Horizon Kinetics Japan Owner Operator ETF
ALTAR
Score™		 5.8% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 14.6x P/Sales
ratio		 1.0x
P/BV
ratio		 2.0x Div.
yield		 1.9%


  • 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) $24
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) $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 11.7 %
CASH & OTHER 7.5 %
RESORTTRUST INC 4.8 %
JAPAN ELEVATOR SERVICE HOLDINGS CO 4.4 %
HIKARI TSUSHIN INC 4.4 %
FURYU CORP. 4.2 %
M&A CAPITAL PARTNERS CO. LTD. 4.1 %
DON QUIJOTE CO LTD 4.1 %
ULS GROUP INC 3.9 %
YONEX CO., LTD. 3.7 %
Total 52.7 %

TOP COUNTRY EXPOSURE
JAPAN 60.5 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.9% -- -- -- -9.4%

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

Technical Indicators
Recent close $23.24
30d moving avg. $23.20
Annualized volatility 0.0%
Short interest (ETF) 2.2%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.5%
Bid/Ask (% of price) 0.46%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 130 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™: 5.8%


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
(%)
MJSC MUFG Japan Small Cap Active ETF 3.6 85 0 4.8 -1.0
EFAD ProShares MSCI EAFE Dividend Growers ETF 2.4 50 35 5.6 -0.2
HERO Global X Video Games & Esports ETF 2.3 50 35 5.7 -0.1
ITOL Tema International Durable Quality ETF 2.2 60 25 4.9 -0.9
FICS First Trust International Developed Capital Strength ETF 1.8 70 15 6.6 +0.8
NERD Roundhill Video Games ETF 1.6 50 35 7.6 +1.8
DFJ WisdomTree Japan SmallCap Dividend Fund 1.2 58 27 6.6 +0.8
SCJ iShares MSCI Japan Small-Cap ETF 1.2 50 35 5.6 -0.2
JPXN iShares JPX-Nikkei 400 ETF 0.9 48 37 5.5 -0.3
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 0.9 25 60 5.6 -0.3
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 0.8 32 53 5.2 -0.6
FLJP Franklin FTSE Japan ETF 0.8 9 76 5.5 -0.3
FLJH Franklin FTSE Japan Hedged ETF 0.7 9 76 5.3 -0.5
DWMF WisdomTree International Multifactor Fund 0.7 38 47 6.6 +0.8
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.7 49 36 6.0 +0.1
AVDS Avantis International Small Cap Equity ETF 0.6 30 55 5.9 +0.1
DBJP Xtrackers MSCI Japan Hedged Equity ETF 0.6 47 38 4.8 -1.0
BBJP JPMorgan BetaBuilders Japan ETF 0.5 19 66 5.4 -0.4
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.5 80 5 8.8 +3.0
EWJ iShares MSCI Japan ETF 0.5 50 35 5.0 -0.8
ISCF iShares International SmallCap Equity Factor ETF 0.5 23 62 7.1 +1.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.5 40 45 5.6 -0.2
FNDC Schwab Fundamental International Small Co. Index ETF 0.5 39 46 6.7 +0.9
PSP Invesco Global Listed Private Equity ETF 0.5 106 -21 6.7 +0.9
AVDV Avantis International Small Cap Value ETF 0.5 36 49 7.6 +1.8
DWM WisdomTree International Equity Fund 0.5 48 37 5.5 -0.3
FDEV Fidelity International Multifactor ETF 0.5 18 67 7.0 +1.2
VIGI Vanguard International Dividend Appreciation ETF 0.5 10 75 6.1 +0.3
IPAC iShares Core MSCI Pacific ETF 0.5 9 76 5.5 -0.3
SCZ iShares MSCI EAFE Small-Cap ETF 0.5 40 45 6.1 +0.3
DLS WisdomTree International SmallCap Dividend Fund 0.4 58 27 7.3 +1.5
TPIF Timothy Plan International ETF 0.4 62 23 5.4 -0.4
CGGO Capital Group Global Growth Equity ETF 0.4 47 38 4.3 -1.5
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.4 22 63 5.5 -0.3
JPIN J.P. Morgan Diversified Return International Equity ETF 0.4 37 48 7.0 +1.2
DXJ WisdomTree Japan Hedged Equity Fund 0.4 48 37 5.4 -0.4
VPL Vanguard FTSE Pacific ETF 0.3 7 78 5.5 -0.3
DIHP Dimensional International High Profitability ETF 0.3 29 56 5.7 -0.2
JIG JPMorgan International Growth ETF 0.3 55 30 3.6 -2.2
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.3 65 20 4.0 -1.8
QINT American Century Quality Diversified International ETF 0.3 39 46 6.5 +0.7
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.3 58 27 5.3 -0.5
DFIS Dimensional International Small Cap ETF 0.3 39 46 6.1 +0.3
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.3 24 61 6.7 +0.9
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.3 25 60 6.1 +0.3
DXIV Dimensional International Vector Equity ETF 0.2 34 51 6.5 +0.7
RXI iShares Global Consumer Discretionary ETF 0.2 41 44 8.0 +2.2
IQDG WisdomTree International Quality Dividend Growth Fund 0.2 42 43 5.6 -0.2
IDHQ Invesco S&P International Developed High Quality ETF 0.2 29 56 5.5 -0.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.2 39 46 6.1 +0.3
GWX SPDR S&P International Small Cap ETF 0.2 40 45 5.8 -0.0
DFSI Dimensional International Sustainability Core 1 ETF 0.2 24 61 5.6 -0.2
AVSD Avantis Responsible International Equity ETF 0.2 23 62 5.9 +0.1
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.2 30 55 6.0 +0.1
DFIC Dimensional International Core Equity 2 ETF 0.2 23 62 6.2 +0.4
EFG iShares MSCI EAFE Growth ETF 0.2 36 49 3.8 -2.1
INEQ Columbia International Equity Income ETF 0.2 45 40 7.5 +1.7
NUDM Nuveen ESG International Developed Markets Equity ETF 0.2 31 54 5.5 -0.3
