Baron First Principles ETF

Baron First Principles ETF is an actively managed equity ETF that seeks capital appreciation by investing primarily in U.S. growth companies across all market capitalizations. Managed by Baron Capital, the fund uses a fundamental, research-driven approach and follows a concentrated, non-diversified portfolio construction style. Its holdings can span a range of business types, including software, financial services, online platforms, healthcare, hotels, and consumer brands, reflecting an emphasis on companies with durable growth potential and distinctive competitive advantages. Baron First Principles ETF is designed to provide investors with diversified exposure to selected U.S. public companies while maintaining the flexibility to move across sectors and company sizes based on Baron’s bottom-up stock selection process. The fund is positioned within the broader U.S. growth equity market and is used as a vehicle for accessing high-conviction ideas identified through deep fundamental analysis.