ITAN
Intangible Value ETF
Value Investing for the Modern Era
“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
🧑🚀 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. ITAN brings 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 ITAN?
🏛️
Value
Replacement
Modernize portfolio without abandoning value paradigm
🚀
Growth
Replacement
Bet on innovation while keeping an eye on valuations
📈
Market
Replacement
Double exposure to intangible value factors
🔖 NAV and Market Price
as of |
---|
12/08/2023 |
Field | Last | 1-Day Change ($) | 1-Day Change (%) |
---|---|---|---|
NAV | $25.6 | $0.15 | 0.57% |
Market Price | $25.6 | $0.17 | 0.67% |
Premium / Discount | 0% |
NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.
📺 Video Introduction
📋 Fund Details
as of |
---|
12/08/2023 |
1 | Field | Value |
---|---|---|
1 | Ticker | ITAN |
2 | Exchange | NYSE |
3 | Expense Ratio | 0.50% |
4 | CUSIP | 02072L771 |
5 | Inception | 06/29/2021 |
6 | Net Assets | $30.21 million |
7 | # Holdings | 158 |
📚 Fund Documents
✨ Intangible Factor Exposure
~200% exposure to intangible factors (vs. S&P 500)

Source: S&P, USPTO, LinkedIn, Sparkline. All calculations are weighted averages with weights equal to position size. 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. As of 9/30/2023.
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 divided by market cap. PhDs / Price is the estimated number of PhD employees divided by market cap. *Patents and PhDs are scaled by billions (e.g., # patents per $1 billion market cap).
The red metrics are Sparkline’s proprietary intangible value scores, which are constructed from the weighted average of metrics such as those shown in blue (after being normalized via Z-Score). Disruptive companies are defined using a proprietary classification based on each firm’s exposure to disruptive technologies (e.g., artificial intelligence, cloud computing).
📊 Historical Performance
as of |
---|
12/08/2023 |
🗓️ Month-End Performance
as of |
---|
11/30/2023 |
Type | YTD | 1 Month | 3 Month | 6 Month | 1 Year | 3 Year | 5 Year | Since Inception |
---|---|---|---|---|---|---|---|---|
NAV | 26.16 | 11.20 | 2.70 | 11.03 | 17.18 | 0.94 | ||
Market Price | 26.16 | 11.23 | 2.56 | 10.79 | 17.15 | 0.92 |
🕰️ Quarter-End Performance
as of |
---|
09/30/2023 |
Type | YTD | 1 Month | 3 Month | 6 Month | 1 Year | 3 Year | 5 Year | Since Inception |
---|---|---|---|---|---|---|---|---|
NAV | 17.35 | -4.47 | -3.01 | 4.51 | 26.07 | -2.18 | ||
Market Price | 17.35 | -4.60 | -3.14 | 4.51 | 25.95 | -2.20 |
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. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date.
