Item 1. Report to Shareholders
|
ANNUAL REPORT
D e c e m b e r 3 1 , 2 0 1 3
|
MARKET VECTORS
INTERNATIONAL ETFs
The information contained in these shareholder letters represent
the opinions of Van Eck Global and may differ from other persons. This information is not intended to be a forecast of future events,
a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by
the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’
performance, and the views of Van Eck Global are as of December 31, 2013, and are subject to change.
MARKET VECTORS INTERNATIONAL ETFs
(unaudited)
Dear Shareholder:
On January 7, 2014, the Market Vectors China ETF was renamed Market
Vectors ChinaAMC A-Share ETF (PEK), and now offers direct exposure to physical China A-shares, many of which are not listed on
other international exchanges.
When PEK was launched on October 13, 2010, it was the first ETF of
its kind to offer broad exposure to China A-shares, which represent the largest portion of China’s equity market. Now, through
our agreement with China Asset Management (Hong Kong) Limited (“ChinaAMC”), a wholly owned subsidiary of China Asset
Management, China’s largest management company in terms of mutual fund assets under management, PEK is able to have direct
exposure to physical China A-shares.
The China A-share market is currently only accessible by domestic
Chinese investors and certain approved institutional investors, making it difficult for U.S. investors and other foreign investors
to access local companies.
A recent article from McKinsey
†
describes the growth
of China’s middle class as “explosive” and an instrument of “sweeping economic change and social transformation”.
It sees the middle class (both upper and mass) as set to expand over the next couple of decades, with the upper middle class becoming
the prime mover behind consumer spending. McKinsey estimates that, by 2022, the upper middle class will account for 54% of urban
households (2012: 14%), and 56% of urban private consumption (2012: 20%).
With ChinaAMC serving as sub-advisor to the fund, we have the ability
to provide access to China’s domestic growth story by directly investing in shares of local Chinese companies that may be
poised to benefit from the rapidly growing middle class. We believe this access makes PEK an even more compelling investment option
for China-focused investors, particularly when one considers the market capitalization of China A-shares relative to the rest of
the emerging markets universe.
Market Capitalization ($) of Primary Emerging Markets*
|
*
|
Estimated, by percentage of total market capitalization;
Bloomberg, WFE,
HKEx, November 30, 2013.
|
MARKET VECTORS INTERNATIONAL ETFs
(unaudited)
Market Vectors continues to be an industry leader in offering single-country
and region-specific equity ETFs. When performance varies so widely between countries, and regions, it is all the more important
to be able to select your focus. The suite of Market Vectors country and regional ETFs give you the flexibility to do just that,
and we at Van Eck Global also continue both to look for ways to enhance your access to the markets you choose, and to seek out
and evaluate the most attractive opportunities for you as a shareholder in the international space.
Please stay in touch with us through our website (http://www.marketvectorsetfs.com)
on which we offer videos, email subscriptions and educational literature, all of which are designed to keep you up to date with
your investment in Market Vectors ETFs.
On the following pages, you will find the performance record of each
of the funds for the12-month period ending December 31, 2013. You will also find their financial statements. As always, we value
your continuing confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
Trustee and President
Market Vectors ETF Trust
January 15, 2014
Represents the opinions of the investment adviser. Past performance
is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment
advice. Current market conditions may not continue.
|
†
|
McKinsey & Company: McKinsey Quarterly, Mapping China’s Middle Class,
http://www.mckinsey.com/Insights/Consumer_And_Retail/Mapping_Chinas_middle_class
|
Management Discussion
The suite of Market Vectors International ETFs realized mixed performance
in 2013, with six funds, Market Vectors Africa Index ETF (+3.24%), Market Vectors Egypt Index ETF (+10.90%), Market Vectors Germany
Small-Cap ETF (+35.62%), Market Vectors Gulf States Index ETF (+34.46%), Market Vectors Poland ETF (+4.92%) and Market Vectors
Vietnam ETF (+12.75%), posting positive total returns.
January 1 through December 31, 2013
Market Vectors International ETFs Total Returns
Source: Van Eck Global. Note: Market Vectors Israel ETF is not included
above as it was launched on June 25, 2013. Returns based on NAV. The performance data quoted represents past performance. Past
performance is not a guarantee of future results. Performance information for the Funds reflects temporary waivers of expenses
and/or fees. Had the Funds incurred all expenses, investment returns would have been reduced. Investment return and value of the
shares of the Funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original
cost. Current performance may be lower or higher than performance data quoted.
Country/Regional Overviews
Africa
The financial sector, in particular banks, was the greatest contributor
to the positive return for the year. Both the consumer discretionary and telecommunication services sectors also contributed positively
to return. The greatest detractor from performance was the materials sector, especially gold mining companies. Geographically,
Nigeria, Africa’s most populous country, and Egypt were the two most significant contributors to return, with companies operating
in South Africa and east Africa, in particular, detracting from performance. While mid- and small-cap companies both contributed
positively to return, large-cap companies made a negative contribution.
Brazil
The fallout from mass protests in the country in the second quarter
persisted throughout the rest of the year, with confidence in Brazil’s economic, political and social stability shaken. Indeed,
the country’s GDP contracted to such an extent in the third quarter that economic performance in that quarter ranked as the
worst in two years
i
. As a consequence, all sectors, except information technology, contributed negatively to return
over the 12-month period. Small-cap stocks in the consumer discretionary, industrials and financials sectors, in that order, were
the worst performers and contributed most significantly to the fund’s negative return.
MARKET VECTORS INTERNATIONAL ETFs
(
unaudited
)
China
With slower than expected export growth in December, expectations
are that Chinese GDP growth in 2013 will be its weakest in 14 years
ii
. While exports have been hit by rising labor costs,
a stronger currency, and hesitant global demand, combined with rising imports and domestic demand, the country still ended the
year with a $259.8B trade surplus, an increase of 12.4% over 2012
iii
. Only three sectors contributed positively to return:
health care, information technology and consumer discretionary. The worst performing sectors were materials, followed by energy.
Fund performance for the period was derived primarily from swap contracts on the CSI 300 Index
†
. Contracts
outstanding as of December 31, 2013 are presented in the Fund’s Schedule of Investments.
Colombia
Although economic growth, on the back of construction, agriculture
and farming, picked up in the third quarter, through mid- 2013 Colombia experienced a severe slowdown in industrial output and
inflation levels akin to those experienced over 50 years ago
iv
. The country’s central bank rate remains the lowest
in South America. Of all sectors, financials was the greatest negative contributor to return, closely followed by the materials
sector. Only the industrials and utilities sectors were positive contributors to return during the year, albeit minimally.
Egypt
Despite the country’s continuing problems, not least a continuing
large budget deficit
v
and, at year end, core inflation running at its highest annual rate in nearly four years
vi
,
the position at the half year point was spectacularly reversed, with all sectors in the domestic market, except one, contributing
to a positive return for the year. The consumer staples and materials sectors (driven by food products) were the two largest contributors
to performance. Even the financial sector, with its dominant average weighting in the index, contributed positively to total return.
The energy sector was the only detractor from performance.
Germany
Germany’s economy continued to outperform those of other Euro-zone
countries in 2013, and in December, the Bundesbank’s president, Jens Weidmann, announced that it had raised its forecast
for growth for the year to 0.5% from 0.3%
vii
. In November, on the back of falling imports and rising exports, the country
recorded a near record high trade surplus
viii
. German small-cap companies had an excellent year. Except for stocks in
the consumer staples sector, all sectors produced positive returns, with particularly strong contributions from industrial companies
followed by those in the information technology, consumer discretionary and health care sectors.
Gulf States
During the year, the Gulf States–especially its leading members
Kuwait, Qatar, Saudi Arabia and the United Arab Emirates–avoided becoming too embroiled economically in the turbulence elsewhere
in the Arab world. The fund posted the second highest total return of any fund in the Market Vectors suite of international funds.
Geographically, the United Arab Emirates, with the largest average country weighting, contributed most significantly to performance,
followed by Qatar and Kuwait–in that order. In terms of sector, financial stocks were the greatest contributors, with industrials
providing the only other significant contribution.
India
Throughout 2013, India faced a number of economic problems, amongst
them both a weak Rupee and substantial and increasing inflation
ix
. Though the Rupee fell to historic lows in May through
August of 2013 and bottomed out 20% weaker than it started the year, it recovered somewhat towards the end of the year, finishing
down 11% on the year
x
. In the second half of the year, exports grew substantially. Having reached a record level at
the end of March, by the end of the year its trade deficit had narrowed substantially
xi
. Only the health care and information
technology sectors produced a small positive return, with all other sectors contributing negatively to performance, especially
the industrials, financials, and consumer discretionary sectors.
Indonesia
For Indonesia, 2013 was a year of major policy and economic adjustment
in response to more severe external constraints. Over the year, not only did the Rupiah depreciate substantially
xii
,
but economic growth also faced severe headwinds: interest rates were high
xiii
, external demand was weaker and investment
was slow. On a more positive note, private consumption, so important for the country’s economy, remained resilient
xiv
,
and poverty continued to decline
xv
. Among small-cap stocks, no sector contributed positively to performance. Those in
the financials, industrials and energy sectors, contributed most negatively to performance. For medium- and large-cap names, there
were negative returns across all sectors, with financial stocks providing the most significant drag on performance.
Israel
December’s economic data was mixed
xvi
, but during
the fourth quarter, and in November in particular, the Israeli market benefited not only from the strength of the Israeli consumer,
but also from a slight weakening of the Shekel against the U.S. Dollar and a brighter prospect for its government’s budget
xvii
.
The fund launched less than a week before the end of the second quarter and traded for only just over six months. However, over
that period, health care, information technology and financial stocks, constituting the three sectors with the highest average
weighting, were also the fund’s most significant contributors to performance. Only the materials sector contributed negatively
to return.
Latin America
Small-cap Latin American stocks were particularly hard hit in 2013
by the falling prices of both gold and precious metals, particularly silver. The materials sector, especially metals and mining,
was the single largest contributor to the fund’s underperformance, followed, to a lesser extent, by the consumer discretionary,
industrials and consumer staples sectors. Of all Latin American countries represented in the fund, only Argentina, Mexico, and
Panama produced positive returns, and these were minimal, despite Mexico having an average weighting of just less than 13%. Brazil,
with its average weighting of nearly 35%, contributed nearly one half of the fund’s negative return.
Poland
While the EU’s largest emerging economy experienced a more-than-expected
slowdown in growth during the first six months of 2013, with the economy coming to a virtual standstill in the first quarter,
xviii
data released in the third quarter showed growth of 1.9% in that quarter
xix
. Although exports were the main driver
of this growth, domestic demand provided an increased contribution. According to the Economy Ministry, the country’s GDP
probably grew 1.5% during the year–in line with its forecasts
xx
. By far the largest contribution to positive performance
came from the financial stocks, especially banks. The materials sector, particularly metals and mining, was a significant detractor
from performance.
Russia
Even with the average price of oil above $100 during the year, Russia’s
economy stagnated in 2013. Down from 1.8% to 1.4%, GDP growth was sharply lower
xxi
. Industrial production was also sharply
down
xxii
over the year. Since over 80% of the country’s exports are commodity-related
xxiii
, Russia
has been particularly sensitive to the questionable health of the commodity markets. However, anchored by low unemployment, private
consumption
xxiv
continued to grow during the year, but inflation remained high during the year, ending the year at 6.5%
year-on-year
xxv
. Stocks in the materials sector (particularly metals and mining), provided the most significant negative
contributions to the two Russian funds’ returns and, in particular, to those of the small-cap fund. While, in order of magnitude,
the industrials, financials, consumer discretionary and information technology sectors all provided positive returns to the small-cap
fund, consumer staples, as opposed to industrials, topped the sectors contributing positive returns to the large-cap fund.
MARKET VECTORS INTERNATIONAL ETFs
(
unaudited
)
Vietnam
On the back of controlling inflation and strengthening its external
accounts, Vietnam was able to maintain its economic stability over the course of 2013
xxvi
. Exports remained strong
xxvii
and GDP increased 5.42% in 2013
xxviii
. Constituting 43% of the country’s economy and growing by 6.56% during
the year, Vietnam’s service sector led the country’s sectorial growth. Except for a small negative return from the
consumer discretionary sector, all other sectors produced positive returns, with energy companies leading the way, followed by
those in the utilities, materials, industrial and financials sectors respectively. With an average weighting of nearly 50%, small-cap
companies made by far the greatest contribution to return.
All indices are unmanaged and include the reinvestment of all dividends,
but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund.
An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments
can be made. Results reflect past performance and do not guarantee future results.
|
†
|
CSI 300 Index (CSIR0300) is a modified free-float market capitalization-weighted index
compiled and managed by China Securities Index Co., Ltd. Considered to be the leading index for the Chinese equity market, the
CSI 300 is a diversified index consisting of 300 constituent stocks listed on the Shenzhen Stock Exchange and/or the Shanghai
Stock Exchange.
|
|
i
|
The Wall Street Journal: Brazil’s Economy Post Worst Quarterly Performance in
Two Years, http://online.wsj.com/news/articles/SB10001424052702304355104579235794103297608
|
|
ii
|
Reuters: China December export growth slows,
http://www.reuters.com/article/2014/01/10/us-china-economy-trade-idUSBREA0905L20140110
|
|
iv
|
Bloomberg: Cardenas Says Colombia 3Q GDP Growth Accelerated Close to 5%,
http://www.bloomberg.com/news/print/2013-12-17/cardenas-sees-3q-colombia-gdp-growth-close-to-5-.html
|
|
v
|
Ahram Online: Egypt’s budget deficit hits $10.8 bn in Jul-Oct 2013: Report,
http://english.ahram.org.eg/NewsContent/3/12/88691/Business/Economy/Egypts-budget-deficit-hits–bn-in-JulOct–Report-.aspx
|
|
vi
|
The Africa Report: Egypt core inflation dips slightly in December, http://www.theafricareport.com/Reuters-Feed/Egypt-core-inflation-dips-slightly-in-December.html
|
|
vii
|
BBC News: Germany raises growth forecast, http://www.bbc.co.uk/news/business-25254542
|
|
viii
|
Markit: Germany - Trade surplus widens as exports trend upwards at fastest rate since
mid-2012, http://www.markit.com/assets/en/docs/commentary/markit-economics/2014/jan/Germany_trade_14_01_08.pdf
|
|
ix
|
The Economist: India’s economy - Turning a corner, http://www.economist.com/blogs/banyan/2013/12/indias-economy
|
|
x
|
The Financial Express: Indian rupee to stabilise this year after 2013 slide on improved
CAD despite US Fed taper: Poll, http://www.financialexpress.com/news/indian-rupee-to-stabilise-this-year-after-2013-slide/1217242
|
|
xi
|
ZEEBIZ.COM: Exports lead India growth revival in 2013, http://zeenews.india.com/business/print.aspx?nid=91602
|
|
xii
|
The Establishment Post: Slower Growth and Higher Risk for Indonesian Economy in 2014:
World Bank Report,
http://www.establishmentpost.com/slower-growth-higher-risk-indonesian-economy-2014-according-world-bank/
|
|
xiii
|
Bloomberg: IMF Urges Indonesia to Strengthen Economy as Growth Slows,
http://www.bloomberg.com/news/print/2013-12-16/imf-urges-indonesia-to-strengthen-economy-as-growth-slows.html
|
|
xiv
|
The Establishment Post: Slower Growth and Higher Risk for Indonesian Economy in 2014:
World Bank Report,
http://www.establishmentpost.com/slower-growth-higher-risk-indonesian-economy-2014-according-world-bank/
|
|
xvi
|
BlueStar Indexes: BlueStar Israel Global Index Update January 2014, http://bluestarindexes.com/wp-content/uploads/2014/01/BlueStar-Israel-Equity-Update-Jan-2013.pdf
|
|
xvii
|
BlueStar Indexes: BlueStar Israel Global Index Update December 2013, http://bluestarindexes.com/wp-content/uploads/2013/12/BlueStar-Israel-Equity-Update-December-2013.pdf
|
|
xviii
|
The Wall Street Journal: Poland’s Economy Slows Sharply, http://blogs.wsj.com/emergingeurope/2013/05/14/polands-economy-slows-sharply/
|
|
xix
|
Financial Times: Poland reverting to right kind of growth, http://blogs.ft.com/beyond-brics/2013/11/29/poland-reverting-to-right-kind-of-growth/#axzz2nHWphtSz
|
|
xx
|
The Warsaw Voice: Poland’s GDP growth seen at 1.5pct in 2013 – Economy
Ministry, http://www.warsawvoice.pl/WVpage/pages/article.php/26922/news
|
|
xxi
|
Reuters: UPDATE 2-Russia’s stagnation raises pressure for new growth model,
http://www.reuters.com/article/2013/12/03/russia-economy-forecast-idUSL5N0JI1QG20131203
|
|
xxii
|
Danske Bank: Russia: from disappointing 2013 into better 2014,
http://danskeanalyse.danskebank.dk/abo/RussianEconomyNEW080114/$file/RussianEconomy_NEW_080114.pdf
|
|
xxiii
|
The Financial Times: Guest post: Putin and the Sochi Potemkin village,
http://blogs.ft.com/beyond-brics/2014/01/07/guest-post-putin-and-the-sochi-potemkin-village/?catid=491&SID=google#axzz2q7anZmZF
|
|
xxiv
|
Danske Bank: Russia: from disappointing 2013 into better 2014,
http://danskeanalyse.danskebank.dk/abo/RussianEconomyNEW080114/$file/RussianEconomy_NEW_080114.pdf
|
|
xxvi
|
The World Bank: Vietnam’s Macroeconomic Stability Continues to Improve, Critical
Risks Remain, http://www.worldbank.org/en/news/press-release/2013/12/02/Vietnam-8217-s-macroeconomic-stability-continues-to-improve-critical-risks-remain
|
|
xxviii
|
Vietnam Briefing: Positive Economic Numbers for Vietnam in 2013: Strong Outlook for
2014, http://www.vietnam-briefing.com/news/positive-economic-numbers-vietnam-2013-strong-outlook-2014.html/
|
MARKET VECTORS AFRICA INDEX ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVAFKTR
2
|
|
One Year
|
|
|
1.30
|
%
|
|
|
3.24
|
%
|
|
|
5.03
|
%
|
|
Five Year
|
|
|
10.36
|
%
|
|
|
9.94
|
%
|
|
|
11.28
|
%
|
|
Life* (annualized)
|
|
|
(2.52
|
)%
|
|
|
(2.50
|
)%
|
|
|
(1.17
|
)%
|
|
Life* (cumulative)
|
|
|
(13.02
|
)%
|
|
|
(12.96
|
)%
|
|
|
(6.23
|
)%
|
|
*
|
since 7/10/08
|
|
|
|
|
Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 Index
SM
. From June 21, 2013 forward, the index data reflects that of the Market Vectors GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes AND IS NOT INTENDED FOR ANY THIRD PARTY USE.
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Africa Index ETF was
7/10/08.
|
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 (7/10/08) to the first day of secondary market trading in
shares of the Fund (7/14/08), 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 0.93% / Net Expense Ratio 0.81%
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 0.78% of the Fund’s
average daily net assets per year until at least May 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 cash. 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.
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
|
Market Vectors GDP Africa Index (MVAFKTR) tracks the performance of the largest and
most liquid companies in Africa. The weighting of a country in the index is determined by the size of its gross domestic product.
|
Market Vectors GDP Africa Index (the “Index”) is the
exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with
Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly.
Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors
in the Index to third parties. Market Vectors Africa Index 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.
MARKET VECTORS AFRICA INDEX ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Africa Index ETF (AFK)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for AFK is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
July 14, 2008* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 5.0%
|
|
|
8
|
|
|
|
0.6
|
%
|
|
Greater than or Equal to 4.5% And Less Than 5.0%
|
|
|
5
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to 4.0% And Less Than 4.5%
|
|
|
10
|
|
|
|
0.7
|
%
|
|
Greater than or Equal to 3.5% And Less Than 4.0%
|
|
|
7
|
|
|
|
0.5
|
%
|
|
Greater than or Equal to 3.0% And Less Than 3.5%
|
|
|
23
|
|
|
|
1.7
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
34
|
|
|
|
2.5
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
73
|
|
|
|
5.3
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
124
|
|
|
|
9.1
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
198
|
|
|
|
14.5
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
238
|
|
|
|
17.5
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
211
|
|
|
|
15.4
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
169
|
|
|
|
12.4
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
141
|
|
|
|
10.3
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
69
|
|
|
|
5.0
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
36
|
|
|
|
2.6
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
15
|
|
|
|
1.1
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
3
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to -3.5% And Less Than -3.0%
|
|
|
2
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to -4.0% And Less Than -3.5%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to -4.5% And Less Than -4.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to -5.0% And Less Than -4.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Less Than -5.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
|
|
|
|
1367
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS BRAZIL SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVBRFTR
2
|
|
One Year
|
|
|
(29.25
|
)%
|
|
|
(28.58
|
)%
|
|
|
(27.99
|
)%
|
|
Life* (annualized)
|
|
|
9.35
|
%
|
|
|
9.35
|
%
|
|
|
10.07
|
%
|
|
Life* (cumulative)
|
|
|
51.35
|
%
|
|
|
51.36
|
%
|
|
|
56.08
|
%
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Brazil Small-Cap ETF
was 5/12/09.
|
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 (5/12/09) to the first day of secondary market trading in
shares of the Fund (5/14/09), 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 0.64% / Net Expense Ratio 0.60%
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 0.59% of the Fund’s
average daily net assets per year until at least May 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 cash. 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.
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
|
Market Vectors Brazil Small-Cap Index (MVBRFTR) is a rules-based, modified market capitalization-weighted,
float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on
an exchange in Brazil, or that generate at least 50% of their revenues in Brazil.
|
Market Vectors Brazil Small-Cap Index (the “Index”)
is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted
with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated
correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point
out errors in the Index to third parties. Market Vectors Brazil Small-Cap 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.
MARKET VECTORS BRAZIL SMALL-CAP ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Brazil Small-Cap ETF (BRF)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for BRF is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
May 14, 2009* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
7
|
|
|
|
0.6
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
18
|
|
|
|
1.6
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
63
|
|
|
|
5.4
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
59
|
|
|
|
5.1
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
64
|
|
|
|
5.5
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
96
|
|
|
|
8.3
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
221
|
|
|
|
19.1
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
376
|
|
|
|
32.5
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
212
|
|
|
|
18.3
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
29
|
|
|
|
2.5
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
8
|
|
|
|
0.7
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
5
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Less Than -3.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
|
|
|
|
1158
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS CHINAAMC A-SHARE ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
CSIR0300
2
|
|
One Year
|
|
|
(10.90
|
)%
|
|
|
(4.74
|
)%
|
|
|
(2.57
|
)%
|
|
Life* (annualized)
|
|
|
(6.05
|
)%
|
|
|
(6.78
|
)%
|
|
|
(5.09
|
)%
|
|
Life* (cumulative)
|
|
|
(18.20
|
)%
|
|
|
(20.21
|
)%
|
|
|
(15.51
|
)%
|
|
*
|
since 10/13/10
|
|
|
|
|
As of January 7, 2014, Market Vectors China ETF’s name changed to Market Vectors ChinaAMC A-Share ETF.
|
Hypothetical Growth of $10,000 (Since
Inception)
Commencement date for the Market Vectors ChinaAMC A-Share ETF
was 10/13/10
|
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 (10/13/10) to the first day of secondary market trading in
shares of the Fund (10/14/10), 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 1.14% / Net Expense Ratio 0.72%
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 0.72% of the Fund’s
average daily net assets per year until at least May 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 cash. 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.
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
|
CSI 300 Index (CSIR0300) is a modified free-float market capitalization weighted index
comprised of the largest and most liquid stocks in the Chinese A-share market. Constituent stocks for the Index must have
been listed for more than three months (unless the stock’s average daily A-share market capitalization since its initial
listing ranks among the top 30 of all A-shares) and must not be experiencing what the Index Provider believes to be obvious
abnormal fluctuations or market manipulation.
|
CSI 300 Index and its logo are service marks of China Securities
Index Co., Ltd. (“CSI”) and have been licensed for use by Van Eck Associates Corporation. The Market Vectors ChinaAMC
A-Share ETF (the “Fund’) is not sponsored, endorsed, sold or promoted by CSI and CSI makes no representation regarding
the advisability of investing in the Fund. CSI 300 is a registered trademark of China Securities Index Co., Ltd.
MARKET VECTORS CHINAAMC A-SHARE ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
ChinaAMC A-Share ETF (PEK)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for PEK is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
October 14, 2010* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 16.0%
|
|
|
32
|
|
|
|
4.0
|
%
|
|
Greater than or Equal to 15.0% And Less Than 16.0%
|
|
|
11
|
|
|
|
1.4
|
%
|
|
Greater than or Equal to 14.0% And Less Than 15.0%
|
|
|
22
|
|
|
|
2.7
|
%
|
|
Greater than or Equal to 13.0% And Less Than 14.0%
|
|
|
27
|
|
|
|
3.4
|
%
|
|
Greater than or Equal to 12.0% And Less Than 13.0%
|
|
|
34
|
|
|
|
4.2
|
%
|
|
Greater than or Equal to 11.0% And Less Than 12.0%
|
|
|
55
|
|
|
|
6.8
|
%
|
|
Greater than or Equal to 10.0% And Less Than 11.0%
|
|
|
40
|
|
|
|
5.0
|
%
|
|
Greater than or Equal to 9.0% And Less Than 10.0%
|
|
|
40
|
|
|
|
5.0
|
%
|
|
Greater than or Equal to 8.0% And Less Than 9.0%
|
|
|
23
|
|
|
|
2.9
|
%
|
|
Greater than or Equal to 7.0% And Less Than 8.0%
|
|
|
45
|
|
|
|
5.6
|
%
|
|
Greater than or Equal to 6.0% And Less Than 7.0%
|
|
|
41
|
|
|
|
5.1
|
%
|
|
Greater than or Equal to 5.0% And Less Than 6.0%
|
|
|
59
|
|
|
|
7.3
|
%
|
|
Greater than or Equal to 4.0% And Less Than 5.0%
|
|
|
73
|
|
|
|
9.1
|
%
|
|
Greater than or Equal to 3.0% And Less Than 4.0%
|
|
|
80
|
|
|
|
10.0
|
%
|
|
Greater than or Equal to 2.0% And Less Than 3.0%
|
|
|
76
|
|
|
|
9.5
|
%
|
|
Greater than or Equal to 1.0% And Less Than 2.0%
|
|
|
62
|
|
|
|
7.7
|
%
|
|
Greater than or Equal to 0.0% And Less Than 1.0%
|
|
|
49
|
|
|
|
6.1
|
%
|
|
Less Than 0.0%
|
|
|
34
|
|
|
|
4.2
|
%
|
|
|
|
|
|
803
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS COLOMBIA ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVCOLXTR
2
|
|
One Year
|
|
|
(11.23
|
)%
|
|
|
(12.11
|
)%
|
|
|
(11.94
|
)%
|
|
Life* (annualized)
|
|
|
(3.60
|
)%
|
|
|
(3.72
|
)%
|
|
|
(3.36
|
)%
|
|
Life* (cumulative)
|
|
|
(9.75
|
)%
|
|
|
(10.07
|
)%
|
|
|
(9.13
|
)%
|
Hypothetical Growth of $10,000 (Since
Inception)
Commencement date for the Market Vectors Colombia ETF was 3/14/11.
|
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 (3/14/11) to the first day of secondary market trading in
shares of the Fund (3/15/11), 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 4.95% / Net Expense Ratio 0.75%
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 0.75% of the Fund’s
average daily net assets per year until at least May 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 cash. 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.
