Rising interest rates have put U.S. markets on edge, but income-oriented investors can branch out to international dividend exchange traded funds that track developed countries with rates rising at a slower pace.

European markets are turning around as the Eurozone breaks out of a recession. U.S. investors also benefit from a strengthening euro currency, writes Eric Dutram for Zacks. Moreover, many European stocks are trading around decent valuations. [Global Utilities ETF Sturdy as U.S. Counterparts Flail]

Dutram points out that investors who are interested in diversifying with developed market dividend ETFs can take a look at a couple options:

The Vanguard FTSE Europe ETF (NYSEArca: VGK) tries to reflect the performance of the FTSE Developed Europe Index, which tracks companies from Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. VGK has a 0.12% expense ratio and a 5.13% 12-month yield.

Sector allocations include basic materials 9.5%, consumer cyclical 8.9%, financials 18.9%, real estate 1%, telecom 5.7%, energy 8.6%, industrials 10.4%, technology 4.1%, consumer defensive 15.5%, healthcare 12.7% and utilities 5.9%.

Britain makes up the largest country allocation, followed by Switzerland.

The iShares International Select Dividend ETF (NYSEArca: IDV) follows the Dow Jones EPAC Select Dividend Index, which tracks the highest-yielding stocks from developed markets. The fund alsos creens for stocks that have raised or maintained dividends over the past three years and five-year payout rations don’t exceed 50% of the average payout ratio of the originating country. IDV has a 0.50% expense ratio and a 5.23% 12-month yield.