Zacks Investment ResearchT3·18d ago
RONB Baron First Principles ETF
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
RONB
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Key stats
About
Baron First Principles ETF (RONB) ETF
No description available.
- Exchange
- XNYS
- Inception
- 2025-12-12
- Has Options
- No
Fund profile
holdings as of Oct 14, 2026third-party datathrough Jun 2026flows, SEC filings
- Expense ratio
- 1.00% prospectus, filed Apr 30, 2026
- Assets
- $492M SEC filing, Jun 30, 2026
- Trailing yield
- 0.00%
- Average daily volume
- $3.6M 30 sessions
- Holdings
- 22 top 10 are 79.2%
- Listed
- Dec 12, 2025 NYSE
- Last fee change
- -77 bp filed Jan 16, 2026
Cost3
Liquidity52
Scale49
Diversification3
Moves with. US large-cap stocks (37% of its variance, beta 1.19); Developed markets ex-US over US (4% of its variance, beta -0.46). These factors explain 37% of its daily moves over the last year.
Stated objective. The investment goal of Baron First Principles ETF (the Fund) is capital appreciation. (from the fund's prospectus)
All 22 holdingsFlow historySimilar fundsOverlap toolAll Large Cap Blend ETFs
Fund flows
through Jun 2026SEC filings- Jun 2026
- −$1.2B latest reported month
- Latest 3 months
- +$49M +9.9% of assets
- Latest 12 months
- —
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$1.2B |
| May 2026 | +$1.1B |
| Apr 2026 | +$106M |
| Mar 2026 | +$100M |
| Feb 2026 | +$61M |
| Jan 2026 | +$75M |
| Dec 2025 | +$68M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 7 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| ORBXGlobal X Space Tech ETF | 24% | 0.50% | $41M | — | compare |
| WARPVanEck Space ETF | 22% | 0.50% | $58M | — | compare |
| ARKKARK Innovation ETF | 19% | 0.75% | $5.7B | −11.2% | compare |
| LLMAGlobal X LLM ETF | 19% | 0.75% | — | — | compare |
| ARKQARK Autonomous Technology & Robotics ETF | 18% | 0.75% | $1.6B | −11.7% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 14, 2026third-party data- Holdings vs fair value
- −1.8% 8% under, 26% over · 100% covered
- Price / earnings
- 35.5 0% loss-making · 53% covered
- Price / book · sales
- — · 5.1 revenue growth +6.7%
- Above 200-day average
- 68% 36% above 50-day · by weight
- Short interest
- 5.4% of float, weighted · 3.2 days to cover
- Insider buying
- 4% of weight had net insider buying, 90 days; 29% net selling
- 13F holders
- −0.1% change in shares held by institutions, latest quarter
- Reporting earnings
- 1.9% of weight in 7 days; 1.9% in 14
Holdings reporting in the next 14 days · weighted implied move this week 0.20%
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
What changed in the portfolio
Mar 31, 2026 → Jun 30, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| New position | SPCXSpace Exploration Technologies Corp | — | 32.06% | — |
| Exit | Space Exploration Technologies | 5.70% | — | — |
| Exit | ITGartner Inc | 4.20% | — | — |
| Decrease | GWREGuidewire Software Inc | 3.70% | 1.47% | −32.9% |
| Decrease | SHOPShopify Inc | 5.39% | 3.29% | −12.1% |
| Decrease | KNSLKinsale Capital Group Inc | 2.92% | 0.83% | −59.2% |
| Decrease | FDSFactSet Research Systems Inc | 4.43% | 2.39% | −29.5% |
| New position | MORNMorningstar Inc | — | 1.97% | — |
| Exit | CSGPCoStar Group Inc | 1.97% | — | — |
| Increase | TSLATesla Inc | 13.59% | 12.39% | +11.7% |
Under the hood
fiscal year to Dec 31, 2025SEC census- Authorized participants
- 1 active of 4 with agreements; top 3 did 100%
- Created · redeemed
- $71M · $0 over the fiscal year
- Redemptions in kind
- 0% creations 93% in kind
- Creation unit
- 10,000 shares
- Securities lending
- authorized, none lent
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-06-30
Holdings
24
AUM
$491.2M
Provider
Nport
Inception
2025-12-12
Exchange
XNYS
Data As Of
2026-06-30
Expense Ratio
1.00%
Dividend Yield
0.00%
Distribution
—
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-22 | 2026-09-23 | $0.0002 | SC |
Asset Allocation
Top Holdings
top 24 of 24 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp | 32.06% | Equity (common) | US |
| TSLA | Tesla Inc | 12.39% | Equity (common) | US |
| MSCI | MSCI Inc | 4.48% | Equity (common) | US |
