ETF Research Center

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)	$25
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	18
Wgt avg mkt cap (mns)	$2,524
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
Total	48.8 %
FURUNO ELECTRIC CO LTD	7.3 %
CASH & OTHER	6.7 %
ULS GROUP INC	5.1 %
JAPAN ELEVATOR SERVICE HOLDINGS CO	4.8 %
VISIONAL INC	4.5 %
YONEX CO., LTD.	4.2 %
RESORTTRUST INC	4.1 %
ORO CO LTD	4.1 %
DON QUIJOTE CO LTD	4.0 %
HIKARI TSUSHIN INC	3.9 %

TOP COUNTRY EXPOSURE
	JAPAN	57.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	12.2%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$27.59
30d moving avg.	$28.26
Annualized volatility	0.0%
Short interest (ETF)	2.8%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	18
Turnover	2.0%
Bid/Ask (% of price)	0.47%
ADV underlying (mns)	$0

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 118 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™:

4.6%

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	2.7	50	35	6.1	+1.6
EAFG	Pacer Developed Markets Cash Cows Growth Leaders ETF	2.0	65	20	4.2	-0.4
RAYD	Rayliant Quantitative Developed Market Equity ETF	1.9	80	5	4.4	-0.1
SCJ	iShares MSCI Japan Small-Cap ETF	1.6	50	35	6.8	+2.3
BLCN	Siren ETF Trust Siren Nasdaq NexGen Economy ETF	1.4	68	17	2.4	-2.2
JPXN	iShares JPX-Nikkei 400 ETF	1.3	48	37	6.7	+2.2
FLJH	Franklin FTSE Japan Hedged ETF	1.0	9	76	5.9	+1.4
FLJP	Franklin FTSE Japan ETF	1.0	9	76	6.4	+1.8
FDEV	Fidelity International Multifactor ETF	1.0	18	67	7.5	+3.0
FJP	First Trust Japan AlphaDEX Fund	1.0	80	5	9.2	+4.6
DXJS	WisdomTree Japan Hedged SmallCap Equity Fund	0.9	58	27	7.0	+2.4
DFJ	WisdomTree Japan SmallCap Dividend Fund	0.9	58	27	7.8	+3.2
BLOK	Amplify Transformational Data Sharing ETF	0.8	75	10	-0.4	-5.0
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	0.8	25	60	7.0	+2.5
EWJ	iShares MSCI Japan ETF	0.8	50	35	6.2	+1.7
BBJP	JPMorgan BetaBuilders Japan ETF	0.8	19	66	6.8	+2.3
CGGO	Capital Group Global Growth Equity ETF	0.7	47	38	4.6	+0.0
FNDC	Schwab Fundamental International Small Co. Index ETF	0.7	39	46	5.8	+1.3
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.7	49	36	6.9	+2.4
IPAC	iShares Core MSCI Pacific ETF	0.7	9	76	6.4	+1.8
DBJP	Xtrackers MSCI Japan Hedged Equity ETF	0.7	47	38	6.0	+1.4
AVDS	Avantis International Small Cap Equity ETF	0.6	30	55	7.3	+2.7
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.6	58	27	7.0	+2.4
IQDG	WisdomTree International Quality Dividend Growth Fund	0.6	42	43	7.3	+2.8
ISCF	iShares International SmallCap Equity Factor ETF	0.6	23	62	8.2	+3.7
SCZ	iShares MSCI EAFE Small-Cap ETF	0.6	40	45	6.9	+2.4
VPL	Vanguard FTSE Pacific ETF	0.6	7	78	6.9	+2.3
VIGI	Vanguard International Dividend Appreciation ETF	0.6	10	75	6.4	+1.9
GWX	SPDR S&P International Small Cap ETF	0.5	40	45	6.0	+1.4
PSP	Invesco Global Listed Private Equity ETF	0.5	106	-21	6.2	+1.6
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	0.5	32	53	6.2	+1.6
DXIV	Dimensional International Vector Equity ETF	0.5	34	51	7.9	+3.3
JIRE	JPMorgan International Research Enhanced Equity ETF	0.5	24	61	7.2	+2.6
DFIS	Dimensional International Small Cap ETF	0.4	39	46	7.3	+2.7
DXJ	WisdomTree Japan Hedged Equity Fund	0.4	48	37	7.3	+2.8
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.4	80	5	10.6	+6.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.4	24	61	7.7	+3.1
DLS	WisdomTree International SmallCap Dividend Fund	0.4	58	27	8.3	+3.7
EFAV	iShares MSCI EAFE Min Vol Factor ETF	0.4	22	63	5.9	+1.3
INTF	iShares International Equity Factor ETF	0.4	15	70	7.6	+3.1
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.4	37	48	8.5	+4.0
QINT	American Century Quality Diversified International ETF	0.4	39	46	7.3	+2.8
EFG	iShares MSCI EAFE Growth ETF	0.4	36	49	4.3	-0.2
DFSI	Dimensional International Sustainability Core 1 ETF	0.3	24	61	6.4	+1.8
DIHP	Dimensional International High Profitability ETF	0.3	29	56	7.2	+2.6
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.3	42	43	7.1	+2.6
DMXF	iShares ESG Advanced MSCI EAFE ETF	0.3	12	73	5.5	+1.0
DFIC	Dimensional International Core Equity 2 ETF	0.3	23	62	7.4	+2.9
TPIF	Timothy Plan International ETF	0.3	62	23	6.3	+1.7
AVDE	Avantis International Equity ETF	0.3	23	62	7.3	+2.8
IMTM	iShares MSCI Intl Momentum Factor ETF	0.3	30	55	5.5	+0.9
RXI	iShares Global Consumer Discretionary ETF	0.3	41	44	9.3	+4.8
RFDI	First Trust Riverfront Dynamic Developed International ETF	0.3	83	2	9.5	+4.9
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.3	80	5	9.5	+5.0
