JAPN vs SCJ: Grades, Fees and Holdings Compared

Horizon Kinetics Japan Owner Operator ETF

JAPNFNasdaq

iShares MSCI Japan Small-Cap ETF

SCJANYSE Arca

Overlap

2.7%by weight

Expense ratio

SCJ −0.35pt a year

JAPN0.85%SCJ0.50%

Avg volume · 30D

SCJ 9.0×the volume

JAPN4.25KSCJ38.1K

JAPN vs SCJ Performance

Oct 31, 2025 – Oct 30, 2026

−5.8%JAPN+19.8%SCJ

Expense ratio: JAPN 0.85%; SCJ 0.50%, better
Fund size: JAPN $25M; SCJ $232M
1Y total return: JAPN −5.8%; SCJ +19.8%, better
Yield (12M): JAPN No data; SCJ 2.77%
Holdings: JAPN 37; SCJ 767
Avg volume (30D): JAPN 4.25K sh; SCJ 38.1K sh, better
NAV per share: JAPN $25.81; SCJ $105.56
52W range

ETF.net Grade

Pillar letters and Scores for JAPN, SCJ, with each pillar’s weight
Pillar	JAPN	SCJ
Cost30% weight	F18	B56Higher
Mission25% weight	D39	A96Higher
Risk15% weight	F13	A80Higher
Tradability15% weight	F19	A74Higher
Holdings10% weight	F23	A85Higher
Durability5% weight	F9	B63Higher

Rank among Japan funds

How we build Categories ›

Same Category. JAPN and SCJ are both graded against the same 18 Japan funds, so their Grades compare head to head.

Japan⁠

Category · 18 funds

See all 18 ›

SCJ ranks 3rd and JAPN 18th of 18 funds in the Japan Category.

Rank 1AFLJPFranklin FTSE Japan ETFScore 82
Rank 2ABBJPJPMorgan BetaBuilders Japan ETFScore 80
Rank 3AFLJHFranklin FTSE Japan Hedged ETFScore 75
Rank 3ASCJiShares MSCI Japan Small-Cap ETFScore 75
Rank 5AJPXNiShares JPX-Nikkei 400 ETFScore 74
Rank 17CNBJPNeuberger Berman Japan Equity ETFScore 39
Rank 18FJAPNHorizon Kinetics Japan Owner Operator ETFScore 22

Our read on each fund

ETF.net Research

JAPNFHorizon Kinetics Japan Owner Operator ETF

SCJAiShares MSCI Japan Small-Cap ETF

In short

JAPN No data

SCJ Japan past the household-name exporters. SCJ holds roughly 800 of the country's smaller listed companies, the domestic slice that large-cap Japan benchmarks leave out, and it has been running that mandate since 2007.

Stated mandate

JAPN No data

SCJ The fund seeks to track an index composed of small-capitalization Japanese equities.

Why people hold it

JAPN No data

SCJ One job, done tightly: it tracks the MSCI Japan Small Cap Index, roughly 800 names deep, the part of the market big blue-chip Japan benchmarks leave on the floor.ishares.com
Trading since 2007, so there is a long live record here, not a backtest, and it has stayed tight to its index over that stretch.
About 800 holdings means no single stock carries the portfolio, and the 0.50% fee sits right at the median for single-country Japan funds.

Worth knowing

JAPN No data

SCJ 0.50% a year is the going rate for the niche, but broad Japan trackers like FLJP (0.09%) and BBJP (0.19%) charge a fraction. Small-cap coverage is the upcharge.
Moderately traded, and Tokyo is closed while US markets are open, so spreads and price-to-value gaps can widen at the edges of the session.
Unhedged: the holdings are priced in yen, so currency swings land on top of the stock moves, in both directions. Distributions come once or twice a year.ishares.com

Full JAPN profile⁠

Full SCJ profile⁠

JAPN vs SCJ Holdings

How JAPN and SCJ differ

Overlap by weight

2.7%

Shared holdings make up 57.9% of JAPN and 2.7% of SCJ.

