Baron Capital Launches Active ETFs, Building Upon Investment Legacy in Active Management

The five active ETFs extend access to Baron Capital’s 43-year track record of exceptional performance, built on a disciplined investment philosophy grounded in deep research, patience, and long-term growth

NEW YORK--(BUSINESS WIRE)--Baron Capital, the premier New York-based growth equity investment firm, with a 43-year track record of long-term, fundamental, research-driven investing, today launched five Active ETFs: Baron First Principles ETF (NYSE: RONB), Baron Global Durable Advantage ETF (NYSE: BCGD), Baron SMID Cap ETF (NYSE: BCSM), Baron Financials ETF (NASDAQ: BCFN), and Baron Technology ETF (NASDAQ: BCTK). The new Active ETFs expand Baron Capital’s investment offerings, providing direct access to the same approach that the Firm has leveraged for more than four decades in a new structure that addresses client needs.

“Today’s advisors and investors require specialized active management delivered through accessible, tax-efficient structures, and our new Active ETFs seek to meet that demand,” said Michael Baron, Co-President and Portfolio Manager. “While the wrapper is new to our lineup, our disciplined investment process remains the same. For more than four decades, we have invested exclusively in growth companies benefiting from long-term secular trends, with durable competitive advantages and exceptional management teams. These ETFs provide another way for investors to access our proven approach.”

Each ETF will be actively managed by seasoned investors who currently manage established strategies within Baron Capital’s broader investment lineup.

• Baron First Principles ETF (NYSE: RONB): Managed by Ron Baron, David Baron, and Michael Baron, this strategy is rooted in the concept of First Principles, the discipline of breaking problems down to their core truths and building solutions free of assumptions. This framework underpins Baron Capital’s longstanding investment philosophy, which emphasizes the practice of “questioning everything” to uncover true value. The portfolio focuses on growth businesses led by visionary, high-integrity leaders and supported by cultures capable of sustaining durable competitive advantages.
• Baron Global Durable Advantage ETF (NYSE: BCGD): Managed by Guy Tartakovsky and Alex Umansky, this strategy extends Baron Capital’s durable advantage approach globally by investing in large-cap growth companies with robust competitive advantages. The portfolio focuses on high-quality compounders that earn high returns on investment capital and generate excess free cash flow.
• Baron SMID Cap ETF (NYSE: BCSM): Managed by Laird Bieger and Randy Gwirtzman, this strategy reflects Baron Capital’s core expertise in identifying small- and mid-cap growth companies early in their lifecycle. The portfolio focuses on companies with long runways for growth, where firsthand research and management engagement are critical to uncovering long-term value creation.
• Baron Financials ETF (NASDAQ: BCFN): Managed by Josh Saltman, this strategy invests in growth companies powering the infrastructure of global finance, including both established institutions and fintech innovators. The portfolio focuses on businesses modernizing how money moves, how trust is built, and how the financial system is evolving in the digital era.
• Baron Technology ETF (NASDAQ: BCTK): Managed by Michael Lippert and Ashim Mehra, this strategy invests in technology-related growth companies involved in the development, advancement, and/or use of technology. The portfolio focuses on fast-growing companies across sectors that should fulfill their long-term objectives regardless of macroeconomic factors.

“Our Firm was built on the idea that when you invest in great people building great businesses, and you stay the course, clients can achieve extraordinary results. Our research process, our discipline, and our long-term perspective have remained unchanged since our founding and will remain unchanged in the future. What is new today is that investors can now access this same philosophy through active ETFs,” added David Baron, Co-President and Portfolio Manager. “This new structure does not alter how we invest; it offers more people the ability to invest alongside us. And it will enable us to change even more lives.”

Baron Active ETFs will begin trading on December 15, 2025. For more information about Baron Capital’s active ETFs and full suite of investment offerings, please visit BaronCapitalGroup.com.

