The tournament was established in 2004, taking place every two years to allow continental tournaments to flourish without the burden of the World Championship qualifiers crowding the schedule every 12 months.

The group winners and runners-up advance to a series of knock-out stages until the champion is crowned.

The losing semi-finalists play each other in a play-off match to determine the third and fourth-placed teams.

The most recent edition was held in Kazan (Russia), and crowned Brazil as champions defeating defending champions Croatia by 2–0 in the final of men's category.

Debutants Greece claimed title in women's category by defeating Norway in the final by 2–1.