd.

07/09/25

HKD

9,250

3.43

32

44

WH

Group,

Ltd.

05/29/25

HKD

264,000

0.97

257

286

WuXi

AppTec

Co.,

Ltd.

05/29/25

HKD

12,600

10.51

132

192

Wuxi

Biologics

(Cayman),

Inc.

07/09/25

HKD

24,500

3.86

94

129

Xiaomi

Corp.

05/29/25

HKD

112,000

6.80

762

777

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

09/23/25

HKD

4,600

8.30

38

39

4,418

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

$

116

$

—

$

—

$

—

$

116

Brazil

4,263

—

—

—

4,263

Canada

290

—

—

—

290

Chile

33

—

—

—

33

China

20,584

—

—

—

20,584

Colombia

274

—

—

—

274

Greece

724

—

—

—

724

Hong

Kong

1,011

—

—

—

1,011

Hungary

349

—

—

—

349

India

8,515

—

—

—

8,515

Indonesia

984

—

—

—

984

Italy

26

—

—

—

26

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

Emerging

Markets

Equity

Active

ETF

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Kazakhstan

185

—

—

—

185

Macao

253

—

—

—

253

Malaysia

236

—

—

—

236

Mexico

1,448

—

—

—

1,448

Netherlands

175

—

—

—

175

Peru

274

—

—

—

274

Philippines

347

—

—

—

347

Poland

519

—

—

—

519

Qatar

143

—

—

—

143

Saudi

Arabia

1,527

—

—

—

1,527

Singapore

559

—

—

—

559

South

Africa

1,723

—

—

—

1,723

South

Korea

8,750

—

—

—

8,750

Taiwan

11,137

—

—

—

11,137

Thailand

1,423

—

—

—

1,423

Turkey

622

—

—

—

622

United

Arab

Emirates

1,042

—

—

—

1,042

United

Kingdom

136

—

—

—

136

United

States

323

—

—

—

323

Preferred

Stocks

—

—

1

—

1

Short-Term

Investments

—

—

—

95

95

Total

Investments

$

67,991

$

—

$

1

$

95

$

68,087

(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

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

....................................................................

13,862

20

.3

Consumer

Staples

...............................................................................

2,651

3

.9

Energy

................................................................................................

2,083

3

.1

Financial

Services

..............................................................................

17,520

25

.6

Health

Care

........................................................................................

2,647

3

.9

Materials

and

Processing

...................................................................

4,589

6

.7

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

51

Producer

Durables

..............................................................................

4,228

6

.2

Technology

.........................................................................................

18,414

26

.9

Utilities

...............................................................................................

1,997

2

.9

Preferred

Stocks

Consumer

Discretionary

....................................................................

1

—

*

Short-Term

Investments

.............................................................

95

0

.1

Total

Investments

...............................................................................

68,087

99

.6

*

Less

than

.05%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

Emerging

Markets

Equity

Active

ETF

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Fair

Value

of

Derivative

Instruments

—

September

30,

2025

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Foreign

currency

exchange

contracts

$

(62)

For

furt

her

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

53

Statement

of

Assets

and

Liabilities

—

September

30,

2025

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

60,792

Investments,

at

fair

value(>)

........................................................................................................................................................

68,087

Foreign

currency

holdings(^)

.......................................................................................................................................................

226

Receivables:

Dividends

and

interest

......................................................................................................................................................

95

Dividends

from

affiliated

funds

.......................................................................................................................................

1

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

1

Total

assets

...............................................................................................................................................................

68,410

Liabilities

Payables:

Accrued

fees

to

affiliates

..................................................................................................................................................

35

Deferred

capital

gains

tax

liability

...................................................................................................................................

41

Total

liabilities

...........................................................................................................................................................

76

Net

Assets

...............................................................................................................................................................

$

68,334

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

7,290

Shares

of

beneficial

interest

.........................................................................................................................................................

24

Additional

paid-in

capital

............................................................................................................................................................

61,020

Net

Assets

...............................................................................................................................................................

$

68,334

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

95

(^)    

Foreign

currency

holdings

-

cost

$

229

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

......................................................................................................................................................

$

28.47

Net

assets

.............................................................................................................................................................................

$

68,334,218

Shares

outstanding

($.01

par

value)

.....................................................................................................................................

2,400,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

Emerging

Markets

Equity

Active

ETF

Statement

of

Operations

—

For

the

Period

Ended

September

30,

2025

(1)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

523

Dividends

from

affiliated

funds

.......................................................................................................................................

6

Less

foreign

taxes

withheld

.............................................................................................................................................

(64)

Total

investment

income

..............................................................................................................................................................

465

Expenses

Advisory

fees

...................................................................................................................................................................

131

Expenses

before

reductions

..............................................................................................................................................

131

Expense

reductions

..........................................................................................................................................................

(25)

Net

expenses

................................................................................................................................................................................

106

Net

investment

income

(loss)

.......................................................................................................................................................

359

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(222)

Foreign

currency

exchange

contracts

...............................................................................................................................

(62)

Foreign

currency-related

transactions

..............................................................................................................................

(35)

Net

realized

gain

(loss)

................................................................................................................................................................

(319)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments  (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

($41))

........................................................

7,254

Foreign

currency-related

transactions

..............................................................................................................................

(4)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

7,250

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

6,931

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

7,290

(1)    

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025.

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

55

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Period

Ended

September

30,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

..............................................................................................................

$

359

Net

realized

gain

(loss)

.......................................................................................................................

(319)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

7,250

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

7,290

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

61,044

Total

Net

Increase

(Decrease)

in

Net

Assets

........................................................................

68,334

Net

Assets

Beginning

of

period

..................................................................................................................................

—

End

of

period

.............................................................................................................................................

$

68,334

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

2025

(1)

Shares

Dollars

Shares

created

2,400

$

61,044

Total

increase

(decrease)

2,400

$

61,044

(1)

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

56

Emerging

Markets

Equity

Active

ETF

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

the

Period.

09/30/25

(ƣ

)

Per-Share

Data

–

$

Net

Asset

Value,

Beginning

of

Period

2

4

.

39‌

Income

(loss)

from

investment

operations:

—‌

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.

20‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

3

.

88‌

$

Total

from

Investment

Operations

4

.

08‌

$

Net

Asset

Value,

End

of

Period

28

.47‌

%

Total

Return

(ǿ)

16.75‌

–

Ratios/Supplemental

Data

–

$

Net

Assets,

End

of

Period

(000)

68,334‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.

79‌

%

Expenses,

Net

(Ƃ)(ɯ)

.

64‌

%

Net

Investment

Income

(Ƃ)(ɯ)

2

.

17‌

%

Portfolio

Turnover

Rate

(ǿ)(Ω)

15‌

Russell

Investments

Exchange

Traded

Funds

Emerging

Markets

Equity

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

57

Related

Party

Transactions,

Fees

and

Expenses

Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$35,176.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

September

30,

2025

,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

—

$

20,708

$

20,613

$

—

$

—

$

95

$

6

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

61,357,910

$

7,813,002

$

(1,083,63

4

)

$

6,729,36

8

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

Net

Unrealized

Appreciation

(Depreciation)*

Other

Book/Tax

Differences**

Post

October

Losses

Deferred***

Total

Accumulated

Earnings

(Losses)

$

832,246

$

(226,614)

$

6,684,379

$

—

$

—

$

7,290,011

*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

**

Other

Book/Tax

Differences

represent

differences

related

to

timing.

***

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

31

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund’s

next

taxable

year.

September

30,

2025

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

—

$

—

$

—

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

Schedule

of

Investments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

58

Global

Infrastructure

Active

ETF

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.5%

Australia

-

6.7%

Atlas

Arteria,

Ltd.

80,212

261

Cleanaway

Waste

Management,

Ltd.

275

—

Transurban

Group(Æ)

125,433

1,145

1,406

Canada

-

5.7%

Canadian

Pacific

Kansas

City,

Ltd.

4,750

354

Keyera

Corp.

3,868

130

South

Bow

Corp.

Class

W

5,439

154

TC

Energy

Corp.

