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, 18th 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:        October 1, 2025 to March 31, 2026
 
 
 
Item 1. Reports to Stockholders.
 
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Russell Investments U.S. Small Cap Equity ETF

RUSC

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NASDAQ 

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Semi-Annual Shareholder Report

March 31, 2026 

Image

This semi-annual shareholder report contains important information about Russell Investments U.S. Small Cap Equity ETF for the period of October 1, 2025 to March 31, 2026. 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 for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of $10,000 Investment
Costs Paid as % of $10,000 Investment
Russell Investments U.S. Small Cap Equity ETF
$33
0.64%

Key Fund Statistics

  • Net Assets (thousands)$49,372
  • Total Number of Portfolio Holdings 493
  • Total Advisory Fees Paid (thousands) $145
  • Portfolio Turnover Rate59%

Graphical Representation of Holdings

Asset Type Exposure

Group By Asset Type Chart
Table Summary
Value
Value
Short-Term Investments
0.1%
Common Stocks
99.9%

Sector Exposure - Common Stocks

(% of Net Assets) 

Group By Sector Chart
Table Summary
Value
Value
Financial Services
19.8%
Producer Durables
18.9%
Health Care
16.9%
Technology
12.7%
Consumer Discretionary
11.3%
Materials and Processing
9.1%
Energy
5.4%
Utilities
3.8%
Consumer Staples
2.0%
Other
0.1%

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.

Russell Investments International Developed Equity ETF

RINT

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF

NASDAQ 

Image

Semi-Annual Shareholder Report

March 31, 2026 

Image

This semi-annual shareholder report contains important information about Russell Investments International Developed Equity ETF for the period of October 1, 2025 to March 31, 2026. 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 for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of $10,000 Investment
Costs Paid as % of $10,000 Investment
Russell Investments International Developed Equity ETF
$25
0.49%

Key Fund Statistics

  • Net Assets (thousands)$116,670
  • Total Number of Portfolio Holdings 331
  • Total Advisory Fees Paid (thousands) $273
  • Portfolio Turnover Rate24%

Graphical Representation of Holdings

Asset Type Exposure

Group By Asset Type Chart
Table Summary
Value
Value
Other
0.4%
Short-Term Investments
0.1%
Preferred Stocks
0.5%
Common Stocks
99.0%

Country Exposure - Common Stocks

(% of Net Assets) 

Group By Sector Chart
Table Summary
Value
Value
Japan
17.7%
Canada
9.5%
United States
9.5%
France
9.1%
Germany
8.3%
United Kingdom
8.2%
Netherlands
4.9%
Switzerland
3.9%
Australia
3.9%
Italy
3.8%
Other Common Stocks
20.2%
Other
1.0%

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.

Russell Investments Global Equity ETF

RGLO

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF

NASDAQ 

Image

Semi-Annual Shareholder Report

March 31, 2026 

Image

This semi-annual shareholder report contains important information about Russell Investments Global Equity ETF for the period of October 1, 2025 to March 31, 2026. 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 for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of $10,000 Investment
Costs Paid as % of $10,000 Investment
Russell Investments Global Equity ETF
$25
0.49%

Key Fund Statistics

  • Net Assets (thousands)$275,009
  • Total Number of Portfolio Holdings 369
  • Total Advisory Fees Paid (thousands) $636
  • Portfolio Turnover Rate30%

Graphical Representation of Holdings

Asset Type Exposure

Group By Asset Type Chart
Table Summary
Value
Value
Other
1.3%
Preferred Stocks
0.3%
Short-Term Investments
0.9%
Common Stocks
97.5%

Country Exposure - Common Stocks

(% of Net Assets) 

Group By Sector Chart
Table Summary
Value
Value
United States
62.0%
Japan
5.5%
United Kingdom
5.0%
France
3.5%
Germany
2.9%
Netherlands
2.1%
South Korea
1.6%
Taiwan
1.5%
Switzerland
1.3%
Canada
1.1%
Other Common Stocks
11.0%
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.

Russell Investments Emerging Markets Equity ETF

REMG

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF

NASDAQ 

Image

Semi-Annual Shareholder Report

March 31, 2026 

Image

This semi-annual shareholder report contains important information about Russell Investments Emerging Markets Equity ETF for the period of October 1, 2025 to March 31, 2026. 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 for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of $10,000 Investment
Costs Paid as % of $10,000 Investment
Russell Investments Emerging Markets Equity ETF
$33
0.64%

Key Fund Statistics

  • Net Assets (thousands)$80,182
  • Total Number of Portfolio Holdings 357
  • Total Advisory Fees Paid (thousands) $246
  • Portfolio Turnover Rate23%

Graphical Representation of Holdings

Asset Type Exposure

Group By Asset Type Chart
Table Summary
Value
Value
Other
0.3%
Preferred Stocks
0.2%
Short-Term Investments
0.3%
Common Stocks
99.2%

Country Exposure - Common Stocks

(% of Net Assets) 

Group By Sector Chart
Table Summary
Value
Value
China
24.5%
Taiwan
19.4%
South Korea
16.2%
India
10.0%
Brazil
8.2%
South Africa
3.0%
Saudi Arabia
2.4%
Thailand
2.4%
Mexico
2.1%
Indonesia
1.3%
Other Common Stocks
9.7%
Other
0.8%

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.

Russell Investments Global Infrastructure ETF

RIFR

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF

NASDAQ 

Image

Semi-Annual Shareholder Report

March 31, 2026 

Image

This semi-annual shareholder report contains important information about Russell Investments Global Infrastructure ETF for the period of October 1, 2025 to March 31, 2026. 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 for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of $10,000 Investment
Costs Paid as % of $10,000 Investment
Russell Investments Global Infrastructure ETF
$31
0.59%

Key Fund Statistics

  • Net Assets (thousands)$37,653
  • Total Number of Portfolio Holdings 61
  • Total Advisory Fees Paid (thousands) $85
  • Portfolio Turnover Rate30%

Graphical Representation of Holdings

Asset Type Exposure

Group By Asset Type Chart
Table Summary
Value
Value
Other
0.1%
Short-Term Investments
0.3%
Common Stocks
99.6%

Country Exposure - Common Stocks

(% of Net Assets) 

Group By Sector Chart
Table Summary
Value
Value
United States
63.5%
Australia
6.9%
Spain
6.8%
Canada
6.2%
United Kingdom
4.5%
France
3.2%
Japan
2.9%
Switzerland
1.6%
Hong Kong
1.1%
New Zealand
1.1%
Other Common Stocks
1.8%
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.

Item 2. Code of Ethics.
 
Annual Report Only
 
Item 3. Audit Committee Financial Expert.
 
Annual Report Only
 
Item 4. Principal Accountant Fees and Services.
 
Annual Report Only
 
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.
 
