This is an active ETF that selects and invests in value stocks trading below intrinsic value across developed and emerging markets outside the US. Based on a value-investing philosophy, it picks and holds stocks with a long-term perspective.

It suits investors who want to hold non-US overseas stocks for the long term using a global value-investing approach.

It is an actively managed ETF run by Brandes.

The fund actively selects value stocks from developed and emerging markets outside the US that trade below intrinsic value, following a value-investing philosophy. It focuses on long-term value rather than short-term price swings, and instead of simply tracking an index, it relies on active selection to pursue excess returns from overseas value stocks.

• Selection of undervalued overseas value stocks
• Long-term value-investing management

Assets under management (AUM) stand at $549.5M, and the expense ratio is 0.70% per year.

Compared with broad international equity ETFs such as VEA and IEFA, the main points of comparison are the value-investing approach and stock selection.

International stocks move with global risk appetite, the strength of the dollar, economic conditions in each country and style rotation. Value strategies tend to be strong when value stocks are in favor and weak when growth stocks dominate. Because the fund relies on active selection, its performance can diverge from the market average.

Fund flows into overseas value stocks vary with style rotation, risk appetite and currency movements, and money sometimes shifts toward related products when interest in value investing rises. It is also worth watching how performance changes with each country's economy and currency variables.

Its strengths are overseas value selection and regional diversification, while relative weakness when growth stocks dominate, reliance on the managers and currency exchange rates are points to consider.

For systematic exposure to the overseas value factor, direct substitutes include EFV and IVLU, and for broader exposure to global stocks outside the US, products such as ACWX are also worth comparing. The three funds shown in the table, VEA, IEFA and EFA, are all market-cap-weighted international equity ETFs and differ in their approach to value selection. This ETF's differentiating factor is its value-investing management, which actively selects undervalued overseas value stocks.

Here are the points to review before investing in BINV. Overseas value investing is attractive, but relative weakness when growth stocks dominate, reliance on the managers and currency exposure should be checked in advance. It is also a good idea to compare the fund with broad international and value products.

Relative weakness when growth stocks dominate, reliance on the managers and currency fluctuations are the main variables for long-term performance, and an active value strategy can diverge from the market average depending on the period. With a large overseas weighting, currency and regional risks can also come into play.

It is a suitable candidate for long-term investors who want to invest in non-US overseas stocks using a global value-investing approach. If low-cost, market-cap-weighted overseas exposure is the priority, products such as VEA and IEFA fit better, and if you trust overseas value selection, it is advisable to compare this fund alongside them before choosing.