Semi-Annual Shareholder Report - June 30, 2026

Baron Emerging Markets Select ETF

NYSE: BCEM

This semi-annual shareholder report contains important information about Baron Emerging Markets Select ETF (the Fund) for the period of April 8, 2026 to June 30, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Baron Emerging Markets Select ETF	$19^{Footnote Reference**}	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.
Footnote^**	Expenses for a full reporting period would be higher.

Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks

Table Summary
	Baron Emerging Markets Select ETF (at NAV)	MSCI Emerging Markets Index	MSCI Emerging Markets IMI Growth Index
04/08/2026	$10,000	$10,000	$10,000
4/30/2026	$10,496	$10,403	$10,505
5/31/2026	$11,122	$11,410	$11,376
6/30/2026	$10,904	$11,249	$11,238

Average Annual Total Returns (%)

Table Summary
Fund/Index Name	Since Inception 4/8/2026^{Footnote Reference*}
Baron Emerging Markets Select ETF (at NAV)	9.04%
MSCI Emerging Markets Index	12.49%
MSCI Emerging Markets IMI Growth Index	12.38%

Footnote	Description
Footnote^*	Not Annualized.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets	$42,935,376
# of Issuers	61
Portfolio Turnover Rate	10%^{Footnote Reference#}
Total Advisory Fees Paid	$69,057

Footnote	Description
Footnote^#	Excludes impact of in-kind transactions.

Baron Emerging Markets Select ETF

June 30, 2026

What did the Fund invest in?

Top Ten Holdings

Table Summary
Holding	% of Net Assets (6/30/26)*
Franklin FTSE India ETF	15.4%
Taiwan Semiconductor Manufacturing Co., Ltd.	13.9%
Samsung Electronics Co., Ltd.	7.8%
SK Hynix, Inc.	6.5%
Tencent Holdings Ltd.	2.8%
Southern Copper Corp.	2.1%
Montage Technology Co. Ltd.	2.1%
MediaTek, Inc.	1.9%
Delta Electronics, Inc.	1.8%
FirstRand Ltd.	1.8%
Total	56.2%

* Individual weights may not sum to 100% (or displayed total) due to rounding.

Sector Breakdown

(as a % of net assets)*

Table Summary
Value	Value
Information Technology	41.7%
Exchange-Traded Funds	15.4%
Industrials	11.4%
Financials	10.9%
Consumer Discretionary	5.1%
Materials	3.5%
Communication Services	3.3%
Health Care	2.2%
Energy	2.0%
Consumer Staples	1.1%
Cash and Cash Equivalents	3.4%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Country Exposures

(as a % of net assets)*

Table Summary
Value	Value
Korea, Republic of	22.2%
Taiwan	20.7%
China	19.3%
India	17.5%
Brazil	6.0%
Peru	3.3%
South Africa	2.3%
Greece	1.5%
Hungary	1.0%
Others	6.3%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Additional Information

If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

Phone: 1.800.99.BARON

Email: [email protected]

Baron Emerging Markets Select ETF

Semi-Annual Shareholder Report June 30, 2026

BCEM

Semi-Annual Shareholder Report - June 30, 2026

Baron Financials ETF

NASDAQ: BCFN

This semi-annual shareholder report contains important information about Baron Financials ETF (the Fund) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Baron Financials ETF	$37	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks

Table Summary
	Baron Financials ETF (at NAV)	S&P 500 Index	FactSet Global FinTech Index	MSCI ACWI Index	MSCI USA Financials Net Index
12/31/2019	$10,000	$10,000	$10,000	$10,000	$10,000
1/31/2020	$10,470	$9,996	$10,181	$9,890	$9,758
2/29/2020	$10,050	$9,173	$9,295	$9,091	$8,649
3/31/2020	$8,750	$8,040	$7,262	$7,863	$6,744
4/30/2020	$10,040	$9,071	$8,597	$8,706	$7,405
5/31/2020	$11,070	$9,503	$9,633	$9,084	$7,623
6/30/2020	$11,550	$9,692	$10,018	$9,375	$7,618
7/31/2020	$12,230	$10,238	$10,583	$9,871	$7,880
8/31/2020	$13,010	$10,974	$11,446	$10,475	$8,180
9/30/2020	$12,950	$10,557	$11,061	$10,137	$7,887
10/31/2020	$12,300	$10,277	$10,856	$9,891	$7,836
11/30/2020	$13,850	$11,402	$12,512	$11,110	$9,141
12/31/2020	$14,720	$11,840	$13,478	$11,625	$9,724
1/31/2021	$13,870	$11,720	$13,263	$11,573	$9,539
2/28/2021	$14,640	$12,044	$13,971	$11,841	$10,624
3/31/2021	$14,530	$12,571	$13,852	$12,157	$11,232
4/30/2021	$15,710	$13,242	$14,444	$12,688	$11,998
5/31/2021	$15,620	$13,334	$14,435	$12,886	$12,538
6/30/2021	$16,970	$13,646	$14,599	$13,056	$12,198
7/31/2021	$17,490	$13,970	$14,312	$13,146	$12,189
8/31/2021	$18,470	$14,395	$14,677	$13,475	$12,817
9/30/2021	$17,420	$13,725	$14,057	$12,918	$12,551
10/31/2021	$18,130	$14,687	$14,116	$13,577	$13,532
11/30/2021	$16,860	$14,585	$12,749	$13,251	$12,784
12/31/2021	$16,980	$15,239	$12,977	$13,781	$13,124
1/31/2022	$14,840	$14,450	$11,599	$13,104	$13,073
2/28/2022	$13,730	$14,017	$11,139	$12,765	$12,847
3/31/2022	$14,150	$14,538	$11,319	$13,042	$12,770
4/30/2022	$12,330	$13,270	$10,138	$11,998	$11,453
5/31/2022	$12,010	$13,294	$9,943	$12,012	$11,824
6/30/2022	$10,980	$12,197	$8,738	$10,999	$10,509
7/31/2022	$12,260	$13,322	$9,494	$11,768	$11,270
8/31/2022	$11,880	$12,778	$9,324	$11,334	$11,046
9/30/2022	$10,788	$11,602	$8,286	$10,249	$10,150
10/31/2022	$11,680	$12,541	$8,770	$10,868	$11,377
11/30/2022	$11,995	$13,242	$8,970	$11,711	$12,147
12/31/2022	$11,326	$12,479	$8,609	$11,250	$11,454
1/31/2023	$12,380	$13,263	$9,833	$12,056	$12,339
2/28/2023	$11,985	$12,939	$9,430	$11,711	$12,045
3/31/2023	$11,873	$13,414	$9,319	$12,072	$10,886
4/30/2023	$11,883	$13,624	$9,169	$12,245	$11,168
5/31/2023	$11,772	$13,683	$9,324	$12,114	$10,739
6/30/2023	$12,502	$14,587	$9,858	$12,817	$11,469
7/31/2023	$13,059	$15,056	$10,506	$13,287	$12,070
8/31/2023	$13,130	$14,816	$9,802	$12,915	$11,725
9/30/2023	$12,664	$14,109	$9,191	$12,381	$11,355
10/31/2023	$12,177	$13,813	$8,511	$12,009	$11,046
11/30/2023	$13,779	$15,074	$9,693	$13,117	$12,329
12/31/2023	$14,418	$15,759	$10,619	$13,748	$13,049
1/31/2024	$14,712	$16,024	$10,408	$13,828	$13,386
2/29/2024	$15,229	$16,880	$10,798	$14,422	$14,010
3/31/2024	$15,331	$17,423	$11,001	$14,867	$14,697
4/30/2024	$14,337	$16,711	$10,248	$14,384	$14,054
5/31/2024	$14,712	$17,540	$10,298	$14,968	$14,501
6/30/2024	$14,986	$18,169	$10,367	$15,301	$14,387
7/31/2024	$15,574	$18,390	$10,949	$15,548	$15,283
8/31/2024	$16,537	$18,836	$11,432	$15,943	$15,877
9/30/2024	$16,862	$19,238	$11,631	$16,313	$15,823
10/31/2024	$17,176	$19,064	$11,581	$15,947	$16,297
11/30/2024	$18,920	$20,183	$12,668	$16,543	$18,088
12/31/2024	$17,754	$19,702	$12,136	$16,152	$17,099
1/31/2025	$18,819	$20,251	$12,273	$16,694	$18,268
2/28/2025	$18,423	$19,986	$11,686	$16,593	$18,375
3/31/2025	$17,521	$18,860	$11,223	$15,938	$17,489
4/30/2025	$17,602	$18,732	$11,405	$16,087	$17,142
5/31/2025	$18,636	$19,911	$12,213	$17,011	$18,038
6/30/2025	$19,143	$20,924	$12,774	$17,775	$18,705
7/31/2025	$18,839	$21,394	$12,513	$18,016	$18,759
8/31/2025	$18,677	$21,827	$12,965	$18,461	$19,293
9/30/2025	$18,322	$22,624	$12,531	$19,130	$19,304
10/31/2025	$17,876	$23,154	$12,016	$19,558	$18,784
11/30/2025	$17,703	$23,210	$11,629	$19,556	$19,099
12/31/2025	$17,915	$23,225	$11,631	$19,760	$19,704
1/31/2026	$17,129	$23,561	$10,970	$20,346	$19,214
2/28/2026	$15,746	$23,382	$10,156	$20,607	$18,423
3/31/2026	$15,054	$22,218	$9,287	$19,127	$17,756
4/30/2026	$15,688	$24,549	$10,064	$21,073	$18,776
5/31/2026	$15,342	$25,841	$9,961	$22,160	$18,542
6/30/2026	$15,328	$25,595	$9,859	$21,983	$19,341

Average Annual Total Returns (%)

Table Summary
Fund/Index Name	1 Year	5 Years	Since Inception 12/31/2019
Baron Financials ETF (at NAV)	(19.93)%	(2.01)%	6.79%
MSCI USA Financials Net Index	3.40%	9.66%	10.73%
MSCI ACWI Index	23.67%	10.98%	12.89%
FactSet Global FinTech Index	(22.83)%	(7.55)%	(0.22)%
S&P 500 Index	22.32%	13.41%	15.55%

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets	$46,099,748
# of Issuers	42
Portfolio Turnover Rate	18%^{Footnote Reference#}
Total Advisory Fees Paid	$194,524

Footnote	Description
Footnote^#	Excludes impact of in-kind transactions.

Baron Financials ETF

June 30, 2026

What did the Fund invest in?

Top Ten Holdings

Table Summary
Holding	% of Net Assets (6/30/26)*
Visa, Inc.	6.0%
Mastercard, Incorporated	5.6%
Bank of America Corp.	4.9%
Interactive Brokers Group, Inc.	4.5%
Morgan Stanley	4.3%
Charles Schwab Corp.	4.1%
S&P Global, Inc.	4.0%
JPMorgan Chase & Co.	3.8%
Moody's Corp.	3.7%
MSCI, Inc.	3.6%
Total	44.4%

* Individual weights may not sum to 100% (or displayed total) due to rounding.

Sector Breakdown

(as a % of net assets)*

Table Summary
Value	Value
Financials	86.1%
Industrials	6.3%
Information Technology	4.3%
Consumer Discretionary	3.1%
Cash and Cash Equivalents	0.3%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Additional Information

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron

Phone: 1.800.99.BARON

Email: [email protected]

Baron Financials ETF

Semi-Annual Shareholder Report June 30, 2026

BCFN

Semi-Annual Shareholder Report - June 30, 2026

Baron First Principles ETF

NYSE: RONB

This semi-annual shareholder report contains important information about Baron First Principles ETF (the Fund) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Baron First Principles ETF	$49	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks

Table Summary
	Baron First Principles ETF (at NAV)	Russell 3000 Growth Index	Russell 3000 Index
12/12/2025	$10,000	$10,000	$10,000
12/31/2025	$9,927	$10,038	$10,006
1/31/2026	$9,615	$9,910	$10,162
2/28/2026	$9,686	$9,579	$10,113
3/31/2026	$9,082	$9,080	$9,610
4/30/2026	$9,232	$10,189	$10,591
5/31/2026	$9,686	$10,920	$11,127
6/30/2026	$9,718	$10,629	$11,093

Average Annual Total Returns (%)

Table Summary
Fund/Index Name	Since Inception 12/12/2025^{Footnote Reference*}
Baron First Principles ETF (at NAV)	(2.82)%
Russell 3000 Growth Index	6.29%
Russell 3000 Index	10.93%

Footnote	Description
Footnote^*	Not Annualized.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets	$489,624,186
# of Issuers	24
Portfolio Turnover Rate	23%^{Footnote Reference#}
Total Advisory Fees Paid	$2,362,472

Footnote	Description
Footnote^#	Excludes impact of in-kind transactions.

Baron First Principles ETF

June 30, 2026

What did the Fund invest in?

Top Ten Holdings

Table Summary
Holding	% of Net Assets (6/30/26)*
Space Exploration Technologies Corp.	32.2%
Tesla, Inc.	12.4%
MSCI, Inc.	4.5%
Hyatt Hotels Corp.	4.4%
Charles Schwab Corp.	3.8%
Interactive Brokers Group, Inc.	3.5%
Shopify, Inc.	3.3%
Red Rock Resorts, Inc.	3.0%
Verisk Analytics, Inc.	2.9%
Spotify Technology SA	2.7%
Total	72.7%

* Individual weights may not sum to 100% (or displayed total) due to rounding.

