Performance information for the Fund reflects temporary waivers
of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect
the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
The Advisor has agreed to waive fees and/or pay Fund expenses
to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses,
taxes and extraordinary expenses) from exceeding 0.35% of the average daily net assets per year until at least February 1, 2014.
During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all
or a portion of such expense limitation.
Fund shares are not individually redeemable and will be issued
and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation
units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally
in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded
fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated
by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding.
The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to
buy or sell shares at NAV.
Market Vectors US Listed Semiconductor 25 Index (MVSMHTR) (the
“Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser),
which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts
to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH,
Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Semiconductor ETF (the
“Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index
Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not
reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index.
Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees
and expenses.
WIDE MOAT ETF (MOAT)
PERFORMANCE COMPARISON
March 31, 2013 (unaudited)
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MWMFTR
2
|
Six Months
|
|
|
9.28
|
%
|
|
|
9.39
|
%
|
|
|
9.57
|
%
|
Life* (cumulative)
|
|
|
17.04
|
%
|
|
|
16.94
|
%
|
|
|
17.37
|
%
|
*since 4/24/12
|
|
|
|
|
|
|
|
|
|
|
|
|
Commencement date for the Market Vectors Wide Moat ETF was
4/24/12.
1
|
The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/24/12) to the first day of secondary market trading in shares of the Fund (4/25/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
|
The performance data quoted represents past performance. Past
performance is not a guarantee of future results.
Performance information for the Fund reflects temporary waivers
of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect
the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of the Fund will
fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be
lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR
or by visiting marketvectorsetfs.com.
Gross Expense Ratio 0.54% / Net Expense Ratio 0.49%
Van Eck Associates Corporation (the “Adviser”) has
agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding
interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.49% of the Fund’s
average daily net assets per year until at least February 1, 2014. During such time, the expense limitation is expected to continue
until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.
Fund shares are not individually redeemable and will be issued
and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation
units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally
in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded
fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated
by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding.
The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to
buy or sell shares at NAV.
The Morningstar
®
Wide Moat Focus Index
SM
(MWMFTR) was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or
promote the Market Vectors Morningstar Wide Moat Research ETF and bears no liability with respect to that ETF or any security.
Morningstar
®
is a registered trademark of Morningstar, Inc. Morningstar
®
Wide Moat Focus Index
SM
is a service mark of Morningstar, Inc.
Index returns assume the reinvestment of all income and do not
reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index.
Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees
and expenses.
2
|
Morningstar
®
Wide Moat Focus Index
SM
(MWMFTR) is a rules-based, equal-weighted index intended to offer exposure to companies that the Index Provider determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide moat companies”).
|
MARKET VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including
management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing
in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at
the beginning of the period and held for the entire period, October 1, 2012 to March 31, 2013.
Actual Expenses
The first line in the table below provides information about
account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate
the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During
the Period” to estimate the expenses paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about
hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return
of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare
the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any transactional costs, such as program fees. Therefore, the second line
of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different
funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning
Account
Value
October 1, 2012
|
Ending
Account
Value
March 31, 2013
|
Annualized
Expense
Ratio
During Period
|
Expenses Paid
During the Period*
October 1, 2012-
March 31, 2013
|
|
Bank and Brokerage ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$ 1,160.00
|
0.36%
|
$1.94
|
|
Hypothetical**
|
$1,000.00
|
$ 1,023.14
|
0.36%
|
$1.82
|
|
Biotech ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$1,203.90
|
0.35%
|
$1.92
|
|
Hypothetical**
|
$1,000.00
|
$ 1,023.19
|
0.35%
|
$1.77
|
|
Environmental Services ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$ 1,149.90
|
0.55%
|
$2.95
|
|
Hypothetical**
|
$1,000.00
|
$ 1,022.19
|
0.55%
|
$2.77
|
|
Gaming ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$ 1,216.50
|
0.65%
|
$3.59
|
|
Hypothetical**
|
$1,000.00
|
$ 1,021.69
|
0.65%
|
$3.28
|
|
Pharmaceutical ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$ 1,134.70
|
0.35%
|
$1.86
|
|
Hypothetical**
|
$1,000.00
|
$ 1,023.19
|
0.35%
|
$1.77
|
|
Retail ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$ 1,111.10
|
0.35%
|
$1.84
|
|
Hypothetical**
|
$1,000.00
|
$ 1,023.19
|
0.35%
|
$1.77
|
|
Semiconductor ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$ 1,148.50
|
0.36%
|
$1.93
|
|
Hypothetical**
|
$1,000.00
|
$ 1,023.14
|
0.36%
|
$1.82
|
|
Wide Moat ETF
|
|
|
|
|
|
Actual
|
$1,000.00
|
$1,093.90
|
0.49%
|
$2.56
|
|
Hypothetical**
|
$1,000.00
|
$1,022.49
|
0.49%
|
$2.47
|
|
*
|
Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 2013) multiplied by the average account value over the period, multiplied by 182 and divided by 365 (to reflect the one-half year period).
|
**
|
Assumes annual return of 5% before expenses
|
BANK AND BROKERAGE ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
Number
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
COMMON STOCKS: 97.1%
|
|
|
|
|
Brazil: 2.5%
|
|
|
|
|
|
27,398
|
|
|
Banco Bradesco S.A. (ADR)
|
|
$
|
466,314
|
|
|
12,757
|
|
|
Banco Santander S.A. (ADR)
|
|
|
92,616
|
|
|
|
|
|
|
|
|
558,930
|
|
Canada: 16.0%
|
|
|
|
|
|
8,754
|
|
|
Bank of Montreal (USD)
|
|
|
551,064
|
|
|
16,003
|
|
|
Bank of Nova Scotia (USD)
|
|
|
932,495
|
|
|
18,805
|
|
|
Royal Bank of Canada (USD)
|
|
|
1,133,941
|
|
|
12,384
|
|
|
Toronto-Dominion Bank (USD) †
|
|
|
1,031,216
|
|
|
|
|
|
|
|
|
3,648,716
|
|
Germany: 2.1%
|
|
|
|
|
|
11,981
|
|
|
Deutsche Bank AG (USD)
|
|
|
468,697
|
|
India: 0.2%
|
|
|
|
|
|
926
|
|
|
ICICI Bank Ltd. (ADR)
|
|
|
39,725
|
|
Japan: 4.3%
|
|
|
|
|
|
163,491
|
|
|
Mitsubishi UFJ Financial Group, Inc. (ADR) †
|
|
|
980,946
|
|
Netherlands: 1.6%
|
|
|
|
|
|
51,446
|
|
|
ING Groep N.V. (ADR) *
|
|
|
370,926
|
|
Spain: 6.8%
|
|
|
|
|
|
70,966
|
|
|
Banco Bilbao Vizcaya Argentaria S.A. (ADR)
|
|
|
622,372
|
|
|
137,233
|
|
|
Banco Santander S.A. (ADR) †
|
|
|
934,557
|
|
|
|
|
|
|
|
|
1,556,929
|
|
Switzerland: 5.0%
|
|
|
|
|
|
15,784
|
|
|
Credit Suisse Group AG (ADR)
|
|
|
413,541
|
|
|
46,361
|
|
|
UBS AG (USD)
|
|
|
713,496
|
|
|
|
|
|
|
|
|
1,127,037
|
|
United Kingdom: 13.7%
|
|
|
|
|
|
37,989
|
|
|
Barclays Plc (ADR)
|
|
|
674,685
|
|
|
45,762
|
|
|
HSBC Holdings Plc (ADR)
|
|
|
2,440,945
|
|
|
|
|
|
|
|
|
3,115,630
|
|
Number
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
United States: 44.9%
|
|
|
|
|
|
133,938
|
|
|
Bank of America Corp.
|
|
$
|
1,631,365
|
|
|
14,757
|
|
|
Charles Schwab Corp.
|
|
|
261,051
|
|
|
36,110
|
|
|
Citigroup, Inc.
|
|
|
1,597,506
|
|
|
5,750
|
|
|
Goldman Sachs Group, Inc.
|
|
|
846,112
|
|
|
46,904
|
|
|
JPMorgan Chase & Co.
|
|
|
2,226,064
|
|
|
18,697
|
|
|
Morgan Stanley
|
|
|
410,960
|
|
|
25,019
|
|
|
U.S. Bancorp
|
|
|
848,895
|
|
|
65,245
|
|
|
Wells Fargo & Co.
|
|
|
2,413,412
|
|
|
|
|
|
|
|
|
10,235,365
|
|
Total Common Stocks
(Cost: $22,061,915)
|
|
22,102,901
|
|
PREFERRED STOCK: 2.3%
|
|
|
|
|
Brazil: 2.3%
(Cost: $506,096)
|
|
|
|
|
|
29,716
|
|
|
Itau Unibanco Holding S.A. (ADR)
|
|
|
528,945
|
|
Total Investments Before Collateral for Securities
Loaned: 99.4%
|
|
|
|
|
(Cost: $22,568,011)
|
|
|
22,631,846
|
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL
FOR SECURITIES LOANED: 7.8%
|
|
|
|
(Cost: $1,777,236)
|
|
|
|
|
1,777,236
|
|
|
Bank of New York Overnight Government Fund
|
|
|
1,777,236
|
|
Total Investments:
107.2%
(Cost: $24,345,247)
|
|
|
24,409,082
|
|
Liabilities in excess of other assets: (7.2)%
|
|
|
(1,636,891
|
)
|
NET ASSETS: 100.0%
|
|
$
|
22,772,191
|
|
ADR
|
American Depositary Receipt
|
USD
|
United States Dollar
|
*
|
Non-income producing
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $1,732,265.
|
Summary of Investments by Sector Excluding
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of
Investments
|
|
Value
|
|
Commercial Banking Institution
|
|
|
28.0
|
%
|
|
$
|
6,333,245
|
|
Diversified Banking Institution
|
|
|
54.8
|
|
|
|
12,404,317
|
|
Finance - Investment Banker / Broker
|
|
|
1.2
|
|
|
|
261,051
|
|
Life & Health Insurance
|
|
|
1.6
|
|
|
|
370,926
|
|
Super - Regional Banks
|
|
|
14.4
|
|
|
|
3,262,307
|
|
|
|
|
100.0
|
%
|
|
$
|
22,631,846
|
|
The summary of inputs used to value the Fund’s investments
as of March 31, 2013 is as follows:
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
Level 1
|
|
Significant
|
|
Significant
|
|
|
|
|
Quoted
|
|
Observable
|
|
Unobservable
|
|
|
|
|
Prices
|
|
Inputs
|
|
Inputs
|
|
Value
|
Common Stocks*
|
|
$
|
22,102,901
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
22,102,901
|
Preferred Stock*
|
|
|
528,945
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
528,945
|
Money Market Fund
|
|
|
1,777,236
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
1,777,236
|
Total
|
|
$
|
24,409,082
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
24,409,082
|
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial
Statements
BIOTECH ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
COMMON STOCKS: 100.0%
|
|
|
|
|
Netherlands: 2.9%
|
|
|
|
|
|
302,037
|
|
|
Qiagen N.V. (USD) * †
|
|
$
|
6,366,940
|
|
United States: 97.1%
|
|
|
|
|
|
52,507
|
|
|
Acorda Therapeutics, Inc. *
|
|
|
1,681,799
|
|
|
112,800
|
|
|
Alexion Pharmaceuticals, Inc. *
|
|
|
10,393,392
|
|
|
314,448
|
|
|
Amgen, Inc.
|
|
|
32,234,065
|
|
|
283,505
|
|
|
Arena Pharmaceuticals, Inc. * †
|
|
|
2,327,576
|
|
|
234,773
|
|
|
Ariad Pharmaceuticals, Inc. *
|
|
|
4,247,044
|
|
|
99,284
|
|
|
Biogen Idec, Inc. *
|
|
|
19,152,877
|
|
|
154,377
|
|
|
BioMarin Pharmaceutical, Inc. *
|
|
|
9,611,512
|
|
|
175,933
|
|
|
Celgene Corp. *
|
|
|
20,392,394
|
|
|
86,239
|
|
|
Cepheid, Inc. *
|
|
|
3,308,991
|
|
|
62,173
|
|
|
Charles River Laboratories International, Inc. *
|
|
|
2,752,399
|
|
|
85,476
|
|
|
Cubist Pharmaceuticals, Inc. *
|
|
|
4,001,986
|
|
|
199,417
|
|
|
Dendreon Corp. * †
|
|
|
943,242
|
|
|
633,225
|
|
|
Gilead Sciences, Inc. *
|
|
|
30,983,699
|
|
|
160,058
|
|
|
Illumina, Inc. * †
|
|
|
8,643,132
|
|
|
155,147
|
|
|
Incyte Corp. * †
|
|
|
3,631,991
|
|
|
157,698
|
|
|
Life Technologies Corp. *
|
|
|
10,192,022
|
|
|
94,529
|
|
|
Medivation, Inc. *
|
|
|
4,421,121
|
|
|
105,036
|
|
|
Myriad Genetics, Inc. *
|
|
|
2,667,914
|
|
|
93,863
|
|
|
Onyx Pharmaceuticals, Inc. *
|
|
|
8,340,666
|
|
|
73,375
|
|
|
Pharmacyclics, Inc. *
|
|
|
5,900,084
|
|
|
54,171
|
|
|
Regeneron Pharmaceuticals, Inc. *
|
|
|
9,555,764
|
|
|
130,036
|
|
|
Seattle Genetics, Inc. * †
|
|
|
4,617,578
|
|
|
57,486
|
|
|
United Therapeutics Corp. *
|
|
|
3,499,173
|
|
|
190,984
|
|
|
Vertex Pharmaceuticals, Inc. *
|
|
|
10,500,300
|
|
|
|
|
|
|
|
|
214,000,721
|
|
Total Common
Stocks
(Cost: $175,178,810)
|
|
|
220,367,661
|
|
Number
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
MONEY MARKET FUND: 0.1%
(Cost: $39,519)
|
|
|
|
|
|
39,519
|
|
|
Dreyfus Government Cash Management Fund
|
|
$
|
39,519
|
|
|
|
|
|
|
|
|
|
|
Total Investments Before
Collateral for
Securities Loaned: 100.1%
|
|
|
|
|
(Cost:
$175,218,329)
|
|
|
220,407,180
|
|
SHORT-TERM INVESTMENT HELD
AS COLLATERAL
FOR SECURITIES LOANED: 8.9%
|
|
|
|
|
(Cost: $19,654,847)
|
|
|
|
|
|
19,654,847
|
|
|
Bank of New York Overnight Government Fund
|
|
|
19,654,847
|
|
|
|
|
|
|
|
|
|
|
Total Investments: 109.0%
(Cost: $194,873,176)
|
|
|
240,062,027
|
|
Liabilities in excess of other assets: (9.0)%
|
|
|
(19,720,668
|
)
|
NET ASSETS: 100.0%
|
|
$
|
220,341,359
|
|
USD
|
United States Dollar
|
*
|
Non-income producing
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $19,257,586.