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
|
Market Vectors Colombia Index (MVCOLXTR) is a rules-based, modified market capitalization-weighted,
float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Colombia,
or that generate at least 50% of their revenues in Colombia.
|
Market Vectors Colombia Index (the “Index”) is the
exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with
Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly.
Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors
in the Index to third parties. Market Vectors Colombia 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.
MARKET VECTORS COLOMBIA ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Colombia ETF (COLX)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for COLX is at a premium or discount to its daily net asset
value (NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
March 15, 2011* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
36
|
|
|
|
5.1
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
14
|
|
|
|
2.0
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
31
|
|
|
|
4.4
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
68
|
|
|
|
9.7
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
93
|
|
|
|
13.3
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
119
|
|
|
|
17.1
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
145
|
|
|
|
20.8
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
109
|
|
|
|
15.6
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
45
|
|
|
|
6.4
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
15
|
|
|
|
2.1
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
14
|
|
|
|
2.0
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
3
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
3
|
|
|
|
0.4
|
%
|
|
Less Than -3.0%
|
|
|
5
|
|
|
|
0.7
|
%
|
|
|
|
|
|
700
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS EGYPT INDEX ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVEGPTTR
2
|
|
One Year
|
|
|
7.35
|
%
|
|
|
10.90
|
%
|
|
|
10.32
|
%
|
|
Life* (annualized)
|
|
|
(7.43
|
)%
|
|
|
(6.65
|
)%
|
|
|
(7.32
|
)%
|
|
Life* (cumulative)
|
|
|
(25.82
|
)%
|
|
|
(23.40
|
)%
|
|
|
(25.52
|
)%
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Egypt Index ETF was 2/16/10.
|
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 (2/16/10) to the first day of secondary market trading in shares of the Fund (2/18/10), 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 1.18% / Net Expense Ratio 0.98%
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 0.94% of the Fund’s average daily net
assets per year until at least May 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 cash.
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.
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
|
Market Vectors Egypt Index (MVEGPTTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Egypt, or that generate at least 50% of their revenues in Egypt.
|
Market Vectors Egypt Index (the “Index”) is the exclusive property
of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain
and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its
obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third
parties. Market Vectors Egypt Index 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.
MARKET VECTORS EGYPT INDEX ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Egypt Index ETF (EGPT)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided
to show the frequency at which the closing price for EGPT is at a premium or discount to its daily net asset value (NAV). The chart
is for comparative purposes only and represents the period noted.
|
|
|
|
February 18, 2010* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
53
|
|
|
|
5.5
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
8
|
|
|
|
0.8
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
35
|
|
|
|
3.6
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
73
|
|
|
|
7.5
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
79
|
|
|
|
8.2
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
108
|
|
|
|
11.2
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
124
|
|
|
|
12.8
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
113
|
|
|
|
11.7
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
126
|
|
|
|
12.9
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
114
|
|
|
|
11.8
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
58
|
|
|
|
6.0
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
28
|
|
|
|
2.9
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
25
|
|
|
|
2.6
|
%
|
|
Less Than -3.0%
|
|
|
24
|
|
|
|
2.5
|
%
|
|
|
|
|
|
968
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET
VECTORS GERMANY SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVGERJTR
2
|
|
One Year
|
’
|
|
34.17
|
%
|
|
|
35.62
|
%
|
|
|
36.26
|
%
|
|
Life* (annualized)
|
|
|
8.61
|
%
|
|
|
8.17
|
%
|
|
|
8.42
|
%
|
|
Life* (cumulative)
|
|
|
25.43
|
%
|
|
|
24.02
|
%
|
|
|
24.86
|
%
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Germany Small-Cap ETF was 4/4/11.
|
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 (4/4/11) to the first day of secondary market trading in shares of the Fund (4/5/11), 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 4.02% / Net Expense Ratio 0.55%
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 0.55% of the Fund’s average daily net
assets per year until at least May 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.
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
|
Market Vectors Germany Small-Cap Index (MVGERJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Germany, or that generate at least 50% of their revenues in Germany.
|
Market Vectors Germany Small-Cap Index (the “Index”) is the exclusive
property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive
AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective
of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index
to third parties. Market Vectors Germany Small-Cap 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.
MARKET VECTORS GERMANY
SMALL-CAP ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Germany Small-Cap ETF (GERJ)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided
to show the frequency at which the closing price for GERJ is at a premium or discount to its daily net asset value (NAV). The chart
is for comparative purposes only and represents the period noted.
|
|
|
|
April 5, 2011* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
17
|
|
|
|
2.5
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
4
|
|
|
|
0.6
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
15
|
|
|
|
2.2
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
27
|
|
|
|
3.9
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
55
|
|
|
|
8.0
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
101
|
|
|
|
14.7
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
140
|
|
|
|
20.5
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
129
|
|
|
|
18.9
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
88
|
|
|
|
12.8
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
57
|
|
|
|
8.3
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
20
|
|
|
|
2.9
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
16
|
|
|
|
2.3
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
10
|
|
|
|
1.5
|
%
|
|
Less Than -3.0%
|
|
|
6
|
|
|
|
0.9
|
%
|
|
|
|
|
|
685
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS GULF STATES INDEX ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share
Price
1
|
|
NAV
|
|
MVMESTR
2
|
|
One Year
|
|
|
35.85
|
%
|
|
|
34.46
|
%
|
|
|
36.41
|
%
|
|
Five Year
|
|
|
9.39
|
%
|
|
|
10.81
|
%
|
|
|
11.18
|
%
|
|
Life* (annualized)
|
|
|
(5.14
|
)%
|
|
|
(5.08
|
)%
|
|
|
(4.41
|
)%
|
|
Life* (cumulative)
|
|
|
(24.98
|
)%
|
|
|
(24.71
|
)%
|
|
|
(21.79
|
)%
|
|
*
|
since 7/22/08
|
|
|
|
|
Index
data prior to June 21, 2013 reflects that of the Dow Jones GCC Titans 40 Index
SM
. From June
21, 2013 forward, the index data reflects that of the Market Vectors GDP GCC Index (MVMESTR). All Index history reflects a
blend of the performance of the aforementioned Indexes AND IS NOT INTENDED FOR ANY THIRD PARTY USE.
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Gulf States Index ETF was 7/22/08.
|
|
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 (7/22/08) to the first day of secondary market trading in shares of the Fund (7/24/08), 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 2.59% / Net Expense Ratio 0.98%
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 0.98% of the Fund’s average daily net
assets per year until at least May 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 cash.
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.
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
|
Market Vectors GDP GCC Index (MVMESTR) provides exposure to publicly traded companies either headquartered in countries belonging to the Gulf Cooperation Council (GCC) or companies that generate the majority of their revenues in these countries.
|
Market Vectors GDP GCC Index (the “Index”) is the exclusive property
of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain
and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its
obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third
parties. Market Vectors Gulf States Index 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.
MARKET VECTORS GULF
STATES INDEX ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Gulf States Index ETF (MES)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided
to show the frequency at which the closing price for MES is at a premium or discount to its daily net asset value (NAV). The chart
is for comparative purposes only and represents the period noted.
|
|
|
|
July 24, 2008* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 5.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to 4.5% And Less Than 5.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 4.0% And Less Than 4.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 3.5% And Less Than 4.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 3.0% And Less Than 3.5%
|
|
|
2
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
6
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
13
|
|
|
|
1.0
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
46
|
|
|
|
3.4
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
64
|
|
|
|
4.7
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
89
|
|
|
|
6.5
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
450
|
|
|
|
33.1
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
135
|
|
|
|
9.9
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
117
|
|
|
|
8.6
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
129
|
|
|
|
9.5
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
128
|
|
|
|
9.4
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
96
|
|
|
|
7.1
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
47
|
|
|
|
3.5
|
%
|
|
Greater than or Equal to -3.5% And Less Than -3.0%
|
|
|
24
|
|
|
|
1.8
|
%
|
|
Greater than or Equal to -4.0% And Less Than -3.5%
|
|
|
4
|
|
|
|
0.3
|
%
|
|
Greater than or Equal to -4.5% And Less Than -4.0%
|
|
|
3
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to -5.0% And Less Than -4.5%
|
|
|
4
|
|
|
|
0.3
|
%
|
|
Less Than -5.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
|
|
|
|
1359
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS INDIA SMALL-CAP INDEX ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVSCIFTR
2
|
|
One Year
|
|
|
(28.42
|
)%
|
|
|
(28.91
|
)%
|
|
|
(27.84
|
)%
|
|
Life* (annualized)
|
|
|
(23.22
|
)%
|
|
|
(23.51
|
)%
|
|
|
(23.25
|
)%
|
|
Life* (cumulative)
|
|
|
(58.78
|
)%
|
|
|
(59.29
|
)%
|
|
|
(58.86
|
)%
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors India Small-Cap Index ETF was
8/24/10.
|
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 (8/24/10) to the first day of secondary market trading in shares of the Fund (8/25/10), 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 1.39% / Net Expense Ratio 0.93%
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 0.85% of the Fund’s average daily net
assets per year until at least May 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 cash.
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.
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
|
Market Vectors India Small-Cap Index (MVSCIFTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are headquartered in India or that generate the majority of their revenues in India.
|
Market Vectors India Small-Cap Index (the “Index”) is the exclusive
property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive
AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective
of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index
to third parties. Market Vectors India Small-Cap Index 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.
MARKET VECTORS INDIA SMALL-CAP INDEX ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
India Small-Cap Index ETF (SCIF)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided
to show the frequency at which the closing price for SCIF is at a premium or discount to its daily net asset value (NAV). The chart
is for comparative purposes only and represents the period noted.
|
|
|
|
August 25, 2010* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
4
|
|
|
|
0.5
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
4
|
|
|
|
0.5
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
14
|
|
|
|
1.7
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
56
|
|
|
|
6.7
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
125
|
|
|
|
15.1
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
130
|
|
|
|
15.7
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
153
|
|
|
|
18.3
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
154
|
|
|
|
18.5
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
96
|
|
|
|
11.6
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
58
|
|
|
|
7.0
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
24
|
|
|
|
2.9
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
5
|
|
|
|
0.6
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
3
|
|
|
|
0.4
|
%
|
|
Less Than -3.0%
|
|
|
4
|
|
|
|
0.5
|
%
|
|
|
|
|
|
830
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
|
|
MARKET VECTORS INDONESIA INDEX ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share
Price
1
|
|
NAV
|
|
MVIDXTR
2
|
|
One Year
|
|
|
(23.22
|
)%
|
|
|
(24.20
|
)%
|
|
|
(23.46
|
)%
|
|
Life* (annualized)
|
|
|
22.84
|
%
|
|
|
22.51
|
%
|
|
|
23.46
|
%
|
|
Life* (cumulative)
|
|
|
177.32
|
%
|
|
|
173.71
|
%
|
|
|
184.48
|
%
|
|
*
|
since 1/15/09
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Indonesia Index ETF was
1/15/09.
|
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 (1/15/09) to the first day of secondary market trading in shares of the Fund (1/20/09), 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 0.67% / Net Expense Ratio 0.57%
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 0.57% of the Fund’s average daily
net assets per year until at least May 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.
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
|
Market Vectors Indonesia Index (MVIDXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Indonesia, or that generate at least 50% of their revenues in Indonesia.
|
Market Vectors Indonesia Index (the “Index”) is the exclusive
property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive
AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective
of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index
to third parties. Market Vectors Indonesia Index 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.
MARKET VECTORS INDONESIA INDEX ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Indonesia Index ETF (IDX)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart
is provided to show the frequency at which the closing price for IDX is at a premium or discount to its daily net asset value (NAV).
The chart is for comparative purposes only and represents the period noted.
|
|
|
|
January 20, 2009* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
11
|
|
|
|
0.9
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
6
|
|
|
|
0.5
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
12
|
|
|
|
1.0
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
86
|
|
|
|
6.9
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
236
|
|
|
|
19.1
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
291
|
|
|
|
23.5
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
228
|
|
|
|
18.4
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
171
|
|
|
|
13.8
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
89
|
|
|
|
7.2
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
40
|
|
|
|
3.2
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
25
|
|
|
|
2.0
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
12
|
|
|
|
1.0
|
%
|
|
Less Than -3.0%
|
|
|
30
|
|
|
|
2.4
|
%
|
|
|
|
|
|
1238
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS INDONESIA SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVIDXJTR
2
|
|
One Year
|
|
|
(17.29
|
)%
|
|
|
(20.02
|
)%
|
|
|
(17.46
|
)%
|
|
Life* (annualized)
|
|
|
(23.92
|
)%
|
|
|
(24.72
|
)%
|
|
|
(23.76
|
)%
|
|
Life* (cumulative)
|
|
|
(38.59
|
)%
|
|
|
(39.74
|
)%
|
|
|
(38.36
|
)%
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Indonesia Small-Cap ETF
was 3/20/12.
|
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 (3/20/12) to the first day of secondary market trading in shares of the Fund (3/21/12), 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 2.69% / Net Expense Ratio 0.61%
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 0.61% of the Fund’s average daily
net assets per year until at least May 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.
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
|
Market Vectors Indonesia Small-Cap Index (MVIDXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Indonesia, or that generate at least 50% of their revenues in Indonesia.
|
Market Vectors Indonesia Small-Cap Index (the “Index”)
is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted
with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated
correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point
out errors in the Index to third parties. Market Vectors Indonesia Index 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.
MARKET VECTORS INDONESIA SMALL-CAP ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Indonesia Small-Cap ETF (IDXJ)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart
is provided to show the frequency at which the closing price for IDXJ is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
March
21, 2012* through December 31, 2013
|
|
Premium/Discount
Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 5.0%
|
|
|
1
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to 4.5% And Less Than 5.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 4.0% And Less Than 4.5%
|
|
|
1
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to 3.5% And Less Than 4.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 3.0% And Less Than 3.5%
|
|
|
2
|
|
|
|
0.5
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
5
|
|
|
|
1.2
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
11
|
|
|
|
2.6
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
28
|
|
|
|
6.6
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
35
|
|
|
|
8.2
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
54
|
|
|
|
12.7
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
60
|
|
|
|
14.1
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
65
|
|
|
|
15.3
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
54
|
|
|
|
12.7
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
43
|
|
|
|
10.1
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
26
|
|
|
|
6.1
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
12
|
|
|
|
2.8
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
8
|
|
|
|
1.9
|
%
|
|
Greater than or Equal to -3.5% And Less Than -3.0%
|
|
|
8
|
|
|
|
1.9
|
%
|
|
Greater than or Equal to -4.0% And Less Than -3.5%
|
|
|
7
|
|
|
|
1.6
|
%
|
|
Greater than or Equal to -4.5% And Less Than -4.0%
|
|
|
1
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to -5.0% And Less Than -4.5%
|
|
|
1
|
|
|
|
0.2
|
%
|
|
Less Than -5.0%
|
|
|
4
|
|
|
|
0.9
|
%
|
|
|
|
|
|
426
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS ISRAEL ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share
Price
1
|
|
NAV
|
|
BLSNTR
2
|
|
Life* (cumulative)
|
|
|
19.86
|
%
|
|
|
19.39
|
%
|
|
|
19.70
|
%
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Israel ETF was 6/25/13.
|
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 (6/25/13) to the first day of secondary market trading in shares of the Fund (6/26/13), 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 0.94% / Net Expense Ratio 0.59%
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 0.59% of the Fund’s average daily
net assets per year until at least May 1, 2015. 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.
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
|
BlueStar Israel Global Index
TM
(BLSNTR) is a rules-based index intended to track the overall performance of publicly traded companies that are generally considered by the Indexer to be Israeli and Israeli linked companies. It primarily includes the largest and the most liquid companies, as well as mid-cap and small-cap companies that display sufficient liquidity.
|
The BlueStar Israel Global Index
TM
(the “Index”)
is the exclusive property and a trademark of BlueStar Global Investors LLC and has been licensed for use for certain purposes by
Van Eck Associates Corporation for Market Vectors Israel ETF (the “Fund”) based on the Index. The Fund is not sponsored,
endorsed, sold or promoted by BlueStar Global Investors LLC, and BlueStar Global Investors LLC makes no representation regarding
the advisability of trading in the Fund.
MARKET VECTORS ISRAEL ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Israel ETF (ISRA)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart
is provided to show the frequency at which the closing price for IDXJ is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
June
26, 2013* through December 31, 2013
|
|
Premium/Discount
Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 1.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
10
|
|
|
|
8.8
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
52
|
|
|
|
46.0
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
48
|
|
|
|
42.5
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
3
|
|
|
|
2.7
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Less Than -1.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
|
|
|
|
113
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS LATIN AMERICA SMALL-CAP INDEX ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share
Price
1
|
|
NAV
|
|
MVLATMTR
2
|
|
One Year
|
|
|
(21.74
|
)%
|
|
|
(22.79
|
)%
|
|
|
(22.21
|
)%
|
|
Life* (annualized)
|
|
|
(4.69
|
)%
|
|
|
(4.71
|
)%
|
|
|
(4.07
|
)%
|
|
Life* (cumulative)
|
|
|
(16.42
|
)%
|
|
|
(16.49
|
)%
|
|
|
(14.38
|
)%
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Latin America Small-Cap
Index ETF was 4/6/10.
|
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 (4/6/10) to the first day of secondary market trading in shares
of the Fund (4/7/10), 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 2.35 % / Net Expense Ratio 0.63%
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 0.63% of the Fund’s average daily
net assets per year until at least May 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 cash. 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.
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
|
Market Vectors Latin America Small-Cap Index (MVLATMTR) is a rules-based, modified
market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled
and primarily listed on an exchange in the Latin American region or that generate at least 50% of their revenues in the Latin
American region.
|
Market Vectors Latin America Small-Cap Index (the “Index”)
is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted
with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated
correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point
out errors in the Index to third parties. Market Vectors Latin America Small-Cap Index 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.
MARKET VECTORS LATIN AMERICA SMALL-CAP INDEX ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Latin America Small-Cap Index ETF (LATM)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart
is provided to show the frequency at which the closing price for LATM is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
April
7, 2010* through December 31, 2013
|
|
Premium/Discount
Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
2
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
39
|
|
|
|
4.2
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
74
|
|
|
|
7.9
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
86
|
|
|
|
9.2
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
181
|
|
|
|
19.4
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
291
|
|
|
|
31.2
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
186
|
|
|
|
19.9
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
50
|
|
|
|
5.3
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
15
|
|
|
|
1.6
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
6
|
|
|
|
0.6
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Less Than -3.0%
|
|
|
3
|
|
|
|
0.3
|
%
|
|
|
|
|
|
935
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS POLAND ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVPLNDTR
2
|
|
One Year
|
|
|
5.06
|
%
|
|
|
4.92
|
%
|
|
|
5.51
|
%
|
|
Life* (annualized)
|
|
|
1.02
|
%
|
|
|
0.75
|
%
|
|
|
1.19
|
%
|
|
Life* (cumulative)
|
|
|
4.24
|
%
|
|
|
3.10
|
%
|
|
|
4.99
|
%
|
|
*
|
since 11/24/09
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical Growth of $10,000 (Since Inception)
Commencement date for the Market Vectors Poland ETF was 11/24/09.
|
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 (11/24/09) to the first day of secondary market trading in shares of the Fund (11/25/09), 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 1.07% / Net Expense Ratio 0.61%
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 0.60% of the Fund’s
average daily net assets per year until at least May 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.
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
|
Market Vectors Poland Index (MVPLNDTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed in Poland, or that generate at least 50% of their revenues in Poland.
|
Market Vectors Poland Index (the “Index”) is the exclusive
property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive
AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective
of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index
to third parties. Market Vectors Poland 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.
MARKET VECTORS POLAND ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Poland ETF (PLND)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for PLND is at a premium or discount to its daily net asset
value (NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
November 25, 2009* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
3
|
|
|
|
0.3
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
13
|
|
|
|
1.3
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
54
|
|
|
|
5.3
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
176
|
|
|
|
17.2
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
350
|
|
|
|
34.1
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
282
|
|
|
|
27.5
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
92
|
|
|
|
9.0
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
37
|
|
|
|
3.6
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
9
|
|
|
|
0.9
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
4
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
2
|
|
|
|
0.2
|
%
|
|
Less Than -3.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
|
|
|
|
1024
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS RUSSIA ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share Price
1
|
|
NAV
|
|
MVRSXTR
2
|
|
One Year
|
|
|
(0.93
|
)%
|
|
|
(0.65
|
)%
|
|
|
(1.00
|
)%
|
|
Five Years
|
|
|
19.04
|
%
|
|
|
18.92
|
%
|
|
|
18.15
|
%
|
|
Life* (annualized)
|
|
|
(2.91
|
)%
|
|
|
(2.99
|
)%
|
|
|
(3.73
|
)%
|
|
Life* (cumulative)
|
|
|
(17.90
|
)%
|
|
|
(18.38
|
)%
|
|
|
(22.45
|
)%
|
|
*
|
since 4/24/07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index data prior to March 19, 2012 reflects that of the DAXglobal
®
Russia+ Index (DXRPUS). From March 19, 2012 forward, the index data reflects that of the Market Vectors
®
Russia
Index (MVRSXTR). All Index history reflects a blend of the performance of the aforementioned Indexes AND IS NOT INTENDED FOR ANY
THIRD PARTY USE.
|
Hypothetical Growth of $10,000 (Since
Inception)
Commencement date for the Market Vectors Russia ETF was 4/24/07.
|
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 (4/24/07) to the first day of secondary market trading in shares of the Fund (4/30/07), 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 0.71% / Net Expense Ratio 0.63%
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 0.62% of the Fund’s
average daily net assets per year until at least May 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 cash. Shares may trade at a premium or discount to their NAV in the secondary market.
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
|
Market Vectors Russia Index (MVRSXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed in Russia, or that generate at least 50% of their revenues in Russia.
|
Market Vectors Russia Index (the “Index”) is the exclusive
property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive
AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective
of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index
to third parties. Market Vectors Russia 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.
MARKET VECTORS RUSSIA ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Russia ETF (RSX)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for RSX is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
April 30, 2007* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 5.0%
|
|
|
6
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to 4.5% And Less Than 5.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to 4.0% And Less Than 4.5%
|
|
|
3
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to 3.5% And Less Than 4.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to 3.0% And Less Than 3.5%
|
|
|
6
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
9
|
|
|
|
0.5
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
25
|
|
|
|
1.5
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
44
|
|
|
|
2.6
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
123
|
|
|
|
7.4
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
268
|
|
|
|
16.1
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
489
|
|
|
|
29.2
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
400
|
|
|
|
24.0
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
165
|
|
|
|
9.9
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
70
|
|
|
|
4.2
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
27
|
|
|
|
1.6
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
14
|
|
|
|
0.8
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
7
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to -3.5% And Less Than -3.0%
|
|
|
4
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to -4.0% And Less Than -3.5%
|
|
|
3
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to -4.5% And Less Than -4.0%
|
|
|
2
|
|
|
|
0.1
|
%
|
|
Greater than or Equal to -5.0% And Less Than -4.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Less Than -5.0%
|
|
|
2
|
|
|
|
0.1
|
%
|
|
|
|
|
|
1669
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS RUSSIA SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share
Price
1
|
|
NAV
|
|
MVRSXJTR
2
|
|
One Year
|
|
|
(4.20
|
)%
|
|
|
(3.77
|
)%
|
|
|
(2.17
|
)%
|
|
Life* (annualized)
|
|
|
(17.17
|
)%
|
|
|
(17.40
|
)%
|
|
|
(17.19
|
)%
|
|
Life* (cumulative)
|
|
|
(40.06
|
)%
|
|
|
(40.53
|
)%
|
|
|
(40.15
|
)%
|
|
*
|
since 4/13/11
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical Growth of $10,000 (Since
Inception)
Commencement date for the Market Vectors Russia Small-Cap ETF
was 4/13/11.
|
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 (4/13/11) to the first day of secondary market trading in shares of the Fund (4/14/11), 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 1.87% / Net Expense Ratio 0.67%
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 0.67% of the Fund’s
average daily net assets per year until at least May 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 cash. 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.
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
|
Market Vectors Russia Small-Cap Index (MVRSXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed in Russia, or that generate at least 50% of their revenues in Russia.
|
Market Vectors Russia Small-Cap Index (the “Index”)
is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted
with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated
correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point
out errors in the Index to third parties. Market Vectors Russia Small-Cap 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.