Sector Breakdown

(as a % of net assets)*

Table Summary
Value	Value
Communication Services	36.4%
Consumer Discretionary	33.0%
Financials	18.8%
Industrials	5.2%
Information Technology	4.8%
Health Care	1.7%
Cash and Cash Equivalents	0.1%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Additional Information

Phone: 1.800.99.BARON

Email: [email protected]

Baron First Principles ETF

Semi-Annual Shareholder Report June 30, 2026

RONB

Semi-Annual Shareholder Report - June 30, 2026

Baron Global Durable Advantage ETF

NYSE: BCGD

This semi-annual shareholder report contains important information about Baron Global Durable Advantage ETF (the Fund) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Baron Global Durable Advantage ETF	$38	0.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmark

Table Summary
	Baron Global Durable Advantage ETF (at NAV)	MSCI ACWI Index
12/12/2025	$10,000	$10,000
12/31/2025	$10,118	$10,062
1/31/2026	$10,336	$10,360
2/28/2026	$10,164	$10,493
3/31/2026	$9,380	$9,740
4/30/2026	$10,368	$10,730
5/31/2026	$10,554	$11,284
6/30/2026	$10,566	$11,194

Average Annual Total Returns (%)

Table Summary
Fund/Index Name	Since Inception 12/12/2025^{Footnote Reference*}
Baron Global Durable Advantage ETF (at NAV)	5.66%
MSCI ACWI Index	11.94%

Footnote	Description
Footnote^*	Not Annualized.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets	$9,773,674
# of Issuers	40
Portfolio Turnover Rate	6%^{Footnote Reference#}
Total Advisory Fees Paid	$28,312

Footnote	Description
Footnote^#	Excludes impact of in-kind transactions.

Baron Global Durable Advantage ETF

June 30, 2026

What did the Fund invest in?

Top Ten Holdings

Table Summary
Holding	% of Net Assets (6/30/26)*
Taiwan Semiconductor Manufacturing Co., Ltd.	8.7%
NVIDIA Corp.	6.4%
Amazon.com, Inc.	6.1%
Alphabet, Inc.	5.4%
Visa, Inc.	5.4%
ASML Holding N.V.	5.2%
S&P Global, Inc.	3.7%
Brookfield Corp.	3.2%
Eli Lilly & Co.	3.2%
Meta Platforms, Inc.	2.9%
Total	50.2%

* Individual weights may not sum to 100% (or displayed total) due to rounding.

Sector Breakdown

(as a % of net assets)*

Table Summary
Value	Value
Information Technology	30.0%
Financials	21.5%
Consumer Discretionary	15.3%
Industrials	11.6%
Communication Services	9.9%
Health Care	6.0%
Consumer Staples	2.8%
Real Estate	2.8%
Cash and Cash Equivalents	0.1%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Country Exposures

(as a % of net assets)*

Table Summary
Value	Value
United States	59.3%
Taiwan	8.7%
Netherlands	5.2%
Canada	4.8%
Sweden	4.6%
Japan	4.3%
France	3.2%
Italy	2.6%
Korea, Republic of	2.3%
Others	5.1%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Additional Information

Phone: 1.800.99.BARON

Email: [email protected]

Baron Global Durable Advantage ETF

Semi-Annual Shareholder Report June 30, 2026

BCGD

Semi-Annual Shareholder Report - June 30, 2026

Baron Risk Optimized Large Cap ETF

NYSE: BROL

This semi-annual shareholder report contains important information about Baron Risk Optimized Large Cap ETF (the Fund) for the period of May 26, 2026 to June 30, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Baron Risk Optimized Large Cap ETF	$4^{Footnote Reference**}	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.
Footnote^**	Expenses for a full reporting period would be higher.

Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmark

Table Summary
	Baron Risk Optimized Large Cap ETF (at NAV)	S&P 500 Index
05/26/2026	$10,000	$10,000
5/31/2026	$10,056	$10,082
6/30/2026	$10,173	$9,986

Average Annual Total Returns (%)

Table Summary
Fund/Index Name	Since Inception 5/26/2026^{Footnote Reference*}
Baron Risk Optimized Large Cap ETF (at NAV)	1.73%
S&P 500 Index	(0.14)%

Footnote	Description
Footnote^*	Not Annualized.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets	$2,554,621
# of Issuers	61
Portfolio Turnover Rate	8%^{Footnote Reference#}
Total Advisory Fees Paid	$1,327

Footnote	Description
Footnote^#	Excludes impact of in-kind transactions.

Baron Risk Optimized Large Cap ETF

June 30, 2026

What did the Fund invest in?

Top Ten Holdings

Table Summary
Holding	% of Net Assets (6/30/26)*
NVIDIA Corp.	7.4%
Alphabet, Inc.	7.2%
Space Exploration Technologies Corp.	4.8%
Amazon.com, Inc.	4.6%
Apple, Inc.	4.6%
Costco Wholesale Corp.	4.1%
Bank of America Corp.	3.4%
Broadcom, Inc.	3.3%
Welltower, Inc.	3.2%
Eli Lilly & Co.	3.0%
Total	45.7%

* Individual weights may not sum to 100% (or displayed total) due to rounding.

Sector Breakdown

(as a % of net assets)*

Table Summary
Value	Value
Information Technology	31.9%
Communication Services	15.2%
Financials	13.5%
Consumer Discretionary	10.4%
Health Care	10.0%
Industrials	7.3%
Real Estate	4.9%
Consumer Staples	4.1%
Materials	2.7%
Cash and Cash Equivalents	0.0%^{Footnote Reference†}^{Footnote Reference‡}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.
Footnote^‡	Rounds to less than 0.1%.

Additional Information

Phone: 1.800.99.BARON

Email: [email protected]

Baron Risk Optimized Large Cap ETF

Semi-Annual Shareholder Report June 30, 2026

BROL

Semi-Annual Shareholder Report - June 30, 2026

Baron SMID Cap ETF

NYSE: BCSM

This semi-annual shareholder report contains important information about Baron SMID Cap ETF (the Fund) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Baron SMID Cap ETF	$38	0.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks

Table Summary
	Baron SMID Cap ETF (at NAV)	Russell 2500 Growth Index	Russell 3000 Index
12/12/2025	$10,000	$10,000	$10,000
12/31/2025	$9,813	$9,770	$10,006
1/31/2026	$9,674	$10,073	$10,162
2/28/2026	$9,503	$10,023	$10,113
3/31/2026	$8,776	$9,427	$9,610
4/30/2026	$9,283	$10,640	$10,591
5/31/2026	$9,901	$11,403	$11,127
6/30/2026	$10,147	$11,691	$11,093

Average Annual Total Returns (%)

Table Summary
Fund/Index Name	Since Inception 12/12/2025^{Footnote Reference*}
Baron SMID Cap ETF (at NAV)	1.47%
Russell 2500 Growth Index	16.91%
Russell 3000 Index	10.93%

Footnote	Description
Footnote^*	Not Annualized.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets	$33,148,201
# of Issuers	55
Portfolio Turnover Rate	42%^{Footnote Reference#}
Total Advisory Fees Paid	$90,905

Footnote	Description
Footnote^#	Excludes impact of in-kind transactions.

Baron SMID Cap ETF

June 30, 2026

What did the Fund invest in?

Top Ten Holdings

Table Summary
Holding	% of Net Assets (6/30/26)*
Axon Enterprise, Inc.	4.2%
Rubrik, Inc.	3.2%
Loar Holdings, Inc.	3.1%
Coherent Corp.	2.8%
Samsara, Inc.	2.8%
Forgent Power Solutions, Inc.	2.7%
Enpro, Inc.	2.7%
Dynatrace, Inc.	2.6%
Datadog, Inc.	2.6%
Mercury Systems, Inc.	2.5%
Total	29.3%

* Individual weights may not sum to 100% (or displayed total) due to rounding.

Sector Breakdown

(as a % of net assets)*

Table Summary
Value	Value
Industrials	29.4%
Information Technology	22.3%
Health Care	16.0%
Consumer Discretionary	15.5%
Financials	6.2%
Communication Services	3.9%
Materials	2.7%
Cash and Cash Equivalents	4.0%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Additional Information

Phone: 1.800.99.BARON

Email: [email protected]

Baron SMID Cap ETF

Semi-Annual Shareholder Report June 30, 2026

BCSM

Semi-Annual Shareholder Report - June 30, 2026

Baron Technology ETF

NASDAQ: BCTK

This semi-annual shareholder report contains important information about Baron Technology ETF (the Fund) for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Baron Technology ETF	$43	0.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks

Table Summary
	Baron Technology ETF (at NAV)	S&P 500 Index	MSCI ACWI Index	MSCI ACWI Information Technology Index
12/31/2021	$10,000	$10,000	$10,000	$10,000
1/31/2022	$8,750	$9,483	$9,509	$9,182
2/28/2022	$8,340	$9,199	$9,263	$8,770
3/31/2022	$8,360	$9,540	$9,464	$8,972
4/30/2022	$7,080	$8,708	$8,706	$7,919
5/31/2022	$6,790	$8,724	$8,717	$7,838
6/30/2022	$6,190	$8,004	$7,982	$7,027
7/31/2022	$6,930	$8,742	$8,539	$7,883
8/31/2022	$6,730	$8,386	$8,225	$7,437
9/30/2022	$5,910	$7,613	$7,437	$6,517
10/31/2022	$6,050	$8,230	$7,886	$6,972
11/30/2022	$6,110	$8,690	$8,498	$7,479
12/31/2022	$5,570	$8,189	$8,164	$6,893
1/31/2023	$6,380	$8,703	$8,749	$7,613
2/28/2023	$6,450	$8,491	$8,498	$7,582
3/31/2023	$6,820	$8,803	$8,760	$8,301
4/30/2023	$6,530	$8,940	$8,886	$8,247
5/31/2023	$7,490	$8,979	$8,791	$8,918
6/30/2023	$7,960	$9,572	$9,301	$9,436
7/31/2023	$8,370	$9,880	$9,642	$9,681
8/31/2023	$8,130	$9,723	$9,372	$9,471
9/30/2023	$7,650	$9,259	$8,985	$8,855
10/31/2023	$7,350	$9,064	$8,715	$8,771
11/30/2023	$8,560	$9,892	$9,519	$9,960
12/31/2023	$9,100	$10,342	$9,976	$10,410
1/31/2024	$9,420	$10,515	$10,035	$10,742
2/29/2024	$10,270	$11,077	$10,465	$11,403
3/31/2024	$10,440	$11,433	$10,788	$11,649
4/30/2024	$9,870	$10,966	$10,438	$11,020
5/31/2024	$10,300	$11,510	$10,862	$11,904
6/30/2024	$11,180	$11,923	$11,103	$12,991
7/31/2024	$10,910	$12,068	$11,283	$12,712
8/31/2024	$11,090	$12,361	$11,569	$12,891
9/30/2024	$11,610	$12,625	$11,838	$13,136
10/31/2024	$11,910	$12,510	$11,572	$13,010
11/30/2024	$13,160	$13,245	$12,005	$13,564
12/31/2024	$13,450	$12,929	$11,721	$13,698
1/31/2025	$13,910	$13,289	$12,114	$13,552
2/28/2025	$13,020	$13,116	$12,041	$13,281
3/31/2025	$11,460	$12,377	$11,566	$12,103
4/30/2025	$11,970	$12,293	$11,673	$12,345
5/31/2025	$13,830	$13,067	$12,344	$13,631
6/30/2025	$15,020	$13,731	$12,899	$14,922
7/31/2025	$15,420	$14,039	$13,074	$15,543
8/31/2025	$15,190	$14,324	$13,396	$15,608
9/30/2025	$15,905	$14,847	$13,882	$16,826
10/31/2025	$16,620	$15,194	$14,192	$18,050
11/30/2025	$15,895	$15,231	$14,191	$17,175
12/31/2025	$15,783	$15,241	$14,339	$17,311
1/31/2026	$15,669	$15,462	$14,764	$17,467
2/28/2026	$15,542	$15,344	$14,954	$17,287
3/31/2026	$14,693	$14,580	$13,880	$16,147
4/30/2026	$17,178	$16,110	$15,292	$19,303
5/31/2026	$19,459	$16,958	$16,081	$22,760
6/30/2026	$20,414	$16,796	$15,952	$22,458

Average Annual Total Returns (%)

Table Summary
Fund/Index Name	1 Year	Since Inception 12/31/2021
Baron Technology ETF (at NAV)	35.91%	17.20%
MSCI ACWI Information Technology Index	50.50%	19.70%
MSCI ACWI Index	23.67%	10.95%
S&P 500 Index	22.32%	12.22%

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets	$205,234,378
# of Issuers	38
Portfolio Turnover Rate	37%^{Footnote Reference#}
Total Advisory Fees Paid	$605,179

Footnote	Description
Footnote^#	Excludes impact of in-kind transactions.

Baron Technology ETF

June 30, 2026

What did the Fund invest in?

Top Ten Holdings

Table Summary
Holding	% of Net Assets (6/30/26)*
Taiwan Semiconductor Manufacturing Co., Ltd.	8.9%
Lam Research Corp.	8.8%
Space Exploration Technologies Corp.	8.6%
Broadcom, Inc.	6.4%
Alphabet, Inc.	6.0%
NVIDIA Corp.	5.6%
Micron Technology, Inc.	4.8%
Spotify Technology SA	4.2%
Amazon.com, Inc.	4.0%
Coherent Corp.	3.6%
Total	61.1%

* Individual weights may not sum to 100% (or displayed total) due to rounding.

Sector Breakdown

(as a % of net assets)*

Table Summary
Value	Value
Information Technology	61.9%
Communication Services	19.7%
Industrials	7.7%
Consumer Discretionary	7.3%
Health Care	1.7%
Utilities	0.9%
Real Estate	0.6%
Cash and Cash Equivalents	0.2%^{Footnote Reference†}

Footnote	Description
Footnote^†	Includes other assets and liabilities-net.