About Baron Capital

Baron Capital is a research and asset management Firm focused exclusively on delivering growth equity investment solutions to institutions, financial advisors, and individual investors. Since its founding in 1982, Baron Capital has been united under one style of investing with a single objective–to be long-term investors in secular growth businesses with durable competitive advantages, run by great management teams. With $44.3 billion in assets under management (as of 11/30/2025) across 19 strategies, Baron Capital prides itself on delivering top performance with 96.1% of Baron Funds AUM outperforming their respective benchmarks since inception (as of 9/30/2025).

Investors should consider the investment objectives, risks, charges, and expenses of the Baron Funds carefully before investing. The prospectus and summary prospectus contain this and other information about Baron Funds. You may obtain them from its distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting BaronCapitalGroup.com. Please read it carefully before investing.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser waives and/or reimburses or may waive or reimburse certain Funds expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Funds' transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above. For performance information current to the most recent month end, visit BaronCapitalGroup.com or call 1-800-99-BARON.

As of 9/30/2025

		Average Annualized Returns %
Fund/Benchmark	Inception Date	1 Year	3 Years	5 Years	10 Years	Since Inception	Annual Expense Ratio	Net Assets
Small Cap
Baron Discovery Fund®	9/30/2013	17.61%	16.52%	6.16%	14.36%	12.87%	1.05% ^(6)	$1.90 billion
Russell 2000 Growth Index		13.56%	16.68%	8.41%	9.91%	8.88%
Baron Growth Fund®	12/31/1994	(13.95)%	6.03%	3.75%	9.51%	11.82%	1.08% ^(6)(7)	$4.95 billion
Russell 2000 Growth Index		13.56%	16.68%	8.41%	9.91%	8.10%
Baron Small Cap Fund®	9/30/1997	(0.09)%	14.98%	6.49%	11.62%	10.05%	1.05% ^(6)	$3.76 billion
Russell 2000 Growth Index		13.56%	16.68%	8.41%	9.91%	6.68%
Small/Mid Cap
Baron Focused Growth Fund®^1	5/31/1996	24.61%	19.91%	15.40%	20.30%	13.84%	1.05% ^(8)	$2.81 billion
Russell 2500 Growth Index		12.62%	15.97%	7.76%	10.93%	8.37%
Mid Cap
Baron Asset Fund®	6/12/1987	0.26%	13.52%	4.93%	11.11%	11.13%	1.04% ^(6)	$3.79 billion
Russell Midcap Growth Index ^2		22.02%	22.85%	11.26%	13.37%	10.63%
Large Cap
Baron Durable Advantage Fund®	12/29/2017	17.12%	30.03%	17.58%	-	16.60%	0.77%/0.70% ^(6)(9)	$525.30 million
S&P 500 Index		17.60%	24.94%	16.47%	-	14.44%
Baron Fifth Avenue Growth Fund®	4/30/2004	27.76%	32.13%	8.13%	15.57%	10.73%	0.76%/0.75% ^(6)(10)	$762.72 million
