Renaissance Capital LLC: investment adviser

Renaissance Capital specializes in providing investment advisory services focused on newly public companies, the most inefficient class of public equities. These unseasoned equities are underresearched, lack trading history, have untested corporate governance, and lack an established shareholder base, requiring specialized investment skills to access investment performance. The Firm provides IPO Intelligence, a pre-IPO research and IPO market analytics service, to institutional investors, including mutual funds, hedge funds, asset managers, pension plans, underwriters, and advisory firms. The Firm also provides IPO Pro, an IPO tracking service for investors, advisors, and professionals. The Firm’s IPO-focused investment strategies are available to the public through 40Act funds. The Renaissance IPO ETF (ticker: IPO), an exchange traded series of the Trust, tracks an index which holds a portfolio of the largest most liquid companies that have recently gone public in U.S. markets. The Renaissance International IPO ETF (ticker: IPOS), an exchange traded series of the Trust, tracks an index which holds a portfolio of the largest most liquid companies that have recently gone public in non-U.S. markets. Renaissance Capital does not participate in wrap fee programs. Renaissance Capital only manages client assets on a discretionary basis. As of December 31, 2025, the Firm had assets under management of $142 million over which it had discretionary investment authority.

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A portion of the Firm’s clients are designated underwriters of the securities under research and a potential conflict of interest may result from the payment the firm receives from these clients who may be interested in receiving favorable research opinions. Renaissance Capital does not accept compensation for the sale of securities or other investment products.

It focuses on four criteria: the fundamentals of a company's business, governance structure, valuation using relative and discounted cash flow, and the price momentum of similar already-public companies. Aiding in this process are the global IPO indices developed by the Firm (each an “Index”) and calculated by FTSE Russell which are used as a benchmark of performance for the IPO investment strategy and a guide to portfolio construction. Investing in equity securities involves the risk of loss. Equity Securities Risk. The value of the equity securities held by each Fund may fall due to general market and economic conditions, perceptions regarding the markets in which the issuers of securities held by a Fund participate, or factors relating to specific issuers in which a Fund invests. For example, an adverse event, such as an unfavorable earnings report, may result in a decline in the value of equity securities of an issuer held by a Fund; the price of the equity securities of an issuer may be particularly sensitive to general movements in the securities markets; or a drop in the securities markets may depress the price of most or all of the equity securities held by a Fund. In addition, the equity securities of an issuer in a Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments. Equity securities are subordinated to preferred securities and debt in a company’s capital structure with respect to priority in right to a share of corporate income, and therefore will be subject to greater dividend risk than preferred securities or debt instruments. In addition, while broad market measures of equity securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly more volatility in those returns.

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Index Tracking Risk. Each Fund’s return may not match the return of its Index for a number of reasons. For example, a Fund incurs a number of operating expenses not applicable to its Index and incurs costs associated with buying and selling securities, especially when rebalancing a Fund’s securities holdings to reflect changes in the composition of its Index. A Fund’s return may also deviate significantly from the return of its Index because each Fund bears the costs and risks associated with buying and selling securities while such costs and risks are not factored into the return of its Index. A Fund may not be fully invested at times as a result of reserves of cash held by the Fund to pay expenses. In addition, a Fund may not be able to invest in certain securities included in its Index, or invest in them in the exact proportions they represent of its Index, due to legal restrictions or a lack of liquidity on the stock exchanges in which the securities in a Fund trade. Moreover, a Fund may be delayed in purchasing or selling securities included in its Index. To the extent a Fund calculates its NAV based on fair value prices and the value of its Index is based on securities’ closing prices (i.e., the value of its Index is not based on fair value prices) or prices differ from those used in calculating an Index, a Fund’s ability to track its Index may be adversely affected. The need to comply with the tax diversification and other requirements of the Internal Revenue Code may also impact a Fund’s ability to replicate the performance of its Index. In addition, if a Fund utilizes depositary receipts and derivative instruments that are not included in its Index, its return may not correlate as well with the return of its Index as would be the case if a Fund purchased all the securities in that Index directly. Portfolio Turnover Risk. To the extent that a Fund’s Index rebalances frequently, the Fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Index. This may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. A high portfolio turnover rate also can result in an increase in taxable capital gains distributions to a Fund’s shareholders and an increased likelihood that the capital gains will be taxable at ordinary rates. Risk of Investing in IPOs. Each Fund invests in companies that have recently completed an initial public offering. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors, and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the initial public offering prior to inclusion in an Index. The price of stocks included in an Index may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited in the past. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public Page 7 of 10

market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. Non-U.S. Issuer Risk. Each Fund invests in the securities of non-U.S. issuers. These securities involve risks beyond those associated with investments in U.S. securities, including greater market volatility, higher transactional costs, the possibility that the liquidity of such securities could be impaired because of future political and/or economic developments, taxation by foreign governments, political instability, and the possibility that foreign governmental restrictions may be adopted which might adversely affect such securities. Diplomatic and political developments could affect the economies, industries, and securities and currency markets of the countries in which a Fund is invested. These developments include rapid and adverse political changes; social instability; regional conflicts; sanctions imposed by the United States, other nations or other governmental entities, including supranational entities; military conflict; terrorism; and war. In addition, such developments could contribute to the devaluation of a country’s currency, a downgrade in the credit ratings of issuers in such country, or a decline in the value and liquidity of securities of issuers in that country. An imposition of sanctions upon certain issuers in a country could result in an immediate freeze of that issuer’s securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities. The selection of securities of non-U.S. issuers may be more difficult because there may be less publicly available information concerning such non-U.S. issuers or the accounting, auditing and financial reporting standards, practices and requirements applicable to non-U.S. issuers may differ from those applicable to U.S. issuers.

Information on how proxies were cast is also available to any client at https://etfs.renaissancecapital.com/documentcenter?tab=regulatory. Renaissance Capital does not vote proxies for the Renaissance International IPO ETF.