Fund Description: Renaissance International IPO ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Renaissance Capital Greenwich Funds (the Trust), an open-end investment management company. INVESTMENT OBJECTIVE: The Renaissance International IPO ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance International IPO Index. INDEX DESCRIPTION: The Renaissance International IPO Index is a portfolio of companies that have recently completed an initial public offering (IPOs) that is listed on a non-U.S. exchange. IPOs are an unseasoned category of equities under-represented in core 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 has been constructed using a transparent and rules-based methodology. The Index is comprised of common stocks, depositary receipts, real estate investment trusts (REITS) and partnership units. These securities may include IPOs of U.S. companies that are listed on an international exchange, as well as IPOs of companies which are located in countries categorized as emerging markets. The Index Provider’s IPO research shows that shares of IPOs within two years of their offering are an inefficient category of equities that are not well known in public trading markets and are under-represented in core equity indices. The Index was designed by the 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 Index. Convertible securities and depositary receipts not included in the Index may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows. The Fund may also invest up to 20% of its assets in certain futures, options, and swap contracts, cash and cash equivalents, as well as in common stocks not included in the Index but which will help the Fund 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 concentrates in an industry or group of industries. Historically, financial companies have represented a major industry group in the Index. A portion of the Fund’s investments may be in companies located in countries categorized as emerging markets. The Fund will not invest in an IPO during its initial days of trading. 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, liquid collateral equal to at least 102% (for U.S.-listed securities) or 105% (for non-U.S.-listed securities) of the value of the portfolio securities being loaned. FUND MANAGEMENT: Renaissance Capital LLC. serves as the Investment Adviser to the Fund.