# EDGAR Filing Document

**Accession Number:** 0002081199
**File Stem:** 0001410368-26-049922
**Filing Date:** 2026-5
**Character Count:** 75888
**Document Hash:** c8f2183a2bb212011c5981b9e96a3f4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-049922.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001410368-26-049922

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baron ETF Trust
- **CENTRAL INDEX KEY:** 0002081199

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24115
- **FILM NUMBER:** 261011522

**BUSINESS ADDRESS:**
- **STREET 1:** 767 FIFTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153
- **BUSINESS PHONE:** 212-583-2000

**MAIL ADDRESS:**
- **STREET 1:** 767 FIFTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

## Series and Classes Contracts Data

### Baron Global Durable Advantage ETF (Series ID: S000096482)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000265317 | Baron Global Durable Advantage ETF | BCGD            |

## Nport-Ex

**Baron First Principles ETF**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**MARCH 31, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (87.34%)** | **Common Stocks (87.34%)** | **Common Stocks (87.34%)** | **Common Stocks (87.34%)** |
| **Communication Services (6.19%)** | **Communication Services (6.19%)** | **Communication Services (6.19%)** | **Communication Services (6.19%)** |
|  | **Movies & Entertainment (6.19%)** |  |  |
| 30271 | Live Nation Entertainment, Inc. <sup>1</sup> | $4796584 | $4616630 |
| 20926 | Spotify Technology SA <sup>1,2</sup> | 11208339 | 10147227 |
| **Total Communication Services** | **Total Communication Services** | **16004923** | **14763857** |
| **Consumer Discretionary (35.64%)** | **Consumer Discretionary (35.64%)** | **Consumer Discretionary (35.64%)** | **Consumer Discretionary (35.64%)** |
|  | **Apparel, Accessories & Luxury<br>Goods (2.48%)** | **Apparel, Accessories & Luxury<br>Goods (2.48%)** |  |
| 400000 | Figs, Inc., Cl A <sup>1</sup> | 4132640 | 5908000 |
|  | **Automobile Manufacturers (13.57%)** |  |  |
| 87082 | Tesla, Inc. <sup>1</sup> | 37411075 | 32372733 |
|  | **Casinos & Gaming (3.57%)** |  |  |
| 159350 | Red Rock Resorts, Inc., Cl A | 9887051 | 8502916 |
|  | **Footwear (4.09%)** |  |  |
| 120495 | Birkenstock Holding PLC <sup>1,2</sup> | 4845985 | 4317336 |
| 160046 | On Holding AG, Cl A <sup>1,2</sup> | 7284659 | 5444765 |
|  |  | 12130644 | 9762101 |
|  | **Hotels, Resorts & Cruise<br>Lines (9.21%)** |  |  |
| 32874 | Airbnb, Inc., Cl A <sup>1</sup> | 4415964 | 4151329 |
| 66645 | Choice Hotels International, Inc. | 7067865 | 6897757 |
| 76005 | Hyatt Hotels Corp., Cl A | 12426990 | 10928759 |
|  |  | 23910819 | 21977845 |
|  | **Leisure Facilities (2.72%)** |  |  |
| 50609 | Vail Resorts, Inc. | 6928181 | 6494147 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **94400410** | **85017742** |
| **Financials (23.92%)** | **Financials (23.92%)** | **Financials (23.92%)** | **Financials (23.92%)** |
|  | **Financial Exchanges & Data (11.02%)** | **Financial Exchanges & Data (11.02%)** |  |
| 48661 | FactSet Research Systems, Inc. | 11960867 | 10558950 |
| 29143 | MSCI, Inc. | 16958261 | 15708369 |
|  |  | 28919128 | 26267319 |
|  | **Investment Banking &<br>Brokerage (7.70%)** |  |  |
| 108218 | Interactive Brokers Group, Inc., Cl A | 8037441 | 7258181 |
| 118225 | The Charles Schwab Corp. | 11679003 | 11110785 |
|  |  | 19716444 | 18368966 |
|  | **Property & Casualty Insurance (5.20%)** |  |  |
| 57080 | Arch Capital Group Ltd. <sup>1,2</sup> | 5696894 | 5479109 |
| 20283 | Kinsale Capital Group, Inc. | 7982801 | 6929890 |
|  |  | 13679695 | 12408999 |
| **Total Financials** | **Total Financials** | **62315267** | **57045284** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (1.90%)** | **Health Care (1.90%)** | **Health Care (1.90%)** | **Health Care (1.90%)** |
|  | **Health Care Equipment (1.90%)** |  |  |
| 8047 | IDEXX Laboratories, Inc. <sup>1</sup> | $**5461485** | $**4521529** |
| **Industrials (6.42%)** | **Industrials (6.42%)** | **Industrials (6.42%)** | **Industrials (6.42%)** |
|  | **Aerospace & Defense (1.72%)** |  |  |
| 19408 | HEICO Corp., Cl A | 4926979 | 4096835 |
|  | **Research & Consulting Services (4.70%)** |  |  |
| 59067 | Verisk Analytics, Inc. | 12554441 | 11207963 |
| **Total Industrials** | **Total Industrials** | **17481420** | **15304798** |
| **Information Technology (13.27%)** | **Information Technology (13.27%)** | **Information Technology (13.27%)** | **Information Technology (13.27%)** |
|  | **Application Software (3.70%)** |  |  |
| 59034 | Guidewire Software, Inc. <sup>1</sup> | 9672455 | 8829125 |
|  | **Internet Services & Infrastructure (5.38%)** |  |  |
| 108177 | Shopify, Inc., Cl A <sup>1,2</sup> | 14522253 | 12831956 |
|  | **IT Consulting & Other<br>Services (4.19%)** |  |  |
| 63147 | Gartner, Inc. <sup>1</sup> | 11453079 | 9998696 |
| **Total Information Technology** | **Total Information Technology** | **35647787** | **31659777** |
| **Total Common Stocks** | **Total Common Stocks** | **231311292** | **208312987** |
| **Private Common Stocks (12.58%)** | **Private Common Stocks (12.58%)** | **Private Common Stocks (12.58%)** | **Private Common Stocks (12.58%)** |
| **Industrials (12.58%)** | **Industrials (12.58%)** | **Industrials (12.58%)** | **Industrials (12.58%)** |
|  | **Aerospace & Defense (12.58%)** |  |  |
| 26896 | Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,5</sup> | 12325801 | 14163165 |
| 30105 | Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,5</sup> | 12674205 | 15852992 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **25000006** | **30016157** |
| **Total Investments (99.92%)** | **Total Investments (99.92%)** | $**256311298** | **238329144** |
| **Cash and Other Assets Less Liabilities (0.08%)** | **Cash and Other Assets Less Liabilities (0.08%)** |  | **195419** |
| **Net Assets** | **Net Assets** |  | $**238524563** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At March 31, 2026, the market value of restricted securities amounted to $30,016,157 or 12.58% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> 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). 

