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 |
---|
08/12/2022 |
Field | Last | 1-Day Change ($) | 1-Day Change (%) |
---|---|---|---|
NAV | $23.1 | $0.42 | 1.87% |
Market Price | $23.08 | $0.4 | 1.78% |
Premium / Discount | -0.09% |
NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.
📺 Video Introduction
📋 Fund Details
as of |
---|
08/12/2022 |
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 | $5.08 million |
7 | # Holdings | 150 |
📚 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 6/30/2022.
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 |
---|
08/12/2022 |
🗓️ Month-End Performance
as of |
---|
07/31/2022 |
Type | YTD | 1 Month | 3 Month | 6 Month | 1 Year | 3 Year | 5 Year | Since Inception |
---|---|---|---|---|---|---|---|---|
NAV | -17.31 | 8.56 | -2.40 | -12.89 | -12.71 | -10.72 | ||
Market Price | -17.51 | 8.80 | -2.31 | -12.86 | -12.73 | -10.73 |
🕰️ Quarter-End Performance
as of |
---|
06/30/2022 |
Type | YTD | 1 Month | 3 Month | 6 Month | 1 Year | 3 Year | 5 Year | Since Inception |
---|---|---|---|---|---|---|---|---|
NAV | -23.83 | -10.01 | -19.14 | -23.83 | -18.67 | -18.51 | ||
Market Price | -24.18 | -10.22 | -19.51 | -24.18 | -18.93 | -18.69 |
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 |
---|
08/15/2022 |
Ticker | Name | CUSIP | Shares | Price | Market Value | Weight |
---|---|---|---|---|---|---|
AGCO | AGCO CORP | 001084102 | 111 | 112.70 | 12,510 | 0.25 |
T | AT&T INC | 00206R102 | 2,927 | 18.27 | 53,476 | 1.05 |
ADBE | ADOBE SYSTEMS INCORPORATED | 00724F101 | 182 | 445.67 | 81,112 | 1.60 |
ACM | AECOM | 00766T100 | 155 | 76.57 | 11,868 | 0.23 |
AMD | ADVANCED MICRO DEVICES INC | 007903107 | 429 | 100.83 | 43,256 | 0.85 |
A | AGILENT TECHNOLOGIES INC | 00846U101 | 155 | 133.55 | 20,700 | 0.41 |
AKAM | AKAMAI TECHNOLOGIES INC | 00971T101 | 210 | 95.95 | 20,150 | 0.40 |
ALL | ALLSTATE CORP | 020002101 | 229 | 129.44 | 29,642 | 0.58 |
GOOG | ALPHABET INC | 02079K107 | 886 | 122.65 | 108,668 | 2.14 |
GOOGL | ALPHABET INC | 02079K305 | 892 | 121.68 | 108,539 | 2.14 |
AMZN | AMAZON COM INC | 023135106 | 1,490 | 143.55 | 213,890 | 4.21 |
AXP | AMERICAN EXPRESS CO | 025816109 | 314 | 165.84 | 52,074 | 1.02 |
AMGN | AMGEN INC | 031162100 | 152 | 248.39 | 37,755 | 0.74 |
AAPL | APPLE INC | 037833100 | 1,153 | 172.10 | 198,431 | 3.90 |
AMAT | APPLIED MATLS INC | 038222105 | 305 | 110.38 | 33,666 | 0.66 |
ADSK | AUTODESK INC | 052769106 | 146 | 233.01 | 34,019 | 0.67 |
BAC | BK OF AMERICA CORP | 060505104 | 2,234 | 36.30 | 81,094 | 1.60 |
BBY | BEST BUY INC | 086516101 | 195 | 80.30 | 15,658 | 0.31 |
BIIB | BIOGEN INC | 09062X103 | 115 | 220.99 | 25,414 | 0.50 |
BB | BLACKBERRY LTD | 09228F103 | 1,683 | 6.78 | 11,411 | 0.22 |
