Renaissance Capital Greenwich Funds NPORT-P Renaissance International IPO ETF (Dec 2021 report)

Renaissance IPO ETF

Portfolio Of Investments (Unaudited)

December 31, 2021

Shares			Value (US$)
		COMMON STOCKS - 99.7%
		COMMUNICATION SERVICES - 6.1%
		Entertainment - 2.9%
	47,534	Endeavor Group Holdings, Inc. - Class A *	$	1,658,461
	42,032	Playtika Holding Corp. *		726,733
	85,329	ROBLOX Corp. - Class A *		8,802,540
				11,187,734
		Interactive Media & Services - 3.2%
	31,815	Bumble, Inc. - Class A *		1,077,256
	22,499	Kanzhun Ltd. - ADR *		784,765
	227,537	Pinterest, Inc. - Class A *		8,270,970
	39,472	ZoomInfo Technologies, Inc. *		2,534,102
				12,667,093
				23,854,827
		CONSUMER DISCRETIONARY - 15.3%
		Automobiles - 5.5%
	57,727	Rivian Automotive, Inc. - Class A *		5,985,712
	166,749	Li Auto, Inc. - ADR *		5,352,643
	199,806	XPeng, Inc. - ADR *		10,056,236
				21,394,591
		Hotels, Restaurants & Leisure - 2.8%
	66,344	Airbnb, Inc. - Class A *		11,045,613
		Household Durables - 0.1%
	9,928	Cricut, Inc. - Class A * (a)		219,310
		Internet & Direct Marketing Retail - 5.3%
	31,492	Chewy, Inc. - Class A *		1,857,083
	232,721	Coupang, Inc. *		6,837,343
	26,252	Dada Nexus Ltd. - ADR *		345,476
	59,306	DoorDash, Inc. - Class A *		8,830,664
	12,500	Fiverr International Ltd. *		1,421,250
	11,048	Global-e Online Ltd. *		700,333
	15,805	Ozon Holdings PLC - ADR *		467,986
				20,460,135
		Leisure Equipment & Products - 1.1%
	20,075	Hayward Holdings, Inc. *		526,567
	108,984	Peloton Interactive, Inc. - Class A *		3,897,268
				4,423,835
		Specialty Retail - 0.1%
	22,381	Petco Health & Wellness Co., Inc. *		442,920
		Textiles, Apparel & Luxury Goods - 0.4%
	32,409	Levi Strauss & Co. - Class A		811,197
	14,506	On Holding AG - Class A *		548,472
				1,359,669
				59,346,073
		CONSUMER STAPLES - 1.7%
		Food & Staples Retailing - 0.5%
	62,826	Albertsons Cos., Inc. - Class A		1,896,717
		Food Products - 0.5%
	23,190	Beyond Meat, Inc. * (a)		1,511,060
	34,234	Oatly Group AB - ADR *		272,503
				1,783,563
		Household Products - 0.2%
	21,983	Reynolds Consumer Products, Inc.		690,266

See accompanying Notes to Financial Statements

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2021 (Continued)