<sup>5</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Global Durable Advantage ETF**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**MARCH 31, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (99.60%)** | **Common Stocks (99.60%)** | **Common Stocks (99.60%)** | **Common Stocks (99.60%)** |
| **Argentina (1.55%)** | **Argentina (1.55%)** | | |
| 65 | MercadoLibre, Inc. <sup>1</sup> | $**132403** | $**112386** |
| **Brazil (2.23%)** | **Brazil (2.23%)** |  |  |
| 11256 | NU Holdings Ltd., Cl A <sup>1</sup> | **189172** | **161749** |
| **Canada (5.10%)** | **Canada (5.10%)** |  |  |
| 6132 | Brookfield Corp., Cl A | 281639 | 248162 |
| 70 | Constellation Software, Inc. | 151135 | 122881 |
| **Total Canada** | **Total Canada** | **432774** | **371043** |
| **China (2.05%)** | **China (2.05%)** |  |  |
| 2354 | Tencent Holdings Limited, ADR | **181514** | **148820** |
| **France (3.60%)** | **France (3.60%)** |  |  |
| 87 | Hermes International SCA <sup>2</sup> | 214688 | 164808 |
| 177 | LVMH Moët Hennessy Louis Vuitton SE <sup>2</sup> | 124341 | 96757 |
| **Total France** | **Total France** | **339029** | **261565** |
| **India (1.37%)** | **India (1.37%)** |  |  |
| 3989 | HDFC Bank Ltd., ADR | **131326** | **99246** |
| **Israel (1.30%)** | **Israel (1.30%)** |  |  |
| 1046 | Wix.com Ltd. <sup>1</sup> | **91078** | **94213** |
| **Italy (1.99%)** | **Italy (1.99%)** |  |  |
| 221 | Ferrari NV | 79356 | 74798 |
| 5103 | Stevanato Group SpA | 78828 | 70166 |
| **Total Italy** | **Total Italy** | **158184** | **144964** |
| **Japan (3.65%)** | **Japan (3.65%)** |  |  |
| 6414 | Ajinomoto Co., Inc. <sup>2</sup> | 146244 | 181332 |
| 237 | Keyence Corporation <sup>2</sup> | 87081 | 84350 |
| **Total Japan** | **Total Japan** | **233325** | **265682** |
| **Korea, Republic of (1.43%)** | **Korea, Republic of (1.43%)** |  |  |
| 5501 | Coupang, Inc. <sup>1</sup> | **118286** | **103859** |
| **Netherlands (3.85%)** | **Netherlands (3.85%)** |  |  |
| 212 | ASML Holding N.V. | **259398** | **280016** |
| **Sweden (6.52%)** | **Sweden (6.52%)** |  |  |
| 9336 | Atlas Copco AB, Cl A <sup>2</sup> | 177782 | 164751 |
| 5835 | Indutrade AB <sup>2</sup> | 146278 | 133790 |
| 5800 | Lifco AB, Cl B <sup>2</sup> | 209769 | 175464 |
| **Total Sweden** | **Total Sweden** | **533829** | **474005** |
| **Taiwan (6.96%)** | **Taiwan (6.96%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR | **469936** | **506249** |
| **United States (58.00%)** | **United States (58.00%)** |  |  |
| 1261 | Alphabet, Inc., Cl C | 404621 | 361730 |
| 2111 | Amazon.com, Inc. <sup>1</sup> | 490554 | 439658 |
| 545 | Amphenol Corp., Cl A | 79741 | 68861 |
| 173 | AppLovin Corp., Cl A <sup>1</sup> | 71308 | 68854 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | | | |
| 715 | CME Group, Inc. | $| 199570 | $211175 |
| 216 | Eli Lilly & Co. |  | 226228 | 198670 |
| 604 | HEICO Corp., Cl A |  | 154292 | 127498 |
| 618 | Hilton Worldwide Holdings, Inc. |  | 182172 | 187921 |
| 1123 | KKR & Co., Inc. |  | 142396 | 103878 |
| 279 | LPL Financial Holdings, Inc. |  | 100655 | 83932 |
| 421 | Meta Platforms, Inc., Cl A |  | 275037 | 240867 |
| 112 | Monolithic Power Systems, Inc. |  | 114469 | 122455 |
| 334 | MSCI, Inc. |  | 192788 | 180029 |
| 2616 | NVIDIA Corp. |  | 480637 | 456230 |
| 151 | Quanta Services, Inc. |  | 78826 | 82902 |
| 746 | S&P Global, Inc. |  | 370868 | 317304 |
| 250 | Thermo Fisher Scientific, Inc. |  | 148521 | 122883 |
| 152 | TransDigm Group, Inc. <sup>1</sup> |  | 205730 | 176162 |
| 1281 | Visa, Inc., Cl A |  | 434557 | 387169 |
| 219 | Watsco, Inc. |  | 80530 | 79670 |
| 1005 | Welltower, Inc. |  | 192115 | 198699 |
| **Total United States** | **Total United States** |  | **4625615** | **4216547** |
| **Total Investments (99.60%)** | **Total Investments (99.60%)** | **$** | **7895869** | **7240344** |
| **Cash and Other Assets Less Liabilities (0.40%)** | **Cash and Other Assets Less Liabilities (0.40%)** | **Cash and Other Assets Less Liabilities (0.40%)** | **Cash and Other Assets Less Liabilities (0.40%)** | **29192** |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** | $**7269536** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