BAH | BOOZ ALLEN HAMILTON HLDG CORP CL A | 099502106 | 203 | 95.84 | 19,456 | 0.38 |
BSX | BOSTON SCIENTIFIC CORP | 101137107 | 749 | 42.33 | 31,705 | 0.62 |
BMY | BRISTOL-MYERS SQUIBB CO | 110122108 | 755 | 75.57 | 57,055 | 1.12 |
CBRE | CBRE GROUP INC | 12504L109 | 236 | 87.39 | 20,624 | 0.41 |
CACI | CACI INTL INC | 127190304 | 33 | 281.05 | 9,275 | 0.18 |
CDNS | CADENCE DESIGN SYSTEM INC | 127387108 | 139 | 188.83 | 26,247 | 0.52 |
COF | CAPITAL ONE FINL CORP | 14040H105 | 339 | 115.74 | 39,236 | 0.77 |
CAH | CARDINAL HEALTH INC | 14149Y108 | 270 | 69.32 | 18,716 | 0.37 |
CIEN | CIENA CORP | 171779309 | 301 | 54.70 | 16,465 | 0.32 |
CSCO | CISCO SYS INC | 17275R102 | 1,705 | 46.61 | 79,470 | 1.56 |
C | CITIGROUP INC | 172967424 | 756 | 54.38 | 41,111 | 0.81 |
CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CL A | 192446102 | 397 | 69.78 | 27,703 | 0.55 |
CMCSA | COMCAST CORP NEW | 20030N101 | 1,176 | 40.00 | 47,040 | 0.93 |
GLW | CORNING INC | 219350105 | 861 | 37.54 | 32,322 | 0.64 |
CMI | CUMMINS INC | 231021106 | 134 | 227.76 | 30,520 | 0.60 |
DXC | DXC TECHNOLOGY CO | 23355L106 | 391 | 26.64 | 10,416 | 0.20 |
DFS | DISCOVER FINL SVCS | 254709108 | 210 | 109.60 | 23,016 | 0.45 |
DISH | DISH NETWORK CORPORATION | 25470M109 | 511 | 20.11 | 10,276 | 0.20 |
DLB | DOLBY LABORATORIES INC | 25659T107 | 200 | 80.75 | 16,150 | 0.32 |
DBX | DROPBOX INC | 26210C104 | 687 | 24.84 | 17,065 | 0.34 |
DD | DUPONT DE NEMOURS INC | 26614N102 | 365 | 62.70 | 22,886 | 0.45 |
EMN | EASTMAN CHEM CO | 277432100 | 147 | 101.17 | 14,872 | 0.29 |
EBAY | EBAY INC. | 278642103 | 544 | 49.44 | 26,895 | 0.53 |
EA | ELECTRONIC ARTS INC | 285512109 | 145 | 131.37 | 19,049 | 0.37 |
ETSY | ETSY INC | 29786A106 | 166 | 119.91 | 19,905 | 0.39 |
EXEL | EXELIXIS INC | 30161Q104 | 390 | 19.48 | 7,597 | 0.15 |
EXPE | EXPEDIA GROUP INC | 30212P303 | 169 | 113.51 | 19,183 | 0.38 |
META | META PLATFORMS INC | 30303M102 | 683 | 180.50 | 123,282 | 2.43 |
FDX | FEDEX CORP | 31428X106 | 136 | 230.68 | 31,372 | 0.62 |
FFIV | F5 INC | 315616102 | 105 | 172.65 | 18,128 | 0.36 |
F | FORD MTR CO DEL | 345370860 | 2,769 | 16.18 | 44,802 | 0.88 |
FTNT | FORTINET INC | 34959E109 | 426 | 54.29 | 23,128 | 0.46 |
GPS | GAP INC | 364760108 | 899 | 10.64 | 9,565 | 0.19 |
IT | GARTNER INC | 366651107 | 62 | 307.99 | 19,095 | 0.38 |
GE | GENERAL ELECTRIC CO | 369604301 | 611 | 79.93 | 48,837 | 0.96 |
GM | GENERAL MTRS CO | 37045V100 | 1,104 | 39.48 | 43,586 | 0.86 |
GILD | GILEAD SCIENCES INC | 375558103 | 552 | 62.96 | 34,754 | 0.68 |
GDDY | GODADDY INC | 380237107 | 171 | 81.31 | 13,904 | 0.27 |
GS | GOLDMAN SACHS GROUP INC | 38141G104 | 158 | 353.82 | 55,904 | 1.10 |
