Tweedy, Browne International Insider + Value ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Feb 28, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About ICPY

TheFund is an actively-managed exchange-traded fund (“ETF”) and pursues its investment objective by investing under normalcircumstances at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of non-U.S. companiesthat Tweedy, Browne Company LLC (“Tweedy, Browne” or the “Adviser”) believes are undervalued, and whereeither the company’s “insiders” have been actively purchasing the company’s equity securities and/or thecompany is conducting “opportunistic share buybacks.” For the purposes of the 80% policy, the Adviser considers acompany’s “insiders” to be corporate officers, such as the Chairman, Chief Executive Officer, President, ChiefFinancial Officer, Treasurer, and/or directors, or controlling shareholders, who would typically own 10% or more of the company'soutstanding shares, and the Adviser principally intends to determine whether such insiders are “actively” purchasinga company’s equity securities at a price that is less than the Adviser’s view of such securities’ intrinsicvalue by reference to public reports filed under the Securities Exchange Act of 1934, or comparable publicly available informationof foreign companies. The Adviser defines an “opportunistic share buyback” as a company’s publicly announcedprogram or offer to repurchase equity securities of which it is the issuer at a price less than the Adviser’s view of suchsecurities’ intrinsic value, or which is effective during a period in which the price the company would pay in the marketfor such securities is less than the Adviser’s view of such securities’ intrinsic value. Up to 20% of the Fund’snet assets may be invested in U.S. companies. Ingeneral, the Adviser considers an insider to be “actively purchasing” his or her own company shares if an insidertransaction purchase amount is deemed by the Adviser meaningful, significant, and opportunistic for the particular insider ratherthan cursory and routine, or required by the insider's employee compensation plan. For instance, if an insider’s purchasesignals that the insider is opportunistically buying their own company’s stock with the expectation that the stock willincrease in value, the Adviser is likely to deem the transaction an active purchase by that insider of the company’s securities. Whilethere is no minimum percentage ownership threshold that would require a company with an insider purchase transaction to be eliminatedfrom consideration as a possible investment candidate, generally an insider transaction amount of $100,000 is considered meaningfuland opportunistic (depending on the insider’s net worth). Ultimately, the determination that an insider has or has not activelypurchased a company’s shares is a proprietary judgment made by the Adviser based on its investment analysis. TheFund determines where a company is located, and thus, whether a company is considered to be located outside the United Statesby considering whether: (i) it is organized under the laws of or maintains its principal office in a country located outside theUnited States; (ii) its securities are principally traded on trading markets in countries located outside the United States; (iii)it derives at least 50% of its total revenue or profits from either goods produced or services performed or sales made in countrieslocated outside the United States; or (iv) it has at least 50% of its assets in countries located outside the United States. Equitysecurities in which the Fund will invest include common stock, preferredstock, and depositary receipts. The Adviser uses a largely quantitative, decision-rule based investment process to identifycompanies across a broad cross-section of market capitalizations that it believes are undervalued and where company “insiders”have been actively purchasing the company’s equity securities or where the company has announced an equity security buybackprogram or offer that reflects, or could be executed at, a price lower than the Adviser’s view of such securities’intrinsic value. The Adviser’s determination that a stock is undervalued is a judgment call that is informed by the analysisof numerous investment characteristics, including: (i) the nature and context of the insider purchase transaction itself, (ii)comparisons to other publicly traded companies and other peer companies, and (iii) valuation ratios, such as price-to-earningsratio, dividend yield, and the relationship between a company's stock price and its book value. Theinvestment universe from which the Adviser makes its selections consists of companies in the Europe, the United Kingdom, and Asia,among others, and may include emerging markets. The Adviser considers “emerging markets” to include countries in the MSCI EmergingMarkets Index or countries that the Adviser considers to be emerging markets based on an evaluation of their levelof economic development or the size and experience of their securities markets. TheAdviser may seek to reduce currency risk by hedging its foreign currency exposure back into the U.S. dollar (generally throughthe use of forward currency contracts), where practicable.The Fund may also invest in securities of foreign issuers either directly or through American Depositary Receipts (“ADRs”),Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”), International Depositary Receipts(“IDRs”), or Non-Voting Depositary Receipts (“NVDRs”). By investing in ADRs rather than investing directlyin the securities of foreign issuers, the Fund can avoid currency risks during the settlement period for purchase and sales. TheAdviser uses additional filtering criteria for investment decisions including a required minimum average daily trading volume(liquidity factor) for each security, a minimum amount of insider “free will” purchases (i.e., a stock purchase byan insider that is not required by the insider’s employee compensation plan), a qualifying proprietary multi-factor Tweedy,Browne “Value” score and/or Tweedy, Browne “Total” score, which as of April 30 , 2025, includes a totalof 33 scored data items, and a market price for the security that is at or around the price paid by the insider or the pricespaid by the particular company in opportunistic share buybacks. The Tweedy, Browne “Value” and “Total”scores are based on a multi-factor proprietary model that has been informed by empirical research conducted by the Adviser, aswell as information and data derived from external sources. TheAdviser’s strategy seeks diversification by issue, industry, country and market capitalization, and generally targets positionsizes for individual securities that, at the time of the initial investment, are no more than 3% of the Fund’s total assets.The Adviser has retained Exchange Traded Concepts, LLC (the “Sub-Adviser”), which is responsible for trading portfoliosecurities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with anyrebalancing of the Fund. Whileinvesting in a particular sector is not a principal investment strategy of the Fund, its portfolio may be significantly investedin a sector as a result of the portfolio management decisions made pursuant to its principal investment strategy. Initially, theFund expects to be significantly invested in the financial services sector.  TheAdviser utilizes a proprietary systematic buyand sell discipline that seeks continuous refreshment of the Fund as new ideas present themselves. The Adviser’s approachincludes use of a proprietary, computer-based quantitative multifactor comparison system, together with qualitative value analysis.The Adviser’s quantitative investment decision aid serves as a tool to aid in both buy and sell decisions by performingfiltering and multifactor scoring of companies throughout the world in which an insider purchase transaction(s) has recently beenreported. This system produces multifactor score comparisons between existing portfolio companies and prospective new investmentopportunities. This comparison generally aids the Adviser in making investment purchase and sale decisions, with higher scoringstocks more likely to be bought and held, and lower scoring stocks more likely to be sold. A sell decision could be influencedby new information, both favorable and unfavorable, since the date of initial purchase by the Fund. Examples of new informationinclude earnings reports, new insider purchase or sale transactions, a new stock buyback program, a sale of newly issued sharesby a company, a large debt paydown, an increase in the dividend, a new acquisition resulting in a significant increase in thecompany's debt, or a proposal to acquire the company, among others. TheFund may depart from its principal investment strategy in response to adverse market, economic, political or other conditionsby taking a temporary defensive position (up to 100% of its assets) in all types of money market and short-term debt securities.If the Fund were to take a temporary defensive position, it may be unable for a time to achieve its investment objective.

ICPY News

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