10,394

565

1,203

France

-

3.8%

Aeroports

de

Paris

SA

3,397

448

Getlink

SE

12,587

231

Vinci

SA

943

131

810

Germany

-

0.7%

RWE

AG

3,148

140

Hong

Kong

-

0.5%

Power

Assets

Holdings,

Ltd.

15,500

98

Italy

-

1.5%

Hera

SpA

34,186

154

Infrastrutture

Wireless

Italiane

SpA(Þ)

14,089

165

319

Japan

-

3.4%

Central

Japan

Railway

Co.

7,300

209

Chubu

Electric

Power

Co.,

Inc.

10,400

145

Japan

Airport

Terminal

Co.,

Ltd.

2,800

89

Osaka

Gas

Co.,

Ltd.

4,500

131

West

Japan

Railway

Co.

6,500

143

717

Netherlands

-

0.8%

Koninklijke

Vopak

NV

3,732

171

New

Zealand

-

1.3%

Auckland

International

Airport,

Ltd.

61,628

281

Spain

-

4.8%

Aena

SME

SA(Þ)

32,153

878

Cellnex

Telecom

SA(Þ)

3,655

127

1,005

Switzerland

-

1.7%

Flughafen

Zurich

AG

1,156

352

United

Kingdom

-

5.5%

National

Grid

PLC

47,748

686

Pennon

Group

PLC

29,948

188

United

Utilities

Group

PLC

17,895

276

1,150

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

States

-

63.1%

Alliant

Energy

Corp.

2,996

202

Ameren

Corp.

2,946

308

American

Electric

Power

Co.,

Inc.

5,157

580

American

Tower

Corp.(ö)

2,354

453

American

Water

Works

Co.,

Inc.

2,291

319

Atmos

Energy

Corp.

1,307

223

CenterPoint

Energy,

Inc.

6,487

252

Cheniere

Energy,

Inc.

1,959

460

Consolidated

Edison,

Inc.

7

1

Crown

Castle,

Inc.(ö)

3,086

298

CSX

Corp.

18,404

654

Dominion

Energy,

Inc.

7,439

455

DT

Midstream,

Inc.

1,397

158

Duke

Energy

Corp.

5,932

734

Entergy

Corp.

3,796

354

Equinix,

Inc.(ö)

260

204

Evergy,

Inc.

5,894

448

Eversource

Energy

5,033

358

Kinder

Morgan,

Inc.

8,149

231

NextEra

Energy,

Inc.

14,039

1,060

NiSource,

Inc.

4,389

190

Norfolk

Southern

Corp.

2,345

704

ONEOK,

Inc.

4,807

351

PG&E

Corp.

23,559

355

PPL

Corp.

6,729

250

Public

Service

Enterprise

Group,

Inc.

4,025

336

SBA

Communications

Corp.(ö)

1,848

357

Sempra

8,562

770

Targa

Resources

Corp.

1,691

283

TXNM

Energy,

Inc.

44

2

UGI

Corp.

51

2

Union

Pacific

Corp.

2,952

698

WEC

Energy

Group,

Inc.

2,168

248

Williams

Cos.,

Inc.

(The)

6,745

427

Xcel

Energy,

Inc.

6,636

535

13,260

Total

Common

Stocks

(cost

$20,246)

20,912

Short-Term

Investments

-

0.3%

United

States

-

0.3%

U.S.

Cash

Management

Fund(@)

57,479

(∞)

58

Total

Short-Term

Investments

(cost

$58)

58

Total

Investments

-

99.8%

(identified

cost

$20,304)

20,970

Other

Assets

and

Liabilities,

Net

-

0.2%

35

Net

Assets

-

100.0%

21,005

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

59

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

$

$

$

5.6%

Aena

SME

SA

05/13/25

EUR

32,153

26.89

865

878

Cellnex

Telecom

SA

05/13/25

EUR

3,655

37.19

136

127

Infrastrutture

Wireless

Italiane

SpA

05/13/25

EUR

14,089

11.95

168

165

1,170

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

1,406

$

—

$

—

$

—

$

1,406

Canada

1,203

—

—

—

1,203

France

810

—

—

—

810

Germany

140

—

—

—

140

Hong

Kong

98

—

—

—

98

Italy

319

—

—

—

319

Japan

717

—

—

—

717

Netherlands

171

—

—

—

171

New

Zealand

281

—

—

—

281

Spain

1,005

—

—

—

1,005

Switzerland

352

—

—

—

352

United

Kingdom

1,150

—

—

—

1,150

United

States

13,260

—

—

—

13,260

Short-Term

Investments

—

—

—

58

58

Total

Investments

$

20,912

$

—

$

—

$

58

$

20,970

(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

2

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

September

30,

2025,

if

any,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

Schedule

of

Investments,

continued

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

60

Global

Infrastructure

Active

ETF

Amounts

in

thousands

Infrastructure

Subindustry

Exposure

Fair

Value

$

%

of

Net

Assets

Common

Stocks

Airport

Services

.................................................................................

2,049

9.

7

Construction

&

Engineering

..............................................................

131

0.6

Data

Center

REITs

.............................................................................

204

1.0

Electric

Utilities

.................................................................................

5,122

24.4

Gas

Utilities

.......................................................................................

355

1.7

Highways

&

Railtracks

......................................................................

1,637

7.8

Independent

Power

Producers

&

Energy

Traders

..............................

140

0.

7

Integrated

Telecommunication

Services

............................................

292

1.4

Multi-Utilities

....................................................................................

3,399

16.2

Oil

&

Gas

Storage

&

Transportation

.................................................

2,930

13.9

Rail

Transportation

.............................................................................

2,762

13.1

Telecom

Tower

REITs

........................................................................

1,108

5.3

Water

Utilities

....................................................................................

783

3.7

Short-Term

Investments

.......................................................

58

0.3

Total

Investments

...............................................................................

20,970

99.8

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

Fair

Value

of

Derivative

Instruments

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

61

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Foreign

currency

exchange

contracts

$

3

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

Global

Infrastructure

Active

ETF

Statement

of

Assets

and

Liabilities

—

September

30,

2025

Amounts

in

thousands

Assets

Investments,

at

identified

cost

......................................................................................................................................................

$

20,304

Investments,

at

fair

value(>)

........................................................................................................................................................

20,970

Foreign

currency

holdings(^)

.......................................................................................................................................................

2

Receivables:

Dividends

and

interest

......................................................................................................................................................

43

Total

assets

...............................................................................................................................................................

21,015

Liabilities

Payables:

Accrued

fees

to

affiliates

..................................................................................................................................................

10

Total

liabilities

...........................................................................................................................................................

10

Net

Assets

...............................................................................................................................................................

$

21,005

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

713

Shares

of

beneficial

interest

.........................................................................................................................................................

8

Additional

paid-in

capital

............................................................................................................................................................

20,2

8

4

Net

Assets

...............................................................................................................................................................

$

21,005

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

58

(^)    

Foreign

currency

holdings

-

cost

$

2

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

......................................................................................................................................................

$

25.93

Net

assets

.............................................................................................................................................................................

$

21,005,454

Shares

outstanding

($.01

par

value)

.....................................................................................................................................

810,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

63

Statement

of

Operations

—

For

the

Period

Ended

September

30,

2025

(1)

Amounts

in

thousands

Investment

Income

Dividends

.........................................................................................................................................................................

$

188

Dividends

from

affiliated

funds

.......................................................................................................................................

1

Less

foreign

taxes

withheld

.............................................................................................................................................

(7)

Total

investment

income

..............................................................................................................................................................

182

Expenses

Advisory

fees

...................................................................................................................................................................

33

Total

expenses

..............................................................................................................................................................................

33

Net

investment

income

(loss)

.......................................................................................................................................................

149

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(104)

Foreign

currency

exchange

contracts

...............................................................................................................................

3

Foreign

currency-related

transactions

..............................................................................................................................

(2)

In-kind

redemptions

.........................................................................................................................................................

40

Net

realized

gain

(loss)

................................................................................................................................................................

(63)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

666

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

666

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

603

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

....................................................................................

$

752

(1)    

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025.

