Baron Emerging Markets Select ETF

Baron Emerging Markets Select ETF is an actively managed exchange-traded fund focused on capital appreciation through investments in high-quality growth companies of any market capitalization located in emerging markets. It employs a disciplined, bottom-up fundamental research approach, emphasizing founder-led, entrepreneurial, and capital-efficient businesses with durable competitive advantages and exceptional management teams. The fund targets established companies positioned to benefit from secular and structural growth trends, including those driven by technological, geopolitical, and regulatory changes. Under normal circumstances, it invests at least 80 percent of its net assets in equity securities of growth companies domiciled, headquartered, or primarily operating in developing countries, as defined by classifications such as the MSCI Emerging Markets Index, with up to 20 percent in developed or frontier markets. Compared to broader emerging markets strategies, Baron Emerging Markets Select ETF maintains a more concentrated portfolio with fewer positions, larger weights in highest-conviction ideas, and excludes less liquid or speculative holdings. Managed by an experienced portfolio manager with decades in international equities, it ensures investments across at least three different countries, providing targeted exposure to long-term value creation in dynamic emerging market environments.