JAPN
Horizon Kinetics Japan Owner Operator ETF
stockNASDAQETF

Quick take: this is a concentrated, high-conviction US equity portfolio with some real inefficiencies worth flagging. **What’s working:** Factor tilts (value via CALV/CAUV, momentum via SPMO) show some intentionality rather than just buying an index Costs on the CAD-listed ETFs (VFV, CALV, CAUV, JAPN) are $0 FX, which is smart **What’s not:** **\~92% US equities.** SPMO, IXN, VFV, CALV, and CAUV are all effectively US market exposure (large-cap, large-cap, large-cap, large-value, small-value). That’s five holdings expressing basically one bet. JAPN at 8% doesn’t offset that. **Overlap.** VFV (broad S&P 500) already holds most of what CALV (large value) and SPMO (momentum, tech-heavy) hold. You’re not getting as much diversification as six tickers suggests — more like three real exposures wearing six labels. **No bonds, no emerging markets, no broad ex-US developed markets (Europe, etc.), no Canada-specific equity.** For a bi-weekly DCA plan, that’s a narrow bet on continued US (and specifically large-cap growth/tech) outperformance. **The FX fee is the real leak.** $3.08 per $500 contribution is 0.6%, but that’s every two weeks — annualized that’s roughly 15%+ of contributions going to FX fees alone (26 contributions/year × $3.08 ≈ $80/year on $13,000 contributed). Since VFV already gives S&P 500 exposure with zero FX fee, holding SPMO and IXN in USD instead of using CAD-hedged or Canadian-listed equivalents is costing real money for arguably redundant exposure (SPMO/IXN overlap heavily with VFV/CALV anyway). **If it were mine:** I’d drop or shrink SPMO/IXN to cut the FX bleed, and reallocate toward broader international diversification (developed ex-US, maybe EM) rather than a single-country Japan bet, plus consider whether zero fixed income is intentional given the horizon. From ai.