MARKET VECTORS RUSSIA SMALL-CAP ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Russia Small-Cap ETF (RSXJ)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for RSXJ is at a premium or discount to its daily net asset
value (NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
April 14, 2011* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 3.0%
|
|
|
3
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
3
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
5
|
|
|
|
0.7
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
23
|
|
|
|
3.4
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
55
|
|
|
|
8.1
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
124
|
|
|
|
18.3
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
187
|
|
|
|
27.8
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
180
|
|
|
|
26.6
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
57
|
|
|
|
8.4
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
29
|
|
|
|
4.3
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
5
|
|
|
|
0.7
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
3
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
3
|
|
|
|
0.4
|
%
|
|
Less Than -3.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
|
|
|
|
678
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
MARKET VECTORS VIETNAM ETF
PERFORMANCE COMPARISON
December 31, 2013 (unaudited)
|
Total Return
|
|
Share
Price
1
|
|
NAV
|
|
MVVNMTR
2
|
|
One Year
|
|
|
7.75
|
%
|
|
|
12.75
|
%
|
|
|
14.56
|
%
|
|
Life* (annualized)
|
|
|
(4.66
|
)%
|
|
|
(4.81
|
)%
|
|
|
(4.27
|
)%
|
|
Life* (cumulative)
|
|
|
(18.91
|
)%
|
|
|
(19.47
|
)%
|
|
|
(17.43
|
)%
|
|
*
|
since 8/11/09
|
|
|
|
|
|
|
|
|
|
|
|
|
Hypothetical Growth of $10,000 (Since
Inception)
Commencement date for the Market Vectors Vietnam ETF was 8/11/09.
|
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 (8/11/09) to the first day of secondary market trading in shares of the Fund (8/14/09), 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 0.72% / Net Expense Ratio 0.72%
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 0.76% of the Fund’s
average daily net assets per year until at least May 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 cash. 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.
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
|
Market Vectors Vietnam Index (MVVNMTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed in Vietnam, or that generate at least 50% of their revenues in Vietnam.
|
Market Vectors Vietnam Index (the “Index”) is the
exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with
Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly.
Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors
in the Index to third parties. Market Vectors Vietnam 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.
MARKET VECTORS VIETNAM ETF
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Vietnam ETF (VNM)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts
chart is provided to show the frequency at which the closing price for VNM is at a premium or discount to its daily net asset value
(NAV). The chart is for comparative purposes only and represents the period noted.
|
|
|
|
August 14, 2009* through December 31, 2013
|
|
Premium/Discount Range
|
|
|
Number of Days
|
|
Percentage of Total Days
|
|
Greater than or Equal to 5.0%
|
|
|
80
|
|
|
|
7.3
|
%
|
|
Greater than or Equal to 4.5% And Less Than 5.0%
|
|
|
15
|
|
|
|
1.4
|
%
|
|
Greater than or Equal to 4.0% And Less Than 4.5%
|
|
|
16
|
|
|
|
1.5
|
%
|
|
Greater than or Equal to 3.5% And Less Than 4.0%
|
|
|
23
|
|
|
|
2.1
|
%
|
|
Greater than or Equal to 3.0% And Less Than 3.5%
|
|
|
27
|
|
|
|
2.5
|
%
|
|
Greater than or Equal to 2.5% And Less Than 3.0%
|
|
|
43
|
|
|
|
3.9
|
%
|
|
Greater than or Equal to 2.0% And Less Than 2.5%
|
|
|
56
|
|
|
|
5.1
|
%
|
|
Greater than or Equal to 1.5% And Less Than 2.0%
|
|
|
84
|
|
|
|
7.7
|
%
|
|
Greater than or Equal to 1.0% And Less Than 1.5%
|
|
|
118
|
|
|
|
10.7
|
%
|
|
Greater than or Equal to 0.5% And Less Than 1.0%
|
|
|
100
|
|
|
|
9.1
|
%
|
|
Greater than or Equal to 0.0% And Less Than 0.5%
|
|
|
173
|
|
|
|
15.7
|
%
|
|
Greater than or Equal to -0.5% And Less Than 0.0%
|
|
|
80
|
|
|
|
7.3
|
%
|
|
Greater than or Equal to -1.0% And Less Than -0.5%
|
|
|
79
|
|
|
|
7.2
|
%
|
|
Greater than or Equal to -1.5% And Less Than -1.0%
|
|
|
87
|
|
|
|
8.0
|
%
|
|
Greater than or Equal to -2.0% And Less Than -1.5%
|
|
|
59
|
|
|
|
5.4
|
%
|
|
Greater than or Equal to -2.5% And Less Than -2.0%
|
|
|
28
|
|
|
|
2.6
|
%
|
|
Greater than or Equal to -3.0% And Less Than -2.5%
|
|
|
14
|
|
|
|
1.3
|
%
|
|
Greater than or Equal to -3.5% And Less Than -3.0%
|
|
|
5
|
|
|
|
0.5
|
%
|
|
Greater than or Equal to -4.0% And Less Than -3.5%
|
|
|
2
|
|
|
|
0.2
|
%
|
|
Greater than or Equal to -4.5% And Less Than -4.0%
|
|
|
4
|
|
|
|
0.4
|
%
|
|
Greater than or Equal to -5.0% And Less Than -4.5%
|
|
|
0
|
|
|
|
0.0
|
%
|
|
Less Than -5.0%
|
|
|
1
|
|
|
|
0.1
|
%
|
|
|
|
|
|
1094
|
|
|
|
100.0
|
%
|
|
*
|
First day of secondary market trading.
|
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, July 1, 2013 to December 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.”
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.
MARKET VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
|
|
|
|
Beginning
|
|
Ending
|
|
Annualized
|
|
Expenses Paid
|
|
|
|
|
Account
|
|
Account
|
|
Expense
|
|
During the Period*
|
|
|
|
|
Value
|
|
Value
|
|
Ratio
|
|
July 1, 2013-
|
|
|
|
|
July 1, 2013
|
|
December 31, 2013
|
|
During Period
|
|
December 31, 2013
|
|
Africa Index ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,171.40
|
|
|
|
0.84
|
%
|
|
$
|
4.60
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,020.97
|
|
|
|
0.84
|
%
|
|
$
|
4.28
|
|
|
Brazil Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
943.30
|
|
|
|
0.60
|
%
|
|
$
|
2.94
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.18
|
|
|
|
0.60
|
%
|
|
$
|
3.06
|
|
|
ChinaAMC A-Share ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,081.40
|
|
|
|
0.72
|
%
|
|
$
|
3.78
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,021.58
|
|
|
|
0.72
|
%
|
|
$
|
3.67
|
|
|
Colombia ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,053.90
|
|
|
|
0.75
|
%
|
|
$
|
3.88
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,021.42
|
|
|
|
0.75
|
%
|
|
$
|
3.82
|
|
|
Egypt Index ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,512.30
|
|
|
|
1.00
|
%
|
|
$
|
6.33
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,020.16
|
|
|
|
1.00
|
%
|
|
$
|
5.09
|
|
|
Germany Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,265.30
|
|
|
|
0.54
|
%
|
|
$
|
3.08
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.48
|
|
|
|
0.54
|
%
|
|
$
|
2.75
|
|
|
Gulf States Index ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,151.80
|
|
|
|
0.98
|
%
|
|
$
|
5.32
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,020.27
|
|
|
|
0.98
|
%
|
|
$
|
4.99
|
|
|
India Small-Cap Index ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,078.90
|
|
|
|
0.91
|
%
|
|
$
|
4.77
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,020.62
|
|
|
|
0.91
|
%
|
|
$
|
4.63
|
|
|
Indonesia Index ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
734.90
|
|
|
|
0.58
|
%
|
|
$
|
2.54
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.28
|
|
|
|
0.58
|
%
|
|
$
|
2.96
|
|
|
Indonesia Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
666.20
|
|
|
|
0.62
|
%
|
|
$
|
2.60
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.08
|
|
|
|
0.62
|
%
|
|
$
|
3.16
|
|
|
Israel ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,193.40
|
|
|
|
0.59
|
%
|
|
$
|
3.26
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.23
|
|
|
|
0.59
|
%
|
|
$
|
3.01
|
|
|
Latin America Small-Cap Index ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
991.30
|
|
|
|
0.63
|
%
|
|
$
|
3.16
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.03
|
|
|
|
0.63
|
%
|
|
$
|
3.21
|
|
|
Poland ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,208.30
|
|
|
|
0.61
|
%
|
|
$
|
3.40
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.13
|
|
|
|
0.61
|
%
|
|
$
|
3.11
|
|
|
Russia ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,170.50
|
|
|
|
0.63
|
%
|
|
$
|
3.50
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,022.03
|
|
|
|
0.63
|
%
|
|
$
|
3.26
|
|
|
Russia Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,107.60
|
|
|
|
0.67
|
%
|
|
$
|
3.56
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,021.83
|
|
|
|
0.67
|
%
|
|
$
|
3.41
|
|
|
Vietnam ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,019.40
|
|
|
|
0.78
|
%
|
|
$
|
3.97
|
|
|
|
Hypothetical**
|
|
$
|
1,000.00
|
|
|
$
|
1,021.27
|
|
|
|
0.78
|
%
|
|
$
|
3.97
|
|
|
*
|
Expenses are equal to the
Fund’s annualized expense ratio (for the six months ended December 31, 2013) multiplied by the average account
value
over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the
fiscal year (to
reflect the one-half year period).
|
|
**
|
Assumes annual return of 5% before expenses
|
AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
|
Number
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 98.3%
|
|
|
|
|
|
Australia: 1.2%
|
|
|
|
|
|
|
45,869
|
|
|
Aquarius Platinum Ltd. (GBP) * #
|
|
$
|
30,158
|
|
|
|
2,946,128
|
|
|
Paladin Energy Ltd. (CAD) *
|
|
|
1,233,908
|
|
|
|
|
|
|
|
|
|
1,264,066
|
|
|
Canada: 5.2%
|
|
|
|
|
|
|
326,882
|
|
|
Africa Oil Corp. *
|
|
|
2,839,643
|
|
|
|
122,140
|
|
|
First Quantum Minerals Ltd.
|
|
|
2,200,244
|
|
|
|
117,452
|
|
|
IAMGOLD Corp. (USD)
|
|
|
391,115
|
|
|
|
65,631
|
|
|
Semafo, Inc.
|
|
|
172,339
|
|
|
|
|
|
|
|
|
|
5,603,341
|
|
|
Egypt: 21.5%
|
|
|
|
|
|
|
1,936,458
|
|
|
Commercial International Bank Egypt
SAE (GDR) Reg S
|
|
|
8,694,696
|
|
|
|
1,091,643
|
|
|
Egyptian Financial Group-Hermes
Holding SAE * #
|
|
|
1,388,845
|
|
|
|
1,901,492
|
|
|
Egyptian Kuwaiti Holding Co. (USD) #
|
|
|
1,743,280
|
|
|
|
531,832
|
|
|
Ezz Steel * #
|
|
|
1,178,255
|
|
|
|
1,408,598
|
|
|
Global Telecom Holding (GDR) * # Reg S
|
|
|
4,725,701
|
|
|
|
7,042,691
|
|
|
Orascom Telecom Media and
Technology Holding SAE #
|
|
|
784,734
|
|
|
|
411,161
|
|
|
Sidi Kerir Petrochemcials Co. #
|
|
|
1,019,776
|
|
|
|
3,059,061
|
|
|
Talaat Moustafa Group * #
|
|
|
2,747,253
|
|
|
|
477,471
|
|
|
Telecom Egypt #
|
|
|
1,019,003
|
|
|
|
|
|
|
|
|
|
23,301,543
|
|
|
France: 2.0%
|
|
|
|
|
|
|
14,186
|
|
|
Bourbon S.A. † #
|
|
|
391,158
|
|
|
|
108,962
|
|
|
Etablissements Maurel et Prom #
|
|
|
1,825,635
|
|
|
|
|
|
|
|
|
|
2,216,793
|
|
|
Ireland: 1.4%
|
|
|
|
|
|
|
4,451,349
|
|
|
Kenmare Resources Plc (GBP) * #
|
|
|
1,538,907
|
|
|
Kenya: 1.2%
|
|
|
|
|
|
|
10,572,100
|
|
|
Safaricom Ltd. #
|
|
|
1,331,765
|
|
|
Malta: 0.1%
|
|
|
|
|
|
|
25,164
|
|
|
Brait S.E. *
|
|
|
125,992
|
|
|
Morocco: 8.5%
|
|
|
|
|
|
|
79,299
|
|
|
Attijariwafa Bank
|
|
|
2,963,232
|
|
|
|
71,549
|
|
|
Banque Centrale Populaire
|
|
|
1,696,222
|
|
|
|
50,853
|
|
|
Banque Marocaine du Commerce Exterieur
|
|
|
1,274,113
|
|
|
|
167,568
|
|
|
Douja Promotion Groupe Addoha S.A.
|
|
|
1,147,628
|
|
|
|
176,448
|
|
|
Maroc Telecom
|
|
|
2,075,325
|
|
|
|
|
|
|
|
|
|
9,156,520
|
|
|
Nigeria: 17.0%
|
|
|
|
|
|
|
30,998,318
|
|
|
First Bank Nigeria Holdings Plc #
|
|
|
3,163,400
|
|
|
|
27,957,671
|
|
|
Guaranty Trust Bank Plc #
|
|
|
4,726,879
|
|
|
|
108,188
|
|
|
Nestle Nigeria Plc
|
|
|
811,664
|
|
|
|
3,304,672
|
|
|
Nigerian Breweries Plc #
|
|
|
3,472,682
|
|
|
|
28,823,722
|
|
|
United Bank for Africa Plc #
|
|
|
1,604,661
|
|
|
|
27,140,376
|
|
|
Zenith Bank Ltd. #
|
|
|
4,657,807
|
|
|
|
|
|
|
|
|
|
18,437,093
|
|
|
Singapore: 1.0%
|
|
|
|
|
|
|
2,521,000
|
|
|
Golden Agri-Resources Ltd. #
|
|
|
1,090,779
|
|
|
South Africa: 20.3%
|
|
|
|
|
|
|
3,987
|
|
|
Aeci Ltd.
|
|
|
47,583
|
|
|
|
82,028
|
|
|
African Bank Investments Ltd. †
|
|
|
94,373
|
|
|
|
6,118
|
|
|
African Rainbow Minerals Ltd. #
|
|
|
110,649
|
|
|
|
5,082
|
|
|
Anglo American Platinum Ltd. * † #
|
|
|
191,657
|
|
|
|
32,597
|
|
|
AngloGold Ashanti Ltd. (ADR) †
|
|
|
382,037
|
|
|
|
12,179
|
|
|
ArcelorMittal South Africa Ltd. * #
|
|
|
43,421
|
|
|
Number
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
South Africa: (continued)
|
|
|
|
|
|
|
25,360
|
|
|
Aspen Pharmacare Holdings Ltd. #
|
|
$
|
651,421
|
|
|
|
28,281
|
|
|
Aveng Ltd. * #
|
|
|
71,412
|
|
|
|
21,124
|
|
|
AVI Ltd.
|
|
|
115,727
|
|
|
|
36,741
|
|
|
Barclays Africa Group Ltd. † #
|
|
|
464,588
|
|
|
|
13,075
|
|
|
Barloworld Ltd. #
|
|
|
124,937
|
|
|
|
26,264
|
|
|
Bidvest Group Ltd. #
|
|
|
673,884
|
|
|
|
15,421
|
|
|
Clicks Group Ltd. #
|
|
|
92,544
|
|
|
|
27,354
|
|
|
Coronation Fund Managers Ltd. #
|
|
|
209,095
|
|
|
|
34,574
|
|
|
Discovery Ltd. #
|
|
|
279,289
|
|
|
|
10,459
|
|
|
Exxaro Resources Ltd. #
|
|
|
146,484
|
|
|
|
249,657
|
|
|
FirstRand Ltd. † #
|
|
|
856,884
|
|
|
|
15,269
|
|
|
Foschini Group Ltd. † #
|
|
|
139,826
|
|
|
|
67,514
|
|
|
Gold Fields Ltd. (ADR)
|
|
|
216,045
|
|
|
|
25,451
|
|
|
Harmony Gold Mining Co. Ltd. (ADR)
|
|
|
64,391
|
|
|
|
51,821
|
|
|
Impala Platinum Holdings Ltd. #
|
|
|
610,181
|
|
|
|
17,210
|
|
|
Imperial Holdings Ltd. #
|
|
|
333,316
|
|
|
|
16,527
|
|
|
Investec Ltd. #
|
|
|
117,792
|
|
|
|
8,211
|
|
|
JD Group Ltd. #
|
|
|
22,716
|
|
|
|
5,159
|
|
|
Kumba Iron Ore Ltd. † #
|
|
|
218,746
|
|
|
|
9,977
|
|
|
Liberty Holdings Ltd. #
|
|
|
116,001
|
|
|
|
85,428
|
|
|
Life Healthcare Group Holdings Ltd. #
|
|
|
341,725
|
|
|
|
5,727
|
|
|
Massmart Holdings Ltd. #
|
|
|
71,130
|
|
|
|
28,828
|
|
|
Mediclinic International Ltd. #
|
|
|
209,366
|
|
|
|
87,262
|
|
|
MMI Holdings Ltd. † #
|
|
|
211,039
|
|
|
|
15,856
|
|
|
Mr. Price Group Ltd. #
|
|
|
248,210
|
|
|
|
128,840
|
|
|
MTN Group Ltd. #
|
|
|
2,672,596
|
|
|
|
13,827
|
|
|
Murray & Roberts Holdings Ltd. * #
|
|
|
35,432
|
|
|
|
38,804
|
|
|
Nampak Ltd. #
|
|
|
152,018
|
|
|
|
27,040
|
|
|
Naspers Ltd. #
|
|
|
2,834,789
|
|
|
|
12,500
|
|
|
Nedbank Group Ltd. #
|
|
|
251,018
|
|
|
|
59,806
|
|
|
Netcare Ltd. #
|
|
|
148,675
|
|
|
|
19,104
|
|
|
Northern Platinum Ltd. * #
|
|
|
76,886
|
|
|
|
15,841
|
|
|
Pick n Pay Stores Ltd. † #
|
|
|
78,779
|
|
|
|
45,059
|
|
|
PPC Ltd. #
|
|
|
135,188
|
|
|
|
37,169
|
|
|
Remgro Ltd. #
|
|
|
738,423
|
|
|
|
11,386
|
|
|
Reunert Ltd.
|
|
|
74,466
|
|
|
|
50,542
|
|
|
RMB Holdings Ltd. #
|
|
|
233,799
|
|
|
|
62,989
|
|
|
RMI Holdings #
|
|
|
165,204
|
|
|
|
136,519
|
|
|
Sanlam Ltd. #
|
|
|
694,829
|
|
|
|
44,220
|
|
|
Sappi Ltd. * #
|
|
|
138,491
|
|
|
|
48,365
|
|
|
Sasol Ltd. (ADR)
|
|
|
2,391,649
|
|
|
|
27,954
|
|
|
Shoprite Holdings Ltd. #
|
|
|
438,421
|
|
|
|
17,314
|
|
|
Sibanye Gold Ltd. (ADR)
|
|
|
83,280
|
|
|
|
10,602
|
|
|
Spar Group Ltd. #
|
|
|
133,301
|
|
|
|
92,974
|
|
|
Standard Bank Group Ltd. #
|
|
|
1,150,584
|
|
|
|
100,961
|
|
|
Steinhoff International Holdings Ltd. † #
|
|
|
435,673
|
|
|
|
9,032
|
|
|
Sun International Ltd.
|
|
|
82,182
|
|
|
|
24,042
|
|
|
Telkom S.A. SOC Ltd. * #
|
|
|
64,392
|
|
|
|
12,633
|
|
|
Tiger Brands Ltd. #
|
|
|
322,427
|
|
|
|
26,656
|
|
|
Truworths International Ltd. #
|
|
|
195,600
|
|
|
|
29,440
|
|
|
Vodacom Group Ltd. †
|
|
|
373,841
|
|
|
|
51,107
|
|
|
Woolworths Holdings Ltd. #
|
|
|
364,766
|
|
|
|
|
|
|
|
|
|
21,943,178
|
|
|
United Kingdom: 18.7%
|
|
|
|
|
|
|
237,269
|
|
|
Acergy S.A. (NOK) #
|
|
|
4,547,496
|
|
|
|
938,478
|
|
|
Afren Plc * #
|
|
|
2,632,866
|
|
|
|
105,418
|
|
|
African Barrick Gold Ltd. #
|
|
|
326,001
|
|
|
|
111,488
|
|
|
African Minerals Ltd. * #
|
|
|
367,324
|
|
|
|
115,589
|
|
|
Anglo American Plc #
|
|
|
2,530,158
|
|
See Notes to Financial Statements
AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
United Kingdom: (continued)
|
|
|
|
|
|
|
2,680,256
|
|
|
Cenatamin Plc * #
|
|
$
|
1,987,732
|
|
|
|
39,575
|
|
|
Investec Plc #
|
|
|
287,476
|
|
|
|
31,655
|
|
|
Lonmin Plc * #
|
|
|
162,312
|
|
|
|
387,556
|
|
|
Old Mutual Plc #
|
|
|
1,216,218
|
|
|
|
468,219
|
|
|
Ophir Energy Plc * #
|
|
|
2,543,168
|
|
|
|
32,313
|
|
|
Petra Diamonds Ltd. * #
|
|
|
63,482
|
|
|
|
14,983
|
|
|
Randgold Resources Ltd. (ADR)
|
|
|
941,082
|
|
|
|
187,036
|
|
|
Tullow Oil Plc #
|
|
|
2,655,005
|
|
|
|
|
|
|
|
|
|
20,260,320
|
|
|
United States: 0.2%
|
|
|
|
|
|
|
3,785
|
|
|
Royal Caribbean Cruises Ltd.
|
|
|
179,485
|
|
Total Common Stocks
(Cost: $94,218,808)
|
|
|
106,449,782
|
|
|
REAL ESTATE INVESTMENT TRUSTS: 0.6%
|
|
|
|
|
|
Nigeria: 0.0%
|
|
|
|
|
|
|
40,301
|
|
|
Afriland Properties Plc * # §
|
|
|
519
|
|
|
South Africa: 0.6%
|
|
|
|
|
|
|
80,244
|
|
|
Capital Property Fund #
|
|
|
81,650
|
|
|
|
114,326
|
|
|
Growthpoint Properties Ltd. #
|
|
|
265,362
|
|
|
|
271,976
|
|
|
Redefine Properties Ltd.
|
|
|
252,922
|
|
|
|
|
|
|
|
|
|
599,934
|
|
Total Real Estate Investment Trusts
(Cost: $606,340)
|
|
|
600,453
|
|
|
Number
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments Before Collateral for
Securities Loaned: 98.9%
|
|
|
|
|
|
(Cost: $94,825,148)
|
|
$
|
107,050,235
|
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES LOANED: 2.7%
|
|
|
|
|
|
(Cost: $2,965,174)
|
|
|
|
|
|
|
2,965,174
|
|
|
Bank of New York Overnight
Government Fund
|
|
|
2,965,174
|
|
Total Investments: 101.6%
(Cost: $97,790,322)
|
|
|
110,015,409
|
|
|
Liabilities in excess of other assets: (1.6)%
|
|
|
(1,770,670
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
108,244,739
|
|
|
ADR
|
American Depositary Receipt
|
|
CAD
|
Canadian Dollar
|
|
GBP
|
British Pound
|
|
GDR
|
Global Depositary Receipt
|
|
NOK
|
Norwegian Krone
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $2,816,515.
|
|
#
|
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 $76,125,051 which represents 70.3% of net assets.
|
|
§
|
Illiquid Security - the aggregate value of illiquid securities is $519 which represents 0.0% of net assets.
|
|
Reg S
|
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
|
|
Summary of Investments by Sector Excluding
|
|
|
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
17.4
|
%
|
|
$
|
18,670,226
|
|
|
Communications
|
|
|
14.8
|
|
|
|
15,882,146
|
|
|
Consumer, Cyclical
|
|
|
1.8
|
|
|
|
1,910,911
|
|
|
Consumer, Non-cyclical
|
|
|
7.8
|
|
|
|
8,294,864
|
|
|
Diversified
|
|
|
2.9
|
|
|
|
3,055,683
|
|
|
Energy
|
|
|
16.4
|
|
|
|
17,581,455
|
|
|
Financial
|
|
|
38.4
|
|
|
|
41,138,851
|
|
|
Industrial
|
|
|
0.4
|
|
|
|
441,633
|
|
|
Technology
|
|
|
0.1
|
|
|
|
74,466
|
|
|
|
|
|
100.0
|
%
|
|
$
|
107,050,235
|
|
See Notes to Financial Statements
The summary of inputs used to value
the Fund’s investments as of December 31, 2013 is as follows:
|
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
Level 1
|
|
Significant
|
|
Significant
|
|
|
|
|
|
Quoted
|
|
Observable
|
|
Unobservable
|
|
|
|
|
|
Prices
|
|
Inputs
|
|
Inputs
|
|
Value
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
|
$
|
1,233,908
|
|
|
$
|
30,158
|
|
|
|
$
|
–
|
|
|
$
|
1,264,066
|
|
|
Canada
|
|
|
5,603,341
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
5,603,341
|
|
|
Egypt
|
|
|
8,694,696
|
|
|
|
14,606,847
|
|
|
|
|
–
|
|
|
|
23,301,543
|
|
|
France
|
|
|
–
|
|
|
|
2,216,793
|
|
|
|
|
–
|
|
|
|
2,216,793
|
|
|
Ireland
|
|
|
–
|
|
|
|
1,538,907
|
|
|
|
|
–
|
|
|
|
1,538,907
|
|
|
Kenya
|
|
|
–
|
|
|
|
1,331,765
|
|
|
|
|
–
|
|
|
|
1,331,765
|
|
|
Malta
|
|
|
125,992
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
125,992
|
|
|
Morocco
|
|
|
9,156,520
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
9,156,520
|
|
|
Nigeria
|
|
|
811,664
|
|
|
|
17,625,429
|
|
|
|
|
–
|
|
|
|
18,437,093
|
|
|
Singapore
|
|
|
–
|
|
|
|
1,090,779
|
|
|
|
|
–
|
|
|
|
1,090,779
|
|
|
South Africa
|
|
|
3,925,574
|
|
|
|
18,017,604
|
|
|
|
|
–
|
|
|
|
21,943,178
|
|
|
United Kingdom
|
|
|
941,082
|
|
|
|
19,319,238
|
|
|
|
|
–
|
|
|
|
20,260,320
|
|
|
United States
|
|
|
179,485
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
179,485
|
|
|
Real Estate Investment Trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nigeria
|
|
|
–
|
|
|
|
–
|
|
|
|
|
519
|
|
|
|
519
|
|
|
South Africa
|
|
|
252,922
|
|
|
|
347,012
|
|
|
|
|
–
|
|
|
|
599,934
|
|
|
Money Market Fund
|
|
|
2,965,174
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
2,965,174
|
|
|
Total
|
|
$
|
33,890,358
|
|
|
$
|
76,124,532
|
|
|
|
$
|
519
|
|
|
$
|
110,015,409
|
|
During the year ended December 31, 2013, transfers of securities
from Level 1 to Level 2 were $18,057,681 and transfers from Level 2 to Level 1 were $4,920,530. 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.
