ETF Research Center

The Vanguard International High Dividend Yield ETF tracks a market-cap-weighted index of developed and emerging market firms (ex-US) that are expected to pay above average dividends over the next 12 months.

FUND BASICS
Category	International Equities
Fund Sponsor	Vanguard
Website	personal.vanguard.com
Inception date	Feb 25, 2016
Assets (mns)	$1,426
Currency	USD
Expense ratio	32 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	995
Wgt avg mkt cap (mns)	$69,098
Large cap (>$10bn)	84.2%
Mid cap ($2-10bn)	14.4%
Small cap (<$2bn)	0.9%
Developed mkts	76.9%
Emerging mkts	22.1%

TOP TEN HOLDINGS
Total	14.3 %
TAIWAN SEMICONDUCTOR MANUFAC	2.6 %
TOYOTA MOTOR CORP	1.7 %
HSBC HOLDINGS PLC	1.5 %
ROYAL DUTCH SHELL PLC-A SHS	1.3 %
TOTAL SA	1.3 %
ASTRAZENECA PLC	1.3 %
BP PLC	1.3 %
ROYAL BANK OF CANADA	1.1 %
GLAXOSMITHKLINE PLC	1.1 %
SANOFI-AVENTIS	1.1 %

TOP COUNTRY EXPOSURE
	BRITAIN	16.6 %
	JAPAN	10.0 %
	GERMANY	7.5 %
	AUSTRALIA	7.3 %
	CANADA	6.8 %
	FRANCE	6.4 %
	TAIWAN	6.0 %
	CHINA	4.0 %
	SWITZERLAND	3.5 %
	HONG KONG	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.4%	18.4%	--	--	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	59%
MSCI EAFE	1.00	92%
MSCI Emg. Mkts.	0.73	84%

Technical Indicators
Recent close	$64.10
30d moving avg.	$63.52
Annualized volatility	11.4%
Short interest (ETF)	0.5%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	120
Turnover	0.5%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$28,644

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard Int'l High Dividend Yield ETF based on the alternatives' overlap in portfolio holdings with VYMI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VYMI

Expense:

32 bp

ALTAR Score™:

9.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VYMI
Ticker	Fund Name	Overlap¹ vs VYMI (%)	Expense ratio (bp)	Savings vs VYMI (bp)	ALTAR Score™ (%)	ALTAR vs VYMI (%)
EFV	iShares MSCI EAFE Value	55.7	38	-6	8.8	-0.2
PXF	Invesco FTSE-RAFI Developed ex-US	54.9	45	-13	7.9	-1.1
DTH	WisdomTree DEFA Equity Income	51.8	58	-26	8.2	-0.8
FNDF	Schwab Fundamental Intl Large Cap	51.2	25	7	7.4	-1.6
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	51.0	35	-3	7.6	-1.4
IDY	Pacific Global International Equity Income	50.7	39	-7	8.0	-1.0
DWM	WisdomTree DEFA Fund	50.0	48	-16	7.4	-1.6
DOL	WisdomTree Int'l Large Cap Dividend	49.9	48	-16	7.5	-1.5
FLEE	Franklin FTSE Europe	46.8	9	23	6.6	-2.4
FLEH	Franklin FTSE Europe Hedged	46.8	9	23	6.6	-2.4
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	46.7	30	2	6.4	-2.6
EFA	iShares MSCI EAFE	45.3	31	1	6.7	-2.3
BBEU	JPMorgan BetaBuilders Europe	45.2	9	23	6.6	-2.4
VGK	Vanguard FTSE Europe	45.0	9	23	6.7	-2.3
DBEU	Xtrackers Europe Hedged	44.7	45	-13	6.2	-2.8
IEV	iShares S&P Europe 350	44.3	59	-27	6.1	-2.9
IEUR	iShares Core MSCI Europe	44.2	9	23	6.6	-2.4
HFXI	IQ 50 Percent Hedged FTSE Int'l	44.1	20	12	7.0	-2.0
DBEF	Xtrackers MSCI EAFE Hedged	44.0	35	-3	6.6	-2.4
SCHF	Schwab International Equity	44.0	6	26	7.0	-2.0

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Vanguard Int'l High Dividend Yield
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.9	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	32	bp
Equals: ALTAR Score	9.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.