Shares			Value (US$)
		Personal Products - 0.2%
	32,671	Olaplex Holdings, Inc. *	$	951,706
		Tobacco - 0.3%
	295,225	RLX Technology, Inc. - ADR *		1,151,378
				6,473,630
		FINANCIALS - 7.7%
		Capital Markets - 6.4%
	46,592	Coinbase Global, Inc. - Class A *		11,758,423
	285,562	Robinhood Markets, Inc. - Class A * (a)		5,071,581
	127,931	XP, Inc. - Class A *		3,676,737
	42,470	Tradeweb Markets, Inc. - Class A		4,252,946
				24,759,687
		Consumer Finance - 1.0%
	224,069	Lufax Holding Ltd. - ADR *		1,261,508
	18,455	Upstart Holdings, Inc. *		2,792,242
				4,053,750
		Insurance - 0.3%
	23,836	Ryan Specialty Group Holdings, Inc. - Class A *		961,782
				29,775,219
		HEALTH CARE - 12.4%
		Biotechnology - 3.1%
	20,576	Beam Therapeutics, Inc. *		1,639,702
	32,585	BioNTech SE - ADR *		8,400,413
	42,655	Bridgebio Pharma, Inc. *		711,485
	21,498	CureVac NV *		737,596
	9,425	Legend Biotech Corp. - ADR *		439,299
				11,928,495
		Health Care Equipment & Supplies - 0.8%
	65,101	Envista Holdings Corp. *		2,933,451
		Health Care Providers & Services - 1.2%
	67,548	agilon health, Inc. *		1,823,796
	41,954	Oak Street Health, Inc. *		1,390,356
	25,906	Progyny, Inc. *		1,304,367
				4,518,519
		Health Care Technology - 1.0%
	101,235	Change Healthcare, Inc. *		2,164,404
	19,823	Doximity, Inc. - Class A *		993,727
	26,598	GoodRx Holdings, Inc. - Class A *		869,223
				4,027,354
		Life Sciences Tools & Services - 5.0%
	34,212	10X Genomics, Inc. - Class A *		5,096,220
	10,250	AbCellera Biologics, Inc. *		146,575
	44,033	Adaptive Biotechnologies Corp. *		1,235,566
	243,743	Avantor, Inc. *		10,271,330
	44,415	Maravai LifeSciences Holdings, Inc. - Class A *		1,860,988
	40,217	Sotera Health Co. *		947,110
				19,557,789
		Pharmaceuticals - 1.3%
	131,628	Royalty Pharma PLC - Class A		5,245,376
				48,210,984
		INDUSTRIALS - 11.5%
		Building Products - 0.5%
	44,349	AZEK Co., Inc. *		2,050,698

See accompanying Notes to Financial Statements

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2021 (Continued)

Shares			Value (US$)
		Commercial Services & Supplies - 0.5%
	53,874	GFL Environmental, Inc.	$	2,039,131
		Marine - 0.1%
	9,015	ZIM Integrated Shipping Services Ltd.		530,623
		Professional Services - 0.4%
	64,796	Dun & Bradstreet Holdings, Inc. *		1,327,670
		Road & Rail - 9.9%
	128,525	DiDi Global, Inc. - ADR *		640,054
	33,474	Full Truck Alliance Co. Ltd. - ADR *		280,177
	116,986	Hertz Global Holdings, Inc. *		2,923,480
	117,595	Lyft, Inc. - Class A *		5,024,834
	53,648	TuSimple Holdings, Inc. - Class A *		1,923,281
	653,764	Uber Technologies, Inc. *		27,412,325
				38,204,151
		Trading Companies & Distributors - 0.1%
	14,629	Core & Main, Inc. - Class A *		443,844
				44,596,117
		INFORMATION TECHNOLOGY - 44.3%
		IT Services - 13.5%
	69,177	Affirm Holdings, Inc. *		6,956,439
	104,584	Cloudflare, Inc. - Class A *		13,752,796
	20,398	DigitalOcean Holdings, Inc. *		1,638,571
	19,376	Dlocal Ltd. *		691,529
	37,493	Kingsoft Cloud Holdings Ltd. - ADR *		590,515
	21,204	Marqeta, Inc. - Class A *		364,073
	80,516	Snowflake, Inc. - Class A *		27,274,795
	20,749	Squarespace, Inc. - Class A *		612,096
	17,500	Thoughtworks Holding, Inc. *		469,175
				52,349,989
		Semiconductors & Semiconductor Equipment - 0.4%
	22,196	GLOBALFOUNDRIES, Inc. *		1,442,074

See accompanying Notes to Financial Statements

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2021 (Continued)

