# EDGAR Filing Document

**Accession Number:** 0002042513
**File Stem:** 0002042513-25-000008
**Filing Date:** 2025-11
**Character Count:** 387333
**Document Hash:** 059efba9d1ac54123423573c985230c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002042513-25-000008.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0002042513-25-000008

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**EFFECTIVENESS DATE**: 20251119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Russell Investments Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0002042513

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24027
- **FILM NUMBER:** 251498332

**BUSINESS ADDRESS:**
- **STREET 1:** 401 UNION STREET
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **BUSINESS PHONE:** 8007877354

**MAIL ADDRESS:**
- **STREET 1:** 401 UNION STREET
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA

## Series and Classes Contracts Data

### Russell Investments U.S. Small Cap Equity ETF (Series ID: S000089990)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000256862 | Russell Investments U.S. Small Cap Equity ETF | RUSC            |

### Russell Investments International Developed Equity ETF (Series ID: S000089991)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000256863 | Russell Investments International Developed Equity ETF | RINT            |

### Russell Investments Global Equity ETF (Series ID: S000089992)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000256864 | Russell Investments Global Equity ETF | RGLO            |

### Russell Investments Emerging Markets Equity ETF (Series ID: S000089993)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000256865 | Russell Investments Emerging Markets Equity ETF | REMG            |

### Russell Investments Global Infrastructure ETF (Series ID: S000089994)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000256866 | Russell Investments Global Infrastructure ETF | RIFR            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Investment Company Act file number: 811-24027</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

**Russell Investments Exchange Traded Funds**

(Exact name of registrant as specified in charter)

**401 Union Street, 18<sup>th</sup> Floor, Seattle Washington 98101**

(Address of principal executive offices) (Zip code)

