Strategy. 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. Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in securities of companies located in Japan. 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 Funds investment adviser, Horizon Kinetics Asset Management LLC (the Adviser), generally considers a company to be located in Japan if it meets one or more of the following criteria; (i) it … Show more… 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. Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in securities of companies located in Japan. 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 Funds investment adviser, Horizon Kinetics Asset Management LLC (the Adviser), generally considers a company to be 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 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 within Japan; or (v) it is included in the MSCI Japan Index. The Fund invests primarily in the common and preferred stock of companies located in Japan that are owner-operated, which generally means the companys 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. While the Fund does not have a specific ownership level requirement, it generally seeks to invest in companies in which one or more of these individuals own more than 5% of the outstanding shares of a company. The Adviser employs a value-driven, bottom-up or fundamental approach when selecting securities for the Funds portfolio. The Advisers research and analysis leverages insights from diverse sources, including its proprietary research and meeting with the management of companies and industry peers, to identify companies the Adviser believes has superior owner-operators and businesses that are positioned to achieve long-term growth. Typically the companies managed by owner-operators are asset-light, less capital intensive, and have a relatively high cash generating business. The Adviser expects to sell portfolio holdings when it determines the companies no longer fit the Advisers investment thesis which can result from a change in management or ownership by the owner-operator, or when the company is no longer attractively valued. The Funds portfolio generally consists of the securities of 30 to 50 companies without regard to market capitalization; however, given the universe of companies meeting the Funds investment criteria, a majority of the Funds holdings are expected to be in companies with market capitalizations of less than 1 billion Japanese yen (approximately $6.5 billion USD). The Funds holdings may represent multiple sectors that will vary at different points in time. The Funds investment strategy also may result in a substantial focus in one or more sectors from time to time. The Fund may invest up to 20% of its net assets in securities of companies that are established or operating in Asian countries outside of Japan, which may include less developed and emerging markets countries as well as other developed market countries. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the 1940 Act) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. Show less