---

| | |
|:---|:---|
| **Summary of Investments by Sector <br>as of March 31, 2026** | **Percentage<br>of Net Assets** |
|  Information Technology | 24.8% |
|  Financials | 24.7% |
|  Consumer Discretionary | 16.2% |
|  Industrials | 12.9% |
|  Communication Services | 10.3% |
|  Health Care | 5.4% |
|  Real Estate | 2.7% |
|  Consumer Staples | 2.5% |
|  Cash and Cash Equivalents\* | 0.4% |
|  | 100.0%\*\* |

---

\* Includes other assets and liabilities-net.

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

See Notes to Portfolios of Investments.

------

**Baron SMID Cap ETF**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**MARCH 31, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (97.95%)** | **Common Stocks (97.95%)** | **Common Stocks (97.95%)** | **Common Stocks (97.95%)** |
| **Communication Services (4.10%)** | **Communication Services (4.10%)** | **Communication Services (4.10%)** | **Communication Services (4.10%)** |
|  | **Interactive Media & Services (1.43%)** | **Interactive Media & Services (1.43%)** | **Interactive Media & Services (1.43%)** |
| 2760 | Reddit, Inc., Cl A <sup>1</sup> | $458939 | $371634 |
|  | **Movies & Entertainment (2.67%)** | **Movies & Entertainment (2.67%)** | **Movies & Entertainment (2.67%)** |
| 8919 | Liberty Media Corporation-Liberty<br>Formula One, Cl A <sup>1</sup> | 742984 | 696396 |
| **Total Communication Services** | **Total Communication Services** | **1201923** | **1068030** |
| **Consumer Discretionary (15.40%)** | **Consumer Discretionary (15.40%)** | **Consumer Discretionary (15.40%)** | **Consumer Discretionary (15.40%)** |
|  | **Automobile Manufacturers (1.65%)** | **Automobile Manufacturers (1.65%)** | **Automobile Manufacturers (1.65%)** |
| 1274 | Ferrari NV <sup>2</sup> | 410694 | 431185 |
|  | **Casinos & Gaming (5.35%)** | **Casinos & Gaming (5.35%)** | **Casinos & Gaming (5.35%)** |
| 5201 | Churchill Downs, Inc. | 446004 | 467206 |
| 17220 | DraftKings, Inc., Cl A <sup>1</sup> | 435543 | 372297 |
| 5475 | Wynn Resorts Ltd. | 621434 | 555986 |
|  |  | 1502981 | 1395489 |
|  | **Hotels, Resorts & Cruise Lines (2.05%)** | **Hotels, Resorts & Cruise Lines (2.05%)** | **Hotels, Resorts & Cruise Lines (2.05%)** |
| 1759 | Hilton Worldwide Holdings, Inc. | 515474 | 534877 |
|  | **Restaurants (3.23%)** | **Restaurants (3.23%)** | **Restaurants (3.23%)** |
| 13803 | Chipotle Mexican Grill, Inc. <sup>1</sup> | 487702 | 441834 |
| 2588 | Wingstop, Inc. | 566420 | 401062 |
|  |  | 1054122 | 842896 |
|  | **Specialized Consumer Services (3.12%)** | **Specialized Consumer Services (3.12%)** | **Specialized Consumer Services (3.12%)** |
| 8628 | Liberty Live Holdings, Inc., Cl C <sup>1</sup> | 749959 | 811981 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **4233230** | **4016428** |
| **Financials (7.43%)** | **Financials (7.43%)** | **Financials (7.43%)** | **Financials (7.43%)** |
|  | **Asset Management & Custody Banks (1.52%)** | **Asset Management & Custody Banks (1.52%)** | **Asset Management & Custody Banks (1.52%)** |
| 4000 | Hamilton Lane, Inc., Cl A | 486395 | 397600 |
|  | **Financial Exchanges & Data (3.76%)** | **Financial Exchanges & Data (3.76%)** | **Financial Exchanges & Data (3.76%)** |
| 999 | MSCI, Inc. | 564742 | 538471 |
| 3749 | Tradeweb Markets, Inc., Cl A | 426282 | 441107 |
|  |  | 991024 | 979578 |
|  | **Investment Banking & Brokerage (2.15%)** | **Investment Banking & Brokerage (2.15%)** | **Investment Banking & Brokerage (2.15%)** |
| 1864 | LPL Financial Holdings, Inc. | 621846 | 560747 |
| **Total Financials** | **Total Financials** | **2099265** | **1937925** |
| **Health Care (18.22%)** | **Health Care (18.22%)** | **Health Care (18.22%)** | **Health Care (18.22%)** |
|  | **Biotechnology (2.03%)** | **Biotechnology (2.03%)** | **Biotechnology (2.03%)** |
| 726 | argenx SE, ADR <sup>1,2</sup> | 562831 | 530161 |
|  | **Health Care Equipment (4.76%)** | **Health Care Equipment (4.76%)** | **Health Care Equipment (4.76%)** |
| 7051 | Edwards Lifesciences Corp. <sup>1</sup> | 581108 | 564644 |
| 3229 | Insulet Corp. <sup>1</sup> | 830217 | 677573 |
|  |  | 1411325 | 1242217 |
|  | **Health Care Technology (3.67%)** | **Health Care Technology (3.67%)** | **Health Care Technology (3.67%)** |
| 12874 | HeartFlow, Inc. <sup>1</sup> | 288086 | 313225 |
| 26639 | Waystar Holding Corp. <sup>1</sup> | 710039 | 642266 |
|  |  | 998125 | 955491 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  | **Life Sciences Tools & Services (5.84%)** | **Life Sciences Tools & Services (5.84%)** | **Life Sciences Tools & Services (5.84%)** |
| 1946 | Natera, Inc. <sup>1,3</sup> | $413440 | $389181 |
| 4251 | Repligen Corp. <sup>1</sup> | 613775 | 500853 |
| 25207 | Stevanato Group SpA <sup>2</sup> | 462291 | 346596 |
| 6318 | Tempus AI, Inc., Cl A <sup>1</sup> | 351963 | 285700 |
|  |  | 1841469 | 1522330 |
|  | **Pharmaceuticals (1.92%)** | **Pharmaceuticals (1.92%)** | **Pharmaceuticals (1.92%)** |
| 20963 | Elanco Animal Health, Inc. <sup>1</sup> | 502284 | 501645 |
| **Total Health Care** | **Total Health Care** | **5316034** | **4751844** |
| **Industrials (24.90%)** | **Industrials (24.90%)** | **Industrials (24.90%)** | **Industrials (24.90%)** |
|  | **Aerospace & Defense (12.16%)** | **Aerospace & Defense (12.16%)** | **Aerospace & Defense (12.16%)** |
| 1546 | Axon Enterprise, Inc. <sup>1</sup> | 766264 | 656571 |
| 1626 | BWX Technologies, Inc. | 300407 | 332501 |
| 5984 | Karman Holdings, Inc. <sup>1</sup> | 506112 | 479019 |
| 11670 | Loar Holdings, Inc. <sup>1</sup> | 781120 | 668574 |
| 6229 | Mercury Systems, Inc. <sup>1</sup> | 474171 | 454156 |
| 501 | TransDigm Group, Inc. <sup>1</sup> | 656963 | 580639 |
|  |  | 3485037 | 3171460 |
|  | **Electrical Components &<br>Equipment (2.00%)** | **Electrical Components &<br>Equipment (2.00%)** | **Electrical Components &<br>Equipment (2.00%)** |
| 17834 | Forgent Power Solutions, Inc., Cl A <sup>1,3</sup> | 588028 | 522001 |
|  | **Environmental & Facilities Services (3.79%)** | **Environmental & Facilities Services (3.79%)** | **Environmental & Facilities Services (3.79%)** |
| 10546 | Rollins, Inc. | 615863 | 563262 |
| 2621 | Waste Connections, Inc. <sup>2</sup> | 429114 | 425755 |
|  |  | 1044977 | 989017 |
|  | **Industrial Machinery & Supplies &<br>Components (2.04%)** | **Industrial Machinery & Supplies &<br>Components (2.04%)** | **Industrial Machinery & Supplies &<br>Components (2.04%)** |
| 2119 | Enpro, Inc. | 489762 | 531128 |
|  | **Research & Consulting Services (2.63%)** | **Research & Consulting Services (2.63%)** | **Research & Consulting Services (2.63%)** |
| 8794 | Booz Allen Hamilton Holding Corp. | 731443 | 686196 |
|  | **Trading Companies & Distributors (2.28%)** | **Trading Companies & Distributors (2.28%)** | **Trading Companies & Distributors (2.28%)** |
| 4464 | SiteOne Landscape Supply, Inc. <sup>1</sup> | 575757 | 594203 |
| **Total Industrials** | **Total Industrials** | **6915004** | **6494005** |
| **Information Technology (25.63%)** | **Information Technology (25.63%)** | **Information Technology (25.63%)** | **Information Technology (25.63%)** |
|  | **Application Software (8.47%)** | **Application Software (8.47%)** | **Application Software (8.47%)** |
| 374 | Fair Isaac Corp. <sup>1</sup> | 562862 | 399260 |
| 5593 | Guidewire Software, Inc. <sup>1</sup> | 935405 | 836489 |
| 30723 | Samsara, Inc., Cl A <sup>1</sup> | 1007854 | 973612 |
|  |  | 2506121 | 2209361 |
|  | **Electronic Components (2.74%)** | **Electronic Components (2.74%)** | **Electronic Components (2.74%)** |
| 2995 | Coherent Corp. <sup>1</sup> | 634842 | 713439 |
|  | **Semiconductors (5.72%)** | **Semiconductors (5.72%)** | **Semiconductors (5.72%)** |
| 7292 | Lattice Semiconductor Corp. <sup>1</sup> | 587193 | 676406 |
| 502 | Monolithic Power Systems, Inc. | 496613 | 548862 |
| 3111 | Rambus, Inc. <sup>1</sup> | 308989 | 267639 |
|  |  | 1392795 | 1492907 |

