Baron Emerging Markets Select ETF

Franklin FTSE India ETF

Taiwan Semiconductor Manufacturing Company Limited (TSM), known as TSMC, is the world's largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
TSMC is the dominant force in leading-edge semiconductor foundry manufacturing, as it benefits from economies of scale and a superior cost structure. The company's successful track record of deploying new technology faster than competitors helps it maintain market share and pricing power. We believe TSMC’s investments in advanced nodes will strengthen its market leadership and support long-term profitability.

Samsung Electronics Co., Ltd. (005930.KS) is a Korean technology conglomerate known for its leadership in consumer electronics and semiconductor manufacturing.
Samsung is the bellwether for global technology innovation and continues to deliver robust earnings across memory, logic, display, and smartphones. We are confident Samsung can maintain its technology leadership for years to come, given its strong research and development track record and ability to meet ever-changing global consumer demand.

SK hynix Inc. (000660.KS) is a South Korean semiconductor manufacturer and a leading global supplier of dynamic random-access memory (DRAM) and NAND flash memory, used across data centers, AI accelerators, PCs, smartphones, and other electronic devices.
Memory demand is structurally growing as devices become increasingly computationally intensive. We believe SK hynix will remain a key beneficiary of rising adoption of High Bandwidth Memory (HBM), which leverages advanced packaging to vertically stack DRAM chips, delivering higher bandwidth, improved power efficiency, and a smaller form factor. SK hynix has emerged as the industry leader in cutting-edge HBM, and we expect the company to generate strong earnings growth over the next several years, with significant upside from incremental long-term AI-driven demand.

Tencent Holdings Limited (700.HK) is a leading internet services provider and the top game developer in China. Tencent's primary platforms include QQ for instant messaging and WeChat for mobile messaging, social media, and mobile payments.
We are bullish on Tencent's ability to grow earnings per share at low-double-digit rates over the long term and to meaningfully enter new markets like e-commerce by leveraging its massive distribution. Tencent benefits from virtuous network effects, and we think it has a long runway to monetize its large user base by pushing value-added services and advertising through its platforms. We believe Tencent will be an AI leader in China, implementing it across its core gaming and social media services to improve both engagement and monetization.

Delta Electronics, Inc. (2308.TT) is a leading global provider of power and thermal management solutions. The company is headquartered in Taipei, Taiwan.
With decades of experience, significant scale advantages, and technological leadership, Delta provides superior power supply efficiency, shorter product design cycles, and better cost structure relative to competitors. We expect AI data center buildouts to accelerate Delta’s top-line growth to a mid-teens compound annual growth rate over the next three to five years, while driving margin expansion through a favorable product mix shift and operating leverage.

Southern Copper Corp

MediaTek Inc. (2454.TT) is a Taiwanese fabless semiconductor company that is the world's largest supplier of smartphone application processors.
We expect MediaTek will benefit from the secular growth in 5G smartphone adoption, driving a higher average selling price for its application processors while leveraging its strong technological capabilities to gain market share in the premium smartphone segment. We also believe the company’s competitively advantaged non-smartphone product portfolio, including Wi-Fi chips, PC modems, and Power Management Integrated Circuits, has structural upside from long-term semiconductor content growth.

Alibaba Group Holding Limited (BABA) is the largest e-commerce company in the world. Alibaba owns and operates the two largest online shopping platforms in China, Taobao and Tmall, and owns a 33% stake in Ant Financial, the country's dominant payment platform.
With over 1 billion annual active buyers and over 10 million merchants, we believe Alibaba benefits from the increased penetration of internet, mobile, and e-commerce in China. Alibaba is the largest player in e-commerce in China, and we expect it to continue to be a dominant force in the country for years to come, though we acknowledge substantial low-priced competition. We also see positive optionality in Alibaba's AI efforts, as the company is among China's leaders in frontier model development and enterprise cloud services.

Montage Technology Co., Ltd.

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