Horizon Kinetics Japan Owner Operator ETF
ALTAR
Score™		 5.4% info Recommen-
dation		 UNDERWEIGHT
2025E    2026E
P/E
ratio		 16.0x P/Sales
ratio		 1.1x
P/BV
ratio		 2.2x Div.
yield		 1.8%


  • 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) $26
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 10.8 %
FINATEXT HOLDINGS LTD 5.2 %
M&A CAPITAL PARTNERS CO. LTD. 4.5 %
JAPAN ELEVATOR SERVICE HOLDINGS CO 4.5 %
RESORTTRUST INC 4.2 %
FURYU CORP. 4.1 %
ULS GROUP INC 4.0 %
HIKARI TSUSHIN INC 3.9 %
CASH & OTHER 3.8 %
DON QUIJOTE CO LTD 3.6 %
Total 48.5 %

TOP COUNTRY EXPOSURE
JAPAN 62.7 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.4% -7.4% -- -- 0.3%

Market Correlations
versus... Beta R-squared
S&P500 0.63 16%
MSCI EAFE 0.72 31%
MSCI Emg. Mkts. 0.31 14%

Technical Indicators
Recent close $25.46
30d moving avg. $23.65
Annualized volatility 0.0%
Short interest (ETF) 2.2%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 7
Turnover 0.7%
Bid/Ask (% of price) 0.54%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 129 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™: 5.4%