The following table reconciles the valuation of the Fund’s
Level 3 investment securities and related transactions during the year ended December 31, 2013:
|
|
|
Real Estate
|
|
|
|
Investment Trusts
|
|
|
|
Nigeria
|
|
Balance as of December 31, 2012
|
|
|
$
|
–
|
|
|
Realized gain (loss)
|
|
|
|
–
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
(208
|
)
|
|
Purchases
|
|
|
|
727
|
|
|
Sales
|
|
|
|
–
|
|
|
Transfers in and/or out of level 3
|
|
|
|
–
|
|
|
Balance as of December 31, 2013
|
|
|
$
|
519
|
|
See Notes to Financial Statements
BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 85.3%
|
|
|
|
|
|
Basic Materials: 2.2%
|
|
|
|
|
|
|
3,364,942
|
|
|
Beadell Resources Ltd. (AUD) * #
|
|
$
|
2,396,396
|
|
|
|
1,519,784
|
|
|
MMX Mineracao e Metalicos S.A. *
|
|
|
450,927
|
|
|
|
653,150
|
|
|
Paranapanema S.A. *
|
|
|
1,442,370
|
|
|
|
|
|
|
|
|
|
4,289,693
|
|
|
Communications: 2.1%
|
|
|
|
|
|
|
256,900
|
|
|
B2W Cia Global Do Varejo *
|
|
|
1,662,759
|
|
|
|
928,880
|
|
|
NII Holdings, Inc. (USD) * †
|
|
|
2,554,420
|
|
|
|
|
|
|
|
|
|
4,217,179
|
|
|
Consumer, Cyclical: 17.5%
|
|
|
|
|
|
|
176,600
|
|
|
Arezzo Industria e Comercio S.A.
|
|
|
2,226,915
|
|
|
|
169,550
|
|
|
Autometal S.A.
|
|
|
1,250,471
|
|
|
|
1,550,608
|
|
|
Brookfield Incorporacoes S.A. *
|
|
|
755,833
|
|
|
|
1,130,600
|
|
|
Even Construtora e Incorporadora S.A.
|
|
|
3,905,644
|
|
|
|
399,972
|
|
|
Gol Linhas Aereas Inteligentes S.A.
(ADR) * †
|
|
|
1,827,872
|
|
|
|
421,000
|
|
|
Grendene S.A.
|
|
|
3,228,098
|
|
|
|
273,000
|
|
|
International Meal Co. Holdings S.A. *
|
|
|
2,111,794
|
|
|
|
367,750
|
|
|
Iochpe Maxion S.A.
|
|
|
4,076,152
|
|
|
|
391,650
|
|
|
Magazine Luiza S.A. *
|
|
|
1,253,346
|
|
|
|
172,750
|
|
|
Mahle-Metal Leve S.A. Industria e
Comercio
|
|
|
2,006,294
|
|
|
|
259,800
|
|
|
Marisa Lojas S.A.
|
|
|
2,048,227
|
|
|
|
1,352,800
|
|
|
MRV Engenharia e Participacoes S.A.
|
|
|
4,833,784
|
|
|
|
137,150
|
|
|
Positivo Informatica S.A.
|
|
|
166,841
|
|
|
|
315,200
|
|
|
Restoque Comercio e Confeccoes de
Roupas S.A.
|
|
|
801,611
|
|
|
|
184,250
|
|
|
Smiles S.A.
|
|
|
2,537,367
|
|
|
|
350,500
|
|
|
Tecnisa S.A. *
|
|
|
1,331,135
|
|
|
|
|
|
|
|
|
|
34,361,384
|
|
|
Consumer, Non-cyclical: 29.5%
|
|
|
|
|
|
|
257,950
|
|
|
Abril Educacao S.A.
|
|
|
3,651,809
|
|
|
|
243,150
|
|
|
American Banknote S.A.
|
|
|
3,318,610
|
|
|
|
897,350
|
|
|
Brazil Pharma S.A. *
|
|
|
2,571,193
|
|
|
|
940,250
|
|
|
Diagnosticos da America S.A.
|
|
|
5,802,708
|
|
|
|
1,224,040
|
|
|
Estacio Participacoes S.A.
|
|
|
10,589,237
|
|
|
|
328,200
|
|
|
Fleury S.A.
|
|
|
2,559,661
|
|
|
|
227,600
|
|
|
GAEC Educacao S.A. *
|
|
|
2,045,192
|
|
|
|
1,374,000
|
|
|
Marfrig Alimentos S.A. *
|
|
|
2,329,554
|
|
|
|
404,750
|
|
|
Mills Estruturas e Servicos de
Engenharia S.A.
|
|
|
5,661,439
|
|
|
|
453,000
|
|
|
Minerva S.A. *
|
|
|
2,208,117
|
|
|
|
732,200
|
|
|
Qualicorp S.A. *
|
|
|
6,982,939
|
|
|
|
243,950
|
|
|
Santos Brasil Participacoes S.A.
|
|
|
1,958,425
|
|
|
|
267,700
|
|
|
Sao Martinho S.A.
|
|
|
3,256,539
|
|
|
|
202,300
|
|
|
Ser Educacional S.A. *
|
|
|
2,015,068
|
|
|
|
260,900
|
|
|
SLC Agricola S.A.
|
|
|
2,255,954
|
|
|
|
138,000
|
|
|
Technos S.A.
|
|
|
947,589
|
|
|
|
|
|
|
|
|
|
58,154,034
|
|
|
Energy: 1.8%
|
|
|
|
|
|
|
1,287,850
|
|
|
HRT Participacoes em Petroleo S.A. *
|
|
|
496,744
|
|
|
|
357,800
|
|
|
QGEP Participacoes S.A.
|
|
|
1,483,219
|
|
|
|
1,022,279
|
|
|
Vanguarda Agro S.A. *
|
|
|
1,486,242
|
|
|
|
|
|
|
|
|
|
3,466,205
|
|
|
Financial: 18.9%
|
|
|
|
|
|
|
325,400
|
|
|
Aliansce Shopping Centers S.A.
|
|
|
2,524,031
|
|
|
|
612,700
|
|
|
Brasil Brokers Participacoes S.A.
|
|
|
1,519,252
|
|
|
|
432,950
|
|
|
Brasil Insurance Participacoes e
Administracao S.A.
|
|
|
3,349,089
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
Financial: (continued)
|
|
|
|
|
|
|
393,050
|
|
|
Direcional Engenharia S.A.
|
|
$
|
1,999,195
|
|
|
|
402,900
|
|
|
EZ Tec Empreendimentos e
Participacoes S.A.
|
|
|
4,976,372
|
|
|
|
1,114,002
|
|
|
Gafisa S.A. (ADR) †
|
|
|
3,486,826
|
|
|
|
376,390
|
|
|
GP Investments Ltd. (BDR) *
|
|
|
686,013
|
|
|
|
513,455
|
|
|
Helbor Empreendimentos S.A.
|
|
|
1,697,552
|
|
|
|
275,850
|
|
|
Iguatemi Empresa de Shopping
Centers S.A.
|
|
|
2,607,377
|
|
|
|
465,350
|
|
|
JHSF Participacoes S.A.
|
|
|
840,263
|
|
|
|
271,022
|
|
|
LPS Brasil Consultoria de Imoveis S.A.
|
|
|
1,658,814
|
|
|
|
1,258,850
|
|
|
Odontoprev S.A.
|
|
|
5,245,097
|
|
|
|
5,770,650
|
|
|
PDG Realty S.A. Empreendimentos e
Participacoes *
|
|
|
4,427,202
|
|
|
|
1,292,092
|
|
|
Rossi Residencial S.A. *
|
|
|
1,117,248
|
|
|
|
135,850
|
|
|
Sonae Sierra Brasil S.A.
|
|
|
1,049,717
|
|
|
|
|
|
|
|
|
|
37,184,048
|
|
|
Industrial: 3.3%
|
|
|
|
|
|
|
315,250
|
|
|
Julio Simoes Logistica S.A.
|
|
|
2,132,623
|
|
|
|
2,775,600
|
|
|
LLX Logistica S.A. *
|
|
|
1,270,594
|
|
|
|
892,165
|
|
|
Magnesita Refratarios S.A.
|
|
|
2,231,122
|
|
|
|
124,400
|
|
|
Tegma Gestao Logistica S.A.
|
|
|
949,115
|
|
|
|
|
|
|
|
|
|
6,583,454
|
|
|
Technology: 1.0%
|
|
|
|
|
|
|
97,750
|
|
|
Linx S.A.
|
|
|
1,985,039
|
|
|
Utilities: 9.0%
|
|
|
|
|
|
|
605,750
|
|
|
Alupar Investimento S.A. *
|
|
|
4,172,274
|
|
|
|
244,950
|
|
|
Cia de Saneamento de Minas Gerais S.A.
|
|
|
3,862,304
|
|
|
|
1,059,200
|
|
|
Eneva S.A. *
|
|
|
1,346,869
|
|
|
|
544,972
|
|
|
Equatorial Energia S.A.
|
|
|
5,347,505
|
|
|
|
318,450
|
|
|
Light S.A.
|
|
|
2,985,743
|
|
|
|
|
|
|
|
|
|
17,714,695
|
|
Total Common Stocks
(Cost: $204,901,138)
|
|
|
167,955,731
|
|
|
PREFERRED STOCKS: 10.7%
|
|
|
|
|
|
Basic Materials: 0.4%
|
|
|
|
|
|
|
136,350
|
|
|
Cia de Ferro Ligas da Bahia
|
|
|
762,300
|
|
|
Communications: 0.2%
|
|
|
|
|
|
|
48,000
|
|
|
Saraiva S.A. Livreiros Editores
|
|
|
528,371
|
|
|
Consumer, Cyclical: 3.2%
|
|
|
|
|
|
|
515,341
|
|
|
Alpargatas S.A.
|
|
|
3,232,827
|
|
|
|
645,100
|
|
|
Randon Implementos e
Participacoes S.A.
|
|
|
3,141,761
|
|
|
|
|
|
|
|
|
|
6,374,588
|
|
|
Financial: 4.8%
|
|
|
|
|
|
|
197,963
|
|
|
Banco ABC Brasil S.A.
|
|
|
1,060,613
|
|
|
|
239,600
|
|
|
Banco Daycoval S.A.
|
|
|
812,462
|
|
|
|
289,550
|
|
|
Banco Industrial e Comercial S.A.
|
|
|
908,200
|
|
|
|
457,213
|
|
|
Banco Panamericano S.A. *
|
|
|
889,523
|
|
|
|
917,368
|
|
|
Sul America S.A.
|
|
|
5,750,926
|
|
|
|
|
|
|
|
|
|
9,421,724
|
|
|
Utilities: 2.1%
|
|
|
|
|
|
|
143,050
|
|
|
Cia Energetica do Ceara
|
|
|
2,546,614
|
|
|
|
390,600
|
|
|
Eletropaulo Metropolitana Eletricidade
de Sao Paulo S.A.
|
|
|
1,549,652
|
|
|
|
|
|
|
|
|
|
4,096,266
|
|
Total Preferred Stocks
(Cost: $19,508,998)
|
|
|
21,183,249
|
|
See Notes to Financial Statements
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST: 2.7%
(Cost: $5,255,160)
|
|
|
|
|
|
Financial: 2.7%
|
|
|
|
|
|
|
93,172
|
|
|
FII BTG Pactual Corporate Office Fund
|
|
$
|
5,286,033
|
|
Total Investments Before Collateral
for Securities Loaned: 98.7%
|
|
|
|
|
|
(Cost: $229,665,296)
|
|
|
194,425,013
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS HELD AS
COLLATERAL FOR
SECURITIES LOANED: 3.9%
|
|
|
|
|
|
Repurchase Agreements: 3.9%
|
|
|
|
|
|
$
|
380,400
|
|
|
Repurchase agreement dated 12/31/2013 with Barclays
Capital, 0.01%, due 1/2/2014, proceeds $380,400; (collateralized by various U.S. government and agency obligations,
0.00% to 4.75%, due 5/15/2014 to 8/15/2043, valued at $388,008 including accrued interest)
|
|
|
380,400
|
|
|
|
1,806,916
|
|
|
Repurchase agreement dated 12/31/2013 with Citigroup
Global Markets, Inc., 0.02%, due 1/2/2014, proceeds $1,806,918; (collateralized by various U.S. government
and agency obligations, 2.08% to 11.00%, due 12/15/2015 to 8/15/2053, valued at $1,843,054 including accrued
interest)
|
|
|
1,806,916
|
|
Principal
Amount
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
$
|
1,806,916
|
|
|
Repurchase agreement dated 12/31/2013 with
Deutsche Bank, Inc., 0.03%, due 1/2/2014, proceeds $1,806,919; (collateralized by various U.S. government and
agency obligations, 0.00% to 8.00%, due 1/24/2014 to 2/1/2047, valued at $1,843,055 including accrued
interest)
|
|
$
|
1,806,916
|
|
|
|
1,806,916
|
|
|
Repurchase agreement dated 12/31/2013 with HSBC
Securities USA, Inc., 0.01%, due 1/2/2014, proceeds $1,806,917; (collateralized by various U.S. government obligations, 0.88%
to 0.88%, due 9/15/2016 to 9/15/2016, valued at $1,843,061 including accrued interest)
|
|
|
1,806,916
|
|
|
|
1,806,916
|
|
|
Repurchase agreement dated 12/31/2013 with Merrill
Lynch Pierce Fenner & Smith, Inc., 0.01%, due 1/2/2014, proceeds $1,806,917; (collateralized by various U.S.
government and agency obligations, 1.36% to 7.00%, due 6/1/2017 to 9/1/2044, valued at $1,843,054 including
accrued interest)
|
|
|
1,806,916
|
|
Total Short-Term Investments Held as
Collateral for Securities Loaned
|
|
|
|
|
|
(Cost: $7,608,064)
|
|
|
7,608,064
|
|
Total Investments: 102.6%
(Cost: $237,273,360)
|
|
|
202,033,077
|
|
|
Liabilities in excess of other assets: (2.6)%
|
|
|
(5,142,354
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
196,890,723
|
|
|
ADR
|
American Depositary Receipt
|
|
AUD
|
Australian Dollar
|
|
BDR
|
Brazilian Depositary Receipt
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $7,038,826.
|
|
#
|
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 $2,396,396 which represents 1.2% of net assets.
|
Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
2.6
|
%
|
|
$
|
5,051,993
|
|
|
Communications
|
|
|
2.4
|
|
|
|
4,745,550
|
|
|
Consumer, Cyclical
|
|
|
21.0
|
|
|
|
40,735,972
|
|
|
Consumer, Non-cyclical
|
|
|
29.9
|
|
|
|
58,154,034
|
|
|
Energy
|
|
|
1.8
|
|
|
|
3,466,205
|
|
|
Financial
|
|
|
26.7
|
|
|
|
51,891,805
|
|
|
Industrial
|
|
|
3.4
|
|
|
|
6,583,454
|
|
|
Technology
|
|
|
1.0
|
|
|
|
1,985,039
|
|
|
Utilities
|
|
|
11.2
|
|
|
|
21,810,961
|
|
|
|
|
|
100.0
|
%
|
|
$
|
194,425,013
|
|
See Notes to Financial Statements
BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
1,893,297
|
|
$
|
2,396,396
|
|
|
$
|
–
|
|
|
$
|
4,289,693
|
|
Communications
|
|
|
4,217,179
|
|
|
–
|
|
|
|
–
|
|
|
|
4,217,179
|
|
Consumer, Cyclical
|
|
|
34,361,384
|
|
|
–
|
|
|
|
–
|
|
|
|
34,361,384
|
|
Consumer, Non-cyclical
|
|
|
58,154,034
|
|
|
–
|
|
|
|
–
|
|
|
|
58,154,034
|
|
Energy
|
|
|
3,466,205
|
|
|
–
|
|
|
|
–
|
|
|
|
3,466,205
|
|
Financial
|
|
|
37,184,048
|
|
|
–
|
|
|
|
–
|
|
|
|
37,184,048
|
|
Industrial
|
|
|
6,583,454
|
|
|
–
|
|
|
|
–
|
|
|
|
6,583,454
|
|
Technology
|
|
|
1,985,039
|
|
|
–
|
|
|
|
–
|
|
|
|
1,985,039
|
|
Utilities
|
|
|
17,714,695
|
|
|
–
|
|
|
|
–
|
|
|
|
17,714,695
|
|
Preferred Stocks*
|
|
|
21,183,249
|
|
|
–
|
|
|
|
–
|
|
|
|
21,183,249
|
|
Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
|
|
|
5,286,033
|
|
|
–
|
|
|
|
–
|
|
|
|
5,286,033
|
|
Repurchase Agreements
|
|
|
–
|
|
|
7,608,064
|
|
|
|
–
|
|
|
|
7,608,064
|
|
Total
|
|
$
|
192,028,617
|
|
$
|
10,004,460
|
|
|
$
|
–
|
|
|
$
|
202,033,077
|
|
*
|
See Schedule of Investments for security type and industry sector breakouts.
|
See Notes to Financial Statements
CHINAAMC A-SHARE ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS: 62.7%
|
|
|
|
|
|
|
1,634,504
|
|
|
Blackrock Federal Fund
|
|
$
|
1,634,504
|
|
|
|
4,191,814
|
|
|
Dreyfus Government Cash
Management Fund
|
|
|
4,191,814
|
|
|
|
4,191,814
|
|
|
Federated Government Obligation Fund
|
|
|
4,191,814
|
|
|
|
4,191,814
|
|
|
Fidelity Institutional Money Market
Government Fund Class 1
|
|
|
4,191,814
|
|
|
|
4,191,815
|
|
|
Western Asset Institutional Government
Money Market Fund
|
|
|
4,191,815
|
|
Total Money Market Funds
(Cost: $18,401,761)
|
|
|
18,401,761
|
|
|
Other assets less liabilities: 37.3%
|
|
|
10,942,076
|
|
|
NET ASSETS: 100.0%
|
|
$
|
29,343,837
|
|
As of December 31, 2013, the Fund had an outstanding swap contract
with the following terms:
Total Return Swap Contracts – Long Exposure
|
Counterparty
|
|
Referenced Obligation
|
|
Notional Amount
|
|
Rate paid
by the
Fund
|
|
Termination
Date
|
|
% of
Net
Assets
|
|
Unrealized
Depreciation
|
|
Credit Suisse Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Europe) Limited
|
|
CSI 300 Total Return Index*
|
|
$30,902,149
|
|
1.00%
|
|
01/15/14
|
|
(5.9)%
|
|
|
$(1,718,321)
|
|
|
*
|
Segregated cash collateral for swap contracts held at broker is $10,200,000.
|
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
Money Market Funds
|
|
|
100.0
|
%
|
|
$18,401,761
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
|
Money Market Funds
|
|
$
|
18,401,761
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
$
|
18,401,761
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap Contracts
|
|
$
|
–
|
|
$
|
(1,718,321
|
)
|
|
|
$
|
–
|
|
|
$
|
(1,718,321
|
)
|
See Notes to Financial Statements
COLOMBIA ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 84.7%
|
|
|
|
|
Basic Materials: 1.1%
|
|
|
|
|
|
12,455
|
|
|
Continental Gold Ltd. (CAD) *
|
|
$
|
39,631
|
|
|
Consumer, Cyclical: 5.1%
|
|
|
|
|
|
|
11,318
|
|
|
Almacenes Exito S.A.
|
|
|
175,928
|
|
|
Consumer, Non-cyclical: 5.6%
|
|
|
|
|
|
|
14,078
|
|
|
Grupo Nutresa S.A.
|
|
|
192,861
|
|
|
Energy: 20.5%
|
|
|
|
|
|
|
9,914
|
|
|
Canacol Energy Ltd. (CAD) *
|
|
|
66,544
|
|
|
|
6,418
|
|
|
Ecopetrol S.A. (ADR) †
|
|
|
246,772
|
|
|
|
22,209
|
|
|
Gran Tierra Energy, Inc. (USD) *
|
|
|
162,348
|
|
|
|
8,937
|
|
|
Pacific Rubiales Energy Corp. (CAD)
|
|
|
154,299
|
|
|
|
12,396
|
|
|
Parex Resources, Inc. (CAD) *
|
|
|
76,786
|
|
|
|
|
|
|
|
|
|
706,749
|
|
|
Financial: 26.5%
|
|
|
|
|
|
|
20,080
|
|
|
BanColombia S.A.
|
|
|
247,827
|
|
|
|
4,588
|
|
|
BanColombia S.A. (ADR)
|
|
|
224,904
|
|
|
|
1,793,955
|
|
|
Bolsa de Valores de Colombia
|
|
|
20,821
|
|
|
|
7,586
|
|
|
Corp Financiera Colombiana S.A.
|
|
|
155,651
|
|
|
|
15,299
|
|
|
Grupo de Inversiones Suramericana S.A.
|
|
|
267,138
|
|
|
|
|
|
|
|
|
|
916,341
|
|
|
Industrial: 10.7%
|
|
|
|
|
|
|
33,128
|
|
|
Cementos Argos S.A.
|
|
|
168,215
|
|
|
|
20,167
|
|
|
Grupo Argos S.A.
|
|
|
203,133
|
|
|
|
|
|
|
|
|
|
371,348
|
|
|
Utilities: 15.2%
|
|
|
|
|
|
|
25,513
|
|
|
Cia Colombiana de Inversiones S.A.
|
|
|
75,085
|
|
|
|
178,513
|
|
|
Empresa de Energia de Bogota S.A.
|
|
|
141,978
|
|
|
|
33,128
|
|
|
Interconexion Electrica S.A. E.S.P.
|
|
|
156,199
|
|
|
|
90,419
|
|
|
Isagen S.A. E.S.P.
|
|
|
152,260
|
|
|
|
|
|
|
|
|
|
525,522
|
|
Total Common Stocks
(Cost: $2,945,824)
|
|
|
2,928,380
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS: 15.4%
|
|
|
|
|
Financial: 10.9%
|
|
|
|
|
|
7,129
|
|
|
Banco Davivienda S.A.
|
|
$
|
87,395
|
|
|
|
205,127
|
|
|
Grupo Aval Acciones y Valores
|
|
|
135,511
|
|
|
|
8,412
|
|
|
Grupo de Inversiones Suramericana S.A.
|
|
|
152,462
|
|
|
|
|
|
|
|
|
|
375,368
|
|
|
Industrial: 4.5%
|
|
|
|
|
|
|
15,389
|
|
|
Grupo Argos S.A.
|
|
|
155,485
|
|
Total Preferred Stocks
(Cost: $535,556)
|
|
|
530,853
|
|
MONEY MARKET FUND: 2.4%
(Cost: $82,131)
|
|
|
|
|
|
|
82,131
|
|
|
Dreyfus Government Cash
Management Fund
|
|
|
82,131
|
|
Total
Investments Before Collateral
for
Securities Loaned: 102.5%
|
|
|
|
|
|
(Cost: $3,563,511)
|
|
|
3,541,364
|
|
|
SHORT-TERM
INVESTMENT HELD AS COLLATERAL
FOR SECURITIES LOANED: 6.8%
|
|
|
|
|
|
(Cost: $235,248)
|
|
|
|
|
|
|
235,248
|
|
|
Bank of New York Overnight
Government Fund
|
|
|
235,248
|
|
Total Investments: 109.3%
(Cost: $3,798,759)
|
|
|
3,776,612
|
|
|
Liabilities in excess of other assets: (9.3)%
|
|
|
(320,130
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
3,456,482
|
|
|
ADR
|
American Depositary Receipt
|
|
CAD
|
Canadian Dollar
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $229,216.
|
See Notes to Financial Statements
|
Summary of Investments by Sector Excluding
|
|
|
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
1.1
|
%
|
|
$
|
39,631
|
|
|
Consumer, Cyclical
|
|
|
5.0
|
|
|
|
175,928
|
|
|
Consumer, Non-cyclical
|
|
|
5.4
|
|
|
|
192,861
|
|
|
Energy
|
|
|
20.0
|
|
|
|
706,749
|
|
|
Financial
|
|
|
36.5
|
|
|
|
1,291,709
|
|
|
Industrial
|
|
|
14.9
|
|
|
|
526,833
|
|
|
Utilities
|
|
|
14.8
|
|
|
|
525,522
|
|
|
Money Market Fund
|
|
|
2.3
|
|
|
|
82,131
|
|
|
|
|
|
100.0
|
%
|
|
$
|
3,541,364
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
|
Value
|
|
|
Common Stocks*
|
|
$
|
2,928,380
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
2,928,380
|
|
|
Preferred Stocks*
|
|
|
530,853
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
530,853
|
|
|
Money Market Funds
|
|
|
317,379
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
317,379
|
|
|
Total
|
|
$
|
3,776,612
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
3,776,612
|
|
|
*
|
See Schedule of Investments for security type and industry sector breakouts.
