Horizon Kinetics Japan Owner Operator ETF
ALTAR
Score™		 6.1% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 14.2x P/Sales
ratio		 1.0x
P/BV
ratio		 1.9x Div.
yield		 2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Horizon Kinetics Japan Ownr Oprtr ETF seeks to provide investors with exposure to Japanese publicly traded companies that own and operate real estate, aiming to benefit from potential appreciation and income generation in this sector.

FUND BASICS
Category International Equities
Fund Sponsor Horizons
Website horizonkinetics.com/products/etf/japn/
Inception date May 12, 2025
Assets (mns) $23
Currency USD
Expense ratio 85 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 19
Wgt avg mkt cap (mns) $1,800
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
FURUNO ELECTRIC CO LTD 9.2 %
JAPAN ELEVATOR SERVICE HOLDINGS CO 5.0 %
FINATEXT HOLDINGS LTD 4.8 %
RESORTTRUST INC 4.5 %
M&A CAPITAL PARTNERS CO. LTD. 4.4 %
FURYU CORP. 4.2 %
CASH & OTHER 4.1 %
HIKARI TSUSHIN INC 4.0 %
ULS GROUP INC 4.0 %
DON QUIJOTE CO LTD 3.9 %
Total 48.2 %

TOP COUNTRY EXPOSURE
JAPAN 59.7 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.9% -14.2% -- -- -9.0%

Market Correlations
versus... Beta R-squared
S&P500 0.64 16%
MSCI EAFE 0.72 33%
MSCI Emg. Mkts. 0.41 19%

