Russell ETFs

Russell 1000 Low Volatility ETF

Fund Objective
The Russell 1000 Low Volatility ETF (an index-based exchange traded fund) seeks investment results that closely correspond to the total return of the Russell-Axioma U.S. Large Cap Low Volatility Index.

Exposure driven by insightTM

As of September 30, 2011

LVOL

FUND DETAILS

Index Description

The Russell-Axioma U.S. Large Cap Low Volatility Index is designed to deliver exposure to stocks with low volatility as determined by a screening and ranking methodology applied to the output of the Axioma U.S. Equity Medium Horizon Fundamental Factor Risk model. Volatility is a measure of a stocks variability in total returns based on its historic behavior over the last sixty days. Stocks exhibiting low volatility can be used by investors to adjust volatility exposure in a portfolio. To construct an index that tracks stocks with low historic volatility, the Index starts with the Russell 1000 Index and ranks its constituents by volatility. Starting with the lowest volatility stock, a target portfolio is created by adding the next lowest volatility stocks until the target portfolio has a total capitalization of 35% of the Russell 1000 Index. The Index then selects a portfolio of up to 200 stocks of the Russell 1000 Index as its constituents to optimally track the returns of the target portfolio while managing turnover and neutralizing exposure to other factors, such as beta and momentum. To maintain its focus on low volatility stocks, the Index is reconstituted monthly.

Inception Date Total Net Asset (USD) Total Number of Holdings Price to Earnings Price to Book Management Fees (1) Plus Acquired Fund Fees & Expenses (2) Total Annual Fund Operating Expenses Ticker CUSIP IOPV Ticker Stock Exchange Beta vs Russell 3000 Index 30-day SEC Yield (3)

05/25/2011 $35.34M 111 13.95 2.10 0.00% 0.49% LVOL 782474647 LVOL.IV NYSE Arca 0.79 2.42% 0.49%

30-days ending 09/30/2011 Index Characteristics

Number of Constituents Median Market Cap

Performance

as of 09/30/2011

Expressed as a % Market Return Net Asset Value (NAV) Return Russell-Axioma U.S. Large Cap Low Volatility Index Return

Quarter -10.02% -10.01 -9.91

Year to Date ----

One Year1 ----

Three Years1 ----

Since Inception -10.02% -10.12 -9.97

111 $14,315.47M

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment return, and principal value of the Fund will fluctuate so that shares when Net Asset Value (NAV) Returns are based on sold may be worth more or less than their original cost. Current performance may be higher or closing market prices of the securities in the lower than the performance quoted. Call 888-RSL-ETFS (888-775-3837) or visit russelletfs.com for ETF portfolio. performance data current to the most recent month end.

Market returns are based on the midpoint of the bid/ask spread at 4:00 p.m. ET and do not represent the returns an investor would receive if an investor traded shares at other times.

Returns one year and greater are annualized.

Top Holdings %
Subject to change

International Business Machines Corp. Southern Co. (The) Kimberly-Clark Corp. Altria Group, Inc. Verizon Communications, Inc. Xcel Energy, Inc. Eli Lilly & Co. Consolidated Edison, Inc. DPL, Inc. HJ Heinz Co.

2.2

Sector by Weight
Subject to change
I I I I I I I I I

1. Management fees are fees paid to Russell Investment Management Company, the Fund's investment advisor.

2.2 2.2 2.2 2.2 2.2 2.1 2.1 2.1 2.1

Consumer Discretionary: 9.2% Energy: 9.8% Financial Services: 5.1% Health Care: 12.0% Materials and Processing: 0.4% Producer Durables: 11.5% Consumer Staples: 20.7% Technology: 10.3% Utilities: 21.0%

2. Acquired fund fees and expenses reflect the Funds proportionate share of the fees and expenses of the other investment companies in which the Fund invests. 3. The Funds current yield for the trailing 30day period.

For current Russell ETF performance data, visit russelletfs.com or call 888-RSL-ETFS (888-775-3837).

Russell ETFs

Exposure driven by insightTM

Investors should carefully consider the investment objectives, risks, charges and expenses before investing in Russell ETFs. This and other information can be found in the funds prospectuses, which may be obtained by calling 888-RSL-ETFS (888-775-3837) or by downloading the file from russelletfs.com. Please read the prospectus carefully before investing. The Fund provides exposure to volatility which is a measure of a stocks total return based on its historic behavior. Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall market. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks price levels. The ETF is passively managed and may not match or achieve a high degree of correlation with the return of the Index. As with all investments, there are certain risks of investing in an ETF, and you could lose money on an investment in an ETF. This Fund and the corresponding index are new and have limited operating history. A new index is subject to errors in its construction which may result in unintended factor exposures. Not FDIC Insured. May Lose Value. Not Bank Guaranteed.

Shares of Russell ETFs are not individually redeemable and trade at market price (not NAV). Shares may be purchased and redeemed in Creation Units only, typically consisting of aggregations of 100,000 shares. Investors may purchase or sell ETF shares throughout the day on an exchange through a securities brokerage account. Index performance is for illustrative purposes only and does not represent actual fund performance. One cannot invest directly in an index. Performance data for the index assumes reinvestment of dividends, but it does not reflect management fees, transaction costs or other expenses that you would pay if you invested in the fund directly.

SEC 30-day yield: A standard yield calculation developed by the Securities and Exchange Commission (SEC). It is based on the most recent 30-day period covered by the Funds filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the Funds expenses. Russell 1000 Index: The Russell 1000 Index measures the performance of approximately 1000 of the largest securities in the Russell 3000 Index. Russell 3000 Index: The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization which represents approximately 98% of the investable U.S. equity market. IOPV or Indicative Optimized Portfolio Value: A calculation disseminated by the stock exchange that approximates the Fund's NAV every fifteen seconds throughout the day. Price to book: A stocks closing price divided by the latest quarters book value. The presumed value of assets shareholders would receive if a company were liquidated, per share. Price to earnings: A companys stock price divided by its historical or projected earnings per share. Beta: A measure of an investments volatility relative to the market or appropriate index. A beta above 1 is more volatile than the market; a beta below 1 is less volatile than the market.

All registered investment companies, including Russell ETFs, are obliged to distribute portfolio gains to shareholders at year end regardless of performance. Trading Russell ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. Russell ETFs are distributed by ALPS Distributors, Inc. (ALPS). Russell Investment Management Company (RIMCo, dba Russell Investments) serves as the investment advisor to the funds. Axioma, ALPS and RIMCo are separate and unaffiliated.

Axioma and Russell Investments are the source and joint owners of trademarks, service marks and copyrights related to the Russell-Axioma Factor Indexes.

For current Russell ETF performance data, visit russelletfs.com or call 888-RSL-ETFS (888-775-3837).

Russell Investments is the owner of the trademarks, service marks and copyrights related to its indexes and funds. Copyrights Russell Investments 2011. All rights reserved. First used October 2011. RIMCo-0395 RUS477 02/15/2012 80-42-022 (1 10/11)