The Horizon Kinetics Japan Owner Operator ETF (日本 オーナーオペレーター ETF, “the Fund,” ticker: JAPN) is an actively managed exchange-traded fund (ETF). It seeks long-term growth of capital by investing primarily in companies domiciled in Japan, with locally driven revenues—specifically, firms operated by individuals who have significant ownership of the company. Many owner-operators exhibit a high degree of management skills, specific industry knowledge, networks, and strong commitment to grow the company’s long-term enterprise value.
Data as of: 10/17/2025
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Ticker
JAPN
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CUSIP
53656H835
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ISIN
US53656H8354
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Fund Type
Active Equity ETF
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Exchange
NASDAQ
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Inception Date
5/12/2025
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Expense Ratio
0.85%
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Typical Number of Holdings
30 to 50
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Net Assets
$25,673,636
Data as of: 10/20/2025
Daily Holdings
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% Net Assets
10.85%
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Name
Furuno Electric Co Ltd
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Ticker
6814 JP
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CUSIP
6357614
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Shares Held
51,800
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Market Value
$2,785,853
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% Net Assets
7.25%
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Name
US BANK MMDA - USBGFS 7 06/01/2031
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Ticker
USBGFS7
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CUSIP
8AMMF0FT3
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Shares Held
1,860,813
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Market Value
$1,860,813
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% Net Assets
5.23%
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Name
ULS Group Inc
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Ticker
3798 JP
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CUSIP
B0WQ1Z7
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Shares Held
259,000
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Market Value
$1,342,995
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% Net Assets
4.44%
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Name
Japan Elevator Service Holdings Co Ltd
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Ticker
6544 JP
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CUSIP
BF0QWT5
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Shares Held
96,200
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Market Value
$1,140,906
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% Net Assets
4.28%
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Name
Resorttrust Inc
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Ticker
4681 JP
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CUSIP
6044132
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Shares Held
88,800
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Market Value
$1,098,009
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% Net Assets
4.04%
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Name
Yonex Co Ltd
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Ticker
7906 JP
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CUSIP
6993784
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Shares Held
40,700
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Market Value
$1,036,271
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% Net Assets
3.93%
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Name
Visional Inc
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Ticker
4194 JP
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CUSIP
BNC53Q0
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Shares Held
14,800
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Market Value
$1,008,968
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% Net Assets
3.86%
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Name
Hikari Tsushin Inc
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Ticker
9435 JP
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CUSIP
6416322
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Shares Held
3,700
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Market Value
$991,012
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% Net Assets
3.77%
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Name
Oro Co Ltd
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Ticker
3983 JP
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CUSIP
BF0SCH9
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Shares Held
59,200
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Market Value
$968,137
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% Net Assets
3.67%
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Name
Finatext Holdings Ltd
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Ticker
4419 JP
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CUSIP
BN33L47
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Shares Held
118,400
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Market Value
$942,163
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% Net Assets
3.59%
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Name
Pan Pacific International Holdings Corp
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Ticker
7532 JP
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CUSIP
6269861
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Shares Held
148,000
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Market Value
$921,206
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% Net Assets
3.46%
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Name
KeePer Technical Laboratory Co Ltd
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Ticker
6036 JP
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CUSIP
BVFNJ69
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Shares Held
37,000
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Market Value
$889,181
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% Net Assets
3.23%
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Name
