Fund Description: Renaissance IPO ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Renaissance Capital Greenwich Funds, an open-end investment management company. INVESTMENT OBJECTIVE: The Renaissance IPO ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance IPO Index. INDEX DESCRIPTION: The Renaissance IPO Index is a portfolio of newly U.S.-listed initial public offerings of companies (IPOs) whose unseasoned equities are under-represented in core U.S. equity indices. IPOs that meet liquidity and operational screens are included in the Index at the end of the fifth day of trading, or upon quarterly reviews, weighted by tradable float, capped at 10% and removed after two years. The Index is comprised of common stocks, American Depositary Receipts (ADRs), real estate investment trusts (REITS) and master limited partnerships (MLPs). These securities may include IPOs of foreign companies that are listed on a U.S. exchange. The Index has been constructed using a transparent and rules-based methodology. The Index, is designed by IPO research firm Renaissance Capital International, LLC (the Index Provider). FUND STRATEGY: The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s Index. The remaining 20% may be used to purchase securities not in the Index that are an appropriate substitute for certain securities in the Index in order to track the Index. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Index has. Historically, information technology companies have represented a major industry group in the Index. The Fund may lend securities to broker-dealers, banks and other institutions. When the Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to at least 102% of the market value of the loaned securities. The Fund may invest in securities not included in its Index, money market instruments, including repurchase agreements or other funds which invest exclusively in money market instruments, convertible securities, structured notes and certain derivatives. FUND MANAGEMENT: Renaissance Capital LLC. serves as the investment advisor and the administrator for the Fund.