Russell Investments Fallen Angels ETF

The fund is actively managed and invests in Fallen Angels, which are corporate bonds downgraded from investment grade to sub-investment grade, primarily rated BB+ or lower. Quantitative models are used to guide security selection within the Fallen Angels universe. Investments are denominated in U.S. Dollars, with foreign currency exposure hedged to Canadian Dollars using currency forwards and futures. Forward contracts are used to convert Canadian cash into foreign currencies for exposure to countries where the fund invests. The fund may hold higher-rated securities if they are upgraded by credit rating agencies. It has an exemption from Canadian regulators to use additional securities for derivative coverage. Derivatives are employed for hedging and other purposes, as described in the funds documentation. The investment strategy may change at any time at the managers discretion.