|
Summary of Investments by Sector Excluding
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
Diagnostic Equipment
|
|
|
1.5
|
%
|
|
$
|
3,308,991
|
|
Diagnostic Kits
|
|
|
2.9
|
|
|
|
6,366,940
|
|
Medical - Biomedical / Genetics
|
|
|
82.8
|
|
|
|
182,418,347
|
|
Medical - Drugs
|
|
|
2.0
|
|
|
|
4,421,121
|
|
Therapeutics
|
|
|
10.8
|
|
|
|
23,852,262
|
|
Money Market Fund
|
|
|
0.0
|
|
|
|
39,519
|
|
|
|
|
100.0
|
%
|
|
$
|
220,407,180
|
|
The summary of inputs used to value the Fund’s investments
as of March 31, 2013 is as follows:
|
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
Level 1
|
|
|
Significant
|
|
Significant
|
|
|
|
|
|
Quoted
|
|
|
Observable
|
|
Unobservable
|
|
|
|
|
|
Prices
|
|
|
Inputs
|
|
Inputs
|
|
Value
|
|
Common Stocks*
|
|
$
|
220,367,661
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
220,367,661
|
|
Money Market Funds
|
|
|
19,694,366
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
19,694,366
|
|
Total
|
|
$
|
240,062,027
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
240,062,027
|
|
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial
Statements
ENVIRONMENTAL SERVICES ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
Number
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
COMMON STOCKS: 99.9%
|
|
|
|
|
Canada: 4.6%
|
|
|
|
|
|
42,598
|
|
|
Progressive Waste Solutions Ltd. (USD) †
|
|
$
|
900,948
|
|
France: 10.0%
|
|
|
|
|
|
155,057
|
|
|
Veolia Environnement S.A. (ADR)
|
|
|
1,969,224
|
|
United States: 85.3%
|
|
|
|
|
|
15,188
|
|
|
ADA-ES, Inc. * †
|
|
|
403,545
|
|
|
49,340
|
|
|
Calgon Carbon Corp. *
|
|
|
893,054
|
|
|
89,565
|
|
|
Casella Waste Systems, Inc. *
|
|
|
391,399
|
|
|
15,030
|
|
|
Clean Harbors, Inc. *
|
|
|
873,093
|
|
|
44,379
|
|
|
Covanta Holding Corp.
|
|
|
894,237
|
|
|
49,259
|
|
|
Darling International, Inc. *
|
|
|
884,692
|
|
|
96,387
|
|
|
Fuel Tech, Inc. *
|
|
|
416,392
|
|
|
84,183
|
|
|
Hudson Technologies, Inc. *
|
|
|
340,941
|
|
|
40,380
|
|
|
Layne Christensen Co. *
|
|
|
863,324
|
|
|
214,369
|
|
|
Metalico, Inc. *
|
|
|
347,278
|
|
|
97,016
|
|
|
Newpark Resources, Inc. *
|
|
|
900,309
|
|
|
384,302
|
|
|
Rentech, Inc.
|
|
|
903,110
|
|
|
60,094
|
|
|
Republic Services, Inc.
|
|
|
1,983,102
|
|
|
18,908
|
|
|
Stericycle, Inc. *
|
|
|
2,007,651
|
|
|
28,798
|
|
|
Tetra Tech, Inc. *
|
|
|
878,051
|
|
|
35,102
|
|
|
US Ecology, Inc.
|
|
|
931,958
|
|
|
24,629
|
|
|
Waste Connections, Inc.
|
|
|
886,151
|
|
|
51,107
|
|
|
Waste Management, Inc.
|
|
|
2,003,905
|
|
|
|
|
|
|
|
|
16,802,192
|
|
Total
Common Stocks
(Cost: $21,812,274)
|
|
|
19,672,364
|
|
Number
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
MONEY MARKET FUND: 0.3%
(Cost: $53,171)
|
|
|
|
|
|
53,171
|
|
|
Dreyfus Government Cash Management Fund
|
|
$
|
53,171
|
|
Total
Investments Before Collateral
for Securities
Loaned: 100.2%
|
|
|
|
|
(Cost: $21,865,445)
|
|
|
19,725,535
|
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL
FOR SECURITIES LOANED: 5.9%
|
|
|
|
(Cost: $1,160,700)
|
|
|
|
|
1,160,700
|
|
|
Bank of New York Overnight Government Fund
|
|
|
1,160,700
|
|
Total
Investments: 106.1%
(Cost: $23,026,145)
|
|
|
20,886,235
|
|
Liabilities in excess of other assets: (6.1)%
|
|
|
(1,206,050
|
)
|
NET ASSETS: 100.0%
|
|
$
|
19,680,185
|
|
ADR
|
American Depositary Receipt
|
USD
|
United States Dollar
|
*
|
Non-income producing
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $1,141,987.
|
Summary of Investments by Sector Excluding
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
Agricultural Chemicals
|
|
|
4.6
|
%
|
|
$
|
903,110
|
|
Alternative Waste Technology
|
|
|
9.0
|
|
|
|
1,777,746
|
|
Building & Construction
|
|
|
4.4
|
|
|
|
863,324
|
|
Environment Consulting & Engineering
|
|
|
4.4
|
|
|
|
878,051
|
|
Hazardous Waste Disposal
|
|
|
19.3
|
|
|
|
3,812,702
|
|
Non - Hazardous Waste Disposal
|
|
|
35.8
|
|
|
|
7,059,742
|
|
Oil - Field Services
|
|
|
4.6
|
|
|
|
900,309
|
|
Pollution Control
|
|
|
5.9
|
|
|
|
1,160,878
|
|
Recycling
|
|
|
1.7
|
|
|
|
347,278
|
|
Water
|
|
|
10.0
|
|
|
|
1,969,224
|
|
Money Market Fund
|
|
|
0.3
|
|
|
|
53,171
|
|
|
|
|
100.0
|
%
|
|
$
|
19,725,535
|
|
The summary of inputs used to value the Fund’s investments
as of March 31, 2013 is as follows:
|
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
Level 1
|
|
|
Significant
|
|
Significant
|
|
|
|
|
|
Quoted
|
|
|
Observable
|
|
Unobservable
|
|
|
|
|
|
Prices
|
|
|
Inputs
|
|
Inputs
|
|
Value
|
|
Common Stocks*
|
|
$
|
19,672,364
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
19,672,364
|
|
Money Market Funds
|
|
|
1,213,871
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
1,213,871
|
|
Total
|
|
$
|
20,886,235
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
20,886,235
|
|
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial
Statements
GAMING ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
Number
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 99.7%
|
|
|
|
|
Australia: 10.4%
|
|
|
|
|
|
133,839
|
|
|
Aristocrat Leisure Ltd. #
|
|
$
|
512,871
|
|
|
119,455
|
|
|
Crown Ltd. #
|
|
|
1,537,971
|
|
|
208,530
|
|
|
Echo Entertainment Group Ltd. #
|
|
|
759,993
|
|
|
240,755
|
|
|
TABCORP Holdings Ltd. #
|
|
|
812,974
|
|
|
414,384
|
|
|
Tatts Group Ltd. #
|
|
|
1,372,223
|
|
|
|
|
|
|
|
|
4,996,032
|
|
China / Hong Kong: 25.8%
|
|
|
|
|
|
745,240
|
|
|
Galaxy Entertainment Group Ltd. * #
|
|
|
3,125,050
|
|
|
58,009
|
|
|
Melco Crown Entertainment Ltd. (ADR) *
|
|
|
1,353,930
|
|
|
256,400
|
|
|
Melco International Development Ltd. #
|
|
|
445,973
|
|
|
274,100
|
|
|
MGM China Holdings Ltd. #
|
|
|
587,732
|
|
|
791,600
|
|
|
Sands China Ltd. #
|
|
|
4,118,992
|
|
|
600,000
|
|
|
SJM Holdings Ltd. #
|
|
|
1,501,965
|
|
|
476,400
|
|
|
Wynn Macau Ltd. * #
|
|
|
1,269,311
|
|
|
|
|
|
|
|
|
12,402,953
|
|
Greece: 1.3%
|
|
|
|
|
|
29,198
|
|
|
Intralot S.A. #
|
|
|
68,537
|
|
|
70,103
|
|
|
OPAP S.A. #
|
|
|
553,153
|
|
|
|
|
|
|
|
|
621,690
|
|
Ireland: 2.6%
|
|
|
|
|
|
13,695
|
|
|
Paddy Power Plc
|
|
|
1,234,871
|
|
Italy: 0.8%
|
|
|
|
|
|
15,839
|
|
|
Lottomatica S.p.A. #
|
|
|
373,612
|
|
Japan: 4.1%
|
|
|
|
|
|
16,979
|
|
|
Sankyo Co. Ltd. #
|
|
|
795,948
|
|
|
58,500
|
|
|
Sega Sammy Holdings, Inc. #
|
|
|
1,175,863
|
|
|
|
|
|
|
|
|
1,971,811
|
|
Malaysia: 8.1%
|
|
|
|
|
|
225,883
|
|
|
Berjaya Sports Toto Bhd #
|
|
|
302,964
|
|
|
714,938
|
|
|
Genting Bhd #
|
|
|
2,320,818
|
|
|
855,898
|
|
|
Genting Malaysia Bhd #
|
|
|
1,016,040
|
|
|
234,100
|
|
|
Multi-Purpose Holdings Bhd #
|
|
|
271,732
|
|
|
|
|
|
|
|
|
3,911,554
|
|
New Zealand: 1.3%
|
|
|
|
|
|
166,532
|
|
|
Sky City Entertainment Group Ltd. #
|
|
|
616,250
|
|
Singapore: 4.8%
|
|
|
|
|
|
1,923,400
|
|
|
Genting Singapore Plc #
|
|
|
2,326,571
|
|
South Africa: 0.7%
|
|
|
|
|
|
33,129
|
|
|
Sun International Ltd.
|
|
|
364,712
|
|
South Korea: 2.6%
|
|
|
|
|
|
36,486
|
|
|
Kangwon Land, Inc. #
|
|
|
1,011,405
|
|
|
12,528
|
|
|
Paradise Co. Ltd. #
|
|
|
239,300
|
|
|
|
|
|
|
|
|
1,250,705
|
|
Sweden: 0.4%
|
|
|
|
|
|
5,611
|
|
|
Betsson A.B. #
|
|
|
181,154
|
|
Number
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
United Kingdom: 8.6%
|
|
|
|
|
|
203,880
|
|
|
Bwin.Party Digital Entertainment Plc #
|
|
$
|
445,374
|
|
|
114,867
|
|
|
IG Group Holdings Plc #
|
|
|
933,587
|
|
|
291,939
|
|
|
Ladbrokes Plc #
|
|
|
1,001,869
|
|
|
42,017
|
|
|
Playtech Ltd.
|
|
|
403,221
|
|
|
224,594
|
|
|
William Hill Plc #
|
|
|
1,263,076
|
|
|
49,909
|
|
|
William Hill Plc Rights (GBP 245, expiring 04/04/13) *
|
|
|
93,973
|
|
|
|
|
|
|
|
|
4,141,100
|
|
United States: 28.2%
|
|
|
|
|
|
13,151
|
|
|
Bally Technologies, Inc. * †
|
|
|
683,457
|
|
|
17,893
|
|
|
Boyd Gaming Corp. * †
|
|
|
147,975
|
|
|
21,625
|
|
|
Global Cash Access Holdings, Inc. *
|
|
|
152,456
|
|
|
85,855
|
|
|
International Game Technology
|
|
|
1,416,607
|
|
|
71,558
|
|
|
Las Vegas Sands Corp.
|
|
|
4,032,293
|
|
|
121,973
|
|
|
MGM Mirage *
|
|
|
1,603,945
|
|
|
19,628
|
|
|
Penn National Gaming, Inc. *
|
|
|
1,068,352
|
|
|
18,766
|
|
|
Pinnacle Entertainment, Inc. *
|
|
|
274,359
|
|
|
15,906
|
|
|
Scientific Games Corp. *
|
|
|
139,177
|
|
|
18,277
|
|
|
SHFL Entertainment, Inc. *
|
|
|
302,850
|
|
|
16,663
|
|
|
WMS Industries, Inc. *
|
|
|
420,074
|
|
|
26,498
|
|
|
Wynn Resorts Ltd.
|
|
|
3,316,490
|
|
|
|
|
|
|
|
|
13,558,035
|
|
Total
Common Stocks
(Cost: $34,499,736)
|
|
|
47,951,050
|
|
MONEY
MARKET FUND: 0.0%
(Cost: $7,918)
|
|
|
|
|
|
7,918
|
|
|
Dreyfus Government Cash Management Fund
|
|
|
7,918
|
|
Total
Investments Before Collateral
for Securities
Loaned: 99.7%
|
|
|
|
|
(Cost: $34,507,654)
|
|
|
47,958,968
|
|
SHORT-TERM
INVESTMENT HELD AS
COLLATERAL
FOR SECURITIES LOANED: 1.7%
|
|
|
|
|
(Cost: $798,310)
|
|
|
|
|
|
798,310
|
|
|
Bank of New York Overnight Government Fund
|
|
|
798,310
|
|
Total
Investments: 101.4%
(Cost: $35,305,964)
|
|
|
48,757,278
|
|
Liabilities in excess of other assets: (1.4)%
|
|
|
(660,069
|
)
|
NET ASSETS: 100.0%
|
|
$
|
48,097,209
|
|
See Notes to Financial Statements
GAMING ETF
SCHEDULE OF INVESTMENTS
(continued)
ADR
|
American Depositary Receipt
|
GBP
|
British Pound
|
*
|
Non-income producing
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $773,360.
|
#
|
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $30,942,308 which represents 64.3% of net assets.