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 73 5.0 -0.8
CIL VictoryShares International Volatility Wtd ETF 0.2 45 40 5.8 -0.0
GGME Invesco Next Gen Media and Gaming ETF 0.2 60 25 5.0 -0.8
DIM WisdomTree International MidCap Dividend Fund 0.2 58 27 6.1 +0.3
INTF iShares International Equity Factor ETF 0.2 15 70 6.4 +0.6
RFDI First Trust Riverfront Dynamic Developed International ETF 0.2 83 2 7.6 +1.8
DFAI Dimensional International Core Equity Market ETF 0.2 18 67 6.0 +0.1
HFXI IQ FTSE International Equity Currency Neutral ETF 0.2 20 65 5.7 -0.1
EWJV iShares MSCI Japan Value ETF 0.2 15 70 7.0 +1.2
JIRE JPMorgan International Research Enhanced Equity ETF 0.2 24 61 5.8 -0.0
IEFA iShares Core MSCI EAFE ETF 0.2 7 78 6.0 +0.2
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 0.2 68 17 0.7 -5.1
SCHC Schwab International Small-Cap Equity ETF 0.2 11 74 6.5 +0.7
AVDE Avantis International Equity ETF 0.2 23 62 6.1 +0.3
WSML iShares MSCI World Small-Cap ETF 0.2 15 70 5.5 -0.3
IDEV iShares Core MSCI International Developed Markets ETF 0.2 4 81 6.0 +0.2
SPDW SPDR Portfolio Developed World ex-US ETF 0.2 3 82 5.9 +0.1
JHMD John Hancock Multifactor Developed International ETF 0.2 39 46 6.1 +0.3
IQLT iShares MSCI Intl Quality Factor ETF 0.1 30 55 5.4 -0.4
IDMO Invesco S&P International Developed Momentum ETF 0.1 25 60 5.1 -0.7
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 65 5.8 0.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 55 6.4 +0.6
SCHF Schwab International Equity ETF 0.1 6 79 6.0 +0.2
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.1 20 65 5.6 -0.3
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 65 5.7 -0.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 49 5.4 -0.4
BKIE BNY Mellon International Equity ETF 0.1 4 81 6.0 +0.2
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 50 5.6 -0.2
VEA Vanguard FTSE Developed Markets ETF 0.1 3 82 6.0 +0.2
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 77 6.2 +0.4
EFA iShares MSCI EAFE ETF 0.1 35 50 5.7 -0.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.1 14 71 5.3 -0.5
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.1 12 73 5.3 -0.5
VSGX Vanguard ESG International Stock ETF 0.1 10 75 6.7 +0.9
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 78 6.6 +0.8
GINN Goldman Sachs Innovate Equity ETF 0.1 52 33 4.0 -1.8
VXUS Vanguard Total International Stock ETF 0.1 5 80 6.7 +0.9
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 46 6.9 +1.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 81 6.8 +1.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 67 6.4 +0.6
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 65 5.7 -0.1
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 51 5.2 -0.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 44 6.1 +0.3
DOL WisdomTree International LargeCap Dividend Fund 0.1 48 37 5.7 -0.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 51 6.4 +0.6
IGRO iShares International Dividend Growth ETF 0.1 15 70 6.7 +0.9
GLOF iShares Global Equity Factor ETF 0.1 20 65 5.8 -0.0
AVIV Avantis International Large Cap Value ETF 0.1 25 60 6.8 +1.0
IXJ iShares Global Healthcare ETF 0.1 42 43 6.2 +0.4
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.1 80 5 6.7 +0.9
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 55 5.2 -0.6
DIVI Franklin International Core Dividend Tilt Index ETF 0.1 9 76 6.6 +0.8
EFV iShares MSCI EAFE Value ETF 0.0 34 51 7.4 +1.6
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.0 25 60 5.7 -0.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 40 6.9 +1.1
VT Vanguard Total World Stock ETF 0.0 6 79 5.2 -0.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 73 4.6 -1.2
IQSI IQ Candriam International Equity ETF 0.0 15 70 5.5 -0.3
IMTM iShares MSCI Intl Momentum Factor ETF 0.0 30 55 4.6 -1.2
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 60 7.5 +1.7
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.0 29 56 6.9 +1.1
URTH iShares MSCI World ETF 0.0 24 61 4.5 -1.3
IVLU iShares MSCI Intl Value Factor ETF 0.0 30 55 8.0 +2.2
ACWI iShares MSCI ACWI ETF 0.0 32 53 4.8 -1.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 65 4.9 -0.9
IVRS iShares Future Metaverse Tech and Communications ETF 0.0 47 38 5.3 -0.5
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 67 0.0 -5.8
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 55 6.5 +0.7
VYMI Vanguard International High Dividend Yield ETF 0.0 17 68 7.9 +2.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 76 5.0 -0.8
DISV Dimensional International Small Cap Value ETF 0.0 42 43 8.1 +2.3
DFIV Dimensional International Value ETF 0.0 27 58 7.7 +1.9

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:

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 1.9 x
Less: Expense ratio 85 bp
Equals: ALTAR Score 5.8 %
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.