|
See Notes to Financial Statements
EGYPT INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 100.1%
|
|
|
|
|
Basic Materials: 14.7%
|
|
|
|
|
|
2,973,779
|
|
|
Cenatamin Plc (GBP) * #
|
|
$
|
2,205,415
|
|
|
|
256,951
|
|
|
Egyptian Financial & Industrial Co. * #
|
|
|
428,284
|
|
|
|
1,095,489
|
|
|
Ezz Steel * #
|
|
|
2,427,018
|
|
|
|
842,635
|
|
|
Sidi Kerir Petrochemcials Co. #
|
|
|
2,089,933
|
|
|
|
|
|
|
|
|
|
7,150,650
|
|
|
Communications: 16.4%
|
|
|
|
|
|
|
1,147,987
|
|
|
Global Telecom Holding (GDR) * #
Reg S
|
|
|
3,851,378
|
|
|
|
16,670,976
|
|
|
Orascom Telecom Media and
Technology Holding SAE #
|
|
|
1,857,568
|
|
|
|
1,068,829
|
|
|
Telecom Egypt #
|
|
|
2,281,059
|
|
|
|
|
|
|
|
|
|
7,990,005
|
|
|
Consumer, Cyclical: 1.7%
|
|
|
|
|
|
|
1,279,924
|
|
|
Arab Cotton Ginning Co. #
|
|
|
811,332
|
|
|
Consumer, Non-cyclical: 7.2%
|
|
|
|
|
|
|
1,547,287
|
|
|
Juhayna Food Industries
|
|
|
3,493,813
|
|
|
Diversified: 5.8%
|
|
|
|
|
|
|
3,049,988
|
|
|
Egyptian Kuwaiti Holding Co. (USD) #
|
|
|
2,796,217
|
|
|
Energy: 12.9%
|
|
|
|
|
|
|
2,275,927
|
|
|
Circle Oil Plc (GBP) *
|
|
|
749,188
|
|
|
|
1,162,736
|
|
|
Maridive & Oil Services SAE (USD) *
|
|
|
1,162,736
|
|
|
|
798,857
|
|
|
Petroceltic International Plc (GBP) * †
|
|
|
2,315,435
|
|
|
|
244,392
|
|
|
Transglobe Energy Corp. (CAD) *
|
|
|
2,042,542
|
|
|
|
|
|
|
|
|
|
6,269,901
|
|
|
Financial: 36.7%
|
|
|
|
|
|
|
4,628,873
|
|
|
Amer Group Holding #
|
|
|
491,493
|
|
|
|
2,553,644
|
|
|
Citadel Capital Corp. * #
|
|
|
1,286,723
|
|
|
|
870,334
|
|
|
Commercial International Bank Egypt
SAE (GDR) Reg S
|
|
|
3,907,800
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Financial: (continued)
|
|
|
|
|
|
2,116,375
|
|
|
Egyptian Financial Group-Hermes
Holding SAE * #
|
|
$
|
2,692,563
|
|
|
|
2,572,220
|
|
|
Egyptian for Tourism Resorts Co. * #
|
|
|
423,087
|
|
|
|
420,096
|
|
|
Medinet Nasr Housing * #
|
|
|
1,414,844
|
|
|
|
4,374,276
|
|
|
Palm Hills Developments SAE * #
|
|
|
1,666,815
|
|
|
|
1,787,644
|
|
|
Pioneers Holding * #
|
|
|
1,375,436
|
|
|
|
354,199
|
|
|
Six of October Development &
Investment Co. *
|
|
|
1,152,534
|
|
|
|
3,821,214
|
|
|
Talaat Moustafa Group * #
|
|
|
3,431,720
|
|
|
|
|
|
|
|
|
|
17,843,015
|
|
|
Industrial: 4.7%
|
|
|
|
|
|
|
498,052
|
|
|
El Sewedy Electric Co.
|
|
|
2,292,951
|
|
Total Common Stocks
(Cost: $41,586,324)
|
|
|
48,647,884
|
|
RIGHTS: 0.0%
(Cost: $0)
|
|
|
|
|
|
|
2,133,957
|
|
|
Citadel Capital Corp. Rights
(EGP 0.00, expiring 02/23/14) * #
|
|
|
0
|
|
SHORT-TERM
INVESTMENT HELD AS
COLLATERAL FOR SECURITIES LOANED: 0.1%
|
|
|
|
|
|
(Cost: $38,350)
|
|
|
|
|
|
|
38,350
|
|
|
Bank of New York Overnight
Government Fund
|
|
|
38,350
|
|
Total Investments: 100.2%
(Cost: $41,624,674)
|
|
|
48,686,234
|
|
|
Liabilities in excess of other assets: (0.2)%
|
|
|
(114,813
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
48,571,421
|
|
|
CAD
|
Canadian Dollar
|
|
EGP
|
Egyptian Pound
|
|
GBP
|
British Pound
|
|
GDR
|
Global Depositary Receipt
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $36,146.
|
|
#
|
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 $31,530,885 which represents 64.9% of net assets.
|
|
Reg S
|
Security was purchased pursuant to Regulation S under the Securities Act
of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot
be sold in the United States without either an effective registration statement filed pursuant to the Securities
Act of 1933, or pursuant to an exemption from registration.
|
See Notes to Financial Statements
|
Summary of Investments by Sector Excluding
|
|
|
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
14.7
|
%
|
|
$
|
7,150,650
|
|
|
Communications
|
|
|
16.4
|
|
|
|
7,990,005
|
|
|
Consumer, Cyclical
|
|
|
1.7
|
|
|
|
811,332
|
|
|
Consumer, Non-cyclical
|
|
|
7.2
|
|
|
|
3,493,813
|
|
|
Diversified
|
|
|
5.7
|
|
|
|
2,796,217
|
|
|
Energy
|
|
|
12.9
|
|
|
|
6,269,901
|
|
|
Financial
|
|
|
36.7
|
|
|
|
17,843,015
|
|
|
Industrial
|
|
|
4.7
|
|
|
|
2,292,951
|
|
|
|
|
|
100.0
|
%
|
|
$
|
48,647,884
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
–
|
|
|
$
|
7,150,650
|
|
|
$
|
–
|
|
|
$
|
7,150,650
|
|
|
Communications
|
|
|
–
|
|
|
|
7,990,005
|
|
|
|
–
|
|
|
|
7,990,005
|
|
|
Consumer, Cyclical
|
|
|
–
|
|
|
|
811,332
|
|
|
|
–
|
|
|
|
811,332
|
|
|
Consumer, Non-cyclical
|
|
|
3,493,813
|
|
|
|
–
|
|
|
|
–
|
|
|
|
3,493,813
|
|
|
Diversified
|
|
|
–
|
|
|
|
2,796,217
|
|
|
|
–
|
|
|
|
2,796,217
|
|
|
Energy
|
|
|
6,269,901
|
|
|
|
–
|
|
|
|
–
|
|
|
|
6,269,901
|
|
|
Financial
|
|
|
5,060,334
|
|
|
|
12,782,681
|
|
|
|
–
|
|
|
|
17,843,015
|
|
|
Industrial
|
|
|
2,292,951
|
|
|
|
–
|
|
|
|
–
|
|
|
|
2,292,951
|
|
|
Rights
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Money Market Fund
|
|
|
38,350
|
|
|
|
–
|
|
|
|
–
|
|
|
|
38,350
|
|
|
Total
|
|
$
|
17,155,349
|
|
|
$
|
31,530,885
|
|
|
$
|
–
|
|
|
$
|
48,686,234
|
|
During the year ended December 31, 2013, transfers of securities
from Level 1 to Level 2 were $13,947,856 and transfers from Level 2 to Level 1 were $766,735. 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
GERMANY
SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 94.6%
|
|
|
|
|
|
Basic Materials: 7.4%
|
|
|
|
|
|
839
|
|
|
H&R WASAG A.G. * #
|
|
$
|
10,050
|
|
|
|
2,446
|
|
|
Salzgitter A.G. #
|
|
|
104,481
|
|
|
|
1,806
|
|
|
SGL Carbon S.E. #
|
|
|
71,724
|
|
|
|
5,561
|
|
|
Symrise A.G. #
|
|
|
256,992
|
|
|
|
|
|
|
|
|
|
443,247
|
|
|
Communications: 6.2%
|
|
|
|
|
|
2,504
|
|
|
ADVA A.G. Optical Networking * #
|
|
|
12,941
|
|
|
|
2,807
|
|
|
Drillisch A.G. #
|
|
|
81,588
|
|
|
|
7,329
|
|
|
Freenet A.G. #
|
|
|
220,567
|
|
|
|
5,913
|
|
|
QSC A.G. #
|
|
|
35,022
|
|
|
|
1,088
|
|
|
Stroer Out-of-Home Media A.G. * #
|
|
|
19,387
|
|
|
|
|
|
|
|
|
|
369,505
|
|
|
Consumer, Cyclical: 11.6%
|
|
|
|
|
|
824
|
|
|
BayWa A.G. #
|
|
|
42,958
|
|
|
|
569
|
|
|
Beter Bed Holding NV
|
|
|
13,803
|
|
|
|
1,221
|
|
|
CTS Eventim A.G. #
|
|
|
61,986
|
|
|
|
347
|
|
|
Delticom A.G. #
|
|
|
15,331
|
|
|
|
1,934
|
|
|
ElringKlinger A.G. #
|
|
|
78,918
|
|
|
|
1,576
|
|
|
Gerry Weber International A.G. #
|
|
|
67,092
|
|
|
|
587
|
|
|
Grammer A.G. #
|
|
|
28,099
|
|
|
|
1,580
|
|
|
NORMA Group A.G. #
|
|
|
78,674
|
|
|
|
210
|
|
|
Rational A.G. #
|
|
|
69,778
|
|
|
|
2,885
|
|
|
SAF-Holland S.A. * #
|
|
|
43,089
|
|
|
|
400
|
|
|
Tipp24 S.E. * #
|
|
|
26,814
|
|
|
|
1,142
|
|
|
Tom Tailor Holding AG *
|
|
|
25,965
|
|
|
|
8,827
|
|
|
TUI A.G. * #
|
|
|
145,863
|
|
|
|
|
|
|
|
|
|
698,370
|
|
|
Consumer, Non-cyclical: 15.7%
|
|
|
|
|
|
2,542
|
|
|
Algeta ASA (NOK) * #
|
|
|
150,564
|
|
|
|
355
|
|
|
Bertrandt A.G. #
|
|
|
54,299
|
|
|
|
1,810
|
|
|
Carl Zeiss Meditec A.G. #
|
|
|
60,532
|
|
|
|
6,310
|
|
|
Evotec A.G. * † #
|
|
|
31,976
|
|
|
|
1,021
|
|
|
GFK S.E.
|
|
|
56,705
|
|
|
|
1,573
|
|
|
Hamburger Hafen und Logistik A.G. #
|
|
|
38,584
|
|
|
|
1,466
|
|
|
Morphosys A.G. * #
|
|
|
113,207
|
|
|
|
792
|
|
|
Sixt A.G. #
|
|
|
25,565
|
|
|
|
3,611
|
|
|
Stada Arzneimittel A.G. #
|
|
|
179,073
|
|
|
|
5,921
|
|
|
Wirecard A.G. #
|
|
|
234,750
|
|
|
|
|
|
|
|
|
|
945,255
|
|
|
Energy: 1.0%
|
|
|
|
|
|
1,221
|
|
|
CropEnergies A.G. #
|
|
|
10,068
|
|
|
|
3,857
|
|
|
Nordex S.E. * #
|
|
|
51,233
|
|
|
|
|
|
|
|
|
|
61,301
|
|
|
Financial: 18.6%
|
|
|
|
|
|
2,702
|
|
|
Aareal Bank A.G. * #
|
|
|
107,386
|
|
|
|
1,168
|
|
|
Aurelius A.G. #
|
|
|
47,536
|
|
|
|
4,581
|
|
|
CA Immobilien Anlagen A.G. #
|
|
|
81,356
|
|
|
|
1,706
|
|
|
Comdirect Bank A.G. #
|
|
|
19,542
|
|
|
|
3,854
|
|
|
Conwert Immobilien Invest S.E. #
|
|
|
49,513
|
|
|
|
609
|
|
|
Deutsche Beteiligungs AG #
|
|
|
17,400
|
|
|
|
2,882
|
|
|
Deutsche Euroshop A.G. #
|
|
|
126,363
|
|
|
|
16,375
|
|
|
Deutsche Wohnen A.G. #
|
|
|
316,706
|
|
|
|
2,268
|
|
|
DIC Asset AG #
|
|
|
20,938
|
|
|
|
9,475
|
|
|
GAGFAH S.A. * #
|
|
|
139,945
|
|
|
|
2,699
|
|
|
GSW Immobilien A.G. #
|
|
|
104,617
|
|
|
|
1,925
|
|
|
Patrizia Immobilien A.G. * #
|
|
|
20,363
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Financial: (continued)
|
|
|
|
|
|
5,260
|
|
|
TAG Immobilien A.G.
#
|
|
$
|
63,727
|
|
|
|
|
|
|
|
|
|
1,115,392
|
|
|
Industrial: 26.1%
|
|
|
|
|
|
2,144
|
|
|
Aurubis A.G. #
|
|
|
131,045
|
|
|
|
2,322
|
|
|
Balda A.G. * #
|
|
|
15,563
|
|
|
|
556
|
|
|
Bauer A.G. #
|
|
|
14,420
|
|
|
|
516
|
|
|
CENTROTEC Sustainable A.G. #
|
|
|
13,269
|
|
|
|
5,149
|
|
|
Deutz A.G. * #
|
|
|
46,159
|
|
|
|
1,562
|
|
|
Duerr A.G. #
|
|
|
139,808
|
|
|
|
1,897
|
|
|
Gerresheimer A.G. #
|
|
|
133,131
|
|
|
|
4,010
|
|
|
Gildemeister A.G. #
|
|
|
128,175
|
|
|
|
14,151
|
|
|
Heidelberger Druckmaschinen A.G. * #
|
|
|
50,400
|
|
|
|
1,166
|
|
|
Indus Holding A.G. #
|
|
|
46,930
|
|
|
|
2,730
|
|
|
Jenoptik A.G. #
|
|
|
46,527
|
|
|
|
5,836
|
|
|
Kloeckner & Co. S.E. * #
|
|
|
80,203
|
|
|
|
924
|
|
|
Krones A.G. #
|
|
|
79,560
|
|
|
|
1,639
|
|
|
KUKA A.G. #
|
|
|
77,048
|
|
|
|
2,077
|
|
|
Leoni A.G. #
|
|
|
155,866
|
|
|
|
1,331
|
|
|
LPKF Laser & Electronics A.G. #
|
|
|
34,100
|
|
|
|
596
|
|
|
Pfeiffer Vacuum Technology A.G. #
|
|
|
81,269
|
|
|
|
2,090
|
|
|
Rheinmetall A.G. #
|
|
|
129,152
|
|
|
|
1,789
|
|
|
Rofin-Sinar Technologies, Inc. (USD) *
|
|
|
48,339
|
|
|
|
640
|
|
|
SMA Solar Technology A.G. #
|
|
|
20,310
|
|
|
|
271
|
|
|
Vossloh A.G. #
|
|
|
27,116
|
|
|
|
571
|
|
|
VTG A.G. #
|
|
|
11,812
|
|
|
|
1,383
|
|
|
Wacker Neuson S.E. #
|
|
|
21,913
|
|
|
|
7,203
|
|
|
Yingli Green Energy Holding Co.
Ltd. (ADR) * †
|
|
|
36,375
|
|
|
|
|
|
|
|
|
|
1,568,490
|
|
|
Technology: 8.0%
|
|
|
|
|
|
6,650
|
|
|
Aixtron S.E. (ADR) *
|
|
|
96,558
|
|
|
|
654
|
|
|
Bechtle A.G. #
|
|
|
44,660
|
|
|
|
744
|
|
|
Cancom S.E. #
|
|
|
31,535
|
|
|
|
2,443
|
|
|
Kontron A.G. #
|
|
|
17,555
|
|
|
|
3,925
|
|
|
Software AG #
|
|
|
137,739
|
|
|
|
1,106
|
|
|
Suss Microtec A.G. * #
|
|
|
9,867
|
|
|
|
496
|
|
|
Voxeljet A.G. (ADR) *
|
|
|
19,587
|
|
|
|
1,746
|
|
|
Wincor Nixdorf A.G. #
|
|
|
121,395
|
|
|
|
|
|
|
|
|
|
478,896
|
|
Total Common Stocks
(Cost: $5,241,131)
|
|
5,680,456
|
|
|
PREFERRED STOCKS: 3.1%
|
|
|
|
|
Consumer, Non-cyclical: 0.9%
|
|
|
|
|
|
404
|
|
|
Draegerwerk A.G. & Co. KGaA
#
|
|
|
52,929
|
|
|
Industrial: 2.2%
|
|
|
|
|
|
1,017
|
|
|
Jungheinrich A.G. #
|
|
|
66,365
|
|
|
|
542
|
|
|
Sartorius A.G. #
|
|
|
64,618
|
|
|
|
|
|
|
|
|
|
130,983
|
|
Total Preferred Stocks
(Cost: $155,470)
|
|
183,912
|
|
|
REAL ESTATE INVESTMENT TRUSTS: 2.4%
|
|
|
|
|
Financial: 2.4%
|
|
|
|
|
|
4,417
|
|
|
Alstria Office A.G.
|
|
|
55,703
|
|
|
|
5,351
|
|
|
Dundee International
|
|
|
42,405
|
|
|
|
26,871
|
|
|
Hansteen Holdings Plc #
|
|
|
48,196
|
|
Total Real Estate Investment Trusts
(Cost: $152,541)
|
|
146,304
|
|
See Notes to Financial Statements
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND: 1.3%
(Cost: $79,207)
|
|
|
|
|
|
79,207
|
|
|
Dreyfus Government Cash
Management Fund
|
|
$
|
79,207
|
|
Total Investments Before Collateral for
Securities Loaned: 101.4%
|
|
|
|
|
(Cost:
$5,628,349)
|
|
6,089,879
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES LOANED: 1.1%
|
|
|
|
|
(Cost: $67,174)
|
|
|
|
|
|
67,174
|
|
|
Bank of New York Overnight
Government Fund
|
|
$
|
67,174
|
|
Total Investments: 102.5%
(Cost: $5,695,523)
|
|
6,157,053
|
|
|
Liabilities in excess of other assets: (2.5)%
|
|
(151,288
|
)
|
|
NET ASSETS: 100.0%
|
$
|
6,005,765
|
|
|
ADR
|
American Depositary Receipt
|
|
NOK
|
Norwegian Krone
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $63,331.
|
|
#
|
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 $5,615,232 which represents 93.5% of net assets.
|
Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
7.3
|
%
|
|
$
|
443,247
|
|
|
Communications
|
|
|
6.1
|
|
|
|
369,505
|
|
|
Consumer, Cyclical
|
|
|
11.5
|
|
|
|
698,370
|
|
|
Consumer, Non-cyclical
|
|
|
16.4
|
|
|
|
998,184
|
|
|
Energy
|
|
|
1.0
|
|
|
|
61,301
|
|
|
Financial
|
|
|
20.7
|
|
|
|
1,261,696
|
|
|
Industrial
|
|
|
27.9
|
|
|
|
1,699,473
|
|
|
Technology
|
|
|
7.8
|
|
|
|
478,896
|
|
|
Money Market Fund
|
|
|
1.3
|
|
|
|
79,207
|
|
|
|
|
|
100.0
|
%
|
|
$
|
6,089,879
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
–
|
|
|
$
|
443,247
|
|
|
$
|
–
|
|
|
$
|
443,247
|
|
Communications
|
|
|
–
|
|
|
|
369,505
|
|
|
|
–
|
|
|
|
369,505
|
|
Consumer, Cyclical
|
|
|
39,768
|
|
|
|
658,602
|
|
|
|
–
|
|
|
|
698,370
|
|
Consumer, Non-cyclical
|
|
|
56,705
|
|
|
|
888,550
|
|
|
|
–
|
|
|
|
945,255
|
|
Energy
|
|
|
–
|
|
|
|
61,301
|
|
|
|
–
|
|
|
|
61,301
|
|
Financial
|
|
|
–
|
|
|
|
1,115,392
|
|
|
|
–
|
|
|
|
1,115,392
|
|
Industrial
|
|
|
84,714
|
|
|
|
1,483,776
|
|
|
|
–
|
|
|
|
1,568,490
|
|
Technology
|
|
|
116,145
|
|
|
|
362,751
|
|
|
|
–
|
|
|
|
478,896
|
|
Preferred Stocks*
|
|
|
–
|
|
|
|
183,912
|
|
|
|
–
|
|
|
|
183,912
|
|
Real Estate Investment Trusts Financial
|
|
|
98,108
|
|
|
|
48,196
|
|
|
|
–
|
|
|
|
146,304
|
|
Money Market Funds
|
|
|
146,381
|
|
|
|
–
|
|
|
|
–
|
|
|
|
146,381
|
|
Total
|
|
$
|
541,821
|
|
|
$
|
5,615,232
|
|
|
$
|
–
|
|
|
$
|
6,157,053
|
|
*
|
See Schedule of Investments for security type and industry sector breakouts.
|
During the year ended December 31, 2013, transfers of securities
from Level 1 to Level 2 were $177,305. 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
GULF STATES INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 100.0%
|
|
|
|
|
Kuwait: 23.4%
|
|
|
|
|
|
90,000
|
|
|
Abyaar Real Estate Development * # $
|
|
|
17,259
|
|
|
|
35,000
|
|
|
ALAFCO Aviation Lease and Finance
Co. KSCC
|
|
|
35,322
|
|
|
|
53,750
|
|
|
Boubyan Bank KSC * #
|
|
|
106,565
|
|
|
|
50,000
|
|
|
Boubyan Petrochemicals Co.
|
|
|
115,085
|
|
|
|
73,503
|
|
|
Burgan Bank
|
|
|
143,154
|
|
|
|
215,000
|
|
|
Commercial Real Estate Co. KSCC #
|
|
|
70,164
|
|
|
|
4,000
|
|
|
First Investment Co. KSCC * #
|
|
|
1,448
|
|
|
|
177,775
|
|
|
Gulf Bank KSC *
|
|
|
236,068
|
|
|
|
243,834
|
|
|
Kuwait Finance House
|
|
|
690,748
|
|
|
|
65,000
|
|
|
Kuwait International Bank
|
|
|
67,900
|
|
|
|
57,734
|
|
|
Kuwait Investment Projects Co. KSCC
|
|
|
126,753
|
|
|
|
37,500
|
|
|
Mabanee Co. SAKC
|
|
|
148,725
|
|
|
|
330,000
|
|
|
Mobile Telecommunications Co. KSC
|
|
|
806,303
|
|
|
|
291,465
|
|
|
National Bank of Kuwait SAK #
|
|
|
918,008
|
|
|
|
115,000
|
|
|
National Industries Group Holding S.A. * #
|
|
|
95,409
|
|
|
|
45,000
|
|
|
National Investments Co. KSCC * #
|
|
|
25,501
|
|
|
|
83,500
|
|
|
Public Warehousing Co. KSC #
|
|
|
204,101
|
|
|
|
|
|
|
|
|
|
3,808,513
|
|
|
Oman: 9.9%
|
|
|
|
|
|
464,293
|
|
|
Bank Muscat SAOG
|
|
|
766,988
|
|
|
|
110,313
|
|
|
Oman Telecommunications Co.
|
|
|
431,224
|
|
|
|
143,615
|
|
|
Omani Qatari Telecommunications
Co. SAOG
|
|
|
223,816
|
|
|
|
96,814
|
|
|
Renaissance Services SAOG * #
|
|
|
184,207
|
|
|
|
|
|
|
|
|
|
1,606,235
|
|
|
Qatar: 24.3%
|
|
|
|
|
|
16,414
|
|
|
Barwa Real Estate Co. QSC #
|
|
|
134,477
|
|
|
|
8,350
|
|
|
Commercial Bank of Qatar #
|
|
|
162,474
|
|
|
|
10,899
|
|
|
Doha Bank QSC
|
|
|
174,192
|
|
|
|
5,519
|
|
|
Gulf International Services OSC #
|
|
|
92,642
|
|
|
|
12,250
|
|
|
Industries Qatar QSC
|
|
|
568,179
|
|
|
|
62,009
|
|
|
Masraf Al Rayan QSC
|
|
|
532,990
|
|
|
|
2,087
|
|
|
National Leasing
|
|
|
17,279
|
|
|
|
4,218
|
|
|
Qatar Electricity & Water Co. QSC #
|
|
|
210,818
|
|
|
|
2,192
|
|
|
Qatar Fuel Co.
|
|
|
171,014
|
|
|
|
22,677
|
|
|
Qatar Gas Transport Co. Ltd. Nakilat
|
|
|
126,104
|
|
|
|
4,853
|
|
|
Qatar International Islamic Bank #
|
|
|
82,243
|
|
|
|
8,373
|
|
|
Qatar Islamic Bank SAQ #
|
|
|
158,632
|
|
|
|
14,168
|
|
|
Qatar National Bank SAQ
|
|
|
669,201
|
|
|
|
4,831
|
|
|
Qatar Navigation
|
|
|
110,112
|
|
|
|
11,350
|
|
|
Qatar Telecom (Qtel) QSC
|
|
|
427,631
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
Qatar: (continued)
|
|
|
|
|
|
14,225
|
|
|
United Development Co.
|
|
$
|
88,323
|
|
|
|
78,455
|
|
|
Vodafone Qatar QSC *
|
|
|
230,744
|
|
|
|
|
|
|
|
|
|
3,957,055
|
|
|
South Korea: 2.8%
|
|
|
|
|
|
7,138
|
|
|
Samsung Engineering Co. Ltd #
|
|
|
447,123
|
|
|
United Arab Emirates: 36.9%
|
|
|
|
|
|
461,739
|
|
|
Abu Dhabi Commercial Bank
|
|
|
817,126
|
|
|
|
449,269
|
|
|
Air Arabia PJSC #
|
|
|
190,144
|
|
|
|
617,915
|
|
|
Aldar Properties PJSC #
|
|
|
466,183
|
|
|
|
302,536
|
|
|
Arabtec Holding Co. PJSC * #
|
|
|
236,663
|
|
|
|
636,197
|
|
|
Dana Gas PJSC * #
|
|
|
157,991
|
|
|
|
32,646
|
|
|
DP World Ltd. (USD) #
|
|
|
578,629
|
|
|
|
314,659
|
|
|
Dubai Financial Market PJSC * #
|
|
|
211,818
|
|
|
|
116,633
|
|
|
Dubai Islamic Bank #
|
|
|
170,529
|
|
|
|
586,978
|
|
|
Emaar Properties PJSC #
|
|
|
1,222,419
|
|
|
|
147,496
|
|
|
First Gulf Bank PJSC #
|
|
|
756,301
|
|
|
|
25,589
|
|
|
Lamprell Plc (GBP) * #
|
|
|
59,536
|
|
|
|
211,685
|
|
|
National Bank of Abu Dhabi PJSC #
|
|
|
802,354
|
|
|
|
206,133
|
|
|
Union National Bank of Abu Dhabi PJSC #
|
|
|
329,881
|
|
|
|
|
|
|
|
|
|
5,999,574
|
|
|
United States: 2.7%
|
|
|
|
|
|
47,413
|
|
|
McDermott International, Inc. *
|
|
|
434,303
|
|
Total Common Stocks
(Cost: $11,651,149)
|
|
16,252,803
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
CONVERTIBLE BONDS: 0.1%
|
|
|
|
|
Oman: 0.1%
|
|
|
|
|
$
|
20,696
|
|
|
Bank Muscat SAOG 4.50%, 03/20/16
|
|
|
5,806
|
|
|
|
841
|
|
|
Bank Muscat SAOG 7.00%, 03/20/14
|
|
|
2,534
|
|
Total Convertible Bonds
(Cost: $8,098)
|
|
8,340
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Shares
|
|
|
|
|
|
|
|
MONEY
MARKET FUND: 0.1%
(Cost: $16,787)
|
|
|
|
|
|
16,787
|
|
|
Dreyfus Government Cash
Management Fund
|
|
|
16,787
|
|
Total Investments: 100.2%
(Cost: $11,676,034)
|
|
16,277,930
|
|
|
Liabilities in excess of other assets: (0.2)%
|
|
(26,670
|
)
|
|
NET ASSETS: 100.0%
|
$
|
16,251,260
|
|
|
GBP
|
British Pound
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
#
|
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 $8,093,519 which represents 49.8% of net assets.