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">Mary Beth Albaneze, Secretary and Chief Legal Officer</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">401 Union Street</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">18<sup>th</sup> Floor</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">Seattle, Washington 98101</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">206-505-4846</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="display: inline;">______________________________________________</span></pre>
```

(Name and address of agent for service)

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

Date of fiscal year end:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **September 30**

Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp; **May 13, 2025 to September 30, 2025**

**Item 1. Reports to Stockholders**

#### U.S. Small Cap Equity Active ETF<sup>Footnote Reference (a)</sup>

#### RUSC

#### NASDAQ
![Image](i4c430d88b1a6fc98479ab46e.jpg)

#### Annual Shareholder Report

#### September 30, 2025
![Image](idcd31a23fac4d058bd5ad25e.jpg)

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| U.S. Small Cap Equity Active ETF | $26<sup>Footnote Reference(b)</sup> | 0.64%<sup>Footnote Reference(b)</sup> |

---

# How did the Fund perform last year and what affected its performance?
* Since its inception on May 13, 2025 through September 30, 2025, the U.S. Small Cap Equity Active ETF (the "Fund") underperformed the Russell 2000<sup>®</sup> Index. The relative underperformance was primarily driven by stock selection and an underweight to the highest volatility and lowest quality names.

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

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

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

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

![Growth of 10K Chart](ic81de11cab9c47ff1c18e9e1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **U.S. Small Cap Equity Active ETF** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **5/13/2025** | 10000 | 10000 | 10000 |
| **2025** | 11364 | 11404 | 11658 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| U.S. Small Cap Equity Active ETF | 13.64% |
| Russell 3000<sup>®</sup> Index | 14.04% |
| Russell 2000<sup>®</sup> Index | 16.58% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $39914 |
| Total Number of Portfolio Holdings | 497 |
| Total Advisory Fees Paid (thousands) | $68 |
| Portfolio Turnover Rate | 30% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7968fb0426032ad7aa189fdd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.4% |
| Common Stocks | 99.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i80a4df0e48a39d4d496d3adf.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Effective October 1, 2025, the U.S. Small Cap Equity Active ETF was renamed the Russell Investments U.S. Small Cap Equity ETF. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](ie32a5dffe3226e20635625f8.jpg)

#### U.S. Small Cap Equity Active ETF<sup>Footnote Reference (a)</sup>
![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF](i129554580cb0324f75179b2d.jpg)

RUSC

Annual Shareholder Report

NASDAQ

September 30, 2025

#### International Developed Equity Active ETF<sup>Footnote Reference (a)</sup>

#### RINT

#### NASDAQ
![Image](i4c430d88b1a6fc98479ab46e.jpg)

#### Annual Shareholder Report

#### September 30, 2025
![Image](idcd31a23fac4d058bd5ad25e.jpg)

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| International Developed Equity Active ETF | $20<sup>Footnote Reference(b)</sup> | 0.49%<sup>Footnote Reference(b)</sup> |

---

# How did the Fund perform last year and what affected its performance?
* Since its inception on May 13, 2025 through September 30, 2025, the International Developed Equity Active ETF (the "Fund") underperformed the MSCI World ex USA Index (Net). 

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

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

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

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

![Growth of 10K Chart](i26df7a8cd3a7a2fe8990230b.jpg)

---

| | | |
|:---|:---|:---|
| | **International Developed Equity Active ETF** | **MSCI World ex USA Index (Net)** |
| **5/13/2025** | 10000 | 10000 |
| **2025** | 11044 | 11097 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $102984 |
| Total Number of Portfolio Holdings | 349 |
| Total Advisory Fees Paid (thousands) | $145 |
| Portfolio Turnover Rate | 28% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idfce23398577b7feb014380f.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic3752f9631572b688bd185b4.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Effective October 1, 2025, the International Developed Equity Active ETF was renamed the Russell Investments International Developed Equity ETF. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](ie32a5dffe3226e20635625f8.jpg)

#### International Developed Equity Active ETF<sup>Footnote Reference (a)</sup>
![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF](i129554580cb0324f75179b2d.jpg)

RINT

Annual Shareholder Report

NASDAQ

September 30, 2025

#### Global Equity Active ETF<sup>Footnote Reference (a)</sup>

#### RGLO

#### NASDAQ
![Image](i4c430d88b1a6fc98479ab46e.jpg)

#### Annual Shareholder Report

#### September 30, 2025
![Image](idcd31a23fac4d058bd5ad25e.jpg)

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Global Equity Active ETF | $18<sup>Footnote Reference(b)</sup> | 0.49%<sup>Footnote Reference(b)</sup> |

---

# How did the Fund perform last year and what affected its performance?
* Since its inception on May 29, 2025 through September 30, 2025, the Global Equity Active ETF (the "Fund") outperformed the MSCI World Index (Net). 

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

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

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

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

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

![Growth of 10K Chart](iebe8597948b4ca72fd4b862c.jpg)

---

| | | |
|:---|:---|:---|
| | **Global Equity Active ETF** | **MSCI World Index (Net)** |
| **5/29/2025** | 10000 | 10000 |
| **2025** | 11227 | 11194 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Global Equity Active ETF | 12.27% |
| MSCI World Index (Net) | 11.94% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $230747 |
| Total Number of Portfolio Holdings | 429 |
| Total Advisory Fees Paid (thousands) | $325 |
| Portfolio Turnover Rate | 24% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ica11741455c866d1517561c2.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i77c68c75d5ca99db36d8755a.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Effective October 1, 2025, the Global Equity Active ETF was renamed the Russell Investments Global Equity ETF. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](ie32a5dffe3226e20635625f8.jpg)

#### Global Equity Active ETF<sup>Footnote Reference (a)</sup>
![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF](i129554580cb0324f75179b2d.jpg)

RGLO

Annual Shareholder Report

NASDAQ

September 30, 2025

#### Emerging Markets Equity Active ETF<sup>Footnote Reference (a)</sup>

#### REMG

#### NASDAQ
![Image](i4c430d88b1a6fc98479ab46e.jpg)

#### Annual Shareholder Report

#### September 30, 2025
![Image](idcd31a23fac4d058bd5ad25e.jpg)

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Emerging Markets Equity Active ETF | $24<sup>Footnote Reference(b)</sup> | 0.64%<sup>Footnote Reference(b)</sup> |

---

# How did the Fund perform last year and what affected its performance?
* Since its inception on May 29, 2025 through September 30, 2025, the Emerging Markets Equity Active ETF (the "Fund") outperformed the MSCI Emerging Markets Index (Net). The relative outperformance was primarily driven by strong stock selection and favorable country allocation.

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

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

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

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

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

![Growth of 10K Chart](i661f87310956cbb9fd879157.jpg)

---

| | | |
|:---|:---|:---|
| | **Emerging Markets Equity Active ETF** | **MSCI Emerging Markets Index (Net)** |
| **5/29/2025** | 10000 | 10000 |
| **2025** | 11675 | 11603 |

---

# Annual Fund Performance\*

---

| | |
|:---|:---|
| | **Since Inception** |
| Emerging Markets Equity Active ETF | 16.75% |
| MSCI Emerging Markets Index (Net) | 16.03% |

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $68334 |
| Total Number of Portfolio Holdings | 365 |
| Total Advisory Fees Paid (thousands) | $131 |
| Portfolio Turnover Rate | 15% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iab72c578eafa487833b5d7b5.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i846cc3eec9546219dde2eded.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Effective October 1, 2025, the Emerging Markets Equity Active ETF was renamed the Russell Investments Emerging Markets Equity ETF. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](ie32a5dffe3226e20635625f8.jpg)

#### Emerging Markets Equity Active ETF<sup>Footnote Reference (a)</sup>
![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF](i129554580cb0324f75179b2d.jpg)

REMG

Annual Shareholder Report

NASDAQ

September 30, 2025

#### Global Infrastructure Active ETF<sup>Footnote Reference (a)</sup>

#### RIFR

#### NASDAQ
![Image](i4c430d88b1a6fc98479ab46e.jpg)

#### Annual Shareholder Report

#### September 30, 2025
![Image](idcd31a23fac4d058bd5ad25e.jpg)

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

# What were the Fund costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Global Infrastructure Active ETF | $23<sup>Footnote Reference(b)</sup> | 0.59%<sup>Footnote Reference(b)</sup> |

---

# How did the Fund perform last year and what affected its performance?
* Since its inception on May 13, 2025 through September 30, 2025, the Global Infrastructure Active ETF (the "Fund") underperformed the FTSE Developed Core Infrastructure 50/50 Index (Net).

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

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

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

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

![Growth of 10K Chart](ic6035be6a1c2220860ab701a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Infrastructure Active ETF** | **MSCI World Index (Net)** | **FTSE Developed Core Infrastructure 50/50 Index (Net)** |
| **5/13/2025** | 10000 | 10000 | 10000 |
| **2025** | 10687 | 11323 | 10802 |

---

# Annual Fund Performance\*

---

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

---

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

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $21005 |
| Total Number of Portfolio Holdings | 63 |
| Total Advisory Fees Paid (thousands) | $33 |
| Portfolio Turnover Rate | 24% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ied60794b158d2f1e1c88f62c.jpg)

---

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

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i6d9ed5dcaaf25711698c0a82.jpg)

---

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

---

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

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

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Effective October 1, 2025, the Global Infrastructure Active ETF was renamed the Russell Investments Global Infrastructure ETF. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Expenses are only for the period since inception and would be higher for a full reporting period. |

---

![Image](ie32a5dffe3226e20635625f8.jpg)

#### Global Infrastructure Active ETF<sup>Footnote Reference (a)</sup>
![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/russellinvestments?site=ETF](i129554580cb0324f75179b2d.jpg)

RIFR

Annual Shareholder Report

NASDAQ

September 30, 2025

**Item 2. Code of Ethics.** 

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

**Item 3. Audit Committee Financial Expert.** 

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

**Item 4. Principal Accountant Fees and Services.** 

**Audit Fees**

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

2025 $173,100

**Audit-Related Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Tax Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 $52,500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services

**All Other Fees**

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

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Russell Investment Company**

**Russell Investment Funds**

**Russell Investments Exchange Traded Funds**

**Russell Investments New Economy Infrastructure Fund**

**Russell Investments Strategic Credit Fund**

**(each an "Investment Company")**

**Audit and Non-Audit Services Pre-Approval Policy**

**Effective Date: April 1, 2025**

**I.&nbsp;&nbsp;&nbsp;&nbsp; Statement of Purpose.**

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

**II.&nbsp;&nbsp;&nbsp;&nbsp; Statement of Principles.** 

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

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

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

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

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

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

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

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

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

**III.&nbsp;&nbsp;&nbsp;&nbsp; Delegation.**

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

**IV.&nbsp;&nbsp;&nbsp;&nbsp; Audit Services.**

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

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

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

**V.&nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Services.**

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

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

**VI.&nbsp;&nbsp;&nbsp;&nbsp; Tax Services.**

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

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

**VII.&nbsp;&nbsp;&nbsp;&nbsp; All Other Services.**

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

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

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

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

(b) Financial information system design and implementation

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

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

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

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

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

**VIII.&nbsp;&nbsp;&nbsp;&nbsp; De Minimis Waiver.**

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

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

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

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

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

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

**IX.&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval Fee Levels or Budgeted Amounts.**

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

**X.&nbsp;&nbsp;&nbsp;&nbsp; Procedures**

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

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

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

**XI.&nbsp;&nbsp;&nbsp;&nbsp; Additional Requirements.** 

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

*Footnotes*

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

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

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

**Audit Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**Audit-Related Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**Tax Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**All Other Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

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

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

2025 $0

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

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

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

**Item 5. Audit Committee of Listed Registrants.** 

Not Applicable.

**Item 6. Schedules of Investments** 

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

(b) Not Applicable.

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

2025

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investments

Exchange

Traded

Funds

SEPTEMBER

30,

2025

vv

Effective

October

1,

2025,

the

U.S.

Small

Cap

Equity

Active

ETF

was

renamed

the

Russell

Investments

U.S.

Small

Cap

Equity

ETF.

Effective

October

1,

2025,

the

International

Developed

Equity

Active

ETF

was

renamed

the

Russell

Investments

International

Developed

Equity

ETF.

Effective

October

1,

2025,

the

Global

Equity

Active

ETF

was

renamed

the

Russell

Investments

Global

Equity

ETF.

Effective

October

1,

2025,

the

Emerging

Markets

Equity

Active

ETF

was

renamed

the

Russell

Investments

Emerging

Markets

Equity

ETF.

Effective

October

1,

2025,

the

Global

Infrastructure

Active

ETF

was

renamed

the

Russell

Investment

s

Global

Infrastructure

ETF.

FUND

U.S.

Small

Cap

Equity

Active

ETF

International

Developed

Equity

Active

ETF

Global

Equity

Active

ETF

Emerging

Markets

Equity

Active

ETF

Global

Infrastructure

Active

ETF

Russell

Investments

Exchange

Traded

Funds

Russell

Investments

Exchange

Traded

Funds

is

a

series

investment

company

with

five

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

each

of

these

Funds.

Page

U.S.

Small

Cap

Equity

Active

ETF

(Form

N-CSR

Item

7)

International

Developed

Equity

Active

ETF

(Form

N-CSR

Item

7)

Global

Equity

Active

ETF

(Form

N-CSR

Item

7)

Emerging

Markets

Equity

Active

ETF

(Form

N-CSR

Item

7)

Global

Infrastructure

Active

ETF

(Form

N-CSR

Item

7)

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

Report

of

Independent

Registered

Public

Accounting

Firm

Tax

Information

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

Basis

for

Approval

of

Investment

Advisory

Agreements

(Form

N-CSR

Item

11)

Adviser,

Money

Managers

and

Service

Providers

Russell

Investments

Exchange

Traded

Funds

Annual

Financial

Statements

and

Other

Information

September

30,

2025

Table

of

Contents

Russell

Investments

Exchange

Traded

Funds

Copyright©

Russell

Investments

2025. All

rights

reserved.

Russell

Investments'

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments'

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

"FTSE

RUSSELL"

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Russell

Investments

Exchange

Traded

Funds

are

distributed

by

Foreside

Fund

Services,

LLC. Indices

and

benchmarks

are

unmanaged

and

cannot

be

invested

in

directly.

Returns

represent

past

performance,

are

not

a

guarantee

of

future

performance,

and

are

not

indicative

of

any

specific

investment.

Index

return

information

is

provided

by

vendors

and

although

deemed

reliable,

is

not

guaranteed

by

Russell

Investments

or

its

affiliates.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Current

to

the

most

recent

month-end

performance

for

Russell

Investments

Exchange

Traded

Funds

is

available

by

visiting

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

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.6%
Consumer

Discretionary

-

12.8%

Academy

Sports

&

Outdoors,

Inc.

1,252

Adtalem

Global

Education,

Inc.(Æ)

635

Advance

Auto

Parts,

Inc.

1,621

Advanced

Energy

Industries,

Inc.

598

American

Eagle

Outfitters,

Inc.

8,832

API

Group

Corp.(Æ)

1,515

Atmus

Filtration

Technologies,

Inc.

2,976

Axon

Enterprise,

Inc.(Æ)

Boot

Barn

Holdings,

Inc.(Æ)

638

Brilliant

Earth

Group,

Inc.

Class

A

23,127

Brunswick

Corp.

1,477

Cadre

Holdings,

Inc.

1,754

Caleres

,

Inc.

5,429

Cavco

Industries,

Inc.(Æ)

Celestica,

Inc.(Æ)

Dana

Holding

Corp.

4,640

Douglas

Dynamics,

Inc.

2,622

Driven

Brands

Holdings,

Inc.(Æ)

2,766

First

Watch

Restaurant

Group,

Inc.(Æ)

7,320

FirstCash

Holdings,

Inc.

Five

Below,

Inc.(Æ)

585

Genesco,

Inc.(Æ)

3,005

Genius

Sports,

Ltd.(Æ)

9,145

G-III

Apparel

Group,

Ltd.(Æ)

2,494

Golden

Entertainment,

Inc.

2,638

Gray

Media,

Inc.

22,729

Green

Brick

Partners,

Inc.(Æ)

1,037

Haverty

Furniture

Cos.,

Inc.

3,187

Karman

Holdings,

Inc.(Æ)

1,155

Kura

Sushi

USA,

Inc.

Class

A(Æ)

868

Lear

Corp.

693

Legacy

Education,

Inc.(Æ)

5,426

Leonardo

DRS,

Inc.

800

Liberty

Latin

America,

Ltd.

Class

C(Æ)

12,261

Life

Time

Group

Holdings,

Inc.(Æ)

2,614

Lincoln

Educational

Services

Corp.(Æ)

2,831

Magnite

,

Inc.(Æ)

4,654

Marriott

Vacations

Worldwide

Corp.

1,013

Matthews

International

Corp.

Class

A

2,717

Meritage

Homes

Corp.

659

Newell

Brands,

Inc.

10,900

Nexstar

Media

Group,

Inc.

Class

A

OneSpaWorld

Holdings,

Ltd.

5,372

Papa

John's

International,

Inc.

2,257

Patrick

Industries,

Inc.

593

Potbelly

Corp.(Æ)

2,046

PriceSmart

,

Inc.

553

QuinStreet

,

Inc.(Æ)

3,473

Reservoir

Media,

Inc.(Æ)

6,264

Rush

Street

Interactive,

Inc.(Æ)

7,164

Scholastic

Corp.

2,226

SharkNinja

,

Inc.(Æ)

Signet

Jewelers,

Ltd.

910

Sonic

Automotive,

Inc.

Class

A

626

Strata

Critical

Medical,

Inc.(Æ)

16,924

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Stride,

Inc.(Æ)

Super

Group

SGHC,

Ltd.

5,909

Taylor

Morrison

Home

Corp.

Class

A(Æ)

1,587

Texas

Roadhouse,

Inc.

Class

A

Thor

Industries,

Inc.

634

Tri

Pointe

Homes,

Inc.(Æ)

2,465

United

Parks

&

Resorts,

Inc.(Æ)

1,279

Wingstop

,

Inc.

Winmark

Corp.

Winnebago

Industries,

Inc.

3,110

Wolverine

World

Wide,

Inc.

3,993

Wyndham

Hotels

&

Resorts,

Inc.

533

5,115

Consumer

Staples

-

2.1%

Beauty

Health

Co.

(The)(Æ)

33,173

Calavo

Growers,

Inc.

3,443

Chefs'

Warehouse,

Inc.

(The)(Æ)

1,036

J

&

J

Snack

Foods

Corp.

Marzetti

Co.(The)

National

Vision

Holdings,

Inc.(Æ)

3,920

Nomad

Foods,

Ltd.

764

Quanex

Building

Products

Corp.

2,765

Sprouts

Farmers

Market,

Inc.(Æ)

Utz

Brands,

Inc.

4,354

Vita

Coco

Co.,

Inc.

(The)(Æ)

2,012

Vital

Farms,

Inc.(Æ)

1,850

Warby

Parker,

Inc.

Class

A(Æ)

3,143

Co.

858

Energy

-

3.7%

Aris

Water

Solutions,

Inc.

Class

A

3,373

Delek

US

Holdings,

Inc.

873

DNOW,

Inc.(Æ)

3,970

HF

Sinclair

Corp.

1,359

Liberty

Energy,

Inc.

Class

A

3,752

Matador

Resources

Co.

1,110

Matrix

Service

Co.(Æ)

3,743

National

Energy

Services

Reunited

Corp.

(Æ)

11,916

NPK

International,

Inc.(Æ)

16,429

Oceaneering

International,

Inc.(Æ)

3,803

Patterson-UTI

Energy,

Inc.

10,072

Select

Water

Solutions,

Inc.

Class

A

17,137

SM

Energy

Co.

2,253

Solaris

Energy

Infrastructure,

Inc.

Class

A

2,489

TechnipFMC

PLC

2,084

TETRA

Technologies,

Inc.(Æ)

16,201

Warrior

Met

Coal,

Inc.

943

World

Kinect

Corp.

1,647

1,460

Financial

Services

-

21.1%

Air

Lease

Corp.

Class

A

1,401

Ally

Financial,

Inc.

2,265

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alpine

Income

Property

Trust,

Inc.(ö)

4,206

Americold

Realty

Trust,

Inc.(ö)

2,392

Ameris

Bancorp

946

Atlanticus

Holdings

Corp.(Æ)

1,062

Axis

Capital

Holdings,

Ltd.

876

Banc

of

California,

Inc.

4,721

Banco

Latinoamericano

de

Comercio

Exterior

SA

Class

E

1,441

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

1,087

Bank7

Corp.

1,179

BankUnited

,

Inc.

1,709

BGC

Group,

Inc.

Class

A

9,471

Bread

Financial

Holdings,

Inc.

1,393

Brixmor

Property

Group,

Inc.(ö)

2,452

Broadstone

Net

Lease,

Inc.(ö)

4,044

Business

First

Bancshares,

Inc.

4,232

Cadence

Bank

2,116

Camden

Property

Trust(ö)

Cannae

Holdings,

Inc.

2,532

Capital

Bancorp,

Inc.

1,834

Capital

City

Bank

Group,

Inc.

1,700

CareTrust

REIT,

Inc.(ö)

1,602

CNO

Financial

Group,

Inc.

2,015

Cohen

&

Steers,

Inc.

977

Community

Financial

System,

Inc.

1,444

Community

Healthcare

Trust,

Inc.(ö)

4,419

Compass,

Inc.

Class

A(Æ)

8,440

Corebridge

Financial,

Inc.

1,465

CTO

Realty

Growth,

Inc.(ö)

5,995

Cullen/Frost

Bankers,

Inc.

Dave,

Inc.(Æ)

Dime

Community

Bancshares,

Inc.

2,777

Enterprise

Financial

Services

Corp.

1,214

Esquire

Financial

Holdings,

Inc.

655

Everest

Group,

Ltd.

EZCORP,

Inc.

Class

A(Æ)

3,291

FB

Financial

Corp.

1,179

Federal

Agricultural

Mortgage

Corp.

Class

C

First

BanCorp

3,387

First

Commonwealth

Financial

Corp.

3,553

First

Community

Corp.

2,391

First

Industrial

Realty

Trust,

Inc.(ö)

1,222

First

Mid

Bancshares,

Inc.

1,833

Genworth

Financial,

Inc.

Class

A(Æ)

9,172

German

American

Bancorp,

Inc.

2,033

Getty

Realty

Corp.(ö)

2,627

Glacier

Bancorp,

Inc.

2,094

Globe

Life,

Inc.

623

Guaranty

Bancshares,

Inc.

1,450

Hamilton

Lane,

Inc.

Class

A

Hanover

Insurance

Group,

Inc.

(The)

Heritage

Financial

Corp.

3,863

Hilltop

Holdings,

Inc.

2,040

Home

BancShares

,

Inc.

3,157

Horizon

Bancorp,

Inc.

4,178

Houlihan

Lokey

,

Inc.

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Howard

Hughes

Holdings,

Inc.(Æ)

878

Independent

Bank

Corp.

3,384

InvenTrust

Properties

Corp.(ö)

1,989

Jackson

Financial,

Inc.

Class

A

1,171

Kemper

Corp.

580

Lakeland

Financial

Corp.

1,048

Lazard,

Inc.

1,320

Legacy

Housing

Corp.(Æ)

2,996

LendingTree

,

Inc.(Æ)

1,759

Marcus

&

Millichap,

Inc.

2,734

Metropolitan

Bank

Holding

Corp.

1,179

National

Bank

Holdings

Corp.

Class

A

1,798

NBT

Bancorp,

Inc.

1,940

NETSTREIT

Corp.(ö)

7,557

Newmark

Group,

Inc.

Class

A

6,988

NexPoint

Residential

Trust,

Inc.(ö)

2,308

Northeast

Bank

786

Northpointe

Bancshares,

Inc.

3,772

OceanFirst

Financial

Corp.

3,573

OFG

Bancorp

2,004

Old

Republic

International

Corp.

537

OP

Bancorp

3,428

Oppenheimer

Holdings,

Inc.

Class

A

824

Origin

Bancorp,

Inc.

1,834

Perella

Weinberg

Partners

5,273

Piper

Sandler

Cos.

Popular,

Inc.

503

PotlatchDeltic

Corp.(ö)

3,461

Prosperity

Bancshares,

Inc.

1,322

Rayonier,

Inc.(ö)

3,006

Reinsurance

Group

of

America,

Inc.

Class

A

556

Renasant

Corp.

2,472

Ryman

Hospitality

Properties,

Inc.(ö)

892

Seacoast

Banking

Corp.

of

Florida

3,058

Selective

Insurance

Group,

Inc.

789

Selectquote

,

Inc.(Æ)

37,845

ServisFirst

Bancshares,

Inc.

1,021

SmartFinancial

,

Inc.

1,834

South

Plains

Financial,

Inc.

1,703

Stewart

Information

Services

Corp.

786

Stock

Yards

Bancorp,

Inc.

887

StoneX

Group,

Inc.(Æ)

866

Synovus

Financial

Corp.

814

Tanger

,

Inc.(ö)

2,218

Terreno

Realty

Corp.(ö)

1,498

Texas

Capital

Bancshares,

Inc.(Æ)

815

Towne

Bank

1,853

TriCo

Bancshares

1,673

Triumph

Financial,

Inc.(Æ)

1,323

UL

Solutions,

Inc.

Class

A

663

UMH

Properties,

Inc.(ö)

4,952

Walker

&

Dunlop,

Inc.

858

Webster

Financial

Corp.

1,173

WesBanco

,

Inc.

2,358

Xenia

Hotels

&

Resorts,

Inc.(ö)

8,434

8,413

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Health

Care

-

16.4%

ADMA

Biologics,

Inc.(Æ)

10,197

Akero