| H | Hyatt Hotels Corp | 4.47% | Equity (common) | US |
| SCHW | Charles Schwab Corp/The | 3.75% | Equity (common) | US |
| IBKR | Interactive Brokers Group Inc | 3.52% | Equity (common) | US |
| SHOP | Shopify Inc | 3.29% | Equity (common) | CA |
| RRR | Red Rock Resorts Inc | 3.03% | Equity (common) | US |
| VRSK | Verisk Analytics Inc | 2.91% | Equity (common) | US |
| — | Spotify Technology SA | 2.69% | Equity (common) | LU |
| — | Birkenstock Holding Plc | 2.49% | Equity (common) | JE |
| FDS | FactSet Research Systems Inc | 2.39% | Equity (common) | US |
| CHH | Choice Hotels International Inc | 2.31% | Equity (common) | US |
| FIGS | Figs Inc | 2.29% | Equity (common) | US |
| HEI.A | HEICO Corp | 2.28% | Equity (common) | US |
| MTN | Vail Resorts Inc | 2.25% | Equity (common) | US |
| — | On Holding AG | 2.07% | Equity (common) | CH |
| MORN | Morningstar Inc | 1.97% | Equity (common) | US |
| — | Arch Capital Group Ltd | 1.85% | Equity (common) | BM |
| ABNB | Airbnb Inc | 1.85% | Equity (common) | US |
| IDXX | IDEXX Laboratories Inc | 1.72% | Equity (common) | US |
| LYV | Live Nation Entertainment Inc | 1.50% | Equity (common) | US |
| GWRE | Guidewire Software Inc | 1.47% | Equity (common) | US |
| KNSL | Kinsale Capital Group Inc | 0.83% | Equity (common) | US |
Geographic Breakdown
Chart
Seasonality
| Month | '25 | '26 | Avg |
|---|---|---|---|
| Jan | -- | -2.22% | -2.22% |
| Feb | -- | 1.12% | 1.12% |
| Mar | -- | -6.42% | -6.42% |
| Apr | -- | 1.49% | 1.49% |
| May | -- | 4.90% | 4.90% |
| Jun | -- | -1.37% | -1.37% |
| Jul | -- | -13.09% | -13.09% |
| Aug | -- | 12.40% | 12.40% |
| Sep | -- | -1.35% | -1.35% |
| Oct | -- | 2.69% | 2.69% |
| Nov | -- | 1.81%* | 1.81% |
| Dec | -0.33% | -- | -0.33% |
| Total | -0.33% | -2.11% | -1.22% |
* Only 2 year(s) of data available.
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $24.56
SMA 50: $24.18
SMA 200: $23.67
Current: $25.02
EMA 12: $24.46
EMA 26: $24.42
MACD: 0.0344 | Signal: -0.0638
BULLISH
ADX (14): 11.20
RANGE
+DI: 27.57
−DI: 28.07
Momentum Oscillators
RSI (14): 55.05
NEUTRAL
Stoch %K: 35.30
Stoch %D: 30.67
Williams %R: -31.61
Volume & Volatility
BB Upper: $25.46
BB Lower: $23.66
NEUTRAL
OBV: -4,376,717
Vol SMA 20: 133,051
Vol ROC: 21.69%
ATR: $0.67
True Range: $0.99
HV 20: 38.9%
HV 30: 35.3%
HV 60: 29.0%
Data Summary
Data Points: 226
Last Updated:
Date Range: 2025-12-15T00:00:00 – 2026-11-06T00:00:00
AI Analysis
LLM Stock Analysis Report: RONB
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 6/10)
Key Drivers: Recent news sentiment around SpaceX IPO, ETFs, and industry trends
Primary Risks: Volatility in the space sector, potential regulatory hurdles for SpaceX
Investment Thesis: RONB's recent performance is driven by its exposure to SpaceX-related investments. As the market waits for the SpaceX IPO, this ETF may continue to see short-term volatility. However, as the industry trends become clearer, we expect RONB to settle into a moderate uptrend.
Recent News Sentiment Impact: The news headlines have been mixed, with both positive and negative sentiments expressed about SpaceX's IPO and potential impact on the market. This sentiment will likely continue to influence the stock's short-term performance.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): NEUTRAL
- Medium-term (1-3 months): UPTREND
- Long-term (3-12 months): BULLISH
Support/Resistance Levels: The 20-SMA at $23.90 provides a key support level, while the upper Bollinger Band at $24.42 offers resistance.
Momentum Signals:
- RSI interpretation: NEUTRAL (55.06)
- MACD signal: BULLISH
- Bollinger Bands position: NEUTRAL
Volume Analysis: Volume has been relatively low, indicating a lack of institutional interest in the stock.
News & Sentiment Analysis
Recent Headlines Summary: The news headlines have focused on SpaceX's potential IPO and its impact on the space sector. While some articles expressed positive sentiment about RONB's exposure to this trend, others highlighted potential risks associated with regulatory hurdles.
Sentiment Assessment: The overall sentiment is NEUTRAL, as both positive and negative opinions are represented in the news headlines.
