The Baron Emerging Markets Select ETF (BCEM) is a high-conviction portfolio primarily targeting growth-oriented companies within developing nations. It seeks out businesses distinguished by exceptional leadership, enduring competitive advantages, and substantial potential for long-term expansion. The investment methodology prioritizes identifying secular growth opportunities stemming from profound, long-term shifts such as technological breakthroughs and evolving regulatory frameworks. The strategy's dual objective is to maximize capital appreciation while diligently mitigating risks related to asset quality, market liquidity, and creditworthiness. Although predominantly focused on emerging economies, the fund possesses the flexibility to allocate up to 20% of its holdings to companies in developed or frontier markets. Crucially, the fund does not hedge against currency risks. Its investments are not restricted by company size and can include entities across the full spectrum of market capitalizations.