Horizon Kinetics Japan Owner Operator ETF

• Horizon Kinetics 2nd Quarter Commentary ↗ Horizon Kinetics defended long-duration ownership of land, royalty and exchange businesses, arguing that index-driven market structure creates discounts in smaller and illiquid companies. It reduced precious-metals royalty exposure as valuations absorbed gold-price optionality, while maintaining conviction in LandBridge, securities exchanges and bitcoin's supply-and-network economics. 2nd Quarter 2026 TPL $25BAMZN $2.8TCBOE $33B +8

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