Baron First Principles ETF (RONB US)
RONB US$24.54
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Performance
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Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 24.54
- Change
- ▼ -0.27 (-1.09)
- Bid / Ask
- 24.55 - 24.56
- Volume
- 10,689
- Turnover
- 234,049
- Open
- 24.58
- Day Range
- 24.35 - 24.59
- VWAP
- 24.53
- Prev Close
- 24.81
- Last Trade
- 28/10 4:10pm
Fund profile
Displays who issues the fund, how it is structured and invests, its Morningstar category and benchmark, size, headline costs and dates, sourced from Morningstar. Fund size counts every class of the fund; ETF net assets is this listing alone.
Fund size
$339.7M
OCT 2026
Distributions
Annually
Since inception
0.9 yrs
DEC 2025
- Legal name
- Baron First Principles ETF
- Issuer
- Baron Capital Group, Inc.
- Type
- Exchange-Traded Fund
- Structure
- Open Ended Investment Company
- Management style
- Actively managed
- Morningstar category
- Large Growth
- Category index
- Russell 1000 Growth TR USD
- Benchmark
- N/A
- ETF net assets
- $339.7M
- Units on issue
- 14.0M
- Management fee
- 1.00% p.a.
- Domicile
- United States
- Base currency
- USD
- Inception
- 12 DEC 2025
- Listed
- 15 DEC 2025
Objective and strategy
The investment seeks capital appreciation. 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. It is non-diversified.
Asset allocation
Displays how the fund is split between shares, bonds, cash and other assets, sourced from Morningstar.
US equity 95.32%Non-US equity 4.37%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 99.69 | 99.69 | — |
| Bond | 0.00 | 0.00 | — |
| Cash | 0.31 | 0.31 | — |
| Other | 0.00 | 0.00 | — |
Sector exposure
Displays the share of the fund held in each sector, sourced from Morningstar.
Cyclical 48.63%Sensitive 49.65%Defensive 1.73%
- Basic Materials
- 0.00%
- Consumer Cyclical
- 29.35%
- Financial Services
- 19.28%
- Real Estate
- 0.00%
- Communication Services
- 3.20%
- Energy
- 0.00%
- Industrials
- 39.95%
- Technology
- 6.50%
- Consumer Defensive
- 0.00%
- Healthcare
- 1.73%
- Utilities
- 0.00%
Region exposure
Displays the share of the fund held in each region, sourced from Morningstar.
Developed markets 100.00%Emerging markets 0.00%
- North America
- 100.00%
- Latin America
- 0.00%
- United Kingdom
- 0.00%
- Europe Developed
- 0.00%
- Europe Emerging
- 0.00%
- Africa / Middle East
- 0.00%
- Japan
- 0.00%
- Australasia
- 0.00%
- Asia Developed
- 0.00%
- Asia Emerging
- 0.00%
Country exposure
Displays the twelve countries the fund holds most of, sourced from Morningstar.
- United States
- 95.62%
- Canada
- 4.38%
Style box
Displays where the fund's shareholdings sit on Morningstar's style box: size (large, mid, small) down and investment style (value, blend, growth) across, sourced from Morningstar.
LargeMidSmallValueBlendGrowth
- Style
- Large Growth
- Average moat
- Narrow
Size score
229
Small
Mid
Large
Value-growth score
272
Value
Blend
Growth
Economic moat
Wide 20%Narrow 77%None 4%
Market capitalisation
Displays the share of the fund's shareholdings in giant, large, mid, small and micro cap companies, sourced from Morningstar.
- Giant
- 51.00%
- Large
- 6.22%
- Mid
- 15.54%
- Small
- 18.46%
- Micro
- 8.79%
Giant 51%Large 6%Mid 16%Small 18%Micro 9%
- Average market cap
- $167.26B
- Number of holdings
- 22
- Shares held
- 21
Portfolio statistics · 23 OCT 2026
Displays the valuation, yield, size, concentration and quality of the fund's shareholdings taken together (trailing twelve months), sourced from Morningstar.
- Price / earnings
- 27.17
- Price / book
- 7.96
- Price / sales
- 6.54
- Price / cash flow
- 29.58
- Dividend yield
- 0.29%
- Assets in top 10
- 78.34%
- Return on equity
- 11.78%
- Net margin
- -4.76%
Top holdings · top 10 = 78.74% of assets
Displays the fund's ten largest holdings and their weight in the portfolio, sourced from Morningstar.
