Horizon Kinetics Japan Owner Operator ETF
ALTAR
Score™		 5.6% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 15.3x P/Sales
ratio		 1.1x
P/BV
ratio		 2.1x 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) $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 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 9.2 %
FINATEXT HOLDINGS LTD 5.1 %
JAPAN ELEVATOR SERVICE HOLDINGS CO 4.9 %
M&A CAPITAL PARTNERS CO. LTD. 4.4 %
RESORTTRUST INC 4.3 %
FURYU CORP. 4.2 %
ULS GROUP INC 4.0 %
HIKARI TSUSHIN INC 3.9 %
CASH & OTHER 3.9 %
KOTOBUKI SPIRITS CO., LTD. 3.8 %
Total 47.5 %

TOP COUNTRY EXPOSURE
JAPAN 60.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.9% -14.2% -- -- -9.0%

Market Correlations
versus... Beta R-squared
S&P500 0.64 16%
MSCI EAFE 0.72 33%
MSCI Emg. Mkts. 0.41 19%

Technical Indicators
Recent close $24.26
30d moving avg. $22.53
Annualized volatility 0.0%
Short interest (ETF) 2.2%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.5%
Bid/Ask (% of price) 0.44%
ADV underlying (mns) $0

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 128 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™: 5.6%


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
(%)
RAYJ Rayliant SMDAM Japan Equity ETF 4.0 72 13 3.0 -2.7
HERO Global X Video Games & Esports ETF 2.4 50 35 6.0 +0.3
EFAD ProShares MSCI EAFE Dividend Growers ETF 2.3 50 35 5.7 +0.0
FICS First Trust International Developed Capital Strength ETF 1.8 70 15 6.5 +0.9
SCJ iShares MSCI Japan Small-Cap ETF 1.7 50 35 5.4 -0.3
NERD Roundhill Video Games ETF 1.7 50 35 7.9 +2.2
DFJ WisdomTree Japan SmallCap Dividend Fund 1.4 58 27 6.5 +0.9
JPXN iShares JPX-Nikkei 400 ETF 0.9 48 37 5.2 -0.4
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 0.8 32 53 5.4 -0.3
ICPY Tweedy, Browne International Insider Value ETF 0.7 80 5 21.0 +15.3
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 0.7 25 60 5.3 -0.3
FLJH Franklin FTSE Japan Hedged ETF 0.7 9 76 4.9 -0.8
FLJP Franklin FTSE Japan ETF 0.7 9 76 5.2 -0.5
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.7 49 36 6.1 +0.5
SCZ iShares MSCI EAFE Small-Cap ETF 0.6 40 45 6.2 +0.5
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.6 40 45 5.6 -0.0
AVDS Avantis International Small Cap Equity ETF 0.6 30 55 6.1 +0.5
DWM WisdomTree International Equity Fund 0.5 48 37 5.6 -0.1
FEOE First Eagle Overseas Equity ETF 0.5 79 6 6.1 +0.5
FNDC Schwab Fundamental International Small Co. Index ETF 0.5 39 46 6.8 +1.2
JIG JPMorgan International Growth ETF 0.5 55 30 3.5 -2.1
ISCF iShares International SmallCap Equity Factor ETF 0.5 23 62 7.3 +1.7
COPY Tweedy, Browne Insider + Value ETF 0.5 80 5 14.6 +9.0
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 27 7.5 +1.9
PSP Invesco Global Listed Private Equity ETF 0.5 106 -21 7.0 +1.4
DBJP Xtrackers MSCI Japan Hedged Equity ETF 0.5 47 38 4.4 -1.2
IPAC iShares Core MSCI Pacific ETF 0.5 9 76 5.4 -0.3
DWMF WisdomTree International Multifactor Fund 0.5 38 47 6.8 +1.2
BBJP JPMorgan BetaBuilders Japan ETF 0.4 19 66 5.1 -0.5
DXJ WisdomTree Japan Hedged Equity Fund 0.4 48 37 5.1 -0.6
AVDV Avantis International Small Cap Value ETF 0.4 36 49 7.9 +2.2
EFAV iShares MSCI EAFE Min Vol Factor ETF 0.4 22 63 5.8 +0.1
EWJ iShares MSCI Japan ETF 0.4 50 35 4.7 -0.9
HEWJ iShares Currency Hedged MSCI Japan ETF 0.4 50 35 5.1 -0.5
VIGI Vanguard International Dividend Appreciation ETF 0.4 10 75 6.0 +0.3
VPL Vanguard FTSE Pacific ETF 0.4 7 78 5.1 -0.6
DFIS Dimensional International Small Cap ETF 0.3 39 46 6.2 +0.6
DIHP Dimensional International High Profitability ETF 0.3 29 56 5.7 +0.1
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.3 80 5 9.4 +3.7
JPIN J.P. Morgan Diversified Return International Equity ETF 0.3 37 48 7.1 +1.5
DFSI Dimensional International Sustainability Core 1 ETF 0.3 24 61 5.6 -0.0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.3 58 27 5.2 -0.4
DFIC Dimensional International Core Equity 2 ETF 0.3 23 62 6.2 +0.6
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.3 65 20 4.0 -1.6
DXIV Dimensional International Vector Equity ETF 0.3 34 51 6.6 +1.0
TPIF Timothy Plan International ETF 0.3 62 23 5.5 -0.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.2 25 60 6.1 +0.5
IQDG WisdomTree International Quality Dividend Growth Fund 0.2 42 43 5.7 +0.1
JHMD John Hancock Multifactor Developed International ETF 0.2 39 46 6.2 +0.5
IDHQ Invesco S&P International Developed High Quality ETF 0.2 29 56 5.0 -0.7
RXI iShares Global Consumer Discretionary ETF 0.2 41 44 8.3 +2.6
WSML iShares MSCI World Small-Cap ETF 0.2 15 70 5.3 -0.4
GWX SPDR S&P International Small Cap ETF 0.2 40 45 6.0 +0.4
QINT American Century Quality Diversified International ETF 0.2 39 46 6.6 +0.9
DFAI Dimensional International Core Equity Market ETF 0.2 18 67 6.0 +0.4