Additional Information

Phone: 1.800.99.BARON

Email: [email protected]

Baron Technology ETF

Semi-Annual Shareholder Report June 30, 2026

BCTK

Baron First Principles ETF

Baron Global Durable Advantage ETF

Baron SMID Cap ETF

Baron Financials ETF

Baron Technology ETF

Baron Emerging Markets Select ETF

Baron Risk Optimized Large Cap ETF

June 30, 2026

Baron Funds^®

Baron ETF Trust^™

Semi-Annual Financial Statements and Other Important Information


Baron First Principles ETF
Ticker Symbol: RONB
Baron Global Durable Advantage ETF
Ticker Symbol: BCGD
Baron SMID Cap ETF
Ticker Symbol: BCSM
Baron Financials ETF
Ticker Symbol: BCFN
Baron Technology ETF
Ticker Symbol: BCTK
Baron Emerging Markets Select ETF
Ticker Symbol: BCEM
Baron Risk Optimized Large Cap ETF
Ticker Symbol: BROL


Financial Statements
Portfolios of Investments							2
Statements of Assets and Liabilities							12
Statements of Operations							14
Statements of Changes in Net Assets							16
Notes to Financial Statements							19
Financial Highlights							27
Changes in and Disagreements with Accountants							34
Results of Meeting(s) of Shareholders							34
Remuneration Paid to Directors, Officers, and Others							34
Disclosure Regarding the Approval of the Investment Advisory Agreements by the Board of Trustees							35

DEAR BARON ETF TRUST SHAREHOLDER:

In this report, you will find unaudited semi-annual financial statements and other important information for Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, Baron Technology ETF, Baron Emerging Markets Select ETF, and Baron Risk Optimized Large Cap ETF (the Funds) for the six months ended June 30, 2026.

We thank you for choosing to join us as fellow shareholders in Baron ETF Trust. We will continue to work hard to justify your confidence.

Sincerely,

LOGO

Ronald Baron

Chief Executive Officer

August 21, 2026

Patrick M. Patalino

Chief Operating Officer

August 21, 2026

Christopher Snively
Chief Financial Officer

and Treasurer

August 21, 2026

These Semi-Annual Financial Statements are for the Baron ETF Trust, which currently has seven series: Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, Baron Technology ETF, Baron Emerging Markets Select ETF, and Baron Risk Optimized Large Cap ETF. If you are interested in Baron Select Funds Trust, which currently has 10 series: Baron Partners Fund, Baron Focused Generational Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund, Baron Real Estate Income Fund, Baron Health Care Fund, Baron India Fund, and Baron WealthBuilder Fund, or Baron Investment Funds Trust, which contains the Baron Asset Fund, Baron Generational Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund, please visit the Funds’ website at BaronCapitalGroup.com or contact us at 1-800-99BARON.

The Funds’ Proxy Voting Policy is available without charge and can be found on the Funds’ website at BaronCapitalGroup.com, by clicking on the “Regulatory Documents” link at the bottom left corner of the homepage or by calling 1-800-99BARON and on the Securities and Exchange Commission’s (SEC) website at sec.gov. The Funds’ most current proxy voting record, Form N-PX, is also available on the Funds’ website and on the SEC’s website.

The Funds file their complete Portfolios of Investments with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at sec.gov. Portfolios of Investments current to the most recent first and third quarters are also available on the Funds’ website.

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. For more complete information about Baron Funds, including charges and expenses, call, write or go to BaronCapitalGroup.com for a prospectus or summary prospectus. Read them carefully before you invest or send money. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds, unless accompanied or preceded by the Funds’ current prospectus or summary prospectus.

LOGO


Baron First Principles ETF		June 30, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.87%)
Communication Services (36.40%)
		Alternative Carriers (32.21%)
	922,873	Space Exploration Technologies Corp., Cl A^1,3	$	111,111,510	$	157,682,080

		Movies & Entertainment (4.19%)
	39,995	Live Nation Entertainment, Inc.¹		6,892,338		7,323,485
	28,741	Spotify Technology SA^1,2		15,162,948		13,195,855

				22,055,286		20,519,340

	Total Communication Services			133,166,796		178,201,420


Consumer Discretionary (33.01%)
		Apparel, Accessories & Luxury Goods (2.30%)
	1,101,246	Figs, Inc., Cl A¹		14,248,848		11,265,747

		Automobile Manufacturers (12.39%)
	144,215	Tesla, Inc.¹		63,039,796		60,656,829

		Casinos & Gaming (2.99%)
	225,207	Red Rock Resorts, Inc., Cl A		14,070,000		14,651,967

		Footwear (4.56%)
	283,807	Birkenstock Holding PLC^1,2		13,115,586		12,212,215
	286,344	On Holding AG, Cl A^1,2		11,984,956		10,142,305

				25,100,542		22,354,520

		Hotels, Resorts & Cruise Lines (8.59%)
	63,232	Airbnb, Inc., Cl A¹		8,606,283		9,048,499
	102,744	Choice Hotels International, Inc.		11,587,162		11,329,581
	111,758	Hyatt Hotels Corp., Cl A		22,112,438		21,663,171

				42,305,883		42,041,251

		Leisure Facilities (2.18%)
	78,294	Vail Resorts, Inc.		10,674,611		10,659,728

	Total Consumer Discretionary			169,439,680		161,630,042


Financials (18.79%)
		Financial Exchanges & Data (8.83%)
	50,791	FactSet Research Systems, Inc.		12,900,836		11,685,994
	61,912	Morningstar, Inc.		11,501,448		9,659,510
	39,129	MSCI, Inc.		24,153,228		21,913,805

				48,555,512		43,259,309

		Investment Banking & Brokerage (7.28%)
	199,254	Charles Schwab Corp.		19,016,869		18,385,166
	198,041	Interactive Brokers Group, Inc., Cl A		17,607,802		17,237,489

				36,624,671		35,622,655

		Property & Casualty Insurance (2.68%)
	93,284	Arch Capital Group Ltd.^1,2		9,175,320		9,054,145
	12,339	Kinsale Capital Group, Inc.		4,864,805		4,069,525

				14,040,125		13,123,670

	Total Financials			99,220,308		92,005,634


Shares			Cost		Value
Common Stocks (continued)
Health Care (1.72%)
		Health Care Equipment (1.72%)
	15,977	IDEXX Laboratories, Inc.¹	$	9,743,004	$	8,410,932


Industrials (5.19%)
		Aerospace & Defense (2.28%)
	43,205	HEICO Corp., Cl A		10,913,719		11,143,002

		Research & Consulting Services (2.91%)
	79,442	Verisk Analytics, Inc.		15,838,441		14,262,222

	Total Industrials			26,752,160		25,405,224


Information Technology (4.76%)
		Application Software (1.47%)
	58,676	Guidewire Software, Inc¹		8,908,397		7,220,082

		Internet Services & Infrastructure (3.29%)
	141,071	Shopify, Inc., Cl A^1,2		17,670,513		16,107,487

	Total Information Technology			26,578,910		23,327,569

	Total Investments (99.87%)		$	464,900,858		488,980,821

	Cash and Other Assets Less Liabilities (0.13%)					643,365

	Net Assets				$	489,624,186

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

A portion of Space Exploration Technologies Corp. (“SpaceX”) shares are subject to a lock-up agreement with contractual sale restriction expiration dates ranging from 8/6/2026 to 8/3/2027. Fair value is based on the unadjusted market price of the equivalent equity security. At June 30, 2026, the total value of SpaceX shares subject to the lock-up is $48,096,748 or 9.82% of net assets. See Note 6 regarding Restricted Securities.

All securities are Level 1, unless otherwise noted.


2		See Notes to Financial Statements.


June 30, 2026		Baron Global Durable Advantage ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.91%)
Argentina (1.34%)
	77	MercadoLibre, Inc.¹	$	153,364	$	130,699


Brazil (1.94%)
	14,177	NU Holdings Ltd., Cl A¹		229,370		189,405


Canada (4.77%)
	7,320	Brookfield Corp., Cl A		337,042		311,759
	82	Constellation Software, Inc.		174,047		154,373

	Total Canada			511,089		466,132


China (1.59%)
	2,810	Tencent Holdings Limited, ADR		209,847		155,168


France (3.17%)
	105	Hermes International SCA		249,632		191,717
	213	LVMH Moët Hennessy Louis Vuitton SE		144,357		117,817

	Total France			393,989		309,534


Germany (0.17%)
	420	Innio N.V.¹		11,340		16,611


Italy (2.55%)
	263	Ferrari N.V.		94,019		97,912
	8,390	Stevanato Group SpA		136,255		151,608

	Total Italy			230,274		249,520


Japan (4.26%)
	7,614	Ajinomoto Co., Inc.		183,017		275,021
	283	Keyence Corporation		108,651		141,087

	Total Japan			291,668		416,108


Korea, Republic of (2.27%)
	6,563	Coupang, Inc.¹		138,241		113,999
	20	Samsung Electronics Co. Ltd., GDR		99,993		107,800

	Total Korea, Republic of			238,234		221,799


Netherlands (5.17%)
	254	ASML Holding N.V.		323,147		505,318


Sweden (4.62%)
	11,142	Atlas Copco AB, Cl A		213,771		225,394
	6,922	Lifco AB, Cl B		245,872		226,585

	Total Sweden			459,643		451,979


Taiwan (8.73%)
	1,786	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		585,009		852,940


Shares			Cost		Value
Common Stocks (continued)
United States (59.33%)
	1,507	Alphabet, Inc., Cl C	$	494,999	$	532,468
	2,519	Amazon.com, Inc. ¹		598,274		600,379
	653	Amphenol Corp., Cl A		94,654		115,137
	268	AppLovin Corp., Cl A ¹		115,534		138,082
	278	Broadcom, Inc.		111,691		105,015
	1,224	CME Group, Inc.		320,066		270,296
	258	Eli Lilly & Co.		265,496		309,453
	718	HEICO Corp., Cl A		178,747		185,179
	738	Hilton Worldwide Holdings, Inc.		221,199		243,880
	1,339	KKR & Co., Inc.		164,907		122,893
	333	LPL Financial Holdings, Inc.		117,701		93,799
	505	Meta Platforms, Inc., Cl A		328,980		284,461
	136	Monolithic Power Systems, Inc.		151,943		188,001
	400	MSCI, Inc.		232,172		224,016
	3,120	NVIDIA Corp.		585,897		624,281
	181	Quanta Services, Inc.		99,208		130,327
	890	S&P Global, Inc.		433,449		362,461
	244	Thermo Fisher Scientific, Inc.		138,536		122,332
	182	TransDigm Group, Inc. ¹		241,773		242,431
	1,527	Visa, Inc., Cl A		512,057		523,898
	261	Watsco, Inc.		98,449		108,767
	1,197	Welltower, Inc.		231,891		271,683

	Total United States			5,737,623		5,799,239

	Total Investments (99.91%)		$	9,374,597		9,764,452

	Cash and Other Assets Less Liabilities (0.09%)					9,222

	Net Assets				$	9,773,674

%	Represents percentage of net assets.

¹	Non-income producing securities.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


Summary of Investments by Sector as of June 30, 2026	Percentage of Net Assets

Information Technology		30.0	%

Financials		21.5	%

Consumer Discretionary		15.3	%

Industrials		11.6	%

Communication Services		9.9	%

Health Care		6.0	%

Consumer Staples		2.8	%

Real Estate		2.8	%

Cash and Cash Equivalents*		0.1	%
		100.0	%**

*	Includes other assets and liabilities-net.

**	Individual weights may not sum to 100% due to rounding.


See Notes to Financial Statements.		3


Baron SMID Cap ETF		June 30, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (96.01%)
Communication Services (3.94%)
		Interactive Media & Services (1.59%)
	3,036	Reddit, Inc., Cl A¹	$	502,511	$	526,989

		Movies & Entertainment (2.35%)
	8,914	Liberty Media Corporation-Liberty Formula One, Cl A¹		736,856		780,331

	Total Communication Services			1,239,367		1,307,320


Consumer Discretionary (15.48%)
		Automobile Manufacturers (1.90%)
	1,687	Ferrari NV²		550,080		628,053

		Casinos & Gaming (4.16%)
	3,290	Churchill Downs, Inc.		282,195		294,916
	16,848	DraftKings, Inc., Cl A¹		422,707		425,580
	6,776	Wynn Resorts Ltd.		754,854		657,882

				1,459,756		1,378,378

		Hotels, Resorts & Cruise Lines (3.27%)
	1,863	Hilton Worldwide Holdings, Inc.		549,497		615,647
	4,477	Viking Holdings Ltd.^1,2		355,046		468,608

				904,543		1,084,255

		Restaurants (3.88%)
	13,643	Chipotle Mexican Grill, Inc.¹		475,613		463,862
	6,578	Shake Shack, Inc., Cl A¹		601,545		368,499
	2,619	Wingstop, Inc.		552,849		454,161

				1,630,007		1,286,522

		Specialized Consumer Services (2.27%)
	7,128	Liberty Live Holdings, Inc., Cl C¹		612,862		753,002

	Total Consumer Discretionary			5,157,248		5,130,210


Financials (6.23%)
		Asset Management & Custody Banks (1.40%)
	5,884	Hamilton Lane, Inc., Cl A		673,097		463,836

		Financial Exchanges & Data (3.09%)
	1,095	MSCI, Inc.		620,610		613,243
	4,121	Tradeweb Markets, Inc., Cl A		468,340		410,699

				1,088,950		1,023,942

		Investment Banking & Brokerage (1.74%)
	2,044	LPL Financial Holdings, Inc.		677,327		575,754

	Total Financials			2,439,374		2,063,532


Health Care (15.99%)
		Biotechnology (2.23%)
	798	argenx SE, ADR^1,2		622,000		740,360

		Health Care Equipment (2.12%)
	7,747	Edwards Lifesciences Corp.¹		638,136		700,794

