This is a passive value factor ETF that tracks an index selecting value stocks, meaning large- and mid-cap companies in developed markets outside the US whose share prices look undervalued relative to their fundamentals. It provides exposure to international value at a very low expense ratio.

It suits value-oriented international investors who want to diversify across developed-market value stocks outside the US at a very low cost while accepting currency risk.

It is a passive (index-tracking) ETF managed by Fidelity.

The ETF tracks an index that screens large- and mid-cap developed-market stocks outside the US, using metrics such as book value, earnings, sales, and cash flow to pick shares that look undervalued relative to their price. By concentrating on the value factor, it offers international value exposure that differs from simple market-cap weighting, at a very low expense ratio.

• Selects international value stocks that are undervalued relative to fundamentals
• Provides value factor exposure at a very low expense ratio

Assets under management (AUM) stand at $643.0M, and the total Expense Ratio is 0.18% per year.

Unlike market-cap-weighted international ETFs, this fund concentrates on the value factor, so its performance can diverge from the broader market, and the value style may lag during periods of strong growth-stock leadership.

International value stocks are affected by each country's economy, exchange rates, and investor preference between value and growth styles. They can outperform when interest rates rise or when value is in favor, but they may lag in growth-led markets or during periods of a strong dollar.

Inflows into international value ETFs tend to rise when interest in international diversification and value investing grows, and they can slow when preference for US growth stocks strengthens.

Its strength is diversification across international value stocks at a very low expense ratio, while currency exposure, style concentration, and regional risk are its drawbacks.

EFV, IVLU, and JIVE shown in the table are ETFs that also invest in international value but use different selection methods. For broader exposure to developed markets outside the US, you can also compare the broad developed-market fund VEA, the international high-dividend fund IDV, and the developed-market fund EFA. They differ in value intensity, regional composition, and fees, so it is best to choose according to your investment style.

Here are the points to review before investing in FIVA. As an international value ETF, it is important to check currency exposure, style concentration, regional risk, and the expense ratio in advance.

Because the fund is exposed to multiple currencies, returns converted into Korean won can be swayed by exchange rates, and its value tilt may cause relative underperformance in markets led by growth stocks. You should also consider its exposure to each country's economic and policy uncertainty.

It is a passive ETF suited to value-oriented international investors who want to diversify across developed-market value stocks outside the US at a very low expense ratio. If you want simple market-cap weighting, a broad international ETF may be the better fit, while FIVA can be an alternative for those who want international value exposure.