This is an actively managed ETF that invests in the stocks of growth companies that are domiciled or conduct their main business outside the US. It also uses indirect holdings through American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) to gain exposure to international growth stocks.

It suits investors who want to complement a US-heavy portfolio with international growth stocks and who prefer active stock selection.

It is an ETF managed by Invesco using an active management approach.

Rather than mechanically replicating an index, the portfolio team hand-picks growth companies outside the US and invests in them with a concentrated approach. It secures exposure not only through overseas-listed shares but also through depositary receipts, and holdings and weightings are adjusted at the portfolio team's discretion.

• Active selection focused on non-US growth stocks
• Broad international exposure through depositary receipts

Assets under management (AUM) stand at $132.6M, and the total expense ratio is 0.54% per year.

Compared with peer international growth ETFs, its active management makes the fee burden somewhat higher, but it offers flexibility in stock selection.

The performance of international growth stocks fluctuates with the global economy, exchange rates, and regional interest rate environments. Given its active management, the fund may also follow a path different from its benchmark depending on the portfolio team's stock picks. Recent trends have been mixed, with strength and weakness alternating over time.

Fund flows are driven by demand to diversify US-concentrated portfolios and by interest in international growth stocks. As a newly listed active ETF, its asset size and trading activity are still gradually taking shape.

Its strength is actively selected exposure to international growth stocks, while its weaknesses are the higher fee burden of active management and exposure to currency and overseas market volatility.

EFG, shown in the table, is a low-cost passive ETF that tracks the MSCI EAFE Growth index and is a direct comparison, while JIG is also an active ETF investing in international growth stocks. If you want broad developed-market growth exposure, you could also consider VDG, and if you are interested in emerging-market growth stocks, TEMX. The key is to choose by comparing the differences between active and passive management and between developed and emerging market exposure.

Here are the points to review before investing in MTRA. Because it is an active ETF investing in international growth stocks, it is advisable to thoroughly check the management fee, currency exposure, management approach, and asset size in advance, and to confirm that it fits your investment goals.

Currency fluctuations and the political and economic risks of overseas markets are the main drivers of short-term volatility. Given its active management, the portfolio team's stock picks determine performance, and as a newly listed ETF, its asset size and liquidity may not yet be fully established.

It is a suitable choice for investors who want active exposure to non-US growth stocks. If low-cost passive exposure is the priority, you could consider an index-tracking ETF such as EFG, and if you prefer active stock selection, you could consider MTRA.