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
(%)
EFAD ProShares MSCI EAFE Dividend Growers ETF 2.4 50 35 5.5 +0.1
HERO Global X Video Games & Esports ETF 2.3 50 35 5.7 +0.4
SCJ iShares MSCI Japan Small-Cap ETF 1.8 50 35 5.4 +0.1
FICS First Trust International Developed Capital Strength ETF 1.8 70 15 6.4 +1.1
NERD Roundhill Video Games ETF 1.8 50 35 7.7 +2.3
FEOE First Eagle Overseas Equity ETF 1.6 79 6 5.9 +0.5
DFJ WisdomTree Japan SmallCap Dividend Fund 1.5 58 27 6.4 +1.0
JPXN iShares JPX-Nikkei 400 ETF 1.0 48 37 5.2 -0.2
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.8 58 27 5.6 +0.2
ICPY Tweedy, Browne International Insider Value ETF 0.8 80 5 20.1 +14.7
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 0.7 32 53 5.2 -0.2
SCZ iShares MSCI EAFE Small-Cap ETF 0.7 40 45 6.0 +0.7
FLJH Franklin FTSE Japan Hedged ETF 0.7 9 76 5.0 -0.4
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 0.6 25 60 5.3 -0.1
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.6 49 36 5.9 +0.6
AVDS Avantis International Small Cap Equity ETF 0.6 30 55 5.9 +0.6
FLJP Franklin FTSE Japan ETF 0.6 9 76 5.2 -0.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.6 40 45 5.5 +0.2
FNDC Schwab Fundamental International Small Co. Index ETF 0.5 39 46 6.6 +1.2
DWM WisdomTree International Equity Fund 0.5 48 37 5.4 +0.0
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 27 7.3 +1.9
COPY Tweedy, Browne Insider + Value ETF 0.5 80 5 14.0 +8.6
IPAC iShares Core MSCI Pacific ETF 0.5 9 76 5.3 -0.1
JIG JPMorgan International Growth ETF 0.5 55 30 3.6 -1.8
ISCF iShares International SmallCap Equity Factor ETF 0.5 23 62 7.1 +1.8
RAYJ Rayliant SMDAM Japan Equity ETF 0.4 72 13 3.1 -2.2
AVDV Avantis International Small Cap Value ETF 0.4 36 49 7.7 +2.3
EWJ iShares MSCI Japan ETF 0.4 50 35 4.7 -0.7
HEWJ iShares Currency Hedged MSCI Japan ETF 0.4 50 35 5.3 -0.1
DXJ WisdomTree Japan Hedged Equity Fund 0.4 48 37 5.2 -0.2
DFIS Dimensional International Small Cap ETF 0.4 39 46 6.0 +0.7
DIHP Dimensional International High Profitability ETF 0.4 29 56 5.6 +0.2
BBJP JPMorgan BetaBuilders Japan ETF 0.4 19 66 5.2 -0.2
VPL Vanguard FTSE Pacific ETF 0.4 7 78 5.1 -0.2
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.4 22 63 5.6 +0.2
VIGI Vanguard International Dividend Appreciation ETF 0.4 10 75 5.8 +0.5
FJP First Trust Japan AlphaDEX Fund 0.4 80 5 7.4 +2.0
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.4 65 20 4.1 -1.3
DBJP Xtrackers MSCI Japan Hedged Equity ETF 0.4 47 38 4.6 -0.8
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.3 80 5 9.2 +3.8
DFSI Dimensional International Sustainability Core 1 ETF 0.3 24 61 5.5 +0.1
DFIC Dimensional International Core Equity 2 ETF 0.3 23 62 6.1 +0.7
DXIV Dimensional International Vector Equity ETF 0.3 34 51 6.5 +1.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.3 25 60 5.9 +0.6
JPIN J.P. Morgan Diversified Return International Equity ETF 0.3 37 48 6.9 +1.5
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.3 58 27 5.1 -0.2
GWX SPDR S&P International Small Cap ETF 0.2 40 45 5.9 +0.5
TPIF Timothy Plan International ETF 0.2 62 23 5.4 +0.0
WSML iShares MSCI World Small-Cap ETF 0.2 15 70 5.2 -0.2
IQDG WisdomTree International Quality Dividend Growth Fund 0.2 42 43 5.5 +0.2
RXI iShares Global Consumer Discretionary ETF 0.2 41 44 8.0 +2.7
BULD Pacer BlueStar Engineering the Future ETF 0.2 60 25 0.2 -5.2
DFAI Dimensional International Core Equity Market ETF 0.2 18 67 5.9 +0.5
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 73 4.8 -0.6
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.2 30 55 5.9 +0.5
JHMD John Hancock Multifactor Developed International ETF 0.2 39 46 6.0 +0.6
IEFA iShares Core MSCI EAFE ETF 0.2 7 78 5.9 +0.5
AVSD Avantis Responsible International Equity ETF 0.2 23 62 5.7 +0.4
GINN Goldman Sachs Innovate Equity ETF 0.2 52 33 3.6 -1.8
JSTC Adasina Social Justice All Cap Global ETF 0.2 89 -4 4.2 -1.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 55 6.3 +0.9
RFDI First Trust Riverfront Dynamic Developed International ETF 0.2 83 2 7.3 +1.9
IDEV iShares Core MSCI International Developed Markets ETF 0.2 4 81 5.8 +0.5
DIM WisdomTree International MidCap Dividend Fund 0.2 58 27 6.2 +0.8
INEQ Columbia International Equity Income ETF 0.2 45 40 7.5 +2.1
EWJV iShares MSCI Japan Value ETF 0.2 15 70 6.7 +1.3
IDHQ Invesco S&P International Developed High Quality ETF 0.2 29 56 4.9 -0.5
SCHC Schwab International Small-Cap Equity ETF 0.2 11 74 6.6 +1.2
SPDW SPDR Portfolio Developed World ex-US ETF 0.2 3 82 5.7 +0.3
EFG iShares MSCI EAFE Growth ETF 0.2 36 49 3.7 -1.7
INTF iShares International Equity Factor ETF 0.2 15 70 6.3 +0.9
AVDE Avantis International Equity ETF 0.2 23 62 6.0 +0.7
VEA Vanguard FTSE Developed Markets ETF 0.1 3 82 5.8 +0.4
SCHF Schwab International Equity ETF 0.1 6 79 5.8 +0.4
IQLT iShares MSCI Intl Quality Factor ETF 0.1 30 55 5.3 -0.1
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.1 24 61 6.8 +1.4
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.1 12 73 5.1 -0.2
VSGX Vanguard ESG International Stock ETF 0.1 10 75 6.4 +1.1
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.1 25 60 5.4 +0.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.1 14 71 5.1 -0.2
GGME Invesco Next Gen Media and Gaming ETF 0.1 60 25 4.4 -0.9
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 46 6.1 +0.7
CIL VictoryShares International Volatility Wtd ETF 0.1 45 40 5.9 +0.5
QINT American Century Quality Diversified International ETF 0.1 39 46 6.4 +1.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 77 6.3 +1.0
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 50 5.4 +0.1
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 65 5.6 +0.2
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 65 5.6 +0.2
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 78 6.4 +1.1
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 65 5.6 +0.3
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.1 20 65 5.4 0.0
VXUS Vanguard Total International Stock ETF 0.1 5 80 6.5 +1.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 81 6.5 +1.2
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 46 6.8 +1.4
HFXI IQ FTSE International Equity Currency Neutral ETF 0.1 20 65 5.5 +0.1
EFA iShares MSCI EAFE ETF 0.1 35 50 5.5 +0.2
HEFA iShares Currency Hedged MSCI EAFE ETF 0.1 35 50 5.5 +0.2
BKIE BNY Mellon International Equity ETF 0.1 4 81 17.4 +12.0
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 49 5.1 -0.3
IGRO iShares International Dividend Growth ETF 0.1 15 70 6.5 +1.1
PIEL Pacer International Export Leaders ETF 0.1 60 25 4.0 -1.4
DOL WisdomTree International LargeCap Dividend Fund 0.1 48 37 5.4 +0.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 67 6.2 +0.8
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 51 5.1 -0.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 51 6.2 +0.8
JIRE JPMorgan International Research Enhanced Equity ETF 0.1 24 61 5.6 +0.2
AVIV Avantis International Large Cap Value ETF 0.1 25 60 6.7 +1.3
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 55 5.0 -0.4
IVLU iShares MSCI Intl Value Factor ETF 0.0 30 55 7.8 +2.4
EFV iShares MSCI EAFE Value ETF 0.0 34 51 7.2 +1.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 44 5.8 +0.4
VT Vanguard Total World Stock ETF 0.0 6 79 4.9 -0.5
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 76 6.4 +1.0
NUDM Nuveen ESG International Developed Markets Equity ETF 0.0 31 54 5.2 -0.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 40 6.6 +1.2
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 60 7.2 +1.8
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 73 4.3 -1.0
GLOF iShares Global Equity Factor ETF 0.0 20 65 5.4 +0.0
URTH iShares MSCI World ETF 0.0 24 61 4.2 -1.2
IQSI IQ Candriam International Equity ETF 0.0 15 70 5.4 +0.1
IVRS iShares Future Metaverse Tech and Communications ETF 0.0 47 38 5.2 -0.2
ACWI iShares MSCI ACWI ETF 0.0 32 53 4.5 -0.8
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 67 0.0 -5.4
VYMI Vanguard International High Dividend Yield ETF 0.0 17 68 7.7 +2.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 76 4.7 -0.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 65 4.6 -0.8
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 55 6.3 +0.9
DFIV Dimensional International Value ETF 0.0 27 58 7.5 +2.1
DISV Dimensional International Small Cap Value ETF 0.0 42 43 7.9 +2.5

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%.

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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

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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:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.8 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 85 bp
Equals: ALTAR Score 5.4 %
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.