---

See Notes to Portfolios of Investments.

------

**Baron SMID Cap ETF**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**MARCH 31, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  | **Systems Software (8.70%)** | **Systems Software (8.70%)** | **Systems Software (8.70%)** |
| 2964 | Datadog, Inc., Cl A <sup>1,3</sup> | $384395 | $349900 |
| 25795 | Dynatrace, Inc. <sup>1,3</sup> | 1040080 | 953899 |
| 43552 | Netskope, Inc., Cl A <sup>1</sup> | 635945 | 369756 |
| 12170 | Rubrik, Inc., Cl A <sup>1</sup> | 795829 | 595965 |
|  |  | 2856249 | 2269520 |
| **Total Information Technology** | **Total Information Technology** | **7390007** | **6685227** |
| **Materials (2.27%)** | **Materials (2.27%)** | **Materials (2.27%)** | **Materials (2.27%)** |
|  | **Construction Materials (1.82%)** | **Construction Materials (1.82%)** | **Construction Materials (1.82%)** |
| 1741 | Vulcan Materials Co. | 491577 | 474075 |
|  | **Diversified Metals & Mining (0.45%)** | **Diversified Metals & Mining (0.45%)** | **Diversified Metals & Mining (0.45%)** |
| 2455 | MP Materials Corp. <sup>1</sup> | 146176 | 118478 |
| **Total Materials** | **Total Materials** | **637753** | **592553** |
| **Total Investments (97.95%)** | **Total Investments (97.95%)** | $**27793216** | **25546012** |
| **Cash and Other Assets Less Liabilities (2.05%)** | **Cash and Other Assets Less Liabilities (2.05%)** |  | **535331** |
| **Net Assets** | **Net Assets** |  | $**26081343** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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). 

