While browsing overseas markets, exchange traded fund investors can use a recently launched Cambria Funds offering to capture a group of countries that have lagged behind other major economies, capturing potential value trades.

The Cambria Global Value ETF (NYSEArca: GVAL), which began trading March 12, invests in about 100 stocks from the world’s most undervalued markets, including Greece, Russia, Hungary, Ireland, Spain, Czech Republic, Italy and Portugal, reports Erin E. Arvedlund for Philly.com. [Faber’s Cambria Adds Global Value ETF]

According to Mebane Faber, the chief investment officer at Cambria Investment Management, these markets show a favorable Shiller Cyclically Adjusted PE, or CAPE, Ratio, whereas the U.S. is looking expensive – the S&P 500 has a Shiller PE Ratio of about 26, compared to the historic average of 16.5.

“Most investors have home-country bias,” Faber said in the article.”This is a way to get more exposure to a globally market-weighted portfolio. Plus, we are buying the value among value.”

Specifically, the fund has been targeting the cheapest, most liquid picks in countries where political or economic crisis have depressed valuations. However, investors should be aware of the volatile nature of these types of markets, but Faber notes that the fund helps mitigate the swings through its diverse holding.