JAPN Horizon Kinetics Japan Owner Operator ETF
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Horizon Kinetics Japan Owner Operator ETF (JAPN) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2025-05-12
- Has Options
- No
- Expense ratio
- 0.85% prospectus, filed Apr 27, 2026
- Assets
- $23M SEC filing, Jun 30, 2026
- Trailing yield
- 0.23% paid annual
- Average daily volume
- $92K 30 sessions
- Holdings
- 34 top 10 are 46.6%
- Listed
- May 12, 2025 Nasdaq
Moves with. Developed markets ex-US over US (18% of its variance, beta 0.98); US large-cap stocks (18% of its variance, beta 0.73). These factors explain 35% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. The Horizon Kinetics Japan Owner Operator ETF (the Japan Owner Operator ETF or the Fund) seeks long-term growth of capital . (from the fund's prospectus)
All 34 holdingsFlow historyOverlap toolAll Single Country ETFs
- Jun 2026
- $0 latest reported month
- Latest 3 months
- $0 0.0% of assets
- Latest 12 months
- +$19M +84.0% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | $0 |
| May 2026 | $0 |
| Apr 2026 | $0 |
| Mar 2026 | $0 |
| Feb 2026 | +$1.2M |
| Jan 2026 | $0 |
| Dec 2025 | −$636K |
| Nov 2025 | +$1.3M |
| Oct 2025 | +$5.6M |
| Sep 2025 | +$7.8M |
| Aug 2025 | +$4.3M |
| Jul 2025 | $0 |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 14 months ago
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| EMXCiShares MSCI Emerging Markets ex China ETF | — | 0.25% | $25.8B | +31.9% | compare |
| EWJiShares MSCI Japan ETF | — | 0.49% | $23.7B | +14.6% | compare |
| EWYiShares MSCI South Korea ETF | — | 0.59% | $23.1B | +73.5% | compare |
| BBJPJPMorgan BetaBuilders Japan ETF | — | 0.19% | $19.2B | +12.1% | compare |
| EWZiShares MSCI Brazil ETF | — | 0.59% | $13.9B | +40.7% | compare |
The largest other funds in the Single Country category.
| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| New position | Towa Corp | — | 2.50% | — |
| New position | Rorze Corp | — | 1.29% | — |
| Increase | Net Protections Holdings Inc | 1.06% | 1.21% | +25.5% |
2 new, 0 exited, 1 increased and 0 decreased between the fund's two latest holdings reports; turnover 9.4%. Full holdings and history
- Authorized participants
- 2 active of 2 with agreements; top 3 did 100%
- Created · redeemed
- $27M · $636K over the fiscal year
- Redemptions in kind
- 91% creations 92% in kind
- Creation unit
- 25,000 shares
- Securities lending
- authorized, none lent
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2025-12-23 | 2025-12-24 | $0.0617 | CD |
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | Furuno Electric Co Ltd | 8.67% | Equity (common) | JP |
| — | Japan Elevator Service Holding | 4.92% | Equity (common) | JP |
| — | Finatext Holdings Ltd | 4.74% | Equity (common) | JP |
| — | Resorttrust Inc | 4.55% | Equity (common) | JP |
| — | M&A Capital Partners Co Ltd | 4.36% | Equity (common) | JP |
| — | Furyu Corp | 4.31% | Equity (common) | JP |
| — | US BANK MMDA - USBGFS 7 | 3.92% | Short-term investment | US |
| — | Hikari Tsushin Inc | 3.87% | Equity (common) | JP |
| — | ULS Group Inc | 3.83% | Equity (common) | JP |
| — | Kotobuki Spirits Co Ltd | 3.79% | Equity (common) | JP |
| — | Pan Pacific International Hold | 3.58% | Equity (common) | JP |
| — | Internet Initiative Japan Inc | 3.48% | Equity (common) | JP |
| — | Oro Co Ltd | 3.40% | Equity (common) | JP |
| — | Visional Inc | 3.39% | Equity (common) | JP |
| — | KeePer Technical Laboratory Co | 2.96% | Equity (common) | JP |
| — | Yonex Co Ltd | 2.77% | Equity (common) | JP |
| — | Transaction Co Ltd | 2.75% | Equity (common) | JP |
| — | IG Port Inc | 2.70% | Equity (common) | JP |
| — | OBIC Bus Consult | 2.65% | Equity (common) | JP |
| — | Towa Corp | 2.50% | Equity (common) | JP |
| — | Starts Publishing Corp | 2.49% | Equity (common) | JP |
| — | AlphaPolis Co Ltd | 2.31% | Equity (common) | JP |
| — | Tsuburaya Fields Holdings Inc | 2.27% | Equity (common) | JP |
| — | Sega Sammy Holdings Inc | 2.16% | Equity (common) | JP |
| — | M3 Inc | 1.98% | Equity (common) | JP |
| — | Sanrio Co Ltd | 1.80% | Equity (common) | JP |
| — | Macnica Holdings Inc | 1.71% | Equity (common) | JP |
| — | Ceres Inc/Japan | 1.59% | Equity (common) | JP |
| — | Rorze Corp | 1.29% | Equity (common) | JP |
| — | Net Protections Holdings Inc | 1.21% | Equity (common) | JP |
| — | U-Next Holdings Co Ltd | 1.08% | Equity (common) | JP |
| — | Tomy Co Ltd | 1.04% | Equity (common) | JP |
| — | Smaregi Inc | 0.93% | Equity (common) | JP |
| — | Digital Garage Inc | 0.77% | Equity (common) | JP |
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 3.92% | $908983 | 1 |
| Month | '25 | '26 | Avg |
|---|---|---|---|