		Health Care Technology (1.40%)
	22,619	Waystar Holding Corp.¹		573,739		464,368

		Life Sciences Tools & Services (7.61%)
	2,293	Illumina, Inc.¹		309,236		403,178
	2,138	Natera, Inc.^1,3		452,644		580,360
	4,671	Repligen Corp.¹		663,382		637,312
	27,703	Stevanato Group SpA²		503,710		500,593
	6,942	Tempus AI, Inc., Cl A¹		382,790		402,150

				2,311,762		2,523,593

		Pharmaceuticals (2.63%)
	23,039	Elanco Animal Health, Inc.¹		549,594		566,990
	8,987	Teva Pharmaceutical Industries Ltd., ADR^1,2		304,910		304,479

				854,504		871,469

	Total Health Care			5,000,141		5,300,584


Shares			Cost		Value
Common Stocks (continued)
Industrials (29.37%)
		Aerospace & Defense (15.43%)
	10,668	Arxis, Inc., Cl A¹	$	336,808	$	492,222
	2,505	Axon Enterprise, Inc.¹		1,157,289		1,404,328
	1,782	BWX Technologies, Inc.		333,878		346,866
	9,200	Karman Holdings, Inc.¹		688,373		459,264
	3,994	Kratos Defense & Security Solutions, Inc.¹		291,715		199,141
	12,822	Loar Holdings, Inc.¹		851,959		1,033,581
	6,841	Mercury Systems, Inc.¹		529,052		836,860
	256	TransDigm Group, Inc.¹		312,360		341,002

				4,501,434		5,113,264

		Building Products (1.83%)
	3,871	Advanced Drainage Systems, Inc.		575,776		607,592

		Electrical Components & Equipment (3.93%)
	1,680	AMETEK, Inc.		376,896		406,459
	16,019	Forgent Power Solutions, Inc., Cl A^1,3		529,248		894,822

				906,144		1,301,281

		Environmental & Facilities Services (3.36%)
	11,590	Rollins, Inc.		671,439		483,767
	3,776	Waste Connections, Inc.²		607,328		629,421

				1,278,767		1,113,188

		Heavy Electrical Equipment (0.48%)
	8,731	X-Energy, Inc.¹		202,511		160,301

		Industrial Machinery & Supplies & Components (2.65%)
	2,335	Enpro, Inc.		553,515		880,132

		Trading Companies & Distributors (1.69%)
	4,908	SiteOne Landscape Supply, Inc.¹		631,280		561,524

	Total Industrials			8,649,427		9,737,282


Information Technology (22.34%)
		Application Software (5.29%)
	56	Fair Isaac Corp.¹		61,255		66,908
	6,145	Guidewire Software, Inc.¹		1,009,166		756,142
	28,729	Samsara, Inc., Cl A¹		911,868		931,682

				1,982,289		1,754,732

		Electronic Components (2.84%)
	2,385	Coherent Corp.¹		498,902		940,811

		Internet Services & Infrastructure (0.64%)
	959	Cerebras Systems, Inc., Cl A^1,3		178,994		211,939

		Semiconductors (3.58%)
	5,147	Lattice Semiconductor Corp.¹		409,524		787,285
	288	Monolithic Power Systems, Inc.		277,742		398,120

				687,266		1,185,405

		Systems Software (9.99%)
	3,252	Datadog, Inc., Cl A^1,3		431,724		846,691
	19,733	Dynatrace, Inc.^1,3		758,364		866,476
	47,872	Netskope, Inc., Cl A¹		678,921		523,719
	13,382	Rubrik, Inc., Cl A¹		866,594		1,074,307

				2,735,603		3,311,193

	Total Information Technology			6,083,054		7,404,080


4		See Notes to Financial Statements.


Baron Financials ETF		June 30, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.72%)
Consumer Discretionary (3.09%)
		Broadline Retail (3.09%)
	838	MercadoLibre, Inc.¹	$	1,134,980	$	1,422,413


Financials (86.06%)
		Asset Management & Custody Banks (6.14%)
	1,352	Blackrock, Inc.		1,123,850		1,300,028
	16,669	KKR & Co., Inc.		1,859,274		1,529,881

				2,983,124		2,829,909

		Consumer Finance (4.56%)
	2,700	American Express Co.		894,709		913,275
	5,919	Capital One Financial Corp.		1,312,993		1,187,470

				2,207,702		2,100,745

		Diversified Banks (11.47%)
	39,454	Bank of America Corp.		2,136,105		2,248,089
	5,300	JPMorgan Chase & Co.		1,653,618		1,734,849
	97,647	NU Holdings Ltd., Cl A^1,2		770,663		1,304,564

				4,560,386		5,287,502

		Diversified Financial Services (3.04%)
	11,835	Apollo Global Management, Inc.		930,628		1,400,199

		Financial Exchanges & Data (16.76%)
	5,325	CME Group, Inc.		1,170,874		1,175,920
	3,749	Moody’s Corp.		1,354,579		1,697,997
	2,958	MSCI, Inc.		1,274,658		1,656,598
	4,550	S&P Global, Inc.		1,729,645		1,853,033
	13,504	Tradeweb Markets, Inc., Cl A		1,141,268		1,345,809

				6,671,024		7,729,357

		Insurance Brokers (1.88%)
	9,730	Baldwin Insurance Group, Inc., Cl A¹		280,453		258,623
	6,904	Neptune Insurance Holdings, Inc., Cl A¹		138,080		217,476
	16,175	TWFG, Inc. ¹		289,112		389,009

				707,645		865,108

		Investment Banking & Brokerage (20.79%)
	20,700	Charles Schwab Corp.		1,671,015		1,909,989
	7,298	Houlihan Lokey, Inc.		513,930		978,881
	23,673	Interactive Brokers Group, Inc., Cl A		472,488		2,060,498
	14,779	Lincoln International, Inc. ¹		305,016		352,775
	5,500	LPL Financial Holdings, Inc.		927,737		1,549,240
	9,468	Morgan Stanley		1,723,822		1,979,190
	7,500	Robinhood Markets, Inc., Cl A¹		304,139		752,100

				5,918,147		9,582,673

		Life & Health Insurance (1.40%)
	2,279	Primerica, Inc.		583,816		647,692

		Property & Casualty Insurance (4.21%)
	9,994	Arch Capital Group Ltd.^1,2		812,734		970,017
	985	Kinsale Capital Group, Inc.		167,922		324,863
	2,958	The Progressive Corp.		334,560		646,175

				1,315,216		1,941,055

		Transaction & Payment Processing Services (15.81%)
	6,313	Block, Inc.¹		725,843		479,788
	4,947	Jack Henry & Associates, Inc.		817,911		681,400
	5,000	Mastercard, Incorporated, Cl A		1,728,324		2,568,000
	8,000	Visa, Inc., Cl A		1,669,228		2,744,720
	68,116	Wise Group PLC, Cl A (United Kingdom)^1,2		697,039		816,967

				5,638,345		7,290,875

	Total Financials			31,516,033		39,675,115


Shares			Cost		Value
Common Stocks (continued)
Industrials (6.30%)
		Research & Consulting Services (4.34%)
	2,668	Equifax, Inc.	$	573,674	$	423,465
	7,665	TransUnion		683,824		552,953
	5,700	Verisk Analytics, Inc.		1,128,861		1,023,321

				2,386,359		1,999,739

		Trading Companies & Distributors (1.96%)
	6,200	AerCap Holdings NV²		887,231		903,836

	Total Industrials			3,273,590		2,903,575


Information Technology (4.27%)
		Application Software (2.79%)
	400	Fair Isaac Corp.¹		161,781		477,912
	4,000	Guidewire Software, Inc.¹		439,165		492,200
	500	Intuit, Inc.		163,849		130,500
	2,600	ServiceTitan, Inc., Cl A¹		184,600		183,846

				949,395		1,284,458

		Internet Services & Infrastructure (1.48%)
	6,000	Shopify, Inc., Cl A^1,2		882,924		685,080

	Total Information Technology			1,832,319		1,969,538

	Total Investments (99.72%)		$	37,756,922		45,970,641

	Cash and Other Assets Less Liabilities (0.28%)					129,107

	Net Assets				$	46,099,748

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

All securities are Level 1, unless otherwise noted.


6		See Notes to Financial Statements.


June 30, 2026		Baron Technology ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.84%)
Communication Services (19.74%)
		Alternative Carriers (8.63%)
	103,647	Space Exploration Technologies Corp., Cl A¹	$	13,992,345	$	17,709,126

		Interactive Media & Services (6.86%)
	34,596	Alphabet, Inc., Cl C		11,459,651		12,223,805
	3,310	Meta Platforms, Inc., Cl A		2,294,631		1,864,490

				13,754,282		14,088,295

		Movies & Entertainment (4.25%)
	18,988	Spotify Technology SA^1,2		8,791,248		8,717,960

	Total Communication Services			36,537,875		40,515,381


Consumer Discretionary (7.26%)
		Automobile Manufacturers (3.25%)
	15,846	Tesla, Inc.¹		5,885,642		6,664,828

		Broadline Retail (4.01%)
	34,589	Amazon.com, Inc.¹		7,008,739		8,243,942

	Total Consumer Discretionary			12,894,381		14,908,770


Health Care (1.68%)
		Health Care Services (1.68%)
	41,505	Hinge Health, Inc., Cl A¹		1,914,475		3,444,915


Industrials (7.75%)
		Aerospace & Defense (3.78%)
	11,489	Axon Enterprise, Inc.¹		6,026,205		6,440,848
	27,049	DPC Holdings Ltd.^1,2^,3		934,798		1,327,024

				6,961,003		7,767,872

		Construction & Engineering (1.50%)
	4,283	Quanta Services, Inc.		1,832,975		3,083,931

		Electrical Components & Equipment (1.24%)
	45,393	Forgent Power Solutions, Inc., Cl A^1,3		1,547,611		2,535,653

		Heavy Electrical Equipment (1.23%)
	7,204	Bloom Energy Corp., Cl A^1,3		1,658,096		2,180,651
	8,504	Innio NV^1,2		232,998		336,333

				1,891,094		2,516,984

	Total Industrials			12,232,683		15,904,440


Information Technology (61.89%)
		Application Software (1.91%)
	6,092	Guidewire Software, Inc.¹		771,010		749,621
	97,508	Samsara, Inc., Cl A¹		3,702,126		3,162,184

				4,473,136		3,911,805

		Communications Equipment (2.16%)
	12,154	Arista Networks, Inc.¹		1,689,024		2,064,722
	2,773	Lumentum Holdings, Inc.¹		898,589		2,379,400

				2,587,613		4,444,122

		Electronic Components (3.64%)
	18,950	Coherent Corp.¹		3,155,547		7,475,207

		Internet Services & Infrastructure (4.34%)
	5,879	Cerebras Systems, Inc., Cl A^1,3		1,106,172		1,299,259
	79,714	GDS Holdings Ltd., ADR ^1,2		2,353,839		2,393,811
	45,653	Shopify, Inc., Cl A ^1,2		5,489,931		5,212,660

				8,949,942		8,905,730


Shares			Cost		Value
Common Stocks (continued)

Information Technology (continued)

		Semiconductor Materials & Equipment (12.33%)
	3,392	Applied Materials, Inc.	$	1,864,318	$	2,452,416
	2,370	ASML Holding N.V.²		3,340,508		4,714,973
	41,838	Lam Research Corp.		7,431,201		18,129,660

				12,636,027		25,297,049

		Semiconductors (32.57%)
	12,285	Advanced Micro Devices, Inc.¹		4,757,041		7,136,479
	35,009	Broadcom, Inc.		8,742,201		13,224,650
	534,475	indie Semiconductor, Inc., Cl A¹		2,137,095		2,399,793
	8,472	Micron Technology, Inc.		3,569,318		9,779,145
	1,800	Monolithic Power Systems, Inc.		1,816,095		2,488,248
	57,573	NVIDIA Corp.		7,887,611		11,519,781
	1,136	SK Hynix, Inc.²		1,812,714		1,943,071
	38,428	Taiwan Semiconductor Manufacturing Co., Ltd., ADR ²		9,555,511		18,352,060

				40,277,586		66,843,227

		Systems Software (4.94%)
	7,230	Cloudflare, Inc., Cl A ^1,3		1,237,027		1,773,374
	3,289	Crowdstrike Holdings, Inc., Cl A ¹		1,383,422		2,509,968
	6,243	Datadog, Inc., Cl A ^1,3		839,200		1,625,428
	52,690	Rubrik, Inc., Cl A ¹		2,894,904		4,229,953

				6,354,553		10,138,723

	Total Information Technology			78,434,404		127,015,863


Real Estate (0.58%)
		Health Care REITs (0.58%)
	5,244	Welltower, Inc.		1,057,500		1,190,231


Utilities (0.94%)
		Renewable Electricity (0.94%)
	66,011	Fervo Energy Co., Cl A ¹		1,827,876		1,929,502

	Total Investments (99.84%)		$	144,899,194		204,909,102

	Cash and Other Assets Less Liabilities (0.16%)					325,276

	Net Assets				$	205,234,378

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor’s Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		7


Baron Emerging Markets Select ETF		June 30, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (81.22%)
Argentina (0.86%)
	5,772	Vista Energy SAB de CV, ADR¹	$	389,139	$	368,254


Brazil (5.98%)
	99,283	GPS Participacoes e Empreendimentos SA, 144A		324,782		222,903
	83,966	Itau Unibanco Holding SA, ADR		750,470		686,002
	54,154	Localiza Rent a Car SA		529,310		435,766
	19,539	NU Holdings Ltd., Cl A¹		271,397		261,041
	18,666	Petroleo Brasileiro SA - Petrobras, ADR		394,508		301,643
	14,474	Vale SA, ADR		246,859		217,689
	27,121	XP, Inc., Cl A		537,053		440,987