Shares			Value (US$)
		Software - 30.4%
	21,855	Amplitude, Inc. - Class A *	$	1,157,004
	62,824	AppLovin Corp. - Class A *		5,921,790
	28,639	Asana, Inc. - Class A *		2,135,037
	55,840	Bentley Systems, Inc. - Class B		2,698,747
	37,171	Bill.com Holdings, Inc. *		9,261,155
	3,567	Braze, Inc. - Class A *		275,230
	24,004	C3.ai, Inc. - Class A *		750,125
	28,213	Confluent, Inc. - Class A *		2,150,959
	79,793	Crowdstrike Holdings, Inc. - Class A *		16,337,617
	100,857	Datadog, Inc. - Class A *		17,963,640
	20,927	DoubleVerify Holdings, Inc. *		696,450
	79,631	Dynatrace, Inc. *		4,805,731
	13,982	Freshworks, Inc. - Class A *		367,167
	4,216	Gitlab, Inc. - Class A *		366,792
	13,533	Informatica, Inc. - Class A *		500,450
	51,569	Lightspeed Commerce, Inc. *		2,084,935
	33,018	McAfee Corp. - Class A		851,534
	1,504	Monday.com Ltd. *		464,315
	22,707	nCino, Inc. *		1,245,706
	671,966	Palantir Technologies, Inc. - Class A *		12,236,501
	12,603	Paycor HCM, Inc. *		363,092
	24,072	Procore Technologies, Inc. *		1,925,038
	36,837	Qualtrics International, Inc. - Class A *		1,304,030
	15,998	SentinelOne, Inc. - Class A *		807,739
	18,184	Sprout Social, Inc. - Class A *		1,649,107
	108,297	UiPath, Inc. - Class A *		4,670,850
	60,990	Unity Software, Inc. *		8,720,960
	88,115	Zoom Video Communications, Inc. - Class A *		16,205,230
				117,916,931
				171,708,994
		REAL ESTATE - 0.7%
		Real Estate Management & Development - 0.7%
	89,664	Compass, Inc. - Class A *		815,046
	93,833	KE Holdings, Inc. - ADR *		1,887,920
				2,702,966
				2,702,966
		TOTAL COMMON STOCKS
		(Cost - $438,188,815)		386,668,810
		SHORT-TERM INVESTMENTS - 0.7%
	2,449,441	State Street Navigator Securities Lending Government Money Market Portfolio (b)		2,449,441
		TOTAL SHORT-TERM INVESTMENTS
		(Cost - $2,449,441)		2,449,441

See accompanying Notes to Financial Statements

Renaissance IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2021 (Continued)

Shares		Value (US$)
	TOTAL INVESTMENTS - 100.4% (Cost - $440,638,256) (c)	$	389,118,251
	LIABILITIES LESS OTHER ASSETS - (0.4) %		(1,377,205	)
	NET ASSETS - 100.0%	$	387,741,046

* Non-income producing security.

(a) Securities (or a portion of the security) on loan. As of December 31, 2021, the market value of securities loaned was $2,402,730. The loaned securities were secured with cash collateral of $2,449,441 and non-cash collateral with a value of $81,195. The non-cash collateral received consists primarily of U.S. treasuries, and is held for the benefit of the Fund at the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices.

(b) Represents investments of cash collateral received in connection with securities lending.

(c) Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $440,638,256. At December 31, 2021, net depreciation for all securities was $51,520,005. This consists of aggregate gross unrealized appreciation of $16,203,494 and aggregate gross unrealized depreciation of $67,723,499.

ADR - American Depositary Receipt

PLC - Public Limited Company

See accompanying Notes to Financial Statements

Renaissance International IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2021