|
Summary of Investments by
|
|
|
|
|
Sector Excluding Collateral for
|
|
|
|
|
Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
Casino Hotels
|
|
|
59.8
|
%
|
|
$
|
28,684,872
|
|
Casino Services
|
|
|
8.5
|
|
|
|
4,090,210
|
|
Commercial Services - Finance
|
|
|
0.3
|
|
|
|
152,456
|
|
Computer Software
|
|
|
0.9
|
|
|
|
403,221
|
|
Diversified Operations
|
|
|
1.5
|
|
|
|
717,705
|
|
Finance - Other Services
|
|
|
2.0
|
|
|
|
933,587
|
|
Gambling (Non-Hotel)
|
|
|
15.8
|
|
|
|
7,560,846
|
|
Internet Gambling
|
|
|
1.3
|
|
|
|
626,528
|
|
Leisure & Recreation Products
|
|
|
3.3
|
|
|
|
1,595,937
|
|
Lottery Services
|
|
|
4.4
|
|
|
|
2,117,336
|
|
Racetracks
|
|
|
2.2
|
|
|
|
1,068,352
|
|
Money Market Fund
|
|
|
0.0
|
|
|
|
7,918
|
|
|
|
|
100.0
|
%
|
|
$
|
47,958,968
|
|
The summary of inputs used to value the Fund’s investments
as of March 31, 2013 is as follows:
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
Level 1
|
|
Significant
|
|
Significant
|
|
|
|
|
Quoted
|
|
Observable
|
|
Unobservable
|
|
|
|
|
Prices
|
|
Inputs
|
|
Inputs
|
|
Value
|
|
Australia
|
|
$
|
–
|
|
|
$
|
4,996,032
|
|
|
|
$
|
–
|
|
|
|
$
|
4,996,032
|
|
China / Hong Kong
|
|
|
1,353,930
|
|
|
|
11,049,023
|
|
|
|
|
–
|
|
|
|
|
12,402,953
|
|
Greece
|
|
|
–
|
|
|
|
621,690
|
|
|
|
|
–
|
|
|
|
|
621,690
|
|
Ireland
|
|
|
1,234,871
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
1,234,871
|
|
Italy
|
|
|
–
|
|
|
|
373,612
|
|
|
|
|
–
|
|
|
|
|
373,612
|
|
Japan
|
|
|
–
|
|
|
|
1,971,811
|
|
|
|
|
–
|
|
|
|
|
1,971,811
|
|
Malaysia
|
|
|
–
|
|
|
|
3,911,554
|
|
|
|
|
–
|
|
|
|
|
3,911,554
|
|
New Zealand
|
|
|
–
|
|
|
|
616,250
|
|
|
|
|
–
|
|
|
|
|
616,250
|
|
Singapore
|
|
|
–
|
|
|
|
2,326,571
|
|
|
|
|
–
|
|
|
|
|
2,326,571
|
|
South Africa
|
|
|
364,712
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
364,712
|
|
South Korea
|
|
|
–
|
|
|
|
1,250,705
|
|
|
|
|
–
|
|
|
|
|
1,250,705
|
|
Sweden
|
|
|
–
|
|
|
|
181,154
|
|
|
|
|
–
|
|
|
|
|
181,154
|
|
United Kingdom
|
|
|
497,194
|
|
|
|
3,643,906
|
|
|
|
|
–
|
|
|
|
|
4,141,100
|
|
United States
|
|
|
13,558,035
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
13,558,035
|
|
Money Market Funds
|
|
|
806,228
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
806,228
|
|
Total
|
|
$
|
17,814,970
|
|
|
$
|
30,942,308
|
|
|
|
$
|
–
|
|
|
|
$
|
48,757,278
|
|
During the period ended March 31, 2013, transfers of securities
from Level 2 to Level 1 were $1,519,405. These transfers resulted primarily from changes in certain foreign securities valuation
methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level
2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local
close, as described in the Notes to Financial Statements.
See Notes to Financial Statements
PHARMACEUTICAL ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
COMMON STOCKS: 99.2%
|
|
|
|
|
Canada: 2.8%
|
|
|
|
|
|
81,541
|
|
|
Valeant Pharmaceuticals International, Inc. (USD) *
|
|
$
|
6,117,206
|
|
Denmark: 3.9%
|
|
|
|
|
|
52,213
|
|
|
Novo-Nordisk A.S. (ADR)
|
|
|
8,432,399
|
|
France: 6.1%
|
|
|
|
|
|
257,099
|
|
|
Sanofi S.A. (ADR)
|
|
|
13,132,617
|
|
Ireland: 3.5%
|
|
|
|
|
|
144,094
|
|
|
Elan Corp. Plc (ADR) *
|
|
|
1,700,309
|
|
|
54,662
|
|
|
Shire Plc (ADR)
|
|
|
4,993,920
|
|
|
64,868
|
|
|
Warner Chilcott Plc (USD)
|
|
|
878,961
|
|
|
|
|
|
|
|
|
7,573,190
|
|
Israel: 4.3%
|
|
|
|
|
|
235,188
|
|
|
Teva Pharmaceutical Industries Ltd. (ADR)
|
|
|
9,332,260
|
|
Switzerland: 8.8%
|
|
|
|
|
|
265,299
|
|
|
Novartis A.G. (ADR)
|
|
|
18,899,901
|
|
United Kingdom: 10.4%
|
|
|
|
|
|
203,771
|
|
|
AstraZeneca Plc (ADR)
|
|
|
10,184,475
|
|
|
259,629
|
|
|
GlaxoSmithKline Plc (ADR)
|
|
|
12,179,196
|
|
|
|
|
|
|
|
|
22,363,671
|
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
United States: 59.4%
|
|
|
|
|
|
271,973
|
|
|
Abbott Laboratories
|
|
$
|
9,606,086
|
|
|
246,966
|
|
|
AbbVie, Inc.
|
|
|
10,071,273
|
|
|
36,851
|
|
|
Actavis, Inc. *
|
|
|
3,394,346
|
|
|
83,614
|
|
|
Allergan, Inc.
|
|
|
9,333,831
|
|
|
246,835
|
|
|
Bristol-Myers Squibb Co.
|
|
|
10,167,134
|
|
|
169,217
|
|
|
Eli Lilly & Co.
|
|
|
9,609,833
|
|
|
32,317
|
|
|
Endo Pharmaceuticals Holdings, Inc. *
|
|
|
994,071
|
|
|
68,931
|
|
|
Forest Laboratories, Inc. *
|
|
|
2,622,135
|
|
|
48,601
|
|
|
Hospira, Inc. *
|
|
|
1,595,571
|
|
|
311,405
|
|
|
Johnson & Johnson
|
|
|
25,388,850
|
|
|
336,699
|
|
|
Merck & Co., Inc.
|
|
|
14,892,197
|
|
|
116,356
|
|
|
Mylan, Inc. *
|
|
|
3,367,343
|
|
|
25,867
|
|
|
Perrigo Co.
|
|
|
3,071,189
|
|
|
800,879
|
|
|
Pfizer, Inc.
|
|
|
23,113,368
|
|
|
17,268
|
|
|
Salix Pharmaceuticals Ltd. *
|
|
|
883,776
|
|
|
|
|
|
|
|
|
128,111,003
|
|
Total Common Stocks: 99.2%
(Cost: $194,837,509)
|
|
|
213,962,247
|
|
Other assets less liabilities: 0.8%
|
|
|
1,656,643
|
|
NET ASSETS: 100.0%
|
|
$
|
215,618,890
|
|
|
|
ADR
|
American Depositary Receipt
|
USD
|
United States Dollar
|
*
|
Non-income producing
|
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
Medical - Drugs
|
|
|
89.9
|
%
|
|
$
|
192,322,577
|
|
Medical - Generic Drugs
|
|
|
9.0
|
|
|
|
19,165,138
|
|
Medical Products
|
|
|
0.7
|
|
|
|
1,595,571
|
|
Therapeutics
|
|
|
0.4
|
|
|
|
878,961
|
|
|
|
|
100.0
|
%
|
|
$
|
213,962,247
|
|
The summary of inputs used to value the Fund’s investments as
of March 31, 2013 is as follows:
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
Level 1
|
|
Significant
|
|
Significant
|
|
|
|
|
Quoted
|
|
Observable
|
|
Unobservable
|
|
|
|
|
Prices
|
|
Inputs
|
|
Inputs
|
|
Value
|
Common Stocks*
|
|
$
|
213,962,247
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
213,962,247
|
*
See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial Statements
RETAIL ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
COMMON STOCKS: 99.9%
|
|
|
|
|
United States: 99.9%
|
|
|
|
|
|
5,767
|
|
|
Amazon.com, Inc. *
|
|
$
|
1,536,848
|
|
|
7,844
|
|
|
AmerisourceBergen Corp.
|
|
|
403,574
|
|
|
1,193
|
|
|
AutoZone, Inc. *
|
|
|
473,347
|
|
|
7,475
|
|
|
Bed Bath & Beyond, Inc. *
|
|
|
481,540
|
|
|
8,987
|
|
|
Best Buy Co., Inc.
|
|
|
199,062
|
|
|
11,614
|
|
|
Cardinal Health, Inc.
|
|
|
483,375
|
|
|
8,608
|
|
|
Costco Wholesale Corp.
|
|
|
913,395
|
|
|
19,289
|
|
|
CVS Caremark Corp.
|
|
|
1,060,702
|
|
|
9,634
|
|
|
Dollar General Corp. *
|
|
|
487,288
|
|
|
23,192
|
|
|
Home Depot, Inc.
|
|
|
1,618,338
|
|
|
6,896
|
|
|
Kohl’s Corp.
|
|
|
318,112
|
|
|
16,429
|
|
|
Kroger Co.
|
|
|
544,457
|
|
|
8,157
|
|
|
L Brands, Inc.
|
|
|
364,292
|
|
|
22,735
|
|
|
Lowe’s Cos., Inc.
|
|
|
862,111
|
|
|
13,210
|
|
|
MACY’S, Inc.
|
|
|
552,706
|
|
|
7,334
|
|
|
McKesson Corp.
|
|
|
791,779
|
|
|
7,349
|
|
|
Ross Stores, Inc.
|
|
|
445,496
|
|
|
22,546
|
|
|
Staples, Inc.
|
|
|
302,793
|
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
United States: (continued)
|
|
|
|
|
|
19,967
|
|
|
Sysco Corp.
|
|
$
|
702,239
|
|
|
13,351
|
|
|
Target Corp.
|
|
|
913,876
|
|
|
11,271
|
|
|
The Gap, Inc.
|
|
|
398,993
|
|
|
17,681
|
|
|
TJX Cos., Inc.
|
|
|
826,587
|
|
|
19,883
|
|
|
Walgreen Co.
|
|
|
948,021
|
|
|
26,688
|
|
|
Wal-Mart Stores, Inc.
|
|
|
1,997,063
|
|
|
6,253
|
|
|
Whole Foods Market, Inc.
|
|
|
542,448
|
|
Total Common Stocks
(Cost: $17,858,896)
|
|
|
18,168,442
|
|
MONEY MARKET FUND: 0.2%
(Cost: $30,742)
|
|
|
|
|
|
30,742
|
|
|
Dreyfus Government Cash Management Fund
|
|
|
30,742
|
|
Total Investments: 100.1%
(Cost: $17,889,638)
|
|
|
18,199,184
|
|
Liabilities in excess of other assets: (0.1)%
|
|
|
(22,054
|
)
|
NET ASSETS: 100.0%
|
|
$
|
18,177,130
|
|
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
E-Commerce / Products
|
|
|
8.4
|
%
|
|
$
|
1,536,848
|
|
Food - Retail
|
|
|
6.0
|
|
|
|
1,086,905
|
|
Food - Wholesale / Distribution
|
|
|
3.9
|
|
|
|
702,239
|
|
Medical - Wholesale Drug Distributors
|
|
|
9.2
|
|
|
|
1,678,728
|
|
Retail - Apparel / Shoes
|
|
|
6.6
|
|
|
|
1,208,781
|
|
Retail - Auto Parts
|
|
|
2.6
|
|
|
|
473,347
|
|
Retail - Bedding
|
|
|
2.7
|
|
|
|
481,540
|
|
Retail - Building Products
|
|
|
13.6
|
|
|
|
2,480,449
|
|
Retail - Consumer Electronics
|
|
|
1.1
|
|
|
|
199,062
|
|
Retail - Discount
|
|
|
23.7
|
|
|
|
4,311,622
|
|
Retail - Drug Store
|
|
|
11.0
|
|
|
|
2,008,723
|
|
Retail - Major Department Store
|
|
|
4.5
|
|
|
|
826,587
|
|
Retail - Office Supplies
|
|
|
1.7
|
|
|
|
302,793
|
|
Retail - Regional Department Store
|
|
|
4.8
|
|
|
|
870,818
|
|
Money Market Fund
|
|
|
0.2
|
|
|
|
30,742
|
|
|
|
|
100.0
|
%
|
|
$
|
18,199,184
|
|
The summary of inputs used to value the Fund’s investments as
of March 31, 2013 is as follows:
|
|
Level
1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks*
|
|
$
|
18,168,442
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
18,168,442
|
|
Money Market Fund
|
|
|
30,742
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
30,742
|
|
Total
|
|
$
|
18,199,184
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
18,199,184
|
|
*
Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial Statements
SEMICONDUCTOR ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
COMMON STOCKS: 100.0%
|
|
|
|
|
Bermuda: 1.5%
|
|
|
|
|
|
394,820
|
|
|
Marvell Technology Group Ltd. (USD)
|
|
$
|
4,177,196
|
|
Netherlands: 4.7%
|
|
|
|
|
|
194,713
|
|
|
ASML Holding N.V. (USD)
†
|
|
|
13,242,431
|
|
Singapore: 2.8%
|
|
|
|
|
|
221,419
|
|
|
Avago Technologies Ltd. (USD)
|
|
|
7,953,370
|
|
Taiwan: 13.9%
|
|
|
|
|
|
2,261,389
|
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
|
|
|
38,873,277
|
|
United Kingdom: 4.9%
|
|
|
|
|
|
322,907
|
|
|
ARM Holdings Plc (ADR)
|
|
|
13,681,570
|
|
United States: 72.2%
|
|
|
|
|
|
553,000
|
|
|
Advanced Micro Devices, Inc. *
†
|
|
|
1,410,150
|
|
|
291,325
|
|
|
Altera Corp.
|
|
|
10,333,298
|
|
|
273,207
|
|
|
Analog Devices, Inc.
|
|
|
12,701,393
|
|
|
923,514
|
|
|
Applied Materials, Inc.
|
|
|
12,448,969
|
|
|
380,266
|
|
|
Atmel Corp. *
|
|
|
2,646,651
|
|
|
375,277
|
|
|
Broadcom Corp.
|
|
|
13,010,854
|
|
|
104,156
|
|
|
Cree, Inc. *
|
|
|
5,698,375
|
|
|
2,380,573
|
|
|
Intel Corp.
