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Trending ETFs

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$22.34

$25.2 M

0.28%

$0.06

0.85%

Vitals

YTD Return

-13.1%

1 yr return

-17.4%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$25.2 M

Holdings in Top 10

50.6%

52 WEEK LOW AND HIGH

$22.6
$21.98
$28.98

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$22.34

$25.2 M

0.28%

$0.06

0.85%

JAPN - Profile

Distributions

  • YTD Total Return -13.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Horizon Kinetics Japan Owner Operator ETF
  • Fund Family Name
    N/A
  • Inception Date
    May 13, 2025
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:489pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"in Japanese companies that are operated by individuals that have significant ownership in the company. Under normal circumstances,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:501pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in securities of companies located/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:513pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"in Japan. Such securities may include depositary receipts, including American Depositary Receipts (“ADRs”), European Depositary/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:525pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:456.37pt"Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing shares of companies located in Japan./span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:492.37pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:543pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"The Fund’s investment adviser, Horizon Kinetics Asset Management LLC (the “Adviser”), generally considers a company to be/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:555pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt"located in Japan if it meets one or more of the following criteria; (i) it is organized under the laws of Japan, (ii) its principal place of/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:567pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.83pt"business is in Japan, (iii) a majority of its assets are located in Japan, (iv) it derives at least 50% of its business or investment revenues/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:579pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:237.56pt"within Japan; or (v) it is included in the MSCI Japan Index./span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:597pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.9pt"The Fund invests primarily in the common and preferred stock of companies located in Japan that are “owner-operated,” which/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:609pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"generally means the company’s founder or one or more senior leaders, board members, key management personnel, or other/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:621pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt"individuals with a significant operational role or policy making function in the company has a significant ownership stake in the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"company. While the Fund does not have a specific ownership level requirement, it generally seeks to invest in companies in which one/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:645pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:351.91pt"or more of these individuals own more than 5% of the outstanding shares of a company./span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:387.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:663pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.96pt"The Adviser employs a value-driven, “bottom-up” or fundamental approach when selecting securities for the Fund’s portfolio. The/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:675pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.92pt"Adviser’s research and analysis leverages insights from diverse sources, including its proprietary research and meeting with the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.92pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:687pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"management of companies and industry peers, to identify companies the Adviser believes has superior owner-operators and businesses/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:699pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"that are positioned to achieve long-term growth. Typically the companies managed by owner-operators are asset-light, less capital/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:711pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"intensive, and have a relatively high cash generating business. The Adviser expects to sell portfolio holdings when it determines the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:723pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt"companies no longer fit the Adviser’s investment thesis which can result from a change in management or ownership by the owner-/span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:735pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:253.32pt"operator, or when the company is no longer attractively valued./span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:289.32pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"The Fund’s portfolio generally consists of the securities of 30 to 50 companies without regard to market capitalization; however, given/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.82pt"the universe of companies meeting the Fund’s investment criteria, a majority of the Fund’s holdings are expected to be in companies/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.82pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:398.71pt"with market capitalizations of less than ¥1.4 trillion Japanese yen (approximately $10 billion USD)./span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:434.71pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:78pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.91pt"The Fund’s holdings may represent multiple sectors that will vary at different points in time. The Fund’s investment strategy also may/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:90pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:275.24pt"result in a substantial focus in one or more sectors from time to time./span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:311.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.99pt"The Fund may invest up to 20% of its net assets in securities of companies that are established or operating in Asian countries outside/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:485.81pt"of Japan, which may include less developed and emerging markets countries as well as other developed market countries./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.85pt"The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”) and,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:395.02pt"therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund./span/div
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JAPN - Performance

Return Ranking - Trailing

Period JAPN Return Category Return Low Category Return High Rank in Category (%)
YTD -13.1% N/A N/A N/A
1 Yr -17.4% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period JAPN Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period JAPN Return Category Return Low Category Return High Rank in Category (%)
YTD -13.1% N/A N/A N/A
1 Yr -17.4% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period JAPN Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

JAPN - Holdings

Concentration Analysis

JAPN Category Low Category High JAPN % Rank
Net Assets 25.2 M N/A N/A N/A
Number of Holdings 32 N/A N/A N/A
Net Assets in Top 10 11.5 M N/A N/A N/A
Weighting of Top 10 50.62% N/A N/A N/A

Top 10 Holdings

  1. Furuno Electric Co Ltd 9.69%
  2. US BANK MMDA - USBGFS 7 6.98%
  3. Japan Elevator Service Holdings Co Ltd 4.79%
  4. Resorttrust Inc 4.73%
  5. Hikari Tsushin Inc 4.51%
  6. Pan Pacific International Holdings Corp 4.40%
  7. Furyu Corp 4.05%
  8. ULS Group Inc 3.90%
  9. MA Capital Partners Co Ltd 3.88%
  10. Yonex Co Ltd 3.69%

Asset Allocation

Weighting Return Low Return High JAPN % Rank
Stocks
92.10% N/A N/A N/A
Cash
7.90% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Other
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A
Bonds
0.00% N/A N/A N/A

JAPN - Expenses

Operational Fees

JAPN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% N/A N/A N/A
Management Fee 0.85% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

JAPN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

JAPN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

JAPN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

JAPN - Distributions

Dividend Yield Analysis

JAPN Category Low Category High JAPN % Rank
Dividend Yield 0.28% N/A N/A N/A

Dividend Distribution Analysis

JAPN Category Low Category High Category Mod
Dividend Distribution Frequency Annual

Net Income Ratio Analysis

JAPN Category Low Category High JAPN % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

JAPN Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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JAPN - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A