Russell Investments said Friday that it will close all of its U.S. passively managed exchange-traded funds. The announcement came as the Seattle-based company reported just over $300 million in assets under management in the combined 25 funds.

The company said the action will occur on or before Oct. 24.

An ETF is generally considered to need $50 million in assets in order to be profitable. Russell averaged just over $12 million in each fund. The announcement does not include the Russell Equity ETF, an actively managed fund that is benchmarked to the Russell Developed Large Cap Index.

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