November 3, 2011 Mr. Mark E. Swanson Treasurer Russell Exchange Traded Funds Trust

RET Factor 2000

Advisory Fee Waiver

through 07/29/14

November 3, 2011

Xx. Xxxx X. Xxxxxxx

Treasurer

Xxxxxxx Exchange Traded Funds Trust

0000 0^xx Xxxxxx

Seattle, WA 98101

RE:    Xxxxxxx Exchange Traded Funds Trust – Series listed on Appendix A (the “Funds”)

Dear Xx. Xxxxxxx:

Xxxxxxx Investment Management Company (“RIMCo”), as adviser of the Funds, agrees to waive, until July 29, 2014, 0.39% of its 0.69% management fee for each of the Funds.

This agreement (1) supersedes any prior waiver or reimbursement arrangements, (2) may not be terminated during the relevant period except at the Board’s discretion and (3) may, at RIMCo’s option, continue after July 29, 2014, but may be revised or eliminated at any time thereafter without notice.

If this arrangement is acceptable to you, please sign below to indicate your acceptance and agreement and return a copy of this letter to me.

Sincerely,

XXXXXXX INVESTMENT

    MANAGEMENT COMPANY

By:		/s/ Xxxxx Xxxxxxx
		Xxxxx Xxxxxxx
		President and Chief Executive Officer

Accepted and Agreed: November 3, 2011

XXXXXXX EXCHANGE TRADED FUNDS TRUST

By:		/s/ Xxxx X. Xxxxxxx
		Xxxx X. Xxxxxxx
		Treasurer and Chief Accounting Officer

APPENDIX A

Xxxxxxx 2000 Low Beta ETF

Xxxxxxx 2000 High Beta ETF

Xxxxxxx 2000 Low Volatility ETF

Xxxxxxx 2000 High Volatility ETF

Xxxxxxx 2000 High Momentum ETF