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Financials ETF**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**MARCH 31, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (98.99%)** | **Common Stocks (98.99%)** | **Common Stocks (98.99%)** | **Common Stocks (98.99%)** |
| **Consumer Discretionary (3.65%)** | **Consumer Discretionary (3.65%)** | **Consumer Discretionary (3.65%)** | **Consumer Discretionary (3.65%)** |
|  | **Broadline Retail (3.65%)** | **Broadline Retail (3.65%)** | **Broadline Retail (3.65%)** |
| 968 | MercadoLibre, Inc. <sup>1</sup> | $**1343537** | $**1673691** |
| **Financials (79.74%)** | **Financials (79.74%)** | **Financials (79.74%)** | **Financials (79.74%)** |
|  | **Asset Management &<br>Custody Banks (5.86%)** | **Asset Management &<br>Custody Banks (5.86%)** | **Asset Management &<br>Custody Banks (5.86%)** |
| 1110 | Blackrock, Inc. | 866439 | 1067498 |
| 17560 | KKR & Co., Inc. | 1969198 | 1624300 |
|  |  | 2835637 | 2691798 |
|  | **Commercial & Residential<br>Mortgage Finance (0.50%)** | **Commercial & Residential<br>Mortgage Finance (0.50%)** | **Commercial & Residential<br>Mortgage Finance (0.50%)** |
| 16000 | Rocket Cos., Inc., Cl A <sup>1</sup> | 370349 | 228000 |
|  | **Consumer Finance (2.39%)** | **Consumer Finance (2.39%)** | **Consumer Finance (2.39%)** |
| 6000 | Capital One Financial Corp. | 1329718 | 1094580 |
|  | **Diversified Banks (6.29%)** | **Diversified Banks (6.29%)** | **Diversified Banks (6.29%)** |
| 28200 | Bank of America Corp. | 1539349 | 1374750 |
| 105168 | NU Holdings Ltd., Cl A <sup>1,2</sup> | 827227 | 1511264 |
|  |  | 2366576 | 2886014 |
|  | **Diversified Financial Services (2.93%)** | **Diversified Financial Services (2.93%)** | **Diversified Financial Services (2.93%)** |
| 12060 | Apollo Global Management, Inc. | 947629 | 1343725 |
|  | **Financial Exchanges & Data (19.72%)** | **Financial Exchanges & Data (19.72%)** | **Financial Exchanges & Data (19.72%)** |
| 5400 | CME Group, Inc. | 1184730 | 1594890 |
| 927 | FactSet Research Systems, Inc. | 374586 | 201150 |
| 3552 | Moody's Corp. | 1260646 | 1549560 |
| 2896 | MSCI, Inc. | 1231765 | 1560973 |
| 5960 | S&P Global, Inc. | 2345984 | 2535027 |
| 13690 | Tradeweb Markets, Inc., Cl A | 1154354 | 1610765 |
|  |  | 7552065 | 9052365 |
|  | **Insurance Brokers (1.82%)** | **Insurance Brokers (1.82%)** | **Insurance Brokers (1.82%)** |
| 8680 | Accelerant Holdings, Cl A <sup>1,2</sup> | 182280 | 115965 |
| 9865 | Baldwin Insurance Group, Inc., Cl A <sup>1</sup> | 283787 | 216438 |
| 8336 | Neptune Insurance Holdings, Inc., Cl A <sup>1,3</sup> | 168272 | 201648 |
| 16400 | TWFG, Inc. <sup>1</sup> | 292937 | 301596 |
|  |  | 927276 | 835647 |
|  | **Investment Banking & Brokerage (18.89%)** | **Investment Banking & Brokerage (18.89%)** | **Investment Banking & Brokerage (18.89%)** |
| 7720 | Houlihan Lokey, Inc. | 547415 | 1108746 |
| 24312 | Interactive Brokers Group, Inc., Cl A | 485175 | 1630606 |
| 6176 | LPL Financial Holdings, Inc. | 1106497 | 1857926 |
| 9100 | Morgan Stanley | 1651310 | 1497587 |
| 7720 | Robinhood Markets, Inc., Cl A <sup>1</sup> | 313178 | 534996 |
| 21708 | The Charles Schwab Corp. | 1760804 | 2040118 |
|  |  | 5864379 | 8669979 |
|  | **Life & Health Insurance (1.26%)** | **Life & Health Insurance (1.26%)** | **Life & Health Insurance (1.26%)** |
| 2312 | Primerica, Inc. | 592104 | 579110 |
|  | **Property & Casualty Insurance (4.55%)** | **Property & Casualty Insurance (4.55%)** | **Property & Casualty Insurance (4.55%)** |
| 10132 | Arch Capital Group Ltd. <sup>1,2</sup> | 823583 | 972571 |
| 1267 | Kinsale Capital Group, Inc. | 224761 | 432883 |
| 3452 | The Progressive Corp. | 400179 | 684324 |
|  |  | 1448523 | 2089778 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
|  | **Transaction & Payment Processing<br>Services (15.53%)** | **Transaction & Payment Processing<br>Services (15.53%)** | **Transaction & Payment Processing<br>Services (15.53%)** |
| 6693 | Block, Inc. <sup>1</sup> | $785332 | $402785 |
| 5016 | Jack Henry & Associates, Inc. | 828646 | 792729 |
| 5131 | Mastercard, Incorporated, Cl A | 1784261 | 2563755 |
| 8396 | Visa, Inc., Cl A | 1778363 | 2537607 |
| 69058 | Wise PLC, Cl A (United Kingdom) <sup>1,2,4</sup> | 703101 | 831609 |
|  |  | 5879703 | 7128485 |
| **Total Financials** | **Total Financials** | **30113959** | **36599481** |
| **Industrials (4.74%)** | **Industrials (4.74%)** | **Industrials (4.74%)** | **Industrials (4.74%)** |
|  | **Research & Consulting Services (4.74%)** | **Research & Consulting Services (4.74%)** | **Research & Consulting Services (4.74%)** |
| 2704 | Equifax, Inc. | 579664 | 486909 |
| 7770 | TransUnion | 691681 | 537607 |
| 6076 | Verisk Analytics, Inc. | 1207790 | 1152921 |
| **Total Industrials** | **Total Industrials** | **2479135** | **2177437** |
| **Information Technology (10.86%)** | **Information Technology (10.86%)** | **Information Technology (10.86%)** | **Information Technology (10.86%)** |
|  | **Application Software (9.19%)** | **Application Software (9.19%)** | **Application Software (9.19%)** |
| 14406 | Alkami Technology, Inc. <sup>1</sup> | 374996 | 225742 |
| 918 | Fair Isaac Corp. <sup>1</sup> | 385615 | 980002 |
| 7336 | Guidewire Software, Inc. <sup>1</sup> | 829080 | 1097172 |
| 3552 | Intuit, Inc. | 1300794 | 1535814 |
| 5984 | ServiceTitan, Inc., Cl A <sup>1</sup> | 503676 | 379744 |
|  |  | 3394161 | 4218474 |
|  | **Internet Services & Infrastructure (1.67%)** | **Internet Services & Infrastructure (1.67%)** | **Internet Services & Infrastructure (1.67%)** |
| 6468 | Shopify, Inc., Cl A <sup>1,2</sup> | 952746 | 767234 |
| **Total Information Technology** | **Total Information Technology** | **4346907** | **4985708** |
| **Total Investments (98.99%)** | **Total Investments (98.99%)** | $**38283538** | **45436317** |
| **Cash and Other Assets Less Liabilities (1.01%)** | **Cash and Other Assets Less Liabilities (1.01%)** |  | **464221** |
| **Net Assets** | **Net Assets** |  | $**45900538** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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). 