Therapeutics,

Inc.(Æ)

1,095

Aldeyra

Therapeutics,

Inc.(Æ)

14,663

Alector

,

Inc.(Æ)

21,990

Alphatec

Holdings,

Inc.(Æ)

5,157

AnaptysBio

,

Inc.(Æ)

3,285

ANI

Pharmaceuticals,

Inc.(Æ)

1,727

Arcellx

,

Inc.(Æ)

1,339

Artivion

,

Inc.(Æ)

2,380

Arvinas

,

Inc.(Æ)

8,824

Avidity

Biosciences,

Inc.(Æ)

3,131

BioCryst

Pharmaceuticals,

Inc.(Æ)

5,234

BioLife

Solutions,

Inc.(Æ)

2,828

Blueprint

Medicines

Corp.(Æ)(Š)

—

Bridgebio

Pharma,

Inc.(Æ)

2,615

CareDx

,

Inc.(Æ)

2,834

Chemed

Corp.

Corcept

Therapeutics,

Inc.(Æ)

862

Crinetics

Pharmaceuticals,

Inc.(Æ)

2,105

Cytokinetics,

Inc.(Æ)

3,124

Dentsply

Sirona,

Inc.

7,471

Encompass

Health

Corp.

Enovis

Corp.

Class

W(Æ)

2,416

Ensign

Group,

Inc.

(The)

781

Exelixis

,

Inc.(Æ)

797

GeneDx

Holdings

Corp.(Æ)

827

Guardant

Health,

Inc.(Æ)

1,742

Halozyme

Therapeutics,

Inc.(Æ)

2,005

HealthEquity

,

Inc.(Æ)

1,032

Indivior

PLC(Æ)

4,633

Innoviva

,

Inc.(Æ)

2,046

Insmed

,

Inc.(Æ)

1,320

iRadimed

Corp.

1,778

iRhythm

Technologies,

Inc.(Æ)

620

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

47,711

Joint

Corp.

(The)(Æ)

4,976

Keros

Therapeutics,

Inc.(Æ)

3,797

Kodiak

Sciences,

Inc.(Æ)

7,246

Krystal

Biotech,

Inc.(Æ)

505

Kura

Oncology,

Inc.(Æ)

7,768

LeMaitre

Vascular,

Inc.

1,629

LifeStance

Health

Group,

Inc.(Æ)

12,378

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

1,330

Madrigal

Pharmaceuticals,

Inc.(Æ)

Medpace

Holdings,

Inc.(Æ)

Merit

Medical

Systems,

Inc.(Æ)

669

Mirum

Pharmaceuticals,

Inc.(Æ)

2,154

Moderna

,

Inc.(Æ)

2,649

Natera

,

Inc.(Æ)

Neurocrine

Biosciences,

Inc.(Æ)

Nuvalent

,

Inc.

Class

A(Æ)

1,083

Pennant

Group,

Inc.

(The)(Æ)

2,654

Perrigo

Co.

PLC

1,706

Phibro

Animal

Health

Corp.

Class

A

2,754

Phreesia

,

Inc.(Æ)

2,022

PTC

Therapeutics,

Inc.(Æ)

2,715

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

1,411

RadNet

,

Inc.(Æ)

1,557

Revolution

Medicines,

Inc.(Æ)

1,997

Rhythm

Pharmaceuticals,

Inc.(Æ)

1,146

Sarepta

Therapeutics,

Inc.(Æ)

4,044

Scholar

Rock

Holding

Corp.(Æ)

1,824

SI-BONE,

Inc.(Æ)

4,212

Tarsus

Pharmaceuticals,

Inc.(Æ)

1,484

Teleflex,

Inc.

TG

Therapeutics,

Inc.(Æ)

2,459

Travere

Therapeutics,

Inc.(Æ)

3,737

UFP

Technologies,

Inc.(Æ)

US

Physical

Therapy,

Inc.

778

Vera

Therapeutics,

Inc.(Æ)

2,522

Waystar

Holding

Corp.(Æ)

1,319

Zimvie

,

Inc.(Æ)

5,710

6,537

Materials

and

Processing

-

7.4%

AAON,

Inc.

567

Acuity,

Inc.

AdvanSix

,

Inc.

1,687

Ashland,

Inc.

1,295

Avient

Corp.

1,933

Boise

Cascade

Co.

659

BrightView

Holdings,

Inc.

2,907

Cabot

Corp.

1,094

Carpenter

Technology

Corp.

Century

Aluminum

Co.(Æ)

2,711

Coeur

Mining,

Inc.(Æ)

10,713

Commercial

Metals

Co.

1,964

Constellium

SE(Æ)

5,884

Crown

Holdings,

Inc.

Ferroglobe

PLC

19,717

Gibraltar

Industries,

Inc.(Æ)

1,433

Greif,

Inc.

Class

A

861

Huntsman

Corp.

5,719

Ingevity

Corp.(Æ)

1,872

Karat

Packaging,

Inc.

2,293

Knife

River

Corp.(Æ)

964

Louisiana-Pacific

Corp.

648

Magnera

Corp.(Æ)

4,487

Masterbrand,

Inc.(Æ)

5,689

Mativ

Holdings,

Inc.

9,611

MDU

Resources

Group,

Inc.

5,536

Metallus

,

Inc.(Æ)

4,539

Modine

Manufacturing

Co.(Æ)

561

MRC

Global,

Inc.(Æ)

4,610

Myers

Industries,

Inc.

5,224

Quaker

Chemical

Corp.

652

ScanSource

,

Inc.(Æ)

1,850

Sonoco

Products

Co.

1,297

SSR

Mining,

Inc.(Æ)

2,447

Stepan

Co.

1,214

TriMas

Corp.

3,050

UFP

Industries,

Inc.

893

VSE

Corp.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Watsco

,

Inc.

Worthington

Steel,

Inc.

2,262

2,943

Producer

Durables

-

17.7%

ABM

Industries,

Inc.

1,588

Aebi

Schmidt

Holding

AG

9,435

ArcBest

Corp.

783

Arcosa

,

Inc.

1,018

Ardmore

Shipping

Corp.

6,351

Argan

,

Inc.

673

Astec

Industries,

Inc.

1,572

Bowman

Consulting

Group,

Ltd.(Æ)

2,646

Casella

Waste

Systems,

Inc.

Class

A(Æ)

CECO

Environmental

Corp.(Æ)

2,338

Champion

Homes,

Inc.(Æ)

760

Chart

Industries,

Inc.(Æ)

CompoSecure

,

Inc.

Class

A(Æ)

4,487

Covenant

Logistics

Group,

Inc.

Class

A

5,164

CRA

International,

Inc.

Crane

Co.

Deluxe

Corp.

5,374

DHT

Holdings,

Inc.

4,732

Donaldson

Co.,

Inc.

762

Ducommun,

Inc.(Æ)

815

Dycom

Industries,

Inc.(Æ)

EnerSys

1,120

ESCO

Technologies,

Inc.

Everus

Construction

Group,

Inc.(Æ)

1,339

Federal

Signal

Corp.

1,028

Flowserve

Corp.

1,066

Fluor

Corp.(Æ)

2,550

Frontdoor

,

Inc.(Æ)

1,490

FTAI

Aviation,

Ltd.

622

FTI

Consulting,

Inc.(Æ)

519

Gorman-Rupp

Co.

(The)

1,747

Graco

,

Inc.

896

GXO

Logistics,

Inc.(Æ)

1,164

Helios

Technologies,

Inc.

3,525

Hillman

Solutions

Corp.(Æ)

6,118

Hyster

-Yale,

Inc.

1,575

I3

Verticals,

Inc.

Class

A(Æ)

4,091

Insperity

,

Inc.

543

Kennametal,

Inc.

5,098

Kforce

,

Inc.

4,097

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

1,955

Landstar

System,

Inc.

LCI

Industries

655

Limbach

Holdings,

Inc.(Æ)

Lovesac

Co.

(The)(Æ)

3,626

Luxfer

Holdings

PLC

5,640

Mama's

Creations,

Inc.(Æ)

10,234

Marten

Transport,

Ltd.

7,080

MasTec

,

Inc.(Æ)

554

Materion

Corp.

739

Maximus,

Inc.

1,030

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mercury

Systems,

Inc.(Æ)

1,337

Mesa

Laboratories,

Inc.

835

MillerKnoll

,

Inc.

5,005

MSA

Safety,

Inc.

MSC

Industrial

Direct

Co.,

Inc.

Class

A

655

Mueller

Industries,

Inc.

661

MYR

Group,

Inc.(Æ)

504

Orion

Group

Holdings,

Inc.(Æ)

6,567

Park

Aerospace

Corp.

5,248

Phinia

,

Inc.

2,113

Powell

Industries,

Inc.

Primoris

Services

Corp.

1,027

Resources

Connection,

Inc.

10,729

Robert

Half,

Inc.

2,153

RXO,

Inc.(Æ)

4,183

Ryder

System,

Inc.

Schneider

National,

Inc.

Class

B

2,343

Scorpio

Tankers,

Inc.

1,727

Scotts

Miracle-

Gro

Co.

(The)

Class

A

711

Standex

International

Corp.

Steelcase,

Inc.

Class

A

3,805

Sterling

Infrastructure,

Inc.(Æ)

Sun

Country

Airlines

Holdings,

Inc.(Æ)

5,310

TAT

Technologies,

Ltd.(Æ)

2,175

Teekay

Tankers,

Ltd.

Class

A

1,441

Tennant

Co.

1,021

Tetra

Tech,

Inc.

1,418

TriNet

Group,

Inc.

891

Tutor

Perini

Corp.(Æ)

1,842

UniFirst

Corp.

V2X,

Inc.(Æ)

878

Werner

Enterprises,

Inc.

3,636

7,079

Technology

-

15.1%

8x8,

Inc.(Æ)

42,346

Agilysys

,

Inc.(Æ)

677

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

3,049

Ambarella

,

Inc.(Æ)

1,179

Amentum

Holdings,

Inc.(Æ)

1,700

Angi

,

Inc.(Æ)

5,078

Appfolio

,

Inc.

Class

A(Æ)

AvePoint

,

Inc.(Æ)

1,657

Bandwidth,

Inc.

Class

A(Æ)

4,227

Calix,

Inc.(Æ)

1,988

Cargurus

,

Inc.(Æ)

2,461

Cars.com,

Inc.(Æ)

4,753

Clear

Secure,

Inc.

Class

A

2,753

Clearfield,

Inc.(Æ)

1,489

Coherent

Corp.(Æ)

547

Commerce.com,

Inc.(Æ)

13,621

Commvault

Systems,

Inc.(Æ)

Concentrix

Corp.

929

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

3,673

Crane

NXT

Co.

1,899

Credo

Technology

Group

Holding,

Ltd.(Æ)

1,683

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Diebold

Nixdorf,

Inc.(Æ)

818

DigitalOcean

Holdings,

Inc.(Æ)

1,814

Diodes,

Inc.(Æ)

1,370

Dropbox,

Inc.

Class

A(Æ)

1,829

DXC

Technology

Co.(Æ)

3,768

Eventbrite,

Inc.

Class

A(Æ)

20,562

Extreme

Networks,

Inc.(Æ)

5,286

Guidewire

Software,

Inc.(Æ)

Inspired

Entertainment,

Inc.(Æ)

6,976

IonQ

,

Inc.(Æ)

3,111

Jabil,

Inc.

557

KBR,

Inc.

1,451

Kulicke

&

Soffa

Industries,

Inc.

2,062

Kyndryl

Holdings,

Inc.(Æ)

2,146

Lumentum

Holdings,

Inc.

Class

E(Æ)

991

Lyft,

Inc.

Class

A(Æ)

3,658

Manhattan

Associates,

Inc.(Æ)

Maplebear

,

Inc.(Æ)

1,591

Marqeta

,

Inc.

Class

A(Æ)

10,728

Match

Group,

Inc.

2,003

Napco

Security

Technologies,

Inc.

3,068

nCino

,

Inc.(Æ)

2,893

NCR

Atleos

Corp.(Æ)

1,066

NCR

Voyix

Corp.(Æ)

6,567

Nutanix

,

Inc.

Class

A(Æ)

1,281

NVE

Corp.

1,091

OneSpan

,

Inc.

3,379

Ouster,

Inc.(Æ)

3,792

PDF

Solutions,

Inc.(Æ)

4,115

Pegasystems

,

Inc.

2,544

Porch

Group,

Inc.(Æ)

5,775

Power

Integrations,

Inc.

Rambus,

Inc.(Æ)

1,441

Red

Violet,

Inc.

1,725

Ribbon

Communications,

Inc.(Æ)

19,592

Riskified

,

Ltd.

Class

A(Æ)

13,750

Roku,

Inc.(Æ)

887

Semtech

Corp.(Æ)

1,630

Silicon

Laboratories,

Inc.(Æ)

Silicon

Motion

Technology

Corp.

-

ADR

1,287

SiTime

Corp.(Æ)

Sonos

,

Inc.(Æ)

5,911

Teradata

Corp.(Æ)

2,945

Tower

Semiconductor,

Ltd.(Æ)

915

UiPath

,

Inc.

Class

A(Æ)

5,907

Verint

Systems,

Inc.(Æ)

3,519

Vimeo,

Inc.(Æ)

11,693

Vishay

Intertechnology

,

Inc.

7,490

Workiva

,

Inc.(Æ)

878

Zeta

Global

Holdings

Corp.

Class

A(Æ)

4,471

6,035

Utilities

-

3.3%

Artesian

Resources

Corp.

Class

A

1,869

Avista

Corp.

1,488

BKV

Corp.(Æ)

2,404

Black

Hills

Corp.

1,318

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Brookfield

Infrastructure

Corp.

Class

A

1,940

California

Resources

Corp.

1,748

Chesapeake

Utilities

Corp.

514

Excelerate

Energy,

Inc.

Class

A

3,707

Gulfport

Energy

Corp.(Æ)

IDACORP,

Inc.

Lumen

Technologies,

Inc.(Æ)

21,840

Magnolia

Oil

&

Gas

Corp.

Class

A

3,683

Northern

Oil

&

Gas,

Inc.

1,417

Northwestern

Energy

Group,

Inc.

1,484

Permian

Resources

Corp.

2,832

Portland

General

Electric

Co.

2,132

RGC

Resources,

Inc.

2,584

Spire,

Inc.

936

UGI

Corp.

1,307

#### Total

#### Common

#### Stocks
(cost

$35,909)

39,747

#### Short-Term

#### Investments

#### -

#### 0.4%
U.S.

Cash

Management

Fund(@)

156,740

(∞)

#### Total

#### Short-Term

#### Investments
(cost

$157)

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$36,066)

39,904

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.0%

#### Net

#### Assets

#### -

#### 100.0%
39,914

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

5,115

$

—

$

—

$

—

$

5,115

Consumer

Staples

858

—

—

—

858

Energy

1,460

—

—

—

1,460

Financial

Services

8,413

—

—

—

8,413

Health

Care

6,537

—

—

—

6,537

Materials

and

Processing

2,943

—

—

—

2,943

Producer

Durables

7,079

—

—

—

7,079

Technology

6,035

—

—

—

6,035

Utilities

1,307

—

—

—

1,307

Short-Term

Investments

—

—

—

Total

Investments

$

39,747

$

—

$

—

$

$

39,904

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

September

30,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### September

#### 30,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

36,066

Investments,

at

fair

value(>)

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

39,904

Receivables:

Dividends

and

interest

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

Total

assets

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

39,934

#### Liabilities
Payables:

Accrued

fees

to

affiliates

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

39,914

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

3,570

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

36,331

#### Net

#### Assets

#### ...............................................................................................................................................................
$

39,914

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

30.38 Net

assets

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

$

39,913,744

Shares

outstanding

($.01

par

value)

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

1,314,000

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

Dividends

from

affiliated

funds

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

Total

investment

income

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

#### Expenses
Advisory

fees

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

Expenses

before

reductions

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

Expense

reductions

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

(5) Net

expenses

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

Net

investment

income

(loss)

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

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(374) In-kind

redemptions

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

Net

realized

gain

(loss)

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

(198) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

3,838

Net

change

in

unrealized

appreciation

(depreciation)

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

3,838

Net

realized

and

unrealized

gain

(loss)

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

3,640

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

3,747

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025. #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

Net

realized

gain

(loss)

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

(198) Net

change

in

unrealized

appreciation

(depreciation)

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

3,838

Net

increase

(decrease)

in

net

assets

from

operations

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

3,747

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

36,167

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
39,914

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

39,914

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Shares

created

1,414

$

38,995

Shares

redeemed

(100) (2,828)

Total

increase

(decrease)

1,314

$

36,167

(1) For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### 09/30/25
(ſ)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

.

Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

.

$

Total

from

Investment

Operations

.

$

Net

Asset

Value,

End

of

Period

30.38 %

Total

Return

(ǿ)

13.64 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 39,914

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.69

%

Expenses,

Net

(Ƃ)(ɯ)

.64

%

Net

Investment

Income

(Ƃ)(ɯ)

1.10 %

Portfolio

Turnover

Rate

(ǿ)(Ω)

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### U.S.

#### Small

#### Cap

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Active

ETF

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$20,483.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

—

$

$

$

—

$

—

$

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

36,062,308

$

4,557,861

$

(716,014)

$

3,841,847

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

101,861

$

(373,599)

$

3,841,846

$

—

$

—

$

3,570,108

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### September

#### 30,

#### 2025

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

—

$

—

$

—

Total

distributable

earnings

(losses)

$

(177)

Additional

paid-in

capital

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 98.8%
Australia

-

3.0%

Aristocrat

Leisure,

Ltd.

8,533

BHP

Group,

Ltd.

17,209

BlueScope

Steel,

Ltd.

19,316

Brambles,

Ltd.

23,858

Cochlear,

Ltd.

—

Commonwealth

Bank

of

Australia

5,013

554

Computershare,

Ltd.

9,474

JB

Hi-Fi,

Ltd.

—

National

Australia

Bank,

Ltd.

12,973

Qantas

Airways,

Ltd.

—

Santos,

Ltd.

10,538

Sigma

Healthcare,

Ltd.

34,388

Westpac

Banking

Corp.

7,636

3,033

Austria

-

0.7%

Erste

Group

Bank

AG

4,601

Mondi

PLC

10,273

Verbund

AG

Class

A

1,305

686

Belgium

-

0.4%

Ageas

SA

2,582

Anheuser-Busch

InBev

SA

3,097

Proximus

SADP

9,991

Brazil

-

1.0%

Ambev

SA

81,619

Banco

Bradesco

SA

-

ADR

35,261

Lojas

Renner

SA(Æ)

47,181

MercadoLibre

,

Inc.(Æ)

Telefonica

Brasil

SA(Æ)

34,796

Wheaton

Precious

Metals

Corp.

2,729

1,070

Canada

-

8.4%

Agnico

Eagle

Mines,

Ltd.

2,479

ARC

Resources,

Ltd.

8,242

Bank

of

Montreal

3,031

Bank

of

Nova

Scotia

(The)

4,700

Barrick

Mining

Corp.

13,739

Brookfield

Asset

Management,

Inc.

Class

A

—

Brookfield

Corp.

5,122

Canadian

Imperial

Bank

of

Commerce

4,516

Canadian

National

Railway

Co.

1,254

Canadian

Natural

Resources,

Ltd.

11,512

Canadian

Pacific

Kansas

City,

Ltd.

2,621

Constellation

Software,

Inc.

Dollarama

,

Inc.

1,505

Emera

,

Inc.

—

Enbridge,

Inc.

5,839

Fairfax

Financial

Holdings,

Ltd.

Intact

Financial

Corp.

602

Kinross

Gold

Corp.

13,964

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Loblaw

Cos.,

Ltd.

4,434

Magna

International,

Inc.

Class

A

6,945

Manulife

Financial

Corp.

9,572

National

Bank

of

Canada

1,799

Restaurant

Brands

International,

Inc.

—

Royal

Bank

of

Canada

4,792

706

Shopify,

Inc.

Class

A(Æ)

5,389

801

Stantec

,

Inc.

2,645

Sun

Life

Financial,

Inc.

3,913

Suncor

Energy,

Inc.

7,369

TC

Energy

Corp.

3,142

Thomson

Reuters

Corp.

825

TMX

Group,

Ltd.

3,091

Toronto-Dominion

Bank

(The)

5,648

8,665

China

-

1.6%

Alibaba

Group

Holding,

Ltd.

15,700

Tencent

Holdings,

Ltd.

10,200

869

Trip.com

Group,

Ltd.

-

ADR

5,581

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,647

Denmark

-

2.2%

AP

Moller

-

Maersk

A/S

Class

A

AP

Moller

-

Maersk

A/S

Class

B

Danske

Bank

A/S

9,450

DSV

A/S

993

Genmab

A/S(Æ)

896

H

Lundbeck

A/S

19,447

Novo

Nordisk

A/S

Class

B

17,589

953

2,301

Finland

-

1.1%

Konecranes

Oyj

1,315

Nokia

Oyj

56,433

Nordea

Bank

Abp

15,141

Orion

Oyj

Class

B

2,537

Wartsila

Oyj

Abp

Class

B

10,013

1,120

France

-

9.5%

Accor

SA

6,077

Airbus

SE

2,334

541

Amundi

SA(Þ)

3,860

Arkema

SA

2,219

AXA

SA

7,996

Ayvens

SA(Þ)

4,980

BNP

Paribas

SA

5,645

512

Bureau

Veritas

SA

4,209

Capgemini

SE

1,761

Carrefour

SA

7,966

Cie

de

Saint-Gobain

SA

2,832

Cie

Generale

des

Etablissements

Michelin

SCA

12,352

Dassault

Aviation

SA

713

Eiffage

SA

1,801

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Engie

SA

10,310

Gaztransport

Et

Technigaz

SA

848

Hermes

International

Ipsen

SA

1,248

L'Air

Liquide

SA

Class

A

2,272

L'Oreal

SA

1,186

513

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,263

772

Orange

SA

17,364

Publicis

Groupe

SA

1,414

Rexel

SA

Class

H

10,070

Safran

SA

1,819

641

Sartorius

Stedim

Biotech

1,494

Societe

Generale

SA

7,379

Teleperformance

3,285

Thales

SA

656

TotalEnergies

SE

8,859

538

9,798

Germany

-

9.2%

adidas

AG

1,325

Allianz

SE

1,241

521

AUMOVIO

SE(Æ)

2,950

BASF

SE

8,529

Bayer

AG

7,877

Continental

AG

5,221

CTS

Eventim

AG

&

Co.

KGaA

3,496

Daimler

Truck

Holding

AG

9,127

Deutsche

Boerse

AG

1,422

Deutsche

Telekom

AG

15,149

516

Evonik

Industries

AG

15,479

Fresenius

Medical

Care

AG

6,731

Fresenius

SE

&

Co.

KGaA

4,388

Heidelberg

Materials

AG

1,331

Hochtief

AG

Infineon

Technologies

AG

7,653

Mercedes-Benz

Group

AG

4,537

MTU

Aero

Engines

AG

1,072

Muenchener

Rueckversicherungs-

Gesellschaft

AG

Nemetschek

SE

848

Rheinmetall

AG

573

SAP

SE

4,141

1,108

Siemens

AG

2,681

721

Siemens

Energy

AG(Æ)

2,569

Symrise

AG

3,681

Talanx

AG

1,531

9,432

Hong

Kong

-

2.0%

AIA

Group,

Ltd.

87,400

838

CK

Asset

Holdings,

Ltd.

28,500

Hong

Kong

Exchanges

&

Clearing,

Ltd.

2,000

Jardine

Matheson

Holdings,

Ltd.

Prudential

PLC

44,509

623

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
WH

Group,

Ltd.(Þ)

276,000

2,025

India

-

0.2%

HDFC

Bank,

Ltd.

-

ADR

7,200

Ireland

-

0.7%

AIB

Group

PLC

14,387

Bank

of

Ireland

Group

PLC

25,948

Flutter

Entertainment

PLC(Æ)

749

752

Israel

-

0.5%

Bank

Leumi

Le-Israel

BM

6,242

Elbit

Systems,

Ltd.

Nice,

Ltd.(Æ)

1,847

Wix.com,

Ltd.(Æ)

Italy

-

3.1%

BPER

Banca

SpA

17,837

Davide

Campari-Milano

NV

34,610

De'

Longhi

SpA

4,382

Enel

SpA

52,455

Eni

SpA

16,240

FinecoBank

Banca

Fineco

SpA

21,998

Intesa

Sanpaolo

SpA

57,180

Moncler

SpA

—

Ryanair

Holdings

PLC

-

ADR

4,607

UniCredit

SpA

7,606

576

Unipol

Gruppo

SpA

5,939

3,187

Japan

-

16.7%

Advantest

Corp.

5,400

535

Alfresa

Holdings

Corp.

6,800

Amada

Co.,

Ltd.

11,600

Asahi

Kasei

Corp.

25,200

Bridgestone

Corp.

7,400

Central

Japan

Railway

Co.

2,700

Chiba

Bank,

Ltd.

(The)

16,500

Chugai

Pharmaceutical

Co.,

Ltd.

1,300

Dai-ichi

Life

Holdings,

Inc.

22,000

Daiichi

Sankyo

Co.,

Ltd.

7,900

Daikin

Industries,

Ltd.

1,200

Fuji

Electric

Co.,

Ltd.

2,600

Fukuoka

Financial

Group,

Inc.

3,800

Hitachi,

Ltd.

18,800

500

Honda

Motor

Co.,

Ltd.

17,600

Horiba,

Ltd.

1,300

Iida

Group

Holdings

Co.,

Ltd.

9,900

Isuzu

Motors,

Ltd.

6,500

ITOCHU

Corp.

5,900

Japan

Airlines

Co.,

Ltd.

5,800

Japan

Post

Insurance

Co.,

Ltd.

Class

A

6,800

KDDI

Corp.

11,400

Keyence

Corp.

1,600

597

Kirin

Holdings

Co.,

Ltd.

15,200

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kobe

Bussan

Co.,

Ltd.

2,100

Koito

Manufacturing

Co.,

Ltd.

12,200

Komatsu,

Ltd.

9,400

Kubota

Corp.

11,200

Makita

Corp.

Marubeni

Corp.

Minebea

Co.,

Ltd.

12,300

Mitsubishi

Corp.

11,700

Mitsubishi

Estate

Co.,

Ltd.

14,600

Mitsubishi

Heavy

Industries,

Ltd.

8,400

Mitsubishi

UFJ

Financial

Group,

Inc.

37,200

602

Mitsui

&

Co.,

Ltd.

9,200

Mitsui

Fudosan

Co.,

Ltd.

16,400

Mizuho

Financial

Group,

Inc.

10,900

Murata

Manufacturing

Co.,

Ltd.

13,500

Nintendo

Co.,

Ltd.

5,300

Nippon

Telegraph

&

Telephone

Corp.

—

Nippon

Yusen

2,500

Nitto

Denko

Corp.

19,200

Nomura

Holdings,

Inc.

Obic

Co.,

Ltd.

3,600

Olympus

Corp.

12,700

Ono

Pharmaceutical

Co.,

Ltd.

9,700

ORIX

Corp.

8,800

Persol

Holdings

Co.,

Ltd.

53,200

Recruit

Holdings

Co.,

Ltd.

3,400

Resona

Holdings,

Inc.

41,800

Rinnai

Corp.

7,500

Sekisui

Chemical

Co.,

Ltd.

8,800

Shin-Etsu

Chemical

Co.,

Ltd.

18,400

604

SMC

Corp.

SoftBank

Group

Corp.

1,100

Sompo

Holdings,

Inc.

6,300

Sony

Financial

Holdings,

Inc.(Æ)

24,900

Sony

Group

Corp.

23,700

683

Stanley

Electric

Co.,

Ltd.

8,500

Subaru

Corp.

9,000

Sumitomo

Mitsui

Financial

Group,

Inc.

18,000

508

Sumitomo

Mitsui

Trust

Holdings,

Inc.

10,400

Sumitomo

Rubber

Industries,

Ltd.

8,700

Suntory

Beverage

&

Food,

Ltd.

8,500

T&D

Holdings,

Inc.

10,300

Takeda

Pharmaceutical

Co.,

Ltd.

10,500

TDK

Corp.

26,400

Tokio

Marine

Holdings,

Inc.

6,200

Tokyo

Electron,

Ltd.

3,000

535

Toray

Industries,

Inc.

25,400

Toyota

Motor

Corp.

24,600

Tsuruha

Holdings,

Inc.

8,100

Unicharm

Corp.

23,600

Yamato

Holdings

Co.,

Ltd.

6,400

17,230

Luxembourg

-

0.5%

ArcelorMittal

SA

9,217

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
RTL

Group

SA

3,625

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

66,000

Mexico

-

0.1%

America

Movil

SAB

de

CV

-

ADR

6,925

Netherlands

-

5.0%

ABN

AMRO

Bank

NV(Þ)

8,303

Adyen

NV(Æ)(Þ)

Aegon

,

Ltd.

15,413

Argenx

SE(Æ)

ASM

International

NV

ASML

Holding

NV

1,576

1,532

Ferrari

NV

924

Heineken

NV

2,410

ING

Groep

NV

25,271

655

Koninklijke

Philips

NV

9,806

NN

Group

NV

4,130

Randstad

NV

8,447

Universal

Music

Group

NV

20,875

602

5,153

Norway

-

0.6%

DNB

Bank

ASA

—

Equinor

ASA

Class

N

13,372

Norsk

Hydro

ASA

30,150

Orkla

ASA

7,966

614

Poland

-

0.2%

Zabka

Group

SA(Æ)

37,266

Portugal

-

0.1%

EDP

SA

23,127

Singapore

-

1.2%

Grab

Holdings,

Ltd.

Class

A(Æ)

67,665

SEA,

Ltd.

-

ADR(Æ)

3,694

660

Singapore

Telecommunications,

Ltd.

United

Overseas

Bank,

Ltd.

4,300

1,184

South

Africa

-

0.1%

Anglo

American

PLC

3,034

South

Korea

-

0.7%

Coway

Co.,

Ltd.

2,031

Samsung

Electronics

Co.,

Ltd.

2,946

Shinhan

Financial

Group

Co.,

Ltd.

3,725

SK

Hynix,

Inc.

889

727

Spain

-

2.3%

Aena

SME

SA(Þ)

10,076

Banco

Santander

SA

49,737

518

CaixaBank

SA

32,743

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Iberdrola

SA

20,889

Industria

de

Diseno

Textil

SA

14,650

808

2,340

Sweden

-

2.2%

AddTech

AB

Class

B

4,386

Assa

Abloy

AB

Class

B

6,255

Atlas

Copco

AB

Class

A

20,844

Atlas

Copco

AB

Class

B

12,273

Industrivarden

AB

Class

A

5,534

Investor

AB

Class

B

12,299

SKF

AB

Class

B

9,027

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

6,511

Telefonaktiebolaget

LM

Ericsson

Class

B

46,393

2,304

Switzerland

-

4.0%

Belimo

Holding

AG

Cie

Financiere

Richemont

SA

Class

A

1,072

Galderma

Group

AG

1,725

Julius

Baer

Group,

Ltd.

3,997

Logitech

International

SA

2,883

Lonza

Group

AG

519

Partners

Group

Holding

AG

Schindler

Holding

AG

765

Swatch

Group

AG

(The)

Class

B

954

UBS

Group

AG

33,715

1,377

Zurich

Insurance

Group

AG

512

4,156

Taiwan

-

1.7%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

6,109

1,706

Thailand

-

0.1%

Kasikornbank

PCL

-

NVDR

21,000

United

Kingdom

-

10.2%

AstraZeneca

PLC

5,986

900

Barclays

PLC

85,622

British

American

Tobacco

PLC

9,632

511

British

Land

Co.

PLC

(The)(ö)

19,102

BT

Group

PLC

75,448

CK

Hutchison

Holdings,

Ltd.

Class

B

31,500

Compass

Group

PLC

16,872

574

Diploma

PLC

6,233

easyJet

PLC

5,904

Games

Workshop

Group

PLC

792

HSBC

Holdings

PLC

74,428

1,046

Intermediate

Capital

Group

PLC

6,088

Intertek

Group

PLC

5,648

J

Sainsbury

PLC

72,225

JET2

PLC

2,472

Kingfisher

PLC

46,817

Land

Securities

Group

PLC(ö)

8,147

Lloyds

Banking

Group

PLC

89,049

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
London

Stock

Exchange

Group

PLC

2,657

National

Grid

PLC

17,488

NatWest

Group

PLC

47,478

Next

PLC

1,321

Reckitt

Benckiser

Group

PLC

7,784

599

RELX

PLC

15,092

722

Rolls-Royce

Holdings

PLC

41,308

661

Standard

Chartered

PLC

23,403

Subsea

SA

5,492

Tate

&

Lyle

PLC

11,047

Tesco

PLC

46,555

Unilever

PLC

6,339

Wise

PLC

Class

A(Æ)

13,148

WPP

PLC

18,442

10,517

United

States

-

9.1%

Amdocs,

Ltd.

2,651

Aon

PLC

Class

A

636

BP

PLC

62,526

CSL,

Ltd.

1,700

GSK

PLC

33,863

717

Haleon

PLC

114,738

513

James

Hardie

Industries

PLC(Æ)

5,322

Linde

PLC

1,075

511

Medtronic

PLC

1,962

Nestle

SA

6,987

641

Novartis

AG

8,211

1,033

Roche

Holding

AG

3,460

1,138

Sanofi

SA

7,204

664

Schlumberger

NV

—

Schneider

Electric

SE

4,200

1,171

Shell

PLC

33,728

1,202

Spotify

Technology

SA(Æ)

618

9,332

#### Total

#### Common

#### Stocks
(cost

$96,824)

101,703

#### Preferred

#### Stocks

#### -

#### 0.6%
Germany

-

0.4%

Henkel

AG

&

Co.

KGaA

2.922%

(Ÿ)

2,581

Volkswagen

AG

7.122%

(Ÿ)

1,712

South

Korea

-

0.2%

Samsung

Electronics

Co.,

Ltd.

1.988%

(Ÿ)

3,895

#### Total

#### Preferred

#### Stocks
(cost

$529)

577

#### Short-Term

#### Investments

#### -

#### 0.5%
United

States

-

0.5%

U.S.

Cash

Management

Fund(@)

569,569

(∞)

570

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Short-Term

#### Investments
(cost

$570)

570

#### Total

#### Investments

#### -

#### 99.9%
(identified

cost

$97,923)

102,850

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%

#### Net

#### Assets

#### -

#### 100.0%
102,984

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### S

#### hares

#### $1.3%

ABN

AMRO

Bank

NV

05/13/25

EUR

8,303

26.94 224

Adyen

NV

06/25/25

EUR

1,788.06

Aena

SME

SA

05/13/25

EUR

10,076

27.09 273

Amundi

SA

06/11/25

EUR

3,860

76.42 295

Ayvens

SA

09/25/25

EUR

4,980

11.29 56

WH

Group,

Ltd.

05/13/25

HKD

276,000

0.98 271

1,313

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

3,033

$

—

$

—

$

—

$

3,033

Austria

686

—

—

—

686

Belgium

—

—

—

Brazil

1,070

—

—

—

1,070

Canada

8,665

—

—

—

8,665

China

1,647

—

—

—

1,647

Denmark

2,301

—

—

—

2,301

Finland