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

64

Global

Infrastructure

Active

ETF

Statement

of

Changes

in

Net

Assets

Amounts

in

thousands

For

the

Period

Ended

September

30,

2025

(1)

Increase

(Decrease)

in

Net

Assets

from

Operations

Net

investment

income

(loss)

.......................................................................................................

$

149

Net

realized

gain

(loss)

................................................................................................................

(63)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

666

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

752

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

20,253

Total

Net

Increase

(Decrease)

in

Net

Assets

...................................................................

21,005

Net

Assets

Beginning

of

period

...........................................................................................................................

—

End

of

period

......................................................................................................................................

$

21,005

*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

2025

(1)

Shares

Dollars

Shares

created

830

$

20,761

Shares

redeemed

(20)

(508)

Total

increase

(decrease)

810

$

20,253

(1)

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

65

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

Financial

Highlights

—

For

the

Period

Ended

For

a

Share

Outstanding

Throughout

the

Period.

09/30/25

(ſ)

Per-Share

Data

$

Net

Asset

Value,

Beginning

of

Period

2

4

.

27‌

Income

(loss)

from

investment

operations:

$

Net

Investment

Income

(Loss)

(ƥ)

.25‌

$

Net

Realized

and

Unrealized

Gain

(Loss)

1

.

41‌

$

Total

from

Investment

Operations

1

.

66‌

$

Net

Asset

Value,

End

of

Period

25.93‌

%

Total

Return

(ǿ)

6.87‌

Ratios/Supplemental

Data

$

Net

Assets,

End

of

Period

(000)

21,005‌

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.59‌

%

Expenses,

Net

(ɯ)

.59‌

%

Net

Investment

Income

(ɯ)

2.63‌

%

Portfolio

Turnover

Rate

(ǿ)(Ω)

2

4‌

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

66

Global

Infrastructure

Active

ETF

Related

Party

Transactions,

Fees

and

Expenses

Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$9,958.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

—

$

372

$

314

$

—

$

—

$

58

$

1

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

20,316,204

$

878,

065

$

(224,

552

)

$

653,

513

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

Net

Unrealized

Appreciation

(Depreciation)*

Other

Book/Tax

Differences**

Post

October

Losses

Deferred***

Total

Accumulated

Earnings

(Losses)

$

163,628

$

(104,612

)

$

653,505

$

—

$

—

$

712,521

*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

**

Other

Book/Tax

Differences

represent

differences

related

to

timing.

***

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

31

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund’s

next

taxable

year.

September

30,

2025

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

of

Capital

$

—

$

—

$

—

Russell

Investments

Exchange

Traded

Funds

Global

Infrastructure

Active

ETF

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

67

At

September

30,

2025

,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

(39

)

Additional

paid-in

capital

39

Federal

Income

Taxes,

continued

Russell

Investments

Exchange

Traded

Funds

Notes

to

Schedules

of

Investments

—

September

30,

2025

68

Notes

to

Schedules

of

Investments

Footnotes:

Abbreviations:

Foreign

Currency

Abbreviations:

(Æ)

Non-income

producing

security.

(ö)

Real

Estate

Investment

Trust

(REIT).

(Ø)

In

default.

(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

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

ADR

-

American

Depositary

Receipt

BDR

-

Brazilian

Depository

Receipts

GDR

-

Global

Depositary

Receipt

NVDR

-

Non-Voting

Depository

Receipt

AUD

-

Australian

dollar

BRL

-

Brazilian

real

CHF

-

Swiss

franc

EUR

-

Euro

GBP

-

British

pound

sterling

HKD

-

Hong

Kong

dollar

JPY

-

Japanese

yen

USD

-

United

States

dollar

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Highlights

—

September

30,

2025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Notes

to

Financial

Highlights

69

(ſ)

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025.

(ƣ)

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025.

(ǿ)

The

total

return

and

portfolio

turnover

rate

for

periods

less

than

one

year

are

not

annualized.

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(ɯ)

Periods

less

than

one

year

are

annualized.

(Ω)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

creation

or

redemption

units.

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements

—

September

30,

2025

70

Notes

to

Financial

Statements

1.

Organization

Russell

Investments

Exchange

Traded

Funds

(the

“Trust”

or

“RIETF”)

is

a

series

investment

company

with

five

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

each

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Delaware

statutory

trust

under

an

Amended

and

Restated

Declaration

of

Trust

dated

February

24,

2025

(as

amended,

the

“Declaration

of

Trust”),

and

the

provisions

of

Delaware

law

governing

the

operation

of

a

Delaware

statutory

trust.

The

Trust

offers

shares

of

beneficial

interest

(“Shares”)

in

the

Funds.

Each

of

the

Funds

is

diversified.

Under

the

1940

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

items

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

to

the

fiscal

period

ended

September

30,

2025.

2.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

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

financial

statements.

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.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

In

this

reporting

period,

the

Funds

adopted

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Update

(“ASU”)

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds’

financial

position

or

operating

results.

Topic

280

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

(“CODM”)

to

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments’

Executive

Committee

is

the

CODM.

Each

Fund

is

a

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

share

transactions

data

consistent

with

that

which

is

presented

in

the

Funds’

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

“Significant

Accounting

Policies”

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Funds’

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

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

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.

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

Notes

to

Financial

Statements

71

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

(“NAV”)

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts

and

futures

contracts

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

portfolio

instruments

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

72

Notes

to

Financial

Statements

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange

listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

There

were

no

Level

3

investments

at

the

beginning

or

end

of

the

period.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

or

pricing

service

prices

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

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.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred

within

a

particular

Fund.

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

Notes

to

Financial

Statements

73

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management’s

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

Federal

Income

Taxes

Each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund’s

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

September

30,

2025,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Income

Taxes

Paid

The

Funds

did

not

pay

any

federal,

state,

or

local

taxes

during

the

period

ended

September

30,

2025.

Additionally,

the

Funds

did

not

pay

any

material

foreign

income

taxes

during

the

period

ended

September

30,

2025.

Accordingly,

no

disaggregated

disclosure

of

income

taxes

paid

by

jurisdiction

has

been

presented.

Dividends

and

Distributions

to

Shareholders

The

Funds

distribute

substantially

all

of

their

net

investment

income

and

net

capital

gains

to

shareholders

each

year.

The

amount

and

frequency

of

income

distributions

are

not

guaranteed;

all

distributions

are

at

the

Board’s

discretion.

Currently,

the

Board

intends

to

declare

dividends

from

net

investment

income,

if

any,

in

mid-December.

The

Funds

intend

to

distribute

substantially

all

of

the

distributions

they

receive

from

real

estate

investment

trust

(“REIT”)

investments,

less

expenses,

as

well

as

income

from

other

investments.

Such

distributions

may

be

comprised

of

income,

return

of

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

on

the

sale

of

REIT

shares

and

other

investments.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Fund

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

mortgage-backed

securities,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

74

Notes

to

Financial

Statements

Expenses

The

Funds

have

a

unitary

advisory

fee

structure.

Under

the

Funds’

unitary

advisory

fee

structure,

RIM

pays

all

expenses

of

the

Funds

except

for

payments

under

a

Fund’s

12b-1

plan,

if

any,

interest

expenses,

dividend

and

interest

expenses

related

to

short

sales,

taxes,

the

expenses

of

other

investment

companies

in

which

a

Fund

invests

which

are

borne

indirectly

by

the

Fund,

brokerage

commissions

and

any

other

transaction-related

expenses

and

fees

arising

out

of

transactions

effected

on

behalf

of

a

Fund,

costs

of

holding

shareholder

meetings,

costs

of

any

securities

lending

program,

any

and

all

costs,

fees

and

expenses,

including

legal

fees,

associated

with

litigation

or

potential

litigation,

any

and

all

contingency

fees

paid

to

vendors

out

of

amounts

received

by

a

Fund

(for

example,

contingency

fees

paid

to

vendors

for

foreign

tax

reclaims

and

contingency

fees

paid

to

vendors

for

certain

securities

litigation

recoveries)

and

any

infrequent

and/or

unusual

expenses.

Each

Fund’s

unitary

advisory

fee

is

reported

as

“Advisory

fees”

in

the

Fund’s

Statement

of

Operations.

