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Baron First Principles ETF

Symbol RONBCUSIP: 06829D107
A
All-Cap Growth

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$24.68

Daily Change -$0.10 (-0.40%)
As of 01/26/2026

Market Price

$24.75

Daily Change -$0.08 (-0.32%)
As of 01/26/2026

Net Assets

$70.86 M

As of 12/31/2025

Inception date

12/12/2025

Prices & Performance

PricesAs of 01/26/2026

As of 01/26/2026Daily Change ($)Daily Change (%)MTDQTDYTD
NAV$24.68-$0.10-0.40%-0.95%-0.95%-0.95%
Market Price$24.75-$0.08-0.32%-1.03%-1.03%N/A
NAV
As of 01/26/2026$24.68
Daily Change ($)-$0.10
Daily Change (%)-0.40%
MTD-0.95%
QTD-0.95%
YTD-0.95%
Market Price
As of 01/26/2026$24.75
Daily Change ($)-$0.08
Daily Change (%)-0.32%
MTD-1.03%
QTD-1.03%
YTDN/A
Download Historical Prices

Trading CharacteristicsAs of 01/26/2026

Baron First Principles ETF
52-week High/Low$25.68/24.40
30 Day Average Trading VolumeN/A
Volume (previous close)820,036
Premium / Discount$0.07
Premium / Discount %0.30%
30 Day Median Bid-Ask Spread0.12%
52-week High/Low
Baron First Principles ETF$25.68/24.40
30 Day Average Trading Volume
Baron First Principles ETFN/A
Volume (previous close)
Baron First Principles ETF820,036
Premium / Discount
Baron First Principles ETF$0.07
Premium / Discount %
Baron First Principles ETF0.30%
30 Day Median Bid-Ask Spread
Baron First Principles ETF0.12%

PerformanceAs of 12/31/2025

Portfolio or IndexQTDYTD1 Year3 YearsSince Inception 12/12/2025
NAV-----0.73%
Market Price-----0.36%
Russell 3000 Growth Index----0.38%
Russell 3000 Index----0.06%

Premium/DiscountAs of 01/26/2026

Previous Year
2025		Current Year
Q4		Q3Q2Q1
Days at Discount10001
Days at Premium1100015
Days at Discount
Previous Year
2025		1
Current Year
Q4		0
Q30
Q20
Q11
Days at Premium
Previous Year
2025		11
Current Year
Q4		0
Q30
Q20
Q115