1,120

—

—

—

1,120

France

9,798

—

—

—

9,798

Germany

9,432

—

—

—

9,432

Hong

Kong

2,025

—

—

—

2,025

India

—

—

—

Ireland

752

—

—

—

752

Israel

—

—

—

Italy

3,187

—

—

—

3,187

Japan

17,230

—

—

—

17,230

Luxembourg

—

—

—

Macao

—

—

—

Mexico

—

—

—

Netherlands

5,153

—

—

—

5,153

Norway

614

—

—

—

614

Poland

—

—

—

Portugal

—

—

—

Singapore

1,184

—

—

—

1,184

South

Africa

—

—

—

South

Korea

727

—

—

—

727

Spain

2,340

—

—

—

2,340

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Sweden

2,304

—

—

—

2,304

Switzerland

4,156

—

—

—

4,156

Taiwan

1,706

—

—

—

1,706

Thailand

—

—

—

United

Kingdom

10,517

—

—

—

10,517

United

States

9,332

—

—

—

9,332

Preferred

Stocks

577

—

—

—

577

Short-Term

Investments

—

—

—

570

570

Total

Investments

$

102,280

$

—

$

—

$

570

$

102,850

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

September

30,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

14,593

14.2 Consumer

Staples

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

5,907

5.7 Energy

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

4,498

4.4 Financial

Services

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

28,709

27.9 Health

Care

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

10,097

9.8 Materials

and

Processing

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

9,535

9.3 Producer

Durables

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

12,193

11.8 Technology

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

12,271

11.9 Utilities

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

3,900

3.8 #### Preferred

#### Stocks
Consumer

Discretionary

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

0.2 Consumer

Staples

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

0.2 Technology

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

0.2 #### Short-Term

#### Investments

#### .............................................................
570

0.5 Total

Investments

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

102,850

99.9 #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

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

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### September

#### 30,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

97,923

Investments,

at

fair

value(>)

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

102,850

Foreign

currency

holdings(^)

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

Cash

collateral

for

in-kind

contributions

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

4,140

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Fund

shares

sold

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

2,239

Foreign

capital

gains

taxes

recoverable

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

Total

assets

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

109,654

#### Liabilities
Payables:

Collateral

upon

receipt

of

securities

in-kind

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

4,140

Investments

purchased

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

2,492

Accrued

fees

to

affiliates

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

Total

liabilities

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

6,670

#### Net

#### Assets

#### ...............................................................................................................................................................
$

102,984

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

4,697

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

98,

#### Net

#### Assets

#### ...............................................................................................................................................................
$

102,984

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

570

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

27.98 Net

assets

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

$

102,983,839

Shares

outstanding

($.01

par

value)

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

3,680,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

653

Dividends

from

affiliated

funds

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

Less

foreign

taxes

withheld

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

(59) Total

investment

income

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

598

#### Expenses
Advisory

fees

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

Expenses

before

reductions

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

Expense

reductions

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

(25) Net

expenses

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

Net

investment

income

(loss)

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

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(692) Foreign

currency

exchange

contracts

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

Foreign

currency-related

transactions

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

(32) In-kind

redemptions

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

Net

realized

gain

(loss)

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

(281) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

4,927

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

4,928

Net

realized

and

unrealized

gain

(loss)

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

4,647

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

5,125

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025. #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

Net

realized

gain

(loss)

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

(281) Net

change

in

unrealized

appreciation

(depreciation)

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

4,928

Net

increase

(decrease)

in

net

assets

from

operations

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

5,125

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

97,859

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
102,984

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

102,984

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Shares

created

3,960

$

105,506

Shares

redeemed

(280) (7,647)

Total

increase

(decrease)

3,680

$

97,859

(1) For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### 09/30/25
(ſ)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

25. 34

Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

2. 44

$

Total

from

Investment

Operations

2. 64

$

Net

Asset

Value,

End

of

Period

27.98 %

Total

Return

(ǿ)

10.44 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 102,984

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.59

%

Expenses,

Net

(Ƃ)(ɯ)

.49

%

Net

Investment

Income

(Ƃ)(ɯ)

1.94 %

Portfolio

Turnover

Rate

(ǿ)(Ω)

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### International

#### Developed

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Equity

Active

ETF

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$38,008.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

—

$

4,240

$

3,670

$

—

$

—

$

570

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

98,249,025

$

6,559,658

$

(1,958,867)

$

4,600,791

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

702,613

$

(607,265)

$

4,601,924

$

—

$

—

$

4,697,272

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### September

#### 30,

#### 2025

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

—

$

—

$

—

Total

distributable

earnings

(losses)

$

(428)

Additional

paid-in

capital

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 97.5%
Australia

-

0.3%

Aristocrat

Leisure,

Ltd.

4,112

Brambles,

Ltd.

15,132

Computershare,

Ltd.

JB

Hi-Fi,

Ltd.

1,264

Santos,

Ltd.

26,095

654

Austria

-

0.7%

ams

-OSRAM

AG(Æ)

25,143

Erste

Group

Bank

AG

4,436

Mondi

PLC

28,622

Verbund

AG

Class

A

808

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

6,870

1,615

Belgium

-

0.3%

Ageas

SA

4,406

Proximus

SADP

40,498

658

Brazil

-

0.7%

Ambev

SA

138,746

Banco

Bradesco

SA

-

ADR

108,493

Lojas

Renner

SA(Æ)

29,264

MercadoLibre

,

Inc.(Æ)

505

Telefonica

Brasil

SA(Æ)

69,642

1,716

Canada

-

1.3%

ARC

Resources,

Ltd.

Bank

of

Montreal

1,944

Barrick

Mining

Corp.

15,872

521

Brookfield

Corp.

3,888

Canadian

Imperial

Bank

of

Commerce

3,571

Canadian

Natural

Resources,

Ltd.

1,688

Enbridge,

Inc.

5,221

iA

Financial

Corp.,

Inc.

2,335

Manulife

Financial

Corp.

3,341

Royal

Bank

of

Canada

2,774

Shopify,

Inc.

Class

A(Æ)

1,725

Stantec

,

Inc.

Suncor

Energy,

Inc.

—

Toronto-Dominion

Bank

(The)

3,890

3,001

China

-

1.0%

Alibaba

Group

Holding,

Ltd.

-

ADR

2,026

PDD

Holdings,

Inc.

-

ADR(Æ)

2,010

Tencent

Holdings,

Ltd.

8,200

698

Trip.com

Group,

Ltd.

-

ADR

9,374

705

Yangzijiang

Shipbuilding

Holdings,

Ltd.

91,100

2,269

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Denmark

-

1.4%

AP

Moller

-

Maersk

A/S

Class

A

AP

Moller

-

Maersk

A/S

Class

B

Demant

A/S(Æ)

1,626

Genmab

A/S(Æ)

2,117

642

H

Lundbeck

A/S

95,678

685

Novo

Nordisk

A/S

Class

B

22,990

1,246

3,309

Finland

-

0.7%

Konecranes

Oyj

5,638

Nokia

Oyj

162,559

778

Wartsila

Oyj

Abp

Class

B

13,280

1,640

France

-

3.5%

Accor

SA

8,969

Airbus

SE

2,360

547

Arkema

SA

3,218

BNP

Paribas

SA

8,214

746

Carrefour

SA

18,829

Cie

de

Saint-Gobain

SA

2,022

Dassault

Aviation

SA

1,081

Eiffage

SA

2,116

Engie

SA

EssilorLuxottica

SA

1,486

Gaztransport

Et

Technigaz

SA

3,259

603

Hermes

International

Legrand

SA

2,780

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,451

887

Orange

SA

24,405

Pernod

Ricard

SA

683

Societe

Generale

SA

8,344

552

TotalEnergies

SE

13,367

812

Valeo

SE

28,296

8,020

Germany

-

1.8%

AUMOVIO

SE(Æ)

1,790

BASF

SE

6,311

Bayerische

Motoren

Werke

AG

Continental

AG

3,577

Daimler

Truck

Holding

AG

10,613

Deutsche

Telekom

AG

2,822

Evonik

Industries

AG

2,654

Fresenius

SE

&

Co.

KGaA

2,206

Henkel

AG

&

Co.

KGaA

—

Hochtief

AG

1,161

Infineon

Technologies

AG

6,994

Mercedes-Benz

Group

AG

503

Rheinmetall

AG

SAP

SE

2,406

644

Siemens

AG

1,591

Symrise

AG

5,312

Talanx

AG

1,422

4,205

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hong

Kong

-

1.3%

AIA

Group,

Ltd.

133,000

1,276

ASMPT,

Ltd.

23,300

CK

Asset

Holdings,

Ltd.

43,000

Prudential

PLC

51,580

722

WH

Group,

Ltd.(Þ)

486,000

527

2,979

India

-

0.3%

HDFC

Bank,

Ltd.

-

ADR

17,258

589

Ireland

-

0.9%

Accenture

PLC

Class

A

3,529

870

AIB

Group

PLC

45,891

Bank

of

Ireland

Group

PLC

27,882

Flutter

Entertainment

PLC(Æ)

1,025

2,011

Israel

-

0.3%

Bank

Leumi

Le-Israel

BM

3,098

Nice,

Ltd.(Æ)

3,619

533

594

Italy

-

1.2%

BPER

Banca

SpA

46,211

512

De'

Longhi

SpA

18,242

659

Eni

SpA

22,840

Ryanair

Holdings

PLC

-

ADR

8,577

517

UniCredit

SpA

7,334

555

Unipol

Gruppo

SpA

8,970

2,834

Japan

-

5.8%

Advantest

Corp.

2,400

Alfresa

Holdings

Corp.

15,100

Amada

Co.,

Ltd.

15,200

Chiba

Bank,

Ltd.

(The)

29,600

Dai-ichi

Life

Holdings,

Inc.

24,500

Hitachi,

Ltd.

4,900

Honda

Motor

Co.,

Ltd.

26,200

Horiba,

Ltd.

2,700

Isuzu

Motors,

Ltd.

17,400

ITOCHU

Corp.

3,500

Japan

Airlines

Co.,

Ltd.

7,700

Japan

Post

Insurance

Co.,

Ltd.

Class

A

7,700

KDDI

Corp.

13,800

Keyence

Corp.

2,100

784

Koito

Manufacturing

Co.,

Ltd.

25,900

Kubota

Corp.

28,800

Mitsubishi

Corp.

9,900

Mitsubishi

Estate

Co.,

Ltd.

25,600

589

Mitsubishi

Gas

Chemical

Co.,

Inc.

15,500

Mitsubishi

UFJ

Financial

Group,

Inc.

22,400

Mitsui

&

Co.,

Ltd.

9,400

Mitsui

Fudosan

Co.,

Ltd.

10,100

Mizuho

Financial

Group,

Inc.

6,900

Nintendo

Co.,

Ltd.

2,000

Nippon

Telegraph

&

Telephone

Corp.

123,300

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nippon

Yusen

2,600

Ono

Pharmaceutical

Co.,

Ltd.

22,700

ORIX

Corp.

10,200

Persol

Holdings

Co.,

Ltd.

4,400

Resona

Holdings,

Inc.

33,500

Rinnai

Corp.

6,200

Rohm

Co.,

Ltd.

15,200

Sekisui

Chemical

Co.,

Ltd.

17,100

Shin-Etsu

Chemical

Co.,

Ltd.

20,100

660

Sompo

Holdings,

Inc.

9,500

Sony

Financial

Holdings,

Inc.(Æ)

18,700

Sony

Group

Corp.

18,900

544

Stanley

Electric

Co.,

Ltd.

13,200

Subaru

Corp.

17,000

Sumitomo

Mitsui

Financial

Group,

Inc.

22,700

641

Sumitomo

Mitsui

Trust

Holdings,

Inc.

12,800

T&D

Holdings,

Inc.

16,400

Taiheiyo

Cement

Corp.

9,100

Takeda

Pharmaceutical

Co.,

Ltd.

12,200

Toyota

Motor

Corp.

20,000

Toyota

Tsusho

Corp.

2,700

Tsuruha

Holdings,

Inc.

12,200

Yamato

Holdings

Co.,

Ltd.

15,700

13,381

Luxembourg

-

0.2%

RTL

Group

SA

13,268

544

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

16,455

Netherlands

-

2.5%

ABN

AMRO

Bank

NV(Þ)

15,340

Argenx

SE(Æ)

542

ASM

International

NV

877

526

ASML

Holding

NV

1,000

972

Ferrari

NV

Heineken

NV

ING

Groep

NV

40,647

1,053

Koninklijke

Philips

NV

10,380

NN

Group

NV

6,275

Randstad

NV

9,166

Universal

Music

Group

NV

34,173

985

VEON,

Ltd.

-

ADR(Æ)

1,530

5,772

Norway

-

0.2%

Kongsberg

Gruppen

ASA

995

Norsk

Hydro

ASA

59,920

Singapore

-

0.3%

DBS

Group

Holdings,

Ltd.

7,600

SEA,

Ltd.

-

ADR(Æ)

1,557

Singapore

Telecommunications,

Ltd.

United

Overseas

Bank,

Ltd.

5,600

731

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
South

Africa

-

0.1%

Anglo

American

PLC

—

Old

Mutual,

Ltd.

269,758

Valterra

Platinum,

Ltd.

971

South

Korea

-

1.3%

Coway

Co.,

Ltd.

4,538

Hyundai

Mobis

Co.,

Ltd.

1,875

KB

Financial

Group,

Inc.

4,538

KT

Corp.

-

ADR

3,480

Samsung

Electronics

Co.,

Ltd.

16,196

968

Shinhan

Financial

Group

Co.,

Ltd.

12,880

650

SK

Telecom

Co.,

Ltd.

3,570

2,915

Spain

-

0.7%

Aena

SME

SA(Þ)

11,985

Industria

de

Diseno

Textil

SA

19,149

1,056

Mapfre

SA

54,143

1,640

Sweden

-

0.9%

Industrivarden

AB

Class

A

10,054

Investor

AB

Class

B

16,054

501

SKF

AB

Class

B

17,032

Telefonaktiebolaget

LM

Ericsson

Class

B

99,727

825

2,146

Switzerland

-

1.8%

Adecco

Group

AG

7,976

Belimo

Holding

AG

510

Cie

Financiere

Richemont

SA

Class

A

1,684

Galderma

Group

AG

1,633

Logitech

International

SA

4,378

Schindler

Holding

AG

Sonova

Holding

AG

2,336

636

Swatch

Group

AG

(The)

Class

B

1,861

UBS

Group

AG

29,174

1,191

4,155

Taiwan

-

1.7%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,000

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

13,666

3,817

3,945

Thailand

-

0.2%

Kasikornbank

PCL

-

NVDR

91,600

SCB

X

PCL

-

NVDR

23,600

567

United

Kingdom

-

4.3%

AstraZeneca

PLC

3,240

AstraZeneca

PLC

-

ADR

4,242

BAE

Systems

PLC

9,718

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
British

American

Tobacco

PLC

14,006

744

British

Land

Co.

PLC

(The)(ö)

11,104

BT

Group

PLC

124,190

Burberry

Group

PLC(Æ)

996

CK

Hutchison

Holdings,

Ltd.

Class

B

18,000

Compass

Group

PLC

11,333

DCC

PLC

5,079

easyJet

PLC

59,239

HSBC

Holdings

PLC

56,334

792

International

Consolidated

Airlines

Group

SA

61,465

J

Sainsbury

PLC

63,812

Kingfisher

PLC

50,436

Land

Securities

Group

PLC(ö)

15,242

Lloyds

Banking

Group

PLC

489,132

551

NatWest

Group

PLC

79,797

560

Next

PLC

Reckitt

Benckiser

Group

PLC

6,451

RELX

PLC

12,879

616

Rolls-Royce

Holdings

PLC

13,306

Standard

Chartered

PLC

35,054

677

Subsea

SA

23,325

Tate

&

Lyle

PLC

7,679

TechnipFMC

PLC

8,170

Unilever

PLC

9,488

561

WPP

PLC

60,500

9,972

United

States

-

61.6%

AbbVie,

Inc.

3,807

881

Adobe,

Inc.(Æ)

1,800

635

Airbnb,

Inc.

Class

A(Æ)

7,649

929

Albemarle

Corp.

1,457

Alphabet,

Inc.

Class

A

10,340

2,514

Alphabet,

Inc.

Class

C

25,837

6,293

Altria

Group,

Inc.

8,074

533

Amazon.com,

Inc.(Æ)

27,439

6,025

American

Express

Co.

1,848

614

American

Tower

Corp.(ö)

2,487

Antero

Midstream

Corp.

14,178

Antero

Resources

Corp.(Æ)

1,276

API

Group

Corp.(Æ)

3,023

Apple,

Inc.

36,676

9,339

Applied

Materials,

Inc.

9,033

1,849

Arista

Networks,

Inc.(Æ)

4,920

717

Atlassian

Corp.

Class

A(Æ)

Autodesk,

Inc.(Æ)

1,483

Baker

Hughes

Co.

18,966

924

Bank

of

America

Corp.

28,730

1,482

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,836

1,426

Blackstone,

Inc.

Class

A

2,916

Boeing

Co.

(The)(Æ)

2,181

Booking

Holdings,

Inc.

972

Boston

Scientific

Corp.(Æ)

3,427

BP

PLC

79,333

Bristol-Myers

Squibb

Co.

11,452

516

Brixmor

Property

Group,

Inc.(ö)

—

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Broadcom,

Inc.

12,001

3,959

BWX

Technologies,

Inc.

—

Cadence

Design

Systems,

Inc.(Æ)

902

Capital

One

Financial

Corp.

4,261

906

Charles

Schwab

Corp.

(The)

13,241

1,264

Chemed

Corp.

Chevron

Corp.

4,723

733

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

2,256

Cigna

Group

(The)

3,316

956

Cintas

Corp.

918

Citigroup,

Inc.

8,447

857

Clorox

Co.

(The)

CME

Group,

Inc.

Class

A

2,264

612

Coca-Cola

Co.

(The)

8,620

572

Cooper

Cos,

Inc.

(The)(Æ)

10,377

711

Costco

Wholesale

Corp.

1,201

1,112

Crown

Castle,

Inc.(ö)

Danaher

Corp.

3,086

612

Datadog

,

Inc.

Class

A(Æ)

2,061

Deckers

Outdoor

Corp.(Æ)

2,393

Delta

Air

Lines,

Inc.

9,020

512

DoorDash

,

Inc.

Class

A(Æ)

1,618

DraftKings

,

Inc.

Class

A(Æ)

4,514

Edison

International

8,093

Edwards

Lifesciences

Corp.(Æ)

3,916

Electronic

Arts,

Inc.

1,260

Elevance

Health,

Inc.

2,691

869

Eli

Lilly

&

Co.

2,102

1,604

EMCOR

Group,

Inc.

553

EQT

Corp.

1,889

Equifax,

Inc.

3,930

1,008

Exxon

Mobil

Corp.

8,731

984

Fair

Isaac

Corp.(Æ)

Ferguson

Enterprises,

Inc.

1,718

Fiserv,

Inc.(Æ)

1,364

Fox

Corp.

Class

B

6,802

Garmin,

Ltd.

1,248

GE

Vernova

,

Inc.

739

General

Dynamics

Corp.

2,244

765

General

Electric

Co.

3,047

917

General

Motors

Co.

7,340

Gilead

Sciences,

Inc.

4,347

Goldman

Sachs

Group,

Inc.

(The)

972

774

GSK

PLC

32,902

697

Haleon

PLC

239,029

1,069

Halliburton

Co.

23,822

586

HCA

Healthcare,

Inc.

3,326

1,417

Home

Depot,

Inc.

(The)

1,964

796

HubSpot

,

Inc.(Æ)

IDEXX

Laboratories,

Inc.(Æ)

Insulet

Corp.(Æ)

788

Intuitive

Surgical,

Inc.(Æ)

980

Johnson

&

Johnson

5,872

1,089

JPMorgan

Chase

&

Co.

6,804

2,146

KLA

Corp.

591

637

Linde

PLC

2,595

1,233

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Lithia

Motors,

Inc.

Class

A

Lockheed

Martin

Corp.

1,084

541

Manhattan

Associates,

Inc.(Æ)

808

Marsh

&

McLennan

Cos.,

Inc.

Marvell

Technology,

Inc.

3,050

MasTec

,

Inc.(Æ)

898

MasterCard,

Inc.

Class

A

4,361

2,481

McKesson

Corp.

Medpace

Holdings,

Inc.(Æ)

700

Merck

&

Co.,

Inc.

9,005

756

Meta

Platforms,

Inc.

Class

A

7,613

5,591

MetLife,

Inc.

7,838

646

Microsoft

Corp.

17,109

8,862

Molina

Healthcare,

Inc.(Æ)

Monster

Beverage

Corp.(Æ)

4,882

MSCI,

Inc.

Class

A

1,533

870

Mueller

Industries,

Inc.

3,502

Nestle

SA

1,847

Netflix,

Inc.

Class

B(Æ)

1,123

1,346

NEXTracker

,

Inc.

Class

A(Æ)

4,760

Northrop

Grumman

Corp.

1,111

677

Novartis

AG

6,225

783

NVIDIA

Corp.

46,073

8,596

Oracle

Corp.

3,421

962

O'Reilly

Automotive,

Inc.(Æ)

3,569

Otis

Worldwide

Corp.

3,759

Packaging

Corp.

of

America

1,368

Palantir

Technologies,

Inc.

Class

A(Æ)

4,930

899

Parker-Hannifin

Corp.

652

PepsiCo,

Inc.

4,316

606

Pfizer,

Inc.

18,959

PG&E

Corp.

29,414

Philip

Morris

International,

Inc.

3,093

502

Pilgrim's

Pride

Corp.

2,722

Procter

&

Gamble

Co.

(The)

7,638

1,174

Progressive

Corp.

(The)

1,906

Public

Storage(ö)

Ralph

Lauren

Corp.

Class

A

Range

Resources

Corp.

6,528

ROBLOX

Corp.

Class

A(Æ)

3,199

Roche

Holding

AG

3,613

1,180

Roku,

Inc.(Æ)

1,629

Rollins,

Inc.

2,141

RTX

Corp.

5,042

844

S&P

Global,

Inc.

1,394

678

Salesforce,

Inc.

3,970

941

Sanofi

SA

7,457

688

Schneider

Electric

SE

5,474

1,527

Seagate

Technology

Holdings

PLC

5,006

1,182

ServiceNow

,

Inc.(Æ)

530

Shell

PLC

30,208

1,075

Smithfield

Foods,

Inc.

9,890

Spotify

Technology

SA(Æ)

Starbucks

Corp.

3,014

Synopsys,

Inc.(Æ)

1,387

684

Take-Two

Interactive

Software,

Inc.(Æ)

1,297

Tesla,

Inc.(Æ)

4,614

2,052

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TJX

Cos.,

Inc.

(The)

4,386

634

T-Mobile

US,

Inc.

1,800

Trade

Desk,

Inc.

(The)

Class

A(Æ)

TransDigm

Group,

Inc.

929

1,224

Uber

Technologies,

Inc.(Æ)

14,350

1,406

Ulta

Beauty,

Inc.(Æ)

790

United

Airlines,

Inc.(Æ)

4,621

UnitedHealth

Group,

Inc.

5,545

1,915

Ventas,

Inc.(ö)

3,656

Vertex

Pharmaceuticals,

Inc.(Æ)

1,498

587

Vertiv

Holdings

Co.

Class

A

4,362

658

Viking

Holdings,

Ltd.(Æ)

4,650

Visa,

Inc.

Class

A

3,221

1,100

W.W.

Grainger,

Inc.

Walmart,

Inc.

7,584

782

Webster

Financial

Corp.

3,832

Wells

Fargo

&

Co.

7,778

652

Welltower

,

Inc.(ö)

4,083

727

Williams-Sonoma,

Inc.

Workday,

Inc.

Class

A(Æ)

3,418

823

142,149

#### Total

#### Common

#### Stocks
(cost

$207,326)

225,073

#### Preferred

#### Stocks

#### -

#### 0.3%
Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.922%

(Ÿ)

7,058

569

Volkswagen

AG

7.122%

(Ÿ)

1,798

763

#### Total

#### Preferred

#### Stocks
(cost

$767)

763

#### Short-Term

#### Investments

#### -

#### 1.2%
United

States

-

1.2%

U.S.

Cash

Management

Fund(@)

2,713,342

(∞)

2,713

#### Total

#### Short-Term

#### Investments
(cost

$2,713)

2,713

#### Total

#### Investments

#### -

#### 99.0%
(identified

cost

$210,806)

228,549

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.0%
2,198

#### Net

#### Assets

#### -

#### 100.0%
230,747

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $0.6%

ABN

AMRO

Bank

NV

05/29/25

EUR

15,340

26.22 402

Aena

SME

SA

05/29/25

EUR

11,985

27.58 331

WH

Group,

Ltd.

05/29/25

HKD

486,000

0.98 477

527

1,346

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Russell

2000

E-Mini

Index

Futures

USD

1,719

12/25

S&P

500

E-Mini

Index

Futures

USD

14,825

12/25

S&P/TSX

Index

Futures

CAD

12/25

Short

Positions

CAC40

Euro

Index

Futures

EUR

2,132

10/25

(26) DAX

Index

Futures

EUR

1,801

12/25

(29) EURO

STOXX

Index

Futures

EUR

1,219

12/25

(42) FTSE

Index

Futures

GBP

3,105

12/25

(49) FTSE/MIB

Index

Futures

EUR

637

12/25

Hang

Seng

Index

Futures

HKD

5,382

10/25

(9) IBEX

Index

Futures

EUR

620

10/25

(15) MSCI

Singapore

Index

Futures

SGD

805

10/25

OMXS30

Index

Futures

SEK

5,597

10/25

(11) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(10) #### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

644

AUD

970

12/17/25

(2) Bank

of

America

USD

HKD

10/02/25

—

Bank

of

America

USD

1,013

JPY

147,760

12/17/25

(6) Bank

of

America

CHF

826

USD

1,049

12/17/25

Bank

of

America

EUR

2,460

USD

2,901

12/17/25

—

Bank

of

America

GBP

950

USD

1,289

12/17/25

Bank

of

America

JPY

168,000

USD

1,139

12/17/25

(6) Barclays

USD

641

AUD

970

12/17/25

Barclays

USD

1,012

JPY

147,760

12/17/25

(5) Barclays

CHF

826

USD

1,047

12/17/25

—

Barclays

EUR

2,460

USD

2,894

12/17/25

(7) Barclays

GBP

950

USD

1,286

12/17/25

Goldman

Sachs

USD

643

AUD

970

12/17/25

—

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Goldman

Sachs

USD

1,013

JPY

147,760

12/17/25

(6) Goldman

Sachs

CHF

826

USD

1,047

12/17/25

—

Goldman

Sachs

EUR

2,460

USD

2,897

12/17/25

(4) Goldman

Sachs

GBP

950

USD

1,287

12/17/25

Morgan

Stanley

USD

642

AUD

970

12/17/25

—

Morgan

Stanley

USD

1,012

JPY

147,760

12/17/25

(5) Morgan

Stanley

CHF

826

USD

1,047

12/17/25

—

Morgan

Stanley

EUR

2,460

USD

2,895

12/17/25

(6) Morgan

Stanley

GBP

950

USD

1,286

12/17/25

Standard

Chartered

USD

642

AUD

970

12/17/25

Standard

Chartered

USD

1,012

JPY

147,760

12/17/25

(5) Standard

Chartered

CHF

826

USD

1,047

12/17/25

—

Standard

Chartered

EUR

2,460

USD

2,895

12/17/25

(6) Standard

Chartered

GBP

950

USD

1,286

12/17/25

State

Street

USD

BRL

10/01/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(10) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

654

$

—

$

—

$

—

$

654

Austria

1,615

—

—

—

1,615

Belgium

658

—

—

—

658

Brazil

1,716

—

—

—

1,716

Canada

3,001

—

—

—

3,001

China

2,269

—

—

—

2,269

Denmark

3,309

—

—

—

3,309

Finland

1,640

—

—

—

1,640

France

8,020

—

—

—

8,020

Germany

4,205

—

—

—

4,205

Hong

Kong

2,979

—

—

—

2,979

India

589

—

—

—

589

Ireland

2,011

—

—

—

2,011

Israel

594

—

—

—

594

Italy

2,834

—

—

—

2,834

Japan

13,381

—

—

—

13,381

Luxembourg

544

—

—

—

544

Mexico

—

—

—

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Netherlands

5,772

—

—

—

5,772

Norway

—

—

—

Singapore

731

—

—

—

731

South

Africa

—

—

—

South

Korea

2,915

—

—

—

2,915

Spain

1,640

—

—

—

1,640

Sweden

2,146

—

—

—

2,146

Switzerland

4,155

—

—

—

4,155

Taiwan

3,945

—

—

—

3,945

Thailand

567

—

—

—

567

United

Kingdom

9,972

—

—

—

9,972

United

States

142,149

—

—

—

142,149

Preferred

Stocks

763

—

—

—

763

Short-Term

Investments

—

—

—

2,713

2,713

Total

Investments

225,836

—

—

2,713

228,549

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(181) —

—

—

(181) Foreign

Currency

Exchange

Contracts

—

(58) —

—

(58) Total

Other

Financial

Instruments

\*

$

(10) $

(10) $

—

$

—

$

(20) \*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

September

30,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

30,125

13.0 #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

Consumer

Staples

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

8,934

3.9 Energy

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

9,137

3.9 Financial

Services

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

42,776

18.5 Health

Care

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

24,500

10.6 Materials

and

Processing

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

7,531

3.3 Producer

Durables

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

19,560

8.5 Technology

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

78,157

33.9 Utilities

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

4,353

1.9 #### Preferred

#### Stocks
Consumer

Discretionary

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

0.1 Consumer

Staples

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

569

0.2 #### Short-Term

#### Investments

#### .............................................................
2,713

1.2 Total

Investments

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

228,549

99.0 See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### September

#### 30,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts\*

—

Total

$

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

858

$

—

Foreign

currency

exchange

contracts

—

(306) Total

$

858

$

(306) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(10) $

—

Foreign

currency

exchange

contracts

—

(10) Total

$

(10) $