Whenever

an

expense

can

be

attributed

to

a

particular

Fund,

the

expense

is

charged

to

that

Fund.

Common

expenses

are

allocated

among

the

Funds

based

primarily

upon

their

relative

net

assets.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

as

of

September

30,

2025.

The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

total

distributable

earnings

(losses)

in

the

Statements

of

Assets

and

Liabilities.

The

amounts

related

to

capital

gains

and

repatriation

taxes

are

included

in

net

realized

gain

(loss)

on

investments

and

change

in

unrealized

gain

(loss)

on

investments

in

the

Statements

of

Operations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

among

others,

foreign

currency

exchange

contracts

and

futures

contracts.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds’

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

currency

movements).

By

purchasing

certain

instruments,

the

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

Notes

to

Financial

Statements

75

Funds

Strategies

International

Developed

Equity

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Global

Equity

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Emerging

Markets

Equity

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Global

Infrastructure

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

operational

risk,

legal

risk,

valuation

risk

and

credit

risk.

Futures

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

broker’s

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-

traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

receivables

for

variation

margin

on

futures

contracts

and

payables

for

variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

investments

at

fair

value

(securities)

or

receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities

as

due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

for

the

period

ended

September

30,

2025,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund’s

Schedule

of

Investments.

The

financial

derivative

instruments

outstanding

as

of

period

end

on

the

Schedules

of

Investments

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

tables,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

facilitate

settlement

of

securities

transactions

and

may

enter

into

these

contracts

in

order

to

“lock

in”

the

U.S.

dollar

price

of

a

security

that

they

plan

to

buy

or

sell.

Certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

Certain

Funds

may

also

purchase

or

sell

foreign

currencies,

mainly

through

the

use

of

forward

currency

contracts

or

currency

futures

contracts,

for

speculative

purposes

based

on

judgments

regarding

the

direction

of

the

market

for

a

particular

foreign

currency

or

currencies.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

September

30,

2025,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

76

Notes

to

Financial

Statements

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

September

30,

2025,

the

Global

Equity

Active

ETF

entered

into

futures

contracts

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for,

among

other

things,

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

table

within

the

Funds’

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

seek

to

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

political

instability;

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity

(including

as

a

result

of

a

significant

reduction

in

the

number

of

market

participants

or

transactions);

significant

price

volatility;

restrictions

on

foreign

investment;

possible

difficulties

in

the

repatriation

of

investment

income

and

capital

including

as

a

result

of

the

closure

of

securities

markets

in

an

emerging

market

country;

and,

generally,

less

stringent

investor

protection

standards

as

compared

with

investments

in

U.S.

or

other

developed

market

equity

securities.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

Notes

to

Financial

Statements

77

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

securities

settlement

procedures

for

a

Fund’s

portfolio

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

In

addition,

emerging

market

countries

may

be

subject

to

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

be

available

or

reliable.

Moreover,

it

can

be

more

difficult

for

investors

to

bring

litigation

or

enforce

judgments

against

issuers

in

emerging

markets

or

for

U.S.

regulators

to

bring

enforcement

actions

against

such

issuers.

Emerging

market

countries

may

also

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

Guarantees

Under

the

Trust’s

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds’

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

3.

Investment

Transactions

Securities

During

the

period

ended

September

30,

2025,

the

Funds’

purchases

and

sales

of

investment

securities

(excluding

short-term

investments,

derivatives

and

in-kind

transactions)

were

as

follows:

In-Kind

Transactions

During

the

period

ended

September

30,

2025,

in-kind

transactions

associated

with

creations

and

redemptions

were

as

follows:

Funds

Purchases

Sales

U.S.

Small

Cap

Equity

Active

ETF

$

10,805,960

$

7,916,218

International

Developed

Equity

Active

ETF

31,946,108

19,223,829

Global

Equity

Active

ETF

50,085,007

35,622,625

Emerging

Markets

Equity

Active

ETF

47,888,991

6,911,833

Global

Infrastructure

Active

ETF

4,739,627

3,701,398

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

78

Notes

to

Financial

Statements

The

in-kind

creation

and

in-kind

redemptions

in

this

table

may

not

agree

with

the

Fund

Share

Transactions

on

the

Statements

of

Changes

in

Net

Assets.

The

table

represents

the

accumulation

of

each

Fund’s

daily

net

shareholder

transactions

which

were

executed

in

kind

while

the

Statements

of

Changes

in

Net

Assets

reflect

gross

shareholder

transactions

including

any

cash

component

of

the

transactions.

4.

Related

Party,

Fees

and

Expenses

Advisory

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

the

Trust,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager’s

fee,

after

the

Trust

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

in

its

capacity

as

the

Funds’

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-

owned

subsidiary

of

Russell

Investments

Group,

Ltd.

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.

RIFUS

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.

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund’s

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

Each

of

the

Funds

pays

the

following

annual

advisory

fee

directly

to

RIM,

billed

monthly

on

a

pro

rata

basis

and

calculated

as

a

specified

percentage

of

the

average

daily

net

assets

of

each

of

the

Funds:

The

following

shows

the

totals

for

advisory

fees

for

the

period

ended

September

30,

2025:

RIM

has

contractually

agreed

to

waive

a

portion

of

its

advisory

fees

for

certain

Funds.

These

arrangements

are

not

part

of

the

Advisory

Agreement

with

the

Trust

and

may

be

changed

or

discontinued.

For

the

U.S.

Small

Cap

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.05%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$4,894.

Funds

Purchases

Sales

U.S.

Small

Cap

Equity

Active

ETF

$

36,012,966

$

2,794,235

International

Developed

Equity

Active

ETF

92,378,645

7,483,343

Global

Equity

Active

ETF

200,805,367

6,420,346

Emerging

Markets

Equity

Active

ETF

19,941,418

—

Global

Infrastructure

Active

ETF

19,775,470

503,532

Funds

Asset

Level

Advisory

(%)

U.S.

Small

Cap

Equity

Active

ETF

All

Assets

0.69

International

Developed

Equity

Active

ETF

All

Assets

0.59

Global

Equity

Active

ETF

All

Assets

0.59

Emerging

Markets

Equity

Active

ETF

All

Assets

0.79

Global

Infrastructure

Active

ETF

All

Assets

0.59

Funds

Advisory

U.S.

Small

Cap

Equity

Active

ETF

$

67,534

International

Developed

Equity

Active

ETF

144,975

Global

Equity

Active

ETF

325,383

Emerging

Markets

Equity

Active

ETF

130,876

Global

Infrastructure

Active

ETF

33,459

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

Notes

to

Financial

Statements

79

For

the

International

Developed

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.10%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$24,572.

For

the

Global

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.10%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$55,150.

For

the

Emerging

Markets

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.15%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$24,850.

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Affiliated

Brokerage

Transactions

Substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds’

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS’

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

September

30,

2025,

the

Funds

did

not

engage

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a-7

of

the

Investment

Company

Act.

Board

of

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

RIETF,

Russell

Investment

Company

(“RIC”),

Russell

Investment

Funds

(“RIF”),

the

Russell

Investments

Strategic

Credit

Fund

(“RISCF”),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

(“RINEIF”).

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIETF,

RIC,

RIF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

September

30,

2025,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$935,833.

5.

Federal

Income

Taxes

As

of

September

30,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6.

Capital

Share

Transactions

The

Trust

issues

and

redeems

Shares

of

each

Fund

only

in

aggregations

of

a

specified

number

of

Shares

of

a

Fund

(“Creation

Units”)

at

NAV.

Only

investors

who

are

authorized

to

deal

in

Creation

Units

(“Authorized

Participants”)

may

engage

in

creation

No

Expiration

Funds

Short

Term

Long

Term

Total

U.S.

Small

Cap

Equity

Active

ETF

$

373,599

$

—

$

373,599

International

Developed

Equity

Active

ETF

607,265

—

607,265

Global

Equity

Active

ETF

439,317

—

439,317

Emerging

Markets

Equity

Active

ETF

226,614

—

226,614

Global

Infrastructure

Active

ETF

104,612

—

104,612

Russell

Investments

Exchange

Traded

Funds

Notes

to

Financial

Statements,

continued

—

September

30,

2025

80

Notes

to

Financial

Statements

or

redemption

transactions

directly

with

a

Fund.

