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COPY — Tweedy, Browne Insider + Value ETF
COPY combines Benjamin Graham-style deep value screens with a signal most quant funds ignore: whether the people running the company are buying its stock with their own money.
COPY price history
Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.
Strategy
The fund screens global equities on balance sheet and income statement value criteria, then filters that universe for corporate events that historically precede outperformance: insider purchases, particularly from chairmen and officer-directors, and active share buybacks. The premise is that insiders and boards spending real money on their own stock are a more credible undervaluation signal than a price-to-book screen alone.
COPY is fully transparent and actively managed, avoiding mega-cap technology names that dominate cap-weighted indexes. Because insider-buying windows are episodic and value baskets can lag during momentum-led markets, the portfolio composition shifts as new insider activity and buyback announcements surface rather than on a fixed rebalance calendar.
Manager and Issuer Pedigree
Tweedy, Browne has practiced value investing since 1920 and traces its intellectual lineage directly to Benjamin Graham, who was a client and collaborator of the firm decades before "value investing" was a category. Managing directors Roger de Bree, Jay Hill, Thomas Shrager, and John Spears run COPY, applying the same balance-sheet-first discipline the firm has used across its mutual funds for over 40 years.
The firm managed approximately $7.1B in discretionary client assets as of Dec. 31, 2025, down from over $12B in 2022 as value strategies broadly saw outflows during the growth-led market. COPY, launched December 2024, is Tweedy Browne's first ETF and a bet that its research process translates to a transparent, actively managed wrapper.
Outperformance
Outperforms when value leadership broadens and cheap, cash-generative companies rerate, especially when that rotation is confirmed by a pickup in insider buying and buyback activity, a signal that tends to cluster near market bottoms and sector-specific dislocations rather than at valuation peaks.
Underperforms during narrow, momentum-led melt-ups concentrated in mega-cap growth, where cheap statistically does not mean cheap for a reason and the fund's avoidance of the largest index names creates a persistent headwind versus cap-weighted benchmarks.
Similar ETFs
| Ticker | Name | Score | MER | AUM |
|---|---|---|---|---|
| COPY | Tweedy, Browne Insider + Value ETF | A+ | 0.80% | ~$367M |
| SASS | M.D. Sass Concentrated Value ETF | D | 0.75% | ~$70M |
| SGRT | SMART Earnings Growth 30 ETF | B+ | 0.59% | ~$58M |
| AVDV | Avantis International Small Cap Value ETF | A | 0.36% | ~$15B |
| AVUV | Avantis U.S. Small Cap Value ETF | B | 0.25% | ~$24B |
| COWZ | Pacer U.S. Cash Cows 100 ETF | B | 0.49% | ~$30B |
| VFLO | VictoryShares Free Cash Flow ETF | A+ | 0.44% | ~$6B |
| VAMO | Cambria Value and Momentum ETF | A | 0.65% | ~$83M |
Official ETF page
Read the official ETF page for current NAV, holdings, and documents: Tweedy, Browne ETFs (COPY).