(10) \*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

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

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

#### 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

$

$

$

—

$

—

Barclays

—

—

Goldman

Sachs

—

—

Morgan

Stanley

—

—

Standard

Chartered

—

—

Total

$

$

$

—

$

—

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

Amounts

in

thousands

#### Offsetting

#### of

#### Financial

#### Liabilities

#### and

#### Derivative

#### Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

#### 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

$

$

$

—

$

Barclays

—

Goldman

Sachs

—

Morgan

Stanley

—

Standard

Chartered

—

Total

$

$

$

—

$

^

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

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### September

#### 30,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

210,806

Investments,

at

fair

value(>)

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

228,549

Foreign

currency

holdings(^)

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

Cash

collateral

for

in-kind

contributions

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

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Foreign

capital

gains

taxes

recoverable

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

From

broker(a)

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

1,916

Total

assets

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

231,424

#### Liabilities
Payables:

Collateral

upon

receipt

of

securities

in-kind

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

Investments

purchased

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

Accrued

fees

to

affiliates

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

Variation

margin

on

futures

contracts

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

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

Total

liabilities

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

677

#### Net

#### Assets

#### ...............................................................................................................................................................
$

230,747

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

17,70

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

212,95

#### Net

#### Assets

#### ...............................................................................................................................................................
$

230,747

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

2,713

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

$

1,916

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

28.49 Net

assets

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

$

230,747,126

Shares

outstanding

($.01

par

value)

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

8,100,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

1,021

Dividends

from

affiliated

funds

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

Interest

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

Less

foreign

taxes

withheld

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

(57) Total

investment

income

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

1,008

#### Expenses
Advisory

fees

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

Expenses

before

reductions

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

Expense

reductions

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

(55) Net

expenses

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

Net

investment

income

(loss)

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

738

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(1,313)

Futures

contracts

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

858

Foreign

currency

exchange

contracts

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

(306) Foreign

currency-related

transactions

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

In-kind

redemptions

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

559

Net

realized

gain

(loss)

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

(195) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

17,743

Futures

contracts

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

(10) Foreign

currency

exchange

contracts

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

(10) Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

17,726

Net

realized

and

unrealized

gain

(loss)

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

17,531

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

18,269

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025. #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

738

Net

realized

gain

(loss)

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

(195) Net

change

in

unrealized

appreciation

(depreciation)

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

17,726

Net

increase

(decrease)

in

net

assets

from

operations

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

18,269

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

212,478

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
230,747

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

230,747

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Shares

created

8,350

$

219,275

Shares

redeemed

(250) (6,797)

Total

increase

(decrease)

8,100

$

212,478

(1) For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### 09/30/25
(ƣ)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

25. 37

Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

3. 00

$

Total

from

Investment

Operations

3. 12

$

Net

Asset

Value,

End

of

Period

28.49 %

Total

Return

(ǿ)

12.27 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 230,747

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.59

%

Expenses,

Net

(Ƃ)(ɯ)

.49

%

Net

Investment

Income

(Ƃ)(ɯ)

1.34 %

Portfolio

Turnover

Rate

(ǿ)

(Ω)

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Active

ETF

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$88,968.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025

,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps. These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

—

$

14,963

$

12,250

$

—

$

—

$

2,713

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

210,965,629

$

20,466,133

$

(2,938,538)

$

17,527,595

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

618,223

$

(439,317)

$

17,530,232

$

—

$

—

$

17,709,138

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund'

s

next

taxable

year.

#### September

#### 30,

#### 2025

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

—

$

—

$

—

Total

distributable

earnings

(losses)

$

(560)

Additional

paid-in

capital

560

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.5%
Austria

-

0.2%

Erste

Group

Bank

AG

1,188

Brazil

-

6.2%

Ambev

SA

-

ADR

74,788

B3

SA

-

Brasil

Bolsa

Balcao

(Æ)

94,464

Banco

Bradesco

SA

-

ADR

68,428

Banco

do

Brasil

SA

31,728

Centrais

Eletricas

Brasileiras

SA

-

ADR

21,654

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

-

ADR

6,303

Cia

Energetica

de

Minas

Gerais

-

ADR

93,744

Cosan

SA

-

ADR(Æ)

13,708

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

12,079

Dexco

SA

56,198

Embraer

SA

-

ADR

4,148

Hapvida

Participacoes

e

Investimentos

SA(Æ)(Þ)

7,312

Hypera

SA

26,063

Itau

Unibanco

Holding

SA

-

ADR

33,561

Localiza

Rent

a

Car

SA(Æ)

26,234

Lojas

Renner

SA(Æ)

27,158

MBRF

Global

Foods

Company

SA

4,738

MercadoLibre

,

Inc.(Æ)

NU

Holdings,

Ltd.

Class

A(Æ)

29,290

Petroleo

Brasileiro

SA

-

ADR

15,273

Raia

Drogasil

SA

27,696

Suzano

SA(Æ)

5,503

TIM

SA

-

ADR

8,014

Vale

SA

Class

B

-

ADR

31,391

WEG

SA

21,949

4,263

Canada

-

0.4%

Barrick

Mining

Corp.

5,616

Parex

Resources,

Inc.

8,079

Chile

-

0.1%

Enel

Americas

SA

324,915

China

-

30.1%

AAC

Technologies

Holdings,

Inc.

14,500

Agricultural

Bank

of

China,

Ltd.

Class

A

110,400

Akeso

,

Inc.

Class

B(Æ)(Þ)

6,000

Alibaba

Group

Holding,

Ltd.

-

ADR

13,469

2,407

Aluminum

Corp.

of

China,

Ltd.

Class

A

105,600

Aluminum

Corp.

of

China,

Ltd.

Class

H

96,000

Anta

Sports

Products,

Ltd.

21,000

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

2,880

Autohome

,

Inc.

-

ADR

1,060

Baidu,

Inc.

-

ADR(Æ)

3,601

Bank

of

China,

Ltd.

Class

H

408,000

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

35,000

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
BeOne

Medicines,

Ltd.

Class

H(Æ)

5,600

Bilibili

,

Inc.

Class

Z(Æ)

5,580

Bosideng

International

Holdings,

Ltd.

116,000

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

53,900

BYD

Co.,

Ltd.

Class

H

30,000

CEVIA

Enviro,

Inc.

Class

A

20,500

China

Construction

Bank

Corp.

Class

H

645,000

620

China

CSSC

Holdings,

Ltd.

Class

A

19,200

China

Galaxy

Securities

Co.,

Ltd.

Class

H

13,500

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

68,400

China

Life

Insurance

Co.,

Ltd.

Class

H

33,000

China

Mengniu

Dairy

Co.,

Ltd.

83,000

China

Merchants

Bank

Co.,

Ltd.

Class

H

61,000

China

Overseas

Land

&

Investment,

Ltd.

96,000

China

Petroleum

Engineering

Co.,

Ltd.

Class

A

87,400

China

Resources

Land,

Ltd.

42,000

China

Tower

Corp.,

Ltd.

Class

H(Þ)

14,500

Chow

Tai

Fook

Jewellery

Group,

Ltd.

76,800

CITIC

Securities

Co.,

Ltd.

Class

H

17,500

CMOC

Group,

Ltd.

Class

A

22,500

Consun

Pharmaceutical

Group,

Ltd.

59,000

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

4,800

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

1,700

DiDi

Global,

Inc.

-

ADR(Æ)

7,150

Dongfang

Electric

Corp.,

Ltd.

Class

A

4,900

Eastroc

Beverage

Group

Co.,

Ltd.(Æ)

2,605

Eoptolink

Technology

Inc.,

Ltd.

Class

A

1,500

Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

18,300

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

8,493

Geely

Automobile

Holdings,

Ltd.

25,000

GF

Securities

Co.,

Ltd.

Class

A

24,500

Giant

Biogene

Holding

Co.,

Ltd.(Þ)

12,600

Great

Wall

Motor

Co.,

Ltd.

Class

H

72,000

Guosen

Securities

Co.,

Ltd.

Class

A

48,000

Guotai

Haitong

Securities

Co.,

Ltd.

Class

H(Þ)

57,600

Guoyuan

Securities

Co.,

Ltd.

Class

A

37,890

H

World

Group,

Ltd.

-

ADR

3,240

Haier

Smart

Home

Co.,

Ltd.

Class

H

76,800

Henan

Pinggao

Electric

Co.,

Ltd.

Class

A

5,900

Hisense

Visual

Technology

Co.,

Ltd.

Class

A

16,100

Huatai

Securities

Co.,

Ltd.

Class

A

40,000

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

290,000

Innovent

Biologics,

Inc.(Æ)(Þ)

9,000

JD

Health

International,

Inc.(Æ)(Þ)

4,250

JD.com,

Inc.

-

ADR

12,053

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

700

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

H(Æ)

3,000

Jinduicheng

Molybdenum

Co.,

Ltd.

Class

A

22,600

Joincare

Pharmaceutical

Group

Industry

Co.,

Ltd.

Class

A

21,000

Kanzhun

,

Ltd.

-

ADR(Æ)

3,689

KE

Holdings,

Inc.

-

ADR

4,130

Kingsoft

Corp.,

Ltd.

27,200

Kuaishou

Technology(Þ)

11,300

Laopu

Gold

Co.,

Ltd.

Class

H

Lenovo

Group,

Ltd.

106,000

LexinFintech

Holdings,

Ltd.

-

ADR

1,296

Li

Ning

Co.,

Ltd.

52,000

Longfor

Group

Holdings,

Ltd.(Þ)

72,000

Meituan

Class

B(Æ)(Þ)

30,200

Midea

Group

Co.,

Ltd.

Class

A

1,700

NetEase

,

Inc.

-

ADR

2,325

Ningbo

Jintian

Copper

Group

Co.,

Ltd.

Class

A

35,900

PDD

Holdings,

Inc.

-

ADR(Æ)

941

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

20,000

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

72,000

Pop

Mart

International

Group,

Ltd.(Þ)

9,400

Qfin

Holdings,

Inc.

-

ADR

689

SAIC

Motor

Corp.,

Ltd.

Class

A

25,700

Satellite

Chemical

Co.,

Ltd.

Class

A

8,200

SDIC

Capital

Co.,

Ltd.

Class

A

62,200

SF

Holding

Co.,

Ltd.

Class

H

11,800

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

9,250

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

71,600

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

116,400

Shanying

International

Holdings

Co.,

Ltd.

Class

A(Æ)

14,700

Shenzhou

International

Group

Holdings,

Ltd.

8,600

Starlake

Bioscience

Co.,

Inc.

Zhaoqing

Guangdong

Class

A

60,800

Sunny

Optical

Technology

Group

Co.,

Ltd.

11,700

Tencent

Holdings,

Ltd.

43,200

3,681

Tencent

Music

Entertainment

Group

-

ADR

5,136

Trip.com

Group,

Ltd.

-

ADR

4,788

Vipshop

Holdings,

Ltd.

-

ADR

5,184

Weichai

Power

Co.,

Ltd.

Class

H

96,000

Wilmar

International,

Ltd.

31,900

WuXi

AppTec

Co.,

Ltd.

Class

A

4,800

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

12,600

Wuxi

Biologics

(Cayman),

Inc.(Æ)(Þ)

24,500

Xiamen

ITG

Group

Corp.,Ltd

.

Class

A

23,000

Xiaomi

Corp.

Class

B(Æ)(Þ)

112,000

777

Xinyi

Glass

Holdings,

Ltd.

105,000

Xinyi

Solar

Holdings,

Ltd.

140,000

Yealink

Network

Technology

Corp.,

Ltd.

Class

A

4,700

Yum

China

Holdings,

Inc.

1,463

Yunnan

Tin

Co.,

Ltd.

Class

A

5,400

Yutong

Bus

Co.,Ltd

.

Class

A

16,700

Zai

Lab,

Ltd.(Æ)

4,200

Zhefu

Holding

Group

Co.,

Ltd.

Class

A

47,100

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

Class

H(Æ)(Þ)

4,600

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

32,800

Zhejiang

NHU

Co.,

Ltd.

Class

A

28,800

Zhongsheng

Group

Holdings,

Ltd.

54,500

Zijin

Mining

Group

Co.,

Ltd.

Class

A

15,100

Zijin

Mining

Group

Co.,

Ltd.

Class

H

90,000

ZTO

Express

(Cayman),

Inc.

-

ADR

7,867

20,584

Colombia

-

0.4%

Ecopetrol

SA

-

ADR

8,426

Grupo

Cibest

SA

-

ADR

3,789

Greece

-

1.1%

Alpha

Bank

SA

45,649

Eurobank

Ergasias

SA

24,336

National

Bank

of

Greece

SA

12,432

OPAP

SA

5,542

Piraeus

Financial

Holdings

SA(Æ)

14,928

724

Hong

Kong

-

1.5%

AIA

Group,

Ltd.

26,800

ASMPT,

Ltd.

11,200

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,000

Sino

Biopharmaceutical,

Ltd.

280,000

WH

Group,

Ltd.(Þ)

264,000

1,011

Hungary

-

0.5%

OTP

Bank

PLC

4,037

India

-

12.5%

Apollo

Hospitals

Enterprise,

Ltd.

3,072

Avenue

Supermarts

,

Ltd.(Æ)(Þ)

2,256

Axis

Bank,

Ltd.

18,191

Bajaj

Finance,

Ltd.

42,114

Bank

of

Baroda

30,720

Bharat

Electronics,

Ltd.

79,954

Bharti

Airtel,

Ltd.

29,043

614

Britannia

Industries,

Ltd.

2,976

Canara

Bank

85,918

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cipla

,

Ltd.

4,704

Dixon

Technologies

India,

Ltd.(Þ)

DLF,

Ltd.

14,784

Eternal,

Ltd.(Æ)

47,712

GAIL

India,

Ltd.

5,724

GMR

Infrastructure,

Ltd.(Æ)

50,299

Godrej

Properties,

Ltd.(Æ)

3,168

HCL

Technologies,

Ltd.

10,272

HDFC

Asset

Management

Co.,

Ltd.(Þ)

1,979

HDFC

Bank,

Ltd.

-

ADR

25,787

881

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

16,944

Hero

MotoCorp,

Ltd.

1,130

Hindalco

Industries,

Ltd.

9,349

Hindustan

Aeronautics,

Ltd.(Þ)

2,496

Hindustan

Petroleum

Corp.,

Ltd.

9,731

ICICI

Bank,

Ltd.

-

ADR

15,160

Indian

Hotels

Co.,

Ltd.

(The)

16,848

Infosys,

Ltd.

-

ADR

17,070

ITC,

Ltd.

9,027

JSW

Energy,

Ltd.

4,330

Larsen

&

Toubro,

Ltd.

LIC

Housing

Finance,

Ltd.

3,402

Lupin

,

Ltd.

4,752

Macrotech

Developers,

Ltd.(Þ)

5,136

Mahindra

&

Mahindra,

Ltd.

7,248

MakeMyTrip

,

Ltd.(Æ)

595

Max

Healthcare

Institute,

Ltd.

11,424

Mphasis

,

Ltd.

1,300

National

Aluminium

Co.,

Ltd.

30,851

Paradeep

Phosphates,

Ltd.(Þ)

22,761

Persistent

Systems,

Ltd.

1,195

Petronet

LNG,

Ltd.

32,400

Phoenix

Mills,

Ltd.

(The)

4,512

Power

Finance

Corp.,

Ltd.

19,406

Reliance

Industries,

Ltd.

36,632

563

Shriram

Finance,

Ltd.

20,285

State

Bank

of

India

14,160

Sun

Pharmaceutical

Industries,

Ltd.

9,888

Tata

Motors,

Ltd.

4,377

Tech

Mahindra,

Ltd.

5,856

Titan

Co.,

Ltd.

4,312

TVS

Motor

Co.,

Ltd.

2,688

UPL,

Ltd.

37,104

Vedanta,

Ltd.

2,642

8,515

Indonesia

-

1.4%

Astra

International

Tbk

PT

592,463

Bank

Central

Asia

Tbk

PT

528,700

Bank

Mandiri

Persero

Tbk

PT

535,800

Bank

Rakyat

Indonesia

Persero

Tbk

PT

919,700

Telkom

Indonesia

Persero

Tbk

PT

978,800

984

Italy

-

0.0%

Coca-Cola

HBC

AG(Æ)

551

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kazakhstan

-

0.3%

Air

Astana

JSC

-

GDR(Þ)

4,324

Kaspi.KZ

JSC

-

ADR

1,944

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

46,000

Malaysia

-

0.3%

Petronas

Chemicals

Group

Bhd

52,600

Public

Bank

Bhd

177,600

Mexico

-

2.1%

America

Movil

SAB

de

CV

63,955

Arca

Continental

SAB

de

CV

7,979

Cemex

SAB

de

CV

60,554

Fresnillo

PLC

11,232

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

30,790

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

69,986

Southern

Copper

Corp.

808

Ternium

SA

-

ADR

3,311

Wal-Mart

de

Mexico

SAB

de

CV

69,619

1,448

Netherlands

-

0.3%

ASML

Holding

NV

Class

G

Ferrari

NV

Peru

-

0.4%

Credicorp

,

Ltd.

1,031

Philippines

-

0.5%

Ayala

Land,

Inc.

195,000

BDO

Unibank

,

Inc.

51,370

International

Container

Terminal

Services,

Inc.

18,240

Poland

-

0.8%

Bank

Polska

Kasa

Opieki

SA

1,085

Dino

Polska

SA(Æ)(Þ)

7,887

ORLEN

SA

5,861

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

6,780

Powszechny

Zaklad

Ubezpieczen

SA

6,762

519

Qatar

-

0.2%

Qatar

National

Bank

QPSC

28,030

Saudi

Arabia

-

2.2%

Al

Rajhi

Bank

16,899

Banque

Saudi

Fransi

9,301

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

679

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Etihad

Etisalat

Co.

9,152

Riyad

Bank

13,080

Saudi

Arabian

Oil

Co.(Þ)

32,628

Saudi

Awwal

Bank

16,238

Saudi

National

Bank

(The)

31,670

Saudi

Telecom

Co.

644

1,527

Singapore

-

0.8%

Grab

Holdings,

Ltd.

Class

A(Æ)

27,033

Sea,

Ltd.

-

ADR(Æ)

2,216

559

South

Africa

-

2.5%

Absa

Group,

Ltd.

17,298

Anglogold

Ashanti

PLC

5,452

Bidvest

Group,

Ltd.

(The)

1,460

Clicks

Group,

Ltd.

1,875

FirstRand,

Ltd.

49,126

Gold

Fields,

Ltd.

9,480

Naspers,

Ltd.

Class

N

796

Sibanye

Stillwater,

Ltd.(Æ)

67,353

1,723

South

Korea

-

12.8%

Amorepacific

Corp.

1,392

Cheil

Worldwide,

Inc.

5,832

CJ

CheilJedang

Corp.

Coupang

,

Inc.(Æ)

4,400

DB

Insurance

Co.,

Ltd.

1,920

Hana

Financial

Group,

Inc.

4,128

Hankook

Tire

&

Technology

Co.,

Ltd.

4,848

Hanwha

Aerospace

Co.,

Ltd.

HD

Hyundai

Electric

Co.,

Ltd.

HD

Hyundai

Heavy

Industries

Co.,

Ltd.

Hyundai

Engineering

&

Construction

Co.,

Ltd.

633

Hyundai

Heavy

Industries

Co.,

Ltd.

961

Hyundai

Mobis

Co.,

Ltd.

1,056

Hyundai

Motor

Co.

859

Hyundai

Robotics

Co.,

Ltd.

1,855

Hyundai

Rotem

Co.,

Ltd.

1,337

Kakao

Corp.

919

KB

Financial

Group,

Inc.

-

ADR

3,991

KEPCO

Plant

Service

&

Engineering

Co.,

Ltd.

705

Korea

Electric

Power

Corp.

-

ADR

18,691

Korea

Investment

Holdings

Co.,

Ltd.

1,943

Krafton

,

Inc.(Æ)

KT

Corp.

-

ADR

859

KT&G

Corp.

1,488

LG

Electronics,

Inc.

Class

H

1,429

LG

Uplus

Corp.

2,337

Mando

Corp.

759

NAVER

Corp.

1,056

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

Samsung

Electro-Mechanics

Co.,

Ltd.

2,448

Samsung

Electronics

Co.,

Ltd.

30,955

1,851

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

6,681

Samsung

Securities

Co.,

Ltd.

2,592

Shinhan

Financial

Group

Co.,

Ltd.

-

ADR

6,232

SK

Hynix,

Inc.

4,944

1,224

SK

Square

Co.,

Ltd.(Æ)

SK

Telecom

Co.,

Ltd.

-

ADR

6,054

S-Oil

Corp.(Æ)

2,928

Woori

Financial

Group,

Inc.

-

ADR

2,800

8,750

Taiwan

-

16.3%

Accton

Technology

Corp.

11,000

Arcadyan

Technology

Corp.

12,000

Asia

Vital

Components

Co.,

Ltd.

2,000

Asustek

Computer,

Inc.

3,673

Bizlink

Holding,

Inc.

9,059

Compal

Electronics,

Inc.

144,000

CTBC

Financial

Holding

Co.,

Ltd.

22,000

Delta

Electronics,

Inc.

15,000

E

Ink

Holdings,

Inc.

2,000

E.Sun

Financial

Holding

Co.,

Ltd.

119,051

Elite

Material

Co.,

Ltd.

1,000

Fubon

Financial

Holding

Co.,

Ltd.

92,250

Gigabyte

Technology

Co.,

Ltd.

4,000

Globalwafers

Co.,

Ltd.

9,000

Hiwin

Technologies

Corp.

17,000

Hon

Hai

Precision

Industry

Co.,

Ltd.

83,000

588

International

Games

System

Co.,

Ltd.

1,000

KGI

Financial

Holding

Co.,

Ltd.

356,530

Largan

Precision

Co.,

Ltd.

2,000

Lite-On

Technology

Corp.

6,000

MediaTek

,

Inc.

17,000

734

Realtek

Semiconductor

Corp.

12,000

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

144,000

6,166

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

2,366

661

Yuanta

Financial

Holding

Co.,

Ltd.

98,990

11,137

Thailand

-

2.1%

Advanced

Info

Service

PCL

-

NVDR

10,800

Bangkok

Bank

PCL

-

NVDR

29,400

Bangkok

Dusit

Medical

Services

PCL

-

NVDR

99,100

Charoen

Pokphand

Foods

PCL

-

NVDR

171,300

CP

ALL

PCL

-

NVDR

83,400

Indorama

Ventures

PCL

-

NVDR

126,100

Kasikornbank

PCL

-

NVDR

26,900

PTT

Exploration

&

Production

PCL

-

NVDR

25,200

PTT

Oil

&

Retail

Business

PCL

-

NVDR

221,300

SCB

X

PCL

-

NVDR

35,000

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Siam

Cement

PCL

(The)

-

NVDR

18,000

Srisawad

Corp.

PCL

-

NVDR

110,400

Thai

Beverage

PCL

297,700

1,423

Turkey

-

0.9%

Akbank

TAS

97,528

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

19,282

BIM

Birlesik

Magazalar

AS

9,900

Haci

Omer

Sabanci

Holding

AS

25,703

Turk

Hava

Yollari

AO

9,656

Turkcell

Iletisim

Hizmetleri

AS

26,361

Turkiye

Petrol

Rafinerileri

AS

12,896

622

United

Arab

Emirates

-

1.5%

Abu

Dhabi

Commercial

Bank

PJSC

28,498

Aldar

Properties

PJSC

72,312

Dubai

Islamic

Bank

PJSC

27,335

Emaar

Development

PJSC

23,314

Emaar

Properties

PJSC

99,670

First

Abu

Dhabi

Bank

PJSC

32,262

Salik

Co.

PJSC

57,792

1,042

United

Kingdom

-

0.2%

HSBC

Holdings

PLC

5,002

Investec

PLC

8,839

United

States

-

0.5%

Cognizant

Technology

Solutions

Corp.

Class

A

1,242

Freeport-McMoRan,

Inc.

2,496

Globant

SA(Æ)

1,018

JBS

NV

-

BDR(Æ)

1,733

JBS

NV

Class

A(Æ)

960

Netflix,

Inc.

Class

B(Æ)

#### Total

#### Common

#### Stocks
(cost

$60,697)

67,991

#### Preferred

#### Stocks

#### -

#### 0.0%
India

-

0.0%

TVS

Motor

Co.

6.000%

(Æ)(Š)

10,752

#### Total

#### Preferred

#### Stocks
(cost

$—)

#### Short-Term

#### Investments

#### -

#### 0.1%
United

States

-

0.1%

U.S.

Cash

Management

Fund(@)

95,042

(∞)

#### Total

#### Short-Term

#### Investments
(cost

$95)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Investments

#### -

#### 99.6%
(identified

cost

$60,792)

68,087

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%

#### Net

#### Assets

#### -

#### 100.0%
68,334

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### S

#### hares

#### $6.5%

Air

Astana

JSC

05/29/25

4,324

5.71 25

Akeso

,

Inc.

07/09/25

HKD

6,000

14.80 89

Avenue

Supermarts

,

Ltd.

05/29/25

INR

2,256

47.68 108

Budweiser

Brewing

Co.

APAC,

Ltd.

05/29/25

HKD

53,900

1.08 58

China

International

Capital

Corp.,

Ltd.

05/29/25

HKD

68,400

2.15 147

China

Tower

Corp.,

Ltd.

07/09/25

HKD

14,500

1.45 21

Dino

Polska

SA

06/11/25

PLN

7,887

13.48 106

Dixon

Technologies

India,

Ltd.

05/29/25

INR

175.57 84

Giant

Biogene

Holding

Co.,

Ltd.

05/29/25

HKD

12,600

7.55 95

Guotai

Haitong

Securities

Co.,

Ltd.

05/29/25

HKD

57,600

1.69 97

Hapvida

Participacoes

e

Investimentos

SA

09/23/25

BRL

7,312

7.19 53

HDFC

Asset

Management

Co.,

Ltd.

05/29/25

INR

1,979

60.76 120

HDFC

Life

Insurance

Co.,

Ltd.

05/29/25

INR

16,944

8.83 150

Hindustan

Aeronautics,

Ltd.

05/29/25

INR

2,496

56.85 142

Innovent

Biologics,

Inc.

09/23/25

HKD

9,000

12.09 109

JD

Health

International,

Inc.

09/23/25

HKD

4,250

8.66 37

Kuaishou

Technology

09/23/25

HKD

11,300

9.38 106

Longfor

Group

Holdings,

Ltd.

05/29/25

HKD

72,000

1.27 91

Macrotech

Developers,

Ltd.

05/29/25

INR

5,136

16.28 84

Meituan

05/29/25

HKD

30,200

17.27 521

Paradeep

Phosphates,

Ltd.

09/23/25

INR

22,761

2.01 46

Pop

Mart

International

Group,

Ltd.

05/29/25

HKD

9,400

34.13 321

Samsung

Biologics

Co.,

Ltd.

05/29/25

KRW

750.45 161

Saudi

Arabian

Oil

Co.

05/29/25

SAR

32,628

6.61 216

Shandong

Gold

Mining

Co.,

Ltd.

07/09/25

HKD

9,250

3.43 32

WH

Group,

Ltd.

05/29/25

HKD

264,000

0.97 257

WuXi

AppTec

Co.,

Ltd.

05/29/25

HKD

12,600

10.51 132

Wuxi

Biologics

(Cayman),

Inc.

07/09/25

HKD

24,500

3.86 94

Xiaomi

Corp.

05/29/25

HKD

112,000

6.80 762

777

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

09/23/25

HKD

4,600

8.30 38

4,418

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Austria

$

$

—

$

—

$

—

$

Brazil

4,263

—

—

—

4,263

Canada

—

—

—

Chile

—

—

—

China

20,584

—

—

—

20,584

Colombia

—

—

—

Greece

724

—

—

—

724

Hong

Kong

1,011

—

—

—

1,011

Hungary

—

—

—

India

8,515

—

—

—

8,515

Indonesia

984

—

—

—

984

Italy

—

—

—

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Kazakhstan

—

—

—

Macao

—

—

—

Malaysia

—

—

—

Mexico

1,448

—

—

—

1,448

Netherlands

—

—

—

Peru

—

—

—

Philippines

—

—

—

Poland

519

—

—

—

519

Qatar

—

—

—

Saudi

Arabia

1,527

—

—

—

1,527

Singapore

559

—

—

—

559

South

Africa

1,723

—

—

—

1,723

South

Korea

8,750

—

—

—

8,750

Taiwan

11,137

—

—

—

11,137

Thailand

1,423

—

—

—

1,423

Turkey

622

—

—

—

622

United

Arab

Emirates

1,042

—

—

—

1,042

United

Kingdom

—

—

—

United

States

—

—

—

Preferred

Stocks

—

—

—

Short-Term

Investments

—

—

—

Total

Investments

$

67,991

$

—

$

$

$

68,087

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

September

30,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

13,862

.3

Consumer

Staples

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

2,651

.9

Energy

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

2,083

.1

Financial

Services

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

17,520

.6

Health

Care

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

2,647

.9

Materials

and

Processing

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

4,589

.7

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

Producer

Durables

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

4,228

.2

Technology

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

18,414

.9

Utilities

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

1,997

.9

#### Preferred

#### Stocks
Consumer

Discretionary

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

—

\*

#### Short-Term

#### Investments

#### .............................................................

.1

Total

Investments

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

68,087

.6

\*

Less

than

.05%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### September

#### 30,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Foreign

currency

exchange

contracts

$

(62) For

furt

her

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### September

#### 30,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

60,792

Investments,

at

fair

value(>)

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

68,087

Foreign

currency

holdings(^)

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

