RONB

Baron First Principles ETF seeks capital appreciation through investments in growth companies of any market capitalization. Guided by a First Principles approach breaking problems down to their core truths and challenging assumptions this framework reflects Baron Capital's longstanding philosophy of "questioning everything" to uncover true value. Investments are made in businesses with the potential for significant growth with durable competitive advantages, and exceptional management teams. Investments are purchased at valuations we believe are attractive based on their long-term intrinsic value. The portfolio holdings are primarily in U.S. securities and can deploy leverage of up to one third of total net assets when market conditions and opportunities present themselves. The strategy is non-diversified, under normal circumstances, invests primarily in equity securities (including depositary receipts) of U.S. growth companies of any market capitalization. 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.