According to that site, the transformative factor pertains to transformation which adds to the original work. Nothing is being said about the original work in t

According to that site, the transformative factor pertains to transformation which adds to the original work. Nothing is being said about the original work in this case. In fact, the original work is not even being acknowledge as an original work. It is being used simply to invoke the character of which it is fan art. I don't see any way to construe that as "value added to the original by creating new information, new aesthetics, new insights, and understandings" where "the original" is Ms. Smith's fan art image.