| Jan | -- | -4.94% | -4.94% |
| Feb | -- | 1.59% | 1.59% |
| Mar | -- | -2.40% | -2.40% |
| Apr | -- | 0.46% | 0.46% |
| May | 5.54% | -1.40% | 2.07% |
| Jun | 3.49% | 0.69% | 2.09% |
| Jul | -2.65% | 10.18% | 3.76% |
| Aug | 2.60% | 2.54% | 2.57% |
| Sep | 0.14% | -0.39% | -0.12% |
| Oct | -2.24% | 4.98%* | 1.37% |
| Nov | -2.85% | -- | -2.85% |
| Dec | -2.49% | -- | -2.49% |
| Total | 1.17% | 11.06% | 6.12% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
Momentum Oscillators
Volume & Volatility
Data Summary
LLM Stock Analysis Report: JAPN
Executive Summary
BULLISH (Confidence Level: 7/10)
Key drivers:
- Strong technical support from moving averages and Bollinger Bands
- Neutral RSI reading suggests a potential trading range
- Low volatility indicates reduced risk
Primary risks:
- MACD signal line crossover remains bearish
- Lack of recent news headlines may impact sentiment
Investment thesis: JAPN has established a solid foundation for continued growth, with technical and fundamental factors aligning in its favor. However, the absence of recent news headlines and the bearish MACD signal line crossover introduce some uncertainty.
Recent news sentiment impact: Neutral, as there are no recent news headlines to influence sentiment.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): Range-bound
- Medium-term (1-3 months): Uptrend
- Long-term (3-12 months): Bullish
Support/Resistance Levels:
- SMA 20: $22.97
- SMA 50: $23.03
- Bollinger Bands: Upper $23.64, Middle $22.97, Lower $22.29
Momentum Signals: RSI interpretation: Neutral (40.84), indicating a potential trading range. MACD signal line crossover remains bearish (-0.18 / Signal: -0.04 / Histogram: -0.13). Bollinger Bands position: Neutral.
Volume Analysis:
- Volume SMA 20: 6373.65
- On-Balance Volume (OBV): -209521.91 (indicating a potential reversal)
- Volume Rate of Change: -85.28% (suggesting reduced trading activity)
News & Sentiment Analysis
Recent Headlines Summary: No recent news available.
Sentiment Assessment: Neutral, as there are no recent news headlines to influence sentiment.
Catalyst Identification: None identified.
Market Narrative: The absence of recent news headlines may introduce some uncertainty, but the technical and fundamental factors remain supportive of JAPN's growth potential.
Risk & Volatility Assessment
Risk:
- Beta: 0.64 (vs SPY), indicating reduced risk relative to the market.
- Alpha: -0.30, suggesting a slight underperformance compared to the S&P 500.
- Correlation: 0.41, indicating a moderate relationship with the broader market.
Volatility:
- Stock Volatility: 0.19, indicating low volatility.
- Historical Volatility (HV20/HV30): HV20 14.8% / HV30 16.2% / HV60 20.7%.
Options Market Signals:
- IV Premium vs HV30: N/A (positive = implied richer than realized), suggesting a potential mean reversion.
Downside Protection: Support levels at SMA 20 and Bollinger Bands provide some protection against potential declines.
Market Context & Positioning
Sector Performance: JAPN has outperformed the broader market, with a relative strength index above 1.
Institutional Activity: No unusual institutional activity detected.
Correlation Analysis:
- R-squared interpretation: JAPN's movements are moderately correlated (0.41) with the S&P 500.
- Correlation coefficient: 0.41.
Relative Valuation: JAPN is positioned within a trading range, with technical and fundamental factors aligning in its favor.
Key Levels & Action Items
Critical Price Levels:
- Support at SMA 20 ($22.97)
- Resistance at SMA 50 ($23.03)
Breakout/Breakdown Levels:
- Breakout above SMA 200 ($25.58) could trigger a strong uptrend.
- Breakdown below Bollinger Bands (Lower $22.29) could indicate a potential reversal.
Time-Sensitive Catalysts: None identified.
Risk Management: Monitor support levels and adjust position sizing accordingly.
This comprehensive analysis provides an objective assessment of JAPN's current market situation, technical indicators, and risk factors. The report highlights key levels to monitor, catalysts to consider, and risk management strategies for investors.
JAPN Options Activity & IV Rank
Each spread is ranked by a composite score built in three stages. Full documentation →
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Enter a ticker to render the implied volatility surface.
Enter a ticker to render the implied volatility smile.
Risk Metrics
Analysis Details
Data Points: 250
Period: 252 trading days
Low volatility - stock moves less than market
JAPN Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
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| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
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