# EDGAR Filing Document

**Accession Number:** 0001683471
**File Stem:** 0000894189-26-014147
**Filing Date:** 2026-4
**Character Count:** 29647
**Document Hash:** 1c7f89fd4a7109cd747fa602bc6aa890
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-014147.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0000894189-26-014147

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001683471

**ORGANIZATION NAME:**
- **EIN:** 826272597
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-215588
- **FILM NUMBER:** 26927142

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-5144

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Active Weighting Funds ETF Trust
- **DATE OF NAME CHANGE:** 20160830

## Series and Classes Contracts Data

### Horizon Kinetics Japan Owner Operator ETF (Series ID: S000092105)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000260028 | Horizon Kinetics Japan Owner Operator ETF | JAPN            |

**Horizon Kinetics Japan Owner Operator ETF (JAPN)**

**Listed on Nasdaq Stock Market, LLC**

Summary Prospectus dated April 30, 2026

Before you invest, you may want to review the Fund's prospectus and Statement of Additional Information ("SAI"), which contain

more information about the Fund and its risks. The current Prospectus and SAI dated April 30, 2026, are incorporated by reference

into this Summary Prospectus. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund

online at www.horizonkinetics.com/products/etf/japn/. You can also get this information at no cost by calling 1-800-617-0004 or by

sending an e-mail request to ETF@usbank.com.

**Investment Objective**

The Horizon Kinetics Japan Owner Operator ETF (the "Japan Owner Operator ETF" or the "Fund") seeks long-term growth of capital.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay** 

**other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and** 

**Example below.** 

---

| | |
|:---|:---|
| **Shareholder Fees** *(fees paid directly from your investment)* |  |
| **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* |
| Management Fee | 0.85% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.00% |
| Other Expenses<sup>\*</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | **0.85%** |

---

<sup>\*</sup> Estimated for the current fiscal year.

**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example

assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those

periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the

same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year:** | $87 | **3 Years:** | $271 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher

portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account.

These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance.

For the fiscal period May 12, 2025 (commencement of operations) through December 31, 2025, the Fund's portfolio turnover rate was

0% of the average value of its portfolio.

**Principal Investment Strategies** 

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 Fund's 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 Fund's 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 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. 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 Fund's portfolio. The

Adviser's 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 Adviser's 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 Fund's portfolio generally consists of the securities of 30 to 50 companies without regard to market capitalization; however, given

the universe of companies meeting the Fund's investment criteria, a majority of the Fund's holdings are expected to be in companies

with market capitalizations of less than ¥1.4 trillion Japanese yen (approximately $10 billion USD).

The Fund's holdings may represent multiple sectors that will vary at different points in time. The Fund's 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.

**Principal Investment Risks**

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate

finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a "principal risk"

of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a

portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value ("NAV"), trading

price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your investment in

the Fund:

• **Active Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's

success or failure to implement investment strategies for the Fund. The Adviser's evaluations and assumptions regarding

investments, interest rates, inflation, and other factors may not successfully achieve the Fund's investment objective given actual

market conditions. The Adviser seeks to select for the Fund equity securities of companies that it expects to benefit, either directly

or indirectly, from rising prices of real assets that are sensitive to inflationary pressures. To the extent the Adviser's expectations

for increases in the prices of real assets do not materialize (for example, because inflation did not materially increase for a period

of time), the Fund may underperform other funds. Similarly, if the Adviser's judgments about the extent to which a company will

benefit from increases in the prices of real assets prove to be incorrect, the value of such companies, and consequently the Fund,

may decline.

**• Asian Securities Risk.** Investments in securities of issuers in Asian countries involve risks that are specific to Asia, including

certain legal, regulatory, political and economic risks. Certain Asian countries have experienced currency fluctuations, less

liquidity, expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social

instability as a result of religious, ethnic, socio-economic and/or political unrest. Additionally, certain Asian economies have been

and continue to be subject, to some extent, to over-extension of credit, high unemployment, high inflation, decreased exports, and

economic recessions. Some economies in this region are dependent on a range of commodities, and are strongly affected by

international commodity prices and are particularly vulnerable to price changes for these products. The market for securities in

this region may also be directly influenced by the flow of international capital, and by the economic and market conditions of

neighboring countries. Many Asian economies have experienced rapid growth and industrialization, and there is no assurance that

this growth rate will be maintained. Some Asian economies are highly dependent on trade and, as a result, changes in trade policy,

the threat of or actual imposition of tariffs and, as a result, changes in trade policy, the threat of or actual imposition of tariffs and

economic conditions in other countries can impact these economies.

