Horizon Kinetics Japan Owner Operator ETF
ALTAR
Score™		 5.4% info Recommen-
dation		 UNDERWEIGHT
2025E    2026E
P/E
ratio		 15.5x P/Sales
ratio		 1.1x
P/BV
ratio		 2.1x 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) $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) $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 11.1 %
CASH & OTHER 6.8 %
RESORTTRUST INC 4.7 %
HIKARI TSUSHIN INC 4.6 %
JAPAN ELEVATOR SERVICE HOLDINGS CO 4.5 %
YONEX CO., LTD. 4.3 %
M&A CAPITAL PARTNERS CO. LTD. 4.3 %
DON QUIJOTE CO LTD 4.3 %
ULS GROUP INC 3.9 %
KEEPER TECHNICAL LABORATORY CO LTD 3.7 %
Total 52.2 %

TOP COUNTRY EXPOSURE
JAPAN 61.3 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.7% -- -- -- -2.0%

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

Technical Indicators
Recent close $24.66
30d moving avg. $24.78
Annualized volatility 0.0%
Short interest (ETF) 2.2%
Relative strength (RSI) 45

Liquidity measures
Avg. volume (thou.) 12
Turnover 1.2%
Bid/Ask (% of price) 0.40%
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™: 5.4%


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
(%)
MJSC MUFG Japan Small Cap Active ETF 3.4 85 0 4.5 -0.8
ITOL Tema International Durable Quality ETF 2.4 60 25 4.6 -0.7
EFAD ProShares MSCI EAFE Dividend Growers ETF 2.4 50 35 5.4 +0.1
HERO Global X Video Games & Esports ETF 2.3 50 35 5.3 -0.0
FICS First Trust International Developed Capital Strength ETF 1.9 70 15 6.3 +0.9
NERD Roundhill Video Games ETF 1.7 50 35 7.1 +1.8
DFJ WisdomTree Japan SmallCap Dividend Fund 1.4 58 27 6.2 +0.8
SCJ iShares MSCI Japan Small-Cap ETF 1.2 50 35 5.4 +0.0
JPXN iShares JPX-Nikkei 400 ETF 0.9 48 37 5.2 -0.2
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 0.9 25 60 5.3 -0.1
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.8 65 20 3.9 -1.5
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 0.8 68 17 0.7 -4.7
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 0.8 32 53 5.0 -0.3
FLJP Franklin FTSE Japan ETF 0.8 9 76 5.2 -0.1
FLJH Franklin FTSE Japan Hedged ETF 0.7 9 76 5.1 -0.2
DWMF WisdomTree International Multifactor Fund 0.7 38 47 6.3 +0.9
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.7 49 36 5.7 +0.3
AVDS Avantis International Small Cap Equity ETF 0.6 30 55 5.7 +0.4
DBJP Xtrackers MSCI Japan Hedged Equity ETF 0.6 47 38 4.7 -0.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.6 40 45 5.4 +0.0
EWJ iShares MSCI Japan ETF 0.5 50 35 4.8 -0.6
DWM WisdomTree International Equity Fund 0.5 48 37 5.3 -0.0
BBJP JPMorgan BetaBuilders Japan ETF 0.5 19 66 5.1 -0.2
FDNI First Trust Dow Jones International Internet ETF 0.5 65 20 21.0 +15.6
ISCF iShares International SmallCap Equity Factor ETF 0.5 23 62 6.9 +1.5
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.5 80 5 8.4 +3.0
FNDC Schwab Fundamental International Small Co. Index ETF 0.5 39 46 6.5 +1.1
IPAC iShares Core MSCI Pacific ETF 0.5 9 76 5.3 -0.1
PSP Invesco Global Listed Private Equity ETF 0.5 106 -21 6.3 +0.9
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 27 7.0 +1.6
AVDV Avantis International Small Cap Value ETF 0.5 36 49 7.3 +2.0
FDEV Fidelity International Multifactor ETF 0.5 18 67 6.8 +1.4
VIGI Vanguard International Dividend Appreciation ETF 0.5 10 75 5.8 +0.4
SCZ iShares MSCI EAFE Small-Cap ETF 0.5 40 45 5.9 +0.5
DXJ WisdomTree Japan Hedged Equity Fund 0.4 48 37 5.2 -0.2
VPL Vanguard FTSE Pacific ETF 0.4 7 78 5.2 -0.1
TPIF Timothy Plan International ETF 0.4 62 23 5.2 -0.1
CGGO Capital Group Global Growth Equity ETF 0.4 47 38 4.2 -1.2
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.4 22 63 5.4 +0.0
JPIN J.P. Morgan Diversified Return International Equity ETF 0.4 37 48 6.7 +1.3
DIHP Dimensional International High Profitability ETF 0.3 29 56 5.4 +0.0
JIG JPMorgan International Growth ETF 0.3 55 30 3.5 -1.9
DFIS Dimensional International Small Cap ETF 0.3 39 46 5.8 +0.5
QINT American Century Quality Diversified International ETF 0.3 39 46 6.3 +1.0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.3 58 27 5.1 -0.2
DXIV Dimensional International Vector Equity ETF 0.3 34 51 6.3 +0.9
RXI iShares Global Consumer Discretionary ETF 0.3 41 44 7.4 +2.1
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.3 24 61 6.5 +1.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.3 25 60 5.9 +0.5
IQDG WisdomTree International Quality Dividend Growth Fund 0.2 42 43 5.4 0.0
IDHQ Invesco S&P International Developed High Quality ETF 0.2 29 56 5.2 -0.2
INTF iShares International Equity Factor ETF 0.2 15 70 6.2 +0.9
GWX SPDR S&P International Small Cap ETF 0.2 40 45 5.5 +0.2
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 73 4.8 -0.5
DFSI Dimensional International Sustainability Core 1 ETF 0.2 24 61 5.3 -0.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.2 39 46 5.9 +0.5
