Investment objective & strategy
As of March 4, 2026 · prospectusObjective. The investment goal of Baron First Principles ETF (the Fund) is capital appreciation.
Strategy. The Fund is a non-diversified fund that, under normal circumstances, invests primarily in equity securities (including depositary receipts) of U.S. growth companies of any market capitalization. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. To take advantage of opportunities to invest, the Fund may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money. The Fund is a non-diversified fund that, under normal circumstances, invests primarily in equity securities (including depositary receipts) of U.S. growth companies of any market capitalization. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. To take advantage of opportunities to invest, the Fund may borrow money from banks (leverage) in an amount up to one-third of its total assets, which include assets purchased with borrowed money.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TESLA INC | — | $37.80M | 13.59% |
| MSCI INC | — | $18.36M | 6.60% |
| SPACE EXPLORATION TECHNOLOGIES | — | $15.85M | 5.70% |
| SHOPIFY INC CL A | — | $15.00M | 5.39% |
| SPACE EXPLORATION TECHNOLOGIES | — | $14.16M | 5.09% |
| VERISK ANALYTICS INC | — | $13.11M | 4.71% |
| SCHWAB CHARLES CORP | — | $12.98M | 4.67% |
| HYATT HOTELS CORP CL A | — | $12.77M | 4.59% |
| FACTSET RESEARCH SYSTEMS INC | — | $12.31M | 4.43% |
| SPOTIFY TECHNOLOGY SA | — | $11.85M | 4.26% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Baron Focused Growth Fund · BFGFX, BFGIX, BFGUX | 74% | 1.05% |
| Baron Partners Fund · BPTRX, BPTIX, BPTUX | 65% | 1.99% |
| BARON GROWTH FUND · BGRFX, BGRIX, BGRUX | 39% | 1.34% |
Advisers
| Firm | Role |
|---|---|
| BAMCO, Inc. | Adviser |
Footnotes
- Expense ratio as of March 4, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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