Shares			Value (US$)
		COMMON STOCKS - 99.7%
		BELGIUM - 0.7%
	4,531	Azelis Group NV *	$	130,124
		BRITAIN - 12.1%
	76,369	Airtel Africa PLC		138,205
	18,613	Allfunds Group PLC *		366,518
	19,812	Bridgepoint Group PLC *		132,205
	16,034	Darktrace PLC *		91,195
	47,686	Deliveroo PLC *		135,352
	37,986	Dr. Martens PLC		220,060
	45,636	Oxford Nanopore Technologies PLC *		431,159
	8,355	Pepco Group NV *		96,455
	72,327	THG PLC *		224,383
	32,082	Wise PLC - Class A *		328,550
				2,164,082
		CANADA - 4.0%
	9,731	Lightspeed Commerce, Inc. *		392,948
	5,028	Nuvei Corp. *		325,938
				718,886
		CHINA - 31.6%
	36,034	Akeso, Inc. * (a)		157,121
	1,872	Angelalign Technology, Inc. *		59,875
	65,825	Blue Moon Group Holdings Ltd. (a)		62,469
	5,505	CanSino Biologics, Inc. - Class H * (a)		127,220
	199,420	China Feihe Ltd.		267,511
	44,315	China Resources Mixc Lifestyle Services Ltd.		206,584
	322,952	Evergrande Property Services Group Ltd. * (a)		109,341
	9,392	Hangzhou Tigermed Consulting Co. Ltd. - Class H		119,244
	72,714	Hansoh Pharmaceutical Group Co. Ltd.		177,179
	25,866	Hygeia Healthcare Holdings Co. Ltd. (a)		161,879
	46,547	InnoCare Pharma Ltd. *		91,332
	53,121	JD Health International, Inc. *		418,630
	31,090	JD Logistics, Inc. * (a)		105,460
	23,812	Jinke Smart Services Group Co. Ltd. - Class H (a)		103,676
	111,596	Jinxin Fertility Group Ltd. *		124,655
	48,452	Jiumaojiu International Holdings Ltd.		85,128
	4,500	Joinn Laboratories China Co. Ltd. - Class H		37,887
	116,979	Kuaishou Technology *		1,080,896
	29,518	Linklogis, Inc. - Class B *		27,634
	8,956	Medlive Technology Co. Ltd. *		31,241
	43,091	Ming Yuan Cloud Group Holdings Ltd. *		98,146
	80,691	Nongfu Spring Co. Ltd. - Class H		532,417
	10,985	Pharmaron Beijing Co. Ltd. - Class H		169,476
	10,539	Poly Property Services Co. Ltd. - Class H		82,852
	34,508	Pop Mart International Group Ltd. * (a)		197,819
	6,520	Remegen Co. Ltd. - Class H *		65,137
	133,642	Shenwan Hongyuan Group Co. Ltd. - Class H		32,564
	14,280	Shenzhen Hepalink Pharmaceutical Group Co. Ltd. - Class H		14,907
	61,652	Shimao Services Holdings Ltd.		42,854
	129,960	Smoore International Holdings Ltd.		662,504
	52,852	Sunac Services Holdings Ltd. *		53,885
	135,838	Topsports International Holdings Ltd.		137,449
				5,644,972

See accompanying Notes to Financial Statements. 

Renaissance International IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2021 (Continued)

Shares			Value (US$)
		FRANCE - 3.4%
	2,017	Antin Infrastructure Partners SA *	$	79,224
	6,661	La Francaise des Jeux SAEM		295,304
	1,655	OVH Groupe SAS *		47,859
	5,376	Verallia SA		189,493
				611,880
		GERMANY - 0.9%
	2,505	About You Holding SE *		58,351
	3,827	Traton SE		96,465
				154,816
		HONG KONG - 6.3%
	129,528	Budweiser Brewing Co. APAC Ltd.		339,703
	140,229	ESR Cayman Ltd. *		473,871
	31,838	HUTCHMED China Ltd. *		231,511
	49,256	JS Global Lifestyle Co. Ltd.		83,003
				1,128,088
		ITALY - 3.9%
	43,474	Nexi SpA *		692,437
		JAPAN - 1.3%
	2,761	Freee KK *		152,656
	1,066	JMDC, Inc. *		79,512
				232,168
		NETHERLANDS - 1.7%
	4,671	CTP NV		99,445
	6,386	JDE Peet’s NV		197,030
				296,475
		NORWAY - 2.6%
	21,216	Adevinta ASA *		282,589
	45,669	AutoStore Holdings Ltd. *		180,388
				462,977
		PHILIPPINES - 1.6%
	160,442	Converge Information and Communications Technology Solutions, Inc. *		100,370
	613,431	Monde Nissin Corp. *		194,883
				295,253
		POLAND - 2.6%
	29,547	Allegro.eu SA *		284,973
	15,426	InPost SA *		186,127
				471,100
		RUSSIA - 0.6%
	7,304	Fix Price Group Ltd. - GDR		55,145
	6,570	Fix Price Group Ltd. - GDR		49,604
				104,749
		SPAIN - 0.8%
	3,781	Corp. ACCIONA Energias Renovables SA *		140,246
		SWEDEN - 19.4%
	21,139	EQT AB		1,153,309
	13,082	Nordnet AB publ		251,326
	24,191	Storskogen Group AB - Class B *		163,170
	779	Truecaller AB - Class B *		9,811
	222,685	Volvo Car AB - Class B *		1,898,054
				3,475,670

See accompanying Notes to Financial Statements. 