🏢 Fund Holdings
as of |
---|
12/11/2023 |
Ticker | Name | CUSIP | Shares | Price | Market Value | Weight |
---|---|---|---|---|---|---|
AGCO | AGCO CORP | 001084102 | 654 | 116.06 | 75,903 | 0.25 |
T | AT&T INC | 00206R102 | 25,100 | 16.92 | 424,692 | 1.41 |
ADBE | ADOBE INC | 00724F101 | 461 | 610.01 | 281,215 | 0.93 |
ACM | AECOM | 00766T100 | 1,281 | 91.23 | 116,866 | 0.39 |
AMD | ADVANCED MICRO DEVICES INC | 007903107 | 1,299 | 128.92 | 167,467 | 0.55 |
AKAM | AKAMAI TECHNOLOGIES INC | 00971T101 | 1,102 | 114.41 | 126,080 | 0.42 |
ALK | ALASKA AIR GROUP INC | 011659109 | 1,817 | 35.61 | 64,703 | 0.21 |
ACI | ALBERTSONS COS INC | 013091103 | 4,216 | 22.19 | 93,553 | 0.31 |
ALL | ALLSTATE CORP | 020002101 | 1,414 | 139.32 | 196,998 | 0.65 |
ALLY | ALLY FINL INC | 02005N100 | 3,161 | 30.08 | 95,083 | 0.31 |
GOOG | ALPHABET INC | 02079K107 | 4,255 | 136.64 | 581,403 | 1.92 |
GOOGL | ALPHABET INC | 02079K305 | 4,303 | 134.99 | 580,862 | 1.92 |
AMZN | AMAZON COM INC | 023135106 | 7,879 | 147.42 | 1,161,522 | 3.85 |
AAL | AMERICAN AIRLS GROUP INC | 02376R102 | 8,357 | 13.76 | 114,992 | 0.38 |
ARW | ARROW ELECTRS INC | 042735100 | 584 | 119.78 | 69,952 | 0.23 |
ASAN | ASANA INC | 04342Y104 | 2,986 | 19.44 | 58,048 | 0.19 |
BAX | BAXTER INTL INC | 071813109 | 3,915 | 36.15 | 141,527 | 0.47 |
BBY | BEST BUY INC | 086516101 | 1,760 | 73.07 | 128,603 | 0.43 |
BIIB | BIOGEN INC | 09062X103 | 718 | 239.29 | 171,810 | 0.57 |
HRB | BLOCK H & R INC | 093671105 | 1,444 | 45.43 | 65,601 | 0.22 |
BA | BOEING CO | 097023105 | 1,645 | 244.70 | 402,532 | 1.33 |
BAH | BOOZ ALLEN HAMILTON HLDG CORP CL A | 099502106 | 1,126 | 125.29 | 141,077 | 0.47 |
BWA | BORGWARNER INC | 099724106 | 2,509 | 32.90 | 82,546 | 0.27 |
BMY | BRISTOL-MYERS SQUIBB CO | 110122108 | 5,418 | 50.31 | 272,580 | 0.90 |
CVS | CVS HEALTH CORP | 126650100 | 3,981 | 75.10 | 298,973 | 0.99 |
CACI | CACI INTL INC | 127190304 | 305 | 322.62 | 98,399 | 0.33 |
COF | CAPITAL ONE FINL CORP | 14040H105 | 2,246 | 118.09 | 265,230 | 0.88 |
CAH | CARDINAL HEALTH INC | 14149Y108 | 1,631 | 106.83 | 174,240 | 0.58 |
CVNA | CARVANA CO | 146869102 | 1,408 | 40.26 | 56,686 | 0.19 |
CNC | CENTENE CORP DEL | 15135B101 | 2,559 | 73.77 | 188,777 | 0.62 |
CHTR | CHARTER COMMUNICATIONS INC NEW CL A | 16119P108 | 628 | 367.55 | 230,821 | 0.76 |
CIEN | CIENA CORP | 171779309 | 2,077 | 44.35 | 92,115 | 0.30 |
CSCO | CISCO SYS INC | 17275R102 | 11,052 | 48.38 | 534,696 | 1.77 |
C | CITIGROUP INC | 172967424 | 6,741 | 48.89 | 329,567 | 1.09 |