<sup>4</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Technology ETF**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**MARCH 31, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (99.01%)** | **Common Stocks (99.01%)** | **Common Stocks (99.01%)** | **Common Stocks (99.01%)** |
| **Communication Services (10.47%)** | **Communication Services (10.47%)** | **Communication Services (10.47%)** | **Communication Services (10.47%)** |
|  | **Interactive Media & Services (6.00%)** |  |  |
| 20503 | Alphabet, Inc., Cl C | $6808697 | $5881491 |
| 4779 | Meta Platforms, Inc., Cl A | 3370032 | 2734209 |
|  |  | 10178729 | 8615700 |
|  | **Movies & Entertainment (4.47%)** |  |  |
| 13219 | Spotify Technology SA <sup>1,2</sup> | 5751744 | 6410025 |
| **Total Communication Services** | **Total Communication Services** | **15930473** | **15025725** |
| **Consumer Discretionary (10.48%)** | **Consumer Discretionary (10.48%)** | **Consumer Discretionary (10.48%)** | **Consumer Discretionary (10.48%)** |
|  | **Automobile Manufacturers (3.53%)** |  |  |
| 13621 | Tesla, Inc. <sup>1</sup> | 4810489 | 5063607 |
|  | **Broadline Retail (6.95%)** |  |  |
| 47871 | Amazon.com, Inc. <sup>1</sup> | 9712233 | 9970093 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **14522722** | **15033700** |
| **Energy (1.53%)** | **Energy (1.53%)** | **Energy (1.53%)** | **Energy (1.53%)** |
|  | **Oil & Gas Equipment & Services (1.53%)** |  |  |
| 38970 | Solaris Energy Infrastructure, Inc. | **2079312** | **2202195** |
| **Health Care (2.37%)** | **Health Care (2.37%)** | **Health Care (2.37%)** | **Health Care (2.37%)** |
|  | **Health Care Services (1.47%)** |  |  |
| 54742 | Hinge Health, Inc., Cl A <sup>1</sup> | 2216773 | 2110852 |
|  | **Health Care Technology (0.90%)** |  |  |
| 53109 | HeartFlow, Inc. <sup>1</sup> | 1416520 | 1292142 |
| **Total Health Care** | **Total Health Care** | **3633293** | **3402994** |
| **Industrials (7.55%)** | **Industrials (7.55%)** | **Industrials (7.55%)** | **Industrials (7.55%)** |
|  | **Aerospace & Defense (3.46%)** |  |  |
| 8792 | Axon Enterprise, Inc. <sup>1</sup> | 4692872 | 3733874 |
| 21565 | Loar Holdings, Inc. <sup>1</sup> | 1548220 | 1235459 |
|  |  | 6241092 | 4969333 |
|  | **Building Products (0.91%)** |  |  |
| 15852 | AAON, Inc. | 1313691 | 1311753 |
|  | **Construction & Engineering (1.79%)** |  |  |
| 4669 | Quanta Services, Inc. | 1736822 | 2563375 |
|  | **Electrical Components &<br>Equipment (1.39%)** |  |  |
| 67974 | Forgent Power Solutions, Inc., Cl A <sup>1,3</sup> | 1964886 | 1989599 |
| **Total Industrials** | **Total Industrials** | **11256491** | **10834060** |
| **Information Technology (66.08%)** | **Information Technology (66.08%)** | **Information Technology (66.08%)** | **Information Technology (66.08%)** |
|  | **Application Software (6.54%)** |  |  |
| 17249 | Guidewire Software, Inc. <sup>1</sup> | 2836586 | 2579761 |
| 13005 | Palantir Technologies, Inc., Cl A <sup>1</sup> | 1910872 | 1902371 |
| 44190 | PAR Technology Corp. <sup>1</sup> | 2103160 | 589053 |
| 93157 | Samsara, Inc., Cl A <sup>1</sup> | 3537316 | 2952145 |
| 3427 | Synopsys, Inc. <sup>1</sup> | 1536311 | 1358737 |
|  |  | 11924245 | 9382067 |
|  | **Communications Equipment (4.01%)** |  |  |
| 16928 | Arista Networks, Inc. <sup>1</sup> | 2384148 | 2078420 |
| 5230 | Lumentum Holdings, Inc. <sup>1</sup> | 1496029 | 3675435 |
|  |  | 3880177 | 5753855 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  | **Electronic Components (3.65%)** |  |  |
| 21981 | Coherent Corp. <sup>1</sup> | $2961672 | $5236094 |
|  | **Internet Services & Infrastructure (5.73%)** |  |  |
| 74390 | GDS Holdings Ltd., ADR <sup>1,2</sup> | 1982052 | 2997173 |
| 44073 | Shopify, Inc., Cl A <sup>1,2</sup> | 5129438 | 5227939 |
|  |  | 7111490 | 8225112 |
|  | **Semiconductor Materials &<br>Equipment (7.57%)** |  |  |
| 2127 | ASML Holding N.V. <sup>2</sup> | 2901134 | 2809405 |
| 37713 | Lam Research Corp. | 5925993 | 8057760 |
|  |  | 8827127 | 10867165 |
|  | **Semiconductors (32.02%)** | **Semiconductors (32.02%)** |  |
| 38857 | Broadcom, Inc. | 9251548 | 12026630 |
| 526418 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 2046889 | 1695066 |
| 3347 | Micron Technology, Inc. | 769117 | 1130751 |
| 1767 | Monolithic Power Systems, Inc. | 1608770 | 1931949 |
| 94916 | NVIDIA Corp. | 11784745 | 16553350 |
| 37306 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR <sup>2</sup> | 8304267 | 12607563 |
|  |  | 33765336 | 45945309 |
|  | **Systems Software (6.56%)** |  |  |
| 10296 | Cloudflare, Inc., Cl A <sup>1,3</sup> | 1309537 | 2124476 |
| 1004 | Crowdstrike Holdings, Inc., Cl A <sup>1</sup> | 422789 | 391972 |
| 14290 | Datadog, Inc., Cl A <sup>1,3</sup> | 1910663 | 1686934 |
| 33401 | Rubrik, Inc., Cl A <sup>1</sup> | 1754241 | 1635647 |
| 13451 | Snowflake, Inc., Cl A <sup>1,3</sup> | 2569928 | 2028680 |
| 11051 | Zscaler, Inc. <sup>1</sup> | 2550120 | 1550345 |
|  |  | 10517278 | 9418054 |
| **Total Information Technology** | **Total Information Technology** | **78987325** | **94827656** |
| **Real Estate (0.53%)** | **Real Estate (0.53%)** | **Real Estate (0.53%)** | **Real Estate (0.53%)** |
|  | **Health Care REITs (0.53%)** | **Health Care REITs (0.53%)** |  |
| 3854 | Welltower, Inc. | **752405** | **761974** |
| **Total Investments (99.01%)** | **Total Investments (99.01%)** | $**127162021** | **142088304** |
| **Cash and Other Assets Less Liabilities (0.99%)** | **Cash and Other Assets Less Liabilities (0.99%)** | **Cash and Other Assets Less Liabilities (0.99%)** | **1424650** |
| **Net Assets** | **Net Assets** | **Net Assets** | $**143512954** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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). 