Renaissance International IPO ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

December 31, 2021 (Continued)

Shares			Value (US$)
		SWITZERLAND - 1.9%
	1,128	PolyPeptide Group AG *	$	169,596
	7,738	Softwareone Holding AG *		167,804
				337,400
		THAILAND - 4.0%
	546,934	Asset World Corp. PCL *		75,970
	212,309	Central Retail Corp. PCL		203,379
	212,740	PTT Oil & Retail Business PCL		171,950
	91,619	SCG Packaging PCL (a)		189,930
	73,722	Sri Trang Gloves Thailand PCL		66,759
				707,988
		UNITED STATES - 0.3%
	48,863	GQG Partners, Inc. *		62,568
		TOTAL COMMON STOCKS (Cost - $20,819,519)		17,831,879
		SHORT-TERM INVESTMENTS - 1.2%
	203,826	State Street Navigator Securities Lending Government Money Market Portfolio (b)		203,826
		TOTAL SHORT-TERM INVESTMENTS (Cost - $203,826)		203,826
		TOTAL INVESTMENTS - 100.9% (Cost - $21,023,345) (c)	$	18,035,705
		LIABILITIES LESS OTHER ASSETS - (0.9) %		(154,808	)
		NET ASSETS - 100.0%	$	17,880,897

* Non-income producing security.

(a) Securities (or a portion of the security) on loan. As of December 31, 2021, the market value of securities loaned was $703,403. The loaned securities were secured with cash collateral of $203,826 and non-cash collateral with a value of $532,986. The non-cash collateral received consists primarily of U.S. treasuries, and is held for the benefit of the Fund at the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices.

(b) Represents investments of cash collateral received in connection with securities lending.

(c) Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $21,023,345. At December 31, 2021, net depreciation for all securities was $2,987,640. This consists of aggregate gross unrealized appreciation of $374,967 and aggregate gross unrealized depreciation of $3,362,607.

GDR - Global Depositary Receipt

PLC - Public Limited Company

See accompanying Notes to Financial Statements. 

Renaissance IPO ETFs

Notes to Financial Statements

For the Period Ended December 31, 2021 (Unaudited)

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

SECURITY VALUATION: The values of the Funds’ securities are based on the securities’ closing prices on their principal markets, where available. In the absence of a last reported sales price, values may be based on the mean between the last bid and ask prices, if available. For restricted securities, as well as securities or other assets for which market quotations are not readily available or are unreliable, those securities are to be valued at fair value using good faith estimates as determined in accordance with the Trust’s Fund Securities Valuation Procedures, which is approved annually by the Board of Trustees (the “Board”). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the Fair Value Committee, after consulting with representatives of the Fund’s Adviser, Renaissance Capital LLC (the “Advisor”), and/or the Fund’s Administrator, State Street Bank and Trust, shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) market prices for a security or securities deemed comparable, including the frequency of trades or quotes for the security and comparable securities; (ii) dealer valuations of a security or securities deemed comparable; (iii) short-term instruments with maturities of 60 days or less at the date of the purchase are valued at amortized cost, which approximates fair value; short-term instruments with maturities greater than 60 days at the date of purchase are valued at the midpoint between the latest available and representative asked and bid prices, and commencing 60 days prior to maturity such securities are valued at amortized cost; and (iv) determinations of value by one or more pricing services for a security or securities deemed comparable. The Funds may also use fair value pricing in a variety of circumstances, including, but not limited to, situations where the value of a security in a Fund’s portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded, or where trading in a security has been suspended or halted. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of the security. In addition, fair value pricing could result in a difference between the prices used to calculate the NAV of the Funds and the prices used by each of the Funds’ benchmark indices, the Renaissance IPO Index and the Renaissance International IPO Index, respectively (the “Indices”). This may adversely affect the Funds’ ability to track the Indices.

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At December 31, 2021, all of the Funds’ investments were valued based on Level 1 inputs, except as noted and detailed on the Portfolio of Investments.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.