Technical Indicators
Recent close $22.54
30d moving avg. $22.88
Annualized volatility 0.0%
Short interest (ETF) 2.2%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.6%
Bid/Ask (% of price) 0.42%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 126 potential alternatives to the Horizon Kinetics Japan Owner Operator ETF ETF based on the alternatives' overlap in portfolio holdings with JAPN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: JAPN Expense: 85 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JAPN
Ticker Fund
Name		 Overlap1
vs JAPN
(%)		 Expense
ratio
(bp)		 Savings
vs JAPN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs JAPN
(%)
RAYJ Rayliant SMDAM Japan Equity ETF 4.0 72 13 2.9 -3.2
EFAD ProShares MSCI EAFE Dividend Growers ETF 2.3 50 35 5.7 -0.4
HERO Global X Video Games & Esports ETF 2.3 50 35 6.0 -0.0
FICS First Trust International Developed Capital Strength ETF 1.9 70 15 6.8 +0.7
NERD Roundhill Video Games ETF 1.6 50 35 8.1 +2.1
DFJ WisdomTree Japan SmallCap Dividend Fund 1.4 58 27 6.7 +0.6
SCJ iShares MSCI Japan Small-Cap ETF 1.4 50 35 5.6 -0.5
JPXN iShares JPX-Nikkei 400 ETF 0.9 48 37 5.4 -0.7
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 0.8 32 53 5.4 -0.6
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 0.7 25 60 5.5 -0.6
FLJH Franklin FTSE Japan Hedged ETF 0.7 9 76 5.1 -1.0
FLJP Franklin FTSE Japan ETF 0.7 9 76 5.4 -0.7
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.7 49 36 6.1 +0.0
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.6 40 45 5.7 -0.4
AVDS Avantis International Small Cap Equity ETF 0.6 30 55 6.0 -0.1
FEOE First Eagle Overseas Equity ETF 0.6 79 6 6.2 +0.1
DWM WisdomTree International Equity Fund 0.5 48 37 5.7 -0.4
SCZ iShares MSCI EAFE Small-Cap ETF 0.5 40 45 6.1 +0.0
FNDC Schwab Fundamental International Small Co. Index ETF 0.5 39 46 6.8 +0.8
JIG JPMorgan International Growth ETF 0.5 55 30 3.6 -2.4
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 27 7.5 +1.4
ISCF iShares International SmallCap Equity Factor ETF 0.5 23 62 7.3 +1.2
PSP Invesco Global Listed Private Equity ETF 0.5 106 -21 6.9 +0.8
DBJP Xtrackers MSCI Japan Hedged Equity ETF 0.5 47 38 4.6 -1.4
IPAC iShares Core MSCI Pacific ETF 0.5 9 76 5.5 -0.6
EWJ iShares MSCI Japan ETF 0.5 50 35 4.9 -1.2
DWMF WisdomTree International Multifactor Fund 0.5 38 47 7.0 +0.9
HEWJ iShares Currency Hedged MSCI Japan ETF 0.4 50 35 5.4 -0.7
BBJP JPMorgan BetaBuilders Japan ETF 0.4 19 66 5.3 -0.8
DXJ WisdomTree Japan Hedged Equity Fund 0.4 48 37 5.3 -0.8
AVDV Avantis International Small Cap Value ETF 0.4 36 49 7.7 +1.6
VIGI Vanguard International Dividend Appreciation ETF 0.4 10 75 6.1 -0.0
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.4 22 63 5.8 -0.3
VPL Vanguard FTSE Pacific ETF 0.3 7 78 5.3 -0.8
DIHP Dimensional International High Profitability ETF 0.3 29 56 5.8 -0.3
DFIS Dimensional International Small Cap ETF 0.3 39 46 6.1 +0.1
JPIN J.P. Morgan Diversified Return International Equity ETF 0.3 37 48 7.2 +1.1
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.3 80 5 9.3 +3.3
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.3 58 27 5.4 -0.7
DFSI Dimensional International Sustainability Core 1 ETF 0.3 24 61 5.7 -0.4
DFIC Dimensional International Core Equity 2 ETF 0.3 23 62 6.3 +0.2
TPIF Timothy Plan International ETF 0.3 62 23 5.6 -0.4
DXIV Dimensional International Vector Equity ETF 0.3 34 51 6.6 +0.5
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.3 65 20 4.2 -1.9
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.2 25 60 6.2 +0.1
IQDG WisdomTree International Quality Dividend Growth Fund 0.2 42 43 5.8 -0.3
JHMD John Hancock Multifactor Developed International ETF 0.2 39 46 6.2 +0.2
IDHQ Invesco S&P International Developed High Quality ETF 0.2 29 56 5.4 -0.7
RXI iShares Global Consumer Discretionary ETF 0.2 41 44 8.2 +2.1
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.2 30 55 6.2 +0.1
QINT American Century Quality Diversified International ETF 0.2 39 46 6.6 +0.5
GWX SPDR S&P International Small Cap ETF 0.2 40 45 5.9 -0.2
GGME Invesco Next Gen Media and Gaming ETF 0.2 60 25 4.4 -1.7
AVSD Avantis Responsible International Equity ETF 0.2 23 62 6.0 -0.1
EFG iShares MSCI EAFE Growth ETF 0.2 36 49 3.8 -2.3
DFAI Dimensional International Core Equity Market ETF 0.2 18 67 6.1 -0.0
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 73 4.9 -1.1
JSTC Adasina Social Justice All Cap Global ETF 0.2 89 -4 4.3 -1.8
WSML iShares MSCI World Small-Cap ETF 0.2 15 70 5.3 -0.7
DIM WisdomTree International MidCap Dividend Fund 0.2 58 27 6.4 +0.3