	Total Brazil			3,054,379		2,566,031


China (19.34%)
	7,907	Alibaba Group Holding Limited, ADR		1,018,931		758,914
	18,032	ANTA Sports Products Ltd.		189,554		163,356
	49,512	BYD Co. Ltd., ADR		668,639		458,976
	990,000	Chongqing Machinery & Electric Co. Ltd., Cl H		340,279		254,984
	12,235	Contemporary Amperex Technology Co. Ltd., Cl A		761,996		708,651
	42,978	Full Truck Alliance Co. Ltd., ADR		369,597		348,981
	44,313	Fuyao Glass Industry Group Co. Ltd., Cl A		363,421		329,405
	19,475	Ganfeng Lithium Group Co. Ltd., Cl A		235,016		187,707
	14,993	GDS Holdings Ltd., ADR^1,		617,622		450,240
	26,200	Jiangsu Hengli Hydraulic Co. Ltd., Cl A		389,480		415,314
	277,383	Kingdee International Software Group Co. Ltd.¹		290,452		209,376
	14,867	Montage Technology Co. Ltd., Cl H¹		400,341		880,701
	27,301	Pony AI, Inc., ADR¹		271,241		189,742
	3,261	Tencent Holdings Limited, ADR		208,098		180,072
	18,500	Tencent Holdings Ltd.		1,152,868		1,013,828
	24,868	Tencent Music Entertainment Group, ADR		234,048		207,648
	28,815	WuXi AppTec Co. Ltd., Cl A		442,463		528,746
	3,719	Xiaomi Corp., ADR¹		71,928		51,694
	53,351	Xiaomi Corp., Cl B 144A¹		208,763		147,206
	2,125	Zai Lab Limited, ADR¹		44,457		40,375
	121,600	Zai Lab Ltd.¹		251,958		224,196
	68,300	Zhejiang Sanhua Intelligent Controls Co. Ltd., Cl H		266,495		230,255
	53,100	Zhejiang Shuanghuan Driveline Co. Ltd., Cl A		300,297		324,842

	Total China			9,097,944		8,305,209


Greece (1.46%)
	36,424	National Bank of Greece SA		640,722		627,809


Hungary (1.02%)
	2,955	OTP Bank Nyrt		406,902		436,106


India (2.05%)
	11,373	HDFC Bank Ltd., ADR		299,898		293,765
	9,233	Larsen & Toubro Ltd., GDR		388,513		401,635
	3,365	Reliance Industries Ltd., GDR 144A		191,329		186,421

	Total India			879,740		881,821


Shares			Cost		Value
Common Stocks (continued)
Japan (0.19%)
	1,700	The Japan Steel Works Ltd.	$	94,902	$	80,266


Korea, Republic of (22.18%)
	3,212	D’Alba Global Co. Ltd.		415,433		479,945
	4,578	Doosan Enerbility Co. Ltd.¹		302,910		256,484
	1,314	HD Hyundai Marine Solution Co. Ltd., Cl C		189,081		190,404
	11,805	HPSP Co. Ltd.		334,075		411,457
	2,775	Hyundai Glovis Co. Ltd.		401,522		327,956
	1,488	Hyundai Rotem Co. Ltd.		205,287		166,155
	4,425	ISC Co. Ltd.		642,963		518,387
	2,862	Korea Aerospace Industries Ltd.		362,612		270,443
	186	Samsung Biologics Co. Ltd., 144A¹		192,432		166,995
	15,489	Samsung Electronics Co., Ltd.		2,111,349		3,339,138
	8,115	Samsung Heavy Industries Co. Ltd.¹		152,174		122,042
	1,637	SK Hynix, Inc.		1,152,377		2,800,006
	433	SK Square Co. Ltd.		355,574		474,279

	Total Korea, Republic of			6,817,789		9,523,691


Netherlands (0.33%)
	16,051	Prosus N.V., ADR		156,240		139,644


Peru (3.27%)
	1,276	Credicorp, Ltd.		451,760		497,104
	5,203	Southern Copper Corp.		990,824		906,675

	Total Peru			1,442,584		1,403,779


Philippines (0.54%)
	148,411	Bank of the Philippine Islands		244,058		232,157


Saudi Arabia (1.00%)
	10,478	Rasan Information Technology Co.¹		401,423		431,145


South Africa (2.31%)
	132,364	FirstRand Ltd.		719,645		785,941
	6,114	Gold Fields Ltd.		265,457		205,648

	Total South Africa			985,102		991,589


Taiwan (20.69%)
	835	ASPEED Technology, Inc.		325,196		432,355
	7,009	Chroma ATE, Inc.		414,326		475,239
	12,920	Delta Electronics, Inc.		705,371		790,859
	4,020	eMemory Technology, Inc.		394,852		369,108
	6,251	MediaTek, Inc.		328,370		832,970
	66,813	Taiwan Semiconductor Manufacturing Co., Ltd.		4,195,164		5,054,520
	1,944	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		713,455		928,396

	Total Taiwan			7,076,734		8,883,447

	Total Common Stocks			31,687,658		34,870,948


8		See Notes to Financial Statements.


June 30, 2026		Baron Emerging Markets Select ETF

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2026


Shares			Cost		Value
Exchange-Traded Funds (15.40%)
India (15.40%)
	185,954	Franklin FTSE India ETF	$	6,516,883	$	6,614,384

	Total Investments (96.62%)		$	38,204,541		41,485,332

	Cash and Other Assets Less Liabilities (3.38%)					1,450,044

	Net Assets				$	42,935,376

%	Represents percentage of net assets.

¹	Non-income producing securities.

^ADR	American Depositary Receipt.

^GDR	Global Depositary Receipt.

^144A

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At June 30, 2026, the market value of Rule 144A securities amounted to $723,525 or 1.69% of net assets.

All securities are Level 1, unless otherwise noted.


Summary of Investments by Sector as of June 30, 2026	Percentage of Net Assets

Information Technology		41.6	%

Exchange-Traded Funds		15.4	%

Industrials		11.4	%

Financials		10.9	%

Consumer Discretionary		5.1	%

Materials		3.5	%

Communication Services		3.3	%

Health Care		2.2	%

Energy		2.0	%

Consumer Staples		1.1	%

Cash and Cash Equivalents*		3.4	%
		100.0	%**

*	Includes other assets and liabilities-net.

**	Individual weights may not sum to 100% due to rounding.


See Notes to Financial Statements.		9


Baron Risk Optimized Large Cap ETF		June 30, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.97%)
Communication Services (15.16%)
		Alternative Carriers (4.81%)
	719	Space Exploration Technologies Corp., Cl A¹	$	103,520	$	122,848

		Interactive Media & Services (7.23%)
	523	Alphabet, Inc., Cl C		197,144		184,792

		Movies & Entertainment (3.12%)
	180	Liberty Media Corporation-Liberty Formula One, Cl A¹		15,328		15,758
	139	Spotify Technology SA^1,2		71,159		63,819

				86,487		79,577

	Total Communication Services			387,151		387,217

Consumer Discretionary (10.41%)
		Automobile Manufacturers (2.11%)
	128	Tesla, Inc¹		55,084		53,837

		Broadline Retail (4.63%)
	496	Amazon.com, Inc.¹		128,242		118,216

		Footwear (0.36%)
	259	On Holding AG, Cl A^1,2		10,124		9,174

		Home Improvement Retail (0.62%)
	72	Lowe’s Companies, Inc.		15,421		15,875

		Homebuilding (0.52%)
	81	Toll Brothers, Inc.		11,730		13,345

		Hotels, Resorts & Cruise Lines (2.17%)
	148	Airbnb, Inc., Cl A¹		20,248		21,179
	104	Hilton Worldwide Holdings, Inc.		34,276		34,368

				54,524		55,547

	Total Consumer Discretionary			275,125		265,994

Consumer Staples (4.10%)
		Consumer Staples Merchandise Retail (4.10%)
	112	Costco Wholesale Corp.		110,439		104,773

Financials (13.51%)
		Diversified Banks (3.97%)
	1,540	Bank of America Corp.		82,305		87,749
	1,020	NU Holdings Ltd., Cl A^1,2		13,339		13,627

				95,644		101,376

		Financial Exchanges & Data (1.65%)
	92	CME Group, Inc.		24,574		20,316
	39	MSCI, Inc.		23,416		21,842

				47,990		42,158

		Investment Banking & Brokerage (2.41%)
	324	Charles Schwab Corp.		29,198		29,896
	152	Morgan Stanley		31,614		31,774

				60,812		61,670

		Property & Casualty Insurance (1.53%)
	196	Arch Capital Group Ltd.^1,2		18,776		19,024
	92	The Progressive Corp.		18,740		20,097

				37,516		39,121

		Transaction & Payment Processing Services (3.95%)
	92	Mastercard, Incorporated, Cl A		45,882		47,251
	156	Visa, Inc., Cl A		51,579		53,522

				97,461		100,773

	Total Financials			339,423		345,098


Shares			Cost		Value
Common Stocks (continued)
Health Care (9.99%)
		Biotechnology (1.16%)
	32	argenx SE, ADR^1,2	$	27,084	$	29,689

		Health Care Equipment (1.58%)
	200	Edwards Lifesciences Corp.¹		17,685		18,092
	56	Intuitive Surgical, Inc.¹		23,906		22,270

				41,591		40,362

		Life Sciences Tools & Services (1.58%)
	45	Repligen Corp.¹		5,417		6,140
	68	Thermo Fisher Scientific, Inc.		32,598		34,092

				38,015		40,232
		Managed Health Care (0.96%)
	59	UnitedHealth Group, Inc.		22,873		24,522

		Pharmaceuticals (4.71%)
	64	Eli Lilly & Co.		70,802		76,764
	172	Johnson & Johnson		40,614		43,683

				111,416		120,447

	Total Health Care			240,979		255,252


Industrials (7.33%)
		Aerospace & Defense (4.03%)
	60	Axon Enterprise, Inc.¹		27,057		33,636
	52	TransDigm Group, Inc.¹		65,292		69,266

				92,349		102,902

		Construction & Engineering (1.21%)
	43	Quanta Services, Inc.		31,670		30,962

		Electrical Components & Equipment (0.46%)
	35	Vertiv Holdings Co., Cl A		11,458		11,719

		Environmental & Facilities Services (0.94%)
	144	Waste Connections, Inc.²		22,598		24,003

		Heavy Electrical Equipment (0.69%)
	15	GE Vernova, Inc.		16,475		17,623

	Total Industrials			174,550		187,209


Information Technology (31.91%)
		Application Software (2.71%)
	200	Guidewire Software, Inc.¹		29,342		24,610
	123	Palantir Technologies, Inc., Cl A¹		16,850		14,351
	933	Samsara, Inc., Cl A¹		32,113		30,257

				78,305		69,218

		Communications Equipment (0.38%)
	57	Arista Networks, Inc.¹		9,779		9,683

		Electronic Components (0.85%)
	123	Amphenol Corp., Cl A		18,741		21,687

		Internet Services & Infrastructure (0.37%)
	84	Shopify, Inc., Cl A^1,2		9,579		9,591

		Semiconductor Materials & Equipment(2.13%)
	16	ASML Holding N.V.²		27,920		31,831
	52	Lam Research Corp.		18,491		22,533

				46,411		54,364


10		See Notes to Financial Statements.


June 30, 2026		Baron Risk Optimized Large Cap ETF

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (continued)

Information Technology (continued)

		Semiconductors (16.12%)
	220	Broadcom, Inc.	$	95,643	$	83,105
	47	Micron Technology, Inc.		49,264		54,252
	4	Monolithic Power Systems, Inc.		6,398		5,529
	948	NVIDIA Corp.		202,438		189,685
	144	Taiwan Semiconductor Manufacturing Co., Ltd., ADR²		63,440		68,770
	35	Texas Instruments, Inc.		10,647		10,433

				427,830		411,774

		Systems Software (4.73%)
	60	Cloudflare, Inc., Cl A^1,3		14,345		14,717
	37	Crowdstrike Holdings, Inc., Cl A¹		25,900		28,236
	76	Datadog, Inc., Cl A^1,3		17,695		19,788
	67	Microsoft Corporation		29,399		24,992
	97	Palo Alto Networks, Inc.¹		27,630		33,079

				114,969		120,812

		Technology Hardware, Storage & Peripherals (4.62%)
	408	Apple, Inc.		123,715		118,059

	Total Information Technology			829,329		815,188


Materials (2.67%)
		Construction Materials (0.88%)
	76	Vulcan Materials Co.		21,485		22,421

		Industrial Gases (1.79%)
	88	Linde PLC²		45,405		45,666

	Total Materials			66,890		68,087


Real Estate (4.89%)
		Data Center REITs (0.98%)
	24	Equinix, Inc.		25,652		25,017

		Health Care REITs (3.17%)
	357	Welltower, Inc.		78,659		81,028

		Industrial REITs (0.74%)
	140	Prologis, Inc.		20,170		18,966

	Total Real Estate			124,481		125,011

	Total Investments (99.97%)		$	2,548,367		2,553,829

	Cash and Other Assets Less Liabilities (0.03%)					792

	Net Assets				$	2,554,621

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		11


Baron ETF Trust		June 30, 2026

STATEMENTS OF ASSETS AND LIABILITES (Unaudited)

JUNE 30, 2026


	Baron First Principles ETF		Baron Global Durable Advantage ETF		Baron SMID Cap ETF		Baron Financials ETF
Assets:
Investments in securities, at value*	$	488,980,821	$	9,764,452	$	31,825,327	$	45,970,641
Foreign currency, at value†		—		9,066		—		—
Cash		1,444,256		3,686		916,768		201,061
Receivable for securities sold		2,186,718		—		419,540		—
Dividends and interest receivable		193,535		2,411		6,187		83
Receivable for capital shares sold		—		—		—		—
Prepaid expenses		—		—		—		153