Russell 1000 Growth Index		25.53%	31.61%	17.58%	18.83%	12.85%
All Cap
Baron Opportunity Fund®	2/29/2000	28.07%	31.96%	13.71%	20.50%	10.52%	1.05% ^(6)	$1.76 billion
Russell 3000 Growth Index		24.79%	30.76%	17.03%	18.26%	8.11%
Baron Partners Fund®^3,4	1/31/1992	33.23%	17.03%	16.76%	22.56%	15.46%	1.99% ^(8)(11)	$8.12 billion
Russell Midcap Growth Index		22.02%	22.85%	11.26%	13.37%	10.42%
Non-U.S./Global
Baron Emerging Markets Fund®	12/31/2010	22.11%	18.69%	5.27%	7.35%	5.28%	1.11% ^(8)	$3.72 billion
MSCI Emerging Markets Index		17.32%	18.21%	7.02%	7.99%	3.56%
MSCI Emerging Markets IMI Growth Index		19.42%	18.34%	5.03%	8.51%	4.45%
Baron Global Opportunity Fund™	4/30/2012	33.91%	20.07%	1.73%	14.71%	12.53%	0.96%/0.91% ^(8)(12)	$666.27 million
MSCI ACWI Index		17.27%	23.12%	13.54%	11.91%	10.56%
MSCI ACWI Growth Index		22.21%	27.54%	13.25%	14.34%	12.61%
Baron India Fund®	7/30/2021	(6.72)%	9.63%	-	-	(2.02)%	6.86%/1.20% ^(8)(13)	$21.48 million
MSCI AC Asia ex Japan/India Linked Index		(13.15)%	5.35%	-	-	(4.74)%
MSCI India Index		(13.15)%	10.30%	-	-	7.45%
MSCI Emerging Markets Index		17.32%	18.21%	-	-	3.84%
Baron International Growth Fund®	12/31/2008	17.48%	17.20%	5.84%	8.56%	9.69%	1.04%/0.96% ^(8)(14)	$365.63 million
MSCI ACWI ex USA Index		16.45%	20.67%	10.26%	8.23%	7.84%
MSCI ACWI ex USA IMI Growth Index		13.18%	18.26%	6.32%	8.15%	8.30%
Sector
Baron FinTech Fund®	12/31/2019	8.66%	19.31%	7.19%	-	11.10%	1.13%/0.95% ^(8)(15)	$71.05 million
FactSet Global FinTech Index		7.74%	14.79%	2.44%	-	4.00%
Baron Health Care Fund®	4/30/2018	(11.83)%	4.75%	3.48%	-	9.30%	0.87%/0.85% ^(8)(16)	$135.29 million
Russell 3000 Health Care Index		(7.62)%	6.71%	5.96%	-	8.68%
Baron Real Estate Fund®	12/31/2009	3.42%	16.75%	9.27%	11.41%	13.44%	1.05% ^(8)	$2.36 billion
MSCI USA IMI Extended Real Estate Index		3.54%	17.89%	11.58%	9.92%	11.20%
Baron Real Estate Income Fund®	12/29/2017	5.15%	12.97%	8.70%	-	9.16%	0.90%/0.80% ^(8)(17)	$262.44 million
MSCI US REIT Index		(2.88)%	9.51%	8.04%	-	4.58%
Baron Technology Fund®	12/31/2021	36.99%	39.10%	-	-	13.17%	1.35%/0.95% ^(8)(18)	$103.19 million
MSCI ACWI Information Technology Index		28.09%	37.19%	-	-	14.88%
Equity Allocation
Baron WealthBuilder Fund®	12/29/2017	10.81%	16.60%	8.71%	-	12.93%	1.21%/1.18% ^(8)(19)	$555.55 million
S&P 500 Index		17.60%	24.94%	16.47%	-	14.44%
Broad-Based Benchmarks^5
Russell 3000 Index		17.41%	24.12%	15.74%	14.71%
S&P 500 Index		17.60%	24.94%	16.47%	15.30%
MSCI ACWI Index		17.27%	23.12%	13.54%	11.91%
MSCI ACWI ex USA Index		16.45%	20.67%	10.26%	8.23%
MSCI Emerging Markets Index		17.32%	18.21%	7.02%	7.99%