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Foreign

capital

gains

taxes

recoverable

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

Total

assets

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

68,410

#### Liabilities
Payables:

Accrued

fees

to

affiliates

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

Deferred

capital

gains

tax

liability

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

68,334

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

7,290

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

61,020

#### Net

#### Assets

#### ...............................................................................................................................................................
$

68,334

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

28.47 Net

assets

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

$

68,334,218

Shares

outstanding

($.01

par

value)

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

2,400,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

523

Dividends

from

affiliated

funds

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

Less

foreign

taxes

withheld

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

(64) Total

investment

income

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

#### Expenses
Advisory

fees

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

Expenses

before

reductions

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

Expense

reductions

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

(25) Net

expenses

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

Net

investment

income

(loss)

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

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(222) Foreign

currency

exchange

contracts

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

(62) Foreign

currency-related

transactions

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

(35) Net

realized

gain

(loss)

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

(319) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

($41))

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

7,254

Foreign

currency-related

transactions

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

(4) Net

change

in

unrealized

appreciation

(depreciation)

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

7,250

Net

realized

and

unrealized

gain

(loss)

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

6,931

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

7,290

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025. #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

Net

realized

gain

(loss)

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

(319) Net

change

in

unrealized

appreciation

(depreciation)

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

7,250

Net

increase

(decrease)

in

net

assets

from

operations

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

7,290

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

61,044

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
68,334

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

68,334

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Shares

created

2,400

$

61,044

Total

increase

(decrease)

2,400

$

61,044

(1) For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### 09/30/25
(ƣ)

#### Per-Share

#### Data
–

$

Net

Asset

Value,

Beginning

of

Period

.

Income

(loss)

from

investment

operations:

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.

$

Net

Realized

and

Unrealized

Gain

(Loss)

.

$

Total

from

Investment

Operations

.

$

Net

Asset

Value,

End

of

Period

.47

%

Total

Return

(ǿ)

16.75 –

#### Ratios/Supplemental

#### Data
–

$

Net

Assets,

End

of

Period

(000) 68,334

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.

%

Expenses,

Net

(Ƃ)(ɯ)

.

%

Net

Investment

Income

(Ƃ)(ɯ)

.

%

Portfolio

Turnover

Rate

(ǿ)(Ω)

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Emerging

#### Markets

#### Equity

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Equity

Active

ETF

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$35,176.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

September

30,

2025

,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

September

30,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

—

$

20,708

$

20,613

$

—

$

—

$

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

61,357,910

$

7,813,002

$

(1,083,63

4)

$

6,729,36

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

832,246

$

(226,614)

$

6,684,379

$

—

$

—

$

7,290,011

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### September

#### 30,

#### 2025

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

—

$

—

$

—

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF

#### Schedule

#### of

#### Investments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.5%
Australia

-

6.7%

Atlas

Arteria,

Ltd.

80,212

Cleanaway

Waste

Management,

Ltd.

—

Transurban

Group(Æ)

125,433

1,145

1,406

Canada

-

5.7%

Canadian

Pacific

Kansas

City,

Ltd.

4,750

Keyera

Corp.

3,868

South

Bow

Corp.

Class

W

5,439

TC

Energy

Corp.

10,394

565

1,203

France

-

3.8%

Aeroports

de

Paris

SA

3,397

Getlink

SE

12,587

Vinci

SA

943

810

Germany

-

0.7%

RWE

AG

3,148

Hong

Kong

-

0.5%

Power

Assets

Holdings,

Ltd.

15,500

Italy

-

1.5%

Hera

SpA

34,186

Infrastrutture

Wireless

Italiane

SpA(Þ)

14,089

Japan

-

3.4%

Central

Japan

Railway

Co.

7,300

Chubu

Electric

Power

Co.,

Inc.

10,400

Japan

Airport

Terminal

Co.,

Ltd.

2,800

Osaka

Gas

Co.,

Ltd.

4,500

West

Japan

Railway

Co.

6,500

717

Netherlands

-

0.8%

Koninklijke

Vopak

NV

3,732

New

Zealand

-

1.3%

Auckland

International

Airport,

Ltd.

61,628

Spain

-

4.8%

Aena

SME

SA(Þ)

32,153

878

Cellnex

Telecom

SA(Þ)

3,655

1,005

Switzerland

-

1.7%

Flughafen

Zurich

AG

1,156

United

Kingdom

-

5.5%

National

Grid

PLC

47,748

686

Pennon

Group

PLC

29,948

United

Utilities

Group

PLC

17,895

1,150

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

States

-

63.1%

Alliant

Energy

Corp.

2,996

Ameren

Corp.

2,946

American

Electric

Power

Co.,

Inc.

5,157

580

American

Tower

Corp.(ö)

2,354

American

Water

Works

Co.,

Inc.

2,291

Atmos

Energy

Corp.

1,307

CenterPoint

Energy,

Inc.

6,487

Cheniere

Energy,

Inc.

1,959

Consolidated

Edison,

Inc.

Crown

Castle,

Inc.(ö)

3,086

CSX

Corp.

18,404

654

Dominion

Energy,

Inc.

7,439

DT

Midstream,

Inc.

1,397

Duke

Energy

Corp.

5,932

734

Entergy

Corp.

3,796

Equinix,

Inc.(ö)

Evergy,

Inc.

5,894

Eversource

Energy

5,033

Kinder

Morgan,

Inc.

8,149

NextEra

Energy,

Inc.

14,039

1,060

NiSource,

Inc.

4,389

Norfolk

Southern

Corp.

2,345

704

ONEOK,

Inc.

4,807

PG&E

Corp.

23,559

PPL

Corp.

6,729

Public

Service

Enterprise

Group,

Inc.

4,025

SBA

Communications

Corp.(ö)

1,848

Sempra

8,562

770

Targa

Resources

Corp.

1,691

TXNM

Energy,

Inc.

UGI

Corp.

Union

Pacific

Corp.

2,952

698

WEC

Energy

Group,

Inc.

2,168

Williams

Cos.,

Inc.

(The)

6,745

Xcel

Energy,

Inc.

6,636

535

13,260

#### Total

#### Common

#### Stocks
(cost

$20,246)

20,912

#### Short-Term

#### Investments

#### -

#### 0.3%
United

States

-

0.3%

U.S.

Cash

Management

Fund(@)

57,479

(∞)

#### Total

#### Short-Term

#### Investments
(cost

$58)

#### Total

#### Investments

#### -

#### 99.8%
(identified

cost

$20,304)

20,970

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.2%

#### Net

#### Assets

#### -

#### 100.0%
21,005

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $5.6%

Aena

SME

SA

05/13/25

EUR

32,153

26.89 865

878

Cellnex

Telecom

SA

05/13/25

EUR

3,655

37.19 136

Infrastrutture

Wireless

Italiane

SpA

05/13/25

EUR

14,089

11.95 168

1,170

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

1,406

$

—

$

—

$

—

$

1,406

Canada

1,203

—

—

—

1,203

France

810

—

—

—

810

Germany

—

—

—

Hong

Kong

—

—

—

Italy

—

—

—

Japan

717

—

—

—

717

Netherlands

—

—

—

New

Zealand

—

—

—

Spain

1,005

—

—

—

1,005

Switzerland

—

—

—

United

Kingdom

1,150

—

—

—

1,150

United

States

13,260

—

—

—

13,260

Short-Term

Investments

—

—

—

Total

Investments

$

20,912

$

—

$

—

$

$

20,970

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

September

30,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

September

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

Amounts

in

thousands

#### Infrastructure

#### Subindustry

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Airport

Services

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

2,049

9. 7

Construction

&

Engineering

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

0.6 Data

Center

REITs

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

1.0 Electric

Utilities

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

5,122

24.4 Gas

Utilities

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

1.7 Highways

&

Railtracks

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

1,637

7.8 Independent

Power

Producers

&

Energy

Traders

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

0. 7

Integrated

Telecommunication

Services

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

1.4 Multi-Utilities

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

3,399

16.2 Oil

&

Gas

Storage

&

Transportation

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

2,930

13.9 Rail

Transportation

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

2,762

13.1 Telecom

Tower

REITs

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

1,108

5.3 Water

Utilities

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

783

3.7 #### Short-Term

#### Investments

#### .......................................................

0.3 Total

Investments

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

20,970

99.8 #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

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

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### September

#### 30,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

20,304

Investments,

at

fair

value(>)

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

20,970

Foreign

currency

holdings(^)

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

Receivables:

Dividends

and

interest

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

Total

assets

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

21,015

#### Liabilities
Payables:

Accrued

fees

to

affiliates

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

Total

liabilities

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

#### Net

#### Assets

#### ...............................................................................................................................................................
$

21,005

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

713

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

20,2

#### Net

#### Assets

#### ...............................................................................................................................................................
$

21,005

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

(#)

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

$

25.93 Net

assets

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

$

21,005,454

Shares

outstanding

($.01

par

value)

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

810,004

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

Dividends

from

affiliated

funds

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

Less

foreign

taxes

withheld

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

(7) Total

investment

income

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

#### Expenses
Advisory

fees

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

Total

expenses

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

Net

investment

income

(loss)

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

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(104) Foreign

currency

exchange

contracts

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

Foreign

currency-related

transactions

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

(2) In-kind

redemptions

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

Net

realized

gain

(loss)

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

(63) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

666

Net

change

in

unrealized

appreciation

(depreciation)

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

666

Net

realized

and

unrealized

gain

(loss)

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

603

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

752

(1)&nbsp;&nbsp;&nbsp;&nbsp;

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025. #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Period

#### Ended

#### September

#### 30,

#### 2025
(1) #### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

Net

realized

gain

(loss)

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

(63) Net

change

in

unrealized

appreciation

(depreciation)

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

666

Net

increase

(decrease)

in

net

assets

from

operations

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

752

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

20,253

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
21,005

#### Net

#### Assets
Beginning

of

period

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

—

End

of

period

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

$

21,005

\*

Share

transaction

amounts

(in

thousands)

for

the

period

ended

September

30,

2025

were

as

follows:

#### 2025
(1) #### Shares

#### Dollars
Shares

created

830

$

20,761

Shares

redeemed

(20) (508) Total

increase

(decrease)

810

$

20,253

(1) For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025. See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

the

Period.

#### 09/30/25
(ſ)

#### Per-Share

#### Data
$

Net

Asset

Value,

Beginning

of

Period

.

Income

(loss)

from

investment

operations:

$

Net

Investment

Income

(Loss)

(ƥ)

.25

$

Net

Realized

and

Unrealized

Gain

(Loss)

.

$

Total

from

Investment

Operations

.

$

Net

Asset

Value,

End

of

Period

25.93 %

Total

Return

(ǿ)

6.87 #### Ratios/Supplemental

#### Data
$

Net

Assets,

End

of

Period

(000) 21,005

Ratio

to

average

net

assets:

–

%

Expenses,

Gross

(ɯ)

.59

%

Expenses,

Net

(ɯ)

.59

%

Net

Investment

Income

(ɯ)

2.63 %

Portfolio

Turnover

Rate

(ǿ)(Ω)

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

advisory

fees

payable

to

affiliates

as

of

September

30,

2025

were

$9,958.

Transactions

(amounts

in

thousands)

during

the

period

ended

September

30,

2025

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

period

ended

September

30,

2025,

the

Fund

made

the

following

tax

basis

distributions:

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting. These

differences

may

be

due

to

foreign

currency

gains

or

losses,

gains

or

losses

from

in-kind

redemptions, reclassifications

of

dividends

and/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

—

$

$

$

—

$

—

$

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

20,316,204

$

878,

$

(224,

552)

$

653,

513

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

163,628

$

(104,612)

$

653,505

$

—

$

—

$

712,521

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

\*\*\*

Post-October

Losses

represent

certain

ordinary,

specific

and/or

capital

losses

incurred

after

October

of

the

previous

year.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

fund's

next

taxable

year.

#### September

#### 30,

#### 2025

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

—

$

—

$

—

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Global

#### Infrastructure

#### Active

#### ETF
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Active

ETF

At

September

30,

2025

,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

(39)

Additional

paid-in

capital

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Schedules

#### of

#### Investments

#### —

#### September

#### 30,

#### 2025

Notes

to

Schedules

of

Investments

#### Footnotes:

#### Abbreviations:

#### Foreign

#### Currency

#### Abbreviations:
(Æ)

Non-income

producing

security.

(ö)

Real

Estate

Investment

Trust

(REIT).

(Ø)

In

default.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

is

not

registered

under

the

Securities

Act

of

1933,

as

amended

("the

Act").

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

(ÿ)

Notional

amount

in

thousands.

(∞)

Unrounded

units.

(Š)

Value

was

determined

using

significant

unobservable

inputs

.

(@)

Affiliate

.

(Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

ADR

-

American

Depositary

Receipt

BDR

-

Brazilian

Depository

Receipts

GDR

-

Global

Depositary

Receipt

NVDR

-

Non-Voting

Depository

Receipt

AUD

-

Australian

dollar

BRL

-

Brazilian

real

CHF

-

Swiss

franc

EUR

-

Euro

GBP

-

British

pound

sterling

HKD

-

Hong

Kong

dollar

JPY

-

Japanese

yen

USD

-

United

States

dollar

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### September

#### 30,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Notes

to

Financial

Highlights

(ſ)

For

the

period

May

13,

2025

(inception

date)

to

September

30,

2025. (ƣ)

For

the

period

May

29,

2025

(inception

date)

to

September

30,

2025. (ǿ)

The

total

return

and

portfolio

turnover

rate

for

periods

less

than

one

year

are

not

annualized.

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM").

(ɯ)

Periods

less

than

one

year

are

annualized.

(Ω)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

creation

or

redemption

units.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements

#### —

#### September

#### 30,

#### 2025

Notes

to

Financial

Statements

1. #### Organization
Russell

Investments

Exchange

Traded

Funds

(the

"Trust"

or

"RIETF")

is

a

series

investment

company

with

five

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

each

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Delaware

statutory

trust

under

an

Amended

and

Restated

Declaration

of

Trust

dated

February

24,

2025

(as

amended,

the

"Declaration

of

Trust"),

and

the

provisions

of

Delaware

law

governing

the

operation

of

a

Delaware

statutory

trust.

The

Trust

offers

shares

of

beneficial

interest

("Shares")

in

the

Funds.

Each

of

the

Funds

is

diversified.

Under

the

1940

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

items

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

fiscal

period

ended

September

30,

2025. 2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP"),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies

including,

but

not

limited

to,

Accounting

Standards

Codification

946. The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

In

this

reporting

period,

the

Funds

adopted

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

("ASU")

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

operating

results.

Topic

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

("CODM")

to

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments'

Executive

Committee

is

the

CODM.

Each

Fund

is

a

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

share

transactions

data

consistent

with

that

which

is

presented

in

the

Funds'

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

"Significant

Accounting

Policies"

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Funds'

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

of

Trustees

(the

"Board")

has

designated

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

However,

the

Board

retains

oversight

over

the

valuation

process.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025
Notes

to

Financial

Statements

Level

—

Inputs

other

than

quoted

prices

included

within

Level

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

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

and

Level

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

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

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

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

("NAV")

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

Short-term

investments

having

a

maturity

of

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

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

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

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

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

portfolio

instruments

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025

Notes

to

Financial

Statements

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund's

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange

listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

The

NAV

of

a

Fund's

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

There

were

no

Level

investments

at

the

beginning

or

end

of

the

period.

Level

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

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

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

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

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

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

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred

within

a

particular

Fund.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025
Notes

to

Financial

Statements

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management's

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

Federal

Income

Taxes

Each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund's

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds'

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

September

30,

2025,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Income

Taxes

Paid

The

Funds

did

not

pay

any

federal,

state,

or

local

taxes

during

the

period

ended

September

30,

2025. Additionally,

the

Funds

did

not

pay

any

material

foreign

income

taxes

during

the

period

ended

September

30,

2025. Accordingly,

no

disaggregated

disclosure

of

income

taxes

paid

by

jurisdiction

has

been

presented.

Dividends

and

Distributions

to

Shareholders

The

Funds

distribute

substantially

all

of

their

net

investment

income

and

net

capital

gains

to

shareholders

each

year.

The

amount

and

frequency

of

income

distributions

are

not

guaranteed;

all

distributions

are

at

the

Board's

discretion.

Currently,

the

Board

intends

to

declare

dividends

from

net

investment

income,

if

any,

in

mid-December.

The

Funds

intend

to

distribute

substantially

all

of

the

distributions

they

receive

from

real

estate

investment

trust

("REIT")

investments,

less

expenses,

as

well

as

income

from

other

investments.

Such

distributions

may

be

comprised

of

income,

return

of

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

on

the

sale

of

REIT

shares

and

other

investments.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Fund

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

mortgage-backed

securities,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025

Notes

to

Financial

Statements

Expenses

The

Funds

have

a

unitary

advisory

fee

structure.

Under

the

Funds'

unitary

advisory

fee

structure,

RIM

pays

all

expenses

of

the

Funds

except

for

payments

under

a

Fund's

12b-1

plan,

if

any,

interest

expenses,

dividend

and

interest

expenses

related

to

short

sales,

taxes,

the

expenses

of

other

investment

companies

in

which

a

Fund

invests

which

are

borne

indirectly

by

the

Fund,

brokerage

commissions

and

any

other

transaction-related

expenses

and

fees

arising

out

of

transactions

effected

on

behalf

of

a

Fund,

costs

of

holding

shareholder

meetings,

costs

of

any

securities

lending

program,

any

and

all

costs,

fees

and

expenses,

including

legal

fees,

associated

with

litigation

or

potential

litigation,

any

and

all

contingency

fees

paid

to

vendors

out

of

amounts

received

by

a

Fund

(for

example,

contingency

fees

paid

to

vendors

for

foreign

tax

reclaims

and

contingency

fees

paid

to

vendors

for

certain

securities

litigation

recoveries)

and

any

infrequent

and/or

unusual

expenses.

Each

Fund's

unitary

advisory

fee

is

reported

as

"Advisory

fees"

in

the

Fund's

Statement

of

Operations.

Whenever

an

expense

can

be

attributed

to

a

particular

Fund,

the

expense

is

charged

to

that

Fund.

Common

expenses

are

allocated

among

the

Funds

based

primarily

upon

their

relative

net

assets.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a) Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b) Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds'

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

as

of

September

30,

2025. The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

total

distributable

earnings

(losses)

in

the

Statements

of

Assets

and

Liabilities.

The

amounts

related

to

capital

gains

and

repatriation

taxes

are

included

in

net

realized

gain

(loss)

on

investments

and

change

in

unrealized

gain

(loss)

on

investments

in

the

Statements

of

Operations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

among

others,

foreign

currency

exchange

contracts

and

futures

contracts.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds'

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

currency

movements).

By

purchasing

certain

instruments,

the

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025
Notes

to

Financial

Statements

Funds

Strategies

International

Developed

Equity

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Global

Equity

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Emerging

Markets

Equity

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Global

Infrastructure

Active

ETF

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

operational

risk,

legal

risk,

valuation

risk

and

credit

risk.

Futures

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange's

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

broker's

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-

traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

receivables

for

variation

margin

on

futures

contracts

and

payables

for

variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

investments

at

fair

value

(securities)

or

receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities

as

due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

for

the

period

ended

September

30,

2025,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund's

Schedule

of