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| Space Exploration Technologies Corp Class A | 40.66 | JUN 2026 | 135.1M | USD | 905,118 | Industrials | United States | |
| Tesla Inc TSLA | 8.69 | DEC 2025 | 28.9M | USD | 81,842 | Consumer Cyclical | United States | |
| FIGS Inc Class A FIGS | 4.66 | FEB 2026 | 15.5M | USD | 1.1M | Consumer Cyclical | United States | |
| MSCI Inc MSCI | 4.30 | DEC 2025 | 14.3M | USD | 26,475 | Financial Services | United States | |
| Shopify Inc Registered Shs -A- Subord Vtg SHOP | 4.10 | DEC 2025 | 13.6M | USD | 91,946 | Technology | Canada | |
| Hyatt Hotels Corp Class A H | 3.81 | DEC 2025 | 12.7M | USD | 78,149 | Consumer Cyclical | United States | |
| Interactive Brokers Group Inc Class A IBKR | 3.62 | DEC 2025 | 12.0M | USD | 139,589 | Financial Services | United States | |
| Charles Schwab Corp SCHW | 3.49 | DEC 2025 | 11.6M | USD | 117,040 | Financial Services | United States | |
| Spotify Technology SA SPOT | 2.89 | DEC 2025 | 9.6M | USD | 19,440 | Communication Services | United States | |
| FactSet Research Systems Inc FDS | 2.51 | DEC 2025 | 8.4M | USD | 32,122 | Financial Services | United States |
Trailing returns · 30 SEP 2026
Displays total returns after fees at net asset value, the return at the ASX market price, the return before fees, and where the fund ranks among funds in its Morningstar category, sourced from Morningstar.
Fund (NAV) Market price
1M
-3.3
3M
-4.0
6M
2.7
YTD
-6.0
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -3.30 | -3.18 | -3.22 | 97 / 1,088 |
| 3 months | -3.99 | -3.97 | -3.76 | 92 / 1,075 |
| 6 months | 2.73 | 2.45 | 3.25 | 99 / 1,063 |
| Year to date | -6.01 | -6.31 | -5.31 | 98 / 1,058 |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Portfolio risk score
Displays Morningstar's Portfolio Risk Score for the fund's holdings, how closely the ETF tracks its index day to day, the estimated cost of holding it against the index, the cost of trading it at market size, and its best and worst quarters since inception, sourced from Morningstar.
Risk score
148.5
Cash 0
Global shares 100
Morningstar Portfolio Risk Score at 30 SEP 2026.
- Best quarter
- 7.28% · JUN 2026
- Worst quarter
- -9.22% · JUL 2026
Fees and costs
Displays the fund's ongoing costs as a percentage of assets per year: the PDS management fees and costs, performance fee and transaction costs that make up the total cost ratio (the RG 97 forward estimate, and what was charged last financial year), and the buy / sell spread, sourced from Morningstar.
- Management fees and costs
- 1.00% p.a.
- PDS dated
- 30 APR 2026
Distributions
Displays the most recent distribution paid per unit and its key dates, sourced from Morningstar.
- Latest distribution
- 0.0002
- Ex Date
- 22 SEP 2026
- Record Date
- 21 SEP 2026
- Pay Date
- 29 SEP 2026
- NAV at ex date
- 23.91
- Paid this year
- 0.0002
Distribution history
Displays the most recent distributions by ex date, sourced from Morningstar.
| Ex Date | Per unit ($) |
|---|---|
| 22 SEP 2026 | 0.0002 |
Sustainability rating · 31 AUG 2026
Displays the Morningstar Sustainability Rating (1 to 5 globes, more is better) and the portfolio ESG risk score behind it (lower is less risk), against the average of the fund's global category, sourced from Morningstar and Sustainalytics.
Low
ESG risk score
28.60
Negligible
Low
Medium
High
Severe
Category average 18.85
- Rank in category
- 99th percentile of 3,985 funds
- Environmental risk
- 5.35
- Social risk
- 13.31
- Governance risk
- 7.26
- Portfolio covered
- 97.4%
ESG risk of holdings
Displays the share of the covered portfolio held in companies with negligible, low, medium, high and severe ESG risk, sourced from Morningstar and Sustainalytics.
- Negligible
- 0.00%
- Low
- 36.63%
- Medium
- 23.45%
- High
- 0.00%
- Severe
- 39.91%
0.00% of assets are in companies with high or severe controversies.
Carbon · 31 AUG 2026
Displays the portfolio carbon risk score (lower is less exposure to the transition to a low-carbon economy), the share of the portfolio in companies with fossil fuel revenue, and whether the fund earns Morningstar's Low Carbon Designation, sourced from Morningstar and Sustainalytics.
Carbon risk score
6.54
Low
Medium
High
Severe
Category average 5.57
- Carbon risk
- Low Risk
- Fossil fuel involvement
- 0.00%
- Category average
- 3.10%
- Portfolio covered
- 60.7%
Fund managers
Displays the people Morningstar lists as managers of the fund, sourced from Morningstar.
- Ronald Baron
- Michael Baron
- David Baron
Tenure
Displays how long the managers have run the fund: the average and longest tenure, who has served longest, the latest appointment and how many other funds the team manages, sourced from Morningstar.
- Number of managers
- 3
- Average tenure
- 0.8 years
- Longest tenure
- 0.8 years
- Longest serving
- Ronald Baron, Michael Baron, David Baron · since 12 DEC 2025
- Most recent appointment
- Ronald Baron, Michael Baron, David Baron · since 12 DEC 2025
- Managed since
- 12 DEC 2025
- Other funds managed
- 20
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
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