|
|
|
52,015,520
|
|
|
151,376
|
|
|
KLA-Tencor Corp.
|
|
|
7,983,570
|
|
|
146,430
|
|
|
Lam Research Corp. *
|
|
|
6,070,988
|
|
|
209,772
|
|
|
Linear Technology Corp.
|
|
|
8,048,952
|
|
|
263,808
|
|
|
Maxim Integrated Products, Inc.
|
|
|
8,613,331
|
|
|
172,654
|
|
|
Microchip Technology, Inc.
|
|
|
6,346,761
|
|
|
921,625
|
|
|
Micron Technology, Inc. *
|
|
|
9,197,817
|
|
|
540,830
|
|
|
NVIDIA Corp.
|
|
|
6,933,441
|
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
United States: (continued)
|
|
|
|
|
405,434
|
|
|
ON Semiconductor Corp. *
|
|
$
|
3,356,994
|
|
|
173,163
|
|
|
Skyworks Solutions, Inc. *
|
|
|
3,814,781
|
|
|
171,664
|
|
|
Teradyne, Inc. *
|
|
|
2,784,390
|
|
|
553,899
|
|
|
Texas Instruments, Inc.
|
|
|
19,652,336
|
|
|
238,306
|
|
|
Xilinx, Inc.
|
|
|
9,096,140
|
|
|
|
|
|
|
|
|
202,164,711
|
|
Total Common Stocks
(Cost: $293,781,773)
|
|
|
280,092,555
|
|
MONEY MARKET FUND: 0.0%
(Cost: $65,198)
|
|
|
|
|
|
65,198
|
|
|
Dreyfus Government Cash Management Fund
|
|
|
65,198
|
|
Total Investments Before Collateral for Securities Loaned: 100.0%
|
|
|
|
|
(Cost: $293,846,971)
|
|
|
280,157,753
|
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.8%
|
|
|
|
|
(Cost: $10,579,985)
|
|
|
|
|
|
10,579,985
|
|
|
Bank of New York Overnight Government Fund
|
|
|
10,579,985
|
|
Total Investments: 103.8%
(Cost: $304,426,956)
|
|
|
290,737,738
|
|
Liabilities in excess of other assets: (3.8)%
|
|
|
(10,618,965)
|
|
NET ASSETS: 100.0%
|
|
$
|
280,118,773
|
|
|
|
ADR
|
American Depositary Receipt
|
USD
|
United States Dollar
|
*
|
Non-income producing
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $10,514,278.
|
Summary of Investments by
Sector Excluding Collateral for
Securities Loaned (unaudited)
|
|
%
of Investments
|
|
Value
|
|
Electronic Component - Semiconductors
|
|
|
58.0
|
%
|
|
$
|
162,501,407
|
|
Semiconductor Component - Integrated Circuits
|
|
|
26.8
|
|
|
|
75,060,800
|
|
Semiconductor Equipment
|
|
|
15.2
|
|
|
|
42,530,348
|
|
Money Market Fund
|
|
|
0.0
|
|
|
|
65,198
|
|
|
|
|
100.0
|
%
|
|
$
|
280,157,753
|
|
The summary of inputs used to value the Fund’s investments as
of March 31, 2013 is as follows:
|
|
Level
1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks*
|
|
$
|
280,092,555
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
280,092,555
|
|
Money Market Funds
|
|
|
10,645,183
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
10,645,183
|
|
Total
|
|
$
|
290,737,738
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
290,737,738
|
|
*
Schedule of Investments for security type and geographic sector breakouts.
See Notes to Financial Statements
WIDE MOAT ETF
SCHEDULE OF INVESTMENTS
March 31, 2013 (unaudited)
|
Number
|
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 100.1%
|
|
|
|
|
Basic Materials: 5.2%
|
|
|
|
|
|
118,785
|
|
|
Compass Minerals International, Inc.
|
|
$
|
9,372,137
|
|
Communications: 5.0%
|
|
|
|
|
|
230,848
|
|
|
John Wiley & Sons, Inc.
|
|
|
8,993,838
|
|
Consumer, Non-cyclical: 19.9%
|
|
|
|
|
|
154,346
|
|
|
Express Scripts Holding Co. *
|
|
|
8,898,047
|
|
|
217,231
|
|
|
St Jude Medical, Inc.
|
|
|
8,784,822
|
|
|
629,063
|
|
|
The Western Union Co.
|
|
|
9,461,108
|
|
|
213,594
|
|
|
Weight Watchers International, Inc. †
|
|
|
8,994,443
|
|
|
|
|
|
|
|
|
36,138,420
|
|
Energy: 5.2%
|
|
|
|
|
|
133,686
|
|
|
National Oilwell Varco, Inc.
|
|
|
9,458,284
|
|
Financial: 10.0%
|
|
|
|
|
|
323,402
|
|
|
Bank of New York Mellon Corp.
|
|
|
9,052,022
|
|
|
87,597
|
|
|
Berkshire Hathaway, Inc. *
|
|
|
9,127,607
|
|
|
|
|
|
|
|
|
18,179,629
|
|
Industrial: 34.4%
|
|
|
|
|
|
101,045
|
|
|
Caterpillar, Inc.
|
|
|
8,787,884
|
|
|
159,115
|
|
|
CH Robinson Worldwide, Inc.
|
|
|
9,460,978
|
|
|
233,589
|
|
|
Expeditors International of Washington, Inc.
|
|
|
8,341,463
|
|
|
133,724
|
|
|
General Dynamics Corp.
|
|
|
9,428,879
|
|
|
382,539
|
|
|
General Electric Co.
|
|
|
8,844,302
|
|
|
87,597
|
|
|
Martin Marietta Materials, Inc. †
|
|
|
8,936,646
|
|
|
167,811
|
|
|
Vulcan Materials Co.
|
|
|
8,675,829
|
|
|
|
|
|
|
|
|
62,475,981
|
|
|
Number
|
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Technology: 15.0%
|
|
|
|
|
|
668,524
|
|
|
Applied Materials, Inc.
|
|
$
|
9,011,703
|
|
|
413,820
|
|
|
Intel Corp.
|
|
|
9,041,967
|
|
|
321,912
|
|
|
Microsoft Corp.
|
|
|
9,209,902
|
|
|
|
|
|
|
|
|
27,263,572
|
|
Utilities: 5.4%
|
|
|
|
|
|
284,681
|
|
|
Exelon Corp.
|
|
|
9,815,801
|
|
Total
Common Stocks
(Cost: $177,626,897)
|
|
|
181,697,662
|
|
MONEY MARKET FUND: 0.0%
(Cost: $348)
|
|
|
|
|
|
348
|
|
|
Dreyfus Government Cash
Management Fund
|
|
|
348
|
|
Total
Investments Before Collateral
for Securities Loaned:
100.1%
|
|
|
|
|
(Cost: $177,627,245)
|
|
|
181,698,010
|
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES LOANED: 5.6%
|
|
|
|
|
(Cost: $10,060,293)
|
|
|
|
|
|
10,060,293
|
|
|
Bank of New York Overnight
Government Fund
|
|
|
10,060,293
|
|
Total Investments: 105.7%
|
|
|
|
|
(Cost: $187,687,538)
|
|
|
191,758,303
|
|
Liabilities in excess of other assets: (5.7)%
|
|
|
(10,291,695
|
)
|
NET ASSETS: 100.0%
|
|
$
|
181,466,608
|
|
*
|
Non-income producing
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $9,855,649.
|
The summary of inputs used to value the Fund’s investments
as of March 31, 2013 is as follows:
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
Level 1
|
|
Significant
|
|
Significant
|
|
|
|
|
Quoted
|
|
Observable
|
|
Unobservable
|
|
|
|
|
Prices
|
|
Inputs
|
|
Inputs
|
|
Value
|
Common Stocks*
|
|
$
|
181,697,662
|
|
|
|
$ —
|
|
|
|
$ —
|
|
|
$
|
181,697,662
|
Money Market Funds
|
|
|
10,060,641
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,060,641
|
Total
|
|
$
|
191,758,303
|
|
|
|
$ —
|
|
|
|
$ —
|
|
|
$
|
191,758,303
|
*
|
See Schedule of Investments for security type and industry sector breakouts.
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2013 (unaudited)
|
|
Bank and
|
|
|
|
Environmental
|
|
|
Brokerage
|
|
Biotech
|
|
Services
|
|
|
ETF
|
|
ETF
|
|
ETF
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (1) (2)
|
|
$
|
22,631,846
|
|
|
$
|
220,407,180
|
|
|
$
|
19,725,535
|
|
Short term investment held as collateral for securities loaned (3)
|
|
|
1,777,236
|
|
|
|
19,654,847
|
|
|
|
1,160,700
|
|
Cash
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
Cash denominated in foreign currency, at value (4)
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities sold
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
Shares sold
|
|
|
2,371,320
|
|
|
|
171
|
|
|
|
2,015,885
|
|
Due from Adviser.
|
|
|
3,043
|
|
|
|
–
|
|
|
|
905
|
|
Dividends
|
|
|
65,843
|
|
|
|
16,013
|
|
|
|
41,788
|
|
Prepaid expenses
|
|
|
2,633
|
|
|
|
3,522
|
|
|
|
1,854
|
|
Total assets
|
|
|
26,851,921
|
|
|
|
240,081,733
|
|
|
|
22,946,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables:
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral for securities loaned
|
|
|
1,777,236
|
|
|
|
19,654,847
|
|
|
|
1,160,700
|
|
Line of credit
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
Shares redeemed
|
|
|
2,233,266
|
|
|
|
–
|
|
|
|
2,043,195
|
|
Due to Adviser
|
|
|
–
|
|
|
|
46,399
|
|
|
|
–
|
|
Due to custodian
|
|
|
20,439
|
|
|
|
–
|
|
|
|
–
|
|
Deferred Trustee fees
|
|
|
422
|
|
|
|
1,733
|
|
|
|
3,218
|
|
Accrued expenses
|
|
|
48,367
|
|
|
|
37,395
|
|
|
|
59,369
|
|
Total liabilities
|
|
|
4,079,730
|
|
|
|
19,740,374
|
|
|
|
3,266,482
|
|
NET ASSETS
|
|
$
|
22,772,191
|
|
|
$
|
220,341,359
|
|
|
$
|
19,680,185
|
|
Shares outstanding
|
|
|
481,224
|
|
|
|
3,396,503
|
|
|
|
350,000
|
|
Net asset value, redemption and offering price per share.
|
|
$
|
47.32
|
|
|
$
|
64.87
|
|
|
$
|
56.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate paid in capital.
|
|
$
|
18,434,688
|
|
|
$
|
164,119,760
|
|
|
$
|
31,456,100
|
|
Net unrealized appreciation (depreciation)
|
|
|
63,834
|
|
|
|
45,188,851
|
|
|
|
(2,139,911
|
)
|
Undistributed (accumulated) net investment income (loss)
|
|
|
177,229
|
|
|
|
(24,579
|
)
|
|
|
14,659
|
|
Accumulated net realized gain (loss)
|
|
|
4,096,440
|
|
|
|
11,057,327
|
|
|
|
(9,650,663
|
)
|
|
|
$
|
22,772,191
|
|
|
$
|
220,341,359
|
|
|
$
|
19,680,185
|
|
(1) Value of securities on loan
|
|
$
|
1,732,265
|
|
|
$
|
19,257,586
|
|
|
$
|
1,141,987
|
|
(2) Cost of Investments
|
|
$
|
22,568,011
|
|
|
$
|
175,218,329
|
|
|
$
|
21,865,445
|
|
(3) Cost of short term investment held as collateral for securities loaned
|
|
$
|
1,777,236
|
|
|
$
|
19,654,847
|
|
|
$
|
1,160,700
|
|
(4) Cost of cash denominated in foreign currency
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
See Notes to Financial Statements
|
Gaming
|
|
Pharmaceutical
|
|
Retail
|
|
Semiconductor
|
|
Wide Moat
|
|
ETF
|
|
ETF
|
|
ETF
|
|
ETF
|
|
ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,958,968
|
|
|
$
|
213,962,247
|
|
|
$
|
18,199,184
|
|
|
$
|
280,157,753
|
|
|
$
|
181,698,010
|
|
|
|
798,310
|
|
|
|
–
|
|
|
|
–
|
|
|
|
10,579,985
|
|
|
|
10,060,293
|
|
|
|
22,083
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
123,317
|
|
|
|
9,695
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
2,251,594
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
3,698
|
|
|
|
–
|
|
|
|
–
|
|
|
|
197,036
|
|
|
|
1,193,170
|
|
|
|
26,555
|
|
|
|
74,560
|
|
|
|
231,043
|
|
|
|
2,291
|
|
|
|
3,893
|
|
|
|
2,601
|
|
|
|
5,431
|
|
|
|
3,265
|
|
|
|
48,988,410
|
|
|
|
217,410,904
|
|
|
|
18,232,038
|
|
|
|
290,817,729
|
|
|
|
192,115,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
798,310
|
|
|
|
–
|
|
|
|
–
|
|
|
|
10,579,985
|
|
|
|
10,060,293
|
|
|
|
–
|
|
|
|
1,143,001
|
|
|
|
–
|
|
|
|
–
|
|
|
|
456,000
|
|
|
|
–
|
|
|
|
545,852
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
4,631
|
|
|
|
50,395
|
|
|
|
–
|
|
|
|
65,878
|
|
|
|
60,287
|
|
|
|
–
|
|
|
|
695
|
|
|
|
–
|
|
|
|
1,592
|
|
|
|
–
|
|
|
|
5,377
|
|
|
|
3,142
|
|
|
|
806
|
|
|
|
5,168
|
|
|
|
670
|
|
|
|
82,883
|
|
|
|
48,929
|
|
|
|
54,102
|
|
|
|
46,333
|
|
|
|
72,070
|
|
|
|
891,201
|
|
|
|
1,792,014
|
|
|
|
54,908
|
|
|
|
10,698,956
|
|
|
|
10,649,320
|
|
|
$
|
48,097,209
|
|
|
$
|
215,618,890
|
|
|
$
|
18,177,130
|
|
|
$
|
280,118,773
|
|
|
$
|
181,466,608
|
|
|
|
1,200,000
|
|
|
|
4,788,138
|
|
|
|
371,531
|
|
|
|
7,870,937
|
|
|
|
7,750,000
|
|
|
$
|
40.08
|
|
|
$
|
45.03
|
|
|
$
|
48.92
|
|
|
$
|
35.59
|
|
|
$
|
23.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
28,202,500
|
|
|
$
|
181,931,755
|
|
|
$
|
15,491,634
|
|
|
$
|
249,668,009
|
|
|
$
|
170,681,841
|
|
|
|
13,451,738
|
|
|
|
19,124,739
|
|
|
|
309,546
|
|
|
|
(13,689,218
|
)
|
|
|
4,070,766
|
|
|
|
252,328
|
|
|
|
1,860,240
|
|
|
|
64,439
|
|
|
|
946,343
|
|
|
|
630,247
|
|
|
|
6,190,643
|
|
|
|
12,702,156
|
|
|
|
2,311,511
|
|
|
|
43,193,639
|
|
|
|
6,083,754
|
|
|
$
|
48,097,209
|
|
|
$
|
215,618,890
|
|
|
$
|
18,177,130
|
|
|
$
|
280,118,773
|
|
|
$
|
181,466,608
|
|
|
$
|
773,360
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
10,514,278
|
|
|
$
|
9,855,649
|
|
|
$
|
34,507,654
|
|
|
$
|
194,837,509
|
|
|
$
|
17,889,638
|
|
|
$
|
293,846,971
|
|
|
$
|
177,627,245
|
|
|
$
|
798,310
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
10,579,985
|
|
|
$
|
10,060,293
|
|
|
$
|
9,703
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
|
|
Bank and
|
|
|
|
|
|
|
|
|
Brokerage
|
|
Biotech
|
|
|
|
|
|
|
ETF
|
|
ETF
|
|
Environmental Services ETF *
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
For the Six
|
|
For the Six
|
|
For the Six
|
|
January 1, 2012
|
|
|
Months Ended
|
|
Months Ended
|
|
Months Ended
|
|
through
|
|
|
March 31, 2013
|
|
March 31, 2013
|
|
March 31, 2013
|
|
September 30, 2012
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
$
|
358,154
|
|
|
|
$
|
218,390
|
|
|
|
$
|
186,862
|
|
|
|
$
|
299,416
|
|
Securities lending income
|
|
|
|
10,387
|
|
|
|
|
57,111
|
|
|
|
|
965
|
|
|
|
|
9,204
|
|
Foreign taxes withheld
|
|
|
|
(12,631
|
)
|
|
|
|
–
|
|
|
|
|
(1,576
|
)
|
|
|
|
(18,603
|
)
|
Total income.
