MutualFundWire.com: Spears and Minard Unveil ETF #2

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Monday, September 8, 2025

Spears and Minard Unveil ETF #2

The folks at a 105-year-old, 40-employee, $7-billion-AUM*, value equity boutique near New York City are preparing to roll out their second exchange-traded fund.

Jason Jeffrey Minard
Tweedy, Browne Company LLC
Managing Director, Head of Client Services

Last week, Jason Minard, managing director and head of client services at AMG's Tweedy, Browne Company LLC [profile], and John Spears, managing director and investment committee member, revealed that the Tweedy, Browne team expects to launch the Tweedy, Browne International Insider + Value ETF (ICPY on the NYSE Arca) this coming Wednesday (September 10). Stamford, Connecticut-based Tweedy, Browne will serve as the new fund's investment advisor, while Oklahoma City-based Exchange Traded Concepts, LLC (ETC) will serve as subadvisor.

ICPY will come with an expense ratio of 80 basis points. Its launch will come about nine months after the debut of Tweedy, Browne's first ETF, COPY, which now has about $133 million in AUM**.

The PM team for ICPY will include seven members of Tweedy, Browne's investment and management committees. Those portfolio managers will include president Thomas Shrager and six others, all managing directors:

Roger de Bree;

Andrew Ewert;

Frank Hawrylak;

Jay Hill;

Robert Wyckoff; and

Spears.

The Tweedy, Browne team notes that ICPY will be powered by "the same proprietary multi-facotr model" powering COPY, but with a focus exclusively on companies based outside the U.S. The strategy is mostly quantitative.

Spears puts the upcoming launch of ICPY in the context of the Tweedy, Browne team's longstanding belief "that the behaviros of informed insiders, whether expressed through open-market purchases or thoughtful buyback programs, can offer powerful signals of future value."

"This new ETF allows us to focus exclusively on international companies where we believe the 'insider's edge' can also be potent," Spears states.

ICPY will be an actively managed, diversified series of the RBB Fund Trust. The planned ETF's other service providers will include:

Faegre Drinker Biddle & Reath LLP as counsel;

PricewaterhouseCoopers LLP as independent accounting firm;

ACA Foreside's Quasar Distributors, LLC as distributor;

U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, dividend disbursing agent, and transfer agent; and

U.S. Bank, N.A. as custodian.