The Renaissance US IPO Index (Ticker: IPOUSA) serves as the index benchmark for the
Renaissance IPO ETF (Ticker: IPO). The index is designed to represent the US IPO market
while avoiding turnover. The index reflects approximately the top 80% of newly public companies based on full market capitalization,
is weighted by free float capitalization, and imposes a 10% cap on large constituents. Sizable IPOs are added on a fast entry basis and the rest are added
during scheduled quarterly reviews. Companies that have been public for two years are removed at the next quarterly review.