https://www.sec.gov/Archives/edgar/data/1217673/000119312525182599/d947285d497.htm497 1 d947285d497.htm BARON SELECT FUNDS
Filed by Baron ETF Trust
pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Baron Select Funds
SEC File No. 811-06312 and 333-103025
Baron Select Funds®
Baron FinTech Fund®
Baron Technology Fund®
Supplement to Current Summary Prospectuses and Prospectus
For all existing and prospective shareholders of Baron FinTech Fund and Baron Technology Fund:
•Baron FinTech Fund and Baron Technology Fund (each, an “Acquired Fund”) will each be converted from a mutual fund into an exchange-traded fund (“ETF”), which is expected to occur on or about December 12, 2025.
•If you are an existing shareholder of an Acquired Fund, and your account can hold an ETF, your shares will be converted, and no action is needed by you.
•If you hold shares of an Acquired Fund in an account that cannot hold an ETF (i.e., your account is not permitted to purchase securities traded in the stock market), there are certain actions you can take. See the “Questions and Answers” section below for further information.
At a meeting held on August 5, 2025 (the “Meeting”), the Board of Trustees of Baron Select Funds (the “Acquired Fund Trust”) approved on behalf of the Acquired Funds and the Board of Trustees of Baron ETF Trust (the “Acquiring Fund Trust”) approved on behalf of Baron Financials ETF and Baron Technology ETF (each, an “Acquiring Fund” and together with the Acquired Funds, the “Funds”) (the Board of Trustees of Acquired Fund Trust and the Board of Trustees of Acquiring Fund Trust are referred to herein collectively as the “Board”) an Agreement and Plan of Reorganization pursuant to which an Acquired Fund, a series of the Acquired Fund Trust, will transfer its assets and liabilities to its corresponding Acquiring Fund, each a series of Acquiring Fund Trust, in exchange for shares of its corresponding Acquiring Fund in a tax-free reorganization (each, a “Reorganization”). Each Acquiring Fund is, and will be immediately prior to the date of the closing, a shell series, without assets or liabilities. The Board, including all of the
Trustees who are not “interested persons” of the Funds (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), determined that, for each Acquired Fund and Reorganization, participation in the Reorganization is in the best interests of the Acquired Fund and that the interests of existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Each Reorganization is expected to become effective on or about December 12, 2025 (the “Closing Date”).
Each Acquiring Fund will have an identical investment objective and identical fundamental investment policies as its corresponding Acquired Fund, as well as substantially similar investment strategies. Baron FinTech Fund and Baron Financials ETF are diversified, while Baron Technology Fund and Baron Technology ETF are non-diversified. BAMCO, Inc. (“BAMCO” or the “Adviser”), the Acquired Funds’ current investment adviser, will serve as the investment adviser of the Acquiring Funds. The portfolio management team of each Acquiring Fund is the same as that of its corresponding Acquired Fund.
The Board believes each Reorganization will permit shareholders of the Acquired Portfolio to pursue the same investment objective in an ETF structure, which provides multiple benefits for shareholders, including lower costs, the potential for increased tax efficiency, intraday trading and full daily holdings transparency.
Each Reorganization is structured to be a tax-free reorganization under the United States Internal Revenue Code of 1986, as amended. As a result, Acquired Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes as a result of the Reorganizations (although cash received as part of a Reorganization may be taxable, as noted below).
In connection with the Reorganizations, shareholders of the Acquired Funds will generally receive ETF shares of the Acquiring Funds equal in aggregate net asset value to the number of shares of the Acquired Funds they own. For the avoidance of doubt, the Acquiring Funds shall not issue fractional shares, and cash shall be distributed to Acquired Fund Shareholders in connection with the Reorganizations in lieu of fractional Acquiring Fund shares.
Shareholders who do not want or cannot hold Acquiring Fund shares may redeem out of the Acquired Funds or exchange their Acquired Fund shares for shares of another fund. A redemption or exchange of shares would generally be a taxable event for shareholders holding shares in taxable accounts.
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If you hold your Acquired Fund shares in an account with a financial intermediary that is not able to hold shares of an ETF such as the Acquiring Funds, like many individual retirement accounts or group retirement plans, as of the Closing date, you will not receive Acquiring Fund shares as part of the conversion. Instead, your Acquired Fund shares will be liquidated, and you may receive cash equal in value to the net asset value of your Acquired Fund shares.
Completion of the Reorganizations is subject to making various filings with the U.S. Securities and Exchange Commissions (the “SEC”) and a number of conditions under the Plans. The Reorganizations do not require shareholder approval. Acquired Fund shareholders will receive an information statement/prospectus describing in detail both the Reorganizations and the Acquiring Funds, and a summary of the Board’s considerations in approving the Reorganizations.
In anticipation of the Reorganizations:
•on or about October 31, 2025, all Rule 12b-1 fees on Retail Shares of the Acquired Funds will be waived;
•on or about October 31, 2025, all issued and outstanding shares of the Acquired Funds will be closed to new shareholders and subsequent purchases through the time of the Reorganizations.
These dates may be subject to change.
An Information Statement/Prospectus with respect to the Reorganizations is expected to be mailed to Acquired Fund shareholders in October 2025. The Information Statement/Prospectus will describe the Acquiring Funds and other matters. Investors may obtain a free copy of the Prospectus of the Acquiring Funds once the registration statement of the Acquiring Funds becomes effective or by calling (800) 823-6300.
Please retain this supplement for future reference...