		492,805,330		9,779,615		33,167,822		46,171,938

Liabilities:
Payable for capital shares redeemed		2,195,186		—		—		—
Investment advisory fees payable (Note 4)		985,958		5,941		19,621		30,302
Payable for securities purchased		—		—		—		—
Trustee fees payable		—		—		—		223
Other accrued expenses and other payables		—		—		—		41,665

		3,181,144		5,941		19,621		72,190

Net Assets	$	489,624,186	$	9,773,674	$	33,148,201	$	46,099,748

Net Assets consist of:
Paid-in capital	$	350,753,405	$	9,455,472	$	31,318,596	$	43,285,228
Distributable earnings (losses)		138,870,781		318,202		1,829,605		2,814,520

Net Assets	$	489,624,186	$	9,773,674	$	33,148,201	$	46,099,748

Shares Outstanding ($0.01 par value; indefinite shares authorized)		20,074,000		370,001		1,330,001		2,167,193
Net Asset Value Per Share	$	24.39	$	26.42	$	24.92	$	21.27

*Total investments, at cost	$	464,900,858	$	9,374,597	$	29,424,749	$	37,756,922

†Foreign currency, at cost:	$	—	$	9,326	$	—	$	—


12		See Notes to Financial Statements.


June 30, 2026		Baron ETF Trust

STATEMENTS OF ASSETS AND LIABILITES (Unaudited) (Continued)

JUNE 30, 2026


	Baron Technology ETF		Baron Emerging Markets Select ETF		Baron Risk Optimized Large Cap ETF
Assets:
Investments in securities, at value*	$	204,909,102	$	41,485,332	$	2,553,829
Foreign currency, at value†		—		119,297		—
Cash		783,821		1,355,676		2,608
Receivable for securities sold		—		—		—
Dividends and interest receivable		42,992		61,740		286
Receivable for capital shares sold		—		—		638,655
Prepaid expenses		154		—		—

		205,736,069		43,022,045		3,195,378

Liabilities:
Payable for capital shares redeemed		—		—		—
Investment advisory fees payable (Note 4)		120,885		28,004		1,173
Payable for securities purchased		362,402		58,665		639,584
Trustee fees payable		—		—		—
Other accrued expenses and other payables		18,404		—		—

		501,691		86,669		640,757

Net Assets	$	205,234,378	$	42,935,376	$	2,554,621

Net Assets consist of:
Paid-in capital	$	131,949,047	$	39,628,115	$	2,546,593
Distributable earnings (losses)		73,285,331		3,307,261		8,028

Net Assets	$	205,234,378	$	42,935,376	$	2,554,621

Shares Outstanding ($0.01 par value; indefinite shares authorized)		6,332,560		1,575,000		100,000
Net Asset Value Per Share	$	32.41	$	27.26	$	25.55

*Total investments, at cost	$	144,899,194	$	38,204,541	$	2,548,367

†Foreign currency, at cost:	$	—	$	121,613	$	—


See Notes to Financial Statements.		13


Baron ETF Trust		June 30, 2026

STATEMENTS OF OPERATIONS (Unaudited)

FOR THE SIX MONTHS ENDED JUNE 30, 2026


	Baron First Principles ETF			Baron Global Durable Advantage ETF			Baron SMID Cap ETF			Baron Financials ETF
Investment income(loss):
Income:
Dividends¹	$	1,766,172		$	34,361		$	39,608		$	299,064
Interest		637,839			309			15,753			7,438

Total income		2,404,011			34,670			55,361			306,502

Expenses:
Investment advisory fees (Note 4)		2,362,472			28,312			90,905			194,524
Line of credit fees		—			—			—			—
Miscellaneous expenses		—			90			—			—

Total operating expenses		2,362,472			28,402			90,905			194,524

Net investment income (loss)		41,539			6,268			(35,544	)		111,978

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments sold - Unaffiliated investments		(21,738,894	)		(132,932	)		(860,405	)		341,036
Redemption in-kind		136,657,926			54,286			331,645			666,790
Net realized gain (loss) on foreign currency transactions		—			1,129			—			(65	)
Change in net unrealized appreciation (depreciation) of:
Investments — Unaffiliated investments		24,415,942			374,697			2,607,387			(9,288,527	)
Foreign currency translations		—			(247	)		—			(9	)

Net gain (loss) on investments		139,334,974			296,933			2,078,627			(8,280,775	)

Net increase (decrease) in net assets resulting from operations	$	139,376,513		$	303,201		$	2,043,083		$	(8,168,797	)

¹ Net of foreign taxes withheld on dividends of	$	—		$	3,361		$	1,329		$	—


14		See Notes to Financial Statements.


June 30, 2026		Baron ETF Trust

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

FOR THE SIX MONTHS ENDED JUNE 30, 2026


	Baron Technology ETF			Baron Emerging Markets Select ETF²			Baron Risk Optimized Large Cap ETF³
Investment income(loss):
Income:
Dividends¹	$	179,244		$	148,997		$	2,465
Interest		15,665			14,913			—

Total income		194,909			163,910			2,465

Expenses:
Investment advisory fees (Note 4)		605,179			69,057			1,327
Line of credit fees		167			—			—
Miscellaneous expenses		—			—			—

Total operating expenses		605,346			69,057			1,327

Net investment income (loss)		(410,437	)		94,853			1,138

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments sold - Unaffiliated investments		(6,864,232	)		15,990			(16,994	)
Redemption in-kind		22,849,470			—			18,422
Net realized gain (loss) on foreign currency transactions		16,969			(81,942	)		—
Change in net unrealized appreciation (depreciation) of:
Investments — Unaffiliated investments		29,998,574			3,280,791			5,462
Foreign currency translations		302			(2,431	)		—

Net gain (loss) on investments		46,001,083			3,212,408			6,890

Net increase (decrease) in net assets resulting from operations	$	45,590,646		$	3,307,261		$	8,028

¹ Net of foreign taxes withheld on dividends of	$	16,237		$	15,852		$	43

²	For the period April 8, 2026 (commencement of operation) to June 30, 2026

³	For the period May 26, 2026 (commencement of operation) to June 30, 2026


See Notes to Financial Statements.		15


Baron ETF Trust		June 30, 2026

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	Baron First Principles ETF						Baron Global Durable Advantage ETF
	For the Six Months Ended June 30, 2026			For the Year Ended December 31, 2025¹			For the Six Months Ended June 30, 2026			For the Year Ended December 31, 2025¹
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	41,539		$	2,454		$	6,268		$	(358	)
Net realized gain (loss)		114,919,032			(172,207	)		(77,517	)		(144	)
Change in net unrealized appreciation (depreciation)		24,415,942			(335,979	)		374,450			15,145

Increase (decrease) in net assets resulting from operations		139,376,513			(505,732	)		303,201			14,643

Distributions to shareholders from (Note 8):
Distributable earnings		—			—			—			—

Decrease in net assets from distributions to shareholders		—			—			—			—

Capital share transactions:
Proceeds from the sale of shares		2,800,340,234			104,107,341			6,434,627			3,273,640
Net asset value of shares issued in reinvestment of distributions		—			—			—			—
Cost of shares redeemed		(2,520,949,158	)		(32,745,012	)		(252,437	)		—

Increase (decrease) in net assets derived from capital share transactions		279,391,076			71,362,329			6,182,190			3,273,640

Net increase (decrease) in net assets		418,767,589			70,856,597			6,485,391			3,288,283

Net Assets:
Beginning of period		70,856,597			—			3,288,283			—

End of period	$	489,624,186		$	70,856,597		$	9,773,674		$	3,288,283

Capital share transactions
Shares sold		118,160,000			4,154,000			250,000			130,001
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		(100,930,000	)		(1,310,000	)		(10,000	)		—

Net increase (decrease)		17,230,000			2,844,000			240,000			130,001

¹	For the period December 12, 2025 (commencement of operations) to December 31, 2025.


16		See Notes to Financial Statements.


June 30, 2026		Baron ETF Trust

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)


	Baron SMID Cap ETF						Baron Financials ETF						Baron Technology ETF
	For the Six Months Ended June 30, 2026			For the Year Ended December 31, 2025¹			For the Six Months Ended June 30, 2026			For the Year Ended December 31, 2025²			For the Six Months Ended June 30, 2026			For the Year Ended December 31, 2025²
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(35,544	)	$	(579	)	$	111,978		$	(215,065	)	$	(410,437	)	$	(615,452	)
Net realized gain (loss)		(528,760	)		(6,669	)		1,007,761			1,516,248			16,002,207			69,672
Voluntary payment From Adviser (Note 5)		—			—			—			—			—			83,210
Change in net unrealized appreciation (depreciation)		2,607,387			(206,809	)		(9,288,536	)		(1,087,095	)		29,998,876			17,025,811

Increase (decrease) in net assets resulting from operations		2,043,083			(214,057	)		(8,168,797	)		214,088			45,590,646			16,563,241

Distributions to shareholders from (Note 8):
Distributable earnings		—			—			—			—			—			(746,279	)

Decrease in net assets from distributions to shareholders		—			—			—			—			—			(746,279	)

Capital share transactions:
Proceeds from the sale of shares		17,500,252			16,118,909			—			14,821,624			63,673,869			137,548,682
Net asset value of shares issued in reinvestment of distributions		—			—			—			—			—			742,303
Cost of shares redeemed		(2,299,986	)		—			(2,344,788	)		(27,506,976	)		(53,174,721	)		(60,947,655	)

Increase (decrease) in net assets derived from capital share transactions		15,200,266			16,118,909			(2,344,788	)		(12,685,352	)		10,499,148			77,343,330

Net increase (decrease) in net assets		17,243,349			15,904,852			(10,513,585	)		(12,471,264	)		56,089,794			93,160,292

Net Assets:
Beginning of period		15,904,852			—			56,613,333			69,084,597			149,144,584			55,984,292

End of period	$	33,148,201		$	15,904,852		$	46,099,748		$	56,613,333		$	205,234,378		$	149,144,584

Capital share transactions
Shares sold		770,000			660,001			—			592,800	³		2,320,000			5,844,334	⁴
Shares issued in reinvestment of distributions		—			—			—			—			—			29,353	⁴
Shares redeemed		(100,000	)		—			(110,000	)		(1,118,564	)³		(1,940,000	)		(2,522,688	)⁴

Net increase (decrease)		670,000			660,001			(110,000	)		(525,764	)		380,000			3,350,999

¹	For the period December 12, 2025 (commencement of operations) to December 31, 2025.

After the close of business on December 12, 2025, Baron FinTech Fund and Baron Technology Fund (each a Predecessor Fund) were reorganized into Baron Financials ETF and Baron Technology ETF, respectively. The amounts disclosed for periods prior to the reorganization reflect those of the respective Predecessor Fund; share amounts have been adjusted to reflect the conversion ratio of the respective Predecessor Fund’s shares to Baron Financials ETF and Baron Technology ETF shares.

³	The share activities disclosed include those of Baron Financials ETF’s Predecessor Fund’s Retail Shares, Institutional Shares and R6 Shares shares sold of 40,521, 463,283, and 38,995 and shares redeemed of (159,746), (951,268), and (7,530) respectively, for the year ended December 31, 2025.

⁴

The share activities disclosed include those of Baron Technology ETF’s Predecessor Fund’s Retail Shares, Institutional Shares and R6 Shares shares sold of 1,329,639, 3,971,407, and 13,288, shares issued in reinvestment of distributions of 11,432, 16,326, and 1,595, and shares redeemed of (893,994), (1,501,039), and (7,622) respectively, for the year ended December 31, 2025.


See Notes to Financial Statements.		17


Baron ETF Trust		June 30, 2026

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)


	Baron Emerging Markets Select ETF¹			Baron Risk Optimized Large Cap ETF²
	For the period Ended June 30, 2026			For the period Ended June 30, 2026
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	94,853		$	1,138
Net realized gain (loss)		(65,952	)		1,428
Change in net unrealized appreciation (depreciation)		3,278,360			5,462

Increase (decrease) in net assets resulting from operations		3,307,261			8,028

Distributions to shareholders from (Note 8):
Distributable earnings		—			—

Decrease in net assets from distributions to shareholders		—			—

Capital share transactions:
Proceeds from the sale of shares		44,071,135			4,415,567
Net asset value of shares issued in reinvestment of distributions		—			—
Cost of shares redeemed		(4,443,020	)		(1,868,974	)

Increase (decrease) in net assets derived from capital share transactions		39,628,115			2,546,593

Net increase (decrease) in net assets		42,935,376			2,554,621

Net Assets:
Beginning of period		—			—

End of period	$	42,935,376		$	2,554,621

Capital share transactions
Shares sold		1,750,000			175,000
Shares issued in reinvestment of distributions		—			—
Shares redeemed		(175,000	)		(75,000	)

Net increase (decrease)		1,575,000			100,000

¹	For the period April 8, 2026 (commencement of operation) to June 30, 2026

²	For the period May 26, 2026 (commencement of operation) to June 30, 2026


18		See Notes to Financial Statements.


June 30, 2026		Baron ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. ORGANIZATION

Baron ETF Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Delaware statutory trust on June 24, 2025. The Trust currently offers 7 series (individually, a Fund and collectively, the Funds): Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, Baron Technology ETF, Baron Emerging Markets Select ETF, and Baron Risk Optimized Large Cap ETF. Baron Emerging Markets Select ETF commenced operations on April 8, 2026 and Baron Risk Optimized Large Cap ETF commenced operations on May 27, 2026, respectively.

Each Fund offers and issues shares of beneficial interest (Shares). Shares of a Fund represent an equal proportionate interest in the Fund.

The investment goals of the Funds are as follows:

Baron First Principles ETF is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities (including depositary receipts) of U.S. growth companies of any market valuation.