2026
SEMI-ANNUAL
FINANCIAL
STATEMENTS
AND
OTHER
INFORMATION
Russell
Investments
Exchange
Traded
Funds
March
31,
2026
FUND
Russell
Investments
U.S.
Small
Cap
Equity
ETF
(formerly,
U.S.
Small
Cap
Equity
Active
ETF)
Russell
Investments
International
Developed
Equity
ETF
(formerly,
International
Developed
Equity
Active
ETF)
Russell
Investments
Global
Equity
ETF
(formerly,
Global
Equity
Active
ETF)
Russell
Investments
Emerging
Markets
Equity
ETF
(formerly,
Emerging
Markets
Equity
Active
ETF)
Russell
Investments
Global
Infrastructure
ETF
(formerly,
Global
Infrastructure
Active
ETF)
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Exchange
Traded
Funds
is
a
series
investment
company
with
seven
different
investment
portfolios
referred
to
as
Funds.
These
financial
statements
report
on
five
of
these
Funds.
Page
Russell
Investments
U.S.
Small
Cap
Equity
ETF
(Form
N-CSR
Item
7)
3
Russell
Investments
International
Developed
Equity
ETF
(Form
N-CSR
Item
7)
14
Russell
Investments
Global
Equity
ETF
(Form
N-CSR
Item
7)
26
Russell
Investments
Emerging
Markets
Equity
ETF
(Form
N-CSR
Item
7)
42
Russell
Investments
Global
Infrastructure
ETF
(Form
N-CSR
Item
7)
56
Notes
to
Schedules
of
Investments
(Form
N-CSR
Item
7)
65
Notes
to
Financial
Highlights
(Form
N-CSR
Item
7)
66
Notes
to
Financial
Statements
(Form
N-CSR
Item
7)
67
Affiliated
Brokerage
Transactions
(Form
N-CSR
Item
7)
77
Basis
for
Approval
of
Investment
Advisory
Agreements
(Form
N-CSR
Item
11)
78
Adviser,
Money
Managers
and
Service
Providers
79
Russell
Investments
Exchange
Traded
Funds
Semi-annual
Financial
Statements
and
Other
Information
March
31,
2026
(Unaudited)
Table
of
Contents
Russell
Investments
Exchange
Traded
Funds
Copyright
©
Russell
Investments
2026.
All
rights
reserved.
Russell
Investments’
ownership
is
composed
of
a
majority
stake
held
by
funds
managed
by
TA
Associates
Management,
L.P.,
with
a
significant
minority
stake
held
by
funds
managed
by
Reverence
Capital
Partners,
L.P.
Certain
of
Russell
Investments’
employees
and
Hamilton
Lane
Advisors,
LLC
also
hold
minority,
non-
controlling,
ownership
stakes.
Frank
Russell
Company
is
the
owner
of
the
Russell
trademarks
contained
in
this
material
and
all
trademark
rights
related
to
the
Russell
trademarks,
which
the
members
of
the
Russell
Investments
group
of
companies
are
permitted
to
use
under
license
from
Frank
Russell
Company.
The
members
of
the
Russell
Investments
group
of
companies
are
not
affiliated
in
any
manner
with
Frank
Russell
Company
or
any
entity
operating
under
the
“FTSE
RUSSELL”
brand.
Fund
objectives,
risks,
charges
and
expenses
should
be
carefully
considered
before
investing.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Russell
Investments
Exchange
Traded
Funds
are
distributed
by
Foreside
Fund
Services,
LLC.
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
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.9%
Consumer
Discretionary
-
11.3%
Academy
Sports
&
Outdoors,
Inc.
2,365
134
Advance
Auto
Parts,
Inc.
1,795
95
Advanced
Energy
Industries,
Inc.
588
190
API
Group
Corp.(Æ)
1,694
69
Atkore
,
Inc.
1,231
73
Atmus
Filtration
Technologies,
Inc.
2,714
154
Boot
Barn
Holdings,
Inc.(Æ)
855
125
Brunswick
Corp.
1,476
107
Cadre
Holdings,
Inc.
1,801
55
Callaway
Golf
Co.(Æ)
5,076
70
Capri
Holdings,
Ltd.(Æ)
3,439
61
Cavco
Industries,
Inc.(Æ)
164
79
Celestica,
Inc.(Æ)
36
10
Century
Communities,
Inc.
1,554
89
Chegg
,
Inc.(Æ)
74,855
56
Dana,
Inc.
4,211
142
Dillard's,
Inc.
Class
A
113
65
Douglas
Dynamics,
Inc.
2,933
123
Ethan
Allen
Interiors,
Inc.
3,518
78
EW
Scripps
Co.
(The)
Class
A(Æ)
22,103
82
First
Watch
Restaurant
Group,
Inc.(Æ)
11,186
117
FirstCash
Holdings,
Inc.
527
99
Five
Below,
Inc.(Æ)
733
168
Gap,
Inc.
(The)
3,710
90
Gray
Media,
Inc.
26,530
115
Green
Brick
Partners,
Inc.(Æ)
1,588
102
IAC,
Inc.(Æ)
2,015
81
KB
Home
1,709
88
Kura
Sushi
USA,
Inc.
Class
A(Æ)
1,149
80
Laureate
Education,
Inc.
Class
A(Æ)
2,656
93
Lear
Corp.
703
85
Legacy
Education,
Inc.(Æ)
4,403
55
Life
Time
Group
Holdings,
Inc.(Æ)
3,774
102
Lindblad
Expeditions
Holdings,
Inc.(Æ)
6,045
105
Marriott
Vacations
Worldwide
Corp.
2,244
146
Matthews
International
Corp.
Class
A
2,770
72
Movado
Group,
Inc.
5,007
122
Newell
Brands,
Inc.
25,608
88
Nexstar
Media
Group,
Inc.
Class
A
409
74
Papa
John's
International,
Inc.
2,963
96
Patrick
Industries,
Inc.
706
78
Penn
Entertainment,
Inc.(Æ)
6,731
101
Perdoceo
Education
Corp.
2,042
76
PriceSmart
,
Inc.
570
86
RealReal
,
Inc.
(The)(Æ)
6,975
63
Reservoir
Media,
Inc.(Æ)
6,731
66
Revolve
Group,
Inc.(Æ)
1,683
38
Rocky
Brands,
Inc.
2,512
97
Rush
Street
Interactive,
Inc.(Æ)
7,649
166
SharkNinja
,
Inc.(Æ)
1,053
112
Sphere
Entertainment
Co.(Æ)
1,059
124
Stitch
Fix,
Inc.
Class
A(Æ)
12,474
41
Super
Group
SGHC,
Ltd.
10,263
111
Texas
Roadhouse,
Inc.
Class
A
393
65
Thor
Industries,
Inc.
679
54
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Travel
+
Leisure
Co.
758
52
VF
Corp.
4,472
76
Wabash
National
Corp.
6,797
59
Wayfair,
Inc.
Class
A(Æ)
880
66
Wingstop
,
Inc.
278
43
Winnebago
Industries,
Inc.
2,313
72
Wyndham
Hotels
&
Resorts,
Inc.
1,032
84
5,565
Consumer
Staples
-
2.0%
Celsius
Holdings,
Inc.(Æ)
1,606
57
Chefs'
Warehouse,
Inc.
(The)(Æ)
1,627
97
Herbalife,
Ltd.(Æ)
7,060
104
Marzetti
Co.(The)
423
58
Mission
Produce,
Inc.(Æ)
4,886
67
National
Vision
Holdings,
Inc.(Æ)
4,196
109
Quanex
Building
Products
Corp.
9,585
172
Turning
Point
Brands,
Inc.
217
19
Utz
Brands,
Inc.
8,639
68
Vita
Coco
Co.,
Inc.
(The)(Æ)
1,961
94
Vital
Farms,
Inc.(Æ)
4,514
64
Warby
Parker,
Inc.
Class
A(Æ)
3,365
71
980
Energy
-
5.4%
Amplify
Energy
Corp.(Æ)
12,699
79
DNOW,
Inc.(Æ)
9,253
110
Helmerich
&
Payne,
Inc.
3,367
121
Kodiak
Gas
Services,
Inc.
2,995
175
Liberty
Energy,
Inc.
Class
A
4,961
143
National
Energy
Services
Reunited
Corp.
(Æ)
9,800
210
Natural
Gas
Services
Group,
Inc.
2,867
108
NPK
International,
Inc.(Æ)
15,747
228
Oceaneering
International,
Inc.(Æ)
3,235
115
Ranger
Energy
Services,
Inc.
Class
A
3,358
58
Select
Water
Solutions,
Inc.
Class
A
19,245
294
SM
Energy
Co.
6,113
191
Solaris
Energy
Infrastructure,
Inc.
Class
A
3,574
202
TETRA
Technologies,
Inc.(Æ)
11,891
101
Transocean,
Ltd.(Æ)
23,449
156
Warrior
Met
Coal,
Inc.
1,212
113
WaterBridge
Infrastructure
LLC
Class
A
3,899
104
Weatherford
International
PLC
1,605
152
2,660
Financial
Services
-
19.8%
Acadian
Asset
Management,
Inc.
745
41
Ally
Financial,
Inc.
2,195
86
Ameris
Bancorp
1,181
92
Banc
of
California,
Inc.
4,963
87
Banco
Latinoamericano
de
Comercio
Exterior
SA
Class
E
1,583
81
BankUnited
,
Inc.
1,686
76
Banner
Corp.
1,557
95
BGC
Group,
Inc.
Class
A
11,677
114
Bowhead
Specialty
Holdings,
Inc.(Æ)
4,071
91
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
4
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Bread
Financial
Holdings,
Inc.
1,500
112
Broadstone
Net
Lease,
Inc.(ö)
4,218
77
Business
First
Bancshares,
Inc.
4,317
117
Camden
Property
Trust(ö)
599
59
Capital
City
Bank
Group,
Inc.
1,886
82
CareTrust
REIT,
Inc.(ö)
3,197
117
Centerspace
(ö)
1,345
77
Chatham
Lodging
Trust(ö)
9,074
71
CNO
Financial
Group,
Inc.
2,008
82
Coastal
Financial
Corp.(Æ)
968
74
Community
Financial
System,
Inc.
1,398
82
Community
Healthcare
Trust,
Inc.(ö)
5,440
86
Compass,
Inc.
Class
A(Æ)
9,836
72
Core
Scientific
Inc.(Æ)
4,908
73
Cullen/Frost
Bankers,
Inc.
865
119
Dave,
Inc.(Æ)
564
98
Dime
Community
Bancshares,
Inc.
4,638
157
Enterprise
Financial
Services
Corp.
1,484
80
Everest
Group,
Ltd.
257
84
EZCORP,
Inc.
Class
A(Æ)
7,455
189
F&G
Annuities
&
Life,
Inc.
3,880
98
FB
Financial
Corp.
2,310
120
Federal
Agricultural
Mortgage
Corp.
Class
C
585
87
Finance
of
America
Cos.,
Inc.
Class
A(Æ)
1,944
32
First
BanCorp
5,321
114
First
Community
Corp.
2,638
77
First
Industrial
Realty
Trust,
Inc.(ö)
1,142
66
First
Mid
Bancshares,
Inc.
2,045
84
Five
Star
Bancorp
2,633
99
German
American
Bancorp,
Inc.
3,128
131
Getty
Realty
Corp.(ö)
2,751
88
Glacier
Bancorp,
Inc.
3,254
145
Globe
Life,
Inc.
666
93
Grid
Dynamics
Holdings,
Inc.(Æ)
10,348
59
Hamilton
Insurance
Group,
Ltd.
Class
B
2,486
74
Hanover
Insurance
Group,
Inc.
(The)
467
81
Heritage
Financial
Corp.
3,799
99
Heritage
Insurance
Holdings,
Inc.(Æ)
2,684
70
Home
BancShares
,
Inc.
3,871
104
Horizon
Bancorp,
Inc.
7,799
129
Independent
Bank
Corp.
1,510
114
InvenTrust
Properties
Corp.(ö)
4,439
135
Jackson
Financial,
Inc.
Class
A
1,586
168
John
Wiley
&
Sons,
Inc.
Class
A
2,540
97
Jones
Lang
LaSalle,
Inc.(Æ)
251
76
Kemper
Corp.
2,157
66
Kinsale
Capital
Group,
Inc.
98
34
Lazard,
Inc.
1,853
79
Live
Oak
Bancshares,
Inc.
2,045
68
Marcus
&
Millichap,
Inc.
2,770
74
Marex
Group
PLC
2,590
115
McGrath
RentCorp
671
74
Mercury
General
Corp.
1,077
95
Metropolitan
Bank
Holding
Corp.
1,302
108
Miami
International
Holdings,
Inc.(Æ)
1,743
68
Mid
Penn
Bancorp,
Inc.
3,218
104
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Midland
States
Bancorp,
Inc.
3,242
72
Millrose
Properties,
Inc.
Class
A(ö)
4,070
114
National
Bank
Holdings
Corp.
Class
A
4,009
157
NETSTREIT
Corp.(ö)
8,017
151
Newmark
Group,
Inc.
Class
A
6,819
102
NNN
REIT,
Inc.(ö)
1,780
75
Northeast
Bank
880
99
OFG
Bancorp
2,431
98
Origin
Bancorp,
Inc.
2,034
84
Perella
Weinberg
Partners
8,443
153
Popular,
Inc.
678
91
Prosperity
Bancshares,
Inc.
1,321
89
Rayonier,
Inc.(ö)
12,100
250
Reinsurance
Group
of
America,
Inc.
Class
A
607
124
Renasant
Corp.
2,636
95
Resolute
Holdings
Management,
Inc.(Æ)
248
40
Ryman
Hospitality
Properties,
Inc.(ö)
970
90
Seacoast
Banking
Corp.
of
Florida
3,088
94
Selective
Insurance
Group,
Inc.
873
66
ServisFirst
Bancshares,
Inc.
1,048
76
SmartFinancial
,
Inc.
2,025
79
South
Plains
Financial,
Inc.
1,877
79
SR
Bancorp,
Inc.
2,851
48
Stock
Yards
Bancorp,
Inc.
1,818
121
StoneX
Group,
Inc.(Æ)
2,059
166
TeraWulf
,
Inc.(Æ)
7,496
108
Terreno
Realty
Corp.(ö)
1,577
97
Texas
Capital
Bancshares,
Inc.(Æ)
952
90
Towne
Bank
2,175
73
TriCo
Bancshares
1,752
83
Triumph
Financial,
Inc.(Æ)
1,486
89
UL
Solutions,
Inc.
Class
A
915
78
UMH
Properties,
Inc.(ö)
7,050
102
Valley
National
Bancorp
10,386
128
Walker
&
Dunlop,
Inc.
1,668
74
Webster
Financial
Corp.
1,035
72
WesBanco
,
Inc.
2,913
101
Zions
Bancorp
NA
1,169
67
9,771
Health
Care
-
16.9%
Abivax
SA
-
ADR(Æ)
718
80
Adaptive
Biotechnologies
Corp.(Æ)
5,358
74
ADMA
Biologics,
Inc.(Æ)
11,637
105
Alphatec
Holdings,
Inc.(Æ)
6,183
67
Alumis
,
Inc.(Æ)
1,984
44
Amneal
Pharmaceuticals,
Inc.(Æ)
6,249
78
ANI
Pharmaceuticals,
Inc.(Æ)
2,282
175
Annexon
,
Inc.(Æ)
12,054
67
Apogee
Therapeutics,
Inc.(Æ)
1,224
103
Arcutis
Biotherapeutics
,
Inc.(Æ)
3,372
79
Arrowhead
Pharmaceuticals,
Inc.(Æ)
2,638
165
Artivion
,
Inc.(Æ)
2,324
85
Ascendis
Pharma
A/S
-
ADR(Æ)
371
85
Aveanna
Healthcare
Holdings,
Inc.(Æ)
10,485
68
Axsome
Therapeutics,
Inc.(Æ)
651
110
BioAge
Labs,
Inc.(Æ)
1,671
29
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
5
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
BioLife
Solutions,
Inc.(Æ)
3,406
65
Bridgebio
Pharma,
Inc.(Æ)
3,574
265
CareDx
,
Inc.(Æ)
4,764
83
Celcuity
,
Inc.(Æ)
1,036
118
CG
Oncology,
Inc.(Æ)
2,214
150
Chemed
Corp.
149
56
Cogent
Biosciences,
Inc.(Æ)
4,495
173
Concentra
Group
Holdings
Parent,
Inc.
5,471
117
Crinetics
Pharmaceuticals,
Inc.(Æ)
2,058
75
CRISPR
Therapeutics
AG(Æ)
1,810
86
Cytek
Biosciences,
Inc.(Æ)
17,079
75
Cytokinetics,
Inc.(Æ)
2,355
155
Dianthus
Therapeutics,
Inc.(Æ)
1,830
154
Enhabit
,
Inc.(Æ)
10,796
152
Enovis
Corp.
Class
W(Æ)
2,839
65
Ensign
Group,
Inc.
(The)
728
147
Exelixis
,
Inc.(Æ)
929
40
Forte
Biosciences,
Inc.(Æ)
1,216
31
GeneDx
Holdings
Corp.(Æ)
903
58
Guardant
Health,
Inc.(Æ)
2,121
196
Haemonetics
Corp.(Æ)
1,435
81
Halozyme
Therapeutics,
Inc.(Æ)
1,509
98
Harrow,
Inc.(Æ)
2,219
78
HealthEquity
,
Inc.(Æ)
1,536
128
IDEAYA
Biosciences,
Inc.(Æ)
2,429
81
InfuSystem
Holdings,
Inc.(Æ)
13,540
125
Innoviva
,
Inc.(Æ)
5,160
120
Insmed
,
Inc.(Æ)
500
82
Integer
Holdings
Corp.(Æ)
992
87
iRadimed
Corp.
1,243
120
Keros
Therapeutics,
Inc.(Æ)
4,173
46
Krystal
Biotech,
Inc.(Æ)
421
109
Kymera
Therapeutics,
Inc.(Æ)
1,383
115
LeMaitre
Vascular,
Inc.
1,595
174
Ligand
Pharmaceuticals,
Inc.
Class
B(Æ)
1,354
270
Madrigal
Pharmaceuticals,
Inc.(Æ)
434
227
Maravai
LifeSciences
Holdings,
Inc.
Class
A(Æ)
13,064
37
Maze
Therapeutics,
Inc.(Æ)
975
29
Merit
Medical
Systems,
Inc.(Æ)
876
60
Mineralys
Therapeutics,
Inc.(Æ)
3,085
84
Mirum
Pharmaceuticals,
Inc.(Æ)
2,045
189
Nuvalent
,
Inc.
Class
A(Æ)
1,262
129
Omnicell
,
Inc.(Æ)
1,593
53
Option
Care
Health,
Inc.(Æ)
3,000
81
OraSure
Technologies,
Inc.(Æ)
16,308
49
Oscar
Health,
Inc.
Class
A(Æ)
6,732
77
Palvella
Therapeutics,
Inc.(Æ)
342
43
Pennant
Group,
Inc.
(The)(Æ)
3,928
120
Phibro
Animal
Health
Corp.
Class
A
2,989
165
Praxis
Precision
Medicines,
Inc.(Æ)
454
146
PTC
Therapeutics,
Inc.(Æ)
2,476
169
RadNet
,
Inc.(Æ)
1,484
83
Rhythm
Pharmaceuticals,
Inc.(Æ)
1,454
126
Septerna
,
Inc.(Æ)
1,277
31
SI-BONE,
Inc.(Æ)
2,070
26
Sionna
Therapeutics,
Inc.(Æ)
1,115
45
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Soleno
Therapeutics,
Inc.(Æ)
2,174
73
Tarsus
Pharmaceuticals,
Inc.(Æ)
1,524
107
Teleflex,
Inc.
825
99
Terns
Pharmaceuticals,
Inc.(Æ)
3,491
184
TG
Therapeutics,
Inc.(Æ)
3,026
101
Travere
Therapeutics,
Inc.(Æ)
3,699
110
UFP
Technologies,
Inc.(Æ)
371
72
Viridian
Therapeutics,
Inc.(Æ)
3,135
61
Xencor
,
Inc.(Æ)
3,696
45
Xenon
Pharmaceuticals,
Inc.(Æ)
1,586
92
Xeris
Biopharma
Holdings,
Inc.(Æ)
11,163
65
8,367
Materials
and
Processing
-
9.1%
AAON,
Inc.
1,167
97
Acuity,
Inc.
250
70
AdvanSix
,
Inc.
7,388
180
Alcoa
Corp.
1,421
94
Apogee
Enterprises,
Inc.
2,924
98
Avient
Corp.
3,266
119
Boise
Cascade
Co.
1,092
83
BrightView
Holdings,
Inc.
5,735
68
Carpenter
Technology
Corp.
180
71
Century
Aluminum
Co.(Æ)
2,197
129
Chemours
Co.
(The)
7,258
160
Commercial
Metals
Co.
2,216
136
Constellium
SE(Æ)
4,743
117
Crown
Holdings,
Inc.
823
82
Eldorado
Gold
Corp.
1,625
56
Fabrinet
(Æ)
337
176
Ferroglobe
PLC
22,132
91
Greif,
Inc.
Class
A
1,330
89
H.B.
Fuller
Co.
1,851
114
Hudson
Technologies,
Inc.(Æ)
11,950
70
Huntsman
Corp.
6,541
87
Ingevity
Corp.(Æ)
1,712
122
Installed
Building
Products,
Inc.
366
97
James
Hardie
Industries
PLC(Æ)
2,631
50
Kaiser
Aluminum
Corp.
796
96
Koppers
Holdings,
Inc.
3,187
123
Louisiana-Pacific
Corp.
1,307
95
Magnera
Corp.(Æ)
5,203
49
Masco
Corp.
810
49
Mativ
Holdings,
Inc.
10,907
95
Metallus
,
Inc.(Æ)
4,807
79
Modine
Manufacturing
Co.(Æ)
909
197
Myers
Industries,
Inc.
5,311
112
Quaker
Chemical
Corp.
651
81
Rayonier
Advanced
Materials,
Inc.(Æ)
11,986
133
Simpson
Manufacturing
Co.,
Inc.
409
70
SmartRent
,
Inc.(Æ)
42,605
64
Stepan
Co.
3,104
155
Taseko
Mines,
Ltd.(Æ)
8,892
57
Timken
Co.
(The)
1,113
112
TriMas
Corp.
2,879
103
UFP
Industries,
Inc.
1,418
131
VSE
Corp.
373
69
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
6
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Watsco
,
Inc.
211
77
Worthington
Steel,
Inc.
2,353
71
4,474
Producer
Durables
-
18.9%
ABM
Industries,
Inc.
2,095
81
Aebi
Schmidt
Holding
AG
10,002
97
Albany
International
Corp.
Class
A
1,869
98
Allient
,
Inc.
1,302
77
AMN
Healthcare
Services,
Inc.(Æ)
5,653
104
Amprius
Technologies,
Inc.(Æ)
6,678
113
Arcosa
,
Inc.
1,205
128
Ardmore
Shipping
Corp.
6,589
100
Argan
,
Inc.
667
363
ASGN,
Inc.(Æ)
1,761
68
Astronics
Corp.(Æ)
1,166
78
AZZ,
Inc.
720
90
Bloom
Energy
Corp.
Class
A(Æ)
2,120
287
Bowman
Consulting
Group,
Ltd.(Æ)
2,533
72
Casella
Waste
Systems,
Inc.
Class
A(Æ)
1,183
94
CECO
Environmental
Corp.(Æ)
1,633
97
Centuri
Holdings,
Inc.(Æ)
3,800
111
Champion
Homes,
Inc.(Æ)
996
74
Comfort
Systems
USA,
Inc.
97
134
Covenant
Logistics
Group,
Inc.
Class
A
5,279
143
Custom
Truck
One
Source,
Inc.(Æ)
13,631
90
Deluxe
Corp.
5,795
160
DHT
Holdings,
Inc.
5,261
96
Ducommun,
Inc.(Æ)
644
79
Dycom
Industries,
Inc.(Æ)
372
126
EMCOR
Group,
Inc.
143
106
ESCO
Technologies,
Inc.
354
100
Everus
Construction
Group,
Inc.(Æ)
917
108
Federal
Signal
Corp.
980
106
Flowserve
Corp.
1,009
74
Fluor
Corp.(Æ)
3,207
150
Frontdoor
,
Inc.(Æ)
1,686
89
FTAI
Aviation,
Ltd.
254
62
Gorman-Rupp
Co.
(The)
1,723
107
GPGI,
Inc.
Class
A
5,317
91
Greenbrier
Cos.,
Inc.
(The)
2,167
114
GXO
Logistics,
Inc.(Æ)
1,441
75
Helios
Technologies,
Inc.
1,462
95
Herc
Holdings,
Inc.
Class
W
768
76
HNI
Corp.
2,367
79
Holley,
Inc.(Æ)
26,506
81
Hub
Group,
Inc.
Class
A
2,676
96
Huntington
Ingalls
Industries,
Inc.
251
95
Hyster
-Yale,
Inc.
1,992
65
I3
Verticals,
Inc.
Class
A(Æ)
4,448
99
Kennametal,
Inc.
3,489
126
Kforce
,
Inc.
3,944
115
Knight-Swift
Transportation
Holdings,
Inc.
1,229
71
Landstar
System,
Inc.
479
77
Limbach
Holdings,
Inc.(Æ)
458
36
Littelfuse
,
Inc.
284
96
Mama's
Creations,
Inc.(Æ)
8,395
129
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Marten
Transport,
Ltd.
12,087
159
MasTec
,
Inc.(Æ)
395
127
Materion
Corp.
610
88
Maximus,
Inc.
1,204
77
Mercury
Systems,
Inc.(Æ)
1,332
97
Mesa
Laboratories,
Inc.
1,676
148
Methode
Electronics,
Inc.
8,922
49
MillerKnoll
,
Inc.
9,357
135
MSC
Industrial
Direct
Co.,
Inc.
Class
A
721
66
MYR
Group,
Inc.(Æ)
365
103
Park
Aerospace
Corp.
3,825
105
Phinia
,
Inc.
1,879
129
Powell
Industries,
Inc.
286
155
Primoris
Services
Corp.
929
133
Priority
Technology
Holdings,
Inc.(Æ)
10,062
47
PROG
Holdings,
Inc.
3,801
109
Ralliant
Corp.
2,981
124
Regal
Rexnord
Corp.
463
87
Robert
Half,
Inc.
3,804
97
Ryder
System,
Inc.
366
75
Saia,
Inc.(Æ)
315
111
Scorpio
Tankers,
Inc.
1,704
127
Scotts
Miracle-
Gro
Co.
(The)
Class
A
1,814
110
Stagwell
,
Inc.(Æ)
17,855
112
Standex
International
Corp.
148
38
Sterling
Infrastructure,
Inc.(Æ)
449
183
TAT
Technologies,
Ltd.(Æ)
2,723
111
Teekay
Tankers,
Ltd.
Class
A
1,525
112
Thermon
Group
Holdings,
Inc.(Æ)
2,089
105
TopBuild
Corp.(Æ)
161
57
Toro
Co.
(The)
816
76
Tutor
Perini
Corp.
1,597
123
Ultralife
Corp.(Æ)
11,883
77
Uniti
Group,
Inc.(Æ)
13,436
126
V2X,
Inc.(Æ)
2,055
141
Werner
Enterprises,
Inc.
3,957
116
9,313
Technology
-
12.7%
ACM
Research,
Inc.
Class
A(Æ)
2,110
83
Alpha
&
Omega
Semiconductor,
Ltd.(Æ)
3,264
72
Ambarella
,
Inc.(Æ)
1,203
62
Amentum
Holdings,
Inc.(Æ)
4,431
116
Applied
Optoelectronics,
Inc.(Æ)
2,215
187
Bandwidth,
Inc.
Class
A(Æ)
4,666
83
Calix,
Inc.(Æ)
2,011
99
Camtek
,
Ltd.(Æ)
552
84
Chime
Financial,
Inc.
Class
A(Æ)
1,512
28
Ciena
Corp.(Æ)
362
141
Cirrus
Logic,
Inc.(Æ)
603
87
Clear
Secure,
Inc.
Class
A
2,822
137
Consensus
Cloud
Solutions,
Inc.
Class
W(Æ)
3,764
89
Crane
NXT
Co.
2,249
91
Credo
Technology
Group
Holding,
Ltd.(Æ)
1,858
174
DigitalOcean
Holdings,
Inc.(Æ)
2,126
182
Diodes,
Inc.(Æ)
1,448
99
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
7
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Evolent
Health,
Inc.
Class
A(Æ)
16,230
37
GCI
Liberty,
Inc.
Class
C(Æ)
4,525
168
Graham
Corp.(Æ)
1,203
95
Inspired
Entertainment,
Inc.(Æ)
8,656
62
InterDigital
,
Inc.
440
133
KBR,
Inc.
1,820
67
Kulicke
&
Soffa
Industries,
Inc.
1,759
116
LightPath
Technologies,
Inc.
Class
A(Æ)
7,811
78
Lumentum
Holdings,
Inc.
Class
E(Æ)
331
233
Lyft,
Inc.
Class
A(Æ)
4,564
61
MACOM
Technology
Solutions
Holdings,
Inc.(Æ)
362
80
Manhattan
Associates,
Inc.(Æ)
461
61
Maplebear
,
Inc.(Æ)
2,064
77
Match
Group,
Inc.
2,042
63
Napco
Security
Technologies,
Inc.
3,036
120
nCino
,
Inc.(Æ)
4,111
62
NCR
Voyix
Corp.(Æ)
11,174
71
Nutanix
,
Inc.
Class
A(Æ)
1,988
76
NVE
Corp.
1,210
79
OneSpan
,
Inc.
11,724
123
Onto
Innovation,
Inc.(Æ)
308
63
Ouster,
Inc.(Æ)
3,988
73
PAR
Technology
Corp.(Æ)
3,161
42
PDF
Solutions,
Inc.(Æ)
6,348
208
Pegasystems
,
Inc.
2,646
113
Planet
Labs
PBC(Æ)
5,992
167
Power
Integrations,
Inc.
1,428
73
Preformed
Line
Products
Co.
181
49
PubMatic,
Inc.
Class
A(Æ)
9,134
75
Rambus,
Inc.(Æ)
1,617
139
Red
Violet,
Inc.(Æ)
1,721
60
Roku,
Inc.(Æ)
1,050
99
Semtech
Corp.(Æ)
1,663
128
Silicon
Motion
Technology
Corp.
-
ADR
1,025
115
SiTime
Corp.(Æ)
455
157
Teradata
Corp.(Æ)
2,910
75
Thryv
Holdings,
Inc.(Æ)
13,528
37
Tower
Semiconductor,
Ltd.(Æ)
607
107
TTM
Technologies,
Inc.(Æ)
1,115
109
Ultra
Clean
Holdings,
Inc.(Æ)
2,525
157
Universal
Display
Corp.
727
67
Varonis
Systems,
Inc.(Æ)
3,000
64
Viavi
Solutions,
Inc.
Class
W(Æ)
3,286
109
Vishay
Intertechnology
,
Inc.
8,514
153
Workiva
,
Inc.(Æ)
1,398
83
Zeta
Global
Holdings
Corp.
Class
A(Æ)
5,221
83
6,281
Utilities
-
3.8%
BKV
Corp.(Æ)
3,005
86
Black
Hills
Corp.
1,532
106
Brookfield
Infrastructure
Corp.
Class
A
3,045
120
California
Resources
Corp.
1,789
124
Chesapeake
Utilities
Corp.
530
67
Excelerate
Energy,
Inc.
Class
A
4,413
148
Gulfport
Energy
Corp.(Æ)
550
116
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
IDACORP,
Inc.
493
71
Infinity
Natural
Resources,
Inc.
Class
A(Æ)
5,306
93
Lumen
Technologies,
Inc.(Æ)
18,541
129
Northern
Oil
&
Gas,
Inc.
6,351
186
Northwestern
Energy
Group,
Inc.
1,652
109
Permian
Resources
Corp.
Class
A
7,147
152
Portland
General
Electric
Co.
2,059
109
Spire,
Inc.
1,098
99
UGI
Corp.
2,354
86
Unitil
Corp.
1,741
91
1,892
Total
Common
Stocks
(cost
$45,521)
49,303
Warrants
and
Rights
-
0.0%
Blueprint
Medicines
Corp.(Æ)(Š)
  Rights
5
—
Total
Warrants
and
Rights
(cost
$—)
—
Short-Term
Investments
-
0.1%
U.S.
Cash
Management
Fund(@)
64,353
(∞)
64
Total
Short-Term
Investments
(cost
$64)
64
Total
Investments
-
100.0%
(identified
cost
$45,585)
49,367
Other
Assets
and
Liabilities,
Net
-
0.0%
5
Net
Assets
-
100.0%
49,372
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
8
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical    
Expedient
(a)
Total
Common
Stocks
Consumer
Discretionary
$
5,565
$
—
$
—
$
—
$
5,565
Consumer
Staples
980
—
—
—
980
Energy
2,660
—
—
—
2,660
Financial
Services
9,771
—
—
—
9,771
Health
Care
8,367
—
—
—
8,367
Materials
and
Processing
4,474
—
—
—
4,474
Producer
Durables
9,313
—
—
—
9,313
Technology
6,281
—
—
—
6,281
Utilities
1,892
—
—
—
1,892
Warrants
and
Rights
—
—
—
—
—
Short-Term
Investments
—
—
—
64
64
Total
Investments
$
49,303
$
—
$
—
$
64
$
49,367
(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
March
31,
2026,
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
March
31,
2026,
if
any,
were
less
than
1%
of
net
assets.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
9
Statement
of
Assets
and