IEFA iShares Core MSCI EAFE ETF 0.2 7 78 6.1 -0.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 55 6.4 +0.3
RFDI First Trust Riverfront Dynamic Developed International ETF 0.2 83 2 7.8 +1.7
INTF iShares International Equity Factor ETF 0.2 15 70 6.5 +0.4
EWJV iShares MSCI Japan Value ETF 0.2 15 70 7.0 +0.9
IDEV iShares Core MSCI International Developed Markets ETF 0.2 4 81 6.0 -0.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.2 14 71 5.3 -0.8
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.2 24 61 6.9 +0.9
INEQ Columbia International Equity Income ETF 0.2 45 40 7.9 +1.8
AVDE Avantis International Equity ETF 0.2 23 62 6.2 +0.1
IDMO Invesco S&P International Developed Momentum ETF 0.1 25 60 5.3 -0.8
SCHC Schwab International Small-Cap Equity ETF 0.1 11 74 6.7 +0.6
SPDW SPDR Portfolio Developed World ex-US ETF 0.1 3 82 5.8 -0.2
HFXI IQ FTSE International Equity Currency Neutral ETF 0.1 20 65 5.6 -0.5
VEA Vanguard FTSE Developed Markets ETF 0.1 3 82 6.0 -0.1
IQLT iShares MSCI Intl Quality Factor ETF 0.1 30 55 5.5 -0.6
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.1 25 60 5.5 -0.6
SCHF Schwab International Equity ETF 0.1 6 79 6.0 -0.1
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 65 5.9 -0.2
CIL VictoryShares International Volatility Wtd ETF 0.1 45 40 5.8 -0.3
VSGX Vanguard ESG International Stock ETF 0.1 10 75 6.6 +0.5
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 65 5.7 -0.3
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 50 5.7 -0.4
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 46 6.2 +0.2
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.1 20 65 5.7 -0.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 49 5.4 -0.7
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 78 6.6 +0.5
BKIE BNY Mellon International Equity ETF 0.1 4 81 6.0 -0.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 77 6.3 +0.2
EFA iShares MSCI EAFE ETF 0.1 35 50 5.8 -0.3
HEFA iShares Currency Hedged MSCI EAFE ETF 0.1 35 50 5.8 -0.3
VXUS Vanguard Total International Stock ETF 0.1 5 80 6.7 +0.6
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 81 6.7 +0.7
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.1 12 73 5.3 -0.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 46 7.0 +0.9
GINN Goldman Sachs Innovate Equity ETF 0.1 52 33 3.7 -2.4
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 51 5.2 -0.9
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 65 5.8 -0.3
IGRO iShares International Dividend Growth ETF 0.1 15 70 6.8 +0.7
DOL WisdomTree International LargeCap Dividend Fund 0.1 48 37 5.7 -0.4
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 67 6.4 +0.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 51 6.4 +0.3
GLOF iShares Global Equity Factor ETF 0.1 20 65 5.6 -0.5
IXJ iShares Global Healthcare ETF 0.1 42 43 6.3 +0.2
JIRE JPMorgan International Research Enhanced Equity ETF 0.1 24 61 5.9 -0.2
AVIV Avantis International Large Cap Value ETF 0.1 25 60 7.0 +0.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 44 6.0 -0.1
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 55 5.2 -0.9
EFV iShares MSCI EAFE Value ETF 0.0 34 51 7.6 +1.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 40 6.8 +0.7
VT Vanguard Total World Stock ETF 0.0 6 79 5.0 -1.1
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 76 6.6 +0.5
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 73 4.4 -1.6
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 60 7.4 +1.3
URTH iShares MSCI World ETF 0.0 24 61 4.3 -1.8
IVLU iShares MSCI Intl Value Factor ETF 0.0 30 55 8.1 +2.0
ACWI iShares MSCI ACWI ETF 0.0 32 53 4.6 -1.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 65 4.7 -1.4
IQSI IQ Candriam International Equity ETF 0.0 15 70 5.6 -0.5
IVRS iShares Future Metaverse Tech and Communications ETF 0.0 47 38 5.2 -0.8
VYMI Vanguard International High Dividend Yield ETF 0.0 17 68 8.1 +2.0
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 67 0.0 -6.1
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 55 6.5 +0.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 76 4.9 -1.2
DISV Dimensional International Small Cap Value ETF 0.0 42 43 8.1 +2.1
DFIV Dimensional International Value ETF 0.0 27 58 7.8 +1.7

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Horizon Kinetics Japan Owner Operator ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.8 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 85 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.53 CATEGORY
AVERAGE		 1.64
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.