|
|
|
|
355,910
|
|
|
|
|
275,501
|
|
|
|
|
186,251
|
|
|
|
|
290,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
|
38,342
|
|
|
|
|
279,557
|
|
|
|
|
48,839
|
|
|
|
|
81,524
|
|
Professional fees
|
|
|
|
22,135
|
|
|
|
|
25,994
|
|
|
|
|
23,025
|
|
|
|
|
41,055
|
|
Insurance
|
|
|
|
167
|
|
|
|
|
977
|
|
|
|
|
173
|
|
|
|
|
397
|
|
Trustees’ fees and expenses
|
|
|
|
447
|
|
|
|
|
901
|
|
|
|
|
198
|
|
|
|
|
349
|
|
Reports to shareholders
|
|
|
|
1,979
|
|
|
|
|
3,340
|
|
|
|
|
4,293
|
|
|
|
|
7,677
|
|
Indicative optimized portfolio value fee
|
|
|
|
2,142
|
|
|
|
|
2,133
|
|
|
|
|
–
|
|
|
|
|
–
|
|
Custodian fees.
|
|
|
|
2,716
|
|
|
|
|
5,487
|
|
|
|
|
2,347
|
|
|
|
|
3,082
|
|
Registration fees
|
|
|
|
2,574
|
|
|
|
|
2,577
|
|
|
|
|
2,590
|
|
|
|
|
5,402
|
|
Transfer agent fees
|
|
|
|
1,173
|
|
|
|
|
1,228
|
|
|
|
|
1,304
|
|
|
|
|
1,807
|
|
Fund accounting fees
|
|
|
|
9,168
|
|
|
|
|
9,830
|
|
|
|
|
16,347
|
|
|
|
|
22,381
|
|
Interest
|
|
|
|
743
|
|
|
|
|
127
|
|
|
|
|
196
|
|
|
|
|
49
|
|
Other
|
|
|
|
285
|
|
|
|
|
616
|
|
|
|
|
217
|
|
|
|
|
414
|
|
Total expenses
|
|
|
|
81,871
|
|
|
|
|
332,767
|
|
|
|
|
99,529
|
|
|
|
|
164,137
|
|
Waiver of management fees
|
|
|
|
(38,342
|
)
|
|
|
|
(53,082
|
)
|
|
|
|
(45,610
|
)
|
|
|
|
(74,409
|
)
|
Expenses assumed by the Adviser
|
|
|
|
(4,444
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
Net expenses
|
|
|
|
39,085
|
|
|
|
|
279,685
|
|
|
|
|
53,919
|
|
|
|
|
89,728
|
|
Net investment income (loss)
|
|
|
|
316,825
|
|
|
|
|
(4,184
|
)
|
|
|
|
132,332
|
|
|
|
|
200,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
18,421
|
|
|
|
|
–
|
|
|
|
|
(337,796
|
)
|
|
|
|
(220,285
|
)
|
In-kind redemptions
|
|
|
|
4,078,252
|
|
|
|
|
11,059,434
|
|
|
|
|
366,665
|
|
|
|
|
1,720,128
|
|
Foreign currency transactions and foreign denominated assets and liabilities
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
Net realized gain
|
|
|
|
4,096,673
|
|
|
|
|
11,059,434
|
|
|
|
|
28,869
|
|
|
|
|
1,499,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
(961,004
|
)
|
|
|
|
22,090,970
|
|
|
|
|
2,592,967
|
|
|
|
|
(304
|
)
|
Foreign currency transactions and foreign denominated assets and liabilities
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
(961,004
|
)
|
|
|
|
22,090,970
|
|
|
|
|
2,592,967
|
|
|
|
|
(304
|
)
|
Net Increase in Net Assets Resulting from Operations
|
|
|
$
|
3,452,494
|
|
|
|
$
|
33,146,220
|
|
|
|
$
|
2,754,168
|
|
|
|
$
|
1,699,828
|
|
*
|
Effective January 1, 2012, the Fund changed its fiscal year end to September 30.
|
See Notes to Financial Statements
|
|
|
|
|
Pharmaceutical
|
|
Retail
|
|
Semiconductor
|
|
Wide Moat
|
Gaming ETF *
|
|
ETF
|
|
ETF
|
|
ETF
|
|
ETF
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
|
|
January 1, 2012
|
|
For the Six
|
|
For the Six
|
|
For the Six
|
|
For the Six
|
Months Ended
|
|
through
|
|
Months Ended
|
|
Months Ended
|
|
Months Ended
|
|
Months Ended
|
March 31, 2013
|
|
September 30, 2012
|
|
March 31, 2013
|
|
March 31, 2013
|
|
March 31, 2013
|
|
March 31, 2013
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,088,696
|
|
|
|
$
|
1,730,348
|
|
|
|
$
|
3,091,135
|
|
|
|
$
|
361,380
|
|
|
|
$
|
3,238,507
|
|
|
|
$
|
1,251,213
|
|
|
|
1,321
|
|
|
|
|
3,043
|
|
|
|
|
1,125
|
|
|
|
|
950
|
|
|
|
|
43,141
|
|
|
|
|
83,142
|
|
|
|
(13,814
|
)
|
|
|
|
(71,811
|
)
|
|
|
|
(147,311
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
1,076,203
|
|
|
|
|
1,661,580
|
|
|
|
|
2,944,949
|
|
|
|
|
362,330
|
|
|
|
|
3,281,648
|
|
|
|
|
1,334,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,309
|
|
|
|
|
282,058
|
|
|
|
|
336,512
|
|
|
|
|
42,692
|
|
|
|
|
577,401
|
|
|
|
|
255,824
|
|
|
|
33,826
|
|
|
|
|
42,870
|
|
|
|
|
26,856
|
|
|
|
|
21,734
|
|
|
|
|
36,812
|
|
|
|
|
22,250
|
|
|
|
582
|
|
|
|
|
1,644
|
|
|
|
|
1,525
|
|
|
|
|
104
|
|
|
|
|
2,988
|
|
|
|
|
249
|
|
|
|
726
|
|
|
|
|
1,462
|
|
|
|
|
2,605
|
|
|
|
|
717
|
|
|
|
|
3,706
|
|
|
|
|
281
|
|
|
|
7,818
|
|
|
|
|
15,098
|
|
|
|
|
6,871
|
|
|
|
|
2,262
|
|
|
|
|
8,865
|
|
|
|
|
6,638
|
|
|
|
9,439
|
|
|
|
|
16,959
|
|
|
|
|
2,084
|
|
|
|
|
2,084
|
|
|
|
|
2,133
|
|
|
|
|
7,319
|
|
|
|
19,577
|
|
|
|
|
32,779
|
|
|
|
|
11,548
|
|
|
|
|
4,667
|
|
|
|
|
16,270
|
|
|
|
|
4,895
|
|
|
|
2,769
|
|
|
|
|
5,140
|
|
|
|
|
2,573
|
|
|
|
|
2,573
|
|
|
|
|
2,575
|
|
|
|
|
2,092
|
|
|
|
1,288
|
|
|
|
|
1,807
|
|
|
|
|
1,217
|
|
|
|
|
1,217
|
|
|
|
|
1,218
|
|
|
|
|
1,131
|
|
|
|
19,332
|
|
|
|
|
27,124
|
|
|
|
|
13,790
|
|
|
|
|
9,815
|
|
|
|
|
22,695
|
|
|
|
|
7,346
|
|
|
|
957
|
|
|
|
|
3,351
|
|
|
|
|
5,118
|
|
|
|
|
53
|
|
|
|
|
9,168
|
|
|
|
|
533
|
|
|
|
2,535
|
|
|
|
|
6,132
|
|
|
|
|
909
|
|
|
|
|
292
|
|
|
|
|
1,748
|
|
|
|
|
436
|
|
|
|
239,158
|
|
|
|
|
436,424
|
|
|
|
|
411,608
|
|
|
|
|
88,210
|
|
|
|
|
685,579
|
|
|
|
|
308,994
|
|
|
|
(55,800
|
)
|
|
|
|
(66,395
|
)
|
|
|
|
(69,978
|
)
|
|
|
|
(42,692
|
)
|
|
|
|
(99,011
|
)
|
|
|
|
(29,897
|
)
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(2,774
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
183,358
|
|
|
|
|
370,029
|
|
|
|
|
341,630
|
|
|
|
|
42,744
|
|
|
|
|
586,568
|
|
|
|
|
279,097
|
|
|
|
892,845
|
|
|
|
|
1,291,551
|
|
|
|
|
2,603,319
|
|
|
|
|
319,586
|
|
|
|
|
2,695,080
|
|
|
|
|
1,055,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
756,835
|
|
|
|
|
2,128,236
|
|
|
|
|
377,730
|
|
|
|
|
(510
|
)
|
|
|
|
(27,153
|
)
|
|
|
|
(35,342
|
)
|
|
|
6,544,910
|
|
|
|
|
17,415,970
|
|
|
|
|
12,330,170
|
|
|
|
|
2,313,867
|
|
|
|
|
43,220,793
|
|
|
|
|
6,119,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,561
|
)
|
|
|
|
(20,057
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
7,283,184
|
|
|
|
|
19,524,149
|
|
|
|
|
12,707,900
|
|
|
|
|
2,313,357
|
|
|
|
|
43,193,640
|
|
|
|
|
6,083,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,148,757
|
|
|
|
|
(8,364,406
|
)
|
|
|
|
10,491,859
|
|
|
|
|
329,991
|
|
|
|
|
3,667,903
|
|
|
|
|
3,340,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(398
|
)
|
|
|
|
783
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
3,148,359
|
|
|
|
|
(8,363,623
|
)
|
|
|
|
10,491,859
|
|
|
|
|
329,991
|
|
|
|
|
3,667,903
|
|
|
|
|
3,340,536
|
|
|
$
|
11,324,388
|
|
|
|
$
|
12,452,077
|
|
|
|
$
|
25,803,078
|
|
|
|
$
|
2,962,934
|
|
|
|
$
|
49,556,623
|
|
|
|
$
|
10,479,548
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
|
|
Bank and Brokerage ETF
|
|
Biotech ETF
|
|
|
|
|
|
For the Period
|
|
|
|
For the Period
|
|
|
For the Six
|
|
December 20,
|
|
For the Six
|
|
December 20,
|
|
|
Months Ended
|
|
2011* through
|
|
Months Ended
|
|
2011* through
|
|
|
March 31,
|
|
September 30,
|
|
March 31,
|
|
September 30,
|
|
|
2013
|
|
2012(a)
|
|
2013
|
|
2012(a)
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
316,825
|
|
|
$
|
530,560
|
|
|
$
|
(4,184
|
)
|
|
$
|
27,242
|
|
Net realized gain
|
|
|
4,096,673
|
|
|
|
2,144,240
|
|
|
|
11,059,434
|
|
|
|
21,075,754
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(961,004
|
)
|
|
|
1,024,838
|
|
|
|
22,090,970
|
|
|
|
23,097,881
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
3,452,494
|
|
|
|
3,699,638
|
|
|
|
33,146,220
|
|
|
|
44,200,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income.
|
|
|
(628,853
|
)
|
|
|
(41,303
|
)
|
|
|
(47,637
|
)
|
|
|
–
|
|
Distributions from net realized capital gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(439,319
|
)
|
|
|
–
|
|
Total Dividends and Distributions.
|
|
|
(628,853
|
)
|
|
|
(41,303
|
)
|
|
|
(486,956
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share transactions:**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
41,754,877
|
|
|
|
171,821,314
|
|
|
|
77,813,375
|
|
|
|
252,744,813
|
|
Cost of shares redeemed
|
|
|
(48,038,946
|
)
|
|
|
(149,247,030
|
)
|
|
|
(22,409,523
|
)
|
|
|
(164,667,447
|
)
|
Increase (Decrease) in net assets resulting from share transactions
|
|
|
(6,284,069
|
)
|
|
|
22,574,284
|
|
|
|
55,403,852
|
|
|
|
88,077,366
|
|
Total increase (decrease) in net assets
|
|
|
(3,460,428
|
)
|
|
|
26,232,619
|
|
|
|
88,063,116
|
|
|
|
132,278,243
|
|
Net Assets, beginning of period
|
|
|
26,232,619
|
|
|
|
–
|
|
|
|
132,278,243
|
|
|
|
–
|
|
Net Assets, end of period†
|
|
$
|
22,772,191
|
|
|
$
|
26,232,619
|
|
|
$
|
220,341,359
|
|
|
$
|
132,278,243
|
|
† Including undistributed (accumulated) net investment income (loss)
|
|
$
|
177,229
|
|
|
$
|
489,257
|
|
|
$
|
(24,579
|
)
|
|
$
|
27,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
900,000
|
|
|
|
4,631,224
|
|
|
|
1,350,000
|
|
|
|
6,696,503
|
|
Shares redeemed
|
|
|
(1,050,000
|
)
|
|
|
(4,000,000
|
)
|
|
|
(400,000
|
)
|
|
|
(4,250,000
|
)
|
Net increase (decrease)
|
|
|
(150,000
|
)
|
|
|
631,224
|
|
|
|
950,000
|
|
|
|
2,446,503
|
|
*
|
Commencement of operations
|
(a)
|
Share activity has been restated to reflect the share split which took place on February 14, 2012 (see Note 10).