Liabilities
—
March
31,
2026
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
45,585
Investments,
at
fair
value(>)
........................................................................................................................................................
49,367
Receivables:
Dividends
and
interest
......................................................................................................................................................
32
Total
assets
...............................................................................................................................................................
49,399
Liabilities
Payables:
Accrued
fees
to
affiliates
..................................................................................................................................................
27
Total
liabilities
...........................................................................................................................................................
27
Net
Assets
...............................................................................................................................................................
$
49,372
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
5,638
Shares
of
beneficial
interest
.........................................................................................................................................................
15
Additional
paid-in
capital
............................................................................................................................................................
43,719
Net
Assets
...............................................................................................................................................................
$
49,372
(>)  
Investments
in
affiliates,
U.S.
Cash
Management
Fund
.....................................................................................................
$
64
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
31.98
Net
assets
.............................................................................................................................................................................
$
49,371,993
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
1,544,000
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
10
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Statement
of
Operations
—
For
the
Period
Ended
March
31,
2026
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
307
Dividend
distributions
from
affiliated
funds
....................................................................................................................
2
Total
investment
income
..............................................................................................................................................................
309
Expenses
Advisory
fees
...................................................................................................................................................................
156
Expenses
before
reductions
..............................................................................................................................................
156
Expense
reductions
..........................................................................................................................................................
(11)
Net
expenses
................................................................................................................................................................................
145
Net
investment
income
(loss)
.......................................................................................................................................................
164
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(1,105)
In-kind
redemptions
.........................................................................................................................................................
3,233
Net
realized
gain
(loss)
................................................................................................................................................................
2,128
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments  
....................................................................................................................................................................
(56)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(56)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
2,072
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
2,236
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
11
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(1)
Increase
(Decrease)
in
Net
Assets
from
Operations
Net
investment
income
(loss)
.......................................................................................................
$
164
$
107
Net
realized
gain
(loss)
................................................................................................................
2,128
(198)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................
(56)
3,838
Net
increase
(decrease)
in
net
assets
from
operations
.......................................................................
2,236
3,747
Distributions
To
shareholders
............................................................................................................................
(168)
—
Net
decrease
in
net
assets
from
distributions
.....................................................................................
(168)
—
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
............................................................
7,390
36,167
Total
Net
Increase
(Decrease)
in
Net
Assets
...................................................................
9,458
39,914
Net
Assets
Beginning
of
period
...........................................................................................................................
39,914
—
End
of
period
......................................................................................................................................
$
49,372
$
39,914
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
March
31,
2026
and
September
30,
2025
were
as
follows:
2026
(Unaudited)
2025
(1)
Shares
Dollars
Shares
Dollars
Shares
created
590
$
19,103
1,414
$
38,995
Shares
redeemed
(360)
(11,713)
(100)
(2,828)
Total
increase
(decrease)
230
$
7,390
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
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
Financial
Highlights
—
For
the
Periods
Ended
For
a
Share
Outstanding
Throughout
Each
Period.
03/31/26
(£)
09/30/25
(ſ)
Per-Share
Data
–
–
$
Net
Asset
Value,
Beginning
of
Period
30.38‌
26.73‌
Income
(loss)
from
investment
operations:
—‌
—‌
$
Net
Investment
Income
(Loss)
(Ƃ)(ƥ)
.11‌
.12‌
$
Net
Realized
and
Unrealized
Gain
(Loss)
1.6
1‌
3.53‌
$
Total
from
Investment
Operations
1.72‌
3.65‌
Less
distributions:
–
–
$
Distributions
from
Net
Investment
Income
(.12‌)
—‌
$
Total
Distributions
(.12‌)
—‌
$
Net
Asset
Value,
End
of
Period
31.98‌
30.38‌
%
Total
Return
(ǿ)
5.67‌
13.64‌
–
–
Ratios/Supplemental
Data
–
–
$
Net
Assets,
End
of
Period
(000)
49,372‌
39,914‌
Ratio
to
average
net
assets:
–
–
%
Expenses,
Gross
(ɯ)
.69‌
.69‌
%
Expenses,
Net
(Ƃ)(ɯ)
.64‌
.64‌
%
Net
Investment
Income
(Ƃ)(ɯ)
.72‌
1.10‌
%
Portfolio
Turnover
Rate
(ǿ)(Ω)
59‌
30‌
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
U.S.
Small
Cap
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
U.S.
Small
Cap
Equity
ETF
13
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
advisory
fees
payable
to
affiliates
as
of
March
31,
2026
were
$26,855.
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2026
with
an
underlying
fund
which
is,
or
was,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
March
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
157
$
961
$
1,054
$
—
$
—
$
64
$
2
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
45,763,255
$
6,325,487
$
(2,722,058)
$
3,603,429
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
14
Russell
Investments
International
Developed
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.0%
Australia
-
3.9%
Aristocrat
Leisure,
Ltd.
8,667
271
BHP
Group,
Ltd.
19,217
668
BlueScope
Steel,
Ltd.
18,378
326
Brambles,
Ltd.
24,507
382
Commonwealth
Bank
of
Australia
5,718
662
Computershare,
Ltd.
13,405
263
HUB24,
Ltd.
2,313
131
National
Australia
Bank,
Ltd.
12,158
348
Qantas
Airways,
Ltd.
34,264
198
Santos,
Ltd.
65,065
357
Wesfarmers,
Ltd.
8,351
420
Westpac
Banking
Corp.
18,502
504
4,530
Austria
-
0.6%
Erste
Group
Bank
AG
5,070
542
Mondi
PLC
9,248
103
Raiffeisen
Bank
International
AG
2,754
116
761
Belgium
-
0.7%
Ageas
SA
3,535
258
Anheuser-Busch
InBev
SA
5,317
367
Proximus
SADP
12,406
100
UCB
SA
476
142
867
Brazil
-
1.1%
Ambev
SA
94,775
279
Banco
Bradesco
SA
-
ADR
38,491
141
Lojas
Renner
SA
48,864
141
MercadoLibre,
Inc.(Æ)
48
83
Telefonica
Brasil
SA
32,227
257
Wheaton
Precious
Metals
Corp.
2,982
391
1,292
Canada
-
9.5%
Agnico
Eagle
Mines,
Ltd.
2,696
547
AtkinsRealis
Group,
Inc.
2,709
174
Bank
of
Montreal
3,438
466
Bank
of
Nova
Scotia
(The)
4,956
344
Barrick
Mining
Corp.
13,458
550
Bombardier,
Inc.
Class
B(Æ)
1,119
198
Brookfield
Corp.
7,292
295
Cameco
Corp.
2,439
265
Cameco
Corp.
Class
A
1,593
173
Canadian
Imperial
Bank
of
Commerce
4,199
398
Canadian
National
Railway
Co.
1,820
187
Canadian
Natural
Resources,
Ltd.
11,057
539
Canadian
Pacific
Kansas
City,
Ltd.
3,819
301
Dollarama,
Inc.
2,017
248
Enbridge,
Inc.
7,333
398
Fairfax
Financial
Holdings,
Ltd.
134
228
Franco-Nevada
Corp.
Class
T
980
243
Intact
Financial
Corp.
1,343
243
Kinross
Gold
Corp.
11,715
358
Magna
International,
Inc.
Class
A
7,612
425
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Manulife
Financial
Corp.
9,341
322
National
Bank
of
Canada
1,640
212
Nutrien,
Ltd.
2,679
202
Open
Text
Corp.
6,775
151
Royal
Bank
of
Canada
4,772
771
Shopify,
Inc.
Class
A(Æ)
6,618
785
Stantec,
Inc.
2,861
247
Sun
Life
Financial,
Inc.
4,545
285
Suncor
Energy,
Inc.
7,558
500
TC
Energy
Corp.
3,432
215
Toromont
Industries,
Ltd.
1,356
190
Toronto-Dominion
Bank
(The)
6,784
634
11,094
Chile
-
0.2%
Lundin
Mining
Corp.
7,322
183
China
-
1.4%
Alibaba
Group
Holding,
Ltd.
32,400
492
Haier
Smart
Home
Co.,
Ltd.
Class
H
34,400
91
Tencent
Holdings,
Ltd.
11,700
722
Trip.com
Group,
Ltd.
-
ADR(Æ)
5,954
296
1,601
Denmark
-
1.5%
Danske
Bank
A/S
9,821
474
DSV
A/S
1,160
275
Genmab
A/S(Æ)
944
250
H
Lundbeck
A/S
16,024
99
Novo
Nordisk
A/S
Class
B
18,341
655
1,753
Finland
-
1.3%
Konecranes
Oyj
4,035
130
Nokia
Oyj
85,297
670
Nordea
Bank
Abp
19,815
336
Wartsila
Oyj
Abp
Class
B
8,906
327
1,463
France
-
9.1%
Accor
SA
6,011
282
Airbus
SE
2,355
438
Amundi
SA(Þ)
3,485
295
Arkema
SA
2,790
188
AXA
SA
9,890
449
Ayvens
SA(Þ)
9,156
106
BNP
Paribas
SA
6,428
602
Capgemini
SE
1,687
196
Carrefour
SA
8,135
149
Cie
de
Saint-Gobain
SA
3,385
274
Cie
Generale
des
Etablissements
Michelin
SCA
12,473
421
Eiffage
SA
1,999
303
Engie
SA
14,644
469
EssilorLuxottica
SA
1,177
270
Hermes
International
SCA
175
325
Ipsen
SA
1,290
239
L'Oreal
SA
1,198
484
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
International
Developed
Equity
ETF
15
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,336
715
Orange
SA
18,884
386
Publicis
Groupe
SA
4,246
348
Renault
SA
4,381
147
Rexel
SA
Class
H
9,927
382
Safran
SA
1,963
634
Sartorius
Stedim
Biotech
2,011
386
Societe
Generale
SA
8,362
597
Teleperformance
SE
3,958
230
Thales
SA
852
248
TotalEnergies
SE
10,298
963
Valeo
SE
7,770
93
10,619
Germany
-
8.3%
Allianz
SE
1,258
522
AUMOVIO
SE(Æ)
2,783
108
BASF
SE
10,235
620
Bayer
AG
8,163
372
Continental
AG
5,330
367
CTS
Eventim
AG
&
Co.
KGaA
3,125
179
Daimler
Truck
Holding
AG
10,616
509
Deutsche
Bank
AG
6,115
178
Deutsche
Boerse
AG
1,906
553
Deutsche
Telekom
AG
17,311
639
Evonik
Industries
AG
17,008
329
Fresenius
Medical
Care
AG
7,346
328
Fresenius
SE
&
Co.
KGaA
4,868
249
Heidelberg
Materials
AG
1,300
268
Henkel
AG
&
Co.
KGaA
1,342
96
Infineon
Technologies
AG
7,899
347
Mercedes-Benz
Group
AG
4,677
283
Merck
KGaA
1,598
199
MTU
Aero
Engines
AG
1,187
425
Rheinmetall
AG
258
431
SAP
SE
5,457
927
Siemens
AG
2,798
665
Siemens
Energy
AG
3,439
565
Symrise
AG
6,023
510
9,669
Greece
-
0.3%
Eurobank
SA
91,155
359
Hong
Kong
-
1.5%
AIA
Group,
Ltd.
67,200
727
CK
Asset
Holdings,
Ltd.
25,500
144
Prudential
PLC
38,263
526
WH
Group,
Ltd.(Þ)
278,000
364
1,761
India
-
0.2%
HDFC
Bank,
Ltd.
-
ADR
9,112
227
Indonesia
-
0.1%
Bank
Central
Asia
Tbk
PT
340,100
129
Ireland
-
0.8%
Accenture
PLC
Class
A
787
156
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
AIB
Group
PLC
24,106
251
Bank
of
Ireland
Group
PLC
28,768
513
920
Israel
-
0.7%
Bank
Hapoalim
BM
5,428
126
Bank
Leumi
Le-Israel
BM
12,743
283
Elbit
Systems,
Ltd.
169
142
Nice,
Ltd.(Æ)
2,222
245
796
Italy
-
3.8%
BPER
Banca
SpA
19,829
255
Davide
Campari-Milano
NV
39,982
283
De'
Longhi
SpA(Æ)
4,212
146
Enel
SpA
58,147
630
Eni
SpA
16,038
461
FinecoBank
Banca
Fineco
SpA(Æ)
22,896
501
Intesa
Sanpaolo
SpA
65,423
390
Leonardo
SpA
3,203
215
Ryanair
Holdings
PLC
-
ADR
4,841
280
Saipem
SpA
99,545
451
UniCredit
SpA
9,746
686
Unipol
Assicurazioni
SpA
8,079
185
4,483
Japan
-
17.7%
Advantest
Corp.
4,400
564
Alfresa
Holdings
Corp.
6,100
97
Amada
Co.,
Ltd.
9,600
131
Asahi
Group
Holdings,
Ltd.
12,800
128
Asahi
Kasei
Corp.
23,900
227
Bridgestone
Corp.
13,100
270
Chiba
Bank,
Ltd.
(The)
15,100
190
Chugai
Pharmaceutical
Co.,
Ltd.
4,600
250
Daiichi
Life
Group,
Inc.
22,000
197
Daiichi
Sankyo
Co.,
Ltd.
10,700
186
Daikin
Industries,
Ltd.
3,200
377
Denso
Corp.
16,000
196
Fast
Retailing
Co.,
Ltd.
700
272
Fujikura,
Ltd.
10,200
263
Fujitsu,
Ltd.
6,600
132
Fukuoka
Financial
Group,
Inc.
4,700
175
Hitachi,
Ltd.
24,100
678
Honda
Motor
Co.,
Ltd.
18,900
150
Horiba,
Ltd.
1,400
158
Hoya
Corp.
3,300
552
Iida
Group
Holdings
Co.,
Ltd.
10,200
154
Isuzu
Motors,
Ltd.
6,300
88
ITOCHU
Corp.
27,400
341
Japan
Airlines
Co.,
Ltd.
7,900
127
Japan
Post
Insurance
Co.,
Ltd.
Class
A
24,000
238
Kajima
Corp.
2,500
93
Keyence
Corp.
1,700
588
Koito
Manufacturing
Co.,
Ltd.
9,000
138
Komatsu,
Ltd.
7,600
288
Kubota
Corp.
20,000
310
MINEBEA
MITSUMI,
Inc.
12,100
193
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
16
Russell
Investments
International
Developed
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Mitsubishi
Corp.
12,500
419
Mitsubishi
Electric
Corp.
10,500
330
Mitsubishi
Estate
Co.,
Ltd.
11,500
313
Mitsubishi
Heavy
Industries,
Ltd.
10,200
271
Mitsubishi
UFJ
Financial
Group,
Inc.
39,400
645
Mitsui
&
Co.,
Ltd.
10,200
383
Mitsui
Fudosan
Co.,
Ltd.
17,600
184
Mizuho
Financial
Group,
Inc.
11,900
456
MS&AD
Insurance
Group
Holdings,
Inc.
5,000
127
Murata
Manufacturing
Co.,
Ltd.
13,800
296
Nintendo
Co.,
Ltd.
5,900
326
Nitto
Denko
Corp.
14,100
272
Obayashi
Corp.
4,400
104
Obic
Co.,
Ltd.
2,100
51
Olympus
Corp.
16,100
151
Oriental
Land
Co.,
Ltd.
11,600
197
ORIX
Corp.
9,800
284
Persol
Holdings
Co.,
Ltd.
85,900
125
Resona
Holdings,
Inc.
47,000
510
Rinnai
Corp.
7,500
173
Secom
Co.,
Ltd.
8,900
338
Shin-Etsu
Chemical
Co.,
Ltd.
10,000
394
SMC
Corp.
500
189
SoftBank
Corp.
95,200
127
SoftBank
Group
Corp.
12,500
280
Sompo
Holdings,
Inc.
6,700
254
Sony
Group
Corp.
26,200
530
Stanley
Electric
Co.,
Ltd.
10,200
184
Subaru
Corp.
10,500
164
Sumitomo
Corp.
5,400
197
Sumitomo
Metal
Mining
Co.,
Ltd.
1,600
89
Sumitomo
Mitsui
Financial
Group,
Inc.
18,400
580
Sumitomo
Mitsui
Trust
Group,
Inc.
11,200
346
Suntory
Beverage
&
Food,
Ltd.
8,600
243
T&D
Holdings,
Inc.
13,300
332
Takeda
Pharmaceutical
Co.,
Ltd.
12,100
432
TDK
Corp.
23,400
290
Tokio
Marine
Holdings,
Inc.
7,700
355
Tokyo
Electron,
Ltd.
3,100
727
Toray
Industries,
Inc.
25,400
176
Toyota
Motor
Corp.
29,600
590
Tsuruha
Holdings,
Inc.
9,100
142
Unicharm
Corp.
35,900
210
Yamato
Holdings
Co.,
Ltd.
10,000
110
20,647
Luxembourg
-
0.5%
ArcelorMittal
SA
8,846
448
RTL
Group
SA
4,026
170
618
Macao
-
0.2%
Galaxy
Entertainment
Group,
Ltd.(Æ)
58,000
259
Mexico
-
0.1%
America
Movil
SAB
de
CV
-
ADR
6,838
174
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Netherlands
-
4.9%
ABN
AMRO
Bank
NV(Þ)
9,390
294
Adyen
NV(Æ)(Þ)
178
175
Argenx
SE(Æ)
387
278
ASM
International
NV
318
234
ASML
Holding
NV
1,768
2,287
Heineken
NV
1,854
142
ING
Groep
NV
27,520
703
Koninklijke
Ahold
Delhaize
NV
4,047
189
Koninklijke
Philips
NV
13,457
363
NN
Group
NV
5,010
388
Randstad
NV
8,717
225
Universal
Music
Group
NV
25,445
489
5,767
Norway
-
1.0%
Equinor
ASA
Class
N
16,140
701
Norsk
Hydro
ASA
34,077
361
Orkla
ASA
8,836
111
1,173
Poland
-
0.2%
Zabka
Group
SA(Æ)
37,620
224
Portugal
-
0.2%
EDP
SA
34,572
181
Singapore
-
1.0%
DBS
Group
Holdings,
Ltd.
4,200
186
Grab
Holdings,
Ltd.
Class
A(Æ)
69,599
255
Sea,
Ltd.
-
ADR(Æ)
4,127
342
Singapore
Technologies
Engineering,
Ltd.
18,800
158
United
Overseas
Bank,
Ltd.
6,400
182
1,123
South
Africa
-
0.3%
Anglo
American
PLC
4,412
186
Old
Mutual,
Ltd.
151,935
124
310
South
Korea
-
0.6%
Samsung
Electronics
Co.,
Ltd.
1,959
214
Shinhan
Financial
Group
Co.,
Ltd.
4,083
234
SK
Hynix,
Inc.
570
300
748
Spain
-
1.9%
Aena
SME
SA(Þ)
10,565
311
Banco
Santander
SA
58,151
638
Iberdrola
SA
23,120
528
Industria
de
Diseno
Textil
SA
8,874
505
Mapfre
SA
22,749
100
Repsol
SA
4,661
133
2,215
Sweden
-
2.2%
Assa
Abloy
AB
Class
B
6,561
233
Atlas
Copco
AB
Class
A
22,276
384
Atlas
Copco
AB
Class
B
12,938
198
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
International
Developed
Equity
ETF
17
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Boliden
AB
1,358
70
Epiroc
AB
Class
B
5,579
118
Industrivarden
AB
Class
A
4,869
239
Investor
AB
Class
B
10,544
395
SKF
AB
Class
B
10,769
255
Tele2
AB
Class
B
4,997
103
Telefonaktiebolaget
LM
Ericsson
Class
B(Æ)
49,886
560
2,555
Switzerland
-
3.9%
ABB,
Ltd.
6,677
528
Cie
Financiere
Richemont
SA
Class
A
2,593
449
Galderma
Group
AG
1,836
352
Julius
Baer
Group,
Ltd.
4,557
331
Logitech
International
SA
2,978
270
Lonza
Group
AG
855
540
Partners
Group
Holding
AG
158
167
Swatch
Group
AG
(The)
Class
B
860
187
UBS
Group
AG
34,923
1,342
Zurich
Insurance
Group
AG
567
398
4,564
Taiwan
-
1.5%
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
5,152
1,741
Thailand
-
0.1%
Kasikornbank
PCL
-
NVDR
23,200
134
United
Kingdom
-
8.2%
3i
Group
PLC
6,472
209
AstraZeneca
PLC
6,131
1,192
Barclays
PLC
70,196
362
British
American
Tobacco
PLC
14,332
829
BT
Group
PLC
69,933
195
CK
Hutchison
Holdings,
Ltd.
Class
B
28,000
213
Compass
Group
PLC
16,762
463
Diploma
PLC
5,236
413
HSBC
Holdings
PLC
74,099
1,198
ICG
PLC
6,192
125
Imperial
Brands
PLC
5,318
215
Intertek
Group
PLC(Æ)
3,752
181
J
Sainsbury
PLC
70,645
317
Kingfisher
PLC
58,540
220
National
Grid
PLC
12,679
213
Next
PLC
1,249
209
Reckitt
Benckiser
Group
PLC
9,711
654
RELX
PLC
18,759
615
Rolls-Royce
Holdings
PLC
30,029
450
Standard
Chartered
PLC
23,647
487
Subsea
7
SA
5,789
180
Tesco
PLC
41,758
261
Unilever
PLC
4,904
272
Wise
PLC
Class
A(Æ)
8,179
98
9,571
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
United
States
-
9.5%
Aegon,
Ltd.
24,403
176
AP
Moller
-
Maersk
A/S
Class
A
58
141
AP
Moller
-
Maersk
A/S
Class
B
43
107
BP
PLC
89,424
718
Experian
PLC
9,323
321
GSK
PLC
38,583
1,054
Haleon
PLC
115,325
571
Holcim
AG(Æ)
2,579
209
James
Hardie
Industries
PLC(Æ)
4,180
75
Linde
PLC
994
493
Medtronic
PLC
1,434
124
Nestle
SA
8,559
839
Novartis
AG
7,302
1,104
Roche
Holding
AG
3,575
1,417
Sanofi
SA
7,736
740
Schneider
Electric
SE
4,176
1,106
Shell
PLC
32,269
1,530
Spotify
Technology
SA(Æ)
700
339
11,064
Total
Common
Stocks
(cost
$107,939)
115,575
Preferred
Stocks
-
0.5%
Germany
-
0.5%
Henkel
AG
&
Co.
KGaA
2.923%
(Ÿ)
2,892
222
Porsche
Automobil
Holding
SE
6.067%
(Ÿ)
4,191
150
Volkswagen
AG
6.910
%
(Ÿ)
1,794
179
551
Total
Preferred
Stocks
(cost
$600)
551
Short-Term
Investments
-
0.1%
United
States
-
0.1%
U.S.
Cash
Management
Fund(@)
120,422
(∞)
120
Total
Short-Term
Investments
(cost
$120)
120
Total
Investments
-
99.6%
(identified
cost
$108,659)
116,246
Other
Assets
and
Liabilities,
Net
-
0.4%
424
Net
Assets
-
100.0%
116,670
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
18
Russell
Investments
International
Developed
Equity
ETF
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
1.3%
ABN
AMRO
Bank
NV
05/13/25
EUR
9,390
27.75
261
294
Adyen
NV
06/25/25
EUR
178
1,614.96
287
175
Aena
SME
SA
05/13/25
EUR
10,565
27.18
287
311
Amundi
SA
06/12/25
EUR
3,485
76.92
268
295
Ayvens
SA
09/25/25
EUR
9,156
12.00
110
106
WH
Group,
Ltd.
05/13/25
HKD
278,000
0.98
273
364
1,545
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
$
4,530
$
—
$
—
$
—
$
4,530
Austria
761
—
—
—
761
Belgium
867
—
—
—
867
Brazil
1,292
—
—
—
1,292
Canada
11,094
—
—
—
11,094
Chile
183
—
—
—
183
China
1,601
—
—
—
1,601
Denmark
1,753
—
—
—
1,753
Finland
1,463
—
—
—
1,463
France
10,619
—
—
—
10,619
Germany
9,669
—
—
—
9,669
Greece
359
—
—
—
359
Hong
Kong
1,761
—
—
—
1,761
India
227
—
—
—
227
Indonesia
129
—
—
—
129
Ireland
920
—
—
—
920
Israel
796
—
—
—
796
Italy
4,483
—
—
—
4,483
Japan
20,647
—
—
—
20,647
Luxembourg
618
—
—
—
618
Macao
259
—
—
—
259
Mexico
174
—
—
—
174
Netherlands
5,767
—
—
—
5,767
Norway
1,173
—
—
—
1,173
Poland
224
—
—
—
224
Portugal
181
—
—
—
181
Singapore
1,123
—
—
—
1,123
South
Africa
310
—
—
—
310
South
Korea
748
—
—
—
748
Spain
2,215
—
—
—
2,215
Sweden
2,555
—
—
—
2,555
Switzerland
4,564
—
—
—
4,564
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
International
Developed
Equity
ETF
19
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Taiwan
1,741
—
—
—
1,741
Thailand
134
—
—
—
134
United
Kingdom
9,571
—
—
—
9,571
United
States
11,064
—
—
—
11,064
Preferred
Stocks
551
—
—
—
551
Short-Term
Investments
—
—
—
120
120
Total
Investments
$
116,126
$
—
$
—
$
120
$
116,246
(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
March
31,
2026,
