ETF Evaluator:
Baron First Principles ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Growth Over the Last Year
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ETF Details
Baron First Principles ETF Overview
Baron First Principles ETF (RONB) is an actively managed U.S. Equity Large Growth exchange-traded fund (ETF). Baron Capital Group, Inc. launched the ETF in 2025.
The investment seeks capital appreciation.
The fund is a non‑diversified fund that, under normal circumstances, invests primarily in equity securities (including depositary receipts) of U.S. growth companies of any market capitalization. It is non-diversified.
About Baron First Principles ETF (RONB)
There are 3 members of the management team with an average tenure of 0.63 years: Ronald Baron (2025), Michael Baron (2025) and David Baron (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Baron First Principles ETF has 24 securities in its portfolio. The top 10 holdings constitute 72.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Baron First Principles ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Baron First Principles ETF has 3.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.2% There is 3.7% 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 First Principles ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $321 million in total assets, which is below the $8 billion average for the Large 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.
RONB 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 First Principles ETF expense ratio is high compared to funds in the Large Growth category. Baron First Principles ETF has an expense ratio of 1.00%, which is 103% higher than its category average, making the fund expense ratio grade a F. 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 First Principles ETF has a portfolio turnover rate of 18%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of July 2026, Baron First Principles ETF returned -14.0%, which earned it a grade of F, as the Large Growth category had an average return of -3.8%. 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 First Principles ETF has a trailing yield of 0.00%, which is below the 0.53% 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 First Principles ETF Grades
Year to date, the ETF has returned -15.8%, 22.0 percentage points worse than the category, which translates into a grade of F.
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RONB 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 |
|
| RONB Return (NAV) | -14.0% | -9.4% | na | na | na | na |
| RONB Return (Price) | -14.0% | -9.6% | na | na | na | na |
| NAV +/- Price Return | 0.043% | 0.123% | na | na | na | na |
| Large Growth Avg | -3.8% | 2.7% | 13.0% | 19.6% | 9.9% | 15.8% |
| RONB Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -10.2% | -12.1% | na | na | na | na |
| RONB Tax-Cost Ratio | na | na | na | na | na | na |
RONB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RONB Return (NAV) | -15.8% | na | na | na | na | na | na | na | na | na | na |
| RONB Return (Price) | -16.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.021% | na | na | na | na | na | na | na | na | na | na |
| Large Growth Avg | 6.2% | 16.9% | 30.5% | 38.6% | -30.7% | 21.6% | 37.2% | 33.0% | -2.1% | 28.4% | 5.0% |
| RONB Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -22.0% | 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: | $ 322 Mil |
| Share Class Assets: | $ 322 Mil |
| Turnover: | 18.0% |
| Expense Ratio: | 1.00% |
| 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: 3 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Baron Ronald (2025), Baron Michael (2025), Baron David (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 24 |
| % in Top 10 Holdings: | 72.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.7% |
Portfolio Allocation |
|
| Domestic Stock: | 96.2% |
| Foreign Stock: | 3.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
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 (%): | 1.00% (Rating: High) |
| Category Average Expense Ratio (%): | 0.49% |