|
(b)
|
Effective January 1, 2012, the Fund changed its fiscal year end to September 30.
|
See Notes to Financial Statements
Environmental Services ETF (b)
|
|
Gaming ETF (b)
|
|
|
|
For the Period
|
|
|
|
|
|
|
For the Period
|
|
|
For the Six
|
|
January 1, 2012
|
|
For the Year
|
|
For the Six
|
|
January 1, 2012
|
|
For the Year
|
Months Ended
|
|
through
|
|
Ended
|
|
Months Ended
|
|
through
|
|
Ended
|
March 31,
|
|
September 30,
|
|
December 31,
|
|
March 31,
|
|
September 30,
|
|
December 31,
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
(unaudited)
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
132,332
|
|
|
$
|
200,289
|
|
|
$
|
309,326
|
|
|
$
|
892,845
|
|
|
$
|
1,291,551
|
|
|
$
|
2,484,502
|
|
|
28,869
|
|
|
|
1,499,843
|
|
|
|
1,907,690
|
|
|
|
7,283,184
|
|
|
|
19,524,149
|
|
|
|
15,684,643
|
|
|
2,592,967
|
|
|
|
(304
|
)
|
|
|
(4,942,750
|
)
|
|
|
3,148,359
|
|
|
|
(8,363,623
|
)
|
|
|
(23,058,623
|
)
|
|
2,754,168
|
|
|
|
1,699,828
|
|
|
|
(2,725,734
|
)
|
|
|
11,324,388
|
|
|
|
12,452,077
|
|
|
|
(4,889,478
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(315,200
|
)
|
|
|
–
|
|
|
|
(310,000
|
)
|
|
|
(2,349,400
|
)
|
|
|
–
|
|
|
|
(2,044,250
|
)
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(107,250
|
)
|
|
(315,200
|
)
|
|
|
–
|
|
|
|
(310,000
|
)
|
|
|
(2,349,400
|
)
|
|
|
–
|
|
|
|
(2,151,500
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,045,246
|
|
|
|
5,131,363
|
|
|
|
12,326,351
|
|
|
|
–
|
|
|
|
–
|
|
|
|
27,080,976
|
|
|
(10,664,355
|
)
|
|
|
(10,276,204
|
)
|
|
|
(16,911,976
|
)
|
|
|
(20,771,306
|
)
|
|
|
(49,287,713
|
)
|
|
|
(52,372,369
|
)
|
|
(2,619,109
|
)
|
|
|
(5,144,841
|
)
|
|
|
(4,585,625
|
)
|
|
|
(20,771,306
|
)
|
|
|
(49,287,713
|
)
|
|
|
(25,291,393
|
)
|
|
(180,141
|
)
|
|
|
(3,445,013
|
)
|
|
|
(7,621,359
|
)
|
|
|
(11,796,318
|
)
|
|
|
(36,835,636
|
)
|
|
|
(32,332,371
|
)
|
|
19,860,326
|
|
|
|
23,305,339
|
|
|
|
30,926,698
|
|
|
|
59,893,527
|
|
|
|
96,729,163
|
|
|
|
129,061,534
|
|
$
|
19,680,185
|
|
|
$
|
19,860,326
|
|
|
$
|
23,305,339
|
|
|
$
|
48,097,209
|
|
|
$
|
59,893,527
|
|
|
$
|
96,729,163
|
|
$
|
14,659
|
|
|
$
|
197,527
|
|
|
$
|
(2,762
|
)
|
|
$
|
252,328
|
|
|
$
|
1,708,883
|
|
|
$
|
235,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150,000
|
|
|
|
100,000
|
|
|
|
250,000
|
|
|
|
–
|
|
|
|
–
|
|
|
|
800,000
|
|
|
(200,000
|
)
|
|
|
(200,000
|
)
|
|
|
(350,000
|
)
|
|
|
(550,000
|
)
|
|
|
(1,450,000
|
)
|
|
|
(1,700,000
|
)
|
|
(50,000
|
)
|
|
|
(100,000
|
)
|
|
|
(100,000
|
)
|
|
|
(550,000
|
)
|
|
|
(1,450,000
|
)
|
|
|
(900,000
|
)
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
|
|
Pharmaceutical ETF
|
|
Retail ETF
|
|
|
|
|
|
For the Period
|
|
|
|
For the Period
|
|
|
For the Six
|
|
December 20,
|
|
For the Six
|
|
December 20,
|
|
|
Months Ended
|
|
2011* through
|
|
Months Ended
|
|
2011* through
|
|
|
March 31,
|
|
September 30,
|
|
March 31,
|
|
September 30,
|
|
|
2013
|
|
2012(a)
|
|
2013
|
|
2012(a)
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
2,603,319
|
|
|
$
|
4,763,643
|
|
|
$
|
319,586
|
|
|
$
|
499,810
|
|
Net realized gain
|
|
|
12,707,900
|
|
|
|
11,874,656
|
|
|
|
2,313,357
|
|
|
|
8,242,169
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
10,491,859
|
|
|
|
8,632,880
|
|
|
|
329,991
|
|
|
|
(20,445
|
)
|
Net increase in net assets resulting from operations
|
|
|
25,803,078
|
|
|
|
25,271,179
|
|
|
|
2,962,934
|
|
|
|
8,721,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income.
|
|
|
(5,506,722
|
)
|
|
|
–
|
|
|
|
(695,015
|
)
|
|
|
(59,942
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share transactions:**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
89,128,419
|
|
|
|
687,927,495
|
|
|
|
75,083,149
|
|
|
|
397,754,015
|
|
Cost of shares redeemed
|
|
|
(67,703,083
|
)
|
|
|
(539,301,476
|
)
|
|
|
(80,336,748
|
)
|
|
|
(385,252,797
|
)
|
Increase (Decrease) in net assets resulting from share transactions
|
|
|
21,425,336
|
|
|
|
148,626,019
|
|
|
|
(5,253,599
|
)
|
|
|
12,501,218
|
|
Total increase (decrease) in net assets
|
|
|
41,721,692
|
|
|
|
173,897,198
|
|
|
|
(2,985,680
|
)
|
|
|
21,162,810
|
|
Net Assets, beginning of period
|
|
|
173,897,198
|
|
|
|
–
|
|
|
|
21,162,810
|
|
|
|
–
|
|
Net Assets, end of period†
|
|
$
|
215,618,890
|
|
|
$
|
173,897,198
|
|
|
$
|
18,177,130
|
|
|
$
|
21,162,810
|
|
† Including undistributed net investment income
|
|
$
|
1,860,240
|
|
|
$
|
4,763,643
|
|
|
$
|
64,439
|
|
|
$
|
439,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
2,150,000
|
|
|
|
18,788,138
|
|
|
|
1,650,000
|
|
|
|
10,121,531
|
|
Shares redeemed
|
|
|
(1,600,000
|
)
|
|
|
(14,550,000
|
)
|
|
|
(1,750,000
|
)
|
|
|
(9,650,000
|
)
|
Net increase (decrease)
|
|
|
550,000
|
|
|
|
4,238,138
|
|
|
|
(100,000
|
)
|
|
|
471,531
|
|
*
|
Commencement of operations
|
(a)
|
Share activity has been restated to reflect the share split which took place on February 14, 2012 (see Note 10).
|
See Notes to Financial Statements
Semiconductor ETF
|
|
Wide Moat ETF
|
|
|
|
For the Period
|
|
|
|
For the Period
|
For the Six
|
|
December 20,
|
|
For the Six
|
|
April 24,
|
Months Ended
|
|
2011* through
|
|
Months Ended
|
|
2012* through
|
March 31,
|
|
September 30,
|
|
March 31,
|
|
September 30,
|
2013
|
|
2012
|
|
2013
|
|
2012
|
(unaudited)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,695,081
|
|
|
$
|
4,985,918
|
|
|
$
|
1,055,258
|
|
|
$
|
248,189
|
|
|
43,193,639
|
|
|
|
28,786,898
|
|
|
|
6,083,754
|
|
|
|
2,648,070
|
|
|
3,667,903
|
|
|
|
(17,357,121
|
)
|
|
|
3,340,536
|
|
|
|
730,230
|
|
|
49,556,623
|
|
|
|
16,415,695
|
|
|
|
10,479,548
|
|
|
|
3,626,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,734,656
|
)
|
|
|
–
|
|
|
|
(673,200
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
822,356,345
|
|
|
|
1,918,769,515
|
|
|
|
117,161,082
|
|
|
|
65,222,851
|
|
|
(867,456,385
|
)
|
|
|
(1,652,788,364
|
)
|
|
|
(12,282,354
|
)
|
|
|
(2,067,808
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,100,040
|
)
|
|
|
265,981,151
|
|
|
|
104,878,728
|
|
|
|
63,155,043
|
|
|
(2,278,073
|
)
|
|
|
282,396,846
|
|
|
|
114,685,076
|
|
|
|
66,781,532
|
|
|
282,396,846
|
|
|
|
–
|
|
|
|
66,781,532
|
|
|
|
–
|
|
$
|
280,118,773
|
|
|
$
|
282,396,846
|
|
|
$
|
181,466,608
|
|
|
$
|
66,781,532
|
|
$
|
946,343
|
|
|
$
|
4,985,918
|
|
|
$
|
630,247
|
|
|
$
|
248,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,850,000
|
|
|
|
59,470,937
|
|
|
|
5,200,000
|
|
|
|
3,200,000
|
|
|
(25,900,000
|
)
|
|
|
(50,550,000
|
)
|
|
|
(550,000
|
)
|
|
|
(100,000
|
)
|
|
(1,050,000
|
)
|
|
|
8,920,937
|
|
|
|
4,650,000
|
|
|
|
3,100,000
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
Bank and Brokerage ETF #
|
|
|
|
For the
|
|
For the Period
|
|
|
|
Six Months
|
|
December 20,
|
|
|
|
Ended
|
|
2011(a) through
|
|
|
|
March 31,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
(unaudited)
|
|
|
|
Net asset value, beginning of period
|
|
|
$41.56
|
|
|
|
$34.63
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.82
|
|
|
|
0.81
|
|
|
Net realized and unrealized gain on investments
|
|
|
6.17
|
|
|
|
6.16
|
|
|
Total from investment operations
|
|
|
6.99
|
|
|
|
6.97
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(1.23
|
)
|
|
|
(0.04
|
)
|
|
Net asset value, end of period
|
|
|
$47.32
|
|
|
|
$41.56
|
|
|
Total return (b)
|
|
|
16.00
|
%(c)
|
|
|
20.14
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
$
|
22,772
|
|
|
$
|
26,233
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.75
|
%(d)
|
|
|
0.71
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.36
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net investment income to average net assets
|
|
|
2.89
|
%(d)
|
|
|
2.98
|
%(d)
|
|
Portfolio turnover rate
|
|
|
2
|
%(c)
|
|
|
6
|
%(c)
|
|
|
|
|
Biotech ETF #
|
|
|
|
For the
|
|
For the Period
|
|
|
|
Six Months
|
|
December 20,
|
|
|
|
Ended
|
|
2011(a) through
|
|
|
|
March 31,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
(unaudited)
|
|
|
|
Net asset value, beginning of period
|
|
|
$54.07
|
|
|
|
$35.28
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
–
|
(e)
|
|
|
0.01
|
|
|
Net realized and unrealized gain on investments
|
|
|
10.99
|
|
|
|
18.78
|
|
|
Total from investment operations
|
|
|
10.99
|
|
|
|
18.79
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.02
|
)
|
|
|
–
|
|
|
Distributions from net realized gains
|
|
|
(0.17
|
)
|
|
|
–
|
|
|
Total dividends and distributions
|
|
|
(0.19
|
)
|
|
|
–
|
|
|
Net asset value, end of period
|
|
|
$64.87
|
|
|
|
$54.07
|
|
|
Total return (b)
|
|
|
20.39
|
%(c)
|
|
|
53.26
|
%(c)
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$220,341
|
|
|
|
$132,278
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.41
|
%(d)
|
|
|
0.44
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net investment income (loss) to average net assets
|
|
|
(0.01
|
)%(d)
|
|
|
0.03
|
%(d)
|
|
Portfolio turnover rate
|
|
|
0
|
%(c)
|
|
|
12
|
%(c)
|
|
(a)
|
Commencement of operations
|
(b)
|
Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
|
(c)
|
Not annualized
|
(d)
|
Annualized
|
(e)
|
Amount represents less than $0.005 per share
|
#
|
On February 14, 2012, the Fund effected a share split as described in the Notes to Financial Statements. Per share data has been adjusted to give effect to the share split (see Note 10).