GGME Invesco Next Gen Media and Gaming ETF 0.2 60 25 4.4 -1.3
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.2 30 55 6.1 +0.4
AVSD Avantis Responsible International Equity ETF 0.2 23 62 5.9 +0.2
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 73 4.8 -0.8
RFDI First Trust Riverfront Dynamic Developed International ETF 0.2 83 2 7.6 +1.9
INTF iShares International Equity Factor ETF 0.2 15 70 6.5 +0.8
DIM WisdomTree International MidCap Dividend Fund 0.2 58 27 6.3 +0.7
IEFA iShares Core MSCI EAFE ETF 0.2 7 78 6.0 +0.4
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 55 6.4 +0.7
JSTC Adasina Social Justice All Cap Global ETF 0.2 89 -4 4.2 -1.4
IDEV iShares Core MSCI International Developed Markets ETF 0.2 4 81 6.0 +0.3
EWJV iShares MSCI Japan Value ETF 0.2 15 70 6.7 +1.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.2 14 71 5.2 -0.4
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.2 24 61 6.9 +1.3
INEQ Columbia International Equity Income ETF 0.2 45 40 7.9 +2.2
AVDE Avantis International Equity ETF 0.2 23 62 6.2 +0.6
SCHC Schwab International Small-Cap Equity ETF 0.2 11 74 6.7 +1.1
SPDW SPDR Portfolio Developed World ex-US ETF 0.1 3 82 5.8 +0.1
IDMO Invesco S&P International Developed Momentum ETF 0.1 25 60 5.1 -0.5
EFG iShares MSCI EAFE Growth ETF 0.1 36 49 3.7 -1.9
HFXI IQ FTSE International Equity Currency Neutral ETF 0.1 20 65 5.5 -0.1
VEA Vanguard FTSE Developed Markets ETF 0.1 3 82 5.9 +0.2
SCHF Schwab International Equity ETF 0.1 6 79 5.8 +0.2
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.1 25 60 5.4 -0.3
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 65 5.8 +0.1
CIL VictoryShares International Volatility Wtd ETF 0.1 45 40 5.9 +0.2
IQLT iShares MSCI Intl Quality Factor ETF 0.1 30 55 5.4 -0.2
VSGX Vanguard ESG International Stock ETF 0.1 10 75 6.4 +0.8
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 46 6.2 +0.6
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 50 5.6 -0.0
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 5.1 -0.5
BKIE BNY Mellon International Equity ETF 0.1 4 81 5.9 +0.3
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 78 6.5 +0.9
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 77 6.3 +0.7
VXUS Vanguard Total International Stock ETF 0.1 5 80 6.5 +0.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 81 6.6 +1.0
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.1 20 65 5.5 -0.1
ESGD iShares ESG Aware MSCI EAFE ETF 0.1 20 65 5.7 +0.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 46 7.0 +1.4
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.1 12 73 5.2 -0.4
EFA iShares MSCI EAFE ETF 0.1 35 50 5.7 +0.0
HEFA iShares Currency Hedged MSCI EAFE ETF 0.1 35 50 5.6 -0.0
GINN Goldman Sachs Innovate Equity ETF 0.1 52 33 3.7 -2.0
IMFL Invesco International Developed Dynamic Multifactor ETF 0.1 34 51 5.1 -0.5
IGRO iShares International Dividend Growth ETF 0.1 15 70 6.6 +1.0
DOL WisdomTree International LargeCap Dividend Fund 0.1 48 37 5.6 -0.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 67 6.3 +0.6
IXJ iShares Global Healthcare ETF 0.1 42 43 6.2 +0.5
GLOF iShares Global Equity Factor ETF 0.1 20 65 5.5 -0.1
JIRE JPMorgan International Research Enhanced Equity ETF 0.1 24 61 5.7 +0.0
AVIV Avantis International Large Cap Value ETF 0.1 25 60 6.9 +1.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 44 5.8 +0.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 51 6.3 +0.6
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 55 5.1 -0.5
IVLU iShares MSCI Intl Value Factor ETF 0.0 30 55 8.0 +2.4
EFV iShares MSCI EAFE Value ETF 0.0 34 51 7.5 +1.9
VT Vanguard Total World Stock ETF 0.0 6 79 4.9 -0.7
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 40 6.7 +1.1
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 76 6.5 +0.9
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 60 7.4 +1.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 73 4.4 -1.3
URTH iShares MSCI World ETF 0.0 24 61 4.3 -1.4
IQSI IQ Candriam International Equity ETF 0.0 15 70 5.5 -0.2
VYMI Vanguard International High Dividend Yield ETF 0.0 17 68 7.9 +2.3
ACWI iShares MSCI ACWI ETF 0.0 32 53 4.6 -1.1
IVRS iShares Future Metaverse Tech and Communications ETF 0.0 47 38 5.1 -0.6
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 55 6.3 +0.7
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 67 0.0 -5.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 76 4.8 -0.9
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 65 4.7 -1.0
DISV Dimensional International Small Cap Value ETF 0.0 42 43 8.3 +2.6
DFIV Dimensional International Value ETF 0.0 27 58 7.8 +2.1

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 2.0 x
Less: Expense ratio 85 bp
Equals: ALTAR Score 5.6 %
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.