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
March
31,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
....................................................................
14,340
12.3
Consumer
Staples
...............................................................................
6,600
5.6
Energy
................................................................................................
7,098
6.1
Financial
Services
..............................................................................
31,677
27.1
Health
Care
........................................................................................
11,468
9.8
Materials
and
Processing
...................................................................
11,663
10.0
Producer
Durables
..............................................................................
14,601
12.5
Technology
.........................................................................................
13,382
11.5
Utilities
...............................................................................................
4,746
4.1
Preferred
Stocks
Consumer
Discretionary
....................................................................
329
0.3
Consumer
Staples
...............................................................................
222
0.2
Short-Term
Investments
.............................................................
120
0.1
Total
Investments
...............................................................................
116,246
99.6
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
20
Russell
Investments
International
Developed
Equity
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Fair
Value
of
Derivative
Instruments
—
March
31,
2026
(Unaudited)
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
Russell
Investments
International
Developed
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
International
Developed
Equity
ETF
21
Statement
of
Assets
and
Liabilities
—
March
31,
2026
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
108,659
Investments,
at
fair
value(>)
........................................................................................................................................................
116,246
Foreign
currency
holdings(^)
.......................................................................................................................................................
11
2
Receivables:
Dividends
and
interest
......................................................................................................................................................
370
Dividends
from
affiliated
funds
.......................................................................................................................................
1
Foreign
capital
gains
taxes
recoverable
...........................................................................................................................
43
Total
assets
...............................................................................................................................................................
116,772
Liabilities
Payables:
Investments
purchased
.....................................................................................................................................................
52
Accrued
fees
to
affiliates
..................................................................................................................................................
50
Total
liabilities
...........................................................................................................................................................
102
Net
Assets
...............................................................................................................................................................
$
116,670
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
6,240
Shares
of
beneficial
interest
.........................................................................................................................................................
41
Additional
paid-in
capital
............................................................................................................................................................
110,389
Net
Assets
...............................................................................................................................................................
$
116,670
(>)  
Investments
in
affiliates,
U.S.
Cash
Management
Fund
.....................................................................................................
$
120
(^)    
Foreign
currency
holdings
-
cost
........................................................................................................................................
$
112
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
......................................................................................................................................................
$
28.60
Net
assets
.............................................................................................................................................................................
$
116,669,926
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
4,080,004
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
22
Russell
Investments
International
Developed
Equity
ETF
Statement
of
Operations
—
For
the
Period
Ended
March
31,
2026
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
1,226
Dividend
distributions
from
affiliated
funds
....................................................................................................................
4
Less
foreign
taxes
withheld
.............................................................................................................................................
(120)
Total
investment
income
..............................................................................................................................................................
1,110
Expenses
Advisory
fees
...................................................................................................................................................................
329
Expenses
before
reductions
..............................................................................................................................................
329
Expense
reductions
..........................................................................................................................................................
(56)
Net
expenses
................................................................................................................................................................................
273
Net
investment
income
(loss)
.......................................................................................................................................................
837
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(964)
Foreign
currency
exchange
contracts
...............................................................................................................................
3
Foreign
currency-related
transactions
..............................................................................................................................
(7)
Net
realized
gain
(loss)
................................................................................................................................................................
(968)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
......................................................................................................................................................................
2,660
Foreign
currency-related
transactions
..............................................................................................................................
(2)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
2,658
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
1,690
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
2,527
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
International
Developed
Equity
ETF
23
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
Septe
mber
30,
2025
(1)
Increase
(Decrease)
in
Net
Assets
from
Operations
Net
investment
income
(loss)
.......................................................................................................
$
837
$
478
Net
realized
gain
(loss)
................................................................................................................
(968)
(281)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................
2,658
4,928
Net
increase
(decrease)
in
net
assets
from
operations
.......................................................................
2,527
5,125
Distributions
To
shareholders
............................................................................................................................
(984)
—
Net
decrease
in
net
assets
from
distributions
.....................................................................................
(984)
—
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
............................................................
12,143
97,859
Total
Net
Increase
(Decrease)
in
Net
Assets
...................................................................
13,686
102,984
Net
Assets
Beginning
of
period
...........................................................................................................................
102,984
—
End
of
period
......................................................................................................................................
$
116,670
$
102,984
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
March
31,
2026
and
September
30,
2025
were
as
follows:
2026
(Unaudited)
2025
(1)
Shares
Dollars
Shares
Dollars
Shares
created
400
$
12,143
3,960
$
105,506
Shares
redeemed
—
—
(280)
(7,647)
Total
increase
(decrease)
400
$
12,143
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.
24
Russell
Investments
International
Developed
Equity
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
Financial
Highlights
—
For
the
Periods
Ended
For
a
Share
Outstanding
Throughout
Each
Period.
03/31/26
(£)
09/30/25
(ſ)
Per-Share
Data
–
–
$
Net
Asset
Value,
Beginning
of
Period
27.98‌
25.34‌
Income
(loss)
from
investment
operations:
—‌
—‌
$
Net
Investment
Income
(Loss)
(Ƃ)(ƥ)
.22‌
.20‌
$
Net
Realized
and
Unrealized
Gain
(Loss)
.66‌
2.44‌
$
Total
from
Investment
Operations
.88‌
2.64‌
Less
distributions:
–
–
$
Distributions
from
Net
Investment
Income
(.26‌)
—‌
$
Total
Distributions
(.26‌)
—‌
$
Net
Asset
Value,
End
of
Period
28.60‌
27.98‌
%
Total
Return
(ǿ)
3.11‌
10.44‌
–
–
Ratios/Supplemental
Data
–
–
$
Net
Assets,
End
of
Period
(000)
116,670‌
102,984‌
Ratio
to
average
net
assets:
–
–
%
Expenses,
Gross
(ɯ)
.59‌
.59‌
%
Expenses,
Net
(Ƃ)(ɯ)
.49‌
.49‌
%
Net
Investment
Income
(Ƃ)(ɯ)
1.50‌
1.94‌
%
Portfolio
Turnover
Rate
(ǿ)(Ω)
24‌
28‌
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
International
Developed
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
International
Developed
Equity
ETF
25
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
advisory
fees
payable
to
affiliates
as
of
March
31,
2026
were
$49,787.
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2026
with
an
underlying
fund
which
is,
or
was,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
March
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
570
$
3,037
$
3,487
$
—
$
—
$
120
$
4
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
109,666,959
$
12,131,387
$
(5,55
2
,
0
40)
$
6,579,3
47
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
26
Russell
Investments
Global
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
97.5%
Australia
-
0.2%
Brambles,
Ltd.
17,022
266
Santos,
Ltd.
42,633
234
500
Austria
-
0.6%
ams
-OSRAM
AG(Æ)
29,788
306
Erste
Group
Bank
AG
3,019
323
Mondi
PLC
26,137
292
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
9,511
675
1,596
Belgium
-
0.3%
Ageas
SA
5,466
398
Proximus
SADP
59,722
483
881
Brazil
-
0.7%
Ambev
SA
129,299
381
Banco
Bradesco
SA
-
ADR
142,714
521
MercadoLibre
,
Inc.(Æ)
305
527
Telefonica
Brasil
SA
56,874
453
1,882
Canada
-
1.1%
Barrick
Mining
Corp.
16,081
657
Canadian
Imperial
Bank
of
Commerce
4,235
401
Enbridge,
Inc.
7,781
422
iA
Financial
Corp.,
Inc.
2,199
244
Nutrien
,
Ltd.
3,506
265
Royal
Bank
of
Canada
3,452
558
Toronto-Dominion
Bank
(The)
4,615
431
2,978
China
-
0.9%
Alibaba
Group
Holding,
Ltd.
-
ADR
4,075
511
Baidu,
Inc.
Class
A(Æ)
16,650
225
China
Mengniu
Dairy
Co.,
Ltd.
110,000
241
PDD
Holdings,
Inc.
-
ADR(Æ)
2,497
255
Tencent
Holdings,
Ltd.
11,400
704
Trip.com
Group,
Ltd.
-
ADR(Æ)
10,995
547
2,483
Denmark
-
0.9%
Demant
A/S(Æ)
6,819
204
Genmab
A/S(Æ)
2,433
645
H
Lundbeck
A/S
112,183
692
Novo
Nordisk
A/S
Class
B
27,770
992
2,533
Finland
-
0.9%
Konecranes
Oyj
20,826
672
Nokia
Oyj
152,381
1,197
Wartsila
Oyj
Abp
Class
B
17,923
657
2,526
France
-
3.5%
Accor
SA
9,419
442
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Airbus
SE
2,675
497
Arkema
SA
4,037
272
AXA
SA
4,545
206
BNP
Paribas
SA
10,011
937
Carrefour
SA
26,362
485
Cie
de
Saint-Gobain
SA
4,005
324
Eiffage
SA
4,317
655
Engie
SA
13,757
441
EssilorLuxottica
SA
1,815
416
Hermes
International
SCA
176
327
Legrand
SA
3,011
458
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,706
913
Orange
SA
19,550
400
Renault
SA
4,851
163
Societe
Generale
SA
9,418
672
Sodexo
SA
2,591
132
TotalEnergies
SE
15,632
1,462
Valeo
SE
31,012
370
9,572
Germany
-
2.9%
Aumovio
SE(Æ)
18,004
696
BASF
SE
4,942
299
Brenntag
SE
6,893
456
Daimler
Truck
Holding
AG
12,938
620
Deutsche
Telekom
AG
9,688
358
Evonik
Industries
AG
18,445
357
Fresenius
Medical
Care
AG
3,387
151
Fresenius
SE
&
Co.
KGaA
3,986
204
Henkel
AG
&
Co.
KGaA
9,023
645
Infineon
Technologies
AG
15,020
660
LEG
Immobilien
SE
1,896
123
Rheinmetall
AG
306
511
SAP
SE
3,609
613
Siemens
AG
2,594
617
Siemens
Healthineers
AG(Þ)
4,539
190
Symrise
AG
11,838
1,002
Wacker
Chemie
AG
3,445
335
Zalando
SE(Æ)(Þ)
8,846
210
8,047
Hong
Kong
-
1.1%
AIA
Group,
Ltd.
137,400
1,487
CK
Asset
Holdings,
Ltd.
67,500
383
Prudential
PLC
49,097
674
WH
Group,
Ltd.(Þ)
312,500
409
2,953
India
-
0.3%
HDFC
Bank,
Ltd.
-
ADR
30,304
754
Indonesia
-
0.1%
Bank
Negara
Indonesia
Persero
Tbk
PT
1,444,800
320
Ireland
-
0.7%
Accenture
PLC
Class
A
5,489
1,089
AIB
Group
PLC
38,879
405
Bank
of
Ireland
Group
PLC
22,238
397
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
27
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Flutter
Entertainment
PLC(Æ)
1,474
150
2,041
Israel
-
0.2%
Nice,
Ltd.(Æ)
5,012
553
Italy
-
1.1%
BPER
Banca
SpA
21,180
272
De'
Longhi
SpA
17,368
602
Eni
SpA
16,794
482
Ryanair
Holdings
PLC
-
ADR
11,224
649
UniCredit
SpA
7,830
551
Unipol
Assicurazioni
SpA
19,139
439
2,995
Japan
-
5.5%
Advantest
Corp.
3,200
410
Alfresa
Holdings
Corp.
18,200
290
Chiba
Bank,
Ltd.
(The)
40,400
508
Daiichi
Life
Group,
Inc.
38,100
341
Dentsu
Group,
Inc.
12,800
218
Hitachi,
Ltd.
15,500
436
Honda
Motor
Co.,
Ltd.
54,300
430
Horiba,
Ltd.
3,200
360
Hoya
Corp.
4,800
803
Isuzu
Motors,
Ltd.
18,000
252
Japan
Airlines
Co.,
Ltd.
10,200
165
Japan
Post
Insurance
Co.,
Ltd.
Class
A
35,500
352
Keyence
Corp.
2,200
760
Koito
Manufacturing
Co.,
Ltd.
26,700
410
Kubota
Corp.
35,300
547
Mitsubishi
Estate
Co.,
Ltd.
22,300
607
Mitsubishi
Gas
Chemical
Co.,
Inc.
16,600
376
Mitsubishi
UFJ
Financial
Group,
Inc.
25,200
413
Mitsui
Chemicals,
Inc.
14,700
172
Mitsui
Fudosan
Co.,
Ltd.
22,100
231
Mizuho
Financial
Group,
Inc.
9,600
368
Nintendo
Co.,
Ltd.
3,400
188
ORIX
Corp.
10,800
314
Resona
Holdings,
Inc.
41,200
447
Rinnai
Corp.
10,700
247
Rohm
Co.,
Ltd.
18,400
354
SoftBank
Corp.
110,100
146
Sompo
Holdings,
Inc.
8,200
311
Sony
Group
Corp.
18,600
376
Stanley
Electric
Co.,
Ltd.
15,000
270
Subaru
Corp.
15,000
235
Sumitomo
Heavy
Industries,
Ltd.
7,400
220
Sumitomo
Mitsui
Financial
Group,
Inc.
29,200
921
Sumitomo
Mitsui
Trust
Group,
Inc.
19,900
615
T&D
Holdings,
Inc.
18,100
451
Taiheiyo
Cement
Corp.
9,400
207
Takeda
Pharmaceutical
Co.,
Ltd.
12,700
453
Toyota
Motor
Corp.
25,900
516
Tsuruha
Holdings,
Inc.
16,100
252
Yamato
Holdings
Co.,
Ltd.
17,600
193
15,165
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Luxembourg
-
0.3%
RTL
Group
SA
19,131
806
Mexico
-
0.1%
America
Movil
SAB
de
CV
-
ADR
15,889
405
Netherlands
-
2.1%
ABN
AMRO
Bank
NV(Þ)
10,079
316
Argenx
SE(Æ)
670
481
ASML
Holding
NV
1,242
1,606
Heineken
NV
7,662
587
ING
Groep
NV
39,558
1,011
Koninklijke
Philips
NV
11,308
305
NN
Group
NV
7,351
570
Randstad
NV
9,761
252
Universal
Music
Group
NV
38,674
743
5,871
Norway
-
0.4%
Norsk
Hydro
ASA
79,521
842
Wallenius
Wilhelmsen
ASA
11,305
142
984
Singapore
-
0.2%
United
Overseas
Bank,
Ltd.
14,700
419
South
Africa
-
0.4%
Anglo
American
PLC
8,181
344
MTN
Group,
Ltd.
28,355
328
Old
Mutual,
Ltd.
392,452
320
992
South
Korea
-
1.6%
Hankook
Tire
&
Technology
Co.,
Ltd.
6,482
229
Hyundai
Mobis
Co.,
Ltd.
1,618
399
KB
Financial
Group,
Inc.
5,687
527
KT
Corp.
-
ADR
21,401
459
Samsung
Electronics
Co.,
Ltd.
14,132
1,543
Shinhan
Financial
Group
Co.,
Ltd.
13,293
761
SK
Telecom
Co.,
Ltd.
8,373
418
4,336
Spain
-
0.5%
Industria
de
Diseno
Textil
SA
19,518
1,111
Mapfre
SA
65,842
290
1,401
Sweden
-
0.9%
Industrivarden
AB
Class
A
8,637
424
Investor
AB
Class
B
11,234
420
SKF
AB
Class
B
24,175
573
Telefonaktiebolaget
LM
Ericsson
Class
B
103,260
1,160
2,577
Switzerland
-
1.3%
Adecco
Group
AG
17,373
413
Cie
Financiere
Richemont
SA
Class
A
1,849
320
Galderma
Group
AG
1,938
372
Logitech
International
SA
6,317
572
Sonova
Holding
AG
2,691
602
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
28
Russell
Investments
Global
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Swatch
Group
AG
(The)
Class
B
2,018
438
UBS
Group
AG
25,472
979
3,696
Taiwan
-
1.5%
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
11,846
4,003
Thailand
-
0.2%
Kasikornbank
PCL
-
NVDR
118,300
685
United
Kingdom
-
5.0%
AstraZeneca
PLC
6,316
1,232
BAE
Systems
PLC
11,299
329
British
American
Tobacco
PLC
18,185
1,052
British
Land
Co.
PLC
(The)(ö)
55,484
261
BT
Group
PLC
185,277
516
CK
Hutchison
Holdings,
Ltd.
Class
B
53,500
407
Compass
Group
PLC
17,252
476
DCC
PLC
5,851
359
easyJet
PLC
52,385
241
HSBC
Holdings
PLC
71,378
1,154
International
Consolidated
Airlines
Group
SA
72,985
338
J
Sainsbury
PLC
67,513
303
Kingfisher
PLC
98,872
371
Land
Securities
Group
PLC(ö)
42,621
312
Lloyds
Banking
Group
PLC
711,721
870
NatWest
Group
PLC
108,851
797
Reckitt
Benckiser
Group
PLC
5,903
398
RELX
PLC
20,775
681
Standard
Chartered
PLC
41,607
856
Subsea
7
SA
28,189
874
Tate
&
Lyle
PLC
33,348
160
TechnipFMC
PLC
8,459
585
Unilever
PLC
11,892
661
Unite
Group
PLC
(The)(ö)
33,227
200
WPP
PLC
59,145
183
13,616
United
States
-
62.0%
AbbVie,
Inc.
3,995
869
Adobe,
Inc.(Æ)
2,306
561
Advanced
Micro
Devices,
Inc.(Æ)
4,241
863
Airbnb,
Inc.
Class
A(Æ)
11,186
1,413
Alphabet,
Inc.
Class
A
11,647
3,349
Alphabet,
Inc.
Class
C
28,168
8,080
Amazon.com,
Inc.(Æ)
36,438
7,589
American
Express
Co.
2,261
684
American
Tower
Corp.(ö)
3,565
615
Amgen,
Inc.
971
342
AP
Moller
-
Maersk
A/S
Class
A
212
516
API
Group
Corp.(Æ)
6,565
266
Apple,
Inc.
43,416
11,019
Applied
Materials,
Inc.
7,953
2,718
Arista
Networks,
Inc.(Æ)
4,675
574
Armstrong
World
Industries,
Inc.
1,706
281
Autodesk,
Inc.(Æ)
1,237
296
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Axon
Enterprise,
Inc.(Æ)
803
341
Baker
Hughes
Co.
22,075
1,348
Bank
of
America
Corp.
37,359
1,821
Berkshire
Hathaway,
Inc.
Class
B(Æ)
3,301
1,582
Blackstone,
Inc.
Class
A
3,757
432
Boeing
Co.
(The)(Æ)
2,001
398
Booking
Holdings,
Inc.
259
1,090
BP
PLC
116,564
935
Bristol-Myers
Squibb
Co.
12,633
766
Broadcom,
Inc.
14,307
4,428
Capital
One
Financial
Corp.
6,902
1,259
Cardinal
Health,
Inc.
2,583
546
Charles
Schwab
Corp.
(The)
18,587
1,747
Chevron
Corp.
5,485
1,135
Chipotle
Mexican
Grill,
Inc.
Class
A(Æ)
22,482
720
Church
&
Dwight
Co.,
Inc.
11,561
1,079
Cigna
Group
(The)
4,507
1,202
Cintas
Corp.
1,798
304
Citigroup,
Inc.
8,631
979
Cloudflare
,
Inc.
Class
A(Æ)
1,489
307
CME
Group,
Inc.
Class
A
5,849
1,728
Coca-Cola
Consolidated,
Inc.
1,693
325
Colgate-Palmolive
Co.
3,329
284
Costco
Wholesale
Corp.
1,181
1,177
Danaher
Corp.
4,937
936
Deckers
Outdoor
Corp.(Æ)
3,897
390
Delta
Air
Lines,
Inc.
11,373
756
Dexcom
,
Inc.(Æ)
12,786
803
Dollar
General
Corp.
1,992
237
DoorDash
,
Inc.
Class
A(Æ)
2,214
332
EchoStar
Corp.
Class
A(Æ)
2,213
259
Edison
International
10,340
757
Edwards
Lifesciences
Corp.(Æ)
6,068
486
Elevance
Health,
Inc.
3,086
903
Eli
Lilly
&
Co.
2,415
2,221
EMCOR
Group,
Inc.
569
420
Equifax,
Inc.
4,420
796
Exxon
Mobil
Corp.
10,015
1,699
Fox
Corp.
Class
B
13,353
709
General
Dynamics
Corp.
2,993
1,027
General
Electric
Co.
3,298
936
General
Motors
Co.
9,876
736
Gilead
Sciences,
Inc.
5,316
741
Goldman
Sachs
Group,
Inc.
(The)
1,313
1,111
GSK
PLC
40,756
1,113
Haleon
PLC
298,084
1,475
HCA
Healthcare,
Inc.
4,118
1,949
Home
Depot,
Inc.
(The)
2,835
932
Howmet
Aerospace,
Inc.
1,994
460
IDEXX
Laboratories,
Inc.(Æ)
421
237
Insulet
Corp.(Æ)
828
174
Intuit,
Inc.
1,582
684
Intuitive
Surgical,
Inc.(Æ)
1,773
817
Johnson
&
Johnson
6,840
1,672
JPMorgan
Chase
&
Co.
7,340
2,159
Lam
Research
Corp.
4,318
923
Las
Vegas
Sands
Corp.
3,875
209
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
29
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Linde
PLC
4,591
2,276
Lockheed
Martin
Corp.
1,477
893
MasTec
,
Inc.(Æ)
1,523
490
Mastercard
,
Inc.
Class
A
5,041
2,519
Merck
&
Co.,
Inc.
9,867
1,187
Meta
Platforms,
Inc.
Class
A
9,247
5,290
MetLife,
Inc.
6,963
492
Micron
Technology,
Inc.
2,531
855
Microsoft
Corp.
20,642
7,641
Monster
Beverage
Corp.(Æ)
6,582
477
Morgan
Stanley
2,521
415
Nestle
SA
5,068
497
Netflix,