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
Environmental Services ETF
|
|
|
|
|
For the
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
|
|
Period
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
January 1,
|
|
|
|
|
|
|
|
|
|
|
|
|
Ended
|
|
2012 through
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
September 30,
|
|
For the Year Ended December 31,
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$49.65
|
|
|
|
$46.61
|
|
|
|
$51.54
|
|
|
|
$42.68
|
|
|
|
$35.27
|
|
|
|
$51.87
|
|
|
|
$44.55
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.34
|
|
|
|
0.50
|
|
|
|
0.62
|
|
|
|
0.50
|
|
|
|
0.36
|
|
|
|
0.38
|
|
|
|
0.33
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
7.03
|
|
|
|
2.54
|
|
|
|
(4.93
|
)
|
|
|
8.86
|
|
|
|
7.43
|
|
|
|
(16.61
|
)
|
|
|
7.53
|
|
Total from investment operations
|
|
|
7.37
|
|
|
|
3.04
|
|
|
|
(4.31
|
)
|
|
|
9.36
|
|
|
|
7.79
|
|
|
|
(16.23
|
)
|
|
|
7.86
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.79
|
)
|
|
|
–
|
|
|
|
(0.62
|
)
|
|
|
(0.50
|
)
|
|
|
(0.38
|
)
|
|
|
(0.37
|
)
|
|
|
(0.54
|
)
|
Net asset value, end of period
|
|
|
$56.23
|
|
|
|
$49.65
|
|
|
|
$46.61
|
|
|
|
$51.54
|
|
|
|
$42.68
|
|
|
|
$35.27
|
|
|
|
$51.87
|
|
Total return (b)
|
|
|
14.99
|
%(c)
|
|
|
6.52
|
%(c)
|
|
|
(8.36
|
)%
|
|
|
21.93
|
%
|
|
|
22.07
|
%
|
|
|
(31.30
|
)%
|
|
|
17.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$19,680
|
|
|
|
$19,860
|
|
|
|
$23,305
|
|
|
|
$30,927
|
|
|
|
$25,606
|
|
|
|
$24,687
|
|
|
|
$36,312
|
|
Ratio of gross expenses to average net assets
|
|
|
1.02
|
%(d)
|
|
|
1.01
|
%(d)
|
|
|
0.83
|
%
|
|
|
0.72
|
%
|
|
|
0.86
|
%
|
|
|
0.68
|
%
|
|
|
0.86
|
%
|
Ratio of net expenses to average net assets
|
|
|
0.55
|
%(d)
|
|
|
0.55
|
%(d)
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
0.56
|
%
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.55
|
%(d)
|
|
|
0.55
|
%(d)
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
Ratio of net investment income to average net assets
|
|
|
1.35
|
%(d)
|
|
|
1.23
|
%(d)
|
|
|
1.08
|
%
|
|
|
1.12
|
%
|
|
|
0.94
|
%
|
|
|
0.73
|
%
|
|
|
0.75
|
%
|
Portfolio turnover rate
|
|
|
1
|
%(c)
|
|
|
4
|
%(c)
|
|
|
1
|
%
|
|
|
6
|
%
|
|
|
24
|
%
|
|
|
32
|
%
|
|
|
3
|
%
|
|
|
Gaming ETF
|
|
|
|
|
|
|
For the
|
|
|
|
|
|
|
|
For the
|
|
|
|
|
For the
|
|
Period
|
|
|
|
|
|
|
|
Period
|
|
|
|
|
Six Months
|
|
January 1,
|
|
|
|
|
|
|
|
January 22,
|
|
|
|
|
Ended
|
|
2012 through
|
|
|
|
|
|
|
|
2008(a) through
|
|
|
|
|
March 31,
|
|
September 30,
|
|
For the Year Ended December 31,
|
|
December 31,
|
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$34.22
|
|
|
|
$30.23
|
|
|
|
$31.48
|
|
|
|
$23.60
|
|
|
|
$17.54
|
|
|
|
$39.39
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.62
|
|
|
|
0.80
|
|
|
|
0.75
|
|
|
|
0.72
|
|
|
|
0.40
|
|
|
|
0.56
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
6.62
|
|
|
|
3.19
|
|
|
|
(1.34
|
)
|
|
|
7.99
|
|
|
|
6.17
|
|
|
|
(22.18
|
)
|
|
|
|
|
Total from investment operations
|
|
|
7.24
|
|
|
|
3.99
|
|
|
|
(0.59
|
)
|
|
|
8.71
|
|
|
|
6.57
|
|
|
|
(21.62
|
)
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(1.38
|
)
|
|
|
–
|
|
|
|
(0.63
|
)
|
|
|
(0.81
|
)
|
|
|
(0.49
|
)
|
|
|
(0.23
|
)
|
|
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.03
|
)
|
|
|
(0.02
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
|
|
Return of capital
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.02
|
)
|
|
|
–
|
|
|
|
|
|
Total Dividends and Distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.66
|
)
|
|
|
(0.83
|
)
|
|
|
(0.51
|
)
|
|
|
(0.23
|
)
|
|
|
|
|
Net asset value, end of period
|
|
|
$40.08
|
|
|
|
$34.22
|
|
|
|
$30.23
|
|
|
|
$31.48
|
|
|
|
$23.60
|
|
|
|
$17.54
|
|
|
|
|
|
Total return (b)
|
|
|
21.65
|
%(c)
|
|
|
13.20
|
%(c)
|
|
|
(1.87
|
)%
|
|
|
36.97
|
%
|
|
|
37.47
|
%
|
|
|
(54.89
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$48,097
|
|
|
|
$59,894
|
|
|
|
$96,729
|
|
|
|
$129,062
|
|
|
|
$110,935
|
|
|
|
$2,631
|
|
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.85
|
%(d)
|
|
|
0.78
|
%(d)
|
|
|
0.66
|
%
|
|
|
0.65
|
%
|
|
|
0.71
|
%
|
|
|
3.89
|
%(d)
|
|
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.65
|
%(d)
|
|
|
0.66
|
%(d)
|
|
|
0.65
|
%
|
|
|
0.65
|
%
|
|
|
0.66
|
%
|
|
|
0.70
|
%(d)
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.65
|
%(d)
|
|
|
0.65
|
%(d)
|
|
|
0.65
|
%
|
|
|
0.65
|
%
|
|
|
0.65
|
%
|
|
|
0.65
|
%(d)
|
|
|
|
|
Ratio of net investment income to average net assets
|
|
|
3.19
|
%(d)
|
|
|
2.29
|
%(d)
|
|
|
1.91
|
%
|
|
|
2.53
|
%
|
|
|
3.08
|
%
|
|
|
2.81
|
%(d)
|
|
|
|
|
Portfolio turnover rate
|
|
|
4
|
%(c)
|
|
|
18
|
%(c)
|
|
|
19
|
%
|
|
|
11
|
%
|
|
|
33
|
%
|
|
|
19
|
%(c)
|
|
|
|
|
(a)
|
Commencement of operations
|
(b)
|
Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
|
(c)
|
Not annualized
|
(d)
|
Annualized
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
Pharmaceutical ETF #
|
|
|
|
For the
|
|
For the Period
|
|
|
|
Six Months
|
|
December 20,
|
|
|
|
Ended
|
|
2011(a) through
|
|
|
|
March 31,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
(unaudited)
|
|
|
|
Net asset value, beginning of period
|
|
|
$41.03
|
|
|
|
$35.96
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.61
|
|
|
|
1.12
|
|
|
Net realized and unrealized gain on investments
|
|
|
4.74
|
|
|
|
3.95
|
|
|
Total from investment operations
|
|
|
5.35
|
|
|
|
5.07
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(1.35
|
)
|
|
|
–
|
|
|
Distributions from net realized gains
|
|
|
(0.39
|
)
|
|
|
–
|
|
|
Total dividends and distributions
|
|
|
(1.74
|
)
|
|
|
–
|
|
|
Net asset value, end of period
|
|
|
$45.03
|
|
|
|
$41.03
|
|
|
Total return (b)
|
|
|
13.47
|
%(c)
|
|
|
14.10
|
%(c)
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$215,619
|
|
|
|
$173,897
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.43
|
%(d)
|
|
|
0.41
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net investment income to average net assets
|
|
|
2.70
|
%(d)
|
|
|
2.74
|
%(d)
|
|
Portfolio turnover rate
|
|
|
3
|
%(c)
|
|
|
1
|
%(c)
|
|
|
|
Retail ETF #
|
|
|
|
For the
|
|
For the Period
|
|
|
|
Six Months
|
|
December 20,
|
|
|
|
Ended
|
|
2011(a) through
|
|
|
|
March 31,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
(unaudited)
|
|
|
|
Net asset value, beginning of period
|
|
|
$44.88
|
|
|
|
$37.32
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.09
|
|
|
|
0.95
|
|
|
Net realized and unrealized gain on investments
|
|
|
4.80
|
|
|
|
6.63
|
|
|
Total from investment operations
|
|
|
4.89
|
|
|
|
7.58
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.85
|
)
|
|
|
(0.02
|
)
|
|
Net asset value, end of period
|
|
|
$48.92
|
|
|
|
$44.88
|
|
|
Total return (b)
|
|
|
11.11
|
%(c)
|
|
|
20.32
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$18,177
|
|
|
|
$21,163
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.73
|
%(d)
|
|
|
0.55
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net investment income to average net assets
|
|
|
2.63
|
%(d)
|
|
|
1.40
|
%(d)
|
|
Portfolio turnover rate
|
|
|
1
|
%(c)
|
|
|
2
|
%(c)
|
|
(a)
|
Commencement of operations
|
(b)
|
Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
|
(c)
|
Not annualized
|
(d)
|
Annualized
|
#
|
On February 14, 2012, the Fund effected a share split as described in the Notes to Financial Statements. Per share data has been adjusted to give effect to the share split (see Note 10).
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
Semiconductor ETF
|
|
|
|
For the
|
|
For the Period
|
|
|
|
Six Months
|
|
December 20,
|
|
|
|
Ended
|
|
2011(a) through
|
|
|
|
March 31,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
(unaudited)
|
|
|
|
Net asset value, beginning of period
|
|
|
$31.66
|
|
|
|
$29.95
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.26
|
|
|
|
0.56
|
|
|
Net realized and unrealized gain on investments
|
|
|
4.37
|
|
|
|
1.15
|
|
|
Total from investment operations
|
|
|
4.63
|
|
|
|
1.71
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.70
|
)
|
|
|
–
|
|
|
Net asset value, end of period
|
|
|
$35.59
|
|
|
|
$31.66
|
|
|
Total return (b)
|
|
|
14.85
|
%(c)
|
|
|
5.71
|
%(c)
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$280,119
|
|
|
|
$282,397
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.42
|
%(d)
|
|
|
0.40
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.36
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.35
|
%(d)
|
|
|
0.35
|
%(d)
|
|
Ratio of net investment income to average net assets
|
|
|
1.63
|
%(d)
|
|
|
1.87
|
%(d)
|
|
Portfolio turnover rate
|
|
|
2
|
%(c)
|
|
|
2
|
%(c)
|
|
|
|
Wide Moat ETF
|
|
|
|
For the
|
|
For the Period
|
|
|
|
Six Months
|
|
April 24,
|
|
|
|
Ended
|
|
2012(a) through
|
|
|
|
March 31,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
(unaudited)
|
|
|
|
Net asset value, beginning of period
|
|
|
$21.54
|
|
|
|
$20.15
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.14
|
|
|
|
0.08
|
|
|
Net realized and unrealized gain on investments
|
|
|
1.88
|
|
|
|
1.31
|
|
|
Total from investment operations
|
|
|
2.02
|
|
|
|
1.39
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.14
|
)
|
|
|
–
|
|
|
Net asset value, end of period
|
|
|
$23.42
|
|
|
|
$21.54
|
|
|
Total return (b)
|
|
|
9.39
|
%(c)
|
|
|
6.90
|
%(c)
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$181,467
|
|
|
|
$66,782
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.54
|
%(d)
|
|
|
1.04
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.49
|
%(d)
|
|
|
0.49
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.49
|
%(d)
|
|
|
0.49
|
%(d)
|
|
Ratio of net investment income to average net assets
|
|
|
1.85
|
%(d)
|
|
|
1.62
|
%(d)
|
|
Portfolio turnover rate
|
|
|
0
|
%(c)
|
|
|
0
|
%(c)
|
|
(a)
|
Commencement of operations
|
(b)
|
Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
|
(c)
|
Not annualized
|
(d)
|
Annualized
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited)
Note 1Fund Organization
Market Vectors ETF Trust (the
“Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of March
31, 2013, offers fifty-two investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios:
Bank and Brokerage ETF, Biotech ETF, Environmental Services ETF, Gaming ETF, Pharmaceutical ETF, Retail ETF, Semiconductor ETF
and Wide Moat ETF (each a “Fund” and, together, the “Funds”). Each Fund was created to provide investors
with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting
of substantially all of the common stocks in substantially the same weighting, in an index published by the NYSE Euronext, Morningstar,
or Market Vectors Index Solutions GmbH, a wholly-owned subsidiary of the Adviser.
The Funds’ commencement of operations dates and their respective indices
are presented below:
Fund
|
|
Commencement
of Operations
|
|
Index
|
Bank and Brokerage ETF
|
|
December 20, 2011
|
|
Market Vectors US Listed Bank and Brokerage 25 Index*
|
Biotech ETF
|
|
December 20, 2011
|
|
Market Vectors US Listed Biotech 25 Index*
|
Environmental Services ETF**
|
|
October 10, 2006
|
|
NYSE Arca Environmental Services Index
|
Gaming ETF**
|
|
January 22, 2008
|
|
Market Vectors Global Gaming Index*
|
Pharmaceutical ETF
|
|
December 20, 2011
|
|
Market Vectors US Listed Pharmaceutical 25 Index*
|
Retail ETF
|
|
December 20, 2011
|
|
Market Vectors US Listed Retail 25 Index*
|
Semiconductor ETF
|
|
December 20, 2011
|
|
Market Vectors US Listed Semiconductor 25 Index*
|
Wide Moat ETF***
|
|
April 24, 2012
|
|
Morningstar
®
Wide Moat Focus Index
SM
|
*
|
Published by Market Vectors Index Solutions GmbH
|
**
|
Effective January 1, 2012, the Fund changed its fiscal year end from December 31 to September 30.
|
***
|
Effective February 1, 2013, the Fund changed its name from Morningstar Wide Moat Research ETF to Wide Moat ETF.
|
Note 2Significant Accounting Policies
The preparation
of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results
could differ from those estimates.
The following is a summary of significant accounting policies followed by
the Funds.