AVDV	Avantis International Small Cap Value ETF	0.3	36	49	9.3	+4.7
GINN	Goldman Sachs Innovate Equity ETF	0.3	52	33	3.5	-1.0
IEFA	iShares Core MSCI EAFE ETF	0.2	7	78	7.0	+2.5
IDHQ	Invesco S&P International Developed High Quality ETF	0.2	29	56	6.6	+2.1
QEFA	SPDR MSCI EAFE StrategicFactors ETF	0.2	30	55	7.0	+2.5
JHMD	John Hancock Multifactor Developed International ETF	0.2	39	46	7.6	+3.1
DIM	WisdomTree International MidCap Dividend Fund	0.2	58	27	7.7	+3.1
AVSD	Avantis Responsible International Equity ETF	0.2	23	62	5.6	+1.1
DFAI	Dimensional International Core Equity Market ETF	0.2	18	67	7.1	+2.6
GSID	Goldman Sachs MarketBeta International Equity ETF	0.2	20	65	6.9	+2.4
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	0.2	12	73	5.9	+1.4
HFXI	IQ FTSE International Equity Currency Neutral ETF	0.2	20	65	7.0	+2.4
IDEV	iShares Core MSCI International Developed Markets ETF	0.2	4	81	6.9	+2.4
GGME	Invesco Next Gen Media and Gaming ETF	0.2	60	25	4.3	-0.3
SPDW	SPDR Portfolio Developed World ex-US ETF	0.2	3	82	7.0	+2.4
SCHC	Schwab International Small-Cap Equity ETF	0.2	11	74	6.6	+2.0
VEA	Vanguard FTSE Developed Markets ETF	0.2	3	82	7.2	+2.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.2	30	55	7.8	+3.3
SCHF	Schwab International Equity ETF	0.2	6	79	7.2	+2.7
IDMO	Invesco S&P International Developed Momentum ETF	0.2	25	60	5.3	+0.8
CIL	VictoryShares International Volatility Wtd ETF	0.2	45	40	6.7	+2.2
INEQ	Columbia International Equity Income ETF	0.2	45	40	8.2	+3.7
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.2	39	46	7.9	+3.4
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.2	39	46	6.8	+2.2
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	0.2	20	65	6.4	+1.8
BKIE	BNY Mellon International Equity ETF	0.2	4	81	7.1	+2.5
VSGX	Vanguard ESG International Stock ETF	0.2	10	75	7.6	+3.1
GLOF	iShares Global Equity Factor ETF	0.2	20	65	6.4	+1.9
EFA	iShares MSCI EAFE ETF	0.2	35	50	6.7	+2.2
EASG	Xtrackers MSCI EAFE ESG Leaders Equity ETF	0.2	14	71	6.2	+1.6
IXUS	iShares Core MSCI Total International Stock ETF	0.2	7	78	7.8	+3.2
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	77	6.1	+1.6
ACWV	iShares MSCI Global Min Vol Factor ETF	0.2	20	65	6.2	+1.7
GSIE	Goldman Sachs ActiveBeta International Equity ETF	0.2	25	60	7.2	+2.6
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.2	40	45	7.5	+2.9
VXUS	Vanguard Total International Stock ETF	0.1	5	80	7.8	+3.3
VEU	Vanguard FTSE All-World ex-US Index Fund	0.1	4	81	8.0	+3.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.1	20	65	5.6	+1.0
IGRO	iShares International Dividend Growth ETF	0.1	15	70	7.3	+2.8
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.1	18	67	7.9	+3.4
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	0.1	36	49	6.4	+1.9
CEFA	Global X S&P Catholic Values Developed ex-US ETF	0.1	35	50	6.6	+2.1
IQLT	iShares MSCI Intl Quality Factor ETF	0.1	30	55	6.2	+1.7
ACWX	iShares MSCI ACWI ex U.S. ETF	0.1	34	51	7.6	+3.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.1	12	73	5.1	+0.5
IXJ	iShares Global Healthcare ETF	0.1	42	43	7.1	+2.6
ESGD	iShares ESG Aware MSCI EAFE ETF	0.1	20	65	6.7	+2.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.1	41	44	7.3	+2.7
DWM	WisdomTree International Equity Fund	0.1	48	37	7.5	+2.9
DIVI	Franklin International Core Dividend Tilt Index ETF	0.1	9	76	8.0	+3.5
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.1	34	51	6.1	+1.6
VT	Vanguard Total World Stock ETF	0.1	6	79	5.8	+1.3
QWLD	SPDR MSCI World StrategicFactors ETF	0.1	30	55	6.0	+1.4
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.0	45	40	8.8	+4.3
URTH	iShares MSCI World ETF	0.0	24	61	5.0	+0.5
ACWI	iShares MSCI ACWI ETF	0.0	32	53	5.5	+0.9
AVIV	Avantis International Large Cap Value ETF	0.0	25	60	8.5	+4.0
FNDF	Schwab Fundamental International Large Co. Index ETF	0.0	25	60	9.5	+5.0
IVLU	iShares MSCI Intl Value Factor ETF	0.0	30	55	10.4	+5.9
CWI	SPDR MSCI ACWI ex-US ETF	0.0	30	55	7.5	+3.0
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.0	42	43	5.4	+0.8
VYMI	Vanguard International High Dividend Yield ETF	0.0	17	68	9.7	+5.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	76	5.6	+1.1
DISV	Dimensional International Small Cap Value ETF	0.0	42	43	9.0	+4.4

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	**	**	**	**	**	**	**
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:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.8	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	85	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.63

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.