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)	$1,382
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	969
Wgt avg mkt cap (mns)	$65,145
Large cap (>$10bn)	83.4%
Mid cap ($2-10bn)	15.1%
Small cap (<$2bn)	1.0%
Developed mkts	77.7%
Emerging mkts	21.4%

TOP TEN HOLDINGS
Total	14.0 %
TAIWAN SEMICONDUCTOR MANUFAC	2.6 %
TOYOTA MOTOR CORP	1.7 %
HSBC HOLDINGS PLC	1.5 %
ASTRAZENECA PLC	1.3 %
ROYAL BANK OF CANADA	1.2 %
BP PLC	1.2 %
TOTAL SA	1.2 %
ROYAL DUTCH SHELL PLC-A SHS	1.1 %
SANOFI-AVENTIS	1.1 %
GLAXOSMITHKLINE PLC	1.1 %

TOP COUNTRY EXPOSURE
	BRITAIN	16.4 %
	JAPAN	10.2 %
	AUSTRALIA	7.5 %
	GERMANY	7.5 %
	CANADA	7.2 %
	FRANCE	6.4 %
	TAIWAN	5.9 %
	CHINA	3.9 %
	SWITZERLAND	3.7 %
	HONG KONG	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.2%	5.9%	--	--	7.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	58%
MSCI EAFE	1.01	91%
MSCI Emg. Mkts.	0.73	84%

Technical Indicators
Recent close	$58.45
30d moving avg.	$62.45
Annualized volatility	11.6%
Short interest (ETF)	0.1%
Relative strength (RSI)	30

Liquidity measures
Avg. volume (thou.)	157
Turnover	0.7%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$28,644

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Vanguard International High Dividend Yield ETF 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™:

9.7%

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 ETF	56.0	39	-7	9.6	-0.1
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	54.9	45	-13	8.6	-1.1
DTH	WisdomTree DEFA Equity Income Fund	52.2	58	-26	9.2	-0.6
FNDF	Schwab Fundamental International Large Co. Index ETF	51.4	25	7	8.8	-0.9
IDY	Pacific Global International Equity Income ETF	50.7	39	-7	8.8	-0.9
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	50.7	35	-3	8.3	-1.5
DOL	WisdomTree International LargeCap Dividend Fund	50.1	48	-16	8.2	-1.5
DWM	WisdomTree International Equity Fund	50.1	48	-16	8.1	-1.6
FLEE	Franklin FTSE Europe ETF	47.4	9	23	7.2	-2.6
FLEH	Franklin FTSE Europe Hedged ETF	47.2	9	23	7.0	-2.7
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE ETF	47.2	30	2	6.9	-2.9
BBEU	JPMorgan BetaBuilders Europe ETF	45.5	9	23	7.2	-2.6
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	45.1	45	-13	6.7	-3.1
EFA	iShares MSCI EAFE ETF	45.0	32	0	7.2	-2.5
IEV	iShares Europe ETF	44.7	59	-27	6.7	-3.0
VGK	Vanguard FTSE Europe ETF	44.5	8	24	7.3	-2.5
IQSI	IQ Candriam ESG International Equity ETF	44.2	15	17	7.2	-2.6
SCHF	Schwab International Equity ETF	43.7	6	26	7.6	-2.1
HFXI	IQ 50 Percent Hedged FTSE International ETF	43.6	20	12	7.5	-2.2

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Vanguard International High Dividend Yield ETF
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	10.8	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	32	bp
Equals: ALTAR Score	9.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.64

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.