Level by level

Holdings19 in both2.7%
Sector11 Sectors60.9%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in JAPN and SCJ, widest gap first
Sector	More in JAPNMore in SCJ	JAPN	SCJ
Technology	JAPN +19.6 points	33.0%	13.4%
Industrials	SCJ +14.8 points	10.5%	25.3%
Communication	JAPN +14.3 points	17.1%	2.8%
Materials	SCJ +7.0 points	3.6%	10.6%
Real Estate	SCJ +6.9 points	0.0%	6.9%
Financials	SCJ +5.0 points	6.7%	11.7%
Consumer Discretionary	JAPN +4.4 points	18.5%	14.1%
Health Care	SCJ +2.5 points	1.8%	4.3%
Utilities	SCJ +2.1 points	0.0%	2.1%
Energy	SCJ +0.8 points	0.0%	0.8%
Consumer Staples	JAPN +0.8 points	8.8%	8.0%

Country, concentration and asset class

Country by domicile

Country weights in JAPN and SCJ, widest gap first
Country	More in JAPNMore in SCJ	JAPN	SCJ
Japan	Same weight	100.0%	100.0%

Outside the US: JAPN 100% developed, 0% emerging. SCJ 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

JAPN47.1%
SCJ6.3%

Securities held

JAPN36
SCJ764

Asset class

JAPN: Equity
SCJ: Equity

Holdings

Only in JAPN17
In both19
Only in SCJ745

Only in JAPN

17 securities, 41.5% of JAPN by weight

Furyu Corp4.19%
Finatext Holdings Ltd4.13%
ULS Group Inc3.73%
Hikari Tsushin Inc3.67%
KeePer Technical Laboratory Co Ltd3.64%
Oro Co Ltd2.91%
Pan Pacific International Holdings Corp2.90%
AlphaPolis Co Ltd2.26%
Transaction Co Ltd2.18%
Starts Publishing Corp2.02%
IG Port Inc2.00%
Sanrio Co Ltd1.85%
Us Bank Mmda - Usbgfs 7 06/01/20311.83%
Ceres Inc/Japan1.50%
Net Protections Holdings Inc1.46%
Smaregi Inc1.24%
Japanese Yen<0.01%

Only in SCJ

745 securities, 96.2% of SCJ by weight

Baycurrent Inc0.78%
Shizuoka Financial Group Inc0.60%
Mebuki Financial Group Inc0.60%
Food & Life Companies0.59%
Nippon Express Holdings0.57%
Fukuoka Financial Group0.54%
Isetan Mitsukoshi Holdings0.54%
Rohm0.53%
Misumi Group0.52%
Taiyo Yuden Ltd0.51%
Shimadzu0.51%
Brother Industries0.50%
Niterra0.49%
Sojitz Corp0.49%
Meiji Holdings Ltd0.49%
Jfe Holdings0.49%
Ngk0.47%
Nissan Chemical Corp0.47%
Toyo Suisan Ltd0.46%
Sekisui Chemical0.45%
Kyoto Financial Group0.45%
Seiko Epson0.44%
Ricoh0.44%
Omron0.44%
Hachijuni Nagano Bank0.44%
Trend Micro0.44%
Yaskawa Electric0.43%
Gunma Bank0.40%
Ono Pharmaceutical0.40%
Tisi0.40%
Horiba0.40%
Sumitomo Chemical0.40%
Asahi Intecc0.39%
Skylark Holdings0.39%
Matsukiyokara0.39%
Kyuden Holdings0.39%
Sumco0.39%
Sony Financial Group Inc0.39%
Toto Ltd0.38%
Yokohama Rubber0.38%
Tokyu0.37%
Japan Metropolitan Fund Investment0.37%
Mcdonalds Holdings (Japan) Ltd0.36%
Dentsu Group0.36%
Kobe Steel0.36%
Hokuhoku Financial Group Inc0.36%
Iyogin Holdings Inc0.36%
Seibu Holdings0.35%
Mitsui Chemicals0.35%
Amada Ltd0.35%

Weight gaps

All 19 Holdings in both funds, largest gap first.

