The Baron Technology ETF (BCTK) employs an active management strategy, focusing its investments primarily in the stock of technology companies both within the United States and abroad. Firms are selected based on their strong potential for expansion, which is driven by their role in developing, advancing, or utilizing technology. A maximum of 35% of the fund's total assets may be allocated to non-U.S. securities. BCTK broadly defines technology companies to encompass a wide array of sub-sectors, including software, IT consulting, IT services, interactive home entertainment, interactive media and services, networking equipment, telecommunications services, communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and components, semiconductors and semiconductor equipment, as well as internet and direct marketing retail. This ETF originated from a conversion of the Baron Technology Fund mutual fund, commencing operations with an initial asset base of roughly $103.19 million.