Baron Global Durable Advantage ETF is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities of established and developing countries located throughout the world.

Baron SMID Cap ETF is a diversified fund that seeks capital appreciation through investments primarily in securities (including depositary receipts) of companies of small- and mid-sized companies.

Baron Financials ETF is a diversified fund that seeks capital appreciation through investments primarily in equity securities (including depositary receipts) of financials and financials-related companies.

Baron Technology ETF is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities (including depositary receipts) of U.S. and non-U.S. technology companies, selected for their durable growth potential from the development, advancement, and use of technology.

Baron Emerging Markets Select ETF is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities of emerging market businesses of any size, selected for potential benefit from secular and structural growth with strong fundamentals.

Baron Risk Optimized Large Cap ETF is a diversified fund that seeks capital appreciation through investments primarily in equity securities (including depositary receipts) of U.S. large-sized companies.

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services — Investment Companies.

a) Net Asset Value. The Funds’ share prices or net asset values (NAV) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the NAV Calculation Time)) on the New York Stock Exchange (the Exchange) on any day the Exchange is scheduled to be open. The NAV per share of a class is determined by dividing the value of the total assets less all liabilities of the Fund represented by such class, by the total number of Fund shares of such class outstanding.

b) Security Valuation. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in BAMCO, Inc.’s (the Adviser) judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board). The Board has designated the Adviser to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Adviser has a Fair Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Accordingly, the Committee may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Adviser’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds’ investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.


Baron ETF Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

Certain non-U.S. equity securities traded on foreign securities exchanges may be valued using an independent pricing vendor that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds and ETFs may adjust the prices of their securities by different amounts.

c) Securities Transactions and Investment Income. Fund securities transactions are accounted for on trade date. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is recognized on an accrual basis, which includes the accretion of discounts and amortization of premiums. Dividend income (net of withholding taxes, if any) is recognized on the ex-dividend date, except in the case of certain dividends from foreign securities which are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Non-cash dividends received in the form of stock are recognized and recorded at fair value as non-cash dividend income.

Distributions received from certain investments such as real estate investment trusts (REITs) may be characterized as ordinary income, net capital gain, or a return of capital to the Funds. Since the classification of such payments are generally not known until after the end of the calendar year, the Funds estimate the expected classification of such payments based upon available information which may include the previous year’s allocation. Recharacterizations will be reflected in the following year as additional information becomes available from the issuers. The Funds record as dividend income the amounts characterized as ordinary income and as realized gain the amounts characterized as capital gain in the accompanying Statements of Operations. The amounts characterized as a return of capital are reflected as a reduction of cost of the related investment in the accompanying Portfolios of Investments.

d) Expense Allocation. The Funds are charged for those expenses that are directly attributable to each Fund, such as advisory and custodian fees. Expenses of the Trust, Baron Investment Funds Trust and Baron Select Funds (collectively, the Fund Complex), not directly chargeable to one or more specific Baron Funds are typically allocated among the funds in the Fund Complex in proportion to their respective net assets.

e) Single or Related Issuers and Common CEO Risk. Single or related issuers risk is the possibility that factors specific to an issuer or issuers to which the Fund is exposed will affect the market prices of such issuer’s securities. The performance of those issuers may have a greater effect on the Fund’s performance compared to a fund that has a greater diversity of investments in multiple issuers. Thus, a fund with concentrated investments in certain single issuers is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period. Baron First Principles ETF currently have significant investments in Space Exploration Technologies Corp. (“SpaceX”) and Tesla, Inc. (“Tesla”). As a result, the net asset value of the Fund will be materially impacted by the price of each issuer’s stock. Before investing in the Fund, investors should carefully consider publicly available information about SpaceX and Tesla. As long as the Fund maintains a substantial investment in these issuers, the Fund’s performance will be significantly affected by the performance of the stock and a decline in the price of Tesla or SpaceX stock could materially and adversely affect your investment in the Fund. This risk may be amplified because these companies share the same Chief Executive Officer and major stockholder. The Fund may invest in different companies that have certain persons in common, including the Chief Executive Officer or other person or persons fundamental to the success of the company. As a result, the Fund may be exposed to risks associated with an individual which may be greater than would be the case if measured only by investments on a per company basis. Notably, the Fund has made investments in SpaceX and Tesla, the Chief Executive Officer of each is Elon Musk. As such, the Fund may be considered to be exposed to risk associated with Mr. Musk.

f) Non-Diversified Portfolio. Certain Funds are non-diversified, which means they will likely have a greater percentage of their assets in a single issuer than a diversified fund. As a result, a non-diversified Fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund’s performance compared to a diversified fund. Thus, a non-diversified Fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund. Additionally, non-diversified Funds may encounter difficulty liquidating securities.

g) Industry Concentration. From time to time, market fluctuations in the value of a Fund’s investments, combined with a Fund’s non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron First Principle ETF’s investment in SpaceX, which represents about 32% of the Fund’s net assets as of June 30, 2026, the Fund will be more adversely impacted by negative developments affecting the energy industry, as well as governmental environmental regulations.

h) Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates.

i) Foreign Currency Translations. The accounting records of the Funds are maintained in U.S. dollars. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized and change in net unrealized gain or loss on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included with the net realized and change in net unrealized gain or loss from investments and foreign currency translations on the Statements of Operations. The Funds may invest in foreign securities and foreign currency transactions that may


June 30, 2026		Baron ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

Pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are generally treated as ordinary income for U.S. federal income tax purposes.

j) Securities Lending. The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders’ fees, both of which are included in securities lending income in the Statements of Operations. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The collateral is marked-to-market daily and settled on the next business day. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities.

There were no securities on loan at June 30, 2026.

k) Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. None of the Funds will be subject to federal or state income taxes to the extent that they qualify as regulated investment companies and substantially all of their income is distributed.

The Funds are subject to foreign tax on capital gains and withholding taxes on income from foreign investments that are accrued based upon the Funds’ understanding of the tax rules and regulations that exist in the countries in which they invest. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

The Funds attempt to qualify for reduced tax rates or exemptions in countries with which the United States has a tax treaty and may file withholding tax reclaims in certain countries to recover portions of amounts previously withheld.

Further, as a result of several court cases across the European Union, the Funds may also file tax reclaims for previously withheld taxes in those countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities, as well as several related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded as a reduction of foreign taxes withheld on dividends, or as dividend income to the extent such claims exceed the foreign taxes withheld on dividends included within dividend income on the Statements of Operations. Such amounts, if and when recorded, could result in an increase in the respective Funds’ NAV per share and, if material, would be reported separately in the Statements of Operations.

l) Restricted Securities. The Funds may invest in securities that are restricted as to public sale in accordance with the Securities Act of 1933. Such assets are valued by the Adviser pursuant to policies and procedures approved by the Board. Refer to Note 6 for additional information.

m) Distributions to Shareholders. Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, foreign capital gains tax, late-year loss deferral, post-October loss deferral, and wash sale loss deferral. Income dividends are normally declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Funds, if not distributed. The Funds intend to declare and distribute these amounts, at least annually, to shareholders, but may distribute more frequently.

n) Commitments and Contingencies. In the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnification. The maximum exposure to the Funds under these agreements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

o) In-Kind Redemption. In accordance with guidelines described in a Fund’s prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (in-kind redemption). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/loss to paid-in capital. During the six months ended June 30, 2026, Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, Baron Technology ETF, and Baron Risk Optimized Large Cap ETF realized net gains of $136,657,926, $54,286, $331,645, $666,790, $22,849,470 and $18,422 on $2,252,695,630, $254,909, $2,074,628, $2,307,427, $46,269,544, and 1,863,987 of in-kind redemptions in securities, respectively.

p) Segment Reporting. The Adviser’s Management Committee acts as each Fund’s chief operating decision maker (CODM), as defined in GAAP, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, as described in its respective prospectus, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s Financial Statements.


Baron ETF Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities, other than short-term securities, if any, and in-kind transactions related to capital share transactions, if any, for the six months ended June 30, 2026 were as follows:



Fund	Purchases		Sales		In-Kind Purchases		In-Kind Sales
Baron First Principles ETF	$	520,366,687	$	101,959,573	$	2,113,848,257	$	2,252,695,630
Baron Global Durable Advantage ETF		1,548,311		461,596		5,363,739		254,909
Baron SMID Cap ETF		10,754,116		9,828,815		15,478,597		2,074,628
Baron Financials ETF		8,765,185		8,713,976		—		2,307,427
Baron Technology ETF		93,964,184		61,206,533		24,640,931		46,269,544
Baron Emerging Markets Select ETF		41,411,828		3,935,610		719,367		—
Baron Risk Optimized Large Cap ETF		261,875		214,982		4,364,033		1,863,987

4. FUND SHARE TRANSACTIONS

Shares of the Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Emerging Markets Select ETF, and Baron Risk Optimized Large Cap ETF are listed and traded at market price on the New York Stock Exchange. Shares of the Baron Financials ETF and Baron Technology ETF are listed and traded at market price on the NASDAQ Stock Market LLC. The Funds issue or redeem capital shares in aggregation of a specified number of shares (each, a Creation Unit) to certain institutional investors (typically market makers or other broker-dealers) on a continuous basis through the Distributor. Currently, the number of shares that constitutes a Creation Unit for the Funds is 10,000 shares. Creation Unit transactions are conducted at NAV, typically in exchange for the deposit or delivery of a designated portfolio of in-kind securities, cash, or a combination thereof, consistent with a Fund’s investment objective, policies, and disclosure.

5. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

a) Investment Advisory Fees. The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. (BCG), serves as investment adviser to the Funds. As compensation for services rendered, the Adviser receives a fee accrued daily as a percentage of each Fund’s average daily net assets and payable monthly, at an annual rate set forth below:



Fund	Annual Rate
Baron First Principles ETF		1.00	%
Baron Global Durable Advantage ETF		0.75	%
Baron SMID Cap ETF		0.75	%
Baron Financials ETF		0.80	%
Baron Technology ETF		0.75	%
Baron Emerging Markets Select ETF		0.80	%
Baron Risk Optimized Large Cap ETF		0.45	%

The Board has approved a unitary management fee structure for each Fund. Under the unitary management fee structure, the Adviser will pay all expenses of each Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses. Baron First Principles ETF did not incur any line of credit expenses for the period ended June 30, 2026.

b) Distribution Fees. Baron Capital, Inc. (BCI), a wholly owned subsidiary of BCG, is a registered broker-dealer and the distributor of the Funds’ shares. The Predecessor Funds were authorized to pay BCI a distribution fee payable monthly pursuant to a distribution plan under Rule 12b-1 of the 1940 Act equal to 0.25% per annum of the Retail Shares’ average daily net assets of the respective Funds.

c) Trustee Fees. Certain Trustees of the Trust are officers of the Adviser and received no direct renumeration in such capacity from the Fund Complex. The Fund Complex pays each Independent Trustee (an Independent Trustee is a Trustee who is not an interested person (as defined in the 1940 Act) of the Fund Complex) annual compensation in addition to reimbursement of out-of-pocket expenses in connection with attendance at meetings of the Board. Specifically, each Independent Trustee receives an annual base compensation of $225,000 with the Chairman of the Trust receiving an additional $50,000. An additional $65,000 per annum is paid to each Independent Trustee for attendance at the quarterly meetings of the Board. Each member of the Audit Committee receives an additional $12,500 in annual compensation with the Audit Committee Chairperson receiving an additional $12,500.

d) Custody, Fund Accounting and Administration Fees. The Funds have entered into an agreement with State Street Bank and Trust Company (State Street) to perform custody, accounting and certain administrative services.

e) Cross Trades. The Funds are permitted to purchase securities from, or sell securities to, other Funds within the Trust, the funds in Baron Investment Funds Trust, the funds in Baron Select Funds and other entities advised or subadvised by the Adviser, pursuant to “Cross-Trading Procedures” adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by the respective Baron Fund from or to another fund/other entity that is or could be considered an affiliate of a Fund under certain limited circumstances by virtue of having a common investment adviser, common officers, or common trustees complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price and with no commissions. For the six months ended June 30, 2026, the funds did not engage in cross-trades.


June 30, 2026		Baron ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

5. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)

f) Ownership Concentration. As of June 30, 2026, the officers, Trustees, and portfolio managers owned, directly or indirectly, 52.01% of Baron Global Durable Advantage ETF, 13.08% of Baron SMID Cap ETF, 26.41% of Baron Financials ETF, and 40.35% of Baron Risk Optimized Large Cap ETF. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, and Baron Risk Optimized Large Cap ETF shareholders.

6. RESTRICTED SECURITIES

At June 30, 2026, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of SEC Rule 22e-4 (the Liquidity Rule) governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

At June 30, 2026, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:



	Baron First Principles ETF

Name of Issuer	Acquisition Date(s)		Value
Space Exploration Technologies Corp**		12/19/2025-2/2/2026	$	48,096,748


Total Restricted Securities:			$	48,096,748

(Cost $24,691,946)(9.82% of Net Assets)

**	Space Exploration Technologies Corp. went public via an initial public offering on 6/12/2026, and the pre-IPO shares are subject to selling restriction due to a lock-up agreement with expiration dates ranging from 8/6/2026 to 8/3/2027.

