Baron Financials ETF Reports Quarterly Performance

Baron Financials ETF (BCFN) reported that in the quarter ended December 31, 2025 its NAV fell 2.22%, versus a 7.19% decline for the FactSet Global FinTech Index and a 2.07% gain for the MSCI USA Financials Index. On December 15, 2025 the product converted from a mutual fund to an ETF and adopted the MSCI USA Financials Index as its new benchmark; the manager says the investment strategy remains unchanged.