Catalyst Identification: Upcoming events that could impact RONB's performance include the SpaceX IPO, regulatory changes in the space sector, and industry trends shaping the ETF's exposure to SpaceX-related investments.
Risk & Volatility Assessment
Beta Interpretation: With a beta of 0.96, RONB is considered moderately volatile relative to the market.
Volatility Regime: The stock's volatility has been moderate, with recent levels indicating a lack of significant price movement.
Options Market Signals: No options data available.
Downside Protection: The support level at $23.90 provides a key stop-loss point for investors looking to manage risk.
Market Context & Positioning
Sector Performance: The space sector has been performing well, driving RONB's recent gains.
Institutional Activity: Institutional interest in the stock has been low, suggesting a lack of significant buying pressure.
Correlation Analysis: RONB has a moderate correlation (0.53) with the SPY index, indicating that it generally follows market trends.
Relative Valuation: The stock's price-to-book ratio is slightly elevated, but not unusually so for this sector.
Key Levels & Action Items
Critical Price Levels: Support at $23.90 and resistance at $24.42 are key levels to monitor.
Breakout/Breakdown Levels: A move above or below these support/resistance levels could trigger significant price movements.
Time-Sensitive Catalysts: The SpaceX IPO, regulatory changes in the space sector, and industry trends shaping RONB's exposure to SpaceX-related investments.
Risk Management: Investors should consider stop-loss levels around $23.90 and position sizing considerations based on their risk tolerance.
Generated
News
All RONB news →
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RONB Options Activity & IV Rank
Loading options activity...
Spread Scanner
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Calendars: the long leg is valued at the short leg’s expiration (Black-Scholes at its current IV) across the range of prices the short leg’s IV implies, giving the best-case profit (R/R = that over the debit) and P(profit).
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Scanning bull put, bear call, iron condor and calendar spreads…
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
30 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Loading the implied volatility surface…
Volatility Smile
Loading the implied volatility smile…
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 1.0766
Alpha: -10.32%
Correlation: 0.5857
R-Squared: 34.3%
Stock Volatility: 25.5%
Market Volatility: 13.9%
Analysis Details
Benchmark: SPY
Data Points: 226
Period: 252 trading days
Data Points: 226
Period: 252 trading days
Interpretation:
Above average volatility - stock moves with market amplification
Above average volatility - stock moves with market amplification
Beta & Alpha Over Time
RONB Institutional Ownership (13F)
Filings for 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
RONB Constituent Performance
Click any bar to view the full quote for that stock.
RONB Constituents (20 of 20)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp | 32.06% | $141.41 | +5.32% | +3.70% | -13.47% |
| TSLA | Tesla Inc | 12.39% | $379.9 | +6.05% | -5.92% | +0.49% |
| MSCI | MSCI Inc | 4.48% | $648.32 | +1.14% | +1.74% | +14.14% |
| H | Hyatt Hotels Corp | 4.47% | $185.01 | +0.37% | -0.51% | +14.78% |
| SCHW | Charles Schwab Corp/The | 3.75% | $93.21 | +1.88% | +5.07% | -3.97% |
| IBKR | Interactive Brokers Group Inc | 3.52% | $78.14 | +3.05% | +4.42% | -11.10% |
| SHOP | Shopify Inc | 3.29% | $151.9 | +2.01% | -2.77% | -15.24% |
| RRR | Red Rock Resorts Inc | 3.03% | $50.04 | +3.77% | -2.91% | -0.28% |
| VRSK | Verisk Analytics Inc | 2.91% | $200.7 | -1.90% | -0.40% | +13.08% |
| FDS | FactSet Research Systems Inc | 2.39% | $326.75 | -0.35% | -4.94% | +13.19% |
| CHH | Choice Hotels International Inc | 2.31% | $120.23 | +1.11% | +1.37% | +16.30% |
| FIGS | Figs Inc | 2.29% | $21.75 | +9.75% | +2.17% | +22.62% |
| HEI.A | HEICO Corp | 2.28% | $257.95 | +3.06% | +2.53% | +15.74% |
| MTN | Vail Resorts Inc | 2.25% | $160.26 | +1.05% | +3.51% | +9.02% |
| MORN | Morningstar Inc | 1.97% | $246.84 | +1.10% | +3.40% | +20.82% |
| ABNB | Airbnb Inc | 1.85% | $193.38 | +1.78% | +13.02% | +18.28% |
| IDXX | IDEXX Laboratories Inc | 1.72% | $707.24 | +4.61% | +5.30% | +34.98% |
| LYV | Live Nation Entertainment Inc | 1.50% | $175.62 | +0.21% | -0.87% | +3.52% |
| GWRE | Guidewire Software Inc | 1.47% | $161.41 | +0.00% | -0.63% | -2.02% |
| KNSL | Kinsale Capital Group Inc | 0.83% | $388.54 | +1.25% | +2.35% | +13.90% |