At a glance
COPY charges 0.89% a year, above the 0.34% average of the 2 funds most like it (the most expensive of 3). It has $419.6M in assets, the 3rd largest of that group; it paid 0.77% of its price in distributions over the past 12 months, annual. Over the past year it returned +26.6% with distributions reinvested (S&P 500: +11.5%), the best of those 3 funds. Its ten largest positions make up 10.8% of the fund, out of 157 in all.
The short version
Tweedy Browne Insider + Value ETF (COPY) is an actively managed fund that buys undervalued US and foreign stocks where insiders have been buying shares or the company is buying back its own stock. It held 157 companies as of August 31, 2026, with about a quarter of assets in US stocks. It hedges foreign currencies back into dollars where practicable. Its 0.89% expense ratio is well above the 0.34% average for similar funds.
Price history
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COPY +26.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| COPY price data to Oct 27, 2026 | +21.5% | +26.6% | — | — | — | +28.2% |
- Over the year to Oct 27, 2026, COPY returned +26.6%, 1st of 3 among similar funds.
- Its worst full calendar year was 2025 (+29.5%); its best was 2025 (+29.5%).
- The deepest fall in its price history was 14.1% (Mar 19, 2025 to Apr 8, 2025), recovered by May 8, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.5% |
| 2025 | +29.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1200 |
What's inside
As of Aug 31, 2026, the fund held 157 securities; the ten largest made up 10.78% of assets, and 6.76% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| First Resources Ltd | 1.50% | |
| Bankinter SA | 1.30% | |
| Peyto Exploration & Developmen | 1.12% | |
| HF Sinclair Corp | 1.07% | |
| Repsol SA | 1.06% | |
| IG Group Holdings PLC | 1.02% | |
| National Bank of Canada | 0.94% | |
| Norion Bank AB | 0.93% | |
| Hana Financial Group Inc | 0.92% | |
| Computacenter PLC | 0.91% | |
| Befesa SA | 0.88% | |
| Pandora A/S | 0.88% | |
| OSB Group PLC | 0.88% | |
| Hyundai Glovis Co Ltd | 0.85% | |
| DB Insurance Co Ltd | 0.85% |
By country
United States 25.48%United Kingdom 15.91%Canada 7.3%France 5.75%South Korea 5.64%By asset type
Stocks 93.41%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $49.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.29%, +5.72%, +2.87%.
How it works
COPY is an actively managed exchange-traded fund (ETF), so it does not track an index. Tweedy, Browne Company LLC, with sub-adviser Exchange Traded Concepts, puts at least 80% of net assets in U.S. and foreign stocks it views as undervalued. The trigger is insiders (officers, directors or controlling shareholders) buying shares, or the company buying back stock, below Tweedy, Browne's estimate of intrinsic value, or true worth.
Selection relies mostly on computer-run rules, plus value judgment. A stock needs enough daily trading volume, a minimum of voluntary insider buying (not required by a pay plan), a qualifying score on Tweedy, Browne's proprietary model, which used 33 data items as of November 30, 2025, and a price near what insiders or the company paid. New positions generally start at no more than 2% of total assets. As of August 31, 2026, the fund had 157 holdings; the top 10 totaled 10.78% of assets.
A systematic buy-and-sell discipline refreshes the portfolio as new ideas appear: higher scorers tend to be bought and held, lower scorers sold. News such as insider selling or a takeover offer can prompt a sale. Where practicable, the fund hedges foreign currency back into U.S. dollars with forward contracts (contracts fixing a future exchange rate). In a defensive stance, it may hold up to 100% in short-term debt.
What it really costs
- COPY charges 0.89% a year, versus an average of 0.34% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COPY | $91 | $284 | $493 | $1,096 |
In a retirement portfolio
It adds rules-based value investing in mostly non-US companies and had a one-year beta of 0.68, but its short record and high fee point to a supporting role.
COPY can add smaller, cheaper foreign stocks to a portfolio built mostly on large US companies. Only about 25% of its assets were in US stocks as of August 31, 2026. Its record is short. The fund launched December 27, 2024, so it did not exist during the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 29.5%. Its deepest drop was 14.1%, from March 19 to April 8, 2025, and it recovered by May 8, about a month later. A longer bear market could hurt more, which matters for anyone who may need to sell shares in a bad year. Income is small: a 0.77% trailing yield, paid once a year, as of October 27, 2026. In the SEC's $10,000 example, costs are $91 after one year and $1,096 after 10. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want global value stocks picked partly on insider buying and share buybacks, a signal most index funds ignore.
- Those who want a wide spread: 157 holdings as of August 31, 2026, with no single stock above about 1.5% of assets.
- Holders who want foreign stock exposure with currency swings hedged back into US dollars, where practicable, through forward contracts.
Look elsewhere if
- Cost-focused investors: the 0.89% expense ratio is more than three times DFIV's 0.27% and about double DISV's 0.42%.
- Anyone who wants a long track record. The fund launched in December 2024 and has not been through a major bear market.
- Income seekers, given a 0.77% trailing yield paid once a year as of October 27, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does the Tweedy Browne Insider + Value ETF invest in?
It invests in undervalued stocks around the world where insiders have been buying shares or the company is buying back its own stock below Tweedy, Browne's estimate of its worth. As of August 31, 2026, it held 157 companies. The US made up 25.5% of assets, the UK 15.9%, Canada 7.3%, France 5.8% and South Korea 5.6%. The largest holdings were First Resources, Bankinter, Peyto Exploration & Development, HF Sinclair and Repsol.
Does COPY hedge currency risk?
Yes, where practicable. The adviser may hedge foreign currency exposure back into US dollars, mainly through forward currency contracts. The fund held 48 such contracts as of August 31, 2026. Hedging keeps returns closer to what the foreign stocks earn in their local currencies. The prospectus notes the trade-off: the fund tends to lag an unhedged portfolio when the dollar weakens and to do better when the dollar strengthens.
COPY vs DFIV: what's the difference?
Both funds own value stocks outside the US, but they hold very different companies: only about 6% of their holdings overlap. COPY also holds US stocks and picks companies based on insider buying. DFIV, the Dimensional International Value ETF, charges 0.27% against COPY's 0.89%. DFIV is also much larger, with $21.4 billion in net assets as of July 31, 2026, against COPY's $419.6 million as of August 31, 2026. Over one year, COPY returned 26.6% through October 27, 2026, and DFIV returned 24.8% through October 30, 2026.
Does COPY pay dividends?
Yes, but not much, and only once a year. As of October 27, 2026, its trailing 12-month yield was 0.77%, or about $0.12 per share. The payout is low because the fund aims for long-term capital growth, not income. Fund expenses are paid from the fund's income before anything is distributed, and that also reduces what reaches shareholders.
What is COPY's expense ratio?
COPY's expense ratio is 0.89% a year, including a 0.80% management fee, according to the prospectus filed December 19, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs come to about $91 after one year, $284 after three, $493 after five and $1,096 after 10. The similar funds average 0.34%, which makes COPY the most expensive of the three funds compared.