# EDGAR Filing Document

**Accession Number:** 0000810972
**File Stem:** 0000810972-25-000031
**Filing Date:** 2025-8
**Character Count:** 13513
**Document Hash:** 9c2b20fd50d88d76cc3d4a5886f5cfa7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000810972-25-000031.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000810972-25-000031

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**SUBJECT COMPANY**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95168
- **FILM NUMBER:** 251205772

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 8007877354

**MAIL ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAIRD ROBERT W & CO INC /WI/
- **CENTRAL INDEX KEY:** 0000810972

**ORGANIZATION NAME:**
- **EIN:** 396037917
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 777 E. WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-3500

**MAIL ADDRESS:**
- **STREET 1:** 777 E. WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### Attached PDF Documents

**Attachment 1:** `Exhibit.pdf`

_No text found in this document._

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Russell Investments Exchange Traded Funds

**Title of Class of Securities:** Shares of International Developed Equity Active ETF

**CUSIP Number:** 78249U209

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>BAIRD ROBERT W & CO INC /WI/ | Names of Reporting Persons<br>BAIRD ROBERT W & CO INC /WI/ |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>WI | Citizenship or Place of Organization<br>WI |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>184418.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>184418.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>184418.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>184418.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.4% | Percent of Class Represented by Amount in Row (9)<br>7.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, CO | Type of Reporting Person (See Instructions)<br>IA, CO |

**Comment for Type of Reporting Person:** Items (6), (8), (9) and (11) reflect Shares that Robert W. Baird & Co. Incorporated ("RWB") may be deemed to beneficially own within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Act"), by virtue of the investment discretion or voting authority granted to it by its clients over such Shares.

---

| 1. | Names of Reporting Persons<br>BAIRD FINANCIAL CORP | Names of Reporting Persons<br>BAIRD FINANCIAL CORP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>WI | Citizenship or Place of Organization<br>WI |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>184418.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>184418.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>184418.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>184418.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.4% | Percent of Class Represented by Amount in Row (9)<br>7.4% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, CO | Type of Reporting Person (See Instructions)<br>HC, CO |

**Comment for Type of Reporting Person:** Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated.

---

| 1. | Names of Reporting Persons<br>Baird Financial Group, Inc. | Names of Reporting Persons<br>Baird Financial Group, Inc. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>WI | Citizenship or Place of Organization<br>WI |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>184418.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>184418.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>184418.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>184418.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.4% | Percent of Class Represented by Amount in Row (9)<br>7.4% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, CO | Type of Reporting Person (See Instructions)<br>HC, CO |

**Comment for Type of Reporting Person:** Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated.

---

**Item 1(a). Name of Issuer:**
Russell Investments Exchange Traded Funds

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1301 SECOND AVENUE, 18TH FLOOR, SEATTLE, WASHINGTON, 98101.

**Item 2(a). Name of Person Filing:**
(1)	Robert W. Baird & Co. Incorporated ("RWB")
(2)	Baird Financial Corporation ("BFC")
(3)	Baird Financial Group, Inc. ("BFG")

**Item 2(b). Address of Principal Business Office:**
The address of the principal business office of each of RWB, BFC and BFG is:

777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202

**Item 2(c). Citizenship:**
RWB, BFC and BFG are Wisconsin corporations.

**Item 2(d). Title of Class of Securities:**
Shares of International Developed Equity Active ETF

**Item 2(e). CUSIP Number:**
78249U209

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See the responses to Item (9) on the foregoing cover pages.
This Schedule includes those securities beneficially owned by, or deemed beneficially owned by, RWB, BFC, and BFG (collectively, "Baird Reporting Units") that have been aggregated together in accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release") for purposes of filing this Schedule. This Schedule does not include securities, if any, beneficially owned by, or deemed beneficially owned by, RWB, BFC or BFG or their respective subsidiaries or affiliates that has been disaggregated from that of the Baird Reporting Units in accordance with the Release. In accordance with Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this Schedule shall not be construed as an admission that a Reporting Person is, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this Schedule.

**(b) Percent of class:**

See the responses to Item (11) on the foregoing cover pages.  The percentage was calculated based upon 2,500,000 Shares outstanding at June 30, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See the responses to Item (5) on the foregoing cover pages.

**(ii) Shared power to vote or to direct the vote:**

See the responses to Item (6) on the foregoing cover pages.

**(iii) Sole power to dispose or to direct the disposition of:**

See the responses to Item (7) on the foregoing cover pages.

**(iv) Shared power to dispose or to direct the disposition of:**

See the responses to Item (8) on the foregoing cover pages.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Clients of the Reporting Persons or their affiliates have or may have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares held in such clients' accounts that are reported on this Schedule.  To the knowledge of the Reporting Persons, no single such client account holds more than 5% of the outstanding Shares reported on this Schedule.

**Item 7. Identification and Classification of the Subsidiary**

See the response to Item 3 above. RWB is owned directly by BFC. BFC is, in turn, owned by BFG, which is the ultimate parent company of RWB.

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**BAIRD ROBERT W & CO INC /WI/**

**Date:** 08/12/2025

**By:** Paul L. Schultz

**Name & Title:** Secretary & General Counsel

**BAIRD FINANCIAL CORP**

**Date:** 08/12/2025

**By:** Paul L. Schultz

**Name & Title:** Secretary

**Baird Financial Group, Inc.**

**Date:** 08/12/2025

**By:** Paul L. Schultz

**Name & Title:** Secretary