Once

created,

Shares

of

a

Fund

generally

trade

in

the

secondary

market

in

amounts

less

than

a

Creation

Unit.

Secondary

market

transactions

may

be

subject

to

brokerage

commissions.

Shares

of

the

Funds

are

listed

and

traded

on

The

NASDAQ

Stock

Market,

LLC,

trade

at

market

prices

rather

than

NAV,

and

may

trade

at

a

price

greater

than

NAV

(premium),

or

less

than

NAV

(discount).

Capital

shares

transactions

detail

can

be

found

in

the

Statements

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

for

a

Fund

is

generally

in

exchange

for

cash

or

in

certain

circumstances,

a

basket

of

securities

and/or

instruments

together

with

a

deposit

of

a

specified

cash

payment

(collectively,

the

“Fund

Deposit”).

Creation

Units

may

be

created

in

advance

of

the

receipt

by

a

Fund

of

all

or

a

portion

of

the

Fund

Deposit.

In

such

cases,

the

Authorized

Participant

will

remain

liable

for

any

missing

portion(s)

of

the

Fund

Deposit

and

the

Trust

may

assess

collateral

consisting

of

cash

at

least

equal

to

a

percentage

of

the

marked

to

market

value

of

such

missing

portion(s)

that

is

specified

in

the

written

agreement

between

the

Trust

and

the

Authorized

Participant.

A

Fund

may

use

such

collateral

to

buy

the

missing

portion(s)

of

the

Fund

Deposit

at

any

time

and

will

subject

such

Authorized

Participant

to

liability

for

any

shortfall

between

the

cost

to

the

Fund

of

purchasing

such

securities

and

the

value

of

such

collateral.

A

Fund

will

have

no

liability

for

any

such

shortfall.

The

Trust

will

return

any

unused

portion

of

the

collateral

to

the

Authorized

Participant

once

the

entire

Fund

Deposit

has

been

properly

received

by

the

Fund’s

transfer

agent

and

deposited

into

the

Fund.

Collateral

amounts,

if

any,

are

reflected

in

each

Fund’s

Statement

of

Assets

and

Liabilities.

A

transaction

fee

is

imposed

for

the

transfer

and

other

transaction

costs

associated

with

the

purchase

or

redemption

of

Creation

Units,

as

applicable.

Authorized

Participants

will

be

required

to

pay

a

fixed

creation

transaction

fee

and/or

a

fixed

redemption

transaction

fee,

as

applicable,

on

a

given

day

regardless

of

the

number

of

Creation

Units

created

or

redeemed

on

that

day.

The

Funds

may

adjust

the

transaction

fee

from

time

to

time,

and

a

Fund

may

waive

all

or

a

portion

of

its

applicable

transaction

fee.

An

additional

charge

or

a

variable

charge

will

be

applied

to

certain

creation

and

redemption

transactions,

including

non-

standard

orders

and

whole

or

partial

cash

purchases

or

redemptions.

Specifically,

a

Fund

may

charge

an

additional

variable

fee

for

creations

and

redemptions

in

cash

to

offset

brokerage

and

other

impact

expenses

associated

with

the

cash

transaction.

7.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure

except

the

following

Fund

name

changes,

effective

October

1,

2025:

•

U.S.

Small

Cap

Equity

Active

ETF

was

renamed

Russell

Investments

U.S.

Small

Cap

Equity

ETF.

•

International

Developed

Equity

Active

ETF

was

renamed

Russell

Investments

International

Developed

Equity

ETF.

•

Global

Equity

Active

ETF

was

renamed

Russell

Investments

Global

Equity

ETF.

•

Emerging

Markets

Equity

Active

ETF

was

renamed

Russell

Investments

Emerging

Markets

Equity

ETF.

•

Global

Infrastructure

Active

ETF

was

renamed

Russell

Investments

Global

Infrastructure

ETF.

Report

of

Independent

Registered

Public

Accounting

Firm

Report

of

Independent

Registered

Public

Accounting

Firm

81

To

the

Board

of

Trustees

of

Russell

Investments

Exchange

Traded

Funds

and

Shareholders

of

the

U.S.

Small

Cap

Equity

Active

ETF,

International

Developed

Equity

Active

ETF,

Global

Equity

Active

ETF,

Emerging

Markets

Equity

Active

ETF

and

Global

Infrastructure

Active

ETF

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(five

of

the

funds

constituting

Russell

Investments

Exchange

Traded

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

September

30,

2025,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

September

30,

2025,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

U.S.

Small

Cap

Equity

Active

ETF

(1)

International

Developed

Equity

Active

ETF

(1)

Global

Equity

Active

ETF

(2)

Emerging

Markets

Equity

Active

ETF

(2)

Global

Infrastructure

Active

ETF

(1)

(1)

Statement

of

operations,

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

period

May

13,

2025

(inception

date)

to

September

30,

2025 

(2)

Statement

of

operations,

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

period

May

29,

2025

(inception

date)

to

September

30,

2025

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

WA

98101

T:

(206)

398

3000,

www.pwc.com/us

Report

of

Independent

Registered

Public

Accounting

Firm

82

Report

of

Independent

Registered

Public

Accounting

Firm

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Seattle,

WA

November

17,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Russell

Investments

family

of

funds

since

1981.

Russell

Investments

Exchange

Traded

Funds

Tax

Information

—

September

30,

2025

(Unaudited)

Tax

Information

83

For

the

tax

year

ended

September

30,

2025,

the

Funds

designate

100%

or

the

maximum

amount

allowable,

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

For

the

tax

year

ended

September

30,

2025,

the

Funds

designate

under

Section

871(k)(2)(c)

of

the

Code,

the

maximum

amount

allowable

as

a

short

term

capital

gain

dividend

for

purposes

of

the

tax

imposed

under

Section

871(a)(1)(A)

of

the

Code.

This

applies

to

nonresident

alien

shareholders

only.

The

Form

1099

you

receive

in

January

2026

will

show

the

tax

status

of

all

distributions

paid

to

your

account

in

calendar

year

2025.

The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividends

for

their

taxable

year

ended

September

30,

2025:

The

Funds

listed

below

paid

foreign

taxes

and

recognized

foreign

source

income

during

the

taxable

year

ended

September

30,

2025.

Pursuant

to

Section

853

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

per

share

amounts

of

foreign

taxes

paid

and

income

earned

from

foreign

sources:

Please

consult

a

tax

adviser

for

any

questions

about

federal

or

state

income

tax

laws.

U.S.

Small

Cap

Equity

Active

ETF

100.0%

International

Developed

Equity

Active

ETF

—%

Global

Equity

Active

ETF

58.1%

Emerging

Markets

Equity

Active

ETF

—%

Global

Infrastructure

Active

ETF

58.7%

U.S.

Small

Cap

Equity

Active

ETF

$

—

International

Developed

Equity

Active

ETF

—

Global

Equity

Active

ETF

—

Emerging

Markets

Equity

Active

ETF

—

Global

Infrastructure

Active

ETF

—

Funds

Foreign

Taxes

Paid

Foreign

Taxes

Paid

Per

Share

Foreign

Source

Income

Foreign

Source

Income

Per

Share

International

Developed

Equity

Active

ETF

$

53,847

$

0.0150

$

558,170

$

0.1550

Emerging

Markets

Equity

Active

ETF

60,834

0.0253

462,040

0.1925

Russell

Investments

Exchange

Traded

Funds

Affiliated

Brokerage

Transactions

—

September

30,

2025

(Unaudited)

84

Affiliated

Brokerage

Transactions

As

discussed

in

Note

4

in

the

Notes

to

Financial

Statements,

substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds’

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS’

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

RIIS

may

also

execute

foreign

currency

transactions

(“FX

transactions”)

on

an

agency

basis

on

behalf

of

the

Funds.

RIIS

may

charge

the

Funds

an

agency

fee

for

effecting

FX

transactions.