|
See Notes to Financial Statements
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
4.2
|
%
|
|
$
|
683,264
|
|
|
Communications
|
|
|
13.0
|
|
|
|
2,119,718
|
|
|
Consumer, Cyclical
|
|
|
2.4
|
|
|
|
394,245
|
|
|
Consumer, Non-cyclical
|
|
|
3.5
|
|
|
|
578,629
|
|
|
Diversified
|
|
|
0.8
|
|
|
|
126,753
|
|
|
Energy
|
|
|
3.0
|
|
|
|
481,183
|
|
|
Financial
|
|
|
60.7
|
|
|
|
9,883,887
|
|
|
Industrial
|
|
|
10.2
|
|
|
|
1,656,542
|
|
|
Utilities
|
|
|
2.1
|
|
|
|
336,922
|
|
|
Money Market Fund
|
|
|
0.1
|
|
|
|
16,787
|
|
|
|
|
|
100.0
|
%
|
|
$
|
16,277,930
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kuwait
|
|
$
|
2,370,058
|
|
$
|
1,438,455
|
|
|
$
|
–
|
|
|
$
|
3,808,513
|
|
Oman
|
|
|
1,422,028
|
|
|
184,207
|
|
|
|
–
|
|
|
|
1,606,235
|
|
Qatar
|
|
|
3,115,769
|
|
|
841,286
|
|
|
|
–
|
|
|
|
3,957,055
|
|
South Korea
|
|
|
–
|
|
|
447,123
|
|
|
|
–
|
|
|
|
447,123
|
|
United Arab Emirates
|
|
|
817,126
|
|
|
5,182,448
|
|
|
|
–
|
|
|
|
5,999,574
|
|
United States
|
|
|
434,303
|
|
|
–
|
|
|
|
–
|
|
|
|
434,303
|
|
Convertible Bonds*
|
|
|
–
|
|
|
8,340
|
|
|
|
–
|
|
|
|
8,340
|
|
Money Market Fund
|
|
|
16,787
|
|
|
–
|
|
|
|
–
|
|
|
|
16,787
|
|
Total
|
|
$
|
8,176,071
|
|
$
|
8,101,859
|
|
|
$
|
–
|
|
|
$
|
16,277,930
|
|
*
|
See Schedule of Investments for security type and geographic sector breakouts.
|
During the year ended December 31, 2013, transfers of securities
from Level 1 to Level 2 were $1,173,913 and transfers from Level 2 to Level 1 were $3,000,421. 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
INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 99.9%
|
|
|
|
|
Basic Materials: 1.6%
|
|
|
|
|
|
86,705
|
|
|
Andhra Pradesh Paper Mills * #
|
|
$
|
381,561
|
|
|
|
907,316
|
|
|
Chambal Fertilizers & Chemicals Ltd. #
|
|
|
589,118
|
|
|
|
868,747
|
|
|
Gujarat State Fertilisers & Chemicals
Ltd. #
|
|
|
759,084
|
|
|
|
|
|
|
|
|
|
1,729,763
|
|
|
Communications: 7.3%
|
|
|
|
|
|
793,198
|
|
|
DEN Networks Ltd. * #
|
|
|
2,065,275
|
|
|
|
676,573
|
|
|
Hathway Cable & Datacom Ltd. * #
|
|
|
3,105,930
|
|
|
|
343,376
|
|
|
Mahanagar Telephone Nigam * #
|
|
|
81,156
|
|
|
|
70,819
|
|
|
Makemytrip Ltd. (USD) *
|
|
|
1,363,974
|
|
|
|
3,731,698
|
|
|
TV18 Broadcast Ltd. * #
|
|
|
1,442,085
|
|
|
|
|
|
|
|
|
|
8,058,420
|
|
|
Consumer, Cyclical: 18.7%
|
|
|
|
|
|
6,129,773
|
|
|
Alok Industries Ltd. #
|
|
|
838,940
|
|
|
|
1,012,852
|
|
|
Amtek Auto Ltd. #
|
|
|
1,225,983
|
|
|
|
1,831,428
|
|
|
Apollo Tyres Ltd. #
|
|
|
3,181,334
|
|
|
|
1,148,592
|
|
|
Arvind Ltd. #
|
|
|
2,542,345
|
|
|
|
5,800,710
|
|
|
Ashok Leyland Ltd. #
|
|
|
1,620,016
|
|
|
|
450,280
|
|
|
Bombay Dyeing & Manufacturing
Co. Ltd. #
|
|
|
554,439
|
|
|
|
545,698
|
|
|
Cox & Kings Ltd. #
|
|
|
1,016,703
|
|
|
|
200,403
|
|
|
Eros International Media Ltd. #
|
|
|
547,211
|
|
|
|
200,717
|
|
|
Gitanjali Gems Ltd. *
|
|
|
233,799
|
|
|
|
247,660
|
|
|
Jet Airways India Ltd. * #
|
|
|
1,171,044
|
|
|
|
390,467
|
|
|
PC Jeweller Ltd. #
|
|
|
541,183
|
|
|
|
643,715
|
|
|
Rajesh Exports Ltd. #
|
|
|
804,625
|
|
|
|
133,821
|
|
|
Raymond Ltd. #
|
|
|
611,227
|
|
|
|
356,326
|
|
|
Sobha Developers Ltd. #
|
|
|
1,798,575
|
|
|
|
2,268,595
|
|
|
SpiceJet Ltd. * #
|
|
|
645,088
|
|
|
|
54,504
|
|
|
State Trading Corp. India of Ltd. #
|
|
|
151,135
|
|
|
|
148,251
|
|
|
Timken India Ltd. #
|
|
|
412,178
|
|
|
|
25,379
|
|
|
TTK Prestige Ltd. #
|
|
|
1,428,769
|
|
|
|
1,035,767
|
|
|
TVS Motor Co. Ltd.
|
|
|
1,271,789
|
|
|
|
|
|
|
|
|
|
20,596,383
|
|
|
Consumer, Non-cyclical: 7.8%
|
|
|
|
|
|
76,635
|
|
|
Ajanta Pharma Ltd. #
|
|
|
1,174,319
|
|
|
|
3,717,324
|
|
|
Bajaj Hindusthan Ltd. #
|
|
|
849,192
|
|
|
|
1,334,483
|
|
|
Balrampur Chini Mills Ltd. #
|
|
|
993,448
|
|
|
|
397,720
|
|
|
McLeod Russel India Ltd.
|
|
|
2,067,848
|
|
|
|
3,306,892
|
|
|
REI Agro Ltd. #
|
|
|
353,276
|
|
|
|
2,988,157
|
|
|
Shree Renuka Sugars Ltd. #
|
|
|
968,639
|
|
|
|
859,631
|
|
|
Sun Pharma Advanced Research Co.
Ltd. * #
|
|
|
2,240,905
|
|
|
|
|
|
|
|
|
|
8,647,627
|
|
|
Diversified: 3.2%
|
|
|
|
|
|
|
94,874
|
|
|
Aban Offshore Ltd. #
|
|
|
596,790
|
|
|
|
202,855
|
|
|
Century Textile & Industries Ltd. #
|
|
|
1,030,568
|
|
|
|
496,155
|
|
|
Delta Corp Ltd. #
|
|
|
836,030
|
|
|
|
1,991,007
|
|
|
Sintex Industries Ltd. #
|
|
|
1,099,230
|
|
|
|
|
|
|
|
|
|
3,562,618
|
|
|
Energy: 1.4%
|
|
|
|
|
|
637,843
|
|
|
Niko Resources Ltd. (CAD) *
|
|
|
1,524,820
|
|
|
Financial: 20.4%
|
|
|
|
|
|
|
817,604
|
|
|
Allahabad Bank #
|
|
|
1,259,672
|
|
|
|
1,072,262
|
|
|
Anant Raj Industries Ltd. * #
|
|
|
1,085,451
|
|
|
|
1,016,646
|
|
|
Andhra Bank #
|
|
|
1,032,521
|
|
|
|
62,250
|
|
|
Credit Analysis & Research Ltd. #
|
|
|
727,534
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial: 20.4%
|
|
|
|
|
|
530,344
|
|
|
DB Realty Ltd. * #
|
|
$
|
509,786
|
|
|
|
635,988
|
|
|
Dena Bank #
|
|
|
626,731
|
|
|
|
1,113,904
|
|
|
Development Credit Bank Ltd. * #
|
|
|
981,942
|
|
|
|
699,429
|
|
|
Dewan Housing Finance Corp. Ltd. #
|
|
|
2,411,982
|
|
|
|
154,875
|
|
|
Financial Technologies India Ltd. #
|
|
|
464,352
|
|
|
|
2,512,117
|
|
|
Housing Development & Infrastructure
Ltd. * #
|
|
|
2,176,202
|
|
|
|
6,643,105
|
|
|
IFCI Ltd. #
|
|
|
2,767,290
|
|
|
|
1,046,752
|
|
|
India Infoline Ltd. #
|
|
|
1,057,090
|
|
|
|
924,413
|
|
|
Indiabulls Real Estate Ltd. #
|
|
|
1,033,188
|
|
|
|
1,646,285
|
|
|
JM Financial Ltd. #
|
|
|
776,598
|
|
|
|
838,644
|
|
|
Karnataka Bank Ltd. #
|
|
|
1,512,412
|
|
|
|
3,438,691
|
|
|
Manappuram Finance Ltd. #
|
|
|
871,809
|
|
|
|
869,702
|
|
|
Parsvnath Developers Ltd. * #
|
|
|
361,978
|
|
|
|
688,106
|
|
|
SKS Microfinance Ltd. * #
|
|
|
2,116,574
|
|
|
|
1,005,409
|
|
|
SREI Infrastructure Finance Ltd. #
|
|
|
386,714
|
|
|
|
540,178
|
|
|
Vijaya Bank Ltd. #
|
|
|
344,069
|
|
|
|
|
|
|
|
|
|
22,503,895
|
|
|
Industrial: 19.1%
|
|
|
|
|
|
97,141
|
|
|
ABG Shipyard Ltd. * #
|
|
|
430,865
|
|
|
|
90,793
|
|
|
BEML Ltd. #
|
|
|
347,149
|
|
|
|
157,325
|
|
|
BGR Energy Systems Ltd. #
|
|
|
319,967
|
|
|
|
545,611
|
|
|
Escorts Ltd. #
|
|
|
1,214,440
|
|
|
|
69,870
|
|
|
Ess Dee Aluminium Ltd. #
|
|
|
620,417
|
|
|
|
719,877
|
|
|
Gateway Distriparks Ltd. #
|
|
|
1,632,426
|
|
|
|
2,700,122
|
|
|
Hindustan Construction Co. Ltd. * #
|
|
|
656,387
|
|
|
|
1,116,167
|
|
|
India Cements Ltd. #
|
|
|
1,087,242
|
|
|
|
875,568
|
|
|
IRB Infrastructure Developers Ltd. #
|
|
|
1,314,486
|
|
|
|
551,151
|
|
|
Jai Corp. Ltd. #
|
|
|
664,534
|
|
|
|
2,374,307
|
|
|
Jain Irrigation Systems Ltd. #
|
|
|
2,794,420
|
|
|
|
1,188,942
|
|
|
Madras Cements Ltd.
|
|
|
3,681,866
|
|
|
|
386,903
|
|
|
Praj Industries Ltd. #
|
|
|
283,433
|
|
|
|
2,141,903
|
|
|
Punj Lloyd Ltd. * #
|
|
|
997,921
|
|
|
|
10,758,697
|
|
|
Suzlon Energy Ltd. * #
|
|
|
1,793,826
|
|
|
|
308,094
|
|
|
VIP Industries Ltd. #
|
|
|
321,272
|
|
|
|
901,729
|
|
|
Voltas Ltd. #
|
|
|
1,694,830
|
|
|
|
1,170,425
|
|
|
Welspun Corp. Ltd. #
|
|
|
1,202,585
|
|
|
|
|
|
|
|
|
|
21,058,066
|
|
|
Technology: 16.0%
|
|
|
|
|
|
1,525,483
|
|
|
Hexaware Technologies Ltd. #
|
|
|
3,250,667
|
|
|
|
860,691
|
|
|
KPIT Cummins Infosystems Ltd. #
|
|
|
2,388,330
|
|
|
|
230,538
|
|
|
MindTree Ltd. #
|
|
|
5,704,566
|
|
|
|
269,580
|
|
|
NIIT Technologies Ltd. #
|
|
|
1,575,758
|
|
|
|
452,102
|
|
|
Polaris Software Lab Ltd. #
|
|
|
992,281
|
|
|
|
791,378
|
|
|
Rolta India Ltd. #
|
|
|
861,805
|
|
|
|
2,147,402
|
|
|
Vakrangee Software Ltd. #
|
|
|
2,888,496
|
|
|
|
|
|
|
|
|
|
17,661,903
|
|
|
Utilities: 4.4%
|
|
|
|
|
|
7,603,149
|
|
|
GVK Power & Infrastructure Ltd. * #
|
|
|
1,163,447
|
|
|
|
305,223
|
|
|
Indraprastha Gas Ltd. #
|
|
|
1,327,175
|
|
|
|
5,249,408
|
|
|
Lanco Infratech Ltd. * #
|
|
|
650,944
|
|
|
|
1,613,364
|
|
|
PTC India Ltd. #
|
|
|
1,730,343
|
|
|
|
|
|
|
|
|
|
4,871,909
|
|
Total Common Stocks
(Cost: $110,163,878)
|
|
110,215,404
|
|
See Notes to Financial Statements
|
|
Number
of Shares
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND: 10.8%
(Cost: $11,972,899)
|
|
|
|
|
|
11,972,899
|
|
|
Dreyfus Government Cash
Management Fund
|
|
$
|
11,972,899
|
|
Total Investments: 110.7%
(Cost: $122,136,777)
|
|
122,188,303
|
|
|
Liabilities in excess of other assets: (10.7)%
|
|
(11,836,404
|
)
|
|
NET ASSETS: 100.0%
|
$
|
110,351,899
|
|
|
CAD
|
Canadian Dollar
|
|
USD
|
United States Dollar
|
|
(a)
|
Represents consolidated Schedule of Investments.
|
|
*
|
Non-income producing
|
|
#
|
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 $100,071,308 which represents 90.7% of net assets.
|
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
1.4
|
%
|
|
$
|
1,729,763
|
|
|
Communications
|
|
|
6.6
|
|
|
|
8,058,420
|
|
|
Consumer, Cyclical
|
|
|
16.9
|
|
|
|
20,596,383
|
|
|
Consumer, Non-cyclical
|
|
|
7.1
|
|
|
|
8,647,627
|
|
|
Diversified
|
|
|
2.9
|
|
|
|
3,562,618
|
|
|
Energy
|
|
|
1.2
|
|
|
|
1,524,820
|
|
|
Financial
|
|
|
18.4
|
|
|
|
22,503,895
|
|
|
Industrial
|
|
|
17.2
|
|
|
|
21,058,066
|
|
|
Technology
|
|
|
14.5
|
|
|
|
17,661,903
|
|
|
Utilities
|
|
|
4.0
|
|
|
|
4,871,909
|
|
|
Money Market Fund
|
|
|
9.8
|
|
|
|
11,972,899
|
|
|
|
|
|
100.0
|
%
|
|
$
|
122,188,303
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level
1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
–
|
|
$
|
1,729,763
|
|
|
$
|
–
|
|
|
$
|
1,729,763
|
|
Communications
|
|
|
1,363,974
|
|
|
6,694,446
|
|
|
|
–
|
|
|
|
8,058,420
|
|
Consumer, Cyclical
|
|
|
1,505,588
|
|
|
19,090,795
|
|
|
|
–
|
|
|
|
20,596,383
|
|
Consumer, Non-cyclical
|
|
|
2,067,848
|
|
|
6,579,779
|
|
|
|
–
|
|
|
|
8,647,627
|
|
Diversified
|
|
|
–
|
|
|
3,562,618
|
|
|
|
–
|
|
|
|
3,562,618
|
|
Energy
|
|
|
1,524,820
|
|
|
–
|
|
|
|
–
|
|
|
|
1,524,820
|
|
Financial
|
|
|
–
|
|
|
22,503,895
|
|
|
|
–
|
|
|
|
22,503,895
|
|
Industrial
|
|
|
3,681,866
|
|
|
17,376,200
|
|
|
|
–
|
|
|
|
21,058,066
|
|
Technology
|
|
|
–
|
|
|
17,661,903
|
|
|
|
–
|
|
|
|
17,661,903
|
|
Utilities
|
|
|
–
|
|
|
4,871,909
|
|
|
|
–
|
|
|
|
4,871,909
|
|
Money Market Fund
|
|
|
11,972,899
|
|
|
–
|
|
|
|
–
|
|
|
|
11,972,899
|
|
Total
|
|
$
|
22,116,995
|
|
$
|
100,071,308
|
|
|
$
|
–
|
|
|
$
|
122,188,303
|
During the year ended December 31, 2013, transfers of securities
from Level 1 to Level 2 were $4,901,259 and transfers from Level 2 to Level 1 were $4,587,635. 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
INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 99.5%
|
|
|
|
|
|
Basic Materials: 1.6%
|
|
|
|
|
|
|
7,357,500
|
|
|
Aneka Tambang Tbk PT #
|
|
$
|
659,630
|
|
|
|
15,206,500
|
|
|
Borneo Lumbung Energi & Meta * #
|
|
|
217,357
|
|
|
|
36,196,200
|
|
|
G-Resources Group Ltd. (HKD) * #
|
|
|
877,653
|
|
|
|
4,599,000
|
|
|
International Nickel Indonesia Tbk PT #
|
|
|
1,003,294
|
|
|
|
944,082
|
|
|
Intrepid Mines Ltd. (AUD) * #
|
|
|
266,458
|
|
|
|
|
|
|
|
|
|
3,024,392
|
|
|
Communications: 13.6%
|
|
|
|
|
|
|
7,742,000
|
|
|
Global Mediacom Tbk PT #
|
|
|
1,209,959
|
|
|
|
1,796,500
|
|
|
Indosat Tbk PT #
|
|
|
613,848
|
|
|
|
10,875,000
|
|
|
Media Nusantara Citra Tbk PT #
|
|
|
2,355,813
|
|
|
|
33,229,000
|
|
|
MNC Investama Tbk PT #
|
|
|
929,755
|
|
|
|
431,868
|
|
|
Telekomunikasi Indonesia Tbk PT (ADR)
|
|
|
15,482,468
|
|
|
|
3,276,500
|
|
|
Tower Bersama Infrastructure * #
|
|
|
1,563,685
|
|
|
|
6,394,500
|
|
|
XL Axiata Tbk PT #
|
|
|
2,735,758
|
|
|
|
|
|
|
|
|
|
24,891,286
|
|
|
Consumer, Cyclical: 12.6%
|
|
|
|
|
|
|
27,609,000
|
|
|
Astra International Tbk PT #
|
|
|
15,462,527
|
|
|
|
173,000
|
|
|
Jardine Cycle & Carriage Ltd. (SGD) #
|
|
|
4,940,181
|
|
|
|
3,022,000
|
|
|
Matahari Department Store Tbk PT * #
|
|
|
2,734,843
|
|
|
|
|
|
|
|
|
|
23,137,551
|
|
|
Consumer, Non-cyclical: 22.3%
|
|
|
|
|
|
|
694,500
|
|
|
Astra Agro Lestari Tbk PT #
|
|
|
1,433,767
|
|
|
|
8,312,000
|
|
|
Charoen Pokphand Indonesi PT #
|
|
|
2,312,366
|
|
|
|
4,561,250
|
|
|
First Pacific Company Ltd. (HKD) #
|
|
|
5,201,070
|
|
|
|
1,083,000
|
|
|
First Resources Ltd. (SGD) #
|
|
|
1,820,264
|
|
|
|
14,145,000
|
|
|
Golden Agri-Resources Ltd. (SGD) #
|
|
|
6,120,216
|
|
|
|
1,187,500
|
|
|
Gudang Garam Tbk PT #
|
|
|
4,107,225
|
|
|
|
2,441,500
|
|
|
Indofood Cbp Sukses Makmur T #
|
|
|
2,050,135
|
|
|
|
9,482,000
|
|
|
Indofood Sukses Makmur Tbk PT #
|
|
|
5,152,922
|
|
|
|
4,496,000
|
|
|
Jasa Marga Persero Tbk PT #
|
|
|
1,748,271
|
|
|
|
44,764,000
|
|
|
Kalbe Farma Tbk PT #
|
|
|
4,610,762
|
|
|
|
6,164,500
|
|
|
Perusahaan Perkebunan London
Sumatra Indonesia Tbk PT #
|
|
|
979,620
|
|
|
|
2,522,000
|
|
|
Unilever Indonesia Tbk PT #
|
|
|
5,402,970
|
|
|
|
|
|
|
|
|
|
40,939,588
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
Energy: 7.4%
|
|
|
|
|
|
|
35,245,000
|
|
|
Adaro Energy Tbk PT #
|
|
$
|
3,166,611
|
|
|
|
5,405,350
|
|
|
Banpu PCL (NVDR) (THB) #
|
|
|
4,984,944
|
|
|
|
175,039
|
|
|
Bumi Plc (GBP) * #
|
|
|
665,479
|
|
|
|
32,504,500
|
|
|
Bumi Resources Tbk PT * #
|
|
|
802,608
|
|
|
|
872,000
|
|
|
Indo Tambangraya Megah Tbk PT #
|
|
|
2,046,297
|
|
|
|
2,350,000
|
|
|
Medco Energi Internasional Tbk PT #
|
|
|
406,809
|
|
|
|
1,777,500
|
|
|
Tambang Batubara Bukit Asam Tbk PT #
|
|
|
1,493,252
|
|
|
|
|
|
|
|
|
|
13,566,000
|
|
|
Financial: 26.9%
|
|
|
|
|
|
|
15,819,000
|
|
|
Bank Central Asia Tbk PT #
|
|
|
12,513,738
|
|
|
|
5,491,848
|
|
|
Bank Danamon Indonesia Tbk PT #
|
|
|
1,706,597
|
|
|
|
18,549,651
|
|
|
Bank Mandiri Persero Tbk PT #
|
|
|
12,005,539
|
|
|
|
9,862,932
|
|
|
Bank Negara Indonesia Persero Tbk PT #
|
|
|
3,212,599
|
|
|
|
18,171,000
|
|
|
Bank Rakyat Indonesia Tbk PT #
|
|
|
10,861,182
|
|
|
|
3,187,000
|
|
|
Blumont Group Ltd. (SGD) * #
|
|
|
217,567
|
|
|
|
19,280,000
|
|
|
Bumi Serpong Damai PT #
|
|
|
2,045,224
|
|
|
|
23,061,000
|
|
|
Ciputra Development Tbk PT #
|
|
|
1,424,081
|
|
|
|
4,467,000
|
|
|
Gallant Venture Ltd. (SGD) * #
|
|
|
957,631
|
|
|
|
41,704,000
|
|
|
Lippo Karawaci Tbk PT #
|
|
|
3,122,239
|
|
|
|
20,030,000
|
|
|
Summarecon Agung Tbk PT #
|
|
|
1,285,683
|
|
|
|
|
|
|
|
|
|
49,352,080
|
|
|
Industrial: 10.5%
|
|
|
|
|
|
|
15,589,500
|
|
|
Alam Sutera Realty Tbk PT #
|
|
|
552,281
|
|
|
|
2,920,000
|
|
|
Indocement Tunggal Prakarsa Tbk PT #
|
|
|
4,810,001
|
|
|
|
6,405,000
|
|
|
Semen Gresik Persero Tbk PT #
|
|
|
7,468,900
|
|
|
|
9,651,000
|
|
|
Trada Maritime Tbk PT * #
|
|
|
1,262,254
|
|
|
|
3,370,469
|
|
|
United Tractors Tbk PT #
|
|
|
5,275,728
|
|
|
|
|
|
|
|
|
|
19,369,164
|
|
|
Utilities: 4.6%
|
|
|
|
|
|
|
22,971,500
|
|
|
Perusahaan Gas Negara Tbk PT #
|
|
|
8,467,589
|
|
|
Total Common Stocks
|
|
|
|
|
|
(Cost: $268,052,563)
|
|
|
182,747,650
|
|
|
REAL ESTATE INVESTMENT TRUST: 0.6%
|
|
|
|
|
|
(Cost: $956,883)
|
|
|
|
|
|
Financial: 0.6%
|
|
|
|
|
|
|
3,027,000
|
|
|
Lippo Malls Indonesia Retail Trust #
|
|
|
998,445
|
|
|
Total Investments: 100.1%
|
|
|
|
|
|
(Cost: $269,009,446)
|
|
|
183,746,095
|
|
|
Liabilities in excess of other assets: (0.1)%
|
|
|
(127,670
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
183,618,425
|
|
|
ADR
|
American Depositary Receipt
|
|
AUD
|
Australian Dollar
|
|
GBP
|
British Pound
|
|
HKD
|
Hong Kong Dollar
|
|
NVDR
|
Non-Voting Depositary Receipt
|
|
SGD
|
Singapore Dollar
|
|
THB
|
Thai Baht
|
|
*
|
Non-income producing
|
|
#
|
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 $168,263,627 which represents 91.6% of net assets.
