Intangible Value ETFs

Value investing is a time-honored framework for buying companies below intrinsic value. However, as the economy shifts from industrial to information-based, intrinsic value is increasingly becoming intangible rather than tangible. Intangible Value ETFs bring value investing to the modern era by including four pillars of intangible value.

Intangible value is challenging to quantify, as it is largely omitted from financial statements. The most relevant data tend to be large, noisy, and unstructured (e.g., patents, social media, job postings, earnings calls). Sparkline uses state-of-the-art natural language processing to convert these data into quantitative measures of intangible value for each firm.

Investors should carefully consider the funds’ investment objectives, risks, charges and expenses before investing. This and other important information is contained in the prospectus and summary prospectus, which may be obtained by visiting the links above. Please read the prospectus carefully before investing.

Investments involve risk and principal loss is possible. There can be no assurance that the funds will achieve their investment objectives. The funds invest in equity securities, which may fall in value in adverse economic and market conditions. The funds expect to have exposure to the information technology, communications, healthcare, industrials, and consumer discretionary sectors, which face unique competitive, technological, demand, and regulatory risks. The funds may invest in mid- and small-cap companies, which may have limited liquidity and greater volatility. The funds are actively managed and their success will depend on the skills of the advisor and subadvisor, which has a limited operating history. The funds utilize quantitative methods, machine learning and alternative data, which are subject to data quality, model, algorithm, regulatory, and technological risks. The funds employ a value investing strategy, which may fail if stocks do not reach the subadvisor’s assessment of fair value. DTAN invests in non-U.S. securities, which involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Please see the prospectuses for more details of these and other risks.

Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. ETF shares may only be redeemed at NAV by authorized participants in large creation units. There can be no guarantee that an active trading market for shares will exist. The trading of shares may incur brokerage commissions.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. We make no representation or warranty as to the accuracy or completeness of the information contained in this report, including third-party data sources. The views expressed are as of the publication date and subject to change at any time. No part of this material may be reproduced in any form, or referred to in any other publication without express written permission. References to securities or other funds should not to be interpreted as an offer or recommendation of these securities.

The funds are distributed by Quasar Distributors, LLC. The funds’ investment advisor is Empowered Funds, LLC, which is doing business as ETF Architect. The funds’ investment subadvisor is Sparkline Capital LP.