HPQ | HP INC | 40434L105 | 1,020 | 34.65 | 35,343 | 0.70 |
HOG | HARLEY DAVIDSON INC | 412822108 | 240 | 39.98 | 9,595 | 0.19 |
HIG | HARTFORD FINL SVCS GROUP INC COM | 416515104 | 214 | 68.96 | 14,757 | 0.29 |
HPE | HEWLETT PACKARD ENTERPRISE CO COM | 42824C109 | 1,745 | 14.80 | 25,826 | 0.51 |
HOLX | HOLOGIC INC | 436440101 | 189 | 72.99 | 13,795 | 0.27 |
HUBS | HUBSPOT INC | 443573100 | 44 | 387.59 | 17,054 | 0.34 |
ILMN | ILLUMINA INC | 452327109 | 83 | 208.33 | 17,291 | 0.34 |
INTC | INTEL CORP | 458140100 | 1,957 | 36.11 | 70,667 | 1.39 |
IBM | INTERNATIONAL BUSINESS MACHS COM | 459200101 | 465 | 134.01 | 62,315 | 1.23 |
JPM | JPMORGAN CHASE & CO. | 46625H100 | 649 | 122.13 | 79,262 | 1.56 |
JBL | JABIL INC | 466313103 | 243 | 62.38 | 15,158 | 0.30 |
J | JACOBS ENGR GROUP INC | 469814107 | 102 | 133.00 | 13,566 | 0.27 |
JBLU | JETBLUE AWYS CORP | 477143101 | 663 | 9.14 | 6,060 | 0.12 |
JLL | JONES LANG LASALLE INC | 48020Q107 | 75 | 186.23 | 13,967 | 0.27 |
JNPR | JUNIPER NETWORKS INC | 48203R104 | 569 | 28.91 | 16,450 | 0.32 |
KEYS | KEYSIGHT TECHNOLOGIES INC | 49338L103 | 157 | 169.60 | 26,627 | 0.52 |
KSS | KOHLS CORP | 500255104 | 296 | 33.18 | 9,821 | 0.19 |
LRCX | LAM RESEARCH CORP | 512807108 | 55 | 518.59 | 28,522 | 0.56 |
LDOS | LEIDOS HOLDINGS INC | 525327102 | 124 | 100.06 | 12,407 | 0.24 |
LEVI | LEVI STRAUSS & CO NEW | 52736R102 | 474 | 19.53 | 9,257 | 0.18 |
LMT | LOCKHEED MARTIN CORP | 539830109 | 87 | 434.24 | 37,779 | 0.74 |
LYFT | LYFT INC | 55087P104 | 608 | 19.40 | 11,795 | 0.23 |
MKSI | MKS INSTRS INC | 55306N104 | 82 | 120.81 | 9,906 | 0.19 |
M | MACYS INC | 55616P104 | 550 | 19.96 | 10,978 | 0.22 |
MAT | MATTEL INC | 577081102 | 621 | 23.54 | 14,618 | 0.29 |
MRK | MERCK & CO INC | 58933Y105 | 769 | 91.02 | 69,994 | 1.38 |
MSFT | MICROSOFT CORP | 594918104 | 709 | 291.91 | 206,964 | 4.07 |
MSTR | MICROSTRATEGY INC | 594972408 | 20 | 352.84 | 7,057 | 0.14 |
MU | MICRON TECHNOLOGY INC | 595112103 | 738 | 65.04 | 48,000 | 0.94 |
MS | MORGAN STANLEY | 617446448 | 546 | 91.66 | 50,046 | 0.98 |
MSI | MOTOROLA SOLUTIONS INC | 620076307 | 92 | 255.97 | 23,549 | 0.46 |
NCR | NCR CORP NEW | 62886E108 | 299 | 34.87 | 10,426 | 0.21 |
NOV | NOV INC | 62955J103 | 437 | 18.62 | 8,137 | 0.16 |
NTAP | NETAPP INC | 64110D104 | 317 | 74.93 | 23,753 | 0.47 |
NWL | NEWELL BRANDS INC | 651229106 | 454 | 21.08 | 9,570 | 0.19 |
JWN | NORDSTROM INC | 655664100 | 445 | 24.37 | 10,845 | 0.21 |
NOC | NORTHROP GRUMMAN CORP | 666807102 | 75 | 479.58 | 35,968 | 0.71 |
NLOK | NORTONLIFELOCK INC. | 668771108 | 579 | 24.19 | 14,006 | 0.28 |
NVDA | NVIDIA CORPORATION | 67066G104 | 580 | 187.09 | 108,512 | 2.13 |
ORCL | ORACLE CORP | 68389X105 | 1,062 | 79.15 | 84,057 | 1.65 |