CFG | CITIZENS FINL GROUP INC | 174610105 | 3,434 | 29.61 | 101,681 | 0.34 |
CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CL A | 192446102 | 3,301 | 70.33 | 232,159 | 0.77 |
CMCSA | COMCAST CORP NEW | 20030N101 | 8,400 | 42.10 | 353,640 | 1.17 |
GLW | CORNING INC | 219350105 | 4,833 | 29.11 | 140,689 | 0.47 |
CMI | CUMMINS INC | 231021106 | 926 | 230.58 | 213,517 | 0.71 |
DXC | DXC TECHNOLOGY CO | 23355L106 | 3,489 | 23.76 | 82,899 | 0.27 |
DVA | DAVITA INC | 23918K108 | 1,016 | 107.58 | 109,301 | 0.36 |
DELL | DELL TECHNOLOGIES INC | 24703L202 | 4,231 | 68.70 | 290,670 | 0.96 |
DAL | DELTA AIR LINES INC DEL | 247361702 | 3,906 | 40.35 | 157,607 | 0.52 |
DOCU | DOCUSIGN INC | 256163106 | 2,103 | 49.73 | 104,582 | 0.35 |
DLB | DOLBY LABORATORIES INC | 25659T107 | 832 | 89.38 | 74,364 | 0.25 |
DASH | DOORDASH INC | 25809K105 | 1,690 | 100.00 | 169,000 | 0.56 |
DBX | DROPBOX INC | 26210C104 | 4,048 | 27.59 | 111,684 | 0.37 |
EMN | EASTMAN CHEM CO | 277432100 | 1,088 | 84.85 | 92,317 | 0.31 |
EBAY | EBAY INC. | 278642103 | 4,222 | 41.29 | 174,326 | 0.58 |
ETSY | ETSY INC | 29786A106 | 1,208 | 80.08 | 96,737 | 0.32 |
EXAS | EXACT SCIENCES CORP | 30063P105 | 1,433 | 64.72 | 92,744 | 0.31 |
EXPE | EXPEDIA GROUP INC | 30212P303 | 1,124 | 145.50 | 163,542 | 0.54 |
META | META PLATFORMS INC | 30303M102 | 2,800 | 332.75 | 931,700 | 3.08 |
FDX | FEDEX CORP | 31428X106 | 1,055 | 272.21 | 287,182 | 0.95 |
FFIV | F5 INC | 315616102 | 710 | 170.82 | 121,282 | 0.40 |
FAF | FIRST AMERN FINL CORP | 31847R102 | 1,226 | 61.90 | 75,889 | 0.25 |
F | FORD MTR CO DEL | 345370860 | 23,236 | 11.01 | 255,828 | 0.85 |
FOXA | FOX CORP | 35137L105 | 3,008 | 29.94 | 90,060 | 0.30 |
GPS | GAP INC | 364760108 | 3,907 | 21.68 | 84,704 | 0.28 |
GD | GENERAL DYNAMICS CORP | 369550108 | 833 | 252.29 | 210,158 | 0.70 |
GE | GENERAL ELECTRIC CO | 369604301 | 2,497 | 120.59 | 301,113 | 1.00 |
GM | GENERAL MTRS CO | 37045V100 | 7,858 | 33.75 | 265,208 | 0.88 |
GILD | GILEAD SCIENCES INC | 375558103 | 3,160 | 79.02 | 249,703 | 0.83 |
GS | GOLDMAN SACHS GROUP INC | 38141G104 | 389 | 350.83 | 136,473 | 0.45 |
HPQ | HP INC | 40434L105 | 7,364 | 29.46 | 216,943 | 0.72 |
HAL | HALLIBURTON CO | 406216101 | 3,890 | 34.93 | 135,878 | 0.45 |
HOG | HARLEY DAVIDSON INC | 412822108 | 1,609 | 32.10 | 51,649 | 0.17 |
HAS | HASBRO INC | 418056107 | 1,500 | 48.70 | 73,050 | 0.24 |
HPE | HEWLETT PACKARD ENTERPRISE CO COM | 42824C109 | 11,406 | 16.22 | 185,005 | 0.61 |
