This is an active ETF that selects companies in developed markets outside the US with high shareholder yield, which combines dividends, share buybacks and debt paydown. It also factors in value and quality characteristics and spreads its holdings across roughly 100 stocks.

It suits income and value oriented investors who want exposure to shareholder yield, covering both dividends and share buybacks, in developed markets outside the US.

It is an ETF run by Cambria using an active (discretionary) management approach.

Among companies in developed markets outside the US, the fund ranks and selects those with the highest shareholder yield, combining dividends and net share buybacks. It also factors in value, quality and low financial leverage, and diversifies across roughly 100 stocks. Its distinguishing feature is that it captures share buybacks as well as dividends.

• Selection based on shareholder yield, combining dividends and share buybacks
• International selection that reflects value and quality factors

Assets under management (AUM) stand at $753.1M, and the total expense ratio (Expense Ratio) is 0.59% per year.

Unlike a simple high-dividend ETF, it also accounts for share buybacks and debt paydown, so its definition of shareholder yield is broader. However, its overseas allocation adds currency and regional risk.

International shareholder yield stocks are influenced by each country's economy, exchange rates and investor preference for value and dividend styles. They can show relative strength when value and dividends are in favor, but they may lag during growth-led markets or periods of a strong dollar.

Money tends to flow into shareholder yield ETFs when interest grows in international diversification and in the benefits of dividends and share buybacks, while inflows can slow when preference for US growth stocks strengthens.

Its strength is exposure to international shareholder yield that covers both dividends and share buybacks, while its weaknesses are currency and regional risk and an active management fee.

In the table, SDIV, FDD and similar funds are ETFs that invest in high-dividend stocks or European dividend stocks, and EYLD and similar funds are emerging market shareholder yield ETFs from the same manager. For more international dividend exposure, you can also compare international high dividend IDV, international high dividend VYMI and developed market high dividend DTH. These funds differ in selection criteria, region and fees, so it is best to choose according to your investment style.

These are the points to review before investing in FYLD. As an international shareholder yield ETF, it is important to check currency exposure, regional risk, style concentration and fee level in advance.

Because the fund is exposed to multiple currencies, returns converted to Korean won can swing with exchange rates, and it is also exposed to each country's economic and policy uncertainty. You should also consider that its tilt toward value and dividends may cause it to lag in growth-led markets.

It is an active ETF suited to income and value oriented investors who want exposure to shareholder yield, covering both dividends and share buybacks, in developed markets outside the US. If you simply want high dividends, an international high-dividend ETF may be the better choice, while if you want broader shareholder yield, FYLD can be an alternative.