• **Currency Exchange Rate Risk.** The Fund may invest in investments denominated in non-U.S. currencies or in securities that

provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect

the value of the Fund's investment and the value of your Shares. Currency exchange rates can be very volatile and can change

quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you

may lose money.

• **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary

information, or cause the Fund, the Adviser, and/or other service providers (including custodians and financial intermediaries) to

suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, the

Adviser, the Fund's other service providers, market makers, Authorized Participants ("APs"), the Fund's primary listing

exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's

business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its

shareholders.

• **Depositary Receipt Risk.** Depositary receipts, including ADRs, EDRs and GDRs, involve risks similar to those associated with

investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the

exchange rates of foreign currencies. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies, and

entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares").

GDRs and EDRs are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however,

GDRs and EDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific

or multiple securities markets outside the U.S. When the Fund invests in depositary receipts as a substitute for an investment

directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that

corresponds precisely with that of the Underlying Shares. Because the Underlying Shares trade on foreign exchanges that may be

closed when the Fund's primary listing exchange is open, the Fund may experience premiums and discounts greater than those of

funds without exposure to such Underlying Shares.

**• Emerging Markets Risk.** Emerging markets are subject to greater market volatility, lower trading volume, political and

economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign

investment than more developed markets. In addition, securities in emerging markets may be subject to greater price fluctuations

than securities in more developed markets. Differences in regulatory, accounting, auditing, and financial reporting and

recordkeeping standards could impede the Adviser's ability to evaluate local companies and impact the Fund's performance.

There also may be limitations on the rights and remedies available to investors in emerging market companies compared to those

associated with U.S. companies. In addition, brokerage and other transaction costs on foreign securities exchanges are often

higher than in the U.S. and there is generally less government supervision and regulation of exchanges, brokers and issuers in

foreign countries.

• **Equity Securities Risk.** The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or

long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting

specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock

market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers

change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that

participation in the growth of an issuer may be limited.

**• ETF Risks.** The Fund is an ETF and, as a result of its structure, is exposed to the following risks:

*◦ Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of

financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity

providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs

exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to

perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business

activities and no other entities step forward to perform their functions.

*◦ Costs of Buying or Selling Shares Risk.* Due to the costs of buying or selling Shares, including brokerage commissions

imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an

investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*◦ Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and sold in the secondary market

at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be

times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount)

due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market

volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary

market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on

foreign exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience

premiums or discounts greater than those of ETFs that invest in and hold only securities and other investments that are listed

and trade in the U.S.

*◦ Trading Risk.* Although Shares are listed for trading on the Nasdaq Stock Market, LLC (the "Exchange") and may be traded

on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on

any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's

underlying portfolio holdings, which can be significantly less liquid than the Shares.

• **Foreign Securities Risk.** Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S.

securities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in

currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing

accounting, auditing, financial reporting, and legal standards and practices; differing securities market structures; and higher

transaction costs. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than

securities of comparable U.S. companies.

• **Limited Operating History Risk.** The Fund is a recently organized investment company with a limited operating history. As a

result, prospective investors have a limited track record or history on which to base their investment decision.

• **Liquidity Risk.** Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's

returns because the Fund may be unable to transact at advantageous times or prices.

• **Market Capitalization Risk.** 

◦ *Large-Capitalization Investing Risk*. The securities of large-capitalization companies may be relatively mature compared to

smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization

companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and

consumer tastes.

◦ *Mid-Capitalization Investing Risk.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer,

market, political, or economic developments than securities of large-capitalization companies. The securities of mid-

capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes

than large-capitalization stocks or the stock market as a whole. Some mid-capitalization companies have limited product

lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative

to large-capitalization companies.