Inc.
Class
B(Æ)
13,149
1,264
NextEra
Energy,
Inc.
2,834
263
Nextpower
,
Inc.
Class
A(Æ)
4,805
579
Northrop
Grumman
Corp.
1,543
1,053
Novartis
AG
7,530
1,138
NVIDIA
Corp.
57,029
9,946
Oracle
Corp.
4,443
654
Palantir
Technologies,
Inc.
Class
A(Æ)
6,522
954
Parker-Hannifin
Corp.
797
714
PepsiCo,
Inc.
5,241
814
PG&E
Corp.
38,370
674
Philip
Morris
International,
Inc.
6,431
1,063
Procter
&
Gamble
Co.
(The)
7,304
1,055
Progressive
Corp.
(The)
2,411
478
ROBLOX
Corp.
Class
A(Æ)
3,737
211
Roche
Holding
AG
4,792
1,894
Ross
Stores,
Inc.
1,363
295
RTX
Corp.
6,730
1,298
Salesforce,
Inc.
5,251
980
Sanofi
SA
8,629
825
Schneider
Electric
SE
6,389
1,692
Seagate
Technology
Holdings
PLC
5,423
2,125
Shell
PLC
34,685
1,645
Smithfield
Foods,
Inc.
22,019
616
Snowflake,
Inc.
Class
A(Æ)
2,048
309
Spotify
Technology
SA(Æ)
503
244
Starbucks
Corp.
8,106
726
Synopsys,
Inc.(Æ)
2,158
856
Take-Two
Interactive
Software,
Inc.(Æ)
1,707
337
Tesla,
Inc.(Æ)
5,493
2,042
TJX
Cos.,
Inc.
(The)
5,988
956
T-Mobile
US,
Inc.
3,170
666
TransDigm
Group,
Inc.
1,133
1,313
Tyson
Foods,
Inc.
Class
A
4,276
274
Uber
Technologies,
Inc.(Æ)
16,824
1,210
Ulta
Beauty,
Inc.(Æ)
1,026
536
United
Airlines
Holdings,
Inc.(Æ)
5,475
504
UnitedHealth
Group,
Inc.
6,550
1,772
Valero
Energy
Corp.
1,204
297
Vertex
Pharmaceuticals,
Inc.(Æ)
2,448
1,093
Vertiv
Holdings
Co.
Class
A
5,155
1,292
Viking
Holdings,
Ltd.(Æ)
5,786
425
Visa,
Inc.
Class
A
4,696
1,419
Walmart,
Inc.
9,334
1,160
Waste
Management,
Inc.
4,052
931
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Wells
Fargo
&
Co.
9,576
762
Welltower
,
Inc.(ö)
5,168
1,022
170,435
Total
Common
Stocks
(cost
$252,391)
268,005
Preferred
Stocks
-
0.3%
Germany
-
0.3%
Henkel
AG
&
Co.
KGaA
2.923%
(Ÿ)
8,637
662
Volkswagen
AG
6.910%
(Ÿ)
1,688
168
830
Total
Preferred
Stocks
(cost
$923)
830
Short-Term
Investments
-
0.9%
United
States
-
0.9%
U.S.
Cash
Management
Fund(@)
2,548,456
(∞)
2,548
Total
Short-Term
Investments
(cost
$2,548)
2,548
Total
Investments
-
98.7%
(identified
cost
$255,862)
271,383
Other
Assets
and
Liabilities,
Net
-
1.3%
3,626
Net
Assets
-
100.0%
275,009
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
30
Russell
Investments
Global
Equity
ETF
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
0.4%
ABN
AM
RO
Bank
NV
06/11/25
EUR
10,079
27.14
274
316
Siemens
Healthineers
AG
02/24/26
EUR
4,539
49.33
224
190
WH
Group,
Ltd.
05/29/25
HKD
312,500
0.99
310
409
Zalando
SE
02/24/26
EUR
8,846
24.03
213
210
1,125
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
15
USD
1,884
06/26
12
S&P
500
E-Mini
Index
Futures
50
USD
16,427
06/26
(463)
S&P/TSX
60
Index
Futures
4
CAD
1,526
06/26
9
Short
Positions
CAC40
Euro
Index
Futures
35
EUR
2,739
04/26
68
DAX
Index
Futures
4
EUR
2,284
06/26
106
EURO
STOXX
50
Index
Futures
28
EUR
1,538
06/26
68
FTSE
100
Index
Futures
33
GBP
3,366
06/26
91
FTSE/MIB
Index
Futures
4
EUR
871
06/26
(2)
Hang
Seng
Index
Futures
4
HKD
4,951
04/26
8
IBEX
35
Index
Futures
6
EUR
1,018
04/26
16
MSCI
Emerging
Markets
Index
Futures
13
USD
945
06/26
35
MSCI
Singapore
Index
Futures
18
SGD
786
04/26
(1)
OMXS30
Index
Futures
25
SEK
7,300
04/26
19
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(34)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
693
AUD
970
06/17/26
(25)
Bank
of
America
USD
516
JPY
81,160
06/17/26
(1)
Bank
of
America
CHF
826
USD
1,070
06/17/26
28
Bank
of
America
DKK
2,800
USD
437
06/17/26
2
Bank
of
America
EUR
2,512
USD
2,918
06/17/26
5
Bank
of
America
EUR
2,512
USD
2,924
06/17/26
10
Bank
of
America
GBP
950
USD
1,274
06/17/26
17
Citigroup
USD
693
AUD
970
06/17/26
(24)
Citigroup
USD
516
JPY
81,160
06/17/26
(1)
Citigroup
CHF
826
USD
1,070
06/17/26
28
Citigroup
DKK
2,800
USD
436
06/17/26
1
Citigroup
GBP
950
USD
1,274
06/17/26
17
Goldman
Sachs
USD
693
AUD
970
06/17/26
(24)
Goldman
Sachs
USD
516
JPY
81,160
06/17/26
(2)
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
31
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Goldman
Sachs
CHF
826
USD
1,070
06/17/26
29
Goldman
Sachs
DKK
2,800
USD
437
06/17/26
2
Goldman
Sachs
EUR
2,512
USD
2,923
06/17/26
9
Goldman
Sachs
GBP
950
USD
1,274
06/17/26
17
Standard
Chartered
USD
693
AUD
970
06/17/26
(25)
Standard
Chartered
USD
516
JPY
81,160
06/17/26
(1)
Standard
Chartered
CHF
826
USD
1,070
06/17/26
29
Standard
Chartered
DKK
2,800
USD
437
06/17/26
2
Standard
Chartered
EUR
2,512
USD
2,923
06/17/26
9
Standard
Chartered
GBP
950
USD
1,273
06/17/26
16
State
Street
USD
693
AUD
970
06/17/26
(25)
State
Street
USD
515
JPY
81,160
06/17/26
—
State
Street
CHF
826
USD
1,070
06/17/26
29
State
Street
DKK
2,800
USD
436
06/17/26
1
State
Street
EUR
2,512
USD
2,920
06/17/26
6
State
Street
GBP
950
USD
1,274
06/17/26
17
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
146
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Common
Stocks
Australia
$
500
$
—
$
—
$
—
$
500
Austria
1,596
—
—
—
1,596
Belgium
881
—
—
—
881
Brazil
1,882
—
—
—
1,882
Canada
2,978
—
—
—
2,978
China
2,483
—
—
—
2,483
Denmark
2,533
—
—
—
2,533
Finland
2,526
—
—
—
2,526
France
9,572
—
—
—
9,572
Germany
8,047
—
—
—
8,047
Hong
Kong
2,953
—
—
—
2,953
India
754
—
—
—
754
Indonesia
320
—
—
—
320
Ireland
2,041
—
—
—
2,041
Israel
553
—
—
—
553
Italy
2,995
—
—
—
2,995
Japan
15,165
—
—
—
15,165
Luxembourg
806
—
—
—
806
Mexico
405
—
—
—
405
Netherlands
5,871
—
—
—
5,871
Norway
984
—
—
—
984
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
32
Russell
Investments
Global
Equity
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Singapore
419
—
—
—
419
South
Africa
992
—
—
—
992
South
Korea
4,336
—
—
—
4,336
Spain
1,401
—
—
—
1,401
Sweden
2,577
—
—
—
2,577
Switzerland
3,696
—
—
—
3,696
Taiwan
4,003
—
—
—
4,003
Thailand
685
—
—
—
685
United
Kingdom
13,616
—
—
—
13,616
United
States
170,435
—
—
—
170,435
Preferred
Stocks
830
—
—
—
830
Short-Term
Investments
—
—
—
2,548
2,548
Total
Investments
268,835
—
—
2,548
271,383
Other
Financial
Instruments
Assets
Futures
Contracts
432
—
—
—
432
Foreign
Currency
Exchange
Contracts
—
274
—
—
274
Liabilities
Futures
Contracts
(466)
—
—
—
(466)
Foreign
Currency
Exchange
Contracts
—
(128)
—
—
(128)
Total
Other
Financial
Instruments
*
$
(34)
$
146
$
—
$
—
$
112
*
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
March
31,
2026,
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
March
31,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
....................................................................
34,467
12.5
Consumer
Staples
...............................................................................
13,482
4.9
Energy
................................................................................................
12,748
4.6
Financial
Services
..............................................................................
51,311
18.7
Health
Care
........................................................................................
30,917
11.3
Materials
and
Processing
...................................................................
10,558
3.8
Producer
Durables
..............................................................................
22,967
8.4
Technology
.........................................................................................
85,319
31.0
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
33
Utilities
...............................................................................................
6,236
2.3
Preferred
Stocks
Consumer
Discretionary
....................................................................
168
0.1
Consumer
Staples
...............................................................................
662
0.2
Short-Term
Investments
.............................................................
2,548
0.9
Total
Investments
...............................................................................
271,383
98.7
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
34
Russell
Investments
Global
Equity
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Fair
Value
of
Derivative
Instruments
—
March
31,
2026
(Unaudited)
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
$
—
$
274
Variation
margin
on
futures
contracts*
432
—
Total
$
432
$
274
Location:
Statement
of
Assets
and
Liabilities
-
Liabilities
0
0
Variation
margin
on
futures
contracts*
$
466
$
—
Unrealized
depreciation
on
foreign
currency
exchange
contracts
—
128
Total
$
466
$
128
Derivatives
not
accounted
for
as
hedging
instruments
Equity  
Contracts
Foreign
Currency
Contracts
Location:
Statement
of
Operations
-
Net
realized
gain
(loss)
Futures
contracts
$
(800)
$
—
Foreign
currency
exchange
contracts
—
435
Total
$
(800)
$
435
Location:
Statement
of
Operations
-
Net
change
in
unrealized
appreciation
(depreciation)
0
0
Futures
contracts
$
(24)
$
—
Foreign
currency
exchange
contracts
—
156
Total
$
(24)
$
156
*
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
Russell
Investments
Global
Equity
ETF
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
35
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
$
274
$
—
$
274
Total
Financial
and
Derivative
Assets
274
—
274
Financial
and
Derivative
Assets
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Assets
subject
to
a
netting
agreement
$
274
$
—
$
274
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
$
62
$
26
$
—
$
36
Citigroup
47
25
—
22
Goldman
Sachs
57
26
—
31
Standard
Chartered
56
26
—
30
State
Street
52
25
—
27
Total
$
274
$
128
$
—
$
146
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Balance
Sheet
Offsetting
of
Financial
and
Derivative
Instruments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
36
Russell
Investments
Global
Equity
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
$
128
$
—
$
128
Total
Financial
and
Derivative
Liabilities
128
—
128
Financial
and
Derivative
Liabilities
not
subject
to
a
netting
agreement
—
—
—
Total
Financial
and
Derivative
Liabilities
subject
to
a
netting
agreement
$
128
$
—
$
128
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
$
26
$
26
$
—
$
—
Citigroup
25
25
—
—
Goldman
Sachs
26
26
—
—
Standard
Chartered
26
26
—
—
State
Street
25
25
—
—
Total
$
128
$
128
$
—
$
—
^
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
Russell
Investments
Global
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
37
Statement
of
Assets
and
Liabilities
—
March
31,
2026
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
255,862
Investments,
at
fair
value(>)
........................................................................................................................................................
271,383
Foreign
currency
holdings(^)
.......................................................................................................................................................
112
Unrealized
appreciation
on
foreign
currency
exchange
contracts
...............................................................................................
274
Receivables:
Dividends
and
interest
......................................................................................................................................................
449
Dividends
from
affiliated
funds
.......................................................................................................................................
8
Fund
shares
sold
...............................................................................................................................................................
714
Foreign
capital
gains
taxes
recoverable
...........................................................................................................................
78
From
broker(a)
.................................................................................................................................................................
2,945
Total
assets
...............................................................................................................................................................
275,963
Liabilities
Payables:
Investments
purchased
.....................................................................................................................................................
678
Accrued
fees
to
affiliates
..................................................................................................................................................
115
Variation
margin
on
futures
contracts
..............................................................................................................................
33
Unrealized
depreciation
on
foreign
currency
exchange
contracts
...............................................................................................
128
Total
liabilities
...........................................................................................................................................................
954
Net
Assets
...............................................................................................................................................................
$
275,009
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
17,014
Shares
of
beneficial
interest
.........................................................................................................................................................
96
Additional
paid-in
capital
............................................................................................................................................................
257,899
Net
Assets
...............................................................................................................................................................
$
275,009
(>)  
Investments
in
affiliates,
U.S.
Cash
Management
Fund
.....................................................................................................
$
2,548
(^)    
Foreign
currency
holdings
-
cost
........................................................................................................................................
$
112
(a)    
Receivable
from
Broker
for
Futures
...................................................................................................................................
$
2,945
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
.......................................................................................................................................................
$
28.57
Net
assets
.............................................................................................................................................................................
$
275,009,453
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
9,625,004
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
38
Russell
Investments
Global
Equity
ETF
Statement
of
Operations
—
For
the
Period
Ended
March
31,
2026
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
1,999
Dividend
distributions
from
affiliated
funds
....................................................................................................................
45
Interest
..............................................................................................................................................................................
24
Less
foreign
taxes
withheld
.............................................................................................................................................
(127)
Total
investment
income
..............................................................................................................................................................
1,941
Expenses
Advisory
fees
...................................................................................................................................................................
766
Expenses
before
reductions
..............................................................................................................................................
766
Expense
reductions
..........................................................................................................................................................
(130)
Net
expenses
................................................................................................................................................................................
636
Net
investment
income
(loss)
.......................................................................................................................................................
1,305
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(1,482)
Futures
contracts
..............................................................................................................................................................
(800)
Foreign
currency
exchange
contracts
...............................................................................................................................
435
Foreign
currency-related
transactions
..............................................................................................................................
(23)
In-kind
redemptions
.........................................................................................................................................................
3,598
Net
realized
gain
(loss)
................................................................................................................................................................
1,728
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
......................................................................................................................................................................
(2,222)
Futures
contracts
..............................................................................................................................................................
(24)
Foreign
currency
exchange
contracts
...............................................................................................................................
156
Foreign
currency-related
transactions
..............................................................................................................................
7
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
(2,083)
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
(355)
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
950
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
39
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(1)
Increase
(Decrease)
in
Net
Assets
from
Operations
Net
investment
income
(loss)
.......................................................................................................
$
1,305
$
738
Net
realized
gain
(loss)
................................................................................................................
1,728
(195)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................
(2,083)
17,726
Net
increase
(decrease)
in
net
assets
from
operations
.......................................................................
950
18,269
Distributions
To
shareholders
............................................................................................................................
(1,645)
—
Net
decrease
in
net
assets
from
distributions
.....................................................................................
(1,645)
—
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
............................................................
44,957
212,478
Total
Net
Increase
(Decrease)
in
Net
Assets
...................................................................
44,262
230,747
Net
Assets
Beginning
of
period
...........................................................................................................................
230,747
—
End
of
period
......................................................................................................................................
$
275,009
$
230,747
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
March
31,
2026
and
September
30,
2025
were
as
follows:
2026
(Unaudited)
2025
(1)
Shares
Dollars
Shares
Dollars
Shares
created
1,975
$
58,811
8,350
$
219,275
Shares
redeemed
(450)
(13,854)
(250)
(6,797)
Total
increase
(decrease)
1,525
$
44,957
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.
40
Russell
Investments
Global
Equity
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
Financial
Highlights
—
For
the
Periods
Ended
For
a
Share
Outstanding
Throughout
Each
Period.
03/31/26
(£)
09/30/25
(ƣ)
Per-Share
Data
–
–
$
Net
Asset
Value,
Beginning
of
Period
28.49‌
25.37‌
Income
(loss)
from
investment
operations:
—‌
—‌
$
Net
Investment
Income
(Loss)
(Ƃ)(ƥ)
.15‌
.12‌
$
Net
Realized
and
Unrealized
Gain
(Loss)
.12‌
3.00‌
$
Total
from
Investment
Operations
.27‌
3.12‌
Less
distributions:
–
–
$
Distributions
from
Net
Investment
Income
(.19‌)
—‌
$
Total
Distributions
(.19‌)
—‌
$
Net
Asset
Value,
End
of
Period
28.57‌
28.49‌
%
Total
Return
(ǿ)
.95‌
12.27‌
–
–
Ratios/Supplemental
Data
–
–
$
Net
Assets,
End
of
Period
(000)
275,009‌
230,747‌
Ratio
to
average
net
assets:
–
–
%
Expenses,
Gross
(ɯ)
.59‌
.59‌
%
Expenses,
Net
(Ƃ)(ɯ)
.49‌
.49‌
%
Net
Investment
Income
(Ƃ)(ɯ)
1.01‌
1.34‌
%
Portfolio
Turnover
Rate
(ǿ)(Ω)
30‌
24‌
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Equity
ETF
41
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
257,120,609
$
28,849,239
$
(14,475,091)
$
14,374,148
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
advisory
fees
payable
to
affiliates
as
of
March
31,
2026
were
$115,032.
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2026
with
an
underlying
fund
which
is,
or
was,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
March