Investments.

The

financial

derivative

instruments

outstanding

as

of

period

end

on

the

Schedules

of

Investments

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

tables,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

("FX

contracts").

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

facilitate

settlement

of

securities

transactions

and

may

enter

into

these

contracts

in

order

to

"lock

in"

the

U.S.

dollar

price

of

a

security

that

they

plan

to

buy

or

sell.

Certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

Certain

Funds

may

also

purchase

or

sell

foreign

currencies,

mainly

through

the

use

of

forward

currency

contracts

or

currency

futures

contracts,

for

speculative

purposes

based

on

judgments

regarding

the

direction

of

the

market

for

a

particular

foreign

currency

or

currencies.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

September

30,

2025,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds'

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025

Notes

to

Financial

Statements

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

September

30,

2025,

the

Global

Equity

Active

ETF

entered

into

futures

contracts

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

("ISDA

Master

Agreements")

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for,

among

other

things,

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

table

within

the

Funds'

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

seek

to

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

political

instability;

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity

(including

as

a

result

of

a

significant

reduction

in

the

number

of

market

participants

or

transactions);

significant

price

volatility;

restrictions

on

foreign

investment;

possible

difficulties

in

the

repatriation

of

investment

income

and

capital

including

as

a

result

of

the

closure

of

securities

markets

in

an

emerging

market

country;

and,

generally,

less

stringent

investor

protection

standards

as

compared

with

investments

in

U.S.

or

other

developed

market

equity

securities.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025
Notes

to

Financial

Statements

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

securities

settlement

procedures

for

a

Fund's

portfolio

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

In

addition,

emerging

market

countries

may

be

subject

to

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

be

available

or

reliable.

Moreover,

it

can

be

more

difficult

for

investors

to

bring

litigation

or

enforce

judgments

against

issuers

in

emerging

markets

or

for

U.S.

regulators

to

bring

enforcement

actions

against

such

issuers.

Emerging

market

countries

may

also

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

Guarantees

Under

the

Trust's

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds'

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

3. #### Investment

#### Transactions
Securities

During

the

period

ended

September

30,

2025,

the

Funds'

purchases

and

sales

of

investment

securities

(excluding

short-term

investments,

derivatives

and

in-kind

transactions)

were

as

follows:

In-Kind

Transactions

During

the

period

ended

September

30,

2025,

in-kind

transactions

associated

with

creations

and

redemptions

were

as

follows:

#### Funds

#### Purchases

#### Sales
U.S.

Small

Cap

Equity

Active

ETF

$

10,805,960

$

7,916,218

International

Developed

Equity

Active

ETF

31,946,108

19,223,829

Global

Equity

Active

ETF

50,085,007

35,622,625

Emerging

Markets

Equity

Active

ETF

47,888,991

6,911,833

Global

Infrastructure

Active

ETF

4,739,627

3,701,398

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025

Notes

to

Financial

Statements

The

in-kind

creation

and

in-kind

redemptions

in

this

table

may

not

agree

with

the

Fund

Share

Transactions

on

the

Statements

of

Changes

in

Net

Assets.

The

table

represents

the

accumulation

of

each

Fund's

daily

net

shareholder

transactions

which

were

executed

in

kind

while

the

Statements

of

Changes

in

Net

Assets

reflect

gross

shareholder

transactions

including

any

cash

component

of

the

transactions.

4. #### Related

#### Party,

#### Fees

#### and

#### Expenses
Advisory

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

the

Trust,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager's

fee,

after

the

Trust

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

Russell

Investments

Fund

Services,

LLC

("RIFUS"),

in

its

capacity

as

the

Funds'

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-

owned

subsidiary

of

Russell

Investments

Group,

Ltd.

The

Funds

are

permitted

to

invest

any

cash

held

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

RIFUS

charges

a

0.05%

administrative

fee

to

the

unregistered

fund.

Each

Fund's

investment

in

the

U.S.

Cash

Management

Fund

is

disclosed

within

the

Fund's

Schedule

of

Investments.

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund's

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

Each

of

the

Funds

pays

the

following

annual

advisory

fee

directly

to

RIM,

billed

monthly

on

a

pro

rata

basis

and

calculated

as

a

specified

percentage

of

the

average

daily

net

assets

of

each

of

the

Funds:

The

following

shows

the

totals

for

advisory

fees

for

the

period

ended

September

30,

2025:

RIM

has

contractually

agreed

to

waive

a

portion

of

its

advisory

fees

for

certain

Funds.

These

arrangements

are

not

part

of

the

Advisory

Agreement

with

the

Trust

and

may

be

changed

or

discontinued.

For

the

U.S.

Small

Cap

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.05%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$4,894.

#### Funds

#### Purchases

#### Sales
U.S.

Small

Cap

Equity

Active

ETF

$

36,012,966

$

2,794,235

International

Developed

Equity

Active

ETF

92,378,645

7,483,343

Global

Equity

Active

ETF

200,805,367

6,420,346

Emerging

Markets

Equity

Active

ETF

19,941,418

—

Global

Infrastructure

Active

ETF

19,775,470

503,532

#### Funds

#### Asset

#### Level

#### Advisory

#### (%)
U.S.

Small

Cap

Equity

Active

ETF

All

Assets

0.69 International

Developed

Equity

Active

ETF

All

Assets

0.59 Global

Equity

Active

ETF

All

Assets

0.59 Emerging

Markets

Equity

Active

ETF

All

Assets

0.79 Global

Infrastructure

Active

ETF

All

Assets

0.59 #### Funds

#### Advisory
U.S.

Small

Cap

Equity

Active

ETF

$

67,534

International

Developed

Equity

Active

ETF

144,975

Global

Equity

Active

ETF

325,383

Emerging

Markets

Equity

Active

ETF

130,876

Global

Infrastructure

Active

ETF

33,459

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025
Notes

to

Financial

Statements

For

the

International

Developed

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.10%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$24,572.

For

the

Global

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.10%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$55,150.

For

the

Emerging

Markets

Equity

Active

ETF,

RIM

has

contractually

agreed,

until

January

28,

2027,

to

waive

0.15%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

September

30,

2025

was

$24,850.

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Affiliated

Brokerage

Transactions

Substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

("RIIS"),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS'

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

September

30,

2025,

the

Funds

did

not

engage

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a-7

of

the

Investment

Company

Act.

Board

of

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

RIETF,

Russell

Investment

Company

("RIC"),

Russell

Investment

Funds

("RIF"),

the

Russell

Investments

Strategic

Credit

Fund

("RISCF"),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

("RINEIF").

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIETF,

RIC,

RIF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

September

30,

2025,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$935,833.

5. #### Federal

#### Income

#### Taxes
As

of

September

30,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

6. #### Capital

#### Share

#### Transactions
The

Trust

issues

and

redeems

Shares

of

each

Fund

only

in

aggregations

of

a

specified

number

of

Shares

of

a

Fund

("Creation

Units")

at

NAV.

Only

investors

who

are

authorized

to

deal

in

Creation

Units

("Authorized

Participants")

may

engage

in

creation

#### No

#### Expiration

#### Funds

#### Short

#### Term

#### Long

#### Term

#### Total
U.S.

Small

Cap

Equity

Active

ETF

$

373,599

$

—

$

373,599

International

Developed

Equity

Active

ETF

607,265

—

607,265

Global

Equity

Active

ETF

439,317

—

439,317

Emerging

Markets

Equity

Active

ETF

226,614

—

226,614

Global

Infrastructure

Active

ETF

104,612

—

104,612

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### September

#### 30,

#### 2025

Notes

to

Financial

Statements

or

redemption

transactions

directly

with

a

Fund.

Once

created,

Shares

of

a

Fund

generally

trade

in

the

secondary

market

in

amounts

less

than

a

Creation

Unit.

Secondary

market

transactions

may

be

subject

to

brokerage

commissions.

Shares

of

the

Funds

are

listed

and

traded

on

The

NASDAQ

Stock

Market,

LLC,

trade

at

market

prices

rather

than

NAV,

and

may

trade

at

a

price

greater

than

NAV

(premium),

or

less

than

NAV

(discount).

Capital

shares

transactions

detail

can

be

found

in

the

Statements

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

for

a

Fund

is

generally

in

exchange

for

cash

or

in

certain

circumstances,

a

basket

of

securities

and/or

instruments

together

with

a

deposit

of

a

specified

cash

payment

(collectively,

the

"Fund

Deposit").

Creation

Units

may

be

created

in

advance

of

the

receipt

by

a

Fund

of

all

or

a

portion

of

the

Fund

Deposit.

In

such

cases,

the

Authorized

Participant

will

remain

liable

for

any

missing

portion(s)

of

the

Fund

Deposit

and

the

Trust

may

assess

collateral

consisting

of

cash

at

least

equal

to

a

percentage

of

the

marked

to

market

value

of

such

missing

portion(s)

that

is

specified

in

the

written

agreement

between

the

Trust

and

the

Authorized

Participant.

A

Fund

may

use

such

collateral

to

buy

the

missing

portion(s)

of

the

Fund

Deposit

at

any

time

and

will

subject

such

Authorized

Participant

to

liability

for

any

shortfall

between

the

cost

to

the

Fund

of

purchasing

such

securities

and

the

value

of

such

collateral.

A

Fund

will

have

no

liability

for

any

such

shortfall.

The

Trust

will

return

any

unused

portion

of

the

collateral

to

the

Authorized

Participant

once

the

entire

Fund

Deposit

has

been

properly

received

by

the

Fund's

transfer

agent

and

deposited

into

the

Fund.

Collateral

amounts,

if

any,

are

reflected

in

each

Fund's

Statement

of

Assets

and

Liabilities.

A

transaction

fee

is

imposed

for

the

transfer

and

other

transaction

costs

associated

with

the

purchase

or

redemption

of

Creation

Units,

as

applicable.

Authorized

Participants

will

be

required

to

pay

a

fixed

creation

transaction

fee

and/or

a

fixed

redemption

transaction

fee,

as

applicable,

on

a

given

day

regardless

of

the

number

of

Creation

Units

created

or

redeemed

on

that

day.

The

Funds

may

adjust

the

transaction

fee

from

time

to

time,

and

a

Fund

may

waive

all

or

a

portion

of

its

applicable

transaction

fee.

An

additional

charge

or

a

variable

charge

will

be

applied

to

certain

creation

and

redemption

transactions,

including

non-

standard

orders

and

whole

or

partial

cash

purchases

or

redemptions.

Specifically,

a

Fund

may

charge

an

additional

variable

fee

for

creations

and

redemptions

in

cash

to

offset

brokerage

and

other

impact

expenses

associated

with

the

cash

transaction.

7. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure

except

the

following

Fund

name

changes,

effective

October

1,

2025:

• U.S.

Small

Cap

Equity

Active

ETF

was

renamed

Russell

Investments

U.S.

Small

Cap

Equity

ETF.

• International

Developed

Equity

Active

ETF

was

renamed

Russell

Investments

International

Developed

Equity

ETF.

• Global

Equity

Active

ETF

was

renamed

Russell

Investments

Global

Equity

ETF.

• Emerging

Markets

Equity

Active

ETF

was

renamed

Russell

Investments

Emerging

Markets

Equity

ETF.

• Global

Infrastructure

Active

ETF

was

renamed

Russell

Investments

Global

Infrastructure

ETF.

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Russell

Investments

Exchange

Traded

Funds

and

Shareholders

of

the

U.S.

Small

Cap

Equity

Active

ETF,

International

Developed

Equity

Active

ETF,

Global

Equity

Active

ETF,

Emerging

Markets

Equity

Active

ETF

and

Global

Infrastructure

Active

ETF

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(five

of

the

funds

constituting

Russell

Investments

Exchange

Traded

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

September

30,

2025,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

September

30,

2025,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

U.S.

Small

Cap

Equity

Active

ETF

(1) International

Developed

Equity

Active

ETF

(1) Global

Equity

Active

ETF

(2) Emerging

Markets

Equity

Active

ETF

(2) Global

Infrastructure

Active

ETF

(1) (1) Statement

of

operations,

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

period

May

13,

2025

(inception

date)

to

September

30,

2025

(2) Statement

of

operations,

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

period

May

29,

2025

(inception

date)

to

September

30,

2025

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

WA

98101

T:

(206) 398

3000,

www.pwc.com/us

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

Report

of

Independent

Registered

Public

Accounting

Firm

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Seattle,

WA

November

17,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Russell

Investments

family

of

funds

since

1981. #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Tax

#### Information

#### —

#### September

#### 30,

#### 2025
(Unaudited)

Tax

Information

For

the

tax

year

ended

September

30,

2025,

the

Funds

designate

100%

or

the

maximum

amount

allowable,

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

For

the

tax

year

ended

September

30,

2025,

the

Funds

designate

under

Section

871(k)(2)(c)

of

the

Code,

the

maximum

amount

allowable

as

a

short

term

capital

gain

dividend

for

purposes

of

the

tax

imposed

under

Section

871(a)(1)(A)

of

the

Code.

This

applies

to

nonresident

alien

shareholders

only.

The

Form

1099

you

receive

in

January

2026

will

show

the

tax

status

of

all

distributions

paid

to

your

account

in

calendar

year

2025. The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividends

for

their

taxable

year

ended

September

30,

2025:

The

Funds

listed

below

paid

foreign

taxes

and

recognized

foreign

source

income

during

the

taxable

year

ended

September

30,

2025. Pursuant

to

Section

853

of

the

Internal

Revenue

Code,

the

Funds

designate

the

following

per

share

amounts

of

foreign

taxes

paid

and

income

earned

from

foreign

sources:

Please

consult

a

tax

adviser

for

any

questions

about

federal

or

state

income

tax

laws.

U.S.

Small

Cap

Equity

Active

ETF

100.0%

International

Developed

Equity

Active

ETF

—%

Global

Equity

Active

ETF

58.1%

Emerging

Markets

Equity

Active

ETF

—%

Global

Infrastructure

Active

ETF

58.7%

U.S.

Small

Cap

Equity

Active

ETF

$

—

International

Developed

Equity

Active

ETF

—

Global

Equity

Active

ETF

—

Emerging

Markets

Equity

Active

ETF

—

Global

Infrastructure

Active

ETF

—

#### Funds

#### Foreign

#### Taxes

#### Paid

#### Foreign

#### Taxes

#### Paid

#### Per

#### Share

#### Foreign

#### Source

#### Income

#### Foreign

#### Source

#### Income

#### Per

#### Share
International

Developed

Equity

Active

ETF

$

53,847

$

0.0150 $

558,170

$

0.1550 Emerging

Markets

Equity

Active

ETF

60,834

0.0253 462,040

0.1925 #### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Affiliated

#### Brokerage

#### Transactions

#### —

#### September

#### 30,

#### 2025
(Unaudited)

Affiliated

Brokerage

Transactions

As

discussed

in

Note

in

the

Notes

to

Financial

Statements,

substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

("RIIS"),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS'

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

RIIS

may

also

execute

foreign

currency

transactions

("FX

transactions")

on

an

agency

basis

on

behalf

of

the

Funds.

RIIS

may

charge

the

Funds

an

agency

fee

for

effecting

FX

transactions.

The

table

below

sets

forth:

(1) the

aggregate

dollar

amount

of

brokerage

commissions

paid

by

the

Funds

for

the

period

ended

September

30,

2025

to

any

broker

that

is

an

affiliated

person

of

a

Fund,

RIM

or

the

relevant

money

manager;

(2) for

RIIS,

an

affiliated

person

of

RIM,

the

net

amount

of

the

RIIS

commission

after

payment

by

RIIS

of

any

commissions

or

fees

to

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3) agency

fees

paid

to

RIIS

for

effecting

foreign

currency

transactions

("FX

Fees").

#### Funds

#### Affiliated

#### Broker

#### Total

#### Commissions

#### RIIS

#### Net

#### RIIS

#### FX

#### Fees
U.S.

Small

Cap

Equity

Active

ETF

RIIS

$

16,952

$

12,865

$

—

International

Developed

Equity

Active

ETF

RIIS

25,922

20,981

2,026

Global

Equity

Active

ETF

RIIS

29,132

23,822

2,912

Emerging

Markets

Equity

Active

ETF

RIIS

16,995

9,848

Global

Infrastructure

Active

ETF

RIIS

2,603

2,153

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

#### Initial

#### Approval

#### of

#### Money

#### Manager

#### Agreements
The

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

requires

that

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

its

members

who

are

not

considered

to

be

"interested

persons"

under

the

1940

Act

(the

"Independent

Trustees")

voting

separately,

initially

approve

the

advisory

agreement

between

the

U.S.

Small

Cap

Equity

Active

ETF

(renamed

the

Russell

Investments

U.S.

Small

Cap

Equity

ETF

on

October

1,

2025),

International

Developed

Equity

Active

ETF

(renamed

the

Russell

Investments

International

Developed

Equity

ETF

on

October

1,

2025),

Global

Equity

Active

ETF

(renamed

the

Russell

Investments

Global

Equity

ETF

on

October

1,

2025),

Emerging

Markets

Equity

Active

ETF

(renamed

the

Russell

Investments

Emerging

Markets

Equity

ETF

on

October

1,

2025)

and

Global

Infrastructure

Active

ETF

(renamed

the

Russell

Investments

Global

Infrastructure

ETF

on

October

1,

2025)

(each,

a

"Fund")

and

Russell

Investment

Management,

LLC

("RIM")

(the

"RIM

Agreement"),

and

the

portfolio

management

contracts

with

each

Money

Manager

of

the

Funds

(collectively,

the

"Money

Manager

Agreements,"

and

together

with

the

RIM

Agreement,

the

"Agreements")

and,

thereafter,

to

approve

the

continuation

of

each

Agreement

on

at

least

an

annual

basis,

and

that

the

terms

and

conditions

of

each

Agreement

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

including

all

of

the

Independent

Trustees,

initially

considered

and

approved

the

Agreements

for

each

Fund

at

a

meeting

held

in

person

on

February

25,

2025

(the

"Agreement

Evaluation

Meeting").

In

preparation

for

the

evaluation

of

the

Agreements,

the

Board,

including

the

Independent

Trustees,

considered

with

respect

to

each

Fund:

(1) information

and

reports

prepared

by

RIM

relating

to

the

services

proposed

to

be

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Fund;

(2) (a) information

prepared

by

a

nationally

recognized

independent

provider

of

investment

company

information

(the

"Third-Party

Provider")

setting

forth

the

advisory

fees

and

expenses

of

actively

managed

exchange-traded

funds

("ETFs")

not

managed

by

RIM

in

separate

peer

groups

selected

by

the

Third-Party

Provider

as

generally

comparable

in

investment

objective

and

regarded

by

the

Third-Party

Provider

as

appropriate

for

fee

and

expense

comparisons

(a

"Third-Party

Peer

Group")

and

(b) information

prepared

by

RIM

setting

forth

the

advisory

fees

and

expenses

of

other

ETFs

not

managed

by

RIM

in

separate

peer

groups

selected

by

RIM

as

generally

comparable

in

investment

objective

and

regarded

by

RIM

as

appropriate

for

fee

and

expense

comparisons

(a

"RIM

Peer

Group");

and

(3) presentations

made

by

RIM

to

the

Trustees

prior

to

and

at

the

Agreement

Evaluation

Meeting

in

connection

with

its

evaluation

of

the

Agreements.

The

foregoing

and

other

information

received

by

the

Board,

including

the

Independent

Trustees,

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

"Agreement

Evaluation

Information."

The

Trustees'

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

other

RIM-managed

funds

(the

"Other

RIM-Managed

Funds")

for

which

the

Board

has

supervisory

responsibility

with

respect

to,

among

other

things,

RIM

(including

RIM's

ownership

and

resources)

and

services

provided

by

RIM,

RIM's

affiliates

and

the

Money

Managers.

The

Independent

Trustees

received

a

memorandum

discussing

their

responsibilities

in

considering

the

Agreements

from

their

independent

counsel

("Independent

Counsel").

Based

upon

the

Agreement

Evaluation

Information,

the

Trustees

considered,

with

respect

to

each

Fund,

various

specific

factors

in

evaluating

approval

of

the

Agreements,

including

the

following:

1. The

nature,

scope,

and

overall

quality

of

the

investment

management

and

other

services

expected

to

be

provided

to

the

Fund

by

RIM;

2. The

unitary

advisory

fee

to

be

paid

by

the

Fund

to

RIM

("Advisory

Fee")

and

that,

under

the

unitary

advisory

fee

structure,

RIM

will

pay

substantially

all

of

the

Fund's

expenses

out

of

the

Advisory

Fee

it

receives

from

the

Fund,

with

certain

exceptions

set

forth

in

the

Fund's

prospectus

and

RIM

Agreement;

3. Information

provided

by

RIM

as

to

other

fees

and

benefits

expected

to

be

received

by

RIM

or

its

affiliates

from

the

Fund,

including

any

fees

received

for

the

administration

of

the

fund

in

which

the

Fund

invests

its

uninvested

cash,

and

commissions

or

other

compensation

in

connection

with

the

execution

of

portfolio

securities

and

foreign

exchange

transactions;

4. Information

provided

by

RIM

as

to

projected

expenses

to

be

incurred

by

the

Fund;

and

5. Information

provided

by

RIM

as

to

the

projected

profits

that

RIM

expects

to

derive

from

its

operations

with

respect

to

the

Fund.

Each

Fund

will

have

a

unitary

fee

whereby

RIM

will

pay

substantially

all

of

the

Fund's

expenses

out

of

the

Advisory

Fee

it

receives

from

the

Fund,

with

certain

exceptions

set

forth

in

the

RIM

Agreement.

Therefore,

each

Fund's

total

expense

ratio

is

the

same

as

its

Advisory

Fee.

In

considering

the

Advisory

Fees

of

the

Funds,

the

Board

reviewed

information

comparing,

among

other

things,

the

Advisory

Fee

of

each

Fund

to

the

median

total

expense

ratio

of

its

RIM

Peer

Group

and

its

Third-Party

Peer

Group.

The

Board

focused

on

comparisons

of

the

Funds'

Advisory

Fees

to

the

total

expense

ratios

of

the

RIM

Peer

Groups

and

Third-Party

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

Peer

Groups

because

each

Fund's

Advisory

Fee

is

a

unitary

fee,

whereas

certain

constituents

of

the

RIM

Peer

Groups

and

Third-

Party

Peer

Groups

do

not

have

a

unitary

fee

structure.

The

Board

considered

RIM's

explanations

of

the

differences

between

the

constituents

of

the

RIM

Peer

Groups

and

the

Third-Party

Peer

Groups,

including

that

many

of

the

funds

in

the

Third-Party

Peer

Groups

were

excluded

from

the

RIM

Peer

Groups

because

they

are

structured

as

pure

quantitative

or

factor-based

ETFs,

which

have

lower

fees.

The

Board

considered

the

Advisory

Fees

of

the

Funds

relative

to

the

median

total

expense

ratios

of

their

respective

RIM

Peer

Groups

and

Third-Party

Peer

Groups

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

or

expense

caps).

The

Board

considered

that

the

U.S.

Small

Cap

Equity

Active

ETF,

International

Developed

Markets

Equity

Active

ETF

and

Emerging

Markets

Equity

Active

ETF

each

had

a

net

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

lower

than

the

median

total

expense

ratio

of

its

RIM

Peer

Group,

and

the

Global

Equity

Active

ETF

and

Global

Infrastructure

Active

ETF

each

had

an

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

above

the

median

total

expense

ratio

of

its

RIM

Peer

Group

by

and

basis

points,

respectively.

The

Board

further

considered

that

the

International

Developed

Markets

Equity

Active

ETF

and

Emerging

Markets

Active

ETF

each

had

a

net

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

lower

than

the

median

total

expense

ratio

of

its

Third-Party

Peer

Group,

the

Global

Equity

Active

ETF

had

an

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

equal

to

the

median

total

expense

ratio

of

its

Third-Party

Expense

Group,

and

the

U.S.

Small

Cap

Equity

Active

ETF

and

Global

Infrastructure

Active

ETF

each

had

an

Advisory

Fee

and

therefore

a

total

expense

ratio

that

was

basis

points

higher

than

the

median

total

expense

ratio

of

its

Third-Party

Peer

Group.

The

Board

considered

the

reasons

for

RIM's

belief

that

the

Advisory

Fee

of

each

Fund

is

reasonable,

including

that

the

Funds

are

new

with

no

existing

shareholders,

that

RIM

believes

the

Funds

are

competitively

priced

to

attract

assets,

the

active

ETF

market

is

relatively

new

and

the

number

of

peer

funds

is

relatively

small

and,

for

Funds

with

Advisory

Fees

and

that

are

higher

than

the

median

total

expense

ratio

of

their

respective

RIM

Peer

Groups

or

Third-

Party

Peer

Groups,

the

Advisory

Fees

are

not

materially

higher.

The

Board

noted

RIM

that

will

continue

to

monitor

developments