PTC | PTC INC | 69370C100 | 103 | 125.03 | 12,878 | 0.25 |
PANW | PALO ALTO NETWORKS INC | 697435105 | 72 | 526.88 | 37,935 | 0.75 |
PYPL | PAYPAL HLDGS INC | 70450Y103 | 376 | 101.10 | 38,014 | 0.75 |
PFE | PFIZER INC | 717081103 | 1,375 | 50.11 | 68,901 | 1.36 |
PINS | PINTEREST INC | 72352L106 | 678 | 23.43 | 15,886 | 0.31 |
PII | POLARIS INC | 731068102 | 111 | 120.24 | 13,347 | 0.26 |
PRU | PRUDENTIAL FINL INC | 744320102 | 300 | 105.49 | 31,647 | 0.62 |
PSTG | PURE STORAGE INC | 74624M102 | 579 | 30.37 | 17,584 | 0.35 |
QCOM | QUALCOMM INC | 747525103 | 491 | 151.29 | 74,283 | 1.46 |
RTX | RAYTHEON TECHNOLOGIES CORP | 75513E101 | 589 | 95.01 | 55,961 | 1.10 |
REGN | REGENERON PHARMACEUTICALS | 75886F107 | 41 | 628.71 | 25,777 | 0.51 |
RNG | RINGCENTRAL INC | 76680R206 | 133 | 53.00 | 7,049 | 0.14 |
ROKU | ROKU INC | 77543R102 | 117 | 83.81 | 9,806 | 0.19 |
CRM | SALESFORCE INC | 79466L302 | 402 | 189.89 | 76,336 | 1.50 |
SLB | SCHLUMBERGER LTD | 806857108 | 968 | 37.14 | 35,952 | 0.71 |
NOW | SERVICENOW INC | 81762P102 | 63 | 506.51 | 31,910 | 0.63 |
SLAB | SILICON LABORATORIES INC | 826919102 | 85 | 146.84 | 12,481 | 0.25 |
SWKS | SKYWORKS SOLUTIONS INC | 83088M102 | 129 | 113.41 | 14,630 | 0.29 |
SNAP | SNAP INC | 83304A106 | 1,371 | 11.62 | 15,931 | 0.31 |
SPLK | SPLUNK INC | 848637104 | 176 | 114.81 | 20,207 | 0.40 |
SQ | BLOCK INC | 852234103 | 375 | 87.95 | 32,981 | 0.65 |
STT | STATE STR CORP | 857477103 | 241 | 74.93 | 18,058 | 0.36 |
SNPS | SYNOPSYS INC | 871607107 | 73 | 385.44 | 28,137 | 0.55 |
TGT | TARGET CORP | 87612E106 | 293 | 172.48 | 50,537 | 0.99 |
MMM | 3M CO | 88579Y101 | 273 | 152.24 | 41,562 | 0.82 |
TWLO | TWILIO INC | 90138F102 | 154 | 86.90 | 13,383 | 0.26 |
TWTR | TWITTER INC | 90184L102 | 583 | 44.26 | 25,804 | 0.51 |
UBER | UBER TECHNOLOGIES INC | 90353T100 | 798 | 32.47 | 25,911 | 0.51 |
UAA | UNDER ARMOUR INC | 904311107 | 793 | 10.03 | 7,954 | 0.16 |
UTHR | UNITED THERAPEUTICS CORP DEL COM | 91307C102 | 60 | 217.10 | 13,026 | 0.26 |
VZ | VERIZON COMMUNICATIONS INC | 92343V104 | 1,767 | 45.15 | 79,780 | 1.57 |
VMW | VMWARE INC | 928563402 | 331 | 121.96 | 40,369 | 0.79 |
WFC | WELLS FARGO CO NEW | 949746101 | 1,252 | 45.94 | 57,517 | 1.13 |
WDC | WESTERN DIGITAL CORP. | 958102105 | 444 | 50.67 | 22,497 | 0.44 |
WHR | WHIRLPOOL CORP | 963320106 | 73 | 167.30 | 12,213 | 0.24 |
WDAY | WORKDAY INC | 98138H101 | 148 | 176.23 | 26,082 | 0.51 |
XPO | XPO LOGISTICS INC | 983793100 | 161 | 60.12 | 9,679 | 0.19 |
ZBRA | ZEBRA TECHNOLOGIES CORPORATION CL A | 989207105 | 57 | 346.74 | 19,764 | 0.39 |
ZEN | ZENDESK INC | 98936J101 | 151 | 76.51 | 11,553 | 0.23 |
ZG | ZILLOW GROUP INC | 98954M101 | 429 | 39.67 | 17,018 | 0.33 |
