Vanguard High Dividend ETF isn't perfect, but it could fill an important role for income investors.

Vanguard High Dividend Yield ETF ( VYM -0.18% ) has its flaws, but then so does every other investment you will ever buy. What's interesting about the dividend-focused exchange-traded fund (ETF) is what it does well. Here's why some, though not all, dividend investors may want to back up the truck and buy this income-focused ETF like there's no tomorrow.

1. Vanguard High Dividend Yield ETF has an attractive yield

With the word dividend in the name, you are probably looking at Vanguard High Dividend ETF as a source of income. So the dividend yield is the place to start in this review. But the story really needs to start with the scant 1.2% dividend yield on offer from the S&P 500

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