This is an actively managed ETF that invests in growth stocks across global developed and emerging markets outside the United States. It uses the MSCI All Country World Index ex USA as its reference index, but the management team selects stocks directly and concentrates on companies with high long-term growth potential.

It suits long-term investors who want diversified exposure to non-US global growth stocks and prefer active management to index replication.

It is an ETF run by Baillie Gifford using an active (actively managed) approach.

Using the MSCI All Country World Index ex USA as its reference index, the management team directly selects companies in developed and emerging markets outside the US that it believes have high long-term growth potential. Rather than replicating the index, it builds the portfolio on bottom-up stock analysis.

• Bottom-up stock selection by the management team
• Focus on growth stocks in developed and emerging markets outside the US

Assets under management (AUM) stand at $319.8M, and the total expense ratio is 0.59% per year.

Unlike a passive ETF that replicates an index, the management team's judgment is directly reflected in performance.

The performance of non-US growth stocks is affected by the global economy, exchange rates and emerging market fund flows, and it varies in volatility from period to period. Because of its active management, its performance can diverge from the reference index.

Fund flows are shaped by demand to diversify US-concentrated portfolios and by interest in global growth stocks. Depending on shifts in the risk appetite environment, the emerging market weighting tends to drive performance.

Active stock selection offers the chance to outperform, but higher volatility relative to the index and a relatively high fee are burdens.

Low-fee passive alternatives that also reference non-US markets include ACWX, which tracks the same index, as well as VXUS and IXUS, which broadly cover global stocks outside the US. If you want to focus on developed markets, VEA can also be considered. These index-replicating funds have lower fees, whereas this ETF is actively managed, so its approach is different.

Here are the points to review before investing in BGIA. Because it is an active ETF, it is wise to check its management style, costs and regional exposure in advance. In particular, comparing how its performance and costs differ from passive index ETFs can help your decision.

Because of its active management, performance can deviate from the reference index, and exchange rates and emerging market volatility are the main factors that shake short-term returns. Investors should also keep in mind that a growth-stock-centered portfolio can see volatility widen depending on the market phase.

It is a worthwhile option for long-term investors who want to approach non-US global growth stocks through active management. If cost is the priority, it is advisable to compare it with passive alternatives such as ACWX and VXUS before deciding.