Holding weights in JAPN and SCJ, widest gap first
Holding	More in JAPNMore in SCJ	JAPN	SCJ
Furuno Electric Co Ltd	JAPN +10.67 points	10.76%	0.09%
M&A Capital Partners Co Ltd	JAPN +4.81 points	4.84%	0.03%
Resorttrust Inc	JAPN +4.05 points	4.19%	0.14%
Japan Elevator Service Holdings Co Ltd	JAPN +3.82 points	3.92%	0.10%
OBIC Business Consultants Co Ltd	JAPN +3.79 points	3.91%	0.12%
Visional Inc	JAPN +3.65 points	3.76%	0.11%
Tsuburaya Fields Holdings Inc	JAPN +3.57 points	3.61%	0.04%
Kotobuki Spirits Co Ltd	JAPN +3.33 points	3.45%	0.12%
Internet Initiative Japan Inc	JAPN +3.30 points	3.49%	0.19%
Sega Sammy Holdings Inc	JAPN +2.71 points	2.93%	0.22%
Yonex Co Ltd	JAPN +2.51 points	2.57%	0.06%
Macnica Holdings Inc	JAPN +1.65 points	1.90%	0.25%
M3 Inc	JAPN +1.47 points	1.81%	0.34%
Towa Corp	JAPN +1.35 points	1.41%	0.06%
Tomy Co Ltd	JAPN +1.27 points	1.45%	0.18%
U-Next Holdings Co Ltd	JAPN +1.02 points	1.07%	0.05%
Digital Garage Inc	JAPN +0.91 points	0.92%	0.01%
Rorze Corp	JAPN +0.75 points	0.90%	0.15%
Sysmex Corp	JAPN +0.60 points	1.03%	0.43%

All JAPN holdings⁠All 764 SCJ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JAPN vs SCJ Cost

Overpaying JAPN vs SCJ

$6,220

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

JAPN 0.85%
$16,199
SCJ 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

JAPN 0.85%
SCJ 0.50%
Overpaying

Year by year

Year	JAPN	SCJ	Overpaying
10	$1,508	$900	$608
20	$5,706	$3,460	$2,246
30	$16,199	$9,979	$6,220

Expense ratio

0.85%JAPN
0.50%SCJ, cheaper

SCJ0.50%JAPN0.85%

0.09%1.92%

Middle half of Japan funds
Median 0.54%

SCJ 9th cheapest of 18 funds

JAPN 15th cheapest of 18 funds

JAPN vs SCJ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JAPN No data; SCJ 2.77%
Payout (12M): JAPN No data; SCJ $2.92
Last payment: JAPN $0.06; SCJ $0.92
Ex-dividend: JAPN Dec 23, 2025; SCJ Jun 15, 2026
Paid on: JAPN Dec 24, 2025; SCJ Jun 18, 2026
Frequency: JAPN Irregular; SCJ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

JAPNIrregular · 1 paymentAll JAPN payments⁠

SCJTwice a year · 17 paymentsAll SCJ payments⁠

JAPN vs SCJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JAPN 16.1%since Jun 2025SCJ 13.1%
Return per unit of riskSharpe ratio, 3 years: JAPN −0.30since Jun 2025SCJ 1.08
Worst fallMax drawdown, 5 years: JAPN −24.0%since May 2025SCJ −28.6%
Market sensitivityBeta, 5 years: JAPN 0.46SCJ 0.83; Market = 1

Popular comparisons

JAPNFvsFLJPA
Horizon Kinetics Japan Owner Operator ETF · Franklin FTSE Japan ETF
Expense ratio
0.85% · 0.09%
Category
SCJAvsFLJPA
iShares MSCI Japan Small-Cap ETF · Franklin FTSE Japan ETF
Expense ratio
0.50% · 0.09%
Category
JAPNFvsBBJPA
Horizon Kinetics Japan Owner Operator ETF · JPMorgan BetaBuilders Japan ETF
Expense ratio
0.85% · 0.19%
Category
SCJAvsBBJPA
iShares MSCI Japan Small-Cap ETF · JPMorgan BetaBuilders Japan ETF
Expense ratio
0.50% · 0.19%
Category
JAPNFvsFLJHA
Horizon Kinetics Japan Owner Operator ETF · Franklin FTSE Japan Hedged ETF
Expense ratio
0.85% · 0.09%
Category
SCJAvsFLJHA
iShares MSCI Japan Small-Cap ETF · Franklin FTSE Japan Hedged ETF
Expense ratio
0.50% · 0.09%
Category