Horizon Kinetics Japan Owner Operator ETF
ALTAR
Score™		 4.4% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 19.6x P/Sales
ratio		 1.5x
P/BV
ratio		 2.4x Div.
yield		 1.7%


  • 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) $9
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) $2,495
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
JAPAN ELEVATOR SERVICE HOLDINGS CO 5.3 %
FURUNO ELECTRIC CO LTD 5.2 %
ORO CO LTD 4.7 %
ULS GROUP INC 4.4 %
VISIONAL INC 4.3 %
RESORTTRUST INC 4.2 %
IG PORT INC 4.2 %
HIKARI TSUSHIN INC 4.1 %
CASH & OTHER 4.1 %
DON QUIJOTE CO LTD 3.9 %
Total 44.3 %

TOP COUNTRY EXPOSURE
JAPAN 56.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-- -- -- -- 11.8%

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

Technical Indicators
Recent close $28.04
30d moving avg. $26.90
Annualized volatility 0.0%
Short interest (ETF) 5.1%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 12
Turnover 3.7%
Bid/Ask (% of price) 0.00%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 119 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™: 4.4%


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 5.7 +1.4
IMOM Alpha Architect International Quantitative Momentum ETF 2.1 49 36 3.2 -1.2
FJP First Trust Japan AlphaDEX Fund 2.1 80 5 9.1 +4.8
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 1.8 65 20 3.6 -0.8
SCJ iShares MSCI Japan Small-Cap ETF 1.8 50 35 6.7 +2.4
RAYD Rayliant Quantitative Developed Market Equity ETF 1.5 80 5 4.4 +0.1
PIZ Invesco Dorsey Wright Developed Markets Momentum ETF 1.4 80 5 4.8 +0.4
JPXN iShares JPX-Nikkei 400 ETF 1.3 48 37 7.0 +2.7
BLOK Amplify Transformational Data Sharing ETF 1.2 75 10 -0.0 -4.4
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.9 58 27 8.0 +3.7
FDEV Fidelity International Multifactor ETF 0.9 18 67 7.4 +3.0
FLJH Franklin FTSE Japan Hedged ETF 0.9 9 76 6.7 +2.3
DFJ WisdomTree Japan SmallCap Dividend Fund 0.8 58 27 8.0 +3.7
FLJP Franklin FTSE Japan ETF 0.8 9 76 6.7 +2.3
EWJ iShares MSCI Japan ETF 0.8 50 35 6.6 +2.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.7 49 36 7.0 +2.6
IPAC iShares Core MSCI Pacific ETF 0.7 9 76 6.7 +2.4
PSP Invesco Global Listed Private Equity ETF 0.7 106 -21 6.1 +1.7
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 0.7 25 60 7.3 +3.0
VPL Vanguard FTSE Pacific ETF 0.6 7 78 7.1 +2.8
FNDC Schwab Fundamental International Small Co. Index ETF 0.6 39 46 5.9 +1.5
SCZ iShares MSCI EAFE Small-Cap ETF 0.6 40 45 7.0 +2.6
AVDS Avantis International Small Cap Equity ETF 0.6 30 55 7.6 +3.2
ISCF iShares International SmallCap Equity Factor ETF 0.6 23 62 8.4 +4.0
BBJP JPMorgan BetaBuilders Japan ETF 0.6 19 66 7.1 +2.7
CGGO Capital Group Global Growth Equity ETF 0.6 47 38 4.7 +0.3
GWX SPDR S&P International Small Cap ETF 0.6 40 45 6.3 +1.9
VIGI Vanguard International Dividend Appreciation ETF 0.5 10 75 6.1 +1.8
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.5 58 27 7.1 +2.7
IQDG WisdomTree International Quality Dividend Growth Fund 0.5 42 43 7.0 +2.6
DBJP Xtrackers MSCI Japan Hedged Equity ETF 0.5 47 38 6.9 +2.6
DXIV Dimensional International Vector Equity ETF 0.5 34 51 8.0 +3.6
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.4 80 5 11.3 +6.9
INTF iShares International Equity Factor ETF 0.4 15 70 7.9 +3.5
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.4 24 61 7.5 +3.2
DLS WisdomTree International SmallCap Dividend Fund 0.4 58 27 8.4 +4.1
DXJ WisdomTree Japan Hedged Equity Fund 0.4 48 37 8.2 +3.8
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.4 22 63 5.7 +1.4
DFIS Dimensional International Small Cap ETF 0.4 39 46 7.4 +3.1
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 0.4 32 53 5.9 +1.5
JPIN J.P. Morgan Diversified Return International Equity ETF 0.4 37 48 8.6 +4.2
DIHP Dimensional International High Profitability ETF 0.4 29 56 7.2 +2.8
EFG iShares MSCI EAFE Growth ETF 0.4 36 49 4.3 -0.1
DFSI Dimensional International Sustainability Core 1 ETF 0.3 24 61 6.4 +2.1
JIRE JPMorgan International Research Enhanced Equity ETF 0.3 24 61 7.1 +2.8
RFDI First Trust Riverfront Dynamic Developed International ETF 0.3 83 2 9.7 +5.4
DFIC Dimensional International Core Equity 2 ETF 0.3 23 62 7.6 +3.2
AVDV Avantis International Small Cap Value ETF 0.3 36 49 10.2 +5.8
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.3 80 5 10.0 +5.6
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 43 6.7 +2.3
RXI iShares Global Consumer Discretionary ETF 0.3 41 44 9.2 +4.8
IMTM iShares MSCI Intl Momentum Factor ETF 0.3 30 55 5.4 +1.0
QINT American Century Quality Diversified International ETF 0.3 39 46 7.4 +3.0