as

new

actively

managed

ETFs

enter

the

market

and

as

trends

in

advisory

fees

may

develop.

In

considering

the

unitary

structure

of

the

Advisory

Fee

and

whether

economies

of

scale

may

be

realized,

the

Board

noted

that

the

Advisory

Fees

were

set

assuming

economies

of

scale

at

lower

asset

levels

and

will

remain

fixed

even

if

a

Fund's

operating

expenses

increase.

The

Board

also

considered

RIM's

explanation

that

it

has

no

other

large

institutional

clients

or

other

investment

company

or

non-

investment

company

clients

with

investment

strategies

comparable

to

the

Funds,

as

the

investment

management

process

for

the

Funds

is

different

than

that

used

for

other

clients.

The

Board

noted

that

at

the

time

of

the

Agreement

Evaluation

Meeting,

the

Funds

had

not

yet

commenced

operations

and,

therefore,

no

performance

data

was

available

for

the

Funds.

On

the

basis

of

the

Agreement

Evaluation

Information

and

other

information

previously

received

by

the

Board

or

presented

at

or

in

connection

with

the

Agreement

Evaluation

Meeting

by

RIM,

the

Board

found

with

respect

to

each

Fund,

after

giving

effect

to

any

applicable

advisory

fee

waivers:

(1) the

Advisory

Fee

to

be

charged

by

RIM

was

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

expected

to

be

provided

to

the

Fund

and

the

Fund

expenses

that

RIM

will

pay;

(2) the

relative

Advisory

Fee

of

each

Fund

was

comparable

to

the

expense

ratio

median

of

its

RIM

Peer

Group

and

Third-Party

Peer

Group;

(3) other

benefits

and

fees

expected

to

be

received

by

RIM

or

its

affiliates

from

the

Fund

were

not

excessive;

and

(4) RIM's

projected

profitability

with

respect

to

the

Fund

was

not

considered

to

be

excessive

in

light

of

the

expected

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

to

be

provided

by

RIM.

After

considering

the

foregoing

and

other

relevant

factors,

the

Board

concluded

with

respect

to

each

Fund

that

approval

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

RIM

Agreement.

At

the

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

the

Money

Manager

Agreements,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager:

RIM's

assessment

of

the

performance

of

each

Money

Manager

over

various

periods;

any

significant

business

relationships

between

the

Money

Manager

and

RIM;

and

RIM's

recommendation

with

respect

to

the

Money

Managers'

fee

rates.

The

Board

also

received

certifications

from

the

Funds'

Chief

Compliance

Officer

that

she

reviewed

and

approved

certain

policies

and

procedures

for

each

Money

Manager

and

determined

that

such

policies

and

procedures

are

reasonably

designed

to

prevent

violations

of

the

federal

securities

laws

by

such

Money

Manager

with

respect

to

the

services

it

is

to

provide

to

the

Funds,

respectively.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

RIM

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

as

relevant

to

its

evaluation

of

the

Money

Manager

Agreements

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm's-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fees

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM's

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM's

belief

that

such

fees

are

reasonable,

the

Board's

findings

as

to

the

acceptability

of

the

Advisory

Fee

to

be

paid

by

each

Fund

and

the

fact

that

each

Money

Manager's

fee

will

be

paid

by

RIM.

Based

substantially

upon

RIM's

recommendations,

together

with

the

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

proposed

to

be

paid

by

RIM

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM's

assessment

of

the

expected

quality

of

the

investment

advisory

services

to

be

provided

and

voted

to

approve

the

Money

Manager

Agreements

with

each

Money

Manager

of

each

Fund.

\*

\*

\*

\*

At

a

meeting

held

in

person

on

April

22,

2025

(the

"April

Agreement

Evaluation

Meeting"),

prior

to

the

launch

of

the

Funds,

the

Board,

including

all

of

the

Independent

Trustees,

considered

and

approved

an

amended

and

restated

advisory

agreement

between

each

Fund

and

RIM

(the

"A&R

RIM

Agreement").

RIM

advised

the

Board

that

the

A&R

RIM

Agreement

was

being

proposed

to

make

certain

clarifying

changes

and

did

not

impact

the

services

to

be

provided

to

the

Funds

or

the

fee

schedule

under

the

RIM

Agreement.

In

preparation

for

the

April

Agreement

Evaluation

Meeting,

the

Independent

Trustees

advised

RIM

of

their

intention

to

rely

upon

the

Agreement

Evaluation

Information

from

the

February

Agreement

Evaluation

Meeting

in

their

evaluation

of

the

A&R

RIM

Agreement

if

and

to

the

extent

the

Existing

Agreement

Evaluation

Information

continued

to

be

accurate

and

complete

as

of

the

April

Agreement

Evaluation

Meeting

and

requested

that

RIM

provide

any

updated

and

additional

information

needed

for

the

Board

to

consider

whether

the

A&R

RIM

Agreement

should

be

approved.

RIM

provided

updates

to

previously

provided

Agreement

Evaluation

Information

related

to

RIM's

anticipated

profitability

and

Fund

transactions

to

be

executed

by

an

affiliate

of

RIM

and

confirmed

that

the

other

Agreement

Evaluation

Information

remained

materially

accurate.

The

Independent

Trustees

considered

the

memorandum

from

Independent

Trustee

counsel

discussing

the

legal

standards

and

their

duties

in

considering

the

initial

approval

of

the

RIM

Agreement

at

the

February

Agreement

Evaluation

Meeting.

Prior

to

voting

at

the

April

Agreement

Evaluation

Meeting,

the

Independent

Trustees

met

in

executive

session

with

Independent

Counsel,

at

which

no

representatives

of

RIM

or

Fund

management

were

present,

to

review

the

Agreement

Evaluation

Information

received

prior

to

and

at

the

April

Evaluation

Meeting.

The

Board's

evaluation

of

the

A&R

RIM

Agreement

reflected

the

Agreement

Evaluation

Information,

as

supplemented

by

RIM

through

the

date

of

the

April

Agreement

Evaluation

Meeting,

and

the

findings

made

by

the

Board

in

respect

of

the

RIM

Agreement

at

the

February

Agreement

Evaluation

Meeting.

The

Board

noted

the

short

period

of

time

since

the

February

Agreement

Evaluation

Meeting

and

that

information

provided

by

RIM

to

update

and

supplement

the

Existing

Agreement

Evaluation

Information

through

the

date

of

the

April

Agreement

Evaluation

Meeting

did

not

affect

the

conclusions

reached

by

the

Board

at

the

February

Agreement

Evaluation

Meeting

On

the

basis

of

the

Agreement

Evaluation

Information

and

other

information

previously

received

by

the

Board

or

presented

at

or

in

connection

with

the

February

Agreement

Evaluation

Meeting

and

the

April

Agreement

Evaluation

Meeting,

the

Board

found

with

respect

to

each

Fund,

after

giving

effect

to

any

applicable

advisory

fee

waivers:

(1) the

Advisory

Fee

to

be

charged

by

RIM

was

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

expected

to

be

provided

to

the

Fund

and

the

Fund

expenses

that

RIM

will

pay;

(2) the

relative

expense

ratio

of

each

Fund

was

comparable

to

the

median

of

its

RIM

Peer

Group

and

Third-Party

Peer

Group;

(3) other

benefits

and

fees

expected

to

be

received

by

RIM

or

its

affiliates

from

the

Fund

were

not

excessive;

and

(4) RIM's

projected

profitability

with

respect

to

the

Fund

was

not

considered

to

be

excessive

in

light

of

the

expected

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

to

be

provided

by

RIM.

After

considering

the

foregoing

and

other

relevant

factors,

the

Board

concluded

with

respect

to

each

Fund

that

approval

of

the

A&R

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

A&R

RIM

Agreement.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

#### Subsequent

#### Approval

#### of

#### Money

#### Manager

#### Agreements
At

a

Board

meeting

held

on

March

25,

2025,

the

Board

received

proposals

from

RIM

to

approve

new

portfolio

management

contracts

for

the

Global

Infrastructure

Active

ETF

(renamed

the

Russell

Investments

Global

Infrastructure

ETF

on

October

1,

2025)

and

the

Emerging

Markets

Equity

Active

ETF

(renamed

the

Russell

Investments

Emerging

Markets

Equity

ETF

on

October

1,

2025)

(collectively,

the

"Money

Manager

Agreements").

With

respect

to

the

evaluation

of

the

terms

of

the

Money

Manager

Agreements,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager:

RIM's

assessment

of

the

performance

of

each

Money

Manager

over

various

periods;

any

significant

business

relationships

between

the

Money

Manager

and

RIM;

and

RIM's

recommendation

with

respect

to

the

Money

Managers'

fee

rates.

The

Board

also

received

certifications

from

the

Funds'

Chief

Compliance

Officer

that

she

reviewed

and

approved

certain

policies

and

procedures

for

each

Money

Manager

and

determined

that

such

policies

and

procedures

are

reasonably

designed

to

prevent

violations

of

the

federal

securities

laws

by

such

Money

Manager

with

respect

to

the

services

it

is

to

provide

to

the

Funds,

respectively.

RIM

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

as

relevant

to

its

evaluation

of

the

Money

Manager

Agreements

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm's-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fees

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM's

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM's

belief

that

such

fees

are

reasonable,

the

Board's

findings

as

to

the

acceptability

of

the

Advisory

Fee

to

be

paid

by

each

Fund

and

the

fact

that

each

Money

Manager's

fee

will

be

paid

by

RIM.

Based

substantially

upon

RIM's

recommendations,

together

with

their

findings

at

prior

meetings,

including

the

Agreement

Evaluation

Meeting,

the

Board

concluded

that

the

fees

proposed

to

be

paid

by

RIM

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM's

assessment

of

the

expected

quality

of

the

investment

advisory

services

to

be

provided

and

voted

to

approve

the

Money

Manager

Agreements

with

each

Money

Manager

of

each

Fund.

#### Russell

#### Investments

#### Exchange

#### Traded

#### Funds

#### Adviser,

#### Money

#### Managers

#### and

#### Service

#### Providers

#### —

#### September

#### 30,

#### 2025
(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

#### 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

Union

Street

18th

Floor

Seattle, WA

98101

#### Administrator
Russell

Investments

Fund

Services,

LLC

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

Union

Street

18th

Floor

Seattle, WA

98101

(800) 787-7354

#### Legal

#### Counsel
Dechert

LLP

One

International

Place,

40th

Floor

Oliver

Street

Boston, MA

02110

#### Distributor

#### and

#### Principal

#### Underwriter
Foreside

Fund

Services,

LLC

Middle

Street

Suite

Portland,

ME

04101

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle, WA

98101

#### Money

#### Managers
U.S.

Small

Cap

Equity

Active

ETF

Ancora

Advisors,

LLC,

Mayfield

Heights,

OH

Boston

Partners

Global

Investors,

Inc.,

Boston,

MA

Calamos

Advisors

LLC,

Naperville,

IL

Copeland

Capital

Management,

LLC,

Conshohocken,

PA

DePrince,

Race

&

Zollo,

Inc.,

Winter

Park,

FL

Jacobs

Levy

Equity

Management,

Inc.,

Florham

Park,

NJ

Lord,

Abbett

&

Co.

LLC,

Jersey

City,

NJ

Penn

Capital

Management

Company,

LLC,

Philadelphia,

PA

Ranger

Investment

Management,

L.P.,

Dallas,

TX

International

Developed

Equity

Active

ETF

Algert

Global

LLC,

San

Francisco,

CA

Intermede

Investment

Partners

Limited,

London

W1B

5LU,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Pzena

Investment

Management,

LLC,

New

York,

NY

Wellington

Management

Company

LLP,

Boston,

MA

Global

Equity

Active

ETF

Algert

Global

LLC,

San

Francisco,

CA

Intermede

Investment

Partners

Limited,

London

W1B

5LU,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Sanders

Capital,

LLC,

West

Palm

Beach,

FL

Wellington

Management

Company

LLP,

Boston,

MA

Emerging

Markets

Equity

Active

ETF

Axiom

Investors

LLC,

Greenwich,

CT

Barrow,

Hanley,

Mewhinney

&

Strauss,

LLC,

Dallas,

TX

Numeric

Investors

LLC,

Boston,

MA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

Pzena

Investment

Management,

LLC,

New

York,

NY

Sands

Capital

Management,

LLC,

Arlington,

VA

Global

Infrastructure

Active

ETF

Cohen

&

Steers

Capital

Management,

Inc.,

New

York,

NY,

Cohen

&

Steers

UK

Limited,

London

W1S

1AA,

UK

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

First

Sentier

Investors

(Australia)

IM

Ltd,

Barangaroo,

Australia

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investments

Exchange

Traded

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investments

Ex-

change

Traded

Funds

Union

Street

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)&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as [codeofethics](codeofethics.htm)

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

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. [ex99.906_cert](ex99_906cert.htm)

**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: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

Date: November 19, 2025

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

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

Date: November 19, 2025

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Erickson

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

Date: November 19, 2025

## Ex-99.Code

**Exhibit (a)**

RUSSELL INVESTMENT COMPANY <br> RUSSELL INVESTMENT FUNDS

RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS

RUSSELL INVESTMENTS NEW ECONOMY INFRASTRUCTURE FUND

RUSSELL INVESTMENTS STRATEGIC CREDIT FUND

(each, a "Registered Fund")

CODE OF ETHICS<br> FOR<br> SENIOR REGISTERED FUND OFFICERS

This Code of Ethics ("Code") applies to the Chief Executive Officer and Chief Financial Officer (each, a "Senior Registered Fund Officer") of each Registered Fund and, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, is designed to promote:

▪honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

▪full, fair, accurate, timely and understandable disclosure in reports and documents that a Registered Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each Registered Fund;

▪compliance with applicable laws and governmental rules and regulations;

▪the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

▪accountability for adherence to the Code.

For purposes of this Code, references to the Chief Legal Officer or the Chief Compliance Officer shall be deemed to include a delegate or designee selected by the Chief Legal Officer or Chief Compliance Officer for a particular matter; provided, that any such delegate or designee must have the requisite knowledge, position with the Registered Funds or other entity within the Russell Investments organization, and experience to carry out the associated responsibilities.

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR REGISTERED FUND OFFICERS SHOULD ACT HONESTLY AND CANDIDLY

Each Senior Registered Fund Officer owes a duty to each Registered Fund to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Registered Fund Officer must:

▪act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or by a Registered Fund's policies;

▪observe both the form and spirit of laws and governmental rules and regulations, accounting standards and Registered Fund policies;

▪adhere to a high standard of business ethics; and

▪place the interests of each Registered Fund before the Senior Registered Fund Officer's own personal interests.

All activities of Senior Registered Fund Officers should be guided by and should adhere to these fiduciary standards.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR REGISTERED FUND OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

**Guiding Principles.** A "conflict of interest" occurs when a Senior Registered Fund Officer's private interest interferes with the interests of his or her service to a Registered Fund. A conflict of interest can arise when a Senior Registered Fund Officer takes actions or has interests that may make it difficult to perform his or her Registered Fund work objectively and effectively. For example, a conflict of interest would arise if a Senior Registered Fund Officer, or a member or his family, receives improper personal benefits as a result of his or her position with a Registered Fund. In addition, Senior Registered Fund Officers should be sensitive to situations that create apparent, if not actual, conflicts of interest. Service to a Registered Fund should never be subordinated to personal gain and advantage.

Certain conflicts of interest arise out of the relationships between Senior Registered Fund Officers and a Registered Fund that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended. For example, Senior Registered Fund Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Registered Fund because of their status as "affiliated persons" of the Registered Fund. Therefore, the existing statutory and regulatory prohibitions on individual behavior will be deemed to be incorporated into the Code and therefore any such violation will also be deemed a violation of the Code. Senior Registered Fund Officers must in all cases comply with applicable statutes and regulations.

As to conflicts arising from, or as a result of, the contractual relationship between each Registered Fund and its investment adviser of which the Senior Registered Fund Officers are also officers or employees, it is recognized by each Registered Fund's Board of Trustees (the "Board") that, subject to the adviser's fiduciary duties to a Registered Fund, the Senior Registered Fund Officers will, in the normal course of their duties (whether formally for a Registered Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the adviser and a Registered Fund. The Board recognizes that the participation of the Senior Registered Fund Officers in such activities is inherent in the contractual relationship between a Registered Fund and the adviser and is consistent with the Board's expectation of the performance by the Senior Registered Fund Officers of their duties as officers of a Registered Fund. In addition, it is recognized by the Board that the Senior Registered Fund Officers may also be officers or employees of other investment companies advised by the same adviser and the codes of ethics of those investment companies will apply to the Senior Registered Fund Officers acting in those distinct capacities.

Each Senior Registered Fund Officer must:

▪avoid conflicts of interest wherever possible;

▪handle any actual or apparent conflict of interest ethically;

▪not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Registered Fund whereby the Senior Registered Fund Officer would benefit personally to the detriment of a Registered Fund;

▪not cause a Registered Fund to take action, or fail to take action, for the personal benefit of the Senior Registered Fund Officer rather than for the benefit of a Registered Fund;

▪not use material non-public knowledge of portfolio transactions made or contemplated for a Registered Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

▪as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with a Registered Fund's Chief Legal Officer; and

▪report at least annually any affiliations or other relationships related to conflicts of interest as requested from time to time in a Registered Fund's directors & officers questionnaire.

The Senior Registered Fund Officers should follow the precepts and requirements of the Russell Investments' code of ethics as adopted by a Registered Fund from time to time, including its policies regarding personal securities accounts, outside business affiliations, gifts and entertainment and conflicts of interest.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISCLOSURE

Each Senior Registered Fund Officer is required to be familiar with, and comply with, the Russell Investments Registered Fund Services, LLC Sarbanes-Oxley Policy and any corresponding disclosure controls and procedures so that a Registered Fund's reports and documents filed with the SEC and other public communications comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Senior Registered Fund Officer having direct or supervisory authority regarding these SEC filings or a Registered Fund's other public communications should, to the extent appropriate within his area of responsibility, consult with other Registered Fund officers and employees and the adviser and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Senior Registered Fund Officer must:

▪familiarize himself or herself with the disclosure requirements generally applicable to a Registered Fund; and

▪not knowingly misrepresent, or cause others to misrepresent, facts about a Registered Fund to others, whether within or outside a Registered Fund, including to a Registered Fund's auditors, independent trustees, independent auditors, or governmental regulators and self-regulatory organizations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE

It is each Registered Fund's policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Senior Registered Fund Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REPORTING AND ACCOUNTABILITY

Each Senior Registered Fund Officer must:

▪upon receipt of this Code, and annually thereafter, acknowledge that he or she has read the Code, understands its provisions and agrees to abide by its requirements as set forth elsewhere in this Code;

▪not retaliate against any officer or employee of a Registered Fund or their affiliated persons for reports of potential violations that are made in good faith; and

▪notify a Registered Fund's Chief Legal Officer and/or a Registered Fund's Chief Compliance Officer promptly if he or she becomes aware of any existing or potential violation of the Code. Failure to do so is itself a violation of the Code.

Except as described otherwise below, a Registered Fund's Chief Compliance Officer is responsible for applying the Code to specific situations in which questions are presented to him or her and has the authority to initially interpret the Code in any particular situation. A Registered Fund's Chief Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

A Registered Fund's Chief Compliance Officer is authorized to consult, as appropriate, with a Registered Fund's Chief Legal Officer, legal counsel to a Registered Fund's independent trustees, or the chair of the Audit Committee (the "Committee"), and is encouraged to do so.

The Committee is responsible for granting waivers, granting approvals, final interpretations and determining sanctions, as appropriate.[\[1\]](#_ftn1)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTIGATIONS AND ENFORCEMENTS

Each Registered Fund will follow these procedures in investigating and enforcing the Code:

▪the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer will take all action he or she deems appropriate to investigate any potential violations reported to him or her;

▪if, after such investigation, the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer believes that no violation has occurred, the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer is not required to take any further action;

▪any matter that the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer believes is a violation will be reported to the Committee or to the Board;

▪if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the adviser or its board; or a recommendation to dismiss the Senior Registered Fund Officer;

▪the Committee will be responsible for granting waivers, as appropriate; and

▪any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER POLICIES AND PROCEDURES

A Registered Fund's adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures set forth therein are separate requirements applying to Senior Registered Fund Officers and others, and are not part of the Code.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENTS

The Code may not be amended except in a written document that is specifically approved by a majority vote of a Registered Fund's Board, including a majority of independent trustees.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONFIDENTIALITY

All reports and records prepared or maintained pursuant to the Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than a Registered Fund's Chief Compliance Officer, Registered Fund Chief Legal Officer, the members of the Board and their counsels, a Registered Fund and its adviser and principal underwriter and their legal counsel. The obligation to preserve confidential information continues even after employment as a Senior Registered Fund Officer ends.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERNAL USE

The Code is intended solely for the internal use by each Registered Fund and does not constitute an admission, by or on behalf of any Registered Fund, as to any fact, circumstance, or legal conclusion.

Last Updated: March 25, 2025

------

[\[1\]](#_ftnref1) Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act (17 CFR. 240.3b-7), of the registrant."

## Exhibit 99.906

**Exhibit (c)**

EX-99.906CERT

**SECTION 906 CERTIFICATIONS**

Vernon Barback, President and Chief Executive Officer of Russell Investments Exchange Traded Funds, a Delaware statutory trust (the "registrant"), and Ross Erickson, Treasurer, Chief Accounting Officer and Chief Financial Officer of the registrant, each certify that:

1. The registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Russell Investments Exchange Traded Funds and will be retained by Russell Investments Exchange Traded Funds and furnished to the Securities and Exchange Commission or its staff upon request.

Russell Investments Exchange Traded Funds

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

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

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Erickson

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

Date: November 19, 2025

\*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.

## Ex-99

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Vernon Barback, certify that:

1. I have reviewed this report on Form N-CSR of Russell Investments Exchange Traded Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 19, 2025

<u>/s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Vernon Barback<br> President & Chief Executive Officer (Principal Executive Officer), Russell Investments Exchange Traded Funds

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Ross Erickson, certify that:

1. I have reviewed this report on Form N-CSR of Russell Investments Exchange Traded Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 19, 2025

<u>/s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Ross Erickson

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