◦ *Small-Capitalization Investing Risk*. The securities of small-capitalization companies may be more vulnerable to adverse

issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities

of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price

changes than large- or mid-capitalization stocks or the stock market as a whole. Some small-capitalization companies have

limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets

relative to larger capitalization companies. There is typically less publicly available information concerning small-

capitalization companies than for larger, more established companies. Small-capitalization companies also may be

particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

• **Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors

include events impacting the entire market or specific market segments, such as political, market and economic developments, as

well as events that impact specific issuers. The Fund's NAV and market price, like security and commodity prices generally, may

fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods

of time. In addition, government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade

restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including

geopolitical), social, public health, market, extreme weather, natural or man-made disasters, or other conditions or events have in

the past and may in the future result in volatility in financial markets and reduced liquidity in equity, credit, and/or debt markets,

which could adversely impact the Fund and its investments and their value and performance. These developments as well as other

events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the

normal operations of securities exchanges and other markets.

• **Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more of its assets in the

securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more

exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund

that invests more widely. This may increase the Fund's volatility and cause the performance of a relatively smaller number of

issuers to have a greater impact on the Fund's performance.

• **Preferred Stock Risk.** Preferred stock is subject to the risk that the dividend on the stock may be changed or omitted by the

issuer, and that participation in the growth of an issuer may be limited.

• **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 of 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 de-creased demand from these countries, new trade regulations, and changes in exchange rates may also have an

adverse impact on the economy of Japan. Furthermore, the value of the Japanese yen has fluctuated in the past which may also

negatively impact the Japanese economy and could cause losses to investors. Furthermore, Japan has few natural resources, and

any fluctuation or shortage in the commodity markets could have a negative impact on Japanese securities. In addition, Japan, and

the surrounding area, is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis. These

factors can negatively affect investments in Japan and, in turn, the Fund.

• **Sector Risk.** The Fund's investing approach may result in an emphasis on certain sectors of the market at any given time. To the

extent the Fund invests more heavily in one sector of the market, it thereby presents a more concentrated risk and its performance

will be especially sensitive to developments that significantly affect those sectors. In addition, the value of Shares may change at

different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An

individual sector of the market may have above-average performance during particular periods, but may also move up and down

more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political

or regulatory events. The Fund's performance could also be affected if the sectors do not perform as expected. Alternatively, the

lack of exposure to one or more sectors may adversely affect performance.

• **Securities Lending Risk**. To the extent the Fund engages in securities lending, there are certain risks associated with securities

lending, including the risk that the borrower may fail to return the securities on a timely basis or even the loss of rights in the

collateral deposited by the borrower, if the borrower should fail financially. The Fund could also lose money in the event of a

decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash

collateral. As a result, the Fund may lose money.

**Performance** 

The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for

the Fund will be presented in this section. Updated performance information is available on the Fund's website at

www.horizonkinetics.com/products/etf/japn/.

**Portfolio Management**

---

| | |
|:---|:---|
| **Adviser** | Horizon Kinetics Asset Management LLC |
| **Portfolio Managers** | Utako Kojima, Portfolio Manager, and Aya Hirota Weissman, Portfolio Manager, have been the portfolio <br>managers of the Fund since its inception in May 2025. Peter Doyle, Co-Founder and Co-Chief Executive <br>Officer, has been a portfolio manager of the Fund since April 2026. <br>|

---

**Purchase and Sale of Shares** 

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-

dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/

or a designated amount of U.S. cash.

Shares are listed on an Exchange, and individual Shares may only be bought and sold in the secondary market through a broker or

dealer at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater

than NAV (premium) or less than NAV (discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the

"bid" price) and the lowest price a seller is willing to accept for Shares (the "ask" price) when buying or selling Shares in the

secondary market. The difference in the bid and ask prices is referred to as the "bid-ask spread."

Recent information regarding the Fund's NAV, market price, how often Shares traded on an Exchange at a premium or discount, and

bid-ask spreads can be found on the Fund's website at www.horizonkinetics.com.

**Tax Information** 

The Fund's distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination),

unless your investment is held in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred

arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation** 

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its

affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to

make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as

marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of

interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such

arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.