OBIC Business Consultants Co Ltd
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Ticker
4733 JP
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CUSIP
6174620
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Shares Held
14,800
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Market Value
$829,410
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% Net Assets
3.22%
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Name
Tsuburaya Fields Holdings Inc
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Ticker
2767 JP
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CUSIP
6591478
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Shares Held
55,500
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Market Value
$826,089
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% Net Assets
3.08%
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Name
M&A Capital Partners Co Ltd
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Ticker
6080 JP
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CUSIP
BFTRL69
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Shares Held
37,000
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Market Value
$789,563
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% Net Assets
3.05%
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Name
Furyu Corp
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Ticker
6238 JP
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CUSIP
BYYHNF0
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Shares Held
107,300
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Market Value
$782,504
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% Net Assets
2.98%
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Name
AlphaPolis Co Ltd
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Ticker
9467 JP
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CUSIP
BRG9JV3
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Shares Held
81,400
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Market Value
$764,080
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% Net Assets
2.70%
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Name
Starts Publishing Corp
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Ticker
7849 JP
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CUSIP
6372286
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Shares Held
25,900
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Market Value
$693,881
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% Net Assets
2.62%
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Name
IG Port Inc
-
Ticker
3791 JP
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CUSIP
B0QJFC7
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Shares Held
70,300
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Market Value
$672,506
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% Net Assets
2.55%
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Name
Internet Initiative Japan Inc
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Ticker
3774 JP
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CUSIP
B05H328
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Shares Held
37,000
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Market Value
$653,911
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% Net Assets
2.50%
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Name
Kotobuki Spirits Co Ltd
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Ticker
2222 JP
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CUSIP
6489465
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Shares Held
51,800
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Market Value
$640,850
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% Net Assets
2.47%
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Name
Sega Sammy Holdings Inc
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Ticker
6460 JP
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CUSIP
B02RK08
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Shares Held
33,300
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Market Value
$634,344
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% Net Assets
2.19%
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Name
Sanrio Co Ltd
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Ticker
8136 JP
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CUSIP
6776349
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Shares Held
11,100
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Market Value
$562,287
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% Net Assets
2.05%
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Name
M3 Inc
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Ticker
2413 JP
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CUSIP
B02K2M3
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Shares Held
37,000
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Market Value
$526,375
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% Net Assets
1.75%
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Name
Transaction Co Ltd
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Ticker
7818 JP
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CUSIP
B667QF3
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Shares Held
66,600
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Market Value
$448,944
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% Net Assets
1.50%
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Name
Ceres Inc/Japan
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Ticker
3696 JP
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CUSIP
BRG9CZ8
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Shares Held
25,900
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Market Value
$385,336
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% Net Assets
1.27%
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Name
Digital Garage Inc
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Ticker
4819 JP
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CUSIP
6309422
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Shares Held
15,200
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Market Value
$325,877
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% Net Assets
1.19%
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Name
U-Next Holdings Co Ltd
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Ticker
9418 JP
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CUSIP
BSN5BP9
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Shares Held
22,200
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Market Value
$306,232
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% Net Assets
0.99%
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Name
Macnica Holdings Inc
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Ticker
3132 JP
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CUSIP
BVVQ8X2
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Shares Held
18,500
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Market Value
$253,164
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% Net Assets
0.93%
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Name
Smaregi Inc
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Ticker
4431 JP
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CUSIP
BG08N73
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Shares Held
13,000
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Market Value
$238,092
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% Net Assets
0.91%
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Name
Tomy Co Ltd
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Ticker
7867 JP
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CUSIP
6046923
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Shares Held
11,100
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Market Value
$232,884
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% Net Assets
0.29%
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Name
Net Protections Holdings Inc
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Ticker
7383 JP
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CUSIP
BP4DTX5
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Shares Held
13,900
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Market Value
$75,495
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% Net Assets
0.19%
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Name
Cash & Other
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Ticker
Cash&Other
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CUSIP
Cash&Other
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Shares Held
48,687
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Market Value
$48,687
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% Net Assets
-0.01%
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Name
JAPANESE YEN
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Ticker
JPY
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CUSIP
CASHJPY
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Shares Held
-425,926
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Market Value
$-2,831
Data as of: 10/20/2025
Daily Holdings
-
% Net Assets
Name
Ticker
CUSIP
Shares Held
Market Value
-
10.85%
Furuno Electric Co Ltd
6814 JP
6357614
51,800
$2,785,853
-
7.25%
US BANK MMDA - USBGFS 7 06/01/2031
USBGFS7
8AMMF0FT3
1,860,813
$1,860,813
-
5.23%
ULS Group Inc
3798 JP
B0WQ1Z7
259,000
$1,342,995
-
4.44%
Japan Elevator Service Holdings Co Ltd
6544 JP
BF0QWT5
96,200
$1,140,906
-
4.28%
Resorttrust Inc
4681 JP
6044132
88,800
$1,098,009
-
4.04%
Yonex Co Ltd
7906 JP
6993784
40,700
$1,036,271
-
3.93%
Visional Inc
4194 JP
BNC53Q0
14,800
$1,008,968
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3.86%
Hikari Tsushin Inc
9435 JP
6416322
3,700
$991,012
-
3.77%
Oro Co Ltd
3983 JP
BF0SCH9
59,200
$968,137
-
3.67%
Finatext Holdings Ltd
4419 JP
BN33L47
118,400
$942,163
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3.59%
Pan Pacific International Holdings Corp
7532 JP
6269861
148,000
$921,206
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3.46%
KeePer Technical Laboratory Co Ltd
6036 JP
BVFNJ69
37,000
$889,181
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3.23%
OBIC Business Consultants Co Ltd
4733 JP
6174620
14,800
$829,410
-
3.22%
Tsuburaya Fields Holdings Inc
2767 JP
6591478
55,500
$826,089
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3.08%
M&A Capital Partners Co Ltd
6080 JP
BFTRL69
37,000
$789,563
-
3.05%
Furyu Corp
6238 JP
BYYHNF0
107,300
$782,504
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2.98%
AlphaPolis Co Ltd
9467 JP
BRG9JV3
81,400
$764,080
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2.70%
Starts Publishing Corp
7849 JP
6372286
25,900
$693,881
-
2.62%
IG Port Inc
3791 JP
B0QJFC7
70,300
$672,506
-
2.55%
Internet Initiative Japan Inc
3774 JP
B05H328
37,000
$653,911
-
2.50%
Kotobuki Spirits Co Ltd
2222 JP
6489465
51,800
$640,850
-
2.47%
Sega Sammy Holdings Inc
6460 JP
B02RK08
33,300
$634,344
-
2.19%
Sanrio Co Ltd
8136 JP
6776349
11,100
$562,287
-
2.05%
M3 Inc
2413 JP
B02K2M3
37,000
$526,375
-
1.75%
Transaction Co Ltd
7818 JP
B667QF3
66,600
$448,944
-
1.50%
Ceres Inc/Japan
3696 JP
BRG9CZ8
25,900
$385,336
-
1.27%
Digital Garage Inc
4819 JP
6309422
15,200
$325,877
-
1.19%
U-Next Holdings Co Ltd
9418 JP
BSN5BP9
22,200
$306,232
-
0.99%
Macnica Holdings Inc
3132 JP
BVVQ8X2
18,500
$253,164
-
0.93%
Smaregi Inc
4431 JP
BG08N73
13,000
$238,092
-
0.91%
Tomy Co Ltd
7867 JP
6046923
11,100
$232,884
-
0.29%
Net Protections Holdings Inc
7383 JP
BP4DTX5
13,900
$75,495
-
0.19%
Cash & Other
Cash&Other
Cash&Other
48,687
$48,687
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-0.01%
JAPANESE YEN
JPY
CASHJPY
-425,926
$-2,831
Data as of: 10/17/2025
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Net Asset Value
$27.76
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NAV Change
$-0.24
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Median 30 Day Spread
0.36%
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Market Price
$28.03
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Market Price Change
$0.06
-
Premium/Discount
$0.27 | 0.99%
Historical Data
Premium/Discount Range (%)
Date
-
Greatest Premium
0.99% 10/17/2025
-
Greatest Discount
-0.82% 10/10/2025
-
Number of Days At
-
Premium:
9
-
NAV:
0
-
Discount:
4
-
Days Within Percent of NAV
-
Percent of Days +/- 0.5% of NAV:
46%
-
Number of Days +/- 0.5% of NAV:
6
The Premium/Discount chart shows the difference between the daily market price of the Fund's shares and the Fund's net asset value ("NAV").
Data as of: 09/30/2025
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JAPN
NAV
-
1 Month
-0.63%
-
YTD
14.17%
-
1 Year
--
-
3 Year
--
-
5 Year
--
-
Since Inception Annualized
-%
-
JAPN
Market Value
-
1 Month
-0.72%
-
YTD
13.43%
-
1 Year
--
-
3 Year
--
-
5 Year
--
-
Since Inception Annualized
-%
Data as of: 09/30/2025
-
JAPN
1 Month
YTD
1 Year
3 Year
5 Year
Since Inception Annualized
-
NAV
-0.63%
14.17%
--
--
--
--
-
Market Value
-0.72%
13.43%
--
--
--
--
* Inception date of the fund is 5/12/2025.
PERFORMANCE RISK DISCLOSURES
Inception Date: 5/12/2025. Expense Ratio: 0.85%
Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.
The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For performance current to most recent month end please call 646-495-7333.
Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.
Short term performance, in particular is not a good indication of future performance and an investment should not be made based solely on returns.
Resources
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Form N-PX Voting Record
Read More -
JAPN Factsheet
View PDF -
JAPN Presentation
View PDF -
JAPN Semi-Annual Shareholder Report (TSR) June 30, 2025
View PDF -
JAPN Semi-Annual Financial Statements and Additional Information June 30, 2025 (Unaudited)
View PDF -
JAPN Statement of Additional Information
View PDF -
JAPN Summary Prospectus
View PDF -
JAPN Prospectus
View PDF
-
Form N-PX Voting Record
Read More -
JAPN Factsheet
View PDF -
JAPN Presentation
View PDF -
JAPN Semi-Annual Shareholder Report (TSR) June 30, 2025
View PDF -
JAPN Semi-Annual Financial Statements and Additional Information June 30, 2025 (Unaudited)
View PDF -
JAPN Statement of Additional Information
View PDF -
JAPN Summary Prospectus
View PDF -
JAPN Prospectus
View PDF
IMPORTANT RISK DISCLOSURES
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory and summary prospectus by contacting 646-495-7333. Read it closely before investing.
The Horizon Kinetics Japan Owner Operator ETF (Symbol: JAPN) is an exchange traded fund managed by Horizon Kinetics Asset Management LLC (HKAM). HKAM is an investment adviser registered with the U.S. Securities and Exchange Commission. You may obtain additional information about HKAM at our website at www.horizonkinetics.com.
Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Fund to potentially adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located.
The Fund is non‐diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.
Risks Related to Investing in Japan. Japan’s economy has historically lagged that of its Asian neighbors and other major developed economies due in part to economic, political and social conditions. Japan’s economic growth is heavily dependent on international trade, government support of the financial services sector and other troubled sectors, as well as governmental policy supporting its export market. However, slowdowns in the economies of key trading partners, such as the U.S. and China, leading to decreased demand from these countries, new trade regulations, and changes in exchange rates may also have an adverse impact on the economy of Japan.
Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.
The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets.
The Fund may invest in the securities of smaller and mid‐capitalization companies, which may be more volatile than funds that invest in larger, more established companies. The fund is actively managed and may be affected by the investment adviser’s security selections.
Diversification does not assure a profit or protect against a loss in a declining market.
Risk Considerations: Investing in securities entails risk, which may be subject but not limited to the following—when investing in securities, the market may not necessarily have the same value assessment as the manager, and therefore, the performance of the securities may decline. Under no circumstance does the information contained herein represent a recommendation to buy, hold or sell securities. All material presented is compiled from sources believed to be reliable, but no guarantee is given as to its accuracy or completeness. The information presented is subject to further clarification during presentations, and may not be duplicated or communicated without the prior consent of Horizon Kinetics LLC.
Murray Stahl is a member of the Board of Directors of Texas Pacific Land Corporation (TPL), a large holding in certain client accounts and funds managed by HKAM. Officers, directors and employees may also hold substantial amounts of TPL, both directly and indirectly, in their personal accounts. HKAM seeks to address potential conflicts of interest through the adoption of various policies and procedures, which include both electronic and physical safeguards. All personal and proprietary trading is also subject to HKAM’s Code of Ethics and is monitored by the firm’s Legal and Compliance Department.
HKAM does not provide tax or legal advice, all investors are encouraged to consult their tax and legal advisors regarding an investment in the Fund. You may obtain additional information about HKAM at our website at www.horizonkinetics.com.
No part of this material may be copied, photocopied, or duplicated in any form, by any means, or redistributed without the express written consent of HKAM.
The Horizon Kinetics Japan Owner Operator ETF (JAPN) is distributed by Foreside Fund Services, LLC (“Foreside”). Foreside is not affiliated with JAPN or Horizon Kinetics LLC or its subsidiaries.