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
2,713
$
13,370
$
13,535
$
—
$
—
$
2,548
$
45
$
—
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
42
Russell
Investments
Emerging
Markets
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.2%
Austria
-
0.2%
Erste
Group
Bank
AG
1,187
127
Brazil
-
8.2%
Allos
SA
17,525
103
Ambev
SA
-
ADR
97,375
284
Axia
Energia
-
ADR
21,929
247
Axia
Energia
-
ADR(Æ)
6,100
67
B3
SA
-
Brasil
Bolsa
Balcao
103,755
369
Banco
Bradesco
SA
11,285
36
Banco
Bradesco
SA
-
ADR
67,169
245
Banco
BTG
Pactual
SA
13,829
150
Banco
do
Brasil
SA
55,003
244
C&A
Modas
SA
9,173
21
Cia
De
Saneamento
Basico
Do
Estado
De
Sao
Paulo
Sabesp
-
ADR
6,751
206
Cia
Energetica
de
Minas
Gerais
-
ADR
139,050
332
Cosan
SA
-
ADR(Æ)
22,383
92
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
17,245
91
Embraer
SA
-
ADR
4,429
263
Hypera
SA
29,597
133
Itau
Unibanco
Holding
SA
-
ADR
40,035
336
Localiza
Rent
a
Car
SA
21,766
197
Lojas
Renner
SA
70,623
204
LWSA
SA(Þ)
129,642
95
Magazine
Luiza
SA
65,880
112
MercadoLibre,
Inc.(Æ)
134
232
NU
Holdings,
Ltd.
Class
A(Æ)
36,121
519
Petroleo
Brasileiro
SA
-
Petrobras
-
ADR
29,888
586
Raia
Drogasil
SA
42,995
195
Rede
D'Or
Sao
Luiz
SA(Þ)
11,610
87
TIM
SA
-
ADR
7,937
210
TOTVS
SA
12,533
85
Vale
SA
Class
B
-
ADR
33,114
527
WEG
SA
20,194
199
XP,
Inc.
Class
A
5,467
104
6,571
Canada
-
0.6%
Barrick
Mining
Corp.
5,573
227
Parex
Resources,
Inc.
12,935
254
481
China
-
24.5%
AAC
Technologies
Holdings,
Inc.
16,000
68
Agricultural
Bank
of
China,
Ltd.
Class
A
44,800
43
Akeso,
Inc.
Class
B(Æ)(Þ)
7,000
116
Alibaba
Group
Holding,
Ltd.
-
ADR
13,992
1,755
Aluminum
Corp.
of
China,
Ltd.
Class
A
118,800
196
Aluminum
Corp.
of
China,
Ltd.
Class
H
118,000
169
Anta
Sports
Products,
Ltd.
23,400
226
Atour
Lifestyle
Holdings,
Ltd.
-
ADR
3,008
111
Baidu,
Inc.
-
ADR(Æ)
3,769
420
Bank
of
China,
Ltd.
Class
H
381,000
242
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.,
Ltd.
Class
A
74,200
164
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Bilibili,
Inc.
Class
Z(Æ)
4,720
103
Budweiser
Brewing
Co.
APAC,
Ltd.(Þ)
81,500
75
BYD
Co.,
Ltd.
Class
H
19,500
263
China
Construction
Bank
Corp.
Class
H
574,000
614
China
CSSC
Holdings,
Ltd.
Class
A
8,900
40
China
Galaxy
Securities
Co.,
Ltd.
Class
H
47,000
47
China
International
Capital
Corp.,
Ltd.
Class
H(Þ)
74,400
163
China
Life
Insurance
Co.,
Ltd.
Class
H
16,000
50
China
Mengniu
Dairy
Co.,
Ltd.
149,000
327
China
Merchants
Bank
Co.,
Ltd.
Class
H
65,000
409
China
Overseas
Land
&
Investment,
Ltd.
121,000
178
China
Pacific
Insurance
Group
Co.,
Ltd.
Class
H
24,800
101
China
Petroleum
&
Chemical
Corp.
Class
H
72,000
41
China
Resources
Land,
Ltd.
46,000
168
Chongqing
Rural
Commercial
Bank
Co.,
Ltd.
Class
H
52,000
45
CITIC
Securities
Co.,
Ltd.
Class
H
18,500
56
City
Development
Environment
Co.,
Ltd.
Class
A
7,700
15
CMOC
Group,
Ltd.
Class
A
14,800
37
Consun
Pharmaceutical
Group,
Ltd.
45,000
96
Contemporary
Amperex
Technology
Co.,
Ltd.
Class
A
6,000
349
Contemporary
Amperex
Technology
Co.,
Ltd.
Class
H
2,647
207
DiDi
Global,
Inc.
-
ADR(Æ)
25,801
106
Dongyue
Group,
Ltd.
49,000
68
Eastroc
Beverage
Group
Co.,
Ltd.
Class
A
2,205
66
Eoptolink
Technology
Inc.,
Ltd.
Class
A
1,800
115
Fujian
Star-net
Communication
Co.,
Ltd.
Class
A
22,000
81
Full
Truck
Alliance
Co.,
Ltd.
-
ADR
11,549
96
Fuyao
Glass
Industry
Group
Co.,
Ltd.
Class
H(Þ)
6,800
51
GDS
Holdings,
Ltd.
Class
A(Æ)
2,700
13
Geely
Automobile
Holdings,
Ltd.
42,000
112
GF
Securities
Co.,
Ltd.
Class
A
14,700
38
Great
Wall
Motor
Co.,
Ltd.
Class
H
98,000
154
Guizhou
Qianyuan
Power
Co,
Ltd.
Class
A
24,700
67
Guoquan
Food
(Shanghai)
Co.,
Ltd.
Class
H
98,000
53
Guosen
Securities
Co.,
Ltd.
Class
A
54,000
88
Guotai
Haitong
Securities
Co.,
Ltd.
Class
H(Þ)
20,600
35
Guoyuan
Securities
Co.,
Ltd.
Class
A
42,690
47
H
World
Group,
Ltd.
-
ADR
3,706
186
Haier
Smart
Home
Co.,
Ltd.
Class
H
93,400
247
Hansoh
Pharmaceutical
Group
Co.,
Ltd.
(Þ)
12,000
54
Henan
Pinggao
Electric
Co.,
Ltd.
Class
A
6,500
19
Huaming
Power
Equipment
Co.,
Ltd.
Class
A
29,300
115
Huatai
Securities
Co.,
Ltd.
Class
A
17,100
44
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Emerging
Markets
Equity
ETF
43
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Huatai
Securities
Co.,
Ltd.
Class
H(Þ)
29,400
56
Industrial
&
Commercial
Bank
of
China,
Ltd.
Class
H
384,000
336
Innovent
Biologics,
Inc.(Æ)(Þ)
15,500
168
iQIYI,
Inc.
-
ADR(Æ)
86,550
117
JD
Health
International,
Inc.(Æ)(Þ)
12,400
74
JD.com,
Inc.
-
ADR
10,793
319
Jinduicheng
Molybdenum
Co.,
Ltd.
Class
A
9,800
26
Kanzhun,
Ltd.
-
ADR
1,030
14
Laopu
Gold
Co.,
Ltd.
Class
H
600
48
Li
Ning
Co.,
Ltd.
64,500
176
Longfor
Group
Holdings,
Ltd.(Þ)
94,500
91
Meituan
Class
B(Æ)(Þ)
20,300
215
NetEase,
Inc.
-
ADR
2,597
291
Ningbo
Jintian
Copper
Group
Co.,
Ltd.
Class
A
11,417
17
PDD
Holdings,
Inc.
-
ADR(Æ)
3,955
404
PICC
Property
&
Casualty
Co.,
Ltd.
Class
H
84,000
153
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
H
81,000
614
Pop
Mart
International
Group,
Ltd.(Þ)
9,800
180
Qinghai
Salt
Lake
Industry
Co.,
Ltd.
Class
A(Æ)
9,300
50
SAIC
Motor
Corp.,
Ltd.
Class
A
39,900
84
Sany
Heavy
Industry
Co.,
Ltd.
Class
H(Æ)
18,581
50
Shandong
Weigao
Group
Medical
Polymer
Co.,
Ltd.
Class
H
188,400
90
Shenwan
Hongyuan
Group
Co.,
Ltd.
Class
A
83,800
57
Shenzhou
International
Group
Holdings,
Ltd.
32,100
192
Sieyuan
Electric
Co.,
Ltd.
Class
A
3,700
108
Sino
Biopharmaceutical,
Ltd.
224,000
168
Sinopec
Engineering
Group
Co.,
Ltd.
Class
H
107,000
80
Sunny
Optical
Technology
Group
Co.,
Ltd.
17,400
119
SY
Holdings
Group,
Ltd.(Þ)
54,000
63
Tencent
Holdings,
Ltd.
47,800
2,950
Trip.com
Group,
Ltd.
-
ADR(Æ)
3,558
177
Vipshop
Holdings,
Ltd.
-
ADR
6,464
102
Weichai
Power
Co.,
Ltd.
Class
H
104,000
362
Western
Mining
Co.,
Ltd.
Class
A
19,400
70
Wilmar
International,
Ltd.
70,500
211
WuXi
AppTec
Co.,
Ltd.
Class
A
3,000
43
WuXi
AppTec
Co.,
Ltd.
Class
H(Þ)
14,400
216
WuXi
Biologics
(Cayman),
Inc.(Æ)(Þ)
32,000
135
Xiaomi
Corp.
Class
B(Æ)(Þ)
114,800
465
Xinxing
Ductile
Iron
Pipes
Co.,
Ltd.
Class
A
32,100
21
Xinyi
Glass
Holdings,
Ltd.
117,000
146
Yum
China
Holdings,
Inc.
817
40
Yunnan
Tin
Co.,
Ltd.
Class
A
6,000
27
Yutong
Bus
Co.,
Ltd.
Class
A
7,000
36
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Zhaojin
Mining
Industry
Co.,
Ltd.
Class
H
15,500
63
Zhejiang
China
Commodities
City
Group
Co.,
Ltd.
Class
A
19,300
36
Zhejiang
Leapmotor
Technology
Co.,
Ltd.
Class
H(Æ)(Þ)
15,400
92
Zhejiang
Longsheng
Group
Co.,
Ltd.
Class
A
37,000
70
Zhejiang
NHU
Co.,
Ltd.
Class
A
32,400
162
Zhongsheng
Group
Holdings,
Ltd.
73,000
77
Zhuzhou
CRRC
Times
Electric
Co.,
Ltd.
Class
H
6,200
29
Zijin
Mining
Group
Co.,
Ltd.
Class
A
33,200
157
Zijin
Mining
Group
Co.,
Ltd.
Class
H
94,000
412
ZTO
Express
Cayman,
Inc.
-
ADR
16,026
403
19,611
Colombia
-
0.2%
Grupo
Cibest
SA
-
ADR
1,913
139
Greece
-
0.7%
Alpha
Bank
SA
46,502
170
Eurobank
SA
17,745
70
National
Bank
of
Greece
SA
13,986
214
Piraeus
Bank
SA(Æ)
10,116
82
Public
Power
Corp.
SA
2,550
53
589
Hong
Kong
-
1.3%
AIA
Group,
Ltd.
29,400
318
ASMPT,
Ltd.
11,600
147
Hong
Kong
Exchanges
&
Clearing,
Ltd.
2,800
139
WH
Group,
Ltd.(Þ)
273,000
357
Zijin
Gold
International
Co.,
Ltd.(Æ)
3,659
81
1,042
Hungary
-
0.5%
OTP
Bank
Nyrt.
3,971
423
India
-
10.0%
Adani
Ports
and
Special
Economic
Zone,
Ltd.
5,906
82
Amber
Enterprises
India,
Ltd.(Æ)
1,436
99
APL
Apollo
Tubes,
Ltd.
1,996
41
Apollo
Hospitals
Enterprise,
Ltd.
2,201
172
Axis
Bank,
Ltd.
19,515
239
Bajaj
Finance,
Ltd.
45,180
382
Bank
of
Baroda
34,560
90
Bharat
Electronics,
Ltd.
89,950
380
Bharat
Petroleum
Corp.,
Ltd.
35,049
104
Bharti
Airtel,
Ltd.
33,698
633
BSE,
Ltd.
3,387
96
Canara
Bank
41,477
54
DLF,
Ltd.
16,677
89
Eicher
Motors,
Ltd.
659
46
Eternal,
Ltd.(Æ)
53,676
130
GE
Vernova
T&D
India,
Ltd.
1,021
39
GMR
Airports,
Ltd.(Æ)
81,324
73
HCL
Technologies,
Ltd.
12,602
178
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
44
Russell
Investments
Emerging
Markets
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
HDFC
Asset
Management
Co.,
Ltd.(Þ)
3,910
91
HDFC
Bank,
Ltd.
99,866
770
HDFC
Life
Insurance
Co.,
Ltd.(Þ)
24,573
153
Hero
MotoCorp,
Ltd.
2,175
116
Hindalco
Industries,
Ltd.
2,975
28
Hindustan
Aeronautics,
Ltd.(Þ)
2,808
103
Hindustan
Petroleum
Corp.,
Ltd.
19,255
68
Hindustan
Zinc,
Ltd.
8,251
44
ICICI
Bank,
Ltd.
-
ADR
15,298
396
Indian
Hotels
Co.,
Ltd.
(The)
14,154
85
Indian
Oil
Corp.,
Ltd.
54,990
79
Infosys,
Ltd.
-
ADR
15,179
205
LIC
Housing
Finance,
Ltd.
1,539
8
Lupin,
Ltd.
5,346
130
Mahindra
&
Mahindra,
Ltd.
8,927
278
Marico,
Ltd.
5,798
45
National
Aluminium
Co.,
Ltd.
40,803
166
Oil
&
Natural
Gas
Corp.,
Ltd.
24,766
74
Paradeep
Phosphates,
Ltd.(Þ)
49,701
56
Petronet
LNG,
Ltd.
43,168
113
Phoenix
Mills,
Ltd.
(The)
9,126
145
Power
Finance
Corp.,
Ltd.
17,995
72
REC,
Ltd.
39,476
127
Reliance
Industries,
Ltd.
30,673
435
SBI
Life
Insurance
Co.,
Ltd.(Þ)
2,657
50
Shriram
Finance,
Ltd.
20,703
190
State
Bank
of
India
10,240
106
Sun
Pharmaceutical
Industries,
Ltd.
8,769
162
Tata
Motors
Passenger
Vehicles,
Ltd.
22,161
69
Tata
Motors,
Ltd.(Æ)
4,923
21
Titan
Co.,
Ltd.
4,852
202
TVS
Motor
Co.,
Ltd.
5,195
184
UPL,
Ltd.
40,531
243
Vedanta,
Ltd.
8,450
58
7,999
Indonesia
-
1.3%
Aneka
Tambang
Tbk
406,700
84
Astra
International
Tbk
PT
586,535
216
Bank
Central
Asia
Tbk
PT
573,600
218
Bank
Mandiri
Persero
Tbk
PT
752,800
209
Bank
Rakyat
Indonesia
Persero
Tbk
PT
523,100
102
Telkom
Indonesia
Persero
Tbk
PT
1,021,000
184
1,013
Kazakhstan
-
0.2%
Kaspi.KZ
JSC
-
ADR
2,726
202
Macao
-
0.3%
Galaxy
Entertainment
Group,
Ltd.
51,000
228
Malaysia
-
0.4%
Public
Bank
Berhad
188,800
218
Sunway
Construction
Group
Berhad
59,200
93
311
Mexico
-
2.1%
America
Movil
SAB
de
CV
164,405
209
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Cemex
SAB
de
CV
61,378
70
Fresnillo
PLC
7,937
347
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
31,719
352
Kimberly-Clark
de
Mexico
SAB
de
CV
Class
A
76,566
181
Southern
Copper
Corp.
875
151
Ternium
SA
-
ADR
2,397
96
Wal-Mart
de
Mexico
SAB
de
CV
87,535
284
1,690
Netherlands
-
0.3%
ASML
Holding
NV
Class
G
159
210
Peru
-
0.5%
Credicorp,
Ltd.
1,141
387
Philippines
-
0.4%
BDO
Unibank,
Inc.
34,200
64
International
Container
Terminal
Services,
Inc.
19,800
224
288
Poland
-
1.1%
Bank
Polska
Kasa
Opieki
SA
1,150
67
Dino
Polska
SA(Æ)(Þ)
13,955
126
KGHM
Polska
Miedz
SA
1,333
96
ORLEN
SA
6,593
239
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
10,162
238
Powszechny
Zaklad
Ubezpieczen
SA
8,352
144
910
Qatar
-
0.2%
Qatar
National
Bank
QPSC
31,534
148
Saudi
Arabia
-
2.4%
Al
Babtain
Power
&
Telecommunication
Co.
4,827
85
Al
Rajhi
Bank
17,434
495
Etihad
Etisalat
Co.
10,298
179
Rasan
Information
Technology
Co.(Æ)
989
36
Riyad
Bank
14,712
116
Saudi
Arabian
Mining
Co.(Æ)
6,899
119
Saudi
Arabian
Oil
Co.(Þ)
40,188
293
Saudi
Awwal
Bank
18,266
181
Saudi
National
Bank
(The)
34,880
389
1,893
Singapore
-
0.2%
DBS
Group
Holdings,
Ltd.
900
40
Grab
Holdings,
Ltd.
Class
A(Æ)
1,348
5
Sea,
Ltd.
-
ADR(Æ)
1,808
149
194
South
Africa
-
3.0%
Absa
Group,
Ltd.
17,658
252
Anglogold
Ashanti
PLC
6,282
611
Bidvest
Group,
Ltd.
10,115
136
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Emerging
Markets
Equity
ETF
45
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
FirstRand,
Ltd.
32,480
165
Gold
Fields,
Ltd.
13,446
604
Harmony
Gold
Mining
Co.,
Ltd.
-
ADR
5,830
90
Momentum
Group,
Ltd.
32,787
70
MTN
Group,
Ltd.
6,156
71
Naspers,
Ltd.
Class
N
4,661
238
Sibanye
Stillwater,
Ltd.
68,756
207
2,444
South
Korea
-
16.2%
Amorepacific
Corp.
808
72
APR
Corp.
361
79
Coupang,
Inc.(Æ)
4,068
77
DB
Insurance
Co.,
Ltd.
1,311
140
Hana
Financial
Group,
Inc.
4,488
312
Hankook
Tire
&
Technology
Co.,
Ltd.
5,092
180
Hanwha
Aerospace
Co.,
Ltd.
378
308
HD
Hyundai
Co.,Ltd.
1,517
237
HD
Hyundai
Electric
Co.,
Ltd.
486
264
HD
Hyundai
Heavy
Industries
Co.,
Ltd.
624
189
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.,
Ltd.
1,057
237
HL
Mando
Co.,
Ltd.
855
27
Hyundai
Engineering
&
Construction
Co.,
Ltd.
567
53
Hyundai
Marine
&
Fire
Insurance
Co.,
Ltd.(Æ)
3,546
70
Hyundai
Mobis
Co.,
Ltd.
866
214
Hyundai
Motor
Co.
1,280
372
Hyundai
Rotem
Co.,
Ltd.
1,053
116
Kakao
Corp.
1,520
45
KB
Financial
Group,
Inc.
-
ADR
4,698
469
Kia
Corp.
1,505
143
Korea
Electric
Power
Corp.
-
ADR
20,602
294
Korea
Investment
Holdings
Co.,
Ltd.
167
22
KT
Corp.
1,982
78
KT&G
Corp.
1,523
158
LG
Electronics,
Inc.
Class
H
1,865
129
NAVER
Corp.
66
9
Samsung
Biologics
Co.,
Ltd.(Æ)(Þ)
102
100
Samsung
Electro-Mechanics
Co.,
Ltd.
1,993
530
Samsung
Electronics
Co.,
Ltd.
38,049
4,154
Samsung
Fire
&
Marine
Insurance
Co.,
Ltd.
434
125
Samsung
Heavy
Industries
Co.,
Ltd.(Æ)
7,515
120
Samsung
Securities
Co.,
Ltd.
2,719
164
Shinhan
Financial
Group
Co.,
Ltd.
-
ADR
7,092
435
SK
Hynix,
Inc.
5,303
2,794
SK
Square
Co.,
Ltd.(Æ)
104
32
S-Oil
Corp.(Æ)
416
29
Woori
Financial
Group,
Inc.
-
ADR
3,152
210
12,987
Taiwan
-
19.4%
Accton
Technology
Corp.
13,000
614
AP
Memory
Technology
Corp.
3,000
42
Arcadyan
Technology
Corp.
17,000
81
Asia
Vital
Components
Co.,
Ltd.
4,000
249
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ASPEED
Technology,
Inc.
1,000
335
Bizlink
Holding,
Inc.
10,059
547
Compal
Electronics,
Inc.
199,000
168
Compeq
Manufacturing
Co.,
Ltd.
7,000
54
Delta
Electronics,
Inc.
23,000
993
E.Sun
Financial
Holding
Co.,
Ltd.
152,051
151
Elite
Material
Co.,
Ltd.
3,000
244
eMemory
Technology,
Inc.
1,000
82
Globalwafers
Co.,
Ltd.
12,000
158
Hiwin
Technologies
Corp.
20,000
143
Hon
Hai
Precision
Industry
Co.,
Ltd.
95,000
557
Hon
Precision,
Inc.
1,000
110
KGI
Financial
Holding
Co.,
Ltd.
305,530
184
Largan
Precision
Co.,
Ltd.
3,000
202
Lite-On
Technology
Corp.
17,000
75
MediaTek,
Inc.
14,000
653
Realtek
Semiconductor
Corp.
10,000
150
SinoPac
Financial
Holdings
Co.,
Ltd.
92,000
88
Sunonwealth
Electric
Machine
Industry
Co.,
Ltd.
13,482
52
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
159,000
8,753
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
1,886
637
TS
Financial
Holding
Co.,
Ltd.
147,000
106
United
Microelectronics
Corp.
-
ADR
13,401
120
Yuanta
Financial
Holding
Co.,
Ltd.
24,990
35
15,583
Thailand
-
2.4%
Advanced
Info
Service
PCL
-
NVDR
17,400
197
Bangkok
Bank
PCL
-
NVDR
37,600
190
Charoen
Pokphand
Foods
PCL
-
NVDR
194,200
123
CP
ALL
PCL
-
NVDR
116,000
160
Indorama
Ventures
PCL
-
NVDR
143,800
110
Kasikornbank
PCL
-
NVDR
28,500
165
Kiatnakin
Phatra
Bank
PCL
-
NVDR
47,300
109
PTT
Exploration
&
Production
PCL
-
NVDR
23,000
113
PTT
Oil
&
Retail
Business
PCL
-
NVDR
273,100
108
PTT
PCL
-
NVDR
127,300
135
SCB
X
PCL
-
NVDR
37,100
162
Siam
Cement
PCL
(The)
-
NVDR
16,600
104
Srisawad
Corp.
PCL
-
NVDR
195,700
132
Thai
Beverage
PCL
317,600
106
1,914
Turkey
-
0.7%
Akbank
TAS
78,590
117
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
21,694
156
BIM
Birlesik
Magazalar
AS
7,311
113
Turkcell
Iletisim
Hizmetleri
AS
43,288
103
Turkiye
Petrol
Rafinerileri
AS
17,598
102
591
United
Arab
Emirates
-
1.2%
Abu
Dhabi
Commercial
Bank
PJSC
39,473
133
Aldar
Properties
PJSC
56,531
120
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
46
Russell
Investments
Emerging
Markets
Equity
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Emaar
Development
PJSC
27,600
101
Emaar
Properties
PJSC
112,126
357
First
Abu
Dhabi
Bank
PJSC
44,193
205
Salik
Co.
PJSC
65,016
90
1,006
United
Kingdom
-
0.2%
HSBC
Holdings
PLC
5,097
82
Investec
PLC
6,151
47
129
United
States
-
0.5%
BeOne
Medicines,
Ltd.
Class
H(Æ)
6,200
136
Broadcom,
Inc.
95
29
Cognizant
Technology
Solutions
Corp.
Class
A
1,784
109
Freeport-McMoRan,
Inc.
2,224
131
JBS
NV
-
BDR
1,396
25
430
Total
Common
Stocks
(cost
$68,134)
79,540
Preferred
Stocks
-
0.2%
India
-
0.0%
TVS
Motor
Co.,
Ltd.
6.000%
due
09/01/26
(Æ)
10,752
1
South
Korea
-
0.2%
Samsung
Electronics
Co.,
Ltd.
0.922%
(Ÿ)
2,641
197
Total
Preferred
Stocks
(cost
$254)
198
Short-Term
Investments
-
0.3%
United
States
-
0.3%
U.S.
Cash
Management
Fund(@)
208,898
(∞)
209
Total
Short-Term
Investments
(cost
$209)
209
Total
Investments
-
99.7%
(identified
cost
$68,597)
79,947
Other
Assets
and
Liabilities,
Net
-
0.3%
235
Net
Assets
-
100.0%
80,182
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Emerging
Markets
Equity
ETF
47
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
4.7%
Akeso,
Inc.
07/09/25
HKD
7,000
14.78
103
116
Budweiser
Brewing
Co.
APAC,
Ltd.
05/29/25
HKD
81,500
1.03
84
75
China
International
Capital
Corp.,
Ltd.
05/29/25
HKD
74,400
2.20
164
163
Dino
Polska
SA
11/10/25
PLN
13,955
11.37
159
126
Fuyao
Glass
Industry
Group
Co.,
Ltd.
01/22/26
HKD
6,800
8.39
57
51
Guotai
Haitong
Securities
Co.,
Ltd.
05/29/25
HKD
20,600
1.49
31
35
Hansoh
Pharmaceutical
Group
Co.,
Ltd.
11/10/25
HKD
12,000
4.74
57
54
HDFC
Asset
Management
Co.,
Ltd.
05/29/25
INR
3,910
29.29
114
91
HDFC
Life
Insurance
Co.,
Ltd.
05/29/25
INR
24,573
8.31
204
153
Hindustan
Aeronautics,
Ltd.
05/29/25
INR
2,808
55.94
157
103
Huatai
Securities
Co.,
Ltd.
11/10/25
HKD
29,400
2.52
74
56
Innovent
Biologics,
Inc.
09/23/25
HKD
15,500
11.33
176
168
JD
Health
International,
Inc.
09/23/25
HKD
12,400
7.81
97
74
Longfor
Group
Holdings,
Ltd.
05/29/25
HKD
94,500
1.24
117
91
LWSA
SA
01/22/26
BRL
129,642
0.83
108
95
Meituan
06/13/25
HKD
20,300
15.52
315
215
Paradeep
Phosphates,
Ltd.
09/23/25
INR
49,701
1.94
97
56
Pop
Mart
International
Group,
Ltd.
05/29/25
HKD
9,800
33.09
324
180
Rede
D'Or
Sao
Luiz
SA
11/10/25
BRL
11,610
8.62
100
87
Samsung
Biologics
Co.,
Ltd.
05/29/25
KRW
102
1,043.08
106
100
Saudi
Arabian
Oil
Co.
05/29/25
SAR
40,188
6.63
267
293
SBI
Life
Insurance
Co.,
Ltd.
03/19/26
INR
2,657
21.00
56
50
SY
Holdings
Group,
Ltd.
03/19/26
HKD
54,000
1.30
70
63
WH
Group,
Ltd.
05/29/25
HKD
273,000
0.98
267
357
WuXi
AppTec
Co.,
Ltd.
05/29/25
HKD
14,400
10.94
158
216
WuXi
Biologics
(Cayman),
Inc.
07/09/25
HKD
32,000
3.99
128
135
Xiaomi
Corp.
05/29/25
HKD
114,800
6.48
744
465
Zhejiang
Leapmotor
Technology
Co.,
Ltd.
09/23/25
HKD
15,400
6.89
106
92
3,760
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
$
127
$
—
$
—
$
—
$
127
Brazil
6,571
—
—
—
6,571
Canada
481
—
—
—
481
China
19,611
—
—
—
19,611
Colombia
139
—
—
—
139
Greece
589
—
—
—
589
Hong
Kong
1,042
—
—
—
1,042
Hungary
423
—
—
—
423
India
7,999
—
—
—
7,999
Indonesia
1,013
—
—
—
1,013
Kazakhstan
202
—
—
—
202
Macao
228
—
—
—
228
Malaysia
311
—
—
—
311
Mexico
1,690
—
—
—
1,690
Netherlands
210
—
—
—
210
Peru
387
—
—
—
387
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
48
Russell
Investments
Emerging
Markets
Equity
ETF
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Philippines
288
—
—
—
288
Poland
910
—
—
—
910
Qatar
148
—
—
—
148
Saudi
Arabia
1,893
—
—
—
1,893
Singapore
194
—
—
—
194
South
Africa
2,444
—
—
—
2,444
South
Korea
12,987
—
—
—
12,987
Taiwan
15,583
—
—
—
15,583
Thailand
1,914
—
—
—
1,914
Turkey
591
—
—
—
591
United
Arab
Emirates
1,006
—
—
—
1,006
United
Kingdom
129
—
—
—
129
United
States
430
—
—
—
430
Preferred
Stocks
198
—
—
—
198
Short-Term
Investments
—
—
—
209
209
Total
Investments
$
79,738
$
—
$
—
$
209
$
79,947
(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
March
31,
2026,
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
March
31,
2026,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Consumer
Discretionary
....................................................................
12,832
16
.0
Consumer
Staples
...............................................................................
2,967
3
.7
Energy
................................................................................................
3,585
4
.5
Financial
Services
..............................................................................
19,127
23
.9
Health
Care
........................................................................................
2,169
2
.7
Materials
and
Processing
...................................................................
6,326
7
.9
Producer
Durables
..............................................................................
4,917
6
.1
Technology
.........................................................................................
24,750
30
.9
Utilities
...............................................................................................
2,867
3
.5
Preferred
Stocks
Consumer
Discretionary
....................................................................
1
—
*
Technology
.........................................................................................
197
0
.2
Short-Term
Investments
.............................................................
209
0
.3
Total
Investments
...............................................................................
79,947
99
.7
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Emerging
Markets
Equity
ETF
49
*
Less
than
.05%
of
net
assets.
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
50
Russell
Investments
Emerging
Markets
Equity
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Fair
Value
of
Derivative
Instruments
—
March
31,
2026
(Unaudited)
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
$
(24)
For
further
disclosure
on
derivatives
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Emerging
Markets
Equity
ETF
51
Statement
of
Assets
and
Liabilities
—
March
31,
2026
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
68,597
Investments,
at
fair
value(>)
........................................................................................................................................................
79,947
Foreign
currency
holdings(^)
.......................................................................................................................................................
57
Receivables:
Dividends
and
interest
......................................................................................................................................................
222
Dividends
from
affiliated
funds
.......................................................................................................................................
1
Foreign