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

---

| | |
|:---|:---|
| **Baron ETF Trust** | **MARCH 31, 2026** |

---

**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 6 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, and Baron Emerging Markets Select ETF. Baron Emerging Markets Select ETF commenced investment operations on April 8, 2026 and therefore, financial information is not included in this report.

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 growth companies domiciled, headquartered or whose primary business activities or principal trading markets are in developing countries.

**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.

------

---

| | |
|:---|:---|
| **Baron ETF Trust** | **MARCH 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (CONTINUED)** 

**b) Security Valuation (continued)** 

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.

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) 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 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.

**d) 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 March 31, 2026.

------

---

| | |
|:---|:---|
| **Baron ETF Trust** | **MARCH 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**3. RESTRICTED SECURITIES** 

At March 31, 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 March 31, 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** | **Baron First Principles ETF** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies | 12/19/2025 - 2/2/2026 | $30016157 |
|  **Total Restricted Securities:** |  | $30016157 |
|  (Cost $25,000,006) (12.58% of Net Assets) |  |  |

---

**4. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

---

| | |
|:---|:---|
| **Baron ETF Trust** | **MARCH 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (CONTINUED)** 

**The following is a summary of the inputs used as of March 31, 2026 in valuing the Funds' investments carried at fair value:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** |
| **Description** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $208312987 | $— | $— | $208312987 |
|  **Private Common Stocks** |  |  | 30016157 | 30016157 |
|  **Total Investments** | $**208312987** | $**—** | $**30016157** | $**238329144** |
|  | **Baron Global Durable Advantage ETF** | **Baron Global Durable Advantage ETF** | **Baron Global Durable Advantage ETF** | **Baron Global Durable Advantage ETF** |
| **Description** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $6239092 | $1001252 | $— | $7240344 |
|  **Total Investments** | $**6239092** | $**1001252** | $**—** | $**7240344** |
|  | **Baron SMID Cap ETF** | **Baron SMID Cap ETF** | **Baron SMID Cap ETF** | **Baron SMID Cap ETF** |
| **Description** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $25546012 | $— | $— | $25546012 |
|  **Total Investments** | $**25546012** | $**—** | $**—** | $**25546012** |
|  | **Baron Financials ETF** | **Baron Financials ETF** | **Baron Financials ETF** | **Baron Financials ETF** |
| **Description** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $44604708 | $831609 | $— | $45436317 |
|  **Total Investments** | $**44604708** | $**831609** | $**—** | $**45436317** |
|  | **Baron Technology ETF** | **Baron Technology ETF** | **Baron Technology ETF** | **Baron Technology ETF** |
| **Description** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $142088304 | $— | $— | $142088304 |
|  **Total Investments** | $**142088304** | $**—** | $**—** | $**142088304** |

---

† See Portfolios of Investments for additional detailed categorizations.

