Baron First Principles ETF fell 3.0% today to $25.23, impacted by the Federal Reserve's hawkish outlook signaling no rate cuts through 2026 and broad pressure on growth stocks. Despite this, the fund's largest holding, SpaceX (21.75% weight), saw its shares rise on June 17, 2026, following the announcement of a $60 billion acquisition of AI coding startup Cursor. The fund's decline suggests the broader market's negative reaction to the Fed's stance overpowered the positive catalyst from SpaceX's expansion into AI.