| Investment Objective: |
The investment goal of Baron Risk Optimized Large Cap ETF (the "Fund") is capital appreciation. The Fund is a diversified fund that, invests its net assets in equity securities (including depositary receipts) of U.S. large-sized companies. The Adviser seeks to invest primarily in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. In constructing and managing the portfolio, the Adviser supplements its fundamental company-focused research findings with quantitative modeling tools to inform investment decisions. These tools are used to assist the Adviser in evaluating, monitoring, and managing portfolio exposures across various investment characteristics and risk dimensions. The Fund is actively managed. In evaluating whether a business has an exceptional management team, the Adviser considers a range of qualitative factors, including management's integrity and character, long-term strategic vision, operational and capital allocation competence, leadership and communication style, business practices and decision-making discipline, alignment with shareholders, and the team's relevant experience and track record executing through different business and market environments. |
