ITAN

Intangible Value ETF

Value Investing for the Modern Era

Intangible Value

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.

Intellectual
Property

Brand
Equity

Human
Capital

Network
Effects

Quantifying Dark Matter

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.

Fund Objective

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 and Market Price

as of
07/29/2021

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

Fund Details

as of
07/29/2021

Fund Documents

Fund Characteristics

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).

Historical Performance

as of
07/29/2021

Month-End Performance

as of
06/30/2021

Quarter-End Performance

as of
06/30/2021

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted.

Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. Values are percent returns. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date and ITD is inception-to-date.

Fund Holdings

as of
07/30/2021

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Historical Premium / Discount

as of
07/29/2021