7. FAIR VALUE MEASUREMENTS

Fair value is defined by GAAP as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds’ own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

•

Level 1 — quoted prices in active markets for identical assets or liabilities;

•

Level 2 — prices determined using other inputs that are observable either directly or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.);

•

Level 3 — prices determined using unobservable inputs when quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair value. Since these values obtained from quoted prices in an active market are adjusted, such securities are reflected as Level 2.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available, or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

The following is a summary of the inputs used as of June 30, 2026 in valuing the Funds’ investments carried at fair value:



	Baron First Principles ETF

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	488,980,821	$	—	$	—	$	488,980,821

Total Investments	$	488,980,821	$	—	$	—	$	488,980,821


Baron ETF Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)



	Baron Global Durable Advantage ETF

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	9,764,452	$	—	$	—	$	9,764,452

Total Investments	$	9,764,452	$	—	$	—	$	9,764,452


	Baron SMID Cap ETF

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	31,825,327	$	—	$	—	$	31,825,327

Total Investments	$	31,825,327	$	—	$	—	$	31,825,327


	Baron Financials ETF

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	45,970,641	$	—	$	—	$	45,970,641

Total Investments	$	45,970,641	$	—	$	—	$	45,970,641


	Baron Technology ETF

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	204,909,102	$	—	$	—	$	204,909,102

Total Investments	$	204,909,102	$	—	$	—	$	204,909,102


	Baron Emerging Markets Select ETF

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	34,870,948	$	—	$	—	$	34,870,948
Exchange-Traded Funds		6,614,384		—		—		6,614,384

Total Investments	$	41,485,332	$	—	$	—	$	41,485,332


	Baron Risk Optimized Large Cap ETF

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	2,553,829	$	—	$	—	$	2,553,829

Total Investments	$	2,553,829	$	—	$	—	$	2,553,829

†	See Portfolios of Investments for additional detailed categorizations.


June 30, 2026		Baron ETF Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

The following is a reconciliation of significant Level 3 investments in which unobservable inputs were used in determining fair value:



	Baron First Principles ETF

Investments in Securities	Balance as of December 31, 2025		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3			Balance as of June 30, 2026		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2026
Private Preferred Stocks
Communication Services	$	4,999,980	$	—	$	—	$	0	$	—	$	—	$	—	$	(4,999,980	)*	$	—	$	—

Total	$	4,999,980	$	—	$	—	$	0	$	—	$	—	$	—	$	(4,999,980	)	$	—	$	—

*	X.AI Holdings Corp. transferred out of Level 3 upon merger into Space Exploration Technologies Corp. on February 2, 2026.

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) may differ for financial statement and tax purposes due to differing treatments of in-kind transactions, net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, income from passive foreign investment companies, foreign capital gains tax, late year loss deferral, post-October loss deferral, and wash sale loss deferral. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

As of June 30, 2026, the Funds’ cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes were as follows:



	Baron First Principles ETF			Baron Global Durable Advantage ETF			Baron SMID Cap ETF			Baron Financials ETF			Baron Technology ETF			Baron Emerging Markets Select ETF			Baron Risk Optimized Large Cap ETF
Cost of investments	$	464,900,858		$	9,374,597		$	29,424,749		$	37,756,922		$	144,899,194			38,204,541			2,548,367

Gross tax unrealized appreciation		48,255,181			942,334			4,385,413			9,691,598			61,351,939			5,868,010			98,680
Gross tax unrealized depreciation		(24,175,218	)		(552,479	)		(1,984,835	)		(1,477,879	)		(1,342,031	)		(2,587,219	)		(93,218	)

Net tax unrealized appreciation (depreciation)		24,079,963			389,855			2,400,578			8,213,719			60,009,908			3,280,791			5,462

As of December 31, 2025 the Funds had capital loss carryforwards with no expiration dates as follows:



	Baron First Principles ETF		Baron Global Durable Advantage ETF		Baron SMID Cap ETF¹		Baron Financials ETF		Baron Technology ETF¹
Short-Term	$	145,850	$	—	$	6,513	$	2,635,581	$	135,544

Long-Term	$	—	$	—	$	—	$	3,680,947	$	52,523

Capital loss carryforward utilized during the year ended December 31, 2025	$	—	$	—	$	—	$	570,296	$	209,496

¹	Future utilization of losses may be subject to limitations under current tax laws.


Baron ETF Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

The estimated tax character of distributions paid during the six months ended June 30, 2026 and the year ended December 31, 2025 was as follows:



	Six months Ended June 30, 2026						Year Ended December 31, 2025

Fund	Ordinary¹		Long-Term Capital Gain		Return of Capital		Ordinary¹			Long-Term Capital Gain			Return of Capital
Baron First Principles ETF	$	—	$	—	$	—	$	—		$	—		$	—
Baron Global Durable Advantage ETF		—		—		—		—			—			—
Baron SMID Cap ETF		—		—		—		—			—			—
Baron Financials ETF^(a)		—		—		—		—			—			—
Baron Technology ETF^(c)		—		—		—		204,529	^(b)		541,750	^(b)		—
Baron Emerging Markets Select ETF^(d)		—		—		—		—			—			—
Baron Risk Optimized Large Cap ETF^(e)		—		—		—		—			—			—

¹	For tax purposes, short-term capital gains are considered ordinary income distributions.

^(a)	After the close of business on December 12, 2025, the Predecessor Fund was reorganized into Baron Financials ETF.

^(b)	Amounts disclosed are inclusive of the Predecessor Fund.

^(c)	After the close of business on December 12, 2025, the Predecessor Fund was reorganized into Baron Technology ETF.

^(d)	Commenced operations on April 8, 2026.

^(e)	Commenced operations on May 26, 2026.

GAAP sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a “more likely than not” standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds’ federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. At June 30, 2026, the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds’ federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

9. SUBSEQUENT EVENTS

Management has evaluated events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements and has determined that there were no subsequent events that required adjustment to or disclosure in the financial statements.


Baron ETF Trust		June 30, 2026

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON FINANCIALS ETF³

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios to Average Net Assets:									Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)		Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Gross expenses (%)			Net expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

Six Months Ended June 30,

2026		24.86		0.05			(3.64	)		(3.59	)		0.00		0.00			0.00			21.27		(14.44	)⁵		0.80	⁶		0.80	⁶		0.46	⁶		46.1		18	⁵

Year Ended December 31,

2025		24.64		(0.07	)		0.29			0.22			0.00		0.00			0.00			24.86		0.91	⁴		1.07	⁷		0.95	⁷		(0.29	)		56.6		14	⁸

2024		20.01		(0.03	)		4.66			4.63			0.00		0.00			0.00			24.64		23.14	⁴		1.13			0.95			(0.13	)		69.1		11

2023		15.72		(0.01	)		4.30			4.29			0.00		0.00			0.00			20.01		27.31	⁴		1.21			0.95			(0.11	)		59.6		16

2022		23.89		(0.06	)		(7.90	)		(7.96	)		0.00		(0.21	)		(0.21	)		15.72		(33.30	)⁴		1.20	⁷		0.95	⁷		(0.30	)		42.6		27

2021		20.71		(0.14	)		3.32			3.18			0.00		0.00			0.00			23.89		15.35	⁴		1.18			0.95			(0.60	)		78.3		12

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distributions, if any.

After the close of business on December 12, 2025, Baron FinTech Fund (the Predecessor Fund) was reorganized into Baron Financials ETF. The amounts disclosed for periods prior to the reorganization reflect those of the Predecessor Fund’s Institutional Shares; share amounts have been adjusted to reflect the conversion ratio of the Predecessor Fund’s shares to Baron Financials ETF shares.

⁴	The total returns would have been lower had certain expenses not been reduced during the period shown.

⁵	Not annualized.

⁶	Annualized.

⁷	Includes interest expense of less than 0.01%.

⁸	Excludes impact of in-kind transactions.


30		See Notes to Financial Statements.


June 30, 2026		Baron ETF Trust

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON TECHNOLOGY ETF³

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios to Average Net Assets:									Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)		Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Gross expenses (%)			Net expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

Six Months Ended June 30,

2026		25.06		(0.07	)		7.42			7.35			0.00		0.00			0.00			32.41		29.35	⁴		0.75	⁶		0.75	⁶		(0.51	)⁶		205.2		37	^4,7

Year Ended December 31,

2025		21.51		(0.14	)		3.87			3.73			0.00		(0.18	)		(0.18	)		25.06		17.34	^5,8		1.05			0.93			(0.60	)		149.1		58	⁷

2024		14.55		(0.10	)		7.06			6.96			0.00		0.00			0.00			21.51		47.80	⁵		1.35			0.95			(0.54	)		56.0		36

2023		8.91		(0.06	)		5.70			5.64			0.00		0.00			0.00			14.55		63.38	⁵		5.04			0.95			(0.48	)		9.0		27

2022 ⁹		15.99		(0.06	)		(7.02	)		(7.08	)		0.00		0.00			0.00			8.91		(44.30	)⁵		6.42			0.95			(0.55	)		3.3		19

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distributions, if any.

After the close of business on December 12, 2025, Baron Technology Fund (the Predecessor Fund) was reorganized into Baron Technology ETF. The amounts disclosed for periods prior to the reorganization reflect those of the Predecessor Fund’s Institutional Shares; share amounts have been adjusted to reflect the conversion ratio of the Predecessor Fund’s shares to Baron Technology ETF shares.

⁴	Not annualized.

⁵	The total returns would have been lower had certain expenses not been reduced during the period shown.

⁶	Annualized.

⁷	Excludes impact of in-kind transactions.

⁸	The Adviser made a voluntary payment to the Predecessor Fund in the amount of $83,210 to compensate the Predecessor Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund’s total return by 0.06%.

⁹	For the period January 3, 2022 (commencement of operations) to December 31, 2022.


See Notes to Financial Statements.		31


June 30, 2026		Baron ETF Trust

DISCLOSURE REGARDING THE APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board” or the “Trustees”) of Baron ETF Trust (the “Trust”) met at meetings held on: (i) February 10, 2026 to discuss the selection of BAMCO, Inc. (the “Adviser”) as the investment adviser for Baron Emerging Markets Select ETF and the approval of the related investment advisory agreement; and (ii) May 5, 2026 to discuss the selection of the Adviser for Baron Risk Optimized Large Cap ETF (together with Baron Emerging Markets Select ETF, a “Fund” and together, the “Funds”) and the approval of the related investment advisory agreement. The members of the Board who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”) met in separate sessions to discuss and consider the initial approval of the investment advisory agreements for the Funds. Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, provided reports to the Board. The Trustees received a substantial amount of information from the Adviser and from Broadridge, and the Independent Trustees were advised by independent legal counsel. Based on its evaluation of this and other information, the Board, including a majority of the Independent Trustees, approved the investment advisory agreements for the Funds for an initial two-year period.

In reaching its determination, the Board considered various factors that it deemed relevant, including the factors listed below.

1. NATURE, EXTENT AND QUALITY OF SERVICES

The Trustees considered the information provided, including their experience and knowledge gained from their service as Trustees of other funds advised by the Adviser and their experience generally, including the following:

•

Their confidence in the senior personnel, portfolio management, the financial condition of the Adviser and its affiliates and the Adviser’s available resources;

•

The nature, extent and quality of the services to be provided by the Adviser, including: intensive devotion to research, selection of broker/dealers for Fund portfolio transactions, relationships with and supervision of third party service providers, such as the Funds’ custodian and transfer agent, the quality of shareholder reports, the ability to monitor adherence to investment guidelines and restrictions, the legal, accounting and compliance services provided to the Funds and the support services provided to the Board;

•

The Adviser’s investment principles and processes and the historical performance of other funds managed by the Adviser, noting that, because the Funds had not yet commenced operations, there was no performance information to consider;

•

The proposed advisory fee structure and estimated total expense ratios of the Funds and comparisons to similar funds managed by other advisers in each respective Fund’s peer group. They observed that, for Baron Emerging Markets Select ETF, while the advisory fee was comparatively higher, the estimated net operating expenses to be paid by the Fund (total expense ratio) were within the range of the median of the funds in its peer group. The Trustees noted that the advisory fee and estimated total expense ratio for Baron Risk Optimized Large Cap ETF were below its peer group median.

•

Additional services to be provided by the Adviser.

The Board concluded that the nature, extent and quality of the services the Adviser anticipates providing to each Fund, including performance consistent with its investing principles, supported approval of the investment advisory agreement for each Fund.

2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER

The Trustees noted that because the Funds had not yet commenced operations, there was no performance information to consider.

3. COSTS OF SERVICES PROVIDED AND PROFITS TO BE REALIZED BY THE ADVISER

The Trustees evaluated each Fund’s estimated total operating expense ratio. The Trustees considered that the investment advisory agreement provided for a “unitary fee” structure pursuant to which the Funds’ ordinary operating expenses (subject to customary exclusions) would be paid from the Adviser’s management fee.

The Board took into account the information performed by Broadridge. The Board considered for each Fund, among other information, Broadridge’s comparisons of each Fund’s estimated expense ratios with those of peer group funds selected by Broadridge and Morningstar category medians. The Board also considered the services to be provided by the Adviser.

The Board further considered benefits that could potentially accrue to the Adviser from its relationship with the Funds. The Board considered the costs of portfolio management, including the types of investments made for the Funds, the personnel and systems necessary for implementation of investment strategies, and the pre-tax profits realized by the Adviser and its affiliates from their relationship with the Funds.

4. ECONOMIES OF SCALE AND BENEFITS TO INVESTORS

The Board considered the extent to which economies of scale may be realized as the Funds grow and whether anticipated fee levels reflected these economies of scale for the benefit of shareholders. The Trustees considered that each Fund would likely experience benefits from the proposed unitary fee arrangement pursuant to which the Funds’ ordinary operating expenses (subject to certain exclusions) would be paid from the Adviser’s management fee.

The Board considered that the Adviser continues to grow and upgrade its staff and invest in its business. The Board members reiterated their intention to continue to consider the extent of economies of scale, future asset growth and BAMCO’s plans to invest further to support the Funds. The Board concluded that the advisory fee for each Fund was supported by the entirety of the presentation and particularly in light of the services to be provided as discussed at the meetings.

After due consideration of the above-enumerated factors and other factors it deemed relevant, the Board, including a majority of the Independent Trustees, approved each Fund’s investment advisory agreement for an initial two-year period.