DFIC Dimensional International Core Equity 2 ETF 0.2 23 62 5.9 +0.6
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.2 30 55 5.8 +0.4
EFG iShares MSCI EAFE Growth ETF 0.2 36 49 3.6 -1.8
AVSD Avantis Responsible International Equity ETF 0.2 23 62 5.7 +0.3
DIM WisdomTree International MidCap Dividend Fund 0.2 58 27 5.9 +0.6
INEQ Columbia International Equity Income ETF 0.2 45 40 7.3 +1.9
NUDM Nuveen ESG International Developed Markets Equity ETF 0.2 31 54 5.3 -0.0
CIL VictoryShares International Volatility Wtd ETF 0.2 45 40 5.7 +0.4
GGME Invesco Next Gen Media and Gaming ETF 0.2 60 25 4.9 -0.5
IMTM iShares MSCI Intl Momentum Factor ETF 0.2 30 55 4.5 -0.9
IEFA iShares Core MSCI EAFE ETF 0.2 7 78 5.8 +0.4
RFDI First Trust Riverfront Dynamic Developed International ETF 0.2 83 2 7.3 +2.0
GLOF iShares Global Equity Factor ETF 0.2 20 65 5.7 +0.3
SCHC Schwab International Small-Cap Equity ETF 0.2 11 74 6.2 +0.8
DFAI Dimensional International Core Equity Market ETF 0.2 18 67 5.7 +0.4
WSML iShares MSCI World Small-Cap ETF 0.2 15 70 5.3 -0.1
HFXI IQ FTSE International Equity Currency Neutral ETF 0.2 20 65 5.5 +0.2
JIRE JPMorgan International Research Enhanced Equity ETF 0.2 24 61 5.6 +0.2
IQLT iShares MSCI Intl Quality Factor ETF 0.2 30 55 5.2 -0.1
IDEV iShares Core MSCI International Developed Markets ETF 0.2 4 81 5.8 +0.4
AVDE Avantis International Equity ETF 0.2 23 62 5.9 +0.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 55 6.2 +0.8
SPDW SPDR Portfolio Developed World ex-US ETF 0.2 3 82 5.7 +0.3
JHMD John Hancock Multifactor Developed International ETF 0.2 39 46 5.9 +0.5
IDMO Invesco S&P International Developed Momentum ETF 0.1 25 60 5.0 -0.4
VEA Vanguard FTSE Developed Markets ETF 0.1 3 82 5.8 +0.4
EWJV iShares MSCI Japan Value ETF 0.1 15 70 6.6 +1.3
SCHF Schwab International Equity ETF 0.1 6 79 5.8 +0.4
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 50 5.4 +0.1
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 65 5.6 +0.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 77 6.0 +0.6
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 65 5.5 +0.1
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.1 20 65 5.3 -0.0
VSGX Vanguard ESG International Stock ETF 0.1 10 75 6.4 +1.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.1 36 49 5.3 -0.1
BKIE BNY Mellon International Equity ETF 0.1 4 81 5.7 +0.4
EFA iShares MSCI EAFE ETF 0.1 35 50 5.5 +0.1
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 78 6.4 +1.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.1 14 71 5.1 -0.2
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
GINN Goldman Sachs Innovate Equity ETF 0.1 52 33 3.8 -1.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 46 6.6 +1.2
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 65 5.5 +0.2
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 67 6.2 +0.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 51 6.2 +0.8
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 51 4.8 -0.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 44 6.0 +0.7
DOL WisdomTree International LargeCap Dividend Fund 0.1 48 37 5.5 +0.1
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.1 80 5 6.3 +1.0
AVIV Avantis International Large Cap Value ETF 0.1 25 60 6.6 +1.3
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 55 5.0 -0.3
IXJ iShares Global Healthcare ETF 0.1 42 43 5.8 +0.4
IGRO iShares International Dividend Growth ETF 0.1 15 70 6.4 +1.1
DIVI Franklin International Core Dividend Tilt Index ETF 0.1 9 76 6.4 +1.0
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.0 12 73 5.0 -0.3
EFV iShares MSCI EAFE Value ETF 0.0 34 51 7.2 +1.9
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.0 25 60 5.4 +0.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 73 4.5 -0.9
VT Vanguard Total World Stock ETF 0.0 6 79 5.1 -0.3
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 40 6.6 +1.2
IVLU iShares MSCI Intl Value Factor ETF 0.0 30 55 7.7 +2.4
URTH iShares MSCI World ETF 0.0 24 61 4.4 -1.0
ACWI iShares MSCI ACWI ETF 0.0 32 53 4.7 -0.6
IQSI IQ Candriam International Equity ETF 0.0 15 70 5.3 -0.1
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 60 7.3 +1.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.0 29 56 6.9 +1.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 65 4.8 -0.6
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 67 0.0 -5.4
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 55 6.2 +0.9
VYMI Vanguard International High Dividend Yield ETF 0.0 17 68 7.7 +2.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 76 4.9 -0.4
DISV Dimensional International Small Cap Value ETF 0.0 42 43 7.7 +2.4
DFIV Dimensional International Value ETF 0.0 27 58 7.5 +2.2

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:

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.