capital
gains
taxes
recoverable
...........................................................................................................................
1
Total
assets
...............................................................................................................................................................
80,228
Liabilities
Payables:
Accrued
fees
to
affiliates
..................................................................................................................................................
46
Total
liabilities
...........................................................................................................................................................
46
Net
Assets
...............................................................................................................................................................
$
80,182
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
9,990
Shares
of
beneficial
interest
.........................................................................................................................................................
27
Additional
paid-in
capital
............................................................................................................................................................
70,165
Net
Assets
...............................................................................................................................................................
$
80,182
(>)  
Investments
in
affiliates,
U.S.
Cash
Management
Fund
.....................................................................................................
$
209
(^)    
Foreign
currency
holdings
-
cost
........................................................................................................................................
$
50
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
......................................................................................................................................................
$
29.70
Net
assets
.............................................................................................................................................................................
$
80,182,307
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
2,700,004
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
52
Russell
Investments
Emerging
Markets
Equity
ETF
Statement
of
Operations
—
For
the
Period
Ended
March
31,
2026
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
709
Dividend
distributions
from
affiliated
funds
....................................................................................................................
5
Less
foreign
taxes
withheld
.............................................................................................................................................
(91)
Total
investment
income
..............................................................................................................................................................
623
Expenses
Advisory
fees
...................................................................................................................................................................
304
Expenses
before
reductions
..............................................................................................................................................
304
Expense
reductions
..........................................................................................................................................................
(58)
Net
expenses
................................................................................................................................................................................
246
Net
investment
income
(loss)
.......................................................................................................................................................
377
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
(net
of
foreign
capital
gains
taxes
of
$2)
.....................................................................................................
(755)
Foreign
currency
exchange
contracts
...............................................................................................................................
(24)
Foreign
currency-related
transactions
..............................................................................................................................
(9)
Net
realized
gain
(loss)
................................................................................................................................................................
(788)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments 
(net
of
deferred
tax
liability
for
foreign
capital
gains
taxes
of
$41)
............................................................
4,096
Foreign
currency-related
transactions
..............................................................................................................................
7
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
4,103
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
3,315
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
3,692
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Emerging
Markets
Equity
ETF
53
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(1)
Increase
(Decrease)
in
Net
Assets
from
Operations
Net
investment
income
(loss)
.......................................................................................................
$
377
$
359
Net
realized
gain
(loss)
................................................................................................................
(788)
(319)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................
4,103
7,250
Net
increase
(decrease)
in
net
assets
from
operations
.......................................................................
3,692
7,290
Distributions
To
shareholders
............................................................................................................................
(992)
—
Net
decrease
in
net
assets
from
distributions
.....................................................................................
(992)
—
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
............................................................
9,148
61,044
Total
Net
Increase
(Decrease)
in
Net
Assets
...................................................................
11,848
68,334
Net
Assets
Beginning
of
period
...........................................................................................................................
68,334
—
End
of
period
......................................................................................................................................
$
80,182
$
68,334
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
March
31,
2026
and
September
30,
2025
were
as
follows:
2026
(Unaudited)
2025
(1)
Shares
Dollars
Shares
Dollars
Shares
created
300
$
9,148
2,400
$
61,044
Total
increase
(decrease)
300
$
9,148
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.
54
Russell
Investments
Emerging
Markets
Equity
ETF
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
Financial
Highlights
—
For
the
Periods
Ended
For
a
Share
Outstanding
Throughout
Each
Period.
03/31/26
(£)
09/30/25
(ƣ)
Per-Share
Data
–
–
$
Net
Asset
Value,
Beginning
of
Period
28.47‌
24.39‌
Income
(loss)
from
investment
operations:
—‌
—‌
$
Net
Investment
Income
(Loss)
(Ƃ)
(ƥ)
.15‌
.20‌
$
Net
Realized
and
Unrealized
Gain
(Loss)
1.49‌
3.88‌
$
Total
from
Investment
Operations
1.64‌
4.08‌
Less
distributions:
–
–
$
Distributions
from
Net
Investment
Income
(.41‌)
—‌
$
Total
Distributions
(.41‌)
—‌
$
Net
Asset
Value,
End
of
Period
29.70‌
28.47‌
%
Total
Return
(ǿ)
5.79‌
16.75‌
–
–
Ratios/Supplemental
Data
–
–
$
Net
Assets,
End
of
Period
(000)
80,182‌
68,334‌
Ratio
to
average
net
assets:
–
–
%
Expenses,
Gross
(ɯ)
.79‌
.79‌
%
Expenses,
Net
(Ƃ)(ɯ)
.64‌
.64‌
%
Net
Investment
Income
(Ƃ)(ɯ)
.98‌
2.17‌
%
Portfolio
Turnover
Rate
(ǿ)(Ω)
23‌
15‌
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Emerging
Markets
Equity
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Emerging
Markets
Equity
ETF
55
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
advisory
fees
payable
to
affiliates
as
of
March
31,
2026
were
$45,926.
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2026
with
an
underlying
fund
which
is,
or
was,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
March
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
95
$
5,812
$
5,698
$
—
$
—
$
209
$
5
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
69,444,438
$
14,346,022
$
(3,843,403)
$
10,502,619
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Schedule
of
Investments
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
56
Russell
Investments
Global
Infrastructure
ETF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.6%
Australia
-
6.9%
Atlas
Arteria,
Ltd.
153,519
453
Cleanaway
Waste
Management,
Ltd.
97,385
152
Qube
Holdings,
Ltd.
40,774
137
Transurban
Group
190,417
1,841
2,583
Canada
-
6.2%
Algonquin
Power
&
Utilities
Corp.
58,984
361
Canadian
National
Railway
Co.
7,604
783
Keyera
Corp.
6,657
258
TC
Energy
Corp.
14,757
924
2,326
Denmark
-
0.8%
Orsted
A/S
Class
A(Æ)(Þ)
12,402
299
France
-
3.2%
Aeroports
de
Paris
SA
4,781
578
Getlink
SE
22,143
476
Vinci
SA
978
145
1,199
Germany
-
0.5%
RWE
AG
2,744
183
Hong
Kong
-
1.1%
CLP
Holdings,
Ltd.
44,000
413
Italy
-
0.5%
Hera
SpA
38,634
177
Japan
-
2.9%
Central
Japan
Railway
Co.
11,400
293
Kansai
Electric
Power
Co.,
Inc.
(The)
15,700
256
Osaka
Gas
Co.,
Ltd.
7,700
310
West
Japan
Railway
Co.
11,900
234
1,093
New
Zealand
-
1.1%
Auckland
International
Airport,
Ltd.
92,989
426
Spain
-
6.8%
Aena
SME
SA(Þ)
60,369
1,781
Cellnex
Telecom
SA(Þ)
24,719
792
2,573
Switzerland
-
1.6%
Flughafen
Zurich
AG
2,015
625
United
Kingdom
-
4.5%
National
Grid
PLC
70,006
1,176
Severn
Trent
PLC
Class
H
5,414
222
United
Utilities
Group
PLC
17,774
309
1,707
United
States
-
63.5%
Alliant
Energy
Corp.
4,903
352
Ameren
Corp.
5,141
565
American
Electric
Power
Co.,
Inc.
7,708
1,010
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
American
Tower
Corp.(ö)
5,919
1,021
American
Water
Works
Co.,
Inc.
1,979
269
Atmos
Energy
Corp.
2,729
504
CenterPoint
Energy,
Inc.
8,179
353
Cheniere
Energy,
Inc.
3,402
965
Crown
Castle,
Inc.(ö)
8,060
655
CSX
Corp.
27,766
1,140
Dominion
Energy,
Inc.
13,999
865
DTE
Energy
Co.
2,064
302
Duke
Energy
Corp.
10,063
1,318
Entergy
Corp.
6,821
766
Equinix,
Inc.(ö)
179
175
Evergy,
Inc.
6,661
546
Eversource
Energy
7,117
493
H2O
America
2,284
134
Kinder
Morgan,
Inc.
14,942
501
NextEra
Energy,
Inc.
23,282
2,162
NiSource,
Inc.
9,100
425
Norfolk
Southern
Corp.
1,843
529
ONEOK,
Inc.
9,311
842
PG&E
Corp.
44,374
780
Public
Service
Enterprise
Group,
Inc.
7,943
643
SBA
Communications
Corp.(ö)
4,541
782
Sempra
12,459
1,211
Targa
Resources
Corp.
3,139
787
Union
Pacific
Corp.
6,494
1,576
Venture
Global,
Inc.
Class
A
9,920
156
Waste
Connections,
Inc.
960
156
Williams
Cos.,
Inc.
(The)
13,673
995
Xcel
Energy,
Inc.
11,577
920
23,898
Total
Common
Stocks
(cost
$34,913)
37,502
Short-Term
Investments
-
0.3%
United
States
-
0.3%
U.S.
Cash
Management
Fund(@)
99,020
(∞)
99
Total
Short-Term
Investments
(cost
$99)
99
Total
Investments
-
99.9%
(identified
cost
$35,012)
37,601
Other
Assets
and
Liabilities,
Net
-
0.1%
52
Net
Assets
-
100.0%
37,653
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Infrastructure
ETF
57
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
Shares
$
$
$
7.6%
Aena
SME
SA
05/13/25
EUR
60,369
28.08
1,695
1,781
Cellnex
Telecom
SA
05/13/25
EUR
24,719
33.27
823
792
Orsted
A/S
11/14/25
DKK
12,402
20.66
256
299
2,872
For
a
description
of
restricted
securities
see
note
9
in
the
Notes
to
Financial
Statements.
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical        
Expedient
(a)
Total
Common
Stocks
Australia
$
2,583
$
—
$
—
$
—
$
2,583
Canada
2,326
—
—
—
2,326
Denmark
299
—
—
—
299
France
1,199
—
—
—
1,199
Germany
183
—
—
—
183
Hong
Kong
413
—
—
—
413
Italy
177
—
—
—
177
Japan
1,093
—
—
—
1,093
New
Zealand
426
—
—
—
426
Spain
2,573
—
—
—
2,573
Switzerland
625
—
—
—
625
United
Kingdom
1,707
—
—
—
1,707
United
States
23,898
—
—
—
23,898
Short-Term
Investments
—
—
—
99
99
Total
Investments
$
37,502
$
—
$
—
$
99
$
37,601
(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
March
31,
2026,
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
March
31,
2026,
if
any,
were
less
than
1%
of
net
assets.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Schedule
of
Investments,
continued
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
58
Russell
Investments
Global
Infrastructure
ETF
Amounts
in
thousands
Infrastructure
Subindustry
Exposure
Fair
Value
$
%
of
Net
Assets
Common
Stocks
Airport
Services
.................................................................................
3,410
9.1
Construction
&
Engineering
..............................................................
145
0.4
Data
Center
REITs
.............................................................................
176
0.5
Electric
Utilities
.................................................................................
9,015
23.9
Environmental
&
Facilities
Services
.................................................
309
0.8
Gas
Utilities
.......................................................................................
814
2.2
Highways
&
Railtracks
......................................................................
2,769
7.3
Independent
Power
Producers
&
Energy
Traders
..............................
183
0.5
Integrated
Telecommunication
Services
............................................
792
2.1
Marine
Ports
&
Services
....................................................................
137
0.4
Multi-Utilities
....................................................................................
6,078
16.1
Oil
&
Gas
Exploration
&
Production
.................................................
156
0.4
Oil
&
Gas
Storage
&
Transportation
.................................................
5,272
14.0
Rail
Transportation
.............................................................................
4,555
12.1
Renewable
Electricity
........................................................................
299
0.8
Telecom
Tower
REITs
........................................................................
2,458
6.5
Water
Utilities
....................................................................................
934
2.5
Short-Term
Investments
.......................................................
99
0.3
Total
Investments
...............................................................................
37,601
99.9
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Fair
Value
of
Derivative
Instruments
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Infrastructure
ETF
59
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
$
(9)
For
further
disclosure
on
derivatives
see
note
2
in
the
Notes
to
Financial
Statements.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
60
Russell
Investments
Global
Infrastructure
ETF
Statement
of
Assets
and
Liabilities
—
March
31,
2026
(Unaudited)
Amounts
in
thousands
Assets
Investments,
at
identified
cost
......................................................................................................................................................
$
35,012
Investments,
at
fair
value(>)
........................................................................................................................................................
37,601
Foreign
currency
holdings(^)
.......................................................................................................................................................
6
Receivables:
Dividends
and
interest
......................................................................................................................................................
73
Dividends
from
affiliated
funds
.......................................................................................................................................
1
Total
assets
...............................................................................................................................................................
37,681
Liabilities
Payables:
Investments
purchased
.....................................................................................................................................................
9
Accrued
fees
to
affiliates
..................................................................................................................................................
19
Total
liabilities
...........................................................................................................................................................
28
Net
Assets
...............................................................................................................................................................
$
37,653
Net
Assets
Consist
of:
Total
distributable
earnings
(losses)
.............................................................................................................................................
$
2,951
Shares
of
beneficial
interest
.........................................................................................................................................................
14
Additional
paid-in
capital
............................................................................................................................................................
34,688
Net
Assets
...............................................................................................................................................................
$
37,653
(>)  
Investments
in
affiliates,
U.S.
Cash
Management
Fund
.....................................................................................................
$
99
(^)    
Foreign
currency
holdings
-
cost
........................................................................................................................................
$
6
Net
Asset
Value
,
offering
and
redemption
price
per
share:
Net
asset
value
per
share:
(#)
......................................................................................................................................................
$
27.89
Net
assets
.............................................................................................................................................................................
$
37,652,857
Shares
outstanding
($.01
par
value)
.....................................................................................................................................
1,350,004
(#)
Net
asset
value
per
share
equals
net
assets
divided
by
shares
of
beneficial
interest
outstanding.
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
Russell
Investments
Global
Infrastructure
ETF
61
Statement
of
Operations
—
For
the
Period
Ended
March
31,
2026
(Unaudited)
Amounts
in
thousands
Investment
Income
Dividends
.........................................................................................................................................................................
$
417
Dividend
distributions
from
affiliated
funds
....................................................................................................................
2
Less
foreign
taxes
withheld
.............................................................................................................................................
(13)
Total
investment
income
..............................................................................................................................................................
406
Expenses
Advisory
fees
...................................................................................................................................................................
85
Total
expenses
..............................................................................................................................................................................
85
Net
investment
income
(loss)
.......................................................................................................................................................
321
Net
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
on:
Investments
......................................................................................................................................................................
(57)
Foreign
currency
exchange
contracts
...............................................................................................................................
(9)
Foreign
currency-related
transactions
..............................................................................................................................
11
In-kind
redemptions
.........................................................................................................................................................
337
Net
realized
gain
(loss)
................................................................................................................................................................
282
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
......................................................................................................................................................................
1,923
Foreign
currency-related
