Intangible Value ETFs

Value Investing for the Modern Era

ITAN

Sparkline Intangible Value ETF
U.S. intangible value stocks

DTAN

Sparkline International Intangible Value ETF
Non-U.S. developed market intangible value stocks

“The four largest companies today by market value do not need any net tangible assets. They are not like AT&T, GM, or Exxon Mobil, requiring lots of capital to produce earnings. We have become an asset-light economy.”

– Warren Buffett

🌎 Investment Focus

Intangible Value ETFs provide exposure to stocks that appear undervalued relative to an expanded definition of intrinsic value that includes not only traditional tangible assets but also often-overlooked intangible assets.

✨ The Intangible Economy

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.

Intellectual Property

Brand Equity

Human Capital

Network Effects

🔭 Quantifying Dark Matter

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.

🧩 How to Use Intangible Value ETFs?

🏛️

Value

Replacement

Modernize portfolio without abandoning value paradigm

🚀

Growth

Replacement

Invest in innovation while keeping an eye on valuations

📈

Market

Replacement

Double exposure to intangible value factors

📺 ITAN Video Introduction

🗓️ Annual ETF Investor Letter

Read Investor Letter

Beyond the Magnificent 7

2024 ETF Investor Letter

The Sparkline ETFs can help investors diversify beyond the top-heavy S&P 500 to cheaper stocks while still maintaining exposure to innovative, intangible-intensive companies.

🔎 Learn More

Visit individual fund pages for holdings, performance, and other information.

ITAN – US Intangible Value ETF

DTAN – International Intangible Value ETF