HON | HONEYWELL INTL INC | 438516106 | 1,628 | 194.61 | 316,825 | 1.05 |
HUM | HUMANA INC | 444859102 | 422 | 481.62 | 203,244 | 0.67 |
HUN | HUNTSMAN CORP | 447011107 | 2,758 | 24.97 | 68,867 | 0.23 |
ILMN | ILLUMINA INC | 452327109 | 986 | 112.94 | 111,359 | 0.37 |
INTC | INTEL CORP | 458140100 | 12,833 | 42.70 | 547,969 | 1.81 |
IBM | INTERNATIONAL BUSINESS MACHS COM | 459200101 | 2,933 | 161.96 | 475,029 | 1.57 |
IP | INTERNATIONAL PAPER CO | 460146103 | 2,566 | 36.84 | 94,531 | 0.31 |
JPM | JPMORGAN CHASE & CO. | 46625H100 | 2,016 | 158.52 | 319,576 | 1.06 |
JBL | JABIL INC | 466313103 | 1,097 | 119.00 | 130,543 | 0.43 |
J | JACOBS SOLUTIONS INC | 46982L108 | 1,185 | 127.29 | 150,839 | 0.50 |
JLL | JONES LANG LASALLE INC | 48020Q107 | 561 | 166.59 | 93,457 | 0.31 |
JNPR | JUNIPER NETWORKS INC | 48203R104 | 3,903 | 28.99 | 113,148 | 0.37 |
KSS | KOHLS CORP | 500255104 | 1,836 | 24.65 | 45,257 | 0.15 |
LHX | L3HARRIS TECHNOLOGIES INC | 502431109 | 938 | 195.81 | 183,670 | 0.61 |
LH | LABORATORY CORP AMER HLDGS | 50540R409 | 608 | 216.60 | 131,693 | 0.44 |
LDOS | LEIDOS HOLDINGS INC | 525327102 | 1,191 | 108.49 | 129,212 | 0.43 |
LNC | LINCOLN NATL CORP IND | 534187109 | 2,208 | 24.33 | 53,721 | 0.18 |
LMT | LOCKHEED MARTIN CORP | 539830109 | 622 | 448.02 | 278,668 | 0.92 |
LYFT | LYFT INC | 55087P104 | 6,559 | 13.21 | 86,644 | 0.29 |
M | MACYS INC | 55616P104 | 3,498 | 17.39 | 60,830 | 0.20 |
MASI | MASIMO CORP | 574795100 | 504 | 104.36 | 52,597 | 0.17 |
MAT | MATTEL INC | 577081102 | 3,605 | 18.90 | 68,134 | 0.23 |
MRK | MERCK & CO INC | 58933Y105 | 3,105 | 103.75 | 322,144 | 1.07 |
MU | MICRON TECHNOLOGY INC | 595112103 | 3,113 | 74.96 | 233,350 | 0.77 |
TAP | MOLSON COORS BEVERAGE CO | 60871R209 | 1,693 | 62.31 | 105,491 | 0.35 |
MS | MORGAN STANLEY | 617446448 | 1,574 | 82.28 | 129,509 | 0.43 |
MSI | MOTOROLA SOLUTIONS INC | 620076307 | 566 | 324.52 | 183,678 | 0.61 |
NOV | NOV INC | 62955J103 | 3,454 | 18.92 | 65,350 | 0.22 |
NTRA | NATERA INC | 632307104 | 1,057 | 58.15 | 61,465 | 0.20 |
NTAP | NETAPP INC | 64110D104 | 1,897 | 89.39 | 169,573 | 0.56 |
NOC | NORTHROP GRUMMAN CORP | 666807102 | 537 | 476.25 | 255,746 | 0.85 |
GEN | GEN DIGITAL INC | 668771108 | 4,376 | 22.15 | 96,928 | 0.32 |
NTNX | NUTANIX INC | 67059N108 | 2,820 | 46.02 | 129,776 | 0.43 |
OKTA | OKTA INC | 679295105 | 1,534 | 72.01 | 110,463 | 0.37 |
ORCL | ORACLE CORP | 68389X105 | 6,052 | 113.61 | 687,568 | 2.28 |
PANW | PALO ALTO NETWORKS INC | 697435105 | 916 | 298.42 | 273,353 | 0.90 |