The

table

below

sets

forth:

(1)

the

aggregate

dollar

amount

of

brokerage

commissions

paid

by

the

Funds

for

the

period

ended

September

30,

2025

to

any

broker

that

is

an

affiliated

person

of

a

Fund,

RIM

or

the

relevant

money

manager;

(2)

for

RIIS,

an

affiliated

person

of

RIM,

the

net

amount

of

the

RIIS

commission

after

payment

by

RIIS

of

any

commissions

or

fees

to

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3)

agency

fees

paid

to

RIIS

for

effecting

foreign

currency

transactions

("FX

Fees").

Funds

Affiliated

Broker

Total

Commissions

RIIS

Net

RIIS

FX

Fees

U.S.

Small

Cap

Equity

Active

ETF

RIIS

$

16,952

$

12,865

$

—

International

Developed

Equity

Active

ETF

RIIS

25,922

20,981

2,026

Global

Equity

Active

ETF

RIIS

29,132

23,822

2,912

Emerging

Markets

Equity

Active

ETF

RIIS

16,995

9,848

375

Global

Infrastructure

Active

ETF

RIIS

2,603

2,153

278

Russell

Investments

Exchange

Traded

Funds

Basis

for

Approval

of

Investment

Advisory

Agreements

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

85

Initial

Approval

of

Money

Manager

Agreements

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

initially

approve

the

advisory

agreement

between

the

U.S.

Small

Cap

Equity

Active

ETF

(renamed

the

Russell

Investments

U.S.

Small

Cap

Equity

ETF

on

October

1,

2025),

International

Developed

Equity

Active

ETF

(renamed

the

Russell

Investments

International

Developed

Equity

ETF

on

October

1,

2025),

Global

Equity

Active

ETF

(renamed

the

Russell

Investments

Global

Equity

ETF

on

October

1,

2025),

Emerging

Markets

Equity

Active

ETF

(renamed

the

Russell

Investments

Emerging

Markets

Equity

ETF

on

October

1,

2025)

and

Global

Infrastructure

Active

ETF

(renamed

the

Russell

Investments

Global

Infrastructure

ETF

on

October

1,

2025)

(each,

a

“Fund”)

and

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”),

and

the

portfolio

management

contracts

with

each

Money

Manager

of

the

Funds

(collectively,

the

“Money

Manager

Agreements,”

and

together

with

the

RIM

Agreement,

the

“Agreements”)

and,

thereafter,

to

approve

the

continuation

of

each

Agreement

on

at

least

an

annual

basis,

and

that

the

terms

and

conditions

of

each

Agreement

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

including

all

of

the

Independent

Trustees,

initially

considered

and

approved

the

Agreements

for

each

Fund

at

a

meeting

held

in

person

on

February

25,

2025

(the

“Agreement

Evaluation

Meeting”).

In

preparation

for

the

evaluation

of

the

Agreements,

the

Board,

including

the

Independent

Trustees,

considered

with

respect

to

each

Fund:

(1)

information

and

reports

prepared

by

RIM

relating

to

the

services

proposed

to

be

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Fund;

(2)

(a)

information

prepared

by

a

nationally

recognized

independent

provider

of

investment

company

information

(the

“Third-Party

Provider”)

setting

forth

the

advisory

fees

and

expenses

of

actively

managed

exchange-traded

funds

(“ETFs”)

not

managed

by

RIM

in

separate

peer

groups

selected

by

the

Third-Party

Provider

as

generally

comparable

in

investment

objective

and

regarded

by

the

Third-Party

Provider

as

appropriate

for

fee

and

expense

comparisons

(a

“Third-Party

Peer

Group”)

and

(b)

information

prepared

by

RIM

setting

forth

the

advisory

fees

and

expenses

of

other

ETFs

not

managed

by

RIM

in

separate

peer

groups

selected

by

RIM

as

generally

comparable

in

investment

objective

and

regarded

by

RIM

as

appropriate

for

fee

and

expense

comparisons

(a

“RIM

Peer

Group”);

and

(3)

presentations

made

by

RIM

to

the

Trustees

prior

to

and

at

the

Agreement

Evaluation

Meeting

in

connection

with

its

evaluation

of

the

Agreements.

The

foregoing

and

other

information

received

by

the

Board,

including

the

Independent

Trustees,

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

other

RIM-managed

funds

(the

“Other

RIM-Managed

Funds”)

for

which

the

Board

has

supervisory

responsibility

with

respect

to,

among

other

things,

RIM

(including

RIM’s

ownership

and

resources)

and

services

provided

by

RIM,

RIM’s

affiliates

and

the

Money

Managers.

The

Independent

Trustees

received

a

memorandum

discussing

their

responsibilities

in

considering

the

Agreements

from

their

independent

counsel

(“Independent

Counsel”).

Based

upon

the

Agreement

Evaluation

Information,

the

Trustees

considered,

with

respect

to

each

Fund,

various

specific

factors

in

evaluating

approval

of

the

Agreements,

including

the

following:

1.

The

nature,

scope,

and

overall

quality

of

the

investment

management

and

other

services

expected

to

be

provided

to

the

Fund

by

RIM;

2.

The

unitary

advisory

fee

to

be

paid

by

the

Fund

to

RIM

(“Advisory

Fee”)

and

that,

under

the

unitary

advisory

fee

structure,

RIM

will

pay

substantially

all

of

the

Fund’s

expenses

out

of

the

Advisory

Fee

it

receives

from

the

Fund,

with

certain

exceptions

set

forth

in

the

Fund’s

prospectus

and

RIM

Agreement;

3.

Information

provided

by

RIM

as

to

other

fees

and

benefits

expected

to

be

received

by

RIM

or

its

affiliates

from

the

Fund,

including

any

fees

received

for

the

administration

of

the

fund

in

which

the

Fund

invests

its

uninvested

cash,

and

commissions

or

other

compensation

in

connection

with

the

execution

of

portfolio

securities

and

foreign

exchange

transactions;

4.

Information

provided

by

RIM

as

to

projected

expenses

to

be

incurred

by

the

Fund;

and

5.

Information

provided

by

RIM

as

to

the

projected

profits

that

RIM

expects

to

derive

from

its

operations

with

respect

to

the

Fund.

Each

Fund

will

have

a

unitary

fee

whereby

RIM

will

pay

substantially

all

of

the

Fund’s

expenses

out

of

the

Advisory

Fee

it

receives

from

the

Fund,

with

certain

exceptions

set

forth

in

the

RIM

Agreement.

Therefore,

each

Fund’s

total

expense

ratio

is

the

same

as

its

Advisory

Fee.

In

considering

the

Advisory

Fees

of

the

Funds,

the

Board

reviewed

information

comparing,

among

other

things,

the

Advisory

Fee

of

each

Fund

to

the

median

total

expense

ratio

of

its

RIM

Peer

Group

and

its

Third-Party

Peer

Group.

The

Board

focused

on

comparisons

of

the

Funds’

Advisory

Fees

to

the

total

expense

ratios

of

the

RIM

Peer

Groups

and

Third-Party

Russell

Investments

Exchange

Traded

Funds

Basis

for

Approval

of

Investment

Advisory

Agreements,

continued

—

(Unaudited)

86

Basis

for

Approval

of

Investment

Advisory

Agreements

Peer

Groups

because

each

Fund’s

Advisory

Fee

is

a

unitary

fee,

whereas

certain

constituents

of

the

RIM

Peer

Groups

and

Third-

Party

Peer

Groups

do

not

have

a

unitary

fee

structure.

The

Board

considered

RIM’s

explanations

of

the

differences

between

the

constituents

of

the

RIM

Peer

Groups

and

the

Third-Party

Peer

Groups,

including

that

many

of

the

funds

in

the

Third-Party

Peer

Groups

were

excluded

from

the

RIM

Peer

Groups

because

they

are

structured

as

pure

quantitative

or

factor-based

ETFs,

which

have

lower

fees.

The

Board

considered

the

Advisory

Fees

of

the

Funds

relative

to

the

median

total

expense

ratios

of

their

respective

RIM

Peer

Groups

and

Third-Party

Peer

Groups

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

or

expense

caps).