AVDE Avantis International Equity ETF 0.3 23 62 7.6 +3.2
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 73 5.5 +1.2
IEFA iShares Core MSCI EAFE ETF 0.2 7 78 7.2 +2.8
DFAI Dimensional International Core Equity Market ETF 0.2 18 67 7.3 +2.9
IDHQ Invesco S&P International Developed High Quality ETF 0.2 29 56 6.6 +2.2
GGME Invesco Next Gen Media and Gaming ETF 0.2 60 25 4.2 -0.2
AVSD Avantis Responsible International Equity ETF 0.2 23 62 5.7 +1.3
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.2 30 55 7.0 +2.7
SPDW SPDR Portfolio Developed World ex-US ETF 0.2 3 82 7.2 +2.8
IDEV iShares Core MSCI International Developed Markets ETF 0.2 4 81 7.2 +2.8
VEA Vanguard FTSE Developed Markets ETF 0.2 3 82 7.3 +2.9
DIM WisdomTree International MidCap Dividend Fund 0.2 58 27 7.6 +3.2
GINN Goldman Sachs Innovate Equity ETF 0.2 52 33 3.7 -0.7
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 55 8.1 +3.8
TPIF Timothy Plan International ETF 0.2 62 23 6.2 +1.8
IDMO Invesco S&P International Developed Momentum ETF 0.2 25 60 5.3 +1.0
SCHC Schwab International Small-Cap Equity ETF 0.2 11 74 6.8 +2.4
SCHF Schwab International Equity ETF 0.2 6 79 7.4 +3.0
VSGX Vanguard ESG International Stock ETF 0.2 10 75 7.9 +3.5
GLOF iShares Global Equity Factor ETF 0.2 20 65 6.7 +2.4
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.2 12 73 6.1 +1.7
GSID Goldman Sachs MarketBeta International Equity ETF 0.2 20 65 7.0 +2.6
INEQ Columbia International Equity Income ETF 0.2 45 40 8.3 +4.0
JHMD John Hancock Multifactor Developed International ETF 0.2 39 46 7.7 +3.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 0.2 20 65 6.5 +2.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.2 39 46 6.7 +2.3
EFA iShares MSCI EAFE ETF 0.2 35 50 6.9 +2.5
HFXI IQ FTSE International Equity Currency Neutral ETF 0.2 20 65 7.2 +2.9
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 78 8.0 +3.7
VXUS Vanguard Total International Stock ETF 0.2 5 80 8.0 +3.7
VEU Vanguard FTSE All-World ex-US Index Fund 0.2 4 81 8.2 +3.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.2 39 46 8.2 +3.8
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 65 5.9 +1.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 65 5.8 +1.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 77 6.8 +2.5
BKIE BNY Mellon International Equity ETF 0.1 4 81 7.0 +2.6
IGRO iShares International Dividend Growth ETF 0.1 15 70 7.2 +2.8
CIL VictoryShares International Volatility Wtd ETF 0.1 45 40 6.6 +2.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.1 25 60 7.2 +2.8
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 50 6.8 +2.4
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.1 14 71 6.3 +1.9
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.1 40 45 7.6 +3.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 51 7.8 +3.5
IQLT iShares MSCI Intl Quality Factor ETF 0.1 30 55 6.2 +1.9
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 49 7.0 +2.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 67 7.8 +3.4
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 73 5.2 +0.9
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 65 6.9 +2.5
IXJ iShares Global Healthcare ETF 0.1 42 43 7.2 +2.9
DWM WisdomTree International Equity Fund 0.1 48 37 7.5 +3.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 44 7.8 +3.4
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 51 5.9 +1.5
VT Vanguard Total World Stock ETF 0.1 6 79 6.0 +1.7
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 55 6.1 +1.7
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.1 45 40 8.9 +4.6
URTH iShares MSCI World ETF 0.0 24 61 5.3 +0.9
ACWI iShares MSCI ACWI ETF 0.0 32 53 5.7 +1.3
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 60 9.7 +5.3
AVIV Avantis International Large Cap Value ETF 0.0 25 60 9.0 +4.6
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 76 8.1 +3.8
IVLU iShares MSCI Intl Value Factor ETF 0.0 30 55 10.7 +6.4
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 55 7.8 +3.4
VYMI Vanguard International High Dividend Yield ETF 0.0 17 68 9.9 +5.5
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 43 5.5 +1.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 76 5.9 +1.5
DISV Dimensional International Small Cap Value ETF 0.0 42 43 9.6 +5.2

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:

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 2.3 x
Less: Expense ratio 85 bp
Equals: ALTAR Score 4.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.56 CATEGORY
AVERAGE		 1.62
 
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.