ITAN

ITAN adapts the timeless principles of value investing to the modern era. Originating in the 1930s, value investing provides a framework for buying companies below intrinsic value. However, as the economy shifts from industrial to information-based, corporate value is increasingly becoming intangible rather than tangible. ITAN extends traditional value concepts to include four pillars of intangible value.

Intangible value can be challenging to quantify, as it is largely omitted from standard accounting statements. The most relevant data tend to be large, noisy, and unstructured. Sparkline combines its fundamental understanding of investing with state-of-the-art natural language processing to convert this data into measures of intangible value for each company.

ITAN is an actively-managed exchange traded fund (ETF) seeking long-term capital appreciation. The fund invests in U.S.-listed equity securities that are in the approximately top 1,000 largest by market capitalization. The fund seeks to remain nearly fully invested at all times.

NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.

as of  06/29/2021

Source: S&P, USPTO, Sparkline. All calculations are weighted averages with weights equal to position size. Net income, sales, R&D, S&M, and patents are calculated over a trailing 12-month window. The S&P 500® is a popular gauge of large-cap U.S. equities that includes 500 leading companies. Characteristics refer to the underlying stocks and do not predict the performance of the fund.

Earnings / Price is net income divided by market cap. Sales / Price is sales divided by market cap. Expected Growth is consensus analyst expected long-term growth of earnings per share (note: does not guarantee future performance). Return on Equity is net income divided by book value. R&D / Price is research and development expenditures divided by market cap. S&M / Price is sales and marketing expenditures divided by market cap. Patents / Price is the number of patent grants from the USPTO divided by market cap. * Patents are scaled by billions (e.g., # patents per $1 billion market cap).