The

Board

considered

that

the

U.S.

Small

Cap

Equity

Active

ETF,

International

Developed

Markets

Equity

Active

ETF

and

Emerging

Markets

Equity

Active

ETF

each

had

a

net

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

lower

than

the

median

total

expense

ratio

of

its

RIM

Peer

Group,

and

the

Global

Equity

Active

ETF

and

Global

Infrastructure

Active

ETF

each

had

an

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

above

the

median

total

expense

ratio

of

its

RIM

Peer

Group

by

3

and

5

basis

points,

respectively.

The

Board

further

considered

that

the

International

Developed

Markets

Equity

Active

ETF

and

Emerging

Markets

Active

ETF

each

had

a

net

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

lower

than

the

median

total

expense

ratio

of

its

Third-Party

Peer

Group,

the

Global

Equity

Active

ETF

had

an

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

equal

to

the

median

total

expense

ratio

of

its

Third-Party

Expense

Group,

and

the

U.S.

Small

Cap

Equity

Active

ETF

and

Global

Infrastructure

Active

ETF

each

had

an

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

4

basis

points

higher

than

the

median

total

expense

ratio

of

its

Third-Party

Peer

Group.

The

Board

considered

the

reasons

for

RIM’s

belief

that

the

Advisory

Fee

of

each

Fund

is

reasonable,

including

that

the

Funds

are

new

with

no

existing

shareholders,

that

RIM

believes

the

Funds

are

competitively

priced

to

attract

assets,

the

active

ETF

market

is

relatively

new

and

the

number

of

peer

funds

is

relatively

small

and,

for

Funds

with

Advisory

Fees

and

that

are

higher

than

the

median

total

expense

ratio

of

their

respective

RIM

Peer

Groups

or

Third-

Party

Peer

Groups,

the

Advisory

Fees

are

not

materially

higher.

The

Board

noted

RIM

that

will

continue

to

monitor

developments

as

new

actively

managed

ETFs

enter

the

market

and

as

trends

in

advisory

fees

may

develop.

In

considering

the

unitary

structure

of

the

Advisory

Fee

and

whether

economies

of

scale

may

be

realized,

the

Board

noted

that

the

Advisory

Fees

were

set

assuming

economies

of

scale

at

lower

asset

levels

and

will

remain

fixed

even

if

a

Fund’s

operating

expenses

increase.

The

Board

also

considered

RIM’s

explanation

that

it

has

no

other

large

institutional

clients

or

other

investment

company

or

non-

investment

company

clients

with

investment

strategies

comparable

to

the

Funds,

as

the

investment

management

process

for

the

Funds

is

different

than

that

used

for

other

clients.

The

Board

noted

that

at

the

time

of

the

Agreement

Evaluation

Meeting,

the

Funds

had

not

yet

commenced

operations

and,

therefore,

no

performance

data

was

available

for

the

Funds.

On

the

basis

of

the

Agreement

Evaluation

Information

and

other

information

previously

received

by

the

Board

or

presented

at

or

in

connection

with

the

Agreement

Evaluation

Meeting

by

RIM,

the

Board

found

with

respect

to

each

Fund,

after

giving

effect

to

any

applicable

advisory

fee

waivers:

(1)

the

Advisory

Fee

to

be

charged

by

RIM

was

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

expected

to

be

provided

to

the

Fund

and

the

Fund

expenses

that

RIM

will

pay;

(2)

the

relative

Advisory

Fee

of

each

Fund

was

comparable

to

the

expense

ratio

median

of

its

RIM

Peer

Group

and

Third-Party

Peer

Group;

(3)

other

benefits

and

fees

expected

to

be

received

by

RIM

or

its

affiliates

from

the

Fund

were

not

excessive;

and

(4)

RIM’s

projected

profitability

with

respect

to

the

Fund

was

not

considered

to

be

excessive

in

light

of

the

expected

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

to

be

provided

by

RIM.

After

considering

the

foregoing

and

other

relevant

factors,

the

Board

concluded

with

respect

to

each

Fund

that

approval

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

RIM

Agreement.

At

the

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

the

Money

Manager

Agreements,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager:

RIM’s

assessment

of

the

performance

of

each

Money

Manager

over

various

periods;

any

significant

business

relationships

between

the

Money

Manager

and

RIM;

and

RIM’s

recommendation

with

respect

to

the

Money

Managers’

fee

rates.

The

Board

also

received

certifications

from

the

Funds’

Chief

Compliance

Officer

that

she

reviewed

and

approved

certain

policies

and

procedures

for

each

Money

Manager

and

determined

that

such

policies

and

procedures

are

reasonably

designed

to

prevent

violations

of

the

federal

securities

laws

by

such

Money

Manager

with

respect

to

the

services

it

is

to

provide

to

the

Funds,

respectively.

Russell

Investments

Exchange

Traded

Funds

Basis

for

Approval

of

Investment

Advisory

Agreements,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

87

RIM

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

as

relevant

to

its

evaluation

of

the

Money

Manager

Agreements

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fees

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable,

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

to

be

paid

by

each

Fund

and

the

fact

that

each

Money

Manager’s

fee

will

be

paid

by

RIM.

Based

substantially

upon

RIM’s

recommendations,

together

with

the

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

proposed

to

be

paid

by

RIM

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

the

expected

quality

of

the

investment

advisory

services

to

be

provided

and

voted

to

approve

the

Money

Manager

Agreements

with

each

Money

Manager

of

each

Fund.

*

*

*

*

At

a

meeting

held

in

person

on

April

22,

2025

(the

“April

Agreement

Evaluation

Meeting”),

prior

to

the

launch

of

the

Funds,

the

Board,

including

all

of

the

Independent

Trustees,

considered

and

approved

an

amended

and

restated

advisory

agreement

between

each

Fund

and

RIM

(the

“A&R

RIM

Agreement”).

RIM

advised

the

Board

that

the

A&R

RIM

Agreement

was

being

proposed

to

make

certain

clarifying

changes

and

did

not

impact

the

services

to

be

provided

to

the

Funds

or

the

fee

schedule

under

the

RIM

Agreement.

In

preparation

for

the

April

Agreement

Evaluation

Meeting,

the

Independent

Trustees

advised

RIM

of

their

intention

to

rely

upon

the

Agreement

Evaluation

Information

from

the

February

Agreement

Evaluation

Meeting

in

their

evaluation

of

the

A&R

RIM

Agreement

if

and

to

the

extent

the

Existing

Agreement

Evaluation

Information

continued

to

be

accurate

and

complete

as

of

the

April

Agreement

Evaluation

Meeting

and

requested

that

RIM

provide

any

updated

and

additional

information

needed

for

the

Board

to

consider

whether

the

A&R

RIM

Agreement

should

be

approved.

RIM

provided

updates

to

previously

provided

Agreement

Evaluation

Information

related

to

RIM’s

anticipated

profitability

and

Fund

transactions

to

be

executed

by

an

affiliate

of

RIM

and

confirmed

that

the

other

Agreement

Evaluation

Information

remained

materially

accurate.

The

Independent

Trustees

considered

the

memorandum

from

Independent

Trustee

counsel

discussing

the

legal

standards

and

their

duties

in

considering

the

initial

approval

of

the

RIM

Agreement

at

the

February

Agreement

Evaluation

Meeting.

Prior

to

voting

at

the

April

Agreement

Evaluation

Meeting,

the

Independent

Trustees

met

in

executive

session

with

Independent

Counsel,

at

which

no

representatives

of

RIM

or

Fund

management

were

present,

to

review

the

Agreement

Evaluation

Information

received

prior

to

and

at

the

April

Evaluation

Meeting.

The

Board’s

evaluation

of

the

A&R

RIM

Agreement

reflected

the

Agreement

Evaluation

Information,

as

supplemented

by

RIM

through

the

date

of

the

April

Agreement

Evaluation

Meeting,

and

the

findings

made

by

the

Board

in

respect

of

the

RIM

Agreement

at

the

February

Agreement

Evaluation

Meeting.