|
See Notes to Financial Statements
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
1.6
|
%
|
|
$
|
3,024,392
|
|
|
Communications
|
|
|
13.6
|
|
|
|
24,891,286
|
|
|
Consumer, Cyclical
|
|
|
12.6
|
|
|
|
23,137,551
|
|
|
Consumer, Non-cyclical
|
|
|
22.3
|
|
|
|
40,939,588
|
|
|
Energy
|
|
|
7.4
|
|
|
|
13,566,000
|
|
|
Financial
|
|
|
27.4
|
|
|
|
50,350,525
|
|
|
Industrial
|
|
|
10.5
|
|
|
|
19,369,164
|
|
|
Utilities
|
|
|
4.6
|
|
|
|
8,467,589
|
|
|
|
|
|
100.0
|
%
|
|
$
|
183,746,095
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
–
|
|
|
$
|
3,024,392
|
|
|
|
$
|
–
|
|
|
$
|
3,024,392
|
|
Communications
|
|
|
15,482,468
|
|
|
|
9,408,818
|
|
|
|
|
–
|
|
|
|
24,891,286
|
|
Consumer, Cyclical
|
|
|
–
|
|
|
|
23,137,551
|
|
|
|
|
–
|
|
|
|
23,137,551
|
|
Consumer, Non-cyclical
|
|
|
–
|
|
|
|
40,939,588
|
|
|
|
|
–
|
|
|
|
40,939,588
|
|
Energy
|
|
|
–
|
|
|
|
13,566,000
|
|
|
|
|
–
|
|
|
|
13,566,000
|
|
Financial
|
|
|
–
|
|
|
|
49,352,080
|
|
|
|
|
–
|
|
|
|
49,352,080
|
|
Industrial
|
|
|
–
|
|
|
|
19,369,164
|
|
|
|
|
–
|
|
|
|
19,369,164
|
|
Utilities
|
|
|
–
|
|
|
|
8,467,589
|
|
|
|
|
–
|
|
|
|
8,467,589
|
|
Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
|
|
|
–
|
|
|
|
998,445
|
|
|
|
|
–
|
|
|
|
998,445
|
|
Total
|
|
$
|
15,482,468
|
|
|
$
|
168,263,627
|
|
|
|
$
|
–
|
|
|
$
|
183,746,095
|
See Notes to Financial Statements
INDONESIA SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 101.4%
|
|
|
|
|
|
Basic Materials: 3.0%
|
|
|
|
|
|
|
2,994,000
|
|
|
Bumi Resources Minerals Tbk PT * #
|
|
$
|
49,080
|
|
|
|
385,839
|
|
|
Intrepid Mines Ltd. (AUD) * #
|
|
|
108,899
|
|
|
|
|
|
|
|
|
|
157,979
|
|
|
Communications: 1.3%
|
|
|
|
|
|
|
2,966,000
|
|
|
Visi Media Asia Tbk PT * #
|
|
|
67,283
|
|
|
Consumer, Cyclical: 15.3%
|
|
|
|
|
|
|
4,559,000
|
|
|
Agis Tbk PT * #
|
|
|
206,186
|
|
|
|
1,050,300
|
|
|
Energy Earth PCL (NVDR) (THB) #
|
|
|
234,442
|
|
|
|
1,045,000
|
|
|
Erajaya Swasembada Tbk PT * #
|
|
|
86,129
|
|
|
|
6,164,000
|
|
|
Multipolar Tbk PT #
|
|
|
183,017
|
|
|
|
2,776,000
|
|
|
Waskita Karya Persero Tbk PT * #
|
|
|
92,675
|
|
|
|
|
|
|
|
|
|
802,449
|
|
|
Consumer, Non-cyclical: 16.3%
|
|
|
|
|
|
|
1,245,500
|
|
|
BW Plantation Tbk PT #
|
|
|
136,350
|
|
|
|
1,367,000
|
|
|
Citra Marga Nusaphala Persada Tbk
PT * #
|
|
|
376,435
|
|
|
|
351,000
|
|
|
Malindo Feedmill Tbk PT #
|
|
|
91,785
|
|
|
|
562,000
|
|
|
Sampoerna Agro PT #
|
|
|
92,459
|
|
|
|
1,370,500
|
|
|
Tiga Pilar Sejahtera Food Tbk #
|
|
|
161,379
|
|
|
|
|
|
|
|
|
|
858,408
|
|
|
Energy: 19.2%
|
|
|
|
|
|
|
20,058,000
|
|
|
Benakat Integra Tbk PT * #
|
|
|
183,496
|
|
|
|
4,715,000
|
|
|
Berau Coal Energy Tbk PT * #
|
|
|
72,274
|
|
|
|
29,754,000
|
|
|
Energi Mega Persada Tbk PT * #
|
|
|
171,587
|
|
|
|
2,742,500
|
|
|
Exploitasi Energi Indonesia Tbk PT * #
|
|
|
71,095
|
|
|
|
542,000
|
|
|
Geo Energy Resources Ltd (SGD) * #
|
|
|
137,718
|
|
|
|
7,935,500
|
|
|
Hanson International Tbk PT * #
|
|
|
372,006
|
|
|
|
|
|
|
|
|
|
1,008,176
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
Financial: 36.7%
|
|
|
|
|
|
|
33,866,000
|
|
|
Bakrieland Development Tbk PT *
|
|
$
|
139,137
|
|
|
|
2,875,000
|
|
|
Bank Bukopin Tbk PT #
|
|
|
146,617
|
|
|
|
5,374,500
|
|
|
Bank Pembangunan Daerah Jawa Timur
Tbk PT #
|
|
|
165,921
|
|
|
|
3,382,500
|
|
|
Bekasi Fajar Industrial Estate Tbk PT * #
|
|
|
123,813
|
|
|
|
1,303,000
|
|
|
Blumont Group Ltd. (SGD) * #
|
|
|
88,952
|
|
|
|
2,437,000
|
|
|
Ciputra Property Tbk PT #
|
|
|
124,235
|
|
|
|
14,860,697
|
|
|
Kawasan Industri Jababeka Tbk PT #
|
|
|
235,962
|
|
|
|
363,500
|
|
|
Lippo Cikarang Tbk PT * #
|
|
|
145,908
|
|
|
|
6,773,000
|
|
|
Modernland Realty Tbk PT * #
|
|
|
217,513
|
|
|
|
10,937,000
|
|
|
Panin Financial Tbk PT * #
|
|
|
175,708
|
|
|
|
16,684,000
|
|
|
Sentul City Tbk PT * #
|
|
|
215,729
|
|
|
|
3,263,000
|
|
|
Surya Semesta Internusa Tbk PT #
|
|
|
150,652
|
|
|
|
|
|
|
|
|
|
1,930,147
|
|
|
Industrial: 9.6%
|
|
|
|
|
|
|
795,000
|
|
|
Adhi Karya Persero Tbk PT #
|
|
|
98,938
|
|
|
|
811,500
|
|
|
Express Transindo Utama Tbk PT * #
|
|
|
97,362
|
|
|
|
4,116,500
|
|
|
Nusantara Infrastructure Tbk PT * #
|
|
|
86,414
|
|
|
|
1,875,500
|
|
|
Pembangunan Perumahan Persero
Tbk PT #
|
|
|
179,426
|
|
|
|
1,044,000
|
|
|
Total Bangun Persada Tbk PT #
|
|
|
43,059
|
|
|
|
|
|
|
|
|
|
505,199
|
|
|
Total Common Stocks
|
|
|
|
|
|
(Cost: $7,236,754)
|
|
|
5,329,641
|
|
|
RIGHTS: 0.0%
|
|
|
|
|
|
(Cost: $0)
|
|
|
|
|
|
|
|
|
|
1,013,098
|
|
|
Bank Bukopin Tbk PT Rights
(IDR 660.00, expiring 01/07/14) *
|
|
|
83
|
|
|
Total Investments: 101.4%
|
|
|
|
|
|
(Cost: $7,236,754)
|
|
|
5,329,724
|
|
|
Liabilities in excess of other assets: (1.4)%
|
|
|
(71,857
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
5,257,867
|
|
|
AUD
|
Australian Dollar
|
|
IDR
|
Indonesian Rupiah
|
|
NVDR
|
Non-Voting Depositary Receipt
|
|
SGD
|
Singapore Dollar
|
|
THB
|
Thai Baht
|
|
*
|
Non-income producing
|
|
#
|
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 $5,190,504 which represents 98.7% of net assets.
|
See Notes to Financial Statements
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
3.0
|
%
|
|
$
|
157,979
|
|
|
Communications
|
|
|
1.3
|
|
|
|
67,283
|
|
|
Consumer, Cyclical
|
|
|
15.0
|
|
|
|
802,449
|
|
|
Consumer, Non-cyclical
|
|
|
16.1
|
|
|
|
858,408
|
|
|
Energy
|
|
|
18.9
|
|
|
|
1,008,176
|
|
|
Financial
|
|
|
36.2
|
|
|
|
1,930,230
|
|
|
Industrial
|
|
|
9.5
|
|
|
|
505,199
|
|
|
|
|
|
100.0
|
%
|
|
$
|
5,329,724
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
–
|
|
$
|
157,979
|
|
|
$
|
–
|
|
|
$
|
157,979
|
|
Communications
|
|
|
–
|
|
|
67,283
|
|
|
|
–
|
|
|
|
67,283
|
|
Consumer, Cyclical
|
|
|
–
|
|
|
802,449
|
|
|
|
–
|
|
|
|
802,449
|
|
Consumer, Non-cyclical
|
|
|
–
|
|
|
858,408
|
|
|
|
–
|
|
|
|
858,408
|
|
Energy
|
|
|
–
|
|
|
1,008,176
|
|
|
|
–
|
|
|
|
1,008,176
|
|
Financial
|
|
|
139,137
|
|
|
1,791,010
|
|
|
|
–
|
|
|
|
1,930,147
|
|
Industrial
|
|
|
–
|
|
|
505,199
|
|
|
|
–
|
|
|
|
505,199
|
|
Rights
|
|
|
83
|
|
|
–
|
|
|
|
–
|
|
|
|
83
|
|
Total
|
|
$
|
139,220
|
|
$
|
5,190,504
|
|
|
$
|
–
|
|
|
$
|
5,329,724
|
During the year ended December 31, 2013, transfers from Level
2 to Level 1 were $92,359. 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
ISRAEL ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 99.6%
|
|
|
|
|
|
Basic Materials: 3.3%
|
|
|
|
|
|
|
9,377
|
|
|
Frutarom Industries Ltd. #
|
|
$
|
197,333
|
|
|
|
96,458
|
|
|
Israel Chemicals Ltd. #
|
|
|
804,803
|
|
|
|
|
|
|
|
|
|
1,002,136
|
|
|
Communications: 13.2%
|
|
|
|
|
|
|
7,435
|
|
|
Allot Communications Ltd. (USD) *
|
|
|
112,715
|
|
|
|
34,539
|
|
|
Amdocs Ltd. (USD)
|
|
|
1,424,388
|
|
|
|
6,419
|
|
|
Attunity Ltd. (USD) *
|
|
|
66,501
|
|
|
|
11,313
|
|
|
AudioCodes Ltd. (USD) *
|
|
|
80,662
|
|
|
|
383,781
|
|
|
Bezeq The Israeli Telecommunication
Corp. Ltd. #
|
|
|
651,027
|
|
|
|
14,373
|
|
|
Cellcom Israel Ltd. #
|
|
|
198,071
|
|
|
|
18,456
|
|
|
Ceragon Networks Ltd. (USD) *
|
|
|
54,814
|
|
|
|
10,110
|
|
|
Clicksoftware Technologies Ltd. (USD)
|
|
|
75,825
|
|
|
|
7,553
|
|
|
EZchip Semiconductor Ltd. * #
|
|
|
188,298
|
|
|
|
15,964
|
|
|
Gilat Satellite Networks Ltd. * #
|
|
|
74,753
|
|
|
|
13,183
|
|
|
NICE Systems Ltd. #
|
|
|
539,247
|
|
|
|
20,760
|
|
|
Partner Communications Co. Ltd. * #
|
|
|
193,806
|
|
|
|
5,749
|
|
|
Perion Network Ltd. (USD) *
|
|
|
69,505
|
|
|
|
1,968
|
|
|
Silicom Ltd. (USD)
|
|
|
89,977
|
|
|
|
22,599
|
|
|
Telit Communications Plc (GBP) *
|
|
|
66,110
|
|
|
|
2,596
|
|
|
Wix.com Ltd. (USD) *
|
|
|
69,703
|
|
|
|
|
|
|
|
|
|
3,955,402
|
|
|
Consumer, Cyclical: 2.0%
|
|
|
|
|
|
|
40,221
|
|
|
888 Holdings Plc (GBP) #
|
|
|
114,986
|
|
|
|
268
|
|
|
Bayside Land Corp.
|
|
|
73,907
|
|
|
|
8,147
|
|
|
Cinema City International N.V. (PLN) * #
|
|
|
85,595
|
|
|
|
11,346
|
|
|
Delek Automotive Systems Ltd. #
|
|
|
122,893
|
|
|
|
3,212
|
|
|
Delta-Galil Industries Ltd. #
|
|
|
83,813
|
|
|
|
2,159
|
|
|
Fox Wizel Ltd. #
|
|
|
62,742
|
|
|
|
845
|
|
|
Property & Building Corp. #
|
|
|
56,437
|
|
|
|
|
|
|
|
|
|
600,373
|
|
|
Consumer, Non-cyclical: 31.0%
|
|
|
|
|
|
|
3,394
|
|
|
Alcobra Ltd. (USD) *
|
|
|
61,058
|
|
|
|
5,035
|
|
|
Brainsway Ltd. * #
|
|
|
64,910
|
|
|
|
22,966
|
|
|
Clal Biotechnology Industries Ltd. * #
|
|
|
52,019
|
|
|
|
13,142
|
|
|
Compugen Ltd. (USD) *
|
|
|
117,621
|
|
|
|
4,587
|
|
|
Evogene Ltd. * #
|
|
|
90,128
|
|
|
|
4,623
|
|
|
Given Imaging Ltd. (USD) *
|
|
|
139,060
|
|
|
|
7,865
|
|
|
Kamada Ltd. * #
|
|
|
115,081
|
|
|
|
11,246
|
|
|
Mazor Robotics Ltd. * #
|
|
|
108,581
|
|
|
|
8,816
|
|
|
Medgenics, Inc. (USD) *
|
|
|
52,808
|
|
|
|
7,871
|
|
|
Nitsba Holdings Ltd. * #
|
|
|
115,508
|
|
|
|
50,157
|
|
|
Opko Health, Inc. (USD) *
|
|
|
423,325
|
|
|
|
7,204
|
|
|
Osem Investments Ltd. #
|
|
|
175,964
|
|
|
|
19,050
|
|
|
Perrigo Co. Plc (USD)
|
|
|
2,923,413
|
|
|
|
5,534
|
|
|
PhotoMedex, Inc. (USD) *
|
|
|
71,665
|
|
|
|
21,179
|
|
|
Pluristem Therapeutics, Inc. (USD) *
|
|
|
74,550
|
|
|
|
2,020
|
|
|
Rami Levi Chain Stores Hashikma
Marketing Ltd. #
|
|
|
110,582
|
|
|
|
23,866
|
|
|
Shufersal Ltd. #
|
|
|
91,839
|
|
|
|
4,821
|
|
|
SodaStream International Ltd. (USD) *
|
|
|
239,314
|
|
|
|
8,655
|
|
|
Strauss Group Ltd. #
|
|
|
165,606
|
|
|
|
10,447
|
|
|
Syneron Medical Ltd. (USD) *
|
|
|
128,498
|
|
|
|
3,397
|
|
|
Taro Pharmaceutical Industries Ltd.
(USD) *
|
|
|
335,963
|
|
|
|
91,135
|
|
|
Teva Pharmaceutical Industries Ltd. #
|
|
|
3,647,489
|
|
|
|
|
|
|
|
|
|
9,304,982
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
Diversified: 0.7%
|
|
|
|
|
|
|
4,601
|
|
|
Elco Holdings Ltd. * #
|
|
$
|
62,328
|
|
|
|
2,674
|
|
|
FIBI Holdings Ltd. * #
|
|
|
65,932
|
|
|
|
4,114
|
|
|
Koor Industries Ltd. * #
|
|
|
80,063
|
|
|
|
|
|
|
|
|
|
208,323
|
|
|
Energy: 4.9%
|
|
|
|
|
|
|
6,466
|
|
|
Alon USA Energy, Inc. (USD)
|
|
|
106,948
|
|
|
|
567
|
|
|
Delek Energy Systems Ltd. *
|
|
|
391,395
|
|
|
|
9,362
|
|
|
Delek US Holdings, Inc. (USD)
|
|
|
322,146
|
|
|
|
2,836
|
|
|
Jerusalem Oil Exploration * #
|
|
|
110,296
|
|
|
|
12,875
|
|
|
Naphtha Israel Petroleum Corp. Ltd. * #
|
|
|
88,865
|
|
|
|
342,545
|
|
|
Oil Refineries Ltd. * #
|
|
|
110,303
|
|
|
|
16,894
|
|
|
Ormat Industries #
|
|
|
115,874
|
|
|
|
1,370
|
|
|
Paz Oil Co. Ltd. * #
|
|
|
223,848
|
|
|
|
|
|
|
|
|
|
1,469,675
|
|
|
Financial: 20.3%
|
|
|
|
|
|
|
36,610
|
|
|
Africa Israel Investments Ltd. * #
|
|
|
73,067
|
|
|
|
5,140
|
|
|
Africa Israel Properties Ltd. *
|
|
|
81,372
|
|
|
|
1,564
|
|
|
AL-ROV Israel Ltd. * #
|
|
|
61,074
|
|
|
|
34,412
|
|
|
Amot Investments Ltd. #
|
|
|
104,993
|
|
|
|
7,205
|
|
|
Azrieli Group #
|
|
|
239,675
|
|
|
|
225,201
|
|
|
Bank Hapoalim B.M. #
|
|
|
1,262,186
|
|
|
|
297,260
|
|
|
Bank Leumi Le-Israel B.M. * #
|
|
|
1,214,242
|
|
|
|
7,399
|
|
|
Clal Insurance Enterprises Holdings td. #
|
|
|
143,955
|
|
|
|
1,283
|
|
|
Delek Group Ltd. #
|
|
|
490,229
|
|
|
|
9,045
|
|
|
Discount Investment Corp. * #
|
|
|
65,913
|
|
|
|
7,371
|
|
|
First International Bank of Israel Ltd. #
|
|
|
122,417
|
|
|
|
18,484
|
|
|
Gazit-Globe Ltd. #
|
|
|
248,691
|
|
|
|
28,689
|
|
|
Harel Insurance Investments &
Financial Services Ltd. #
|
|
|
166,909
|
|
|
|
773
|
|
|
Israel Corp. Ltd. * #
|
|
|
407,170
|
|
|
|
191,135
|
|
|
Israel Discount Bank Ltd. * #
|
|
|
364,987
|
|
|
|
7,352
|
|
|
Jerusalem Economy Ltd. #
|
|
|
73,224
|
|
|
|
3,891
|
|
|
Melisron Ltd. #
|
|
|
105,726
|
|
|
|
7,836
|
|
|
Menorah Mivtachim Holdings Ltd. #
|
|
|
97,436
|
|
|
|
88,984
|
|
|
Migdal Insurance & Financial Holding
Ltd. #
|
|
|
157,032
|
|
|
|
1,897
|
|
|
Mivtach Shamir Holdings Ltd. #
|
|
|
65,464
|
|
|
|
29,369
|
|
|
Mizrahi Tefahot Bank Ltd. #
|
|
|
384,526
|
|
|
|
21,203
|
|
|
Phoenix Holdings Ltd. #
|
|
|
78,766
|
|
|
|
15,377
|
|
|
Plus500 Ltd. (GBP)
|
|
|
78,951
|
|
|
|
|
|
|
|
|
|
6,088,005
|
|
|
Industrial: 3.2%
|
|
|
|
|
|
|
4,211
|
|
|
Caesarstone Sdot-Yam Ltd. (USD)
|
|
|
209,160
|
|
|
|
4,886
|
|
|
Elbit Systems Ltd. #
|
|
|
295,186
|
|
|
|
575
|
|
|
Electra Ltd. #
|
|
|
85,297
|
|
|
|
4,546
|
|
|
Ituran Location and Control Ltd. #
|
|
|
99,212
|
|
|
|
9,900
|
|
|
Orbotech Ltd. (USD) *
|
|
|
133,848
|
|
|
|
59,760
|
|
|
Shikun & Binui Ltd. #
|
|
|
146,407
|
|
|
|
|
|
|
|
|
|
969,110
|
|
|
Technology: 20.6%
|
|
|
|
|
|
|
17,414
|
|
|
Babylon Ltd. #
|
|
|
40,665
|
|
|
|
6,721
|
|
|
Ceva, Inc. (USD) *
|
|
|
102,294
|
|
|
|
32,713
|
|
|
Check Point Software Technologies
Ltd. (USD) *
|
|
|
2,110,643
|
|
|
|
8,313
|
|
|
DSP Group, Inc. (USD) *
|
|
|
80,719
|
|
|
|
5,336
|
|
|
Imperva, Inc. (USD) *
|
|
|
256,822
|
|
|
|
13,693
|
|
|
LivePerson, Inc. (USD) *
|
|
|
202,930
|
|
|
|
13,006
|
|
|
Matrix IT Ltd. #
|
|
|
66,871
|
|
See Notes to Financial Statements
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Technology: (continued)
|
|
|
|
|
|
|
9,147
|
|
|
Mellanox Technologies Ltd. (USD) *
|
|
$
|
365,606
|
|
|
|
9,616
|
|
|
Nova Measuring Instruments Ltd. * #
|
|
|
94,518
|
|
|
|
30,386
|
|
|
Playtech Ltd. (GBP) #
|
|
|
371,292
|
|
|
|
10,173
|
|
|
Radware Ltd. (USD) *
|
|
|
182,911
|
|
|
|
7,645
|
|
|
Sapiens International Corp N.V. (USD)
|
|
|
58,943
|
|
|
|
8,252
|
|
|
Stratasys Ltd. (USD) *
|
|
|
1,111,544
|
|
|
|
25,049
|
|
|
VeriFone Systems, Inc. (USD) *
|
|
|
671,814
|
|
|
|
11,005
|
|
|
Verint Systems, Inc. (USD) *
|
|
|
472,555
|
|
|
|
|
|
|
|
|
|
6,190,127
|
|
|
Utilities: 0.4%
|
|
|
|
|
|
|
4,914
|
|
|
Ormat Technologies, Inc. (USD)
|
|
|
133,710
|
|
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
(Cost: $26,835,538)
|
|
$
|
29,921,843
|
|
|
REAL ESTATE INVESTMENT TRUST: 0.5%
|
|
|
|
|
|
(Cost: $134,967)
|
|
|
|
|
|
Financial: 0.5%
|
|
|
|
|
|
|
20,834
|
|
|
Alony Hetz Properties & Investments
Ltd. #
|
|
|
145,720
|
|
|
Total Investments: 100.1%
|
|
|
|
|
|
(Cost: $26,970,505)
|
|
|
30,067,563
|
|
|
Liabilities in excess of other assets: (0.1)%
|
|
|
(31,280
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
30,036,283
|
|
|
GBP
|
British Pound
|
|
PLN
|
Polish Zloty
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
#
|
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 $16,241,870 which represents 54.1% of net assets.
|
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
3.3
|
%
|
|
$
|
1,002,136
|
|
|
Communications
|
|
|
13.2
|
|
|
|
3,955,402
|
|
|
Consumer, Cyclical
|
|
|
2.0
|
|
|
|
600,373
|
|
|
Consumer, Non-cyclical
|
|
|
31.0
|
|
|
|
9,304,982
|
|
|
Diversified
|
|
|
0.7
|
|
|
|
208,323
|
|
|
Energy
|
|
|
4.9
|
|
|
|
1,469,675
|
|
|
Financial
|
|
|
20.7
|
|
|
|
6,233,725
|
|
|
Industrial
|
|
|
3.2
|
|
|
|
969,110
|
|
|
Technology
|
|
|
20.6
|
|
|
|
6,190,127
|
|
|
Utilities
|
|
|
0.4
|
|
|
|
133,710
|
|
|
|
|
|
100.0
|
%
|
|
$
|
30,067,563
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
–
|
|
|
$
|
1,002,136
|
|
|
$
|
–
|
|
|
$
|
1,002,136
|
|
|
Communications
|
|
|
2,110,200
|
|
|
|
1,845,202
|
|
|
|
–
|
|
|
|
3,955,402
|
|
|
Consumer, Cyclical
|
|
|
73,907
|
|
|
|
526,466
|
|
|
|
–
|
|
|
|
600,373
|
|
|
Consumer, Non-cyclical
|
|
|
4,567,275
|
|
|
|
4,737,707
|
|
|
|
–
|
|
|
|
9,304,982
|
|
|
Diversified
|
|
|
–
|
|
|
|
208,323
|
|
|
|
–
|
|
|
|
208,323
|
|
|
Energy
|
|
|
820,489
|
|
|
|
649,186
|
|
|
|
–
|
|
|
|
1,469,675
|
|
|
Financial
|
|
|
160,323
|
|
|
|
5,927,682
|
|
|
|
–
|
|
|
|
6,088,005
|
|
|
Industrial
|
|
|
343,008
|
|
|
|
626,102
|
|
|
|
–
|
|
|
|
969,110
|
|
|
Technology
|
|
|
5,616,781
|
|
|
|
573,346
|
|
|
|
–
|
|
|
|
6,190,127
|
|
|
Utilities
|
|
|
133,710
|
|
|
|
–
|
|
|
|
–
|
|
|
|
133,710
|
|
|
Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
|
|
|
–
|
|
|
|
145,720
|
|
|
|
–
|
|
|
|
145,720
|
|
|
Total
|
|
$
|
13,825,693
|
|
|
$
|
16,241,870
|
|
|
$
|
–
|
|
|
$
|
30,067,563
|
|
See Notes to Financial Statements
LATIN AMERICA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 91.5%
|
|
|
|
|
|
Argentina: 1.7%
|
|
|
|
|
|
|
1,835
|
|
Banco Macro S.A. (ADR) * †
|
|
$
|
44,535
|
|
|
|
3,265
|
|
Cresud S.A.C.I.F. y A (ADR)
|
|
|
32,977
|
|
|
|
6,559
|
|
Grupo Financiero Galicia S.A. (ADR)
|
|
|
68,542
|
|
|
|
|
|
|
|
|
146,054
|
|
|
Australia: 0.5%
|
|
|
|
|
|
|
66,669
|
|
Beadell Resources Ltd. * #
|
|
|
47,479
|
|
|
Bermuda: 0.1%
|
|
|
|
|
|
|
7,450
|
|
GP Investments Ltd. (BDR) (BRL) *
|
|
|
13,578
|
|
|
Brazil: 34.6%
|
|
|
|
|
|
|
5,100
|
|
Abril Educacao S.A.
|
|
|
72,201
|
|
|
|
6,450
|
|
Aliansce Shopping Centers S.A.
|
|
|
50,031
|
|
|
|
12,000
|
|
Alupar Investimento S.A. *
|
|
|
82,653
|
|
|
|
4,845
|
|
American Banknote S.A.
|
|
|
66,127
|
|
|
|
3,500
|
|
Arezzo Industria e Comercio S.A.
|
|
|
44,135
|
|
|
|
3,350
|
|
Autometal S.A.
|
|
|
24,707
|
|
|
|
5,071
|
|
B2W Cia Global Do Varejo *
|
|
|
32,822
|
|
|
|
12,150
|
|
Brasil Brokers Participacoes S.A.
|
|
|
30,127
|
|
|
|
8,600
|
|
Brasil Insurance Participacoes e
Administracao S.A.
|
|
|
66,525
|
|
|
|
17,800
|
|
Brazil Pharma S.A. *
|
|
|
51,003
|
|
|
|
30,769
|
|
Brookfield Incorporacoes S.A. *
|
|
|
14,998
|
|
|
|
4,900
|
|
Cia de Saneamento de Minas
Gerais-COPA S.A.
|
|
|
77,262
|
|
|
|
18,600
|
|
Diagnosticos da America S.A.
|
|
|
114,789
|
|
|
|
7,800
|
|
Direcional Engenharia S.A.
|
|
|
39,674
|
|
|
|
21,000
|
|
Eneva S.A. *
|
|
|
26,703
|
|
|
|
10,833
|
|
Equatorial Energia S.A.
|
|
|
106,298
|
|
|
|
24,250
|
|
Estacio Participacoes S.A.
|
|
|
209,788
|
|
|
|
6,150
|
|
Eternit S.A.
|
|
|
22,783
|
|
|
|
22,450
|
|
Even Construtora e Incorporadora S.A.
|
|
|
77,553
|
|
|
|
8,000
|
|
EZ Tec Empreendimentos e
Participacoes S.A.
|
|
|
98,811
|
|
|
|
6,500
|
|
Fleury S.A.
|
|
|
50,694
|
|
|
|
4,500
|
|
GAEC Educacao S.A. *
|
|
|
40,437
|
|
|
|
22,071
|
|
Gafisa S.A. (ADR) †
|
|
|
69,082
|
|
|
|
7,925
|
|
Gol Linhas Aereas Inteligentes S.A.
