This is a rule-based ETF that uses country-level valuation metrics to identify undervalued markets around the world, then selects undervalued stocks within those markets. Its two-stage value strategy diversifies across global value stocks.

It suits value-oriented investors who want to diversify across global equities using a value approach applied at both the country and stock level.

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

The fund first uses country-level valuation metrics to identify undervalued markets worldwide, then selects undervalued stocks within those markets and weights them accordingly. It is a rule-based strategy that evaluates value at both the country and stock level, avoiding expensive markets and diversifying across undervalued markets and stocks.

• Two-stage selection of undervalued countries and stocks
• Rule-based management for global value investing

Assets under management (AUM) stand at $583.5M, and the total expense ratio (Expense Ratio) is 0.66% per year.

Compared with international value factor ETFs such as EFV and IVLU, the main points of comparison are the country-level valuation screening and the holdings composition.

Global equities move with 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 markets are skewed toward growth stocks. Because the fund concentrates on undervalued countries, its emerging market weighting is high and volatility can be significant.

Fund flows into global value stocks vary with style rotation, risk appetite, and exchange rate movements, and money sometimes shifts into related products when interest in value investing rises. It is also worth noting that performance varies with economic conditions and currency variables in each country.

The two-stage value screening across countries and stocks is its strength, while relative weakness when markets favor growth stocks, emerging market volatility, and exchange rates are the considerations.

For broader developed market exposure outside the US, direct substitutes include EFA and VEA, and ACWX is also worth comparing for those who want to widen exposure to global equities excluding the US. The three products shown in the table, EFV, IVLU, and JIVE, differ in that they use international value factor and value strategies without country-level screening. This ETF is distinguished by its two-stage selection of undervalued countries and stocks.

Here are the points to review before investing in GVAL. The two-stage value screening is appealing, but relative weakness when markets favor growth stocks, emerging market volatility, and exchange rates should be checked in advance. It is also a good idea to compare it with broader international and value products.

Relative weakness when markets favor growth stocks, emerging market volatility, and currency movements are the main variables for long-term performance, and a rule-based strategy can diverge from the market average depending on the period. Because of its concentration in undervalued countries, drawdowns can be large during market crashes.

It is a suitable candidate for value-oriented investors who want to diversify across global equities using a value approach applied at both the country and stock level. If broad market-cap-weighted international exposure is the priority, products such as EFA and VEA fit better, and if you want two-stage global value selection, it is advisable to compare this product alongside them before choosing.