This is an actively managed ETF that invests most of its net assets in companies outside the US that are judged to be undervalued relative to intrinsic value, focusing on those where insiders are actively buying their own shares or the company is conducting opportunistic share repurchases.

It suits long-term investors who want diversified exposure to non-US value stocks along with an active strategy that draws on insider buying signals.

The ETF is managed actively by Twin Brown.

The fund selects non-US companies judged to be undervalued, and concentrates on those accompanied by insider buying or opportunistic share repurchases. Its use of insider buying as a supporting signal to confirm undervaluation sets it apart from typical index-tracking value ETFs.

• Stock selection based on insider buying and share repurchase signals
• Active management at the managers' discretion rather than index tracking

Assets under management (AUM) stand at $80.1M, and the expense ratio is 0.80% per year.

Unlike passive products that replicate an index outright, performance here depends on the managers' discretionary judgment, and because the fund is diversified outside the US, currency factors also come into play.

Non-US value stocks have shown relative performance versus growth stocks that diverges widely depending on the period, and volatility tends to widen with the direction of global interest rates and exchange rates.

Fund flows continue in line with demand for global diversification and the value style, and given the nature of active strategies, individual stock selection can drive performance differences during shifts in market regime.

Its differentiated value strategy that incorporates insider signals is a strength, but investors should note the cost and currency burdens that come with active management and overseas investing.

Representative comparison candidates shown in the table include COPY, a sister product from the same manager that applies the strategy to markets including the US, and IVAL, which uses a quantitative international value strategy. Beyond the table, investors can also consider EFV, which invests broadly in non-US developed-market value stocks, VXUS, which broadly covers non-US markets worldwide, and IQLT, which focuses on international quality stocks.

Here are the points to review before investing in ICPY. As an active overseas value strategy, it differs in character from index-tracking products, so it is wise to thoroughly check its cost structure, currency exposure, and strategy characteristics in advance.

Active management costs, currency fluctuations, and periods of value-style relative underperformance are the main risk factors. Regardless of market direction, performance can diverge depending on the results of stock selection.

It is an option worth considering for investors who want a non-US value strategy combined with insider buying signals. Given the cost and currency burdens, using it as a satellite holding in a portfolio is the recommended approach.