ETF Evaluator:
Baron SMID Cap ETF ()
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(as of Aug 26)
Best Performing in Mid-Cap Growth Over the Last Year
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ETF Details
Baron SMID Cap ETF Overview
Baron SMID Cap ETF (BCSM) is an actively managed U.S. Equity Mid-Cap Growth exchange-traded fund (ETF). Baron Capital Group, Inc. launched the ETF in 2025.
The investment seeks capital appreciation.
The fund is a diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities (including depositary receipts) of small- and mid‑sized companies.
About Baron SMID Cap ETF (BCSM)
There are 2 members of the management team with an average tenure of 0.63 years: Laird Bieger (2025) and Randolph Gwirtzman (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Baron SMID Cap ETF has 57 securities in its portfolio. The top 10 holdings constitute 28.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Baron SMID Cap ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Baron SMID Cap ETF has 4.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.1% There is 4.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Baron SMID Cap ETF has 6.2% of the portfolio in cash.
Assets Under Management
The fund has $32 million in total assets, which is below the $1 billion average for the Mid-Cap Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BCSM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Baron SMID Cap ETF expense ratio is above average compared to funds in the Mid-Cap Growth category. Baron SMID Cap ETF has an expense ratio of 0.75%, which is 42% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Baron SMID Cap ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 1.0 years. By way of comparison, the average portfolio turnover is 166% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Baron SMID Cap ETF returned -3.7%, which earned it a grade of B, as the Mid-Cap Growth category had an average return of -6.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Baron SMID Cap ETF has a trailing yield of 0.00%, which is below the 0.41% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Baron SMID Cap ETF Grades
Year to date, the ETF has returned -0.4%, 9.9 percentage points worse than the category, which translates into a grade of F.
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BCSM Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BCSM Return (NAV) | -3.7% | 5.3% | na | na | na | na |
| BCSM Return (Price) | -3.5% | 5.5% | na | na | na | na |
| NAV +/- Price Return | -0.160% | -0.171% | na | na | na | na |
| Mid-Cap Growth Avg | -6.0% | 2.2% | 13.8% | 14.5% | 4.1% | 11.9% |
| BCSM Grade (NAV) | B | B | na | na | na | na |
| +/- Category (NAV) | 2.4% | 3.1% | na | na | na | na |
| BCSM Tax-Cost Ratio | na | na | na | na | na | na |
BCSM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BCSM Return (NAV) | -0.4% | na | na | na | na | na | na | na | na | na | na |
| BCSM Return (Price) | -0.5% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.400% | na | na | na | na | na | na | na | na | na | na |
| Mid-Cap Growth Avg | 9.5% | 11.5% | 20.5% | 23.6% | -30.6% | 9.4% | 50.3% | 29.2% | -8.2% | 29.5% | 7.9% |
| BCSM Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -9.9% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 32 Mil |
| Share Class Assets: | $ 32 Mil |
| Turnover: | 1.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Bieger Laird (2025), Gwirtzman Randolph (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 57 |
| % in Top 10 Holdings: | 28.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.7% |
Portfolio Allocation |
|
| Domestic Stock: | 89.1% |
| Foreign Stock: | 4.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Baron Capital Group, Inc. |
| Phone Number: | 212-583-2100 |
| Website: | |
| Inception Date: | December 12, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.53% |