ZM | ZOOM VIDEO COMMUNICATIONS INC CL A | 98980L101 | 147 | 109.52 | 16,099 | 0.32 |
Cash&Other | Cash & Other | 19,403 | 1.00 | 19,403 | 0.38 | |
DOX | AMDOCS LTD | G02602103 | 149 | 88.95 | 13,254 | 0.26 |
ACN | ACCENTURE PLC IRELAND | G1151C101 | 191 | 320.44 | 61,204 | 1.20 |
G | GENPACT LIMITED | G3922B107 | 214 | 48.32 | 10,340 | 0.20 |
JAZZ | JAZZ PHARMACEUTICALS PLC | G50871105 | 72 | 157.08 | 11,310 | 0.22 |
MDT | MEDTRONIC PLC | G5960L103 | 492 | 94.82 | 46,651 | 0.92 |
NLSN | NIELSEN HLDGS PLC | G6518L108 | 587 | 27.58 | 16,189 | 0.32 |
STX | SEAGATE TECHNOLOGY HLDNGS PLC ORD SHS | G7997R103 | 192 | 83.43 | 16,019 | 0.32 |
NXPI | NXP SEMICONDUCTORS N V | N6596X109 | 185 | 187.47 | 34,682 | 0.68 |
FLEX | FLEX LTD | Y2573F102 | 513 | 18.85 | 9,670 | 0.19 |
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 6/30/2022.
🧺 Historical Premium / Discount
as of |
---|
08/12/2022 |
Field | 30-Day Median Bid-Ask Spread |
---|---|
30-Day Median Bid-Ask Spread | 0.18 |
Period | Days Traded at Premium | Days Traded at Discount |
---|---|---|
2022 Q2 | 28 | 33 |
2022 Q1 | 26 | 34 |
2021 | 61 | 61 |
📦 Fund Distributions
as of |
---|
08/12/2022 |
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 |
Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. This and other important information is contained in the prospectus, which may be obtained by following the link above. Please read the prospectus carefully before investing.
Investments involve risk and principal loss is possible. There can be no assurance that the fund will achieve its investment objective. The fund invests in equity securities, which may fall in value in adverse economic and market conditions. The fund expects to have exposure to the information technology, communications, healthcare, and consumer discretionary sectors, which face unique competitive, technological, demand, and regulatory risks. The fund may invest in mid- and small-cap companies, which may have limited liquidity and greater volatility. The fund is actively managed and its success will depend on the skills of the advisor and subadvisor, which has a limited operating history. The fund utilizes quantitative methods, machine learning and alternative data, which are subject to data quality, model, algorithm, regulatory, and technological risks. The fund employs a value investing strategy, which may fail if stocks do not reach the subadvisor’s assessment of fair value. Please see the prospectus 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 fund is distributed by Foreside Fund Services LLC. The fund’s investment advisor is Empowered Funds, LLC, which is doing business as EA Advisers. The fund’s investment subadvisor is Sparkline Capital LP.