---
ticker: "JAPN"
name: "Listed Funds Trust - Horizon Kinetics Japan Owner Operator ETF"
url: "https://etf.net/etf/JAPN"
grade: "F"
score: 20
graded_at: "2026-10-12"
category: "Japan"
category_rank: "18 of 18"
methodology: "https://etf.net/methodology"
---

# JAPN: Listed Funds Trust - Horizon Kinetics Japan Owner Operator ETF

Grade **F**, Score 20 of 100. Rank 18 of 18 in Japan.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 12 | 16 of 18 |
| Mission | 42 | 14 of 14 |
| Risk | 10 | 18 of 18 |
| Tradability | 12 | 17 of 18 |
| Holdings | 23 | 18 of 18 |
| Durability | 9 | 18 of 18 |

## Top holdings

The fund holds 36 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | 6814.T | Furuno Electric Co Ltd | 10.74% |
| 2 | 6080.T | M&A Capital Partners Co Ltd | 5.01% |
| 3 | 4419.T | Finatext Holdings Ltd | 4.81% |
| 4 | 4681.T | Resorttrust Inc | 4.04% |
| 5 | 6238.T | Furyu Corp | 4.02% |
| 6 | 4194.T | Visional Inc | 3.80% |
| 7 | 6544.T | Japan Elevator Service Holdings Co Ltd | 3.67% |
| 8 | 6036.T | KeePer Technical Laboratory Co Ltd | 3.60% |
| 9 | 9435.T | Hikari Tsushin Inc | 3.59% |
| 10 | 3798.T | ULS Group Inc | 3.56% |
| 11 | 3774.T | Internet Initiative Japan Inc | 3.56% |
| 12 | 2767.T | Tsuburaya Fields Holdings Inc | 3.54% |
| 13 | 2222.T | Kotobuki Spirits Co Ltd | 3.47% |
| 14 | 4733.T | OBIC Business Consultants Co Ltd | 3.37% |
| 15 | 3983.T | Oro Co Ltd | 2.96% |
| 16 | — | Us Bank Mmda - Usbgfs 7 06/01/2031 | 2.93% |
| 17 | 6460.T | Sega Sammy Holdings Inc | 2.82% |
| 18 | 7532.T | Pan Pacific International Holdings Corp | 2.62% |
| 19 | 7906.T | Yonex Co Ltd | 2.54% |
| 20 | 3132.T | Macnica Holdings Inc | 2.24% |
| 21 | 9467.T | AlphaPolis Co Ltd | 2.23% |
| 22 | 7818.T | Transaction Co Ltd | 2.09% |
| 23 | 3791.T | IG Port Inc | 2.07% |
| 24 | 7849.T | Starts Publishing Corp | 2.02% |
| 25 | 2413.T | M3 Inc | 1.79% |
| 26 | 8136.T | Sanrio Co Ltd | 1.79% |
| 27 | 6315.T | Towa Corp | 1.76% |
| 28 | 3696.T | Ceres Inc/Japan | 1.55% |
| 29 | 7383.T | Net Protections Holdings Inc | 1.48% |
| 30 | 4431.T | Smaregi Inc | 1.33% |

Source: etf.net, https://etf.net/etf/JAPN. Please cite the page URL.