AVIV vs ICPY

AVIVAAvantis International Large Cap Value ETF

ICPYDTweedy, Browne International Insider + Value ETF

In short

AVIV Avantis takes the academic value playbook overseas: about 600 developed-market large caps screened for cheap prices and strong profitability, at 0.25% a year. Active management without the active-manager price tag.

ICPY Most value funds stop at "cheap." Tweedy, Browne's international ETF wants a second signal: insiders buying their own stock, or the company buying back shares. Old-school value logic, aimed outside the US.

Stated mandate

AVIV The fund seeks long-term capital appreciation through a broadly diversified portfolio of large-capitalization companies in non-U.S. developed countries.

ICPY The Fund seeks long-term capital growth. It mainly invests in non-U.S. equities the Adviser considers undervalued when company insiders are buying shares or the company is pursuing opportunistic buybacks.

Why people hold it

• AVIV 0.25% a year, against a roughly 0.65% median across active international value funds. Cheap enough that the fee stops being the deciding factor.
• Two screens, not one: cheap valuations plus higher profitability. Both factors are written into the mandate rather than left to a manager's mood.
• About 600 large caps spread across non-US developed markets, so no single name or country steers the fund. Breadth is the design, not a byproduct.
• Among the active international value ETFs we cover, one of the strongest implementations in the group, and it has been running since 2021.

• ICPY Two filters, not one: the adviser's own value scoring, plus evidence that company insiders are buying shares or the firm is running opportunistic buybacks.
• Purely non-US equity mandate, so it covers ground a US-heavy core portfolio does not.
• Lands in the upper half of its global active-equity peer group despite being one of the youngest funds in it, launched in 2025.

Worth knowing

• AVIV Value tilts can lag the broad market for long stretches. This one holds the tilt through those stretches rather than trying to time it.
• Active, with no published index behind it. You are buying the Avantis process, not a rulebook you can audit line by line.
• Large caps only. The same approach for smaller overseas companies lives in a sibling fund, AVDV, which charges 0.36%.

• ICPY The 0.80% expense ratio runs above the typical global active fund, and broad index-based rivals like GSWO (0.15%) sit far below it.
• Thinly traded so far. Spreads can run wider than on large index funds, which matters most on big or hurried orders.
• Launched in 2025, so there is little history to judge the strategy on in ETF form. Distributions come once or twice a year, not monthly.

Full AVIV profile⁠

Full ICPY profile⁠