⁽¹⁾ Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the predecessor partnership charged a performance fee, returns would be higher. The Fund's shareholders will not be charged a performance fee. The predecessor partnership's performance is only for periods before the Fund's registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely impacted its performance. ⁽²⁾ The since inception date for Russell Midcap Growth Index is 6/30/1987. ⁽³⁾ Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the predecessor partnership charged a performance fee, returns would be higher. The Fund's shareholders will not be charged a performance fee. The predecessor partnership's performance is only for periods before the Fund's registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely impacted its performance. ⁽⁴⁾ While the Fund may invest in securities of any market capitalization, 45.8% of the Fund’s long holdings were invested in SMID, Mid and Mid/Large-Cap securities (as defined by Russell, Inc.) as of 9/30/2025 (SMID represents 10.5% of the portfolio and has market capitalizations between $5.4 – $16.8 billion; Mid represents 28.0% and has market capitalizations between $16.8 – $58.2 billion; Mid /Large represents 7.4% and has market capitalizations between $58.2 – $202.7 billion). ⁽⁵⁾ The Broad-Based Benchmark for Baron Discovery Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Focused Growth Fund, Baron Asset Fund, Baron Partners Fund, and Baron Health Care Fund is Russell 3000 Index. The Broad-Based Benchmark for Baron Durable Advantage Fund, Baron Fifth Avenue Growth Fund, Baron Opportunity Fund, Baron FinTech Fund, Baron Real Estate Fund, Baron Real Estate Income Fund, Baron Technology Fund, and Baron WealthBuilder Fund is S&P 500 Index. The Broad- Based Benchmark for Baron Emerging Markets Fund is MSCI Emerging Markets Index. The Broad-Based Benchmark for Baron International Growth Fund is MSCI ACWI ex USA Index. The Broad-Based Benchmark for Baron Global Opportunity Fund, Baron FinTech Fund, Baron Technology Fund, and Baron WealthBuilder Fund is MSCI ACWI Index. ⁽⁶⁾ As of 1/28/2025. ⁽⁷⁾ Comprised of operating expenses of 1.03% and interest expense of 0.05%. ⁽⁸⁾ As of 4/30/2025. ⁽⁹⁾ Gross annual expense ratio was 0.77%, but the net annual expense ratio was 0.70% (net of Adviser’s fee waivers). ⁽¹⁰⁾ Gross annual expense ratio was 0.76%, but the net annual expense ratio was 0.75% (net of Adviser’s fee waivers). ⁽¹¹⁾ Comprised of operating expenses of 1.05% and interest expense of 0.94%. ⁽¹²⁾ Gross annual expense ratio was 0.96%, but the net annual expense ratio was 0.91% (net of Adviser’s fee waivers, including interest expense of 0.01%). ⁽¹³⁾ Gross annual expense ratio was 6.86%, but the net annual expense ratio was 1.20% (net of Adviser’s fee waivers and expense reimbursements). ⁽¹⁴⁾ Gross annual expense ratio was 1.04%, but the net annual expense ratio was 0.96% (net of Adviser’s fee waivers). ⁽¹⁵⁾ Gross annual expense ratio was 1.13%, but the net annual expense ratio was 0.95% (net of Adviser’s fee waivers). ⁽¹⁶⁾ Gross annual expense ratio was 0.87%, but the net annual expense ratio was 0.85% (net of Adviser’s fee waivers). ⁽¹⁷⁾ Gross annual expense ratio was 0.90%, but the net annual expense ratio was 0.80% (net of Adviser’s fee waivers). ⁽¹⁸⁾ Gross annual expense ratio was 1.35%, but the net annual expense ratio was 0.95% (net of Adviser’s fee waivers and expense reimbursements). ⁽¹⁹⁾ Gross annual expense ratio was 1.21%, but the net annual expense ratio was 1.18% (includes acquired fund fees and expenses, net of the expense reimbursements).

If a Fund’s historical performance was impacted by gains from IPOs there is no guarantee that these results can be repeated or that the Funds' level of participation in IPOs will be the same in the future.

† As stated within the Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information dated April 30, 2025, effective October 1, 2025, Baron Global Advantage Fund® has changed its name to Baron Global Opportunity Fund™. For additional information please refer to the Supplement.

Risks: All investments are subject to risk and may lose value.

The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this document reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views reflect our best judgment at the time and are subject to change at any time based on market and other conditions and Baron Capital has no obligation to update them.

BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).