A.
|
Security Valuation
The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day.Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets and are classified as Level 2 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck
|
|
Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities, dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.
|
|
|
|
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
|
|
|
|
The Funds utilize various methods to measure the fair value of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:
|
|
|
|
Level 1 - Quoted prices in active markets for identical securities.
|
|
|
|
Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
|
|
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
|
|
|
A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
|
|
|
B.
|
Federal Income Taxes
It is each Fund’s policy to comply
with the provisions of the Internal Revenue Code applicableto regulated investment companies and to distribute all of its
taxable income to its shareholders. Therefore, no federal income tax provision is required.
|
|
|
C.
|
Dividends and Distributions to Shareholders
Dividends to shareholders from net investment income and
distributions from net realized capital gains, if any, are declared and paid annually by each Fund (except Bank and Brokerage ETF and Pharmaceutical ETF which are paid quarterly). Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.
|
|
|
D.
|
Currency Translation
Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.
|
|
|
E.
|
Restricted Securities
The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered.Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an
|
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
|
acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
|
|
|
F.
|
Use of Derivative Instruments
The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the Adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. The Funds held no derivative instruments during the period ended March 31, 2013.
|
|
|
|
Forward Foreign Currency Contracts
The Funds are subject to foreign currency risk in the normal course of pursuing its investment objectives. The Funds may buy and sell forward foreign currency contracts to settle purchases and sales of foreign denominated securities or to hedge foreign denominated assets. Realized gains and losses from forward foreign currency contracts, if any, are included in net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. The Funds may incur additional risk from investments in forward foreign currency contracts if the counterparty is unable to fulfill its obligation or there are unanticipated movements of the foreign currency relative to the U.S. dollar. The Funds held no forward foreign currency contracts during the period ended March 31, 2013.
|
|
|
G.
|
Other
Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Realized gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.
|
|
|
|
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
|
|
|
Note 3Investment Management and Other Agreements
The
Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based
on an annual rate of 0.35% of each Fund’s average daily net assets (0.45% for Wide Moat ETF, 0.50% for Environmental Services
ETF and Gaming ETF). The Adviser has agreed, at least until February 1, 2014, to voluntarily waive or limit its fees and to assume
as its own expense certain expenses otherwise payable by the Funds so that each Fund’s total annual operating expenses does
not exceed the expense caps, excluding interest expense, listed in the table below.
The expense caps and the amounts waived/assumed by the Adviser for the period
ended March 31, 2013, are as follows:
Fund
|
|
Expense Cap
|
|
Waiver of
Management Fees
|
|
Expenses Assumed
by the Adviser
|
Bank and Brokerage ETF
|
|
|
0.35
|
%
|
|
|
$38,342
|
|
|
|
$4,444
|
|
Biotech ETF
|
|
|
0.35
|
|
|
|
53,082
|
|
|
|
–
|
|
Environmental Services ETF
|
|
|
0.55
|
|
|
|
45,610
|
|
|
|
–
|
|
Gaming ETF
|
|
|
0.65
|
|
|
|
55,800
|
|
|
|
–
|
|
Pharmaceutical ETF
|
|
|
0.35
|
|
|
|
69,978
|
|
|
|
–
|
|
Retail ETF
|
|
|
0.35
|
|
|
|
42,692
|
|
|
|
2,774
|
|
Semiconductor ETF
|
|
|
0.35
|
|
|
|
99,011
|
|
|
|
–
|
|
Wide Moat ETF
|
|
|
0.49
|
|
|
|
29,897
|
|
|
|
–
|
|
In addition, Van Eck Securities Corporation, an affiliate of
the Adviser, acts as the Funds’ Distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders
of the Adviser and Distributor.
Note 4Investments
For the period ended March
31, 2013, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations
(excluding in-kind transactions described in Note 6) were as follows:
Fund
|
|
Cost of Investments
Purchased
|
|
Proceeds from
Investments Sold
|
Bank and Brokerage ETF
|
|
$
|
431,404
|
|
|
$
|
428,485
|
|
Biotech ETF
|
|
|
–
|
|
|
|
–
|
|
Environmental Services ETF
|
|
|
142,531
|
|
|
|
365,682
|
|
Gaming ETF
|
|
|
2,265,898
|
|
|
|
6,823,469
|
|
Pharmaceutical ETF
|
|
|
8,773,639
|
|
|
|
5,868,256
|
|
Retail ETF
|
|
|
538,216
|
|
|
|
261,103
|
|
Semiconductor ETF
|
|
|
8,471,690
|
|
|
|
5,383,398
|
|
Wide Moat ETF
|
|
|
878,325
|
|
|
|
490,974
|
|
Note 5Income Taxes
As of March 31, 2013,
for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized
appreciation, and gross unrealized depreciation of investments were as follows:
Fund
|
|
Cost of Investments
|
|
Gross
Unrealized
Appreciation
|
|
Gross
Unrealized
Depreciation
|
|
Net Unrealized
Appreciation
(Depreciation)
|
Bank and Brokerage ETF
|
|
$
|
24,345,480
|
|
|
$
|
643,354
|
|
|
$
|
(579,752
|
)
|
|
$
|
63,602
|
|
Biotech ETF
|
|
|
194,873,264
|
|
|
|
46,834,226
|
|
|
|
(1,645,463
|
)
|
|
|
45,188,763
|
|
Environmental Services ETF
|
|
|
23,102,771
|
|
|
|
2,292,095
|
|
|
|
(4,508,631
|
)
|
|
|
(2,216,536
|
)
|
Gaming ETF
|
|
|
36,398,503
|
|
|
|
14,866,913
|
|
|
|
(2,508,138
|
)
|
|
|
12,358,775
|
|
Pharmaceutical ETF
|
|
|
194,843,254
|
|
|
|
21,173,855
|
|
|
|
(2,054,862
|
)
|
|
|
19,118,993
|
|
Retail ETF
|
|
|
17,889,638
|
|
|
|
596,425
|
|
|
|
(286,879
|
)
|
|
|
309,546
|
|
Semiconductor ETF
|
|
|
304,426,956
|
|
|
|
3,267,660
|
|
|
|
(16,956,878
|
)
|
|
|
(13,689,218
|
)
|
Wide Moat ETF
|
|
|
187,687,538
|
|
|
|
6,740,672
|
|
|
|
(2,669,907
|
)
|
|
|
4,070,765
|
|
The tax character of dividends paid to shareholders during the
period ended September 30, 2012 was as follows:
Fund
|
|
Ordinary
Income
|
Bank and Brokerage ETF
|
|
$
|
41,303
|
|
Retail ETF
|
|
|
59,942
|
|
The tax character of current year distributions will be determined
at the end of the current fiscal year.
On December 22, 2010, the Regulated Investment Company Modernization
Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated
investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more
prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses
incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those
future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an
expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.
Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses
rather than being considered all short-term as permitted under previous regulation.
At September 30, 2012, the Funds had capital loss carryforwards
available to offset future capital gains, as follows:
|
|
Post-Effective-
|
|
Post-Effective–
|
|
|
|
|
|
|
|
|
No Expiration
|
|
No Expiration
|
|
|
|
Amount Expiring
|
|
|
|
|
Long-Term
|
|
Short-Term
|
|
in the Year Ended September 30,
|
Fund
|
|
Capital Losses
|
|
Capital Losses
|
|
2018
|
|
2017
|
|
2016
|
Environmental Services ETF
|
|
$
|
567,693
|
|
|
$
|
–
|
|
|
$
|
479,375
|
|
|
$
|
6,445,705
|
|
|
$
|
2,110,133
|
|
Retail ETF
|
|
|
–
|
|
|
|
1,846
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
During the period ended September 30, 2012, Gaming ETF utilized
$1,243,329 of prior year capital loss carryforwards.
The Funds recognize the tax benefits of uncertain tax positions
only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities.
Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should
be recorded related to uncertain tax positions taken on return filings for open tax years (tax years ended December 31, 2009-2011),
or expected to be taken in the Funds’ current tax year. The Funds do not have exposure for additional years that might still
be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to
uncertain tax positions as income tax expense in the Statements of Operations. During the period ended March 31, 2013, the Funds
did not incur any interest or penalties.
Note 6Capital Share Transactions
As of March
31, 2013, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Shares
are issued and redeemed by the Funds only in Creation Units, consisting of at least 25,000 shares (50,000 shares, or multiples
thereof, for Environmental Services ETF and Gaming ETF). The consideration for the purchase or redemption of Creation Units of
the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying
index plus a small amount of cash. For the period ended March 31, 2013, the Funds had in-kind contributions and redemptions as
follows:
Fund
|
|
In-Kind
Contributions
|
|
In-Kind
Redemptions
|
Bank and Brokerage ETF
|
|
$
|
37,175,083
|
|
|
$
|
43,908,525
|
|
Biotech ETF
|
|
|
94,247,217
|
|
|
|
39,333,973
|
|
Environmental Services ETF
|
|
|
2,483,494
|
|
|
|
5,080,044
|
|
Gaming ETF
|
|
|
–
|
|
|
|
18,091,251
|
|
Pharmaceutical ETF
|
|
|
108,380,302
|
|
|
|
94,162,075
|
|
Retail ETF
|
|
|
72,475,023
|
|
|
|
78,396,581
|
|
Semiconductor ETF
|
|
|
828,362,595
|
|
|
|
880,608,501
|
|
Wide Moat ETF
|
|
|
192,004,913
|
|
|
|
86,941,844
|
|
Note 7Concentration of Risk
The investment
objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees
and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index
approach to achieve each Fund’s investment objective by investing in a portfolio of securities that generally replicates
the Funds’ index. Each of the Funds is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally
hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular
issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities
on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing
in U.S. issuers. These risks include devaluation of currencies, less reliable information about issuers, different securities transaction
clearance and settlement practices, and future adverse political and economic developments. These risks are heightened for investments
in emerging market countries. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices
more volatile than those of comparable U.S. issuers.
Note 8Trustee Deferred Compensation Plan
The
Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt
of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the
participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
The expense for the Plan is included in “Trustees’
fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees”
in the Statements of Assets and Liabilities.
Note 9Securities Lending
To generate
additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New
York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its
investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency
securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal
to at least 102% (105% for foreign securities) of the market value plus accrued interest on the securities loaned. During the
term of the loan, the Funds will continue to receive any dividends or amounts equivalent thereto, on the securities loaned
while receiving a fee from the borrower or earning interest on the investment of the cash
collateral. Securities lending income is disclosed as such in
the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements
of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in
the Bank of New York Overnight Government Fund and/or the Bank of New York Institutional Cash Reserve. Loans are subject to termination
at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical
to the securities loaned. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan
of its securities and may share the interest earned on the collateral with the securities lending agent. The Funds bear the risk
of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially.
As of March 31, 2013, the loans outstanding and the collateral received are included in value of securities on loan and collateral
for securities loaned, respectively, in the Statements of Assets and Liabilities.
Note 10Share Split
On January 27, 2012, the
Board of Trustees of the Market Vectors ETF Trust approved a split of the shares for Bank and Brokerage ETF, Biotech ETF, Pharmaceutical
ETF and Retail ETF. The share splits took place for shareholders of record as of the close of business on February 10, 2012, and
were paid on February 13, 2012. Each Fund’s shares began trading on a split-adjusted basis on February 14, 2012. Biotech
ETF and Retail ETF split its shares three-for-one. Bank and Brokerage ETF and Pharmaceutical ETF split its shares two-for-one.
Note 11Bank Line of Credit
Certain Funds
may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing
until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the
request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata,
based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect
at the time of borrowings. During the period ended March 31, 2013, the following Funds borrowed under this Facility:
Fund
|
|
Days
Outstanding
|
|
Average
Daily
Loan Balance
|
|
Average
Interest
Rate
|
|
Outstanding
Loan Balance
as of
March 31, 2013
|
Bank and Brokerage ETF
|
|
|
48
|
|
|
$
|
179,667
|
|
|
|
1.81
|
%
|
|
$
|
–
|
|
Gaming ETF
|
|
|
62
|
|
|
|
171,356
|
|
|
|
1.87
|
|
|
|
–
|
|
Pharmaceutical ETF
|
|
|
123
|
|
|
|
587,669
|
|
|
|
1.83
|
|
|
|
1,143,001
|
|
Retail ETF
|
|
|
8
|
|
|
|
125,375
|
|
|
|
1.92
|
|
|
|
–
|
|
Semiconductor ETF
|
|
|
64
|
|
|
|
2,192,735
|
|
|
|
1.86
|
|
|
|
–
|
|
Wide Moat ETF
|
|
|
25
|
|
|
|
308,160
|
|
|
|
1.65
|
|
|
|
456,000
|
|
Note 12Custodian Fees
The Funds have entered
into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever
there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction
in fees under the expense offset agreement with the custodian. For the period ended March 31, 2013, there were no offsets to custodial
fees.
Note 13Recent Accounting
Pronouncements
The Funds have adopted Accounting Standards Update (“ASU”) No. 2011-04 “Amendments
to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting
Standards.” ASU No. 2011-04 includes common requirements for measurement of and disclosure about fair value between
U.S. GAAP and IFRS. ASU No. 2011-04 requires reporting entities to disclose the following information for fair value
measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs
used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the
sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those
unobservable inputs. In addition, ASU No. 2011-04 requires reporting entities to make disclosures about amounts and reasons
for all transfers in and out of Level 1 and Level 2 fair value measurements. The new disclosures have been implemented for
annual and interim periods beginning after December 15, 2011 and can be found in Note 2 to the financial statements and the
Schedule of Investments, if applicable.
In January 2013, Accounting Standards Update 2013-01 (“ASU
2013-01”), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update
2011-11 (“ASU 2011-11”), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years
beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure
requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting
disclosures to derivatives,
MARKET
VECTORS ETF TRUST
NOTES
TO FINANCIAL STATEMENTS
(unaudited) (continued)
repurchase agreements, and securities lending transactions to
the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or
similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Funds’
financial statements.
Note 14Subsequent Event Review
The Funds
have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements
were issued.
The following dividends from net investment income were declared
and paid subsequent to March 31, 2013:
Fund
|
|
Ex-Date
|
|
|
Record Date
|
|
Payable Date
|
|
Per Share
|
|
Bank and Brokerage ETF
|
|
|
4/1/13
|
|
|
4/3/13
|
|
4/5/13
|
|
$
|
0.3700
|
|
Pharmaceutical ETF
|
|
|
4/1/13
|
|
|
4/3/13
|
|
4/5/13
|
|
$
|
0.3890
|
|
This report is intended for the Funds’ shareholders. It
may not be distributed to prospective investors unless it is preceded or accompanied by a Market Vectors ETF Trust (the “Trust”)
Prospectus and Summary Prospectus, which includes more complete information. An investor should consider the investment objective,
risks, and charges and expenses of the Funds carefully before investing. The prospectus and summary prospectus contains this and
other information about the investment company. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers
and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities
are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how
the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available,
without charge, by calling 1.888.MKT.VCTR, or by visiting marketvectorsetfs.com, or on the Securities and Exchange Commission’s
website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with
the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form
N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s
Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling
1.202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 1.888.MKT.VCTR or by visiting
vaneck.com.
Investment Adviser:
|
|
Van Eck Associates Corporation
|
|
Distributor:
|
Van Eck Securities Corporation
|
335 Madison Avenue
|
New York, NY 10017
|
vaneck.com
|
|
Account Assistance:
|
1.888.MKT.VCTR
|
MVINDUSSAR