This is an actively managed ETF that selects U.S. stocks by weighing insider buying together with value metrics. It picks undervalued companies whose executives and insiders are buying their own shares, adding an insider signal to value investing.

It suits investors who want to add an insider buying signal to value investing and invest actively in U.S. stocks.

The ETF is run with an active management approach by Tweedy Browne.

The fund actively selects stocks with strong value metrics from among companies whose executives and insiders are buying their own shares. It treats insider buying as a positive signal about a company's value, and combines that insider signal with undervalued value stocks in an active approach to stock picking.

• Combines insider buying with value metrics
• Stock selection driven by insider signals

Assets under management (AUM) stand at $429.8M, and the total expense ratio is 0.80% per year.

The main point of comparison is a selection method that combines an insider buying signal, versus a plain value ETF.

U.S. value stocks move differently depending on interest rates, the economic cycle, and style rotation. Value strategies tend to be strong when value stocks are in favor and weak when growth stocks lead. Insider buying signals are used to gauge the potential for a rebound in undervalued companies.

Fund flows into insider and value strategies diverge with style rotation and risk appetite, and money sometimes moves into related products when interest in value investing and insider signals rises. It is also worth noting that performance varies with interest rates and style rotation.

The combined insider and value selection is the strength, while relative weakness when growth stocks lead, reliance on the manager, and the limits of the signal are the considerations.

For exposure to large-cap value stocks without an insider signal, direct substitutes include VTV and VLUE, and for a quantitative value strategy, products such as QVAL are also worth comparing. The two products shown in the table, IVAL and ICPY, differ in investment region: the former is an international quantitative value fund and the latter an international insider and value strategy. What sets this ETF apart is that it combines insider buying with value metrics in U.S. stocks.

Here are the points to review before investing in COPY. The combined insider and value selection is appealing, but relative weakness when growth stocks lead, reliance on the manager, and the limits of the signal should be checked beforehand. It is also wise to compare it with plain value products.

Relative weakness when growth stocks lead and the manager's selection results are the main variables for long-term performance, and insider buying does not always lead to a rising stock price. Even with a value focus, losses can occur during market crashes.

It is a suitable candidate for investors who want to add an insider buying signal to value investing and invest actively in U.S. stocks. For value stocks without an insider signal, consider products such as VTV and VLUE, and for a combined insider and value approach, it is advisable to compare this product alongside them before choosing.