ETF Evaluator:
Horizon Kinetics Japan Ownr Oprtr ETF ()
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(as of Aug 26)
Best Performing in Japan Stock Over the Last Year
| 56.1% | WisdomTree Japan Opportunities ETF (OPPJ) |
| 48.3% | WisdomTree Japan Hedged Equity ETF (DXJ) |
| 44.1% | Xtrackers MSCI Japan Hedged Equity ETF (DBJP) |
| 43.6% | Franklin FTSE Japan Hedged ETF (FLJH) |
| 42.7% | iShares Currency Hedged MSCI Japan ETF (HEWJ) |
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ETF Details
Horizon Kinetics Japan Ownr Oprtr ETF Overview
Horizon Kinetics Japan Ownr Oprtr ETF (JAPN) is an actively managed International Equity Japan Stock exchange-traded fund (ETF). Horizon Kinetics launched the ETF in 2025.
The investment seeks long-term growth of capital.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in Japanese companies that are operated by individuals that have significant ownership in the company. Under normal circumstances, at least 80% of the fund’s net assets (plus any borrowings for investment purposes) will be invested in securities of companies located in Japan. The fund is non-diversified.
About Horizon Kinetics Japan Ownr Oprtr ETF (JAPN)
There are 3 members of the management team with an average tenure of 0.90 years: Aya Hirota Weissman (2025), Utako Kojima (2025) and Peter Doyle (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Horizon Kinetics Japan Ownr Oprtr ETF has 36 securities in its portfolio. The top 10 holdings constitute 47.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon Kinetics Japan Ownr Oprtr ETF is part of the Equity global asset class and is within the International Equity ETF group. Horizon Kinetics Japan Ownr Oprtr ETF has 96.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 96.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon Kinetics Japan Ownr Oprtr ETF has 3.4% of the portfolio in cash.
Assets Under Management
The fund has $25 million in total assets, which is below the $2 billion average for the Japan Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JAPN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon Kinetics Japan Ownr Oprtr ETF expense ratio is high compared to funds in the Japan Stock category. Horizon Kinetics Japan Ownr Oprtr ETF has an expense ratio of 0.85%, which is 68% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon Kinetics Japan Ownr Oprtr ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 35% for the Japan Stock category.
Recently, in the month of July 2026, Horizon Kinetics Japan Ownr Oprtr ETF returned 11.6%, which earned it a grade of A, as the Japan Stock category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon Kinetics Japan Ownr Oprtr ETF has a trailing yield of 0.24%, which is below the 2.67% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon Kinetics Japan Ownr Oprtr ETF Grades
Year to date, the ETF has returned -1.4%, 18.1 percentage points worse than the category, which translates into a grade of F. The fund has returned -6.7% over the past year (grade of F).
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JAPN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JAPN Return (NAV) | 11.6% | 8.7% | -6.7% | na | na | na |
| JAPN Return (Price) | 11.6% | 8.5% | -7.4% | na | na | na |
| NAV +/- Price Return | 0.020% | 0.223% | 0.708% | na | na | na |
| Japan Stock Avg | 0.3% | 4.6% | 33.2% | 21.7% | 15.1% | 11.8% |
| JAPN Grade (NAV) | A | A | F | na | na | na |
| +/- Category (NAV) | 11.4% | 4.1% | -39.9% | na | na | na |
| JAPN Tax-Cost Ratio | na | na | 0.1% | na | na | na |
JAPN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JAPN Return (NAV) | -1.4% | na | na | na | na | na | na | na | na | na | na |
| JAPN Return (Price) | -2.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.715% | na | na | na | na | na | na | na | na | na | na |
| Japan Stock Avg | 16.7% | 28.3% | 13.9% | 25.8% | -8.2% | 5.5% | 7.6% | 18.3% | -15.2% | 25.5% | 3.3% |
| JAPN Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -18.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.2% |
| Total Assets: | $ 26 Mil |
| Share Class Assets: | $ 26 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.2 years | |||
| Average Tenure: 0.9 years | |||
| Managers (Year): Weissman Aya Hirota (2025), Kojima Utako (2025), Doyle Peter (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 47.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 96.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 96.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 3.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Kinetics |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | May 12, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.50% |