PYPL | PAYPAL HLDGS INC | 70450Y103 | 4,104 | 58.94 | 241,890 | 0.80 |
PFE | PFIZER INC | 717081103 | 14,316 | 28.78 | 412,014 | 1.36 |
PII | POLARIS INC | 731068102 | 877 | 89.86 | 78,807 | 0.26 |
PRU | PRUDENTIAL FINL INC | 744320102 | 1,536 | 100.87 | 154,936 | 0.51 |
PSTG | PURE STORAGE INC | 74624M102 | 3,880 | 33.17 | 128,700 | 0.43 |
QRVO | QORVO INC | 74736K101 | 883 | 103.97 | 91,806 | 0.30 |
QCOM | QUALCOMM INC | 747525103 | 3,593 | 132.97 | 477,761 | 1.58 |
DGX | QUEST DIAGNOSTICS INC | 74834L100 | 844 | 135.91 | 114,708 | 0.38 |
RTX | RTX CORPORATION | 75513E101 | 1,512 | 81.32 | 122,956 | 0.41 |
RHI | ROBERT HALF INC. | 770323103 | 877 | 83.09 | 72,870 | 0.24 |
ROKU | ROKU INC | 77543R102 | 1,446 | 103.36 | 149,459 | 0.49 |
CRM | SALESFORCE INC | 79466L302 | 2,436 | 250.81 | 610,973 | 2.02 |
SAIC | SCIENCE APPLICATIONS INTL CORP COM | 808625107 | 696 | 127.67 | 88,858 | 0.29 |
SWKS | SKYWORKS SOLUTIONS INC | 83088M102 | 944 | 103.78 | 97,968 | 0.32 |
SNAP | SNAP INC | 83304A106 | 12,354 | 15.09 | 186,422 | 0.62 |
SPLK | SPLUNK INC | 848637104 | 1,115 | 150.95 | 168,309 | 0.56 |
SQ | BLOCK INC | 852234103 | 3,165 | 69.17 | 218,923 | 0.72 |
SWK | STANLEY BLACK & DECKER INC | 854502101 | 1,056 | 92.85 | 98,050 | 0.32 |
RUN | SUNRUN INC | 86771W105 | 3,717 | 12.89 | 47,912 | 0.16 |
TMUS | T-MOBILE US INC | 872590104 | 2,362 | 156.40 | 369,417 | 1.22 |
TPR | TAPESTRY INC | 876030107 | 2,422 | 33.53 | 81,210 | 0.27 |
TGT | TARGET CORP | 87612E106 | 2,309 | 135.19 | 312,154 | 1.03 |
TDOC | TELADOC HEALTH INC | 87918A105 | 3,595 | 19.21 | 69,060 | 0.23 |
MMM | 3M CO | 88579Y101 | 2,438 | 103.37 | 252,016 | 0.83 |
TRU | TRANSUNION | 89400J107 | 1,381 | 62.63 | 86,492 | 0.29 |
TRMB | TRIMBLE INC | 896239100 | 2,009 | 46.90 | 94,222 | 0.31 |
TWLO | TWILIO INC | 90138F102 | 1,972 | 70.61 | 139,243 | 0.46 |
UBER | UBER TECHNOLOGIES INC | 90353T100 | 4,816 | 61.70 | 297,147 | 0.98 |
UAL | UNITED AIRLS HLDGS INC | 910047109 | 3,165 | 40.97 | 129,670 | 0.43 |
VZ | VERIZON COMMUNICATIONS INC | 92343V104 | 10,553 | 38.25 | 403,652 | 1.34 |
PARA | PARAMOUNT GLOBAL | 92556H206 | 5,852 | 16.85 | 98,606 | 0.33 |
VTRS | VIATRIS INC | 92556V106 | 13,350 | 9.83 | 131,230 | 0.43 |
WBA | WALGREENS BOOTS ALLIANCE INC COM | 931427108 | 5,801 | 23.16 | 134,351 | 0.44 |
W | WAYFAIR INC | 94419L101 | 1,698 | 55.10 | 93,560 | 0.31 |
WFC | WELLS FARGO CO NEW | 949746101 | 8,686 | 46.10 | 400,425 | 1.33 |
WDC | WESTERN DIGITAL CORP. | 958102105 | 3,249 | 47.86 | 155,497 | 0.51 |