transactions
..............................................................................................................................
(1)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................................................................
1,922
Net
realized
and
unrealized
gain
(loss)
........................................................................................................................................
2,204
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
....................................................................................
$
2,525
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
62
Russell
Investments
Global
Infrastructure
ETF
Statements
of
Changes
in
Net
Assets
Amounts
in
thousands
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(1)
Increase
(Decrease)
in
Net
Assets
from
Operations
Net
investment
income
(loss)
.......................................................................................................
$
321
$
149
Net
realized
gain
(loss)
................................................................................................................
282
(63)
Net
change
in
unrealized
appreciation
(depreciation)
.................................................................
1,922
666
Net
increase
(decrease)
in
net
assets
from
operations
.......................................................................
2,525
752
Distributions
To
shareholders
............................................................................................................................
(287)
—
Net
decrease
in
net
assets
from
distributions
.....................................................................................
(287)
—
Share
Transactions*
Net
increase
(decrease)
in
net
assets
from
share
transactions
............................................................
14,410
20,253
Total
Net
Increase
(Decrease)
in
Net
Assets
...................................................................
16,648
21,005
Net
Assets
Beginning
of
period
...........................................................................................................................
21,005
—
End
of
period
......................................................................................................................................
$
37,653
$
21,005
*
Share
transaction
amounts
(in
thousands)
for
the
periods
ended
March
31,
2026
and
September
30,
2025
were
as
follows:
2026
(Unaudited)
2025
(1)
Shares
Dollars
Shares
Dollars
Shares
created
710
$
19,137
830
$
20,761
Shares
redeemed
(170)
(4,727)
(20)
(508)
Total
increase
(decrease)
540
$
14,410
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.
Russell
Investments
Global
Infrastructure
ETF
63
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
Financial
Highlights
—
For
the
Periods
Ended
For
a
Share
Outstanding
Throughout
Each
Period.
03/31/26
(£
)
09/30/25
(ſ)
Per-Share
Data
–
–
$
Net
Asset
Value,
Beginning
of
Period
25.93‌
24.27‌
Income
(loss)
from
investment
operations:
—‌
—‌
$
Net
Investment
Income
(Loss)
(ƥ)
.30‌
.25‌
$
Net
Realized
and
Unrealized
Gain
(Loss)
1.91‌
1.41‌
$
Total
from
Investment
Operations
2.21‌
1.66‌
Less
distributions:
–
–
$
Distributions
from
Net
Investment
Income
(.25‌)
—‌
$
Total
Distributions
(.25‌)
—‌
$
Net
Asset
Value,
End
of
Period
27.89‌
25.93‌
%
Total
Return
(ǿ)
8.61‌
6.87‌
–
–
Ratios/Supplemental
Data
–
–
$
Net
Assets,
End
of
Period
(000)
37,653‌
21,005‌
Ratio
to
average
net
assets:
–
–
%
Expenses,
Gross
(ɯ)
.59‌
.59‌
%
Expenses,
Net
(ɯ)
.59‌
.59‌
%
Net
Investment
Income
(ɯ)
2.23‌
2.63‌
%
Portfolio
Turnover
Rate
(ǿ)(Ω)
30‌
24‌
Russell
Investments
Exchange
Traded
Funds
Russell
Investments
Global
Infrastructure
ETF
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
64
Russell
Investments
Global
Infrastructure
ETF
Related
Party
Transactions,
Fees
and
Expenses
(Unaudited)
Accrued
advisory
fees
payable
to
affiliates
as
of
March
31,
2026
were
$19,042.
Transactions
(amounts
in
thousands)
during
the
period
ended
March
31,
2026
with
an
underlying
fund
which
is,
or
was,
an
affiliated
company
are
as
follows:
Federal
Income
Taxes
(Unaudited)
At
March
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Fair
Value,
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Change
in
Unrealized
Gain
(Loss)
Fair
Value,
End
of
Period
Dividend
Distributions
Capital
Gains
Distributions
U.S.
Cash
Management
Fund
$
58
$
2,776
$
2,735
$
—
$
—
$
99
$
2
$
—
Cost
of
Investments
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
$
35,125,232
$
3,049,197
$
(573,849)
$
2,475,348
Russell
Investments
Exchange
Traded
Funds
Notes
to
Schedules
of
Investments
—
March
31,
2026
(Unaudited)
Notes
to
Schedules
of
Investments
65
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.
(∞)
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
NVDR
-
Non-Voting
Depository
Receipt
AUD
-
Australian
dollar
BRL
-
Brazilian
real
CAD
-
Canadian
dollar
CHF
-
Swiss
franc
DKK
-
Danish
krone
EUR
-
Euro
GBP
-
British
pound
sterling
HKD
-
Hong
Kong
dollar
INR
-
Indian
rupee
JPY
-
Japanese
yen
KRW
-
South
Korean
won
PLN
-
Polish
zloty
SAR
-
Saudi
riyal
SGD
-
Singapore
dollar
USD
-
United
States
dollar
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Highlights
—
March
31,
2026
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
the
financial
statements.
66
Notes
to
Financial
Highlights
(£)
For
the
period
ended
March
31,
2026
(Unaudited).
(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
—
March
31,
2026
(Unaudited)
Notes
to
Financial
Statements
67
1.
Organization
Russell
Investments
Exchange
Traded
Funds
(the
“Trust”
or
“RIETF”)
is
a
series
investment
company
with
seven
different
investment
portfolios
referred
to
as
funds.
These
financial
statements
report
on
five
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
Investment
Company
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
March
31,
2026.
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
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Update
(“ASU”)
2023-
07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
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
Fund’s
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.
However,
the
Board
retains
oversight
over
the
valuation
process.
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods,
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
and
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIM
that
are
used
in
determining
the
fair
value
of
investments.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
68
Notes
to
Financial
Statements
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange,
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Preferred
stock
and
other
equities
traded
on
inactive
markets
or
valued
by
reference
to
similar
instruments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Certain
foreign
equity
securities
may
be
fair
valued
using
a
pricing
service
that
considers
the
correlation
of
the
trading
patterns
of
the
foreign
security
to
the
intraday
trading
in
the
U.S.
markets
for
investments
such
as
American
Depositary
Receipts,
financial
futures,
exchange-traded
funds,
and
the
movement
of
certain
indexes
of
securities,
based
on
the
statistical
analysis
of
historical
relationships.
Foreign
equity
securities
prices
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
will
be
valued
based
upon
the
net
asset
value
(“NAV”)
per
share
of
such
investments.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity’s
measurement
date.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
market
value.
These
investments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Derivative
instruments
are
instruments
such
as
foreign
currency
exchange
contracts
and
futures
contracts
that
derive
their
value
from
underlying
asset
prices,
indices,
reference
rates,
and
other
inputs
or
a
combination
of
these
factors.
Derivatives
may
be
classified
into
two
groups
depending
upon
the
way
that
they
are
traded:
privately
traded
over-the-counter
(“OTC”)
derivatives
that
do
not
go
through
an
exchange
or
intermediary
and
exchange-traded
derivatives
that
are
traded
through
specialized
derivatives
exchanges
or
other
regulated
exchanges.
OTC
derivatives
are
normally
valued
on
the
basis
of
broker-dealer
quotations
or
pricing
service
providers.
Depending
on
the
product
and
the
terms
of
the
transaction,
the
value
of
the
derivative
instrument
can
be
estimated
by
a
pricing
service
provider
using
a
series
of
techniques,
including
simulation
pricing
models.
The
pricing
models
use
inputs
that
are
observed
from
actively
quoted
markets
such
as
issuer
details,
indices,
spreads,
interest
rates,
yield
curves,
dividends
and
exchange
rates.
OTC
derivatives
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy,
with
the
exception
of
foreign
currency
spot
contracts
which
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
OTC
derivatives
that
use
broker-dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Exchange-traded
derivatives
are
valued
based
on
the
last
reported
sales
price
on
the
day
of
valuation
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Events
or
circumstances
affecting
the
values
of
portfolio
instruments
that
occur
between
the
closing
of
the
principal
markets
on
which
they
trade
and
the
time
the
NAV
of
Fund
shares
is
determined
may
be
reflected
in
the
calculation
of
NAV
for
each
applicable
Fund
when
the
Fund
deems
that
the
particular
event
or
circumstance
would
materially
affect
such
Fund’s
NAV.
Funds
that
invest
primarily
in
frequently
traded
exchange
listed
securities
will
use
fair
value
pricing
in
limited
circumstances
since
reliable
market
quotations
will
often
be
readily
available.
The
NAV
of
a
Fund’s
portfolio
that
includes
foreign
securities
may
change
on
days
when
shareholders
will
not
be
able
to
purchase
or
redeem
Fund
shares,
since
foreign
securities
can
trade
on
non-business
days.
The
Russell
Investments
U.S.
Small
Cap
Equity
ETF,
Russell
Investments
International
Developed
Equity
ETF,
Russell
Investments
Global
Equity
ETF
and
Russell
Investments
Global
Infrastructure
ETF
had
no
transfers
into
or
out
of
Level
3
for
the
period
ended
March
31,
2026.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
Notes
to
Financial
Statements
69
The
Russell
Investments
Emerging
Markets
Equity
ETF
had
transfers
out
of
Level
3
into
Level
1
representing
financials
instruments
for
which
quoted
prices
in
an
active
market
became
observable.
The
amount
transferred
was
$1,162.
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.
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.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
70
Notes
to
Financial
Statements
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
March
31,
2026,
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.
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
Funds
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
may
primarily
relate
to
investments
in
options,
futures,
forward
contracts,
swap
contracts,
passive
foreign
investment
companies,
foreign-denominated
investments,
amortization
of
premium
for
certain
debt
instruments,
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.
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:
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
Notes
to
Financial
Statements
71
(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
March
31,
2026.
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
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.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
72
Notes
to
Financial
Statements
Funds
Strategies
Russell
Investments
International
Developed
Equity
ETF
Return
enhancement,
hedging,
exposing
cash
to
markets,
and
trade
settlement
Russell
Investments
Global
Equity
ETF
Return
enhancement,
hedging,
exposing
cash
to
markets,
and
trade
settlement
Russell
Investments
Emerging
Markets
Equity
ETF
Return
enhancement,
hedging,
exposing
cash
to
markets,
and
trade
settlement
Russell
Investments
Global
Infrastructure
ETF
Return
enhancement,
hedging,
exposing
cash
to
markets,
and
trade
settlement
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
March
31,
2026,
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
March
31,
2026,
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
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
March
31,
2026,
the
Russell
Investments
Global
Equity
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
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
Notes
to
Financial
Statements
73
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
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.
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
74
Notes
to
Financial
Statements
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
by
a
Fund.
This
could
cause
a
Fund
to
underperform
other
types
of
investments.
3.
Investment
Transactions
Securities
During
the
period
ended
March
31,
2026,
the
Funds’
purchases
and
sales
of
investment
securities
(excluding
short-term
investments,
derivatives
and
in-kind
transactions)
were
as
follows:
4.
Related
Party
Transactions,
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:
Funds
Purchases
Sales
Russell
Investments
U.S.
Small
Cap
Equity
ETF
$
34,227,274
$
26,744,855
Russell
Investments
International
Developed
Equity
ETF
39,273,060
27,299,787
Russell
Investments
Global
Equity
ETF
118,629,810
75,525,075
Russell
Investments
Emerging
Markets
Equity
ETF
26,242,250
17,798,514
Russell
Investments
Global
Infrastructure
ETF
22,998,783
8,612,928
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
Notes
to
Financial
Statements
75
The
following
shows
the
totals
for
advisory
fees
for
the
period
ended
March
31,
2026:
Waivers
and
Reimbursements
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.
The
following
paragraphs
list
the
waivers
that
were
in
effect
for
the
period
ended
March
31,
2026.
Each
waiver
may
not
be
terminated
during
the
relevant
period
except
with
Board
approval.
For
the
Russell
Investments
U.S.
Small
Cap
Equity
ETF,
RIM
has
contractually
agreed,
until
January
28,
2027,
to
waive
0.05%
of
its
advisory
fee.
The
total
amount
of
the
waiver
for
the
period
ended
March
31,
2026
was
$11,341.
For
the
Russell
Investments
International
Developed
Equity
ETF,
RIM
has
contractually
agreed,
until
January
28,
2027,
to
waive
0.10%
of
its
advisory
fee.
The
total
amount
of
the
waiver
for
the
period
ended
March
31,
2026
was
$55,777.
For
the
Russell
Investments
Global
Equity
ETF,
RIM
has
contractually
agreed,
until
January
28,
2027,
to
waive
0.10%
of
its
advisory
fee.
The
total
amount
of
the
waiver
for
the
period
ended
March
31,
2026
was
$129,721.
For
the
Russell
Investments
Emerging
Markets
Equity
ETF,
RIM
has
contractually
agreed,
until
January
28,
2027,
to
waive
0.15%
of
its
advisory
fee.
The
total
amount
of
the
waiver
for
the
period
ended
March
31,
2026
was
$57,582.
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
March
31,
2026,
the
Funds
did
not
engage
in
purchases
and
sales
of
securities
pursuant
to
Rule
17a-7
of
the
Investment
Company
Act.
Funds
Asset
Level
Advisory
(%)
Russell
Investments
U.S.
Small
Cap
Equity
ETF
All
Assets
0.69
Russell
Investments
International
Developed
Equity
ETF
All
Assets
0.59
Russell
Investments
Global
Equity
ETF
All
Assets
0.59
Russell
Investments
Emerging
Markets
Equity
ETF
All
Assets
0.79
Russell
Investments
Global
Infrastructure
ETF
All
Assets
0.59
Funds
Advisory
Russell
Investments
U.S.
Small
Cap
Equity
ETF
$
156,499
Russell
Investments
International
Developed
Equity
ETF
329,083
Russell
Investments
Global
Equity
ETF
765,554
Russell
Investments
Emerging
Markets
Equity
ETF
303,564
Russell
Investments
Global
Infrastructure
ETF
84,624
Russell
Investments
Exchange
Traded
Funds
Notes
to
Financial
Statements,
continued
—
March
31,
2026
(Unaudited)
76
Notes
to
Financial
Statements
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
March
31,
2026,
the
total
compensation
paid
to
the
Trustees
by
the
Russell
Investments
fund
complex
was
$1,201,000.
5.
Federal
Income
Taxes
As
of
March
31,
2026,
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
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
may
consist
of
a
basket
of
securities
and/or
instruments
together
with
a
deposit
of
a
specified
cash
payment
or
a
cash
deposit
(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
the
full
deposit
of
the
missing
portion(s)
of
the
Fund
Deposit
and
will
be
required
to
post
collateral
with
a
Fund
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.
A
Fund
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.
No
Expiration
Funds
Short
Term
Long
Term
Total
Russell
Investments
U.S.
Small
Cap
Equity
ETF
$
373,599
$
—
$
373,599
Russell
Investments
International
Developed
Equity
ETF
607,265
—
607,265
Russell
Investments
Global
Equity
ETF
439,317
—
439,317
Russell
Investments
Emerging
Markets
Equity
ETF
226,614
—
226,614
Russell
Investments
Global
Infrastructure
ETF
104,612
—
104,612
Russell
Investments
Exchange
Traded
Funds
Affiliated
Brokerage
Transactions
—
March
31,
2026
(Unaudited)
Affiliated
Brokerage
Transactions
77
As
discussed
in
Note
4
in
the
Notes
to
Financial
Statements,
substantially
all
of
the
equity
transactions
that
Russell
Investment
Management,
LLC
(“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
March
31,
2026
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
Russell
Investments
U.S.
Small
Cap
Equity
ETF
RIIS
$
26,447
$
23,848
$
—
Russell
Investments
International
Developed
Equity
ETF
RIIS
28,102
22,590
3,748
Russell
Investments
Global
Equity
ETF
RIIS
44,719
36,585
8,101
Russell
Investments
Emerging
Markets
Equity
ETF
RIIS
31,814
23,275
1,370
Russell
Investments
Global
Infrastructure
ETF
RIIS
4,758
3,835
441
Russell
Investments
Exchange
Traded
Funds
Basis
for
Approval
of
Investment
Advisory
Agreements
—
(Unaudited)
78
Basis
for
Approval
of
Investment
Advisory
Agreements
Approval
of
Portfolio
Management
Contract
At
a
Board
meeting
held
on
March
18,
2026,
the
Board
of
Trustees
(the
“Board”)
received
a
proposal
from
Russell
Investment
Management,
LLC
(“RIM”)
to
approve
a
new
portfolio
management
contract
for
the
Russell
Investments
Emerging
Markets
Equity
ETF
to
be
effective
as
of
the
closing
of
a
change
of
control
for
a
Money
Manager
of
the
Fund.
The
Trustees
approved
the
terms
of
the
proposed
portfolio
management
contract
based
upon
their
consideration
of,
among
other
information,
RIM’s
recommendation
to
hire
the
Money
Manager
at
the
proposed
fee
rate;
information
as
to
the
reason
for
the
proposed
portfolio
management
contract;
RIM’s
evaluation
of
the
quality
of
the
investment
advisory
services
provided
by
the
Money
Manager;
information
as
to
any
significant
business
relationships
between
the
Money
Manager
and
RIM;
the
Chief
Compliance
Officer’s
prior
evaluation
of
the
Money
Manager’s
compliance
program,
policies
and
procedures
in
relation
to
the
Money
Manager’s
role
in
the
management
of
the
Fund’s
investment
portfolio,
and
prior
certification
that
they
were
consistent
with
applicable
legal
standards;
and
RIM’s
belief
that
the
proposed
Money
Manager
fees
were
reasonable
in
light
of
the
anticipated
quality
of
investment
advisory
services
to
be
rendered.
Based
substantially
on
RIM’s
recommendation,
together
with
their
findings
at
prior
meetings,
including
their
February
25,
2025
meeting
in
connection
with
their
evaluation
and
approval
of
the
Fund’s
initial
investment
advisory
agreement
with
RIM
and
initial
portfolio
management
contract
with
this
Money
Manager
for
the
Fund,
as
well
as
information
received
throughout
the
course
of
the
year
regarding,
among
other
things,
the
quality
of
services
provided
to
the
Fund
by
the
Money
Manager
and
the
reasonableness
of
the
aggregate
investment
advisory
fees
paid
by
the
Fund,
as
well
as
the
fact
that
the
aggregate
investment
advisory
fee
paid
by
the
Fund
would
not
increase
or
decrease
as
a
result
of
the
implementation
of
the
proposed
new
portfolio
management
contract
because
the
Money
Manager’s
investment
advisory
fees
are
paid
by
RIM,
the
Board
voted
to
approve
the
portfolio
management
contract
with
the
Money
Manager
for
the
Fund.
Russell
Investments
Exchange
Traded
Funds
Adviser,
Money
Managers
and
Service
Providers
—
March
31,
2026
(Unaudited)
Adviser,
Money
Managers
and
Service
Providers
79
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
Russell
Investments
U.S.
Small
Cap
Equity
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
Russell
Investments
International
Developed
Equity
ETF
Algert
Global
LLC,
San
Francisco,
CA
Intermede
Investment
Partners
Limited,
London,
UK
and
Intermede
Global
Partners
Inc.,
San
Francisco,
CA
Pzena
Investment
Management,
LLC,
New
York,
NY
Wellington
Management
Company
LLP,
Boston,
MA
Russell
Investments
Global
Equity
ETF
Algert
Global
LLC,
San
Francisco,
CA
Intermede
Investment
Partners
Limited,
London,
UK
and
Intermede
Global
Partners
Inc.,
San
Francisco,
CA
Sanders
Capital,
LLC,
West
Palm
Beach,
FL
Wellington
Management
Company
LLP,
Boston,
MA
Russell
Investments
Emerging
Markets
Equity
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
Russell
Investments
Global
Infrastructure
ETF
Cohen
&
Steers
Capital
Management,
Inc.,
New
York,
NY,
Cohen
&
Steers
UK
Limited,
London,
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
Exchange
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)          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
(b)          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:  May 14, 2026
 
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:  May 14, 2026
 
 
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:  May 14, 2026