JAPN

The Horizon Kinetics Japan Owner Operator ETF (the "Fund") seeks long-term growth of capital. The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing primarily in Japanese companies that are operated by individuals that have significant ownership in the company. Such securities may include depositary receipts, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs") representing shares of companies located in Japan. The Fund invests primarily in the common and preferred stock of companies located in Japan that are "owner-operated," which generally means the company's founder or one or more senior leaders, board members, key management personnel, or other individuals with a significant operational role or policy making function in the company has a significant ownership stake in the company. The Adviser employs a value-driven, "bottom-up" or fundamental approach when selecting securities for the Fund's portfolio.