Historical Premium/DiscountAs of 01/26/2026

Holdings & Characteristics

HoldingsAs of 01/26/2026

Daily Holdings
Quarterly Holdings
Download Daily Holdings
HoldingTickerWeight (%)Market Value ($)QuantityCUSIPISINSEDOL
TESLA INCTSLA13.43%$16,782,617.6038,56388160R101US88160R1014B616C79
SPACE EXPLORATION TECHNOLOGIES CLASS C10.14%$12,674,205.0030,105932LZY906
SPACE EXPLORATION TECHNOLOGIES CLASS A5.86%$7,325,821.0017,401931JQH909
MSCI INCMSCI4.72%$5,895,255.529,92255354G100US55354G1004B2972D2
COSTAR GROUP INCCSGP4.46%$5,577,858.1784,75722160N109US22160N10902262864
SPOTIFY TECHNOLOGY SASPOT4.11%$5,136,252.0010,020L8681T102LU1778762911BFZ1K46
X.AI HOLDINGS CORP.4.00%$4,999,979.6066,260990ABYBL6
INTERACTIVE BROKERS GRO CL AIBKR3.54%$4,423,647.8058,70845841N107US45841N1072B1WT4X2
FACTSET RESEARCH SYSTEMS INCFDS3.46%$4,326,732.6315,111303075105US30307510572329770
SHOPIFY INC CLASS ASHOP3.40%$4,253,280.9331,20382509L107CA82509L1076BXDZ9Z0
VAIL RESORTS INCMTN3.35%$4,185,496.5630,47191879Q109US91879Q10942954194
HYATT HOTELS CORP CL AH3.34%$4,171,659.0825,786448579102US4485791028B5B82X4
VERISK ANALYTICS INCVRSK3.05%$3,812,489.0017,35092345Y106US92345Y1064B4P9W92
SCHWAB (CHARLES) CORPSCHW2.92%$3,646,546.5635,424808513105US80851310552779397
RED ROCK RESORTS INC CLASS ARRR2.80%$3,495,390.4756,77175700L108US75700L1089BYY9947
GUIDEWIRE SOFTWARE INCGWRE2.61%$3,260,788.3820,14240171V100US40171V1008B7JYSG3
IDEXX LABORATORIES INCIDXX2.35%$2,938,520.024,21145168D104US45168D10462459202
GARTNER INCIT2.31%$2,890,061.2812,216366651107US36665110722372763
CHOICE HOTELS INTL INCCHH2.31%$2,885,046.3027,305169905106US16990510662106780
HEICO CORP CLASS AHEI.A2.21%$2,761,701.7510,665422806208US42280620832237561
KINSALE CAPITAL GROUP INCKNSL2.13%$2,661,473.606,61449714P108US49714P1084BD1MGQ3
LIVE NATION ENTERTAINMENT INLYV1.93%$2,407,957.6016,292538034109US5380341090B0T7YX2
ARCH CAPITAL GROUP LTDACGL1.87%$2,334,067.0024,910G0450A105BMG0450A10532740542
TOLL BROTHERS INCTOL1.42%$1,769,310.4812,292889478103US88947810332896092
AIRBNB INC CLASS AABNB1.40%$1,749,276.4613,114009066101US0090661010BMGYYH4
MORNINGSTAR INCMORN1.38%$1,725,619.568,169617700109US6177001095B081VR8
ON HOLDING AG CLASS AONON1.32%$1,653,820.8335,589H5919C104CH1134540470BPF0FP9
CASH AND FOREIGN CURRENCY4.21%$5,262,092.03
OTHER ASSETS AND LIABILITIES-NET-0.03%($39,614.29)
HoldingSector% of Net Assets
Tesla, Inc.
Consumer Discretionary10.3%
X.AI Holdings Corp. Series E Preferred Stock
Communication Services7.1%
MSCI Inc.
Financials5.5%
Shopify Inc.
Information Technology5.5%
Spotify Technology S.A.
Communication Services5.1%
Guidewire Software, Inc.
Information Technology4.7%
CoStar Group, Inc.
Real Estate4.2%
Interactive Brokers Group, Inc.
Financials4.1%
Hyatt Hotels Corporation
Consumer Discretionary4.0%
FactSet Research Systems Inc.
Financials4.0%
Red Rock Resorts, Inc. - Cl. A
Consumer Discretionary4.0%
Gartner, Inc.
Information Technology3.6%
Verisk Analytics, Inc.
Industrials3.6%
IDEXX Laboratories, Inc.
Health Care3.3%
The Charles Schwab Corporation
Financials3.1%
HEICO Corporation - Class A
Industrials3.1%
Kinsale Capital Group, Inc.
Financials3.0%
Arch Capital Group Ltd.
Financials2.8%
Choice Hotels International, Inc.
Consumer Discretionary2.6%
Live Nation Entertainment, Inc.
Communication Services2.6%
Morningstar, Inc.
Financials2.1%
Airbnb, Inc.
Consumer Discretionary2.1%
On Holding Ag
Consumer Discretionary1.9%
Vail Resorts, Inc.
Consumer Discretionary1.9%
Toll Brothers, Inc.
Consumer Discretionary1.9%
Samsara Inc.
Information Technology1.8%
Birkenstock Holding plc
Consumer Discretionary1.2%

GICS Sector BreakdownAs of 12/31/2025

Sector

Consumer Discretionary

29.8%

Financials

24.5%

Information Technology

15.6%

Communication Services

14.7%

Industrials

6.7%

Real Estate

4.2%

Health Care

3.3%

Cash & Cash Equivalents

1.1%

Sub-Industry

Financial Exchanges & Data11.50%
Automobile Manufacturers10.30%
Hotels, Resorts & Cruise Lines8.60%
Movies & Entertainment7.60%
Investment Banking & Brokerage7.20%
Interactive Media & Services7.10%
Application Software6.50%
Property & Casualty Insurance5.80%
Internet Services & Infrastructure5.50%
Real Estate Services 4.20%
Casinos & Gaming4.00%
IT Consulting & Other Services3.60%
Research & Consulting Services3.60%
Health Care Equipment3.30%
Aerospace & Defense3.10%
024681012
Financial Exchanges & Data11.50%
Automobile Manufacturers10.30%
Hotels, Resorts & Cruise Lines8.60%
Movies & Entertainment7.60%
Investment Banking & Brokerage7.20%
Interactive Media & Services7.10%
Application Software6.50%
Property & Casualty Insurance5.80%
Internet Services & Infrastructure5.50%
Real Estate Services 4.20%
Casinos & Gaming4.00%
IT Consulting & Other Services3.60%
Research & Consulting Services3.60%
Health Care Equipment3.30%
Aerospace & Defense3.10%
024681012

Portfolio CharacteristicsAs of 12/31/2025

DescriptionBaron First Principles ETFRussell 3000 Growth Index
Inception DateDecember 12, 2025
Net Assets$70.86 million
As of FYE Current Expense Ratio Date12/5/2025
Management Fee1.00%
Estimated Ratio of Total Expenses1.00%

Documents

Document Name
Summary Prospectus
Prospectus
Statement of Additional Information