The

Board

noted

the

short

period

of

time

since

the

February

Agreement

Evaluation

Meeting

and

that

information

provided

by

RIM

to

update

and

supplement

the

Existing

Agreement

Evaluation

Information

through

the

date

of

the

April

Agreement

Evaluation

Meeting

did

not

affect

the

conclusions

reached

by

the

Board

at

the

February

Agreement

Evaluation

Meeting

On

the

basis

of

the

Agreement

Evaluation

Information

and

other

information

previously

received

by

the

Board

or

presented

at

or

in

connection

with

the

February

Agreement

Evaluation

Meeting

and

the

April

Agreement

Evaluation

Meeting,

the

Board

found

with

respect

to

each

Fund,

after

giving

effect

to

any

applicable

advisory

fee

waivers:

(1)

the

Advisory

Fee

to

be

charged

by

RIM

was

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

expected

to

be

provided

to

the

Fund

and

the

Fund

expenses

that

RIM

will

pay;

(2)

the

relative

expense

ratio

of

each

Fund

was

comparable

to

the

median

of

its

RIM

Peer

Group

and

Third-Party

Peer

Group;

(3)

other

benefits

and

fees

expected

to

be

received

by

RIM

or

its

affiliates

from

the

Fund

were

not

excessive;

and

(4)

RIM’s

projected

profitability

with

respect

to

the

Fund

was

not

considered

to

be

excessive

in

light

of

the

expected

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

to

be

provided

by

RIM.

After

considering

the

foregoing

and

other

relevant

factors,

the

Board

concluded

with

respect

to

each

Fund

that

approval

of

the

A&R

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

A&R

RIM

Agreement.

Russell

Investments

Exchange

Traded

Funds

Basis

for

Approval

of

Investment

Advisory

Agreements,

continued

—

(Unaudited)

88

Basis

for

Approval

of

Investment

Advisory

Agreements

Subsequent

Approval

of

Money

Manager

Agreements

At

a

Board

meeting

held

on

March

25,

2025,

the

Board

received

proposals

from

RIM

to

approve

new

portfolio

management

contracts

for

the

Global

Infrastructure

Active

ETF

(renamed

the

Russell

Investments

Global

Infrastructure

ETF

on

October

1,

2025)

and

the

Emerging

Markets

Equity

Active

ETF

(renamed

the

Russell

Investments

Emerging

Markets

Equity

ETF

on

October

1,

2025)

(collectively,

the

“Money

Manager

Agreements”).

With

respect

to

the

evaluation

of

the

terms

of

the

Money

Manager

Agreements,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager:

RIM’s

assessment

of

the

performance

of

each

Money

Manager

over

various

periods;

any

significant

business

relationships

between

the

Money

Manager

and

RIM;

and

RIM’s

recommendation

with

respect

to

the

Money

Managers’

fee

rates.

The

Board

also

received

certifications

from

the

Funds’

Chief

Compliance

Officer

that

she

reviewed

and

approved

certain

policies

and

procedures

for

each

Money

Manager

and

determined

that

such

policies

and

procedures

are

reasonably

designed

to

prevent

violations

of

the

federal

securities

laws

by

such

Money

Manager

with

respect

to

the

services

it

is

to

provide

to

the

Funds,

respectively.

RIM

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

as

relevant

to

its

evaluation

of

the

Money

Manager

Agreements

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fees

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable,

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

to

be

paid

by

each

Fund

and

the

fact

that

each

Money

Manager’s

fee

will

be

paid

by

RIM.

Based

substantially

upon

RIM’s

recommendations,

together

with

their

findings

at

prior

meetings,

including

the

Agreement

Evaluation

Meeting,

the

Board

concluded

that

the

fees

proposed

to

be

paid

by

RIM

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

the

expected

quality

of

the

investment

advisory

services

to

be

provided

and

voted

to

approve

the

Money

Manager

Agreements

with

each

Money

Manager

of

each

Fund.

Russell

Investments

Exchange

Traded

Funds

Adviser,

Money

Managers

and

Service

Providers

—

September

30,

2025

(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

89

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

L.

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M.

Needham

Jeannie

Shanahan

Raymond

P.

Tennison,

Jr.

Jack

R.

Thompson

Officers

Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Ross

Erickson,

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

Adviser

Russell

Investment

Management,

LLC

401

Union

Street

18th

Floor

Seattle, WA

98101

Administrator

Russell

Investments

Fund

Services,

LLC

401

Union

Street

18th

Floor

Seattle, WA

98101

Transfer

and

Dividend

Disbursing

Agent

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

Custodian

and

Fund

Accountant

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

401

Union

Street

18th

Floor

Seattle, WA

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston, MA

02110

Distributor

and

Principal

Underwriter

Foreside

Fund

Services,

LLC

190

Middle

Street

Suite

301

Portland,

ME

04101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle, WA

98101

Money

Managers

U.S.

Small

Cap

Equity

Active

ETF

Ancora

Advisors,

LLC,

Mayfield

Heights,

OH

Boston

Partners

Global

Investors,

Inc.,

Boston,

MA

Calamos

Advisors

LLC,

Naperville,

IL

Copeland

Capital

Management,

LLC,

Conshohocken,

PA

DePrince,

Race

&

Zollo,

Inc.,

Winter

Park,

FL

Jacobs

Levy

Equity

Management,

Inc.,

Florham

Park,

NJ

Lord,

Abbett

&

Co.

LLC,

Jersey

City,

NJ

Penn

Capital

Management

Company,

LLC,

Philadelphia,

PA

Ranger

Investment

Management,

L.P.,

Dallas,

TX

International

Developed

Equity

Active

ETF

Algert

Global

LLC,

San

Francisco,

CA

Intermede

Investment

Partners

Limited,

London

W1B

5LU,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Pzena

Investment

Management,

LLC,

New

York,

NY

Wellington

Management

Company

LLP,

Boston,

MA

Global

Equity

Active

ETF

Algert

Global

LLC,

San

Francisco,

CA

Intermede

Investment

Partners

Limited,

London

W1B

5LU,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Sanders

Capital,

LLC,

West

Palm

Beach,

FL

Wellington

Management

Company

LLP,

Boston,

MA

Emerging

Markets

Equity

Active

ETF

Axiom

Investors

LLC,

Greenwich,

CT

Barrow,

Hanley,

Mewhinney

&

Strauss,

LLC,

Dallas,

TX

Numeric

Investors

LLC,

Boston,

MA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

Pzena

Investment

Management,

LLC,

New

York,

NY

Sands

Capital

Management,

LLC,

Arlington,

VA

Global

Infrastructure

Active

ETF

Cohen

&

Steers

Capital

Management,

Inc.,

New

York,

NY,

Cohen

&

Steers

UK

Limited,

London

W1S

1AA,

UK

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

First

Sentier

Investors

(Australia)

IM

Ltd,

Barangaroo,

Australia

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investments

Exchange

Traded

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investments

Ex-

change

Traded

Funds

401

Union

Street

18

th

Floor

Seattle,

WA

98101

800-787-7354

Fax:

206-505-3495

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. 

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies. 

Not Applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is included in Note 4 in the Notes to Financial Statements in the Financial Statements filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The information is included as part of the Financial Statements filed under Item 7 of this form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not Applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not Applicable.

Item 15.  Submission of Matters to a Vote of Security Holders

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that would require disclosure herein.

Item 16. Controls and Procedures

(a) Registrant's principal executive officer and principal financial officer have concluded that registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.

(b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19.  Exhibit List

(a)     Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as codeofethics

(b)    Certification for principal executive officer of registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of registrant as required by Rule 30a-2(a) under the Act. ex99_cert

(c)         Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. ex99.906_cert

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Russell Investments Exchange Traded Funds

By:      /s/ Vernon Barback                                                                                        

            Vernon Barback   

President & Chief Executive Officer (Principal Executive Officer), Russell Investments Exchange Traded Funds

Date:  November 19, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:      /s/ Vernon Barback                                                                                        

            Vernon Barback   

President & Chief Executive Officer (Principal Executive Officer), Russell Investments Exchange Traded Funds

Date:  November 19, 2025

By:      /s/ Ross Erickson                                                                                

            Ross Erickson   

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investments Exchange Traded Funds

Date:  November 19, 2025