WU | WESTERN UN CO | 959802109 | 5,927 | 11.94 | 70,768 | 0.23 |
WRK | WESTROCK CO | 96145D105 | 2,386 | 41.16 | 98,208 | 0.33 |
WHR | WHIRLPOOL CORP | 963320106 | 800 | 111.39 | 89,112 | 0.29 |
WDAY | WORKDAY INC | 98138H101 | 768 | 273.41 | 209,979 | 0.70 |
ZBRA | ZEBRA TECHNOLOGIES CORPORATION CL A | 989207105 | 518 | 236.13 | 122,315 | 0.40 |
Z | ZILLOW GROUP INC | 98954M200 | 2,006 | 46.41 | 93,098 | 0.31 |
ZM | ZOOM VIDEO COMMUNICATIONS INC CL A | 98980L101 | 1,916 | 73.06 | 139,983 | 0.46 |
Cash&Other | Cash & Other | 79,068 | 1.00 | 79,068 | 0.26 | |
ALKS | ALKERMES PLC | G01767105 | 1,771 | 25.86 | 45,798 | 0.15 |
ACN | ACCENTURE PLC IRELAND | G1151C101 | 1,488 | 337.23 | 501,798 | 1.66 |
G | GENPACT LIMITED | G3922B107 | 2,127 | 34.36 | 73,084 | 0.24 |
IVZ | INVESCO LTD | G491BT108 | 4,699 | 15.21 | 71,472 | 0.24 |
JAZZ | JAZZ PHARMACEUTICALS PLC | G50871105 | 719 | 120.42 | 86,582 | 0.29 |
JCI | JOHNSON CTLS INTL PLC | G51502105 | 2,842 | 56.08 | 159,379 | 0.53 |
MDT | MEDTRONIC PLC | G5960L103 | 4,500 | 79.35 | 357,075 | 1.18 |
STX | SEAGATE TECHNOLOGY HLDNGS PLC ORD SHS | G7997R103 | 1,236 | 80.59 | 99,609 | 0.33 |
NXPI | NXP SEMICONDUCTORS N V | N6596X109 | 1,113 | 215.55 | 239,907 | 0.79 |
Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.
🧮 Balance Sheet Decomposition

Stocks are assigned to a single “primary” pillar based on Sparkline’s proprietary intangible value scores (i.e., intellectual property, brand equity, human capital, network effects, tangible). Boxes are proportional to position size. Positions are grouped by primary pillar to illustrate aggregate exposure to each pillar of value. As of 9/30/2023.
🧺 Historical Premium / Discount
as of |
---|
12/08/2023 |
Field | 30-Day Median Bid-Ask Spread |
---|---|
30-Day Median Bid-Ask Spread | 0.20 |
Period | Days Traded at Premium | Days Traded at Discount |
---|---|---|
2023 Q3 | 40 | 18 |
2023 Q2 | 37 | 22 |
2023 Q1 | 37 | 22 |
2023 | 139 | 83 |
📦 Fund Distributions
as of |
---|
12/08/2023 |
Ex Date | Record Date | Payable Date | Income | Short-Term Capital Gain | Long-Term Capital Gain | Total Capital Gain | Total Distribution |
---|---|---|---|---|---|---|---|
09/13/2021 | 09/14/2021 | 09/20/2021 | 0.04 | 0.04 | |||
12/30/2021 | 12/31/2021 | 01/05/2022 | 0.08 | 0.08 | |||
12/29/2022 | 12/30/2022 | 01/06/2023 | 0.11 | 0.11 | |||
03/29/2023 | 03/30/2023 | 03/31/2023 | 0.06 | 0.06 | |||
06/28/2023 | 06/29/2023 | 06/30/2023 | 0.02 | 0.02 | |||
09/27/2023 | 09/28/2023 | 09/29/2023 | 0.11 | 0.11 |