Verdicts genuinely change. Free email alert the moment JAPN's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Horizon Kinetics Japan Owner Operator ETF ETF · Listed Funds Trust
34 holdings · as of 2026-06-30 (3.5 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
NON-COMPLIANT At least 21.29% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 41% turns out to be. Matching more holdings can only raise this share, never lower it.
34 holdings, 22 matched (59% of weight). Portfolio as of 2026-06-30, filed 2026-08-26. Source: SEC Form N-PORT.
1.02% of this portfolio’s income is non-permissible — weighted across holdings, computed over 58% of portfolio weight (21 of 34 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| 6814.T Furuno Electric Co Ltd | COMPLIANT | 8.67% | AAOIFI6.0% Usmani11.7% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic10.1% MSCI Islamic M-Seriespass FTSE Shariah10.1% |
| Japan Elevator Service Holding | UNSCREENED | 4.92% | no in-house ratios for this holding |
| Finatext Holdings Ltd | UNSCREENED | 4.74% | no in-house ratios for this holding |
| 4681.T Resorttrust Inc | NON_COMPLIANT | 4.55% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| M&A Capital Partners Co Ltd | UNSCREENED | 4.36% | no in-house ratios for this holding |
| Furyu Corp | UNSCREENED | 4.31% | no in-house ratios for this holding |
| US BANK MMDA - USBGFS 7 | UNSCREENED | 3.92% | no in-house ratios for this holding |
| 9435.T Hikari Tsushin Inc | NON_COMPLIANT | 3.87% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ULS Group Inc | UNSCREENED | 3.83% | no in-house ratios for this holding |
| 2222.T Kotobuki Spirits Co Ltd | COMPLIANT | 3.79% | AAOIFI0.0% Usmani0.0% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic0.0% MSCI Islamic M-Seriespass FTSE Shariah0.0% |
| Pan Pacific International Hold | UNSCREENED | 3.58% | no in-house ratios for this holding |
| 3774.T Internet Initiative Japan Inc | COMPLIANT | 3.48% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 3983.T Oro Co Ltd | NON_COMPLIANT | 3.40% | AAOIFI2.1% Usmani9.3% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic4.6% MSCI Islamic M-Seriespass FTSE Shariah4.6% |
| Visional Inc | UNSCREENED | 3.39% | no in-house ratios for this holding |
| 6036.T KeePer Technical Laboratory Co | COMPLIANT | 2.96% | AAOIFI2.1% Usmani8.3% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic7.1% MSCI Islamic M-Seriespass FTSE Shariah7.1% |
| 7906.T Yonex Co Ltd | COMPLIANT | 2.77% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 7818.T Transaction Co Ltd | COMPLIANT | 2.75% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 3791.T IG Port Inc | NON_COMPLIANT | 2.70% | AAOIFI0.5% Usmani0.6% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic0.6% MSCI Islamic M-Seriespass FTSE Shariah0.6% |
| OBIC Bus Consult | UNSCREENED | 2.65% | no in-house ratios for this holding |
| 6315.T Towa Corp | COMPLIANT | 2.50% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 7849.T Starts Publishing Corp | NON_COMPLIANT | 2.49% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariah— MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 9467.T AlphaPolis Co Ltd | NON_COMPLIANT | 2.31% | AAOIFI0.4% Usmani0.8% Dow Jones Islamicfail S&P Shariahpass MSCI Islamic0.7% MSCI Islamic M-Seriesfail FTSE Shariah0.7% |
| Tsuburaya Fields Holdings Inc | UNSCREENED | 2.27% | no in-house ratios for this holding |
| 6460.T Sega Sammy Holdings Inc | COMPLIANT | 2.16% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 2413.T M3 Inc | COMPLIANT | 1.98% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 8136.T Sanrio Co Ltd | COMPLIANT | 1.80% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| Macnica Holdings Inc | UNSCREENED | 1.71% | no in-house ratios for this holding |
| Ceres Inc/Japan | UNSCREENED | 1.59% | no in-house ratios for this holding |
| 6323.T Rorze Corp | COMPLIANT | 1.29% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| 7383.T Net Protections Holdings Inc | NON_COMPLIANT | 1.21% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 9418.T U-Next Holdings Co Ltd | COMPLIANT | 1.08% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 7867.T Tomy Co Ltd | COMPLIANT | 1.04% | AAOIFI2.4% Usmani8.8% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic4.6% MSCI Islamic M-Seriespass FTSE Shariah4.6% |
| 4431.T Smaregi Inc | COMPLIANT | 0.93% | AAOIFI0.2% Usmani0.7% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic0.7% MSCI Islamic M-Seriespass FTSE Shariah0.7% |
| 4819.T Digital Garage Inc | NON_COMPLIANT | 0.77% | AAOIFI59.9% Usmani28.4% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic28.4% MSCI Islamic M-Seriesfail FTSE Shariah28.4% |
The published standards disagree about this fund by 39 points of portfolio weight — 45.6% of it passes S&P Shariah, 6.4% passes MSCI Islamic. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 37.2% ratios fail on 21.3% 41.3% not rated under AAOIFI
ratios pass on 29.4% ratios fail on 29.1% 41.3% not rated under Usmani
ratios pass on 43.3% ratios fail on 15.2% 41.3% not rated under Dow Jones Islamic
ratios pass on 45.6% ratios fail on 10.4% 43.8% not rated under S&P Shariah
ratios pass on 6.4% ratios fail on 52.0% 41.3% not rated under MSCI Islamic
ratios pass on 43.3% ratios fail on 15.2% 41.3% not rated under MSCI Islamic M-Series
ratios pass on 29.4% ratios fail on 29.1% 41.3% not rated under FTSE Shariah
22 of 34 listed holdings carry our own per-methodology verdicts (58% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 9 (27% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
Methodology breakdown computing — it will appear here on its own.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
Horizon Kinetics Japan Owner Operator ETF (JAPN) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Computing the full ratio and business-activity breakdown for JAPN — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 60.90 | NEUTRAL |
| Stochastic %K (14) | 89.76 | SELL |
| CCI (20) | 114.29 | SELL |
| Williams %R (14) | -10.24 | SELL |
| MACD (12,26,9) | 0.07 | BUY |
| ROC (10) | 4.36 | BUY |
| Momentum (10) | 1.09 | BUY |
| EMA (10) | 25.98 | BUY |
| SMA (10) | 25.93 | BUY |
| EMA (20) | 25.80 | BUY |
| SMA (20) | 25.70 | BUY |
| EMA (30) | 25.68 | BUY |
| SMA (30) | 25.66 | BUY |
| EMA (50) | 25.42 | BUY |
| SMA (50) | 25.60 | BUY |
| EMA (100) | 24.94 | BUY |
| SMA (100) | 24.48 | BUY |
| EMA (200) | 24.89 | BUY |
| SMA (200) | 24.18 | BUY |
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. The fund is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
Weak — low conviction, small size or skip
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | BULLISH | 43 |
| ⏱ 15-Min | RANGING | 58 |
| ⏲ 5-Min | RANGING | 174 |
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Still fetching insider filings — it ran past this page's budget, so the page painted without waiting. The fetch is still running; reload in a moment and it will be here.
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-10-06 · Asset managers net 906615 (+2612)
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.