------

---

| | |
|:---|:---|
| **Baron ETF Trust** | **MARCH 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**4. 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** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** |
| **Investments in Securities** | **Balance<br>as of<br>December 31,<br>2025** | **Accrued<br>Premiums/<br>Discounts** | **Net Realized<br>Gain (Loss)** | **Change<br>in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into**<br>**Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance<br>as of<br>March 31,**<br>**2026** | **Change<br>in Net<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**from<br>Investments<br>still held at**<br>**March 31,**<br>**2026** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
|  Industrials | $0 | $— | $— | $5016151 | $20000026 | $— | $4,999,980\* | $— | $30016157 | $5016151 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
|  Communication Services | 4999980 |  |  |  |  |  |  | (4999980)\* |  |  |
|  **Total** | $**4999980** | $**—** | $**—** | $**5016151** | $**20000026** | $**—** | $**4999980** | $**(4999980)** | $**30016157** | $**5016151** |

---

\* X.AI Holdings Corp. private preferred stock converted into Space Exploration Technologies Corp. Class A, private common stock on February 2, 2026.

**Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of March 31, 2026 were as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** | **Baron First Principles ETF** |
| **Sector** | **Fair Value as of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026**  | **Valuation Technique** | **Unobservable Input** | **Weighted Average** <br> **used on**<br> **March 31, 2026** | **Range used on<br> March 31, 2026\*** | **Impact<br>to<br>Valuation<br>from an<br> Increase** <br> **in Input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | **$30016157** | Observed<br>Transaction | Observed<br>Transaction Price | $526.59 | N/A | Increase |

---

<sup>\*</sup> N/A indicates that the range used is not applicable as unobservable inputs are disclosed at the security level.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Represents the directional change in the fair value of Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Baron ETF Trust

- **b. Investment Company Act file number:** 811-24115

- **c. CIK number of Registrant:** 0002081199

- **d. LEI of Registrant:** 254900L48RFIKHJ8JR75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 767 Fifth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

  - **Telephone number:** 212-583-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Baron Global Durable Advantage ETF

- **b. EDGAR series identifier (if any):** S000096482

- **c. LEI of Series:** 254900O7KOJCGZN1CR58

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $7273975.88

**Total Liabilities:** $4472.95

**Net Assets:** $7269502.93

**Cash Not Reported:** $58979.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000265317 | 2.15%                | -1.66%               | -7.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39.34                  | $63503.30                                  |
| Month 2  | $52314.10                | $-175851.02                                |
| Month 3  | $-21837.88               | $-558362.30                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                              | Alphabet Inc                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1261 | NS      | $361730.46    | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      2111 | NS      | $439657.97    | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                             | Amphenol Corp                             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |       545 | NS      | $68860.75     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                             | AppLovin Corp                             | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       173 | NS      | $68854.00     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                           | Brookfield Corp                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      6132 | NS      | $248162.04    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                             | CME Group Inc                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       715 | NS      | $211175.25    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Canada         | Constellation Software Inc/Canada         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        70 | NS      | $122880.67    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                               | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      5501 | NS      | $103858.88    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       421 | NS      | $240866.73    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                             | HDFC Bank Ltd                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      3989 | NS      | $99246.32     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE       | LVMH Moet Hennessy Louis Vuitton SE       | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |       177 | NS      | $96756.94     | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| HEICO Corp                                | HEICO Corp                                | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |       604 | NS      | $127498.36    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc             | Hilton Worldwide Holdings Inc             | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       618 | NS      | $187921.44    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                              | KKR & Co Inc                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      1123 | NS      | $103877.50    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                | LPL Financial Holdings Inc                | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       279 | NS      | $83931.57     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA                  | Hermes International SCA                  | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        87 | NS      | $164808.52    | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                            | Eli Lilly & Co                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       200 | NS      | $183954.00    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                  | MSCI Inc                                  | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       334 | NS      | $180029.34    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        65 | NS      | $112386.30    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ajinomoto Co Inc                          | Ajinomoto Co Inc                          | CUSIP: 000000000<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |      6414 | NS      | $181331.72    | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc              | Monolithic Power Systems Inc              | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       112 | NS      | $122455.20    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                              | Keyence Corp                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       237 | NS      | $84349.99     | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2616 | NS      | $456230.40    | 6.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                       | Quanta Services Inc                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |       151 | NS      | $82902.02     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                            | S&P Global Inc                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       746 | NS      | $317303.64    | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1498 | NS      | $506249.10    | 6.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                      | Tencent Holdings Ltd                      | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      2354 | NS      | $148819.88    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc              | Thermo Fisher Scientific Inc              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       250 | NS      | $122882.50    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                       | TransDigm Group Inc                       | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       152 | NS      | $176161.92    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                  | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1281 | NS      | $387169.44    | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                | Watsco Inc                                | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |       219 | NS      | $79670.01     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                             | Welltower Inc                             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |       935 | NS      | $184858.85    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Indutrade AB                              | Indutrade AB                              | CUSIP: 000000000<br>LEI: 549300FISLQ6CEFP1867 | Long             | EC               | CORP              | SE        |      5835 | NS      | $133789.85    | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Lifco AB                                  | Lifco AB                                  | CUSIP: 000000000<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |      5800 | NS      | $175463.89    | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                            | Atlas Copco AB                            | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |      9336 | NS      | $164750.74    | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands            | NU Holdings Ltd/Cayman Islands            | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     11256 | NS      | $161748.72    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                               | Wix.com Ltd                               | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      1046 | NS      | $94213.22     | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       212 | NS      | $280015.96    | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                | Ferrari NV                                | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |       221 | NS      | $74797.45     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA                       | Stevanato Group SpA                       | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |      5103 | NS      | $70166.25     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

**Name of Applicant:** Baron ETF Trust

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer