Horizon Kinetics Japan Owner Operator ETF (JAPN)

As of Jun 23, 2025

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No.	Symbol	Name	% Weight	Shares
1	TYO: 6544	Japan Elevator Service Holdings Co.,Ltd.	5.23%	15,600
2	TYO: 6814	Furuno Electric Co., Ltd.	4.62%	16,800
3	TYO: 3798	ULS Group, Inc.	4.57%	8,400
4	TYO: 3983	oRo Co., Ltd.	4.37%	19,200
5	TYO: 3791	IG Port, Inc.	4.34%	22,800
6	TYO: 4194	Visional, Inc.	4.30%	4,800
7	TYO: 9435	Hikari Tsushin, Inc.	4.21%	1,200
8	n/a	US BANK MMDA - USBGFS 7	4.11%	334,976
9	TYO: 4681	Resorttrust, Inc.	4.03%	28,800
10	TYO: 7532	Pan Pacific International Holdings Corporation	3.87%	9,600
11	TYO: 6036	KeePer Technical Laboratory Co., Ltd.	3.75%	12,000
12	TYO: 4819	Digital Garage, Inc.	3.73%	9,600
13	TYO: 4419	Finatext Holdings Ltd.	3.71%	38,400
14	TYO: 4733	OBIC Business Consultants Co., Ltd.	3.36%	4,800
15	TYO: 9467	AlphaPolis Co., Ltd.	3.34%	26,400
16	TYO: 6460	Sega Sammy Holdings Inc.	3.28%	10,800
17	TYO: 2767	Tsuburaya Fields Holdings Inc.	3.23%	18,000
18	TYO: 7906	YONEX Co., Ltd.	3.15%	13,200
19	TYO: 4431	Smaregi, Inc.	3.07%	12,000
20	TYO: 6080	M&A Capital Partners Co.,Ltd.	3.06%	12,000
21	TYO: 7849	Starts Publishing Corporation	3.00%	8,400
22	TYO: 2222	Kotobuki Spirits Co., Ltd.	2.90%	16,800
23	TYO: 6238	FURYU Corporation	2.89%	34,800
24	TYO: 3774	Internet Initiative Japan Inc.	2.77%	12,000
25	TYO: 7818	TRANSACTION CO.,Ltd.	2.13%	10,800
26	TYO: 8136	Sanrio Company, Ltd.	2.07%	3,600
27	TYO: 2413	M3, Inc.	2.00%	12,000
28	TYO: 3696	Ceres Inc.	1.69%	8,400
29	TYO: 9418	U-NEXT HOLDINGS Co.,Ltd.	1.32%	7,200
30	TYO: 7867	TOMY Company, Ltd.	0.96%	3,600
31	TYO: 3132	Macnica Holdings, Inc.	0.95%	6,000
32	n/a	DEPOSITS WITH BROKER FOR SHORT POSITIONS	-0.02%	1,137,384,959

As of Jun 23, 2025