(ADR) *
†
|
|
|
36,217
|
|
|
|
10,170
|
|
Helbor Empreendimentos S.A.
|
|
|
33,623
|
|
|
|
25,500
|
|
HRT Participacoes em Petroleo S.A. *
|
|
|
9,836
|
|
|
|
5,500
|
|
Iguatemi Empresa de Shopping
Centers S.A.
|
|
|
51,987
|
|
|
|
5,400
|
|
International Meal Co. Holdings S.A. *
|
|
|
41,772
|
|
|
|
7,250
|
|
Iochpe Maxion S.A.
|
|
|
80,359
|
|
|
|
9,250
|
|
JHSF Participacoes S.A.
|
|
|
16,702
|
|
|
|
6,200
|
|
Julio Simoes Logistica S.A.
|
|
|
41,942
|
|
|
|
6,300
|
|
Light S.A.
|
|
|
59,068
|
|
|
|
1,900
|
|
Linx S.A.
|
|
|
38,584
|
|
|
|
55,000
|
|
LLX Logistica S.A. *
|
|
|
25,177
|
|
|
|
5,420
|
|
LPS Brasil Consultoria de Imoveis S.A.
|
|
|
33,174
|
|
|
|
7,750
|
|
Magazine Luiza S.A. *
|
|
|
24,801
|
|
|
|
17,650
|
|
Magnesita Refratarios S.A.
|
|
|
44,139
|
|
|
|
3,400
|
|
Mahle-Metal Leve S.A. Industria e
Comercio
|
|
|
39,487
|
|
|
|
27,200
|
|
Marfrig Alimentos S.A. *
|
|
|
46,116
|
|
|
|
5,100
|
|
Marisa Lojas S.A.
|
|
|
40,208
|
|
|
|
8,050
|
|
Mills Estruturas e Servicos de
Engenharia S.A.
|
|
|
112,599
|
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
Brazil: (continued)
|
|
|
|
|
|
|
9,000
|
|
Minerva S.A. *
|
|
$
|
43,870
|
|
|
|
30,100
|
|
MMX Mineracao e Metalicos S.A. *
|
|
|
8,931
|
|
|
|
26,800
|
|
MRV Engenharia e Participacoes S.A.
|
|
|
95,761
|
|
|
|
12,900
|
|
Paranapanema S.A. *
|
|
|
28,487
|
|
|
|
114,400
|
|
PDG Realty S.A. Empreendimentos e Participacoes *
|
|
|
87,767
|
|
|
|
2,700
|
|
Positivo Informatica S.A.
|
|
|
3,285
|
|
|
|
7,100
|
|
QGEP Participacoes S.A.
|
|
|
29,432
|
|
|
|
6,200
|
|
Restoque Comercio e Confeccoes de
Roupas S.A.
|
|
|
15,768
|
|
|
|
25,648
|
|
Rossi Residencial S.A. *
|
|
|
22,177
|
|
|
|
4,800
|
|
Santos Brasil Participacoes S.A.
|
|
|
38,534
|
|
|
|
5,300
|
|
Sao Martinho S.A.
|
|
|
64,474
|
|
|
|
4,000
|
|
Ser Educacional S.A. *
|
|
|
39,843
|
|
|
|
5,150
|
|
SLC Agricola S.A.
|
|
|
44,531
|
|
|
|
3,700
|
|
Smiles S.A.
|
|
|
50,954
|
|
|
|
2,650
|
|
Sonae Sierra Brasil S.A.
|
|
|
20,477
|
|
|
|
2,700
|
|
T4F Entretenimento S.A. *
|
|
|
6,180
|
|
|
|
2,750
|
|
Technos S.A.
|
|
|
18,883
|
|
|
|
6,950
|
|
Tecnisa S.A. *
|
|
|
26,395
|
|
|
|
2,450
|
|
Tegma Gestao Logistica S.A.
|
|
|
18,692
|
|
|
|
1,800
|
|
UNICASA Industria de Moveis S.A.
|
|
|
4,364
|
|
|
|
20,286
|
|
Vanguarda Agro S.A. *
|
|
|
29,493
|
|
|
|
|
|
|
|
|
2,943,292
|
|
|
Canada: 19.0%
|
|
|
|
|
|
|
12,403
|
|
Alamos Gold, Inc.
|
|
|
150,272
|
|
|
|
8,090
|
|
Alvopetro Energy Ltd. *
|
|
|
9,368
|
|
|
|
14,954
|
|
Argonaut Gold, Inc. *
|
|
|
74,893
|
|
|
|
4,114
|
|
Aurcana Corp. *
|
|
|
2,247
|
|
|
|
26,421
|
|
AuRico Gold, Inc. (USD)
|
|
|
96,701
|
|
|
|
69,519
|
|
B2Gold Corp. *
|
|
|
142,670
|
|
|
|
3,557
|
|
Bear Creek Mining Corp. *
|
|
|
4,889
|
|
|
|
9,251
|
|
Canacol Energy Ltd. *
|
|
|
62,094
|
|
|
|
24,719
|
|
Capstone Mining Corp. *
|
|
|
69,811
|
|
|
|
11,622
|
|
Continental Gold Ltd. *
|
|
|
36,980
|
|
|
|
10,645
|
|
Endeavour Silver Corp. (USD) *
|
|
|
38,641
|
|
|
|
11,615
|
|
First Majestic Silver Corp. (USD) *
|
|
|
113,827
|
|
|
|
13,445
|
|
Fortuna Silver Mines, Inc. *
|
|
|
38,604
|
|
|
|
29,050
|
|
Gran Tierra Energy, Inc. (USD) *
|
|
|
212,355
|
|
|
|
13,735
|
|
Great Panther Silver Ltd. (USD) *
|
|
|
9,999
|
|
|
|
4,108
|
|
MAG Silver Corp. *
|
|
|
21,270
|
|
|
|
28,207
|
|
McEwen Mining, Inc. (USD) * †
|
|
|
55,286
|
|
|
|
13,736
|
|
Pan American Silver Corp. (USD)
|
|
|
160,711
|
|
|
|
11,567
|
|
Parex Resources, Inc. *
|
|
|
71,651
|
|
|
|
8,396
|
|
Primero Mining Corp. *
|
|
|
36,991
|
|
|
|
18,864
|
|
Rio Alto Mining Ltd. *
|
|
|
31,433
|
|
|
|
9,381
|
|
Sandstorm Gold Ltd. (USD) * †
|
|
|
40,057
|
|
|
|
7,584
|
|
Silver Standard Resources, Inc. (USD) * †
|
|
|
52,785
|
|
|
|
33,122
|
|
Sulliden Gold Corp. Ltd. *
|
|
|
22,450
|
|
|
|
64,729
|
|
Torex Gold Resources, Inc. *
|
|
|
57,280
|
|
|
|
|
|
|
|
|
1,613,265
|
|
|
Chile: 9.0%
|
|
|
|
|
|
|
35,421
|
|
AFP Habitat S.A.
|
|
|
46,918
|
|
|
|
34,772
|
|
AquaChile S.A. *
|
|
|
18,205
|
|
|
|
33,002
|
|
Besalco S.A.
|
|
|
35,405
|
|
|
|
896,536
|
|
Cia Sud Americana de Vapores S.A. * #
|
|
|
47,219
|
|
|
|
28,061
|
|
Cruz Blanca Salud S.A.
|
|
|
24,577
|
|
|
|
53,137
|
|
E.CL S.A.
|
|
|
68,668
|
|
See Notes to Financial Statements
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
Chile: (continued)
|
|
|
|
|
|
|
12,548
|
|
Empresas Hites S.A.
|
|
$
|
8,840
|
|
|
|
242,565
|
|
Empresas Iansa S.A. #
|
|
|
8,077
|
|
|
|
9,433
|
|
Forus S.A.
|
|
|
47,722
|
|
|
|
31,127
|
|
Inversiones Aguas Metropolitanas S.A.
|
|
|
52,856
|
|
|
|
3,005
|
|
Inversiones La Construccion S.A.
|
|
|
42,320
|
|
|
|
290,684
|
|
Masisa S.A. #
|
|
|
19,101
|
|
|
|
38,469
|
|
Parque Arauco S.A. #
|
|
|
70,687
|
|
|
|
95,591
|
|
Ripley Corp. S.A.
|
|
|
69,129
|
|
|
|
39,769
|
|
Salfacorp S.A. #
|
|
|
37,238
|
|
|
|
564,353
|
|
Sociedad Matriz SAAM S.A.
|
|
|
51,049
|
|
|
|
61,738
|
|
Vina Concha y Toro S.A.
|
|
|
115,903
|
|
|
|
|
|
|
|
|
763,914
|
|
|
Luxembourg: 0.7%
|
|
|
|
|
|
|
7,044
|
|
Adecoagro S.A. (USD) *
|
|
|
56,986
|
|
|
Mexico: 13.1%
|
|
|
|
|
|
|
45,512
|
|
Alsea S.A.B de C.V.
|
|
|
142,185
|
|
|
|
133,750
|
|
Axtel S.A.B. de C.V. *
|
|
|
47,942
|
|
|
|
6,600
|
|
Banregio Grupo Financiero S.A.B. de C.V.
|
|
|
39,226
|
|
|
|
40,500
|
|
Bolsa Mexicana de Valores S.A.B. de C.V.
|
|
|
92,840
|
|
|
|
6,900
|
|
Cia Minera Autlan S.A.B de C.V.
|
|
|
5,353
|
|
|
|
74,150
|
|
Consorcio ARA S.A.B. de C.V. *
|
|
|
29,021
|
|
|
|
9,369
|
|
Controladora Vuela Cia de Aviacion
S.A.B de C.V. (ADR)
*
|
|
|
126,950
|
|
|
|
54,750
|
|
Corp GEO S.A.B de C.V. * #
|
|
|
66
|
|
|
|
23,800
|
|
Corp Inmobiliaria Vesta SAB de C.V.
|
|
|
41,452
|
|
|
|
10,800
|
|
Credito Real S.A.B. de C.V.
|
|
|
16,643
|
|
|
|
14,261
|
|
Empresas ICA S.A.B. de C.V. (ADR) * †
|
|
|
120,505
|
|
|
|
48,800
|
|
Grupo Aeromexico S.A.B. de C.V. *
|
|
|
67,127
|
|
|
|
14,850
|
|
Grupo Aeroportuario del Centro Norte
S.A.B. de C.V.
|
|
|
49,760
|
|
|
|
16,850
|
|
Grupo Famsa S.A.B. de C.V. *
|
|
|
30,470
|
|
|
|
22,600
|
|
Grupo Herdez S.A.B de C.V.
|
|
|
80,437
|
|
|
|
19,100
|
|
Grupo KUO SAB De C.V.
|
|
|
42,233
|
|
|
|
9,450
|
|
Grupo Simec S.A.B de C.V. *
|
|
|
39,439
|
|
|
|
21,100
|
|
Hoteles City Express SAB de C.V. *
|
|
|
35,553
|
|
|
|
21,400
|
|
Organizacion Cultiba S.A.B de C.V.
|
|
|
43,238
|
|
|
|
111,600
|
|
TV Azteca S.A. de C.V.
|
|
|
59,832
|
|
|
|
46,500
|
|
Urbi Desarrollos Urbanos S.A.B. de
C.V. * #
|
|
|
470
|
|
|
|
|
|
|
|
|
1,110,742
|
|
|
Panama: 0.9%
|
|
|
|
|
|
|
2,619
|
|
Banco Latinoamericano de Comercio
Exterior S.A.
(USD)
|
|
|
73,384
|
|
|
Peru: 0.8%
|
|
|
|
|
|
|
101,456
|
|
Ferreyros S.A.
|
|
|
70,015
|
|
|
Puerto Rico: 3.4%
|
|
|
|
|
|
|
5,621
|
|
EVERTEC, Inc.
|
|
|
138,614
|
|
|
|
9,061
|
|
First Bancorp *
|
|
|
56,088
|
|
|
|
3,655
|
|
OFG Bancorp †
|
|
|
63,378
|
|
|
|
1,633
|
|
Triple-S Management Corp. *
|
|
|
31,746
|
|
|
|
|
|
|
|
|
289,826
|
|
|
Spain: 0.4%
|
|
|
|
|
|
|
4,781
|
|
Duro Felguera S.A. #
|
|
|
32,236
|
|
|
United Kingdom: 1.5%
|
|
|
|
|
|
|
89,662
|
|
Amerisur Resources Plc * #
|
|
|
88,638
|
|
|
|
10,970
|
|
Hochschild Mining Plc #
|
|
|
25,815
|
|
|
|
58,445
|
|
Patagonia Gold Plc *
|
|
|
10,646
|
|
|
|
|
|
|
|
|
125,099
|
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
United States: 5.8%
|
|
|
|
|
|
|
702
|
|
Apco Oil and Gas International, Inc. * $
|
|
|
10,944
|
|
|
|
7,024
|
|
BPZ Resources, Inc. *
|
|
|
12,784
|
|
|
|
10,957
|
|
Coeur d’Alene Mines Corp. *
|
|
|
118,883
|
|
|
|
2,616
|
|
First Cash Financial Services, Inc. *
|
|
|
161,773
|
|
|
|
2,695
|
|
Fresh Del Monte Produce, Inc.
|
|
|
76,269
|
|
|
|
3,616
|
|
Gold Resource Corp. †
|
|
|
16,380
|
|
|
|
4,313
|
|
Harvest Natural Resources, Inc. * †
|
|
|
19,495
|
|
|
|
18,404
|
|
NII Holdings, Inc. * †
|
|
|
50,611
|
|
|
|
1,262
|
|
Superior Industries International, Inc.
|
|
|
26,035
|
|
|
|
|
|
|
|
|
493,174
|
|
Total Common Stocks
(Cost: $9,669,308)
|
|
|
7,779,044
|
|
|
PREFERRED STOCKS: 3.1%
|
|
|
|
|
|
Brazil: 2.8%
|
|
|
|
|
|
|
3,944
|
|
Banco ABC Brasil S.A.
|
|
|
21,131
|
|
|
|
4,700
|
|
Banco Daycoval S.A.
|
|
|
15,937
|
|
|
|
5,750
|
|
Banco Industrial e Comercial S.A.
|
|
|
18,035
|
|
|
|
9,087
|
|
Banco Panamericano S.A. *
|
|
|
17,679
|
|
|
|
2,700
|
|
Cia de Ferro Ligas da Bahia
|
|
|
15,095
|
|
|
|
2,800
|
|
Cia Energetica do Ceara
|
|
|
49,846
|
|
|
|
7,700
|
|
Eletropaulo Metropolitana Eletricidade de Sao Paulo
S.A.
|
|
|
30,549
|
|
|
|
12,750
|
|
Randon Implementos e Participacoes S.A.
|
|
|
62,095
|
|
|
|
950
|
|
Saraiva S.A. Livreiros Editores
|
|
|
10,457
|
|
|
|
|
|
|
|
|
240,824
|
|
|
Chile: 0.3%
|
|
|
|
|
|
|
10,867
|
|
Coca-Cola Embonor S.A.
|
|
|
22,336
|
|
Total Preferred Stocks
(Cost: $335,248)
|
|
|
263,160
|
|
|
REAL ESTATE INVESTMENT TRUSTS: 4.8%
|
|
|
|
|
|
Brazil: 1.2%
|
|
|
|
|
|
|
1,846
|
|
FII BTG Pactual Corporate Office Fund
|
|
|
104,731
|
|
|
Mexico: 3.6%
|
|
|
|
|
|
|
21,200
|
|
Asesor de Activos Prisma S.A.P.I. de C.V.
|
|
|
27,960
|
|
|
|
53,300
|
|
Concentradora Fibra Hotelera Mexicana S.A. de C.V.
|
|
|
85,319
|
|
|
|
60,700
|
|
Mexico Real Estate Management S.A. de C.V.
|
|
|
119,898
|
|
|
|
40,700
|
|
TF Administradora Industrial, S. de R.L. de C.V. #
|
|
|
73,224
|
|
|
|
|
|
|
|
|
306,401
|
|
Total Real Estate Investment Trusts
(Cost: $441,944)
|
|
|
411,132
|
|
Total Investments Before Collateral for
Securities Loaned: 99.4%
|
|
|
|
|
|
(Cost: $10,446,500)
|
|
|
8,453,336
|
|
SHORT-TERM
INVESTMENT HELD AS
COLLATERAL FOR SECURITIES LOANED: 5.9%
|
|
|
|
|
|
(Cost: $506,149)
|
|
|
|
|
|
|
506,149
|
|
Bank of New York Overnight Government Fund
|
|
|
506,149
|
|
Total Investments: 105.3%
(Cost: $10,952,649)
|
|
|
8,959,485
|
|
|
Liabilities in excess of other assets: (5.3)%
|
|
|
(454,617
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
8,504,868
|
|
See Notes to Financial Statements
LATIN AMERICA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
|
|
|
ADR
|
American Depositary Receipt
|
|
BDR
|
Brazilian Depositary Receipt
|
|
BRL
|
Brazilian Real
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $484,048.
|
|
#
|
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 $450,250 which represents 5.3% of net assets.
|
|
Summary of Investments by Sector Excluding
|
|
|
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
18.8
|
%
|
|
$
|
1,593,406
|
|
|
Communications
|
|
|
2.4
|
|
|
|
201,664
|
|
|
Consumer, Cyclical
|
|
|
17.0
|
|
|
|
1,433,844
|
|
|
Consumer, Non-cyclical
|
|
|
19.7
|
|
|
|
1,663,254
|
|
|
Diversified
|
|
|
1.0
|
|
|
|
84,553
|
|
|
Energy
|
|
|
6.6
|
|
|
|
556,090
|
|
|
Financial
|
|
|
20.5
|
|
|
|
1,731,342
|
|
|
Industrial
|
|
|
7.1
|
|
|
|
596,696
|
|
|
Technology
|
|
|
0.4
|
|
|
|
38,584
|
|
|
Utilities
|
|
|
6.5
|
|
|
|
553,903
|
|
|
|
|
|
100.0
|
%
|
|
$
|
8,453,336
|
|
The summary of inputs used to value the Fund’s investments as
of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina
|
|
$
|
146,054
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
146,054
|
|
Australia
|
|
|
–
|
|
|
47,479
|
|
|
|
–
|
|
|
|
47,479
|
|
Bermuda
|
|
|
13,578
|
|
|
–
|
|
|
|
–
|
|
|
|
13,578
|
|
Brazil
|
|
|
2,943,292
|
|
|
–
|
|
|
|
–
|
|
|
|
2,943,292
|
|
Canada
|
|
|
1,613,265
|
|
|
–
|
|
|
|
–
|
|
|
|
1,613,265
|
|
Chile
|
|
|
581,592
|
|
|
182,322
|
|
|
|
–
|
|
|
|
763,914
|
|
Luxembourg
|
|
|
56,986
|
|
|
–
|
|
|
|
–
|
|
|
|
56,986
|
|
Mexico
|
|
|
1,110,206
|
|
|
536
|
|
|
|
–
|
|
|
|
1,110,742
|
|
Panama
|
|
|
73,384
|
|
|
–
|
|
|
|
–
|
|
|
|
73,384
|
|
Peru
|
|
|
70,015
|
|
|
–
|
|
|
|
–
|
|
|
|
70,015
|
|
Puerto Rico
|
|
|
289,826
|
|
|
–
|
|
|
|
–
|
|
|
|
289,826
|
|
Spain
|
|
|
–
|
|
|
32,236
|
|
|
|
–
|
|
|
|
32,236
|
|
United Kingdom
|
|
|
10,646
|
|
|
114,453
|
|
|
|
–
|
|
|
|
125,099
|
|
United States
|
|
|
493,174
|
|
|
–
|
|
|
|
–
|
|
|
|
493,174
|
|
Preferred Stocks*
|
|
|
263,160
|
|
|
–
|
|
|
|
–
|
|
|
|
263,160
|
|
Real Estate Investment Trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
|
104,731
|
|
|
–
|
|
|
|
–
|
|
|
|
104,731
|
|
Mexico
|
|
|
233,177
|
|
|
73,224
|
|
|
|
–
|
|
|
|
306,401
|
|
Money Market Fund
|
|
|
506,149
|
|
|
–
|
|
|
|
–
|
|
|
|
506,149
|
|
Total
|
|
$
|
8,509,235
|
|
$
|
450,250
|
|
|
$
|
–
|
|
|
$
|
8,959,485
|
|
*
|
See Schedule of Investments for
security type and geographic sector breakouts.
|
During the year ended December 31, 2013, transfers of securities from
Level 1 to Level 2 were $543,424. 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
POLAND ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 99.9%
|
|
|
|
|
|
Basic Materials: 8.7%
|
|
|
|
|
|
|
53,162
|
|
KGHM Polska Miedz S.A. #
|
|
$
|
2,074,607
|
|
|
|
325,555
|
|
Synthos S.A. #
|
|
|
589,139
|
|
|
|
|
|
|
|
|
2,663,746
|
|
|
Communications: 9.9%
|
|
|
|
|
|
|
143,320
|
|
Cyfrowy Polsat S.A. * #
|
|
|
943,819
|
|
|
|
129,869
|
|
Netia S.A. * #
|
|
|
226,279
|
|
|
|
438,334
|
|
Telekomunikacja Polska S.A.
|
|
|
1,423,610
|
|
|
|
91,088
|
|
TVN S.A. #
|
|
|
444,172
|
|
|
|
|
|
|
|
|
3,037,880
|
|
|
Consumer, Non-cyclical: 8.0%
|
|
|
|
|
|
|
65,735
|
|
Eurocash S.A. #
|
|
|
1,040,376
|
|
|
|
71,395
|
|
Jeronimo Martins, SGPS S.A. (EUR) #
|
|
|
1,398,323
|
|
|
|
|
|
|
|
|
2,438,699
|
|
|
Energy: 15.9%
|
|
|
|
|
|
|
51,784
|
|
Grupa Lotos S.A. * #
|
|
|
608,963
|
|
|
|
31,875
|
|
Jastrzebska Spolka Weglowa S.A. #
|
|
|
561,496
|
|
|
|
17,603
|
|
Lubelski Wegiel Bogdanka S.A. #
|
|
|
733,998
|
|
|
|
116,763
|
|
Polski Koncern Naftowy Orlen S.A. † #
|
|
|
1,589,365
|
|
|
|
799,508
|
|
Polskie Gornictwo Naftowe I
Gazownictwo S.A. #
|
|
|
1,359,123
|
|
|
|
|
|
|
|
|
4,852,945
|
|
|
Financial: 43.5%
|
|
|
|
|
|
|
27,712
|
|
Bank Handlowy w Warszawie S.A. #
|
|
|
961,371
|
|
|
|
298,444
|
|
Bank Millennium S.A. * #
|
|
|
707,961
|
|
|
|
36,133
|
|
Bank Pekao S.A. #
|
|
|
2,149,098
|
|
|
|
12,055
|
|
Bank Zachodni WBK S.A. #
|
|
|
1,551,628
|
|
|
|
8,539
|
|
BRE Bank S.A. † #
|
|
|
1,417,250
|
|
|
|
831,870
|
|
Get Bank S.A. * † #
|
|
|
734,859
|
|
|
|
210,902
|
|
Getin Holding S.A. #
|
|
|
263,805
|
|
|
|
116,507
|
|
Globe Trade Centre S.A. * † #
|
|
|
288,222
|
|
|
|
189,041
|
|
PKO Bank Polski S.A. #
|
|
|
2,467,645
|
|
|
|
16,183
|
|
Powszechny Zaklad Ubezpieczen S.A. #
|
|
|
2,407,632
|
|
|
|
23,046
|
|
Warsaw Stock Exchange #
|
|
|
316,207
|
|
|
|
|
|
|
|
|
13,265,678
|
|
|
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Technology: 2.4%
|
|
|
|
|
|
|
47,177
|
|
Asseco Poland S.A. #
|
|
$
|
719,238
|
|
|
Utilities: 11.5%
|
|
|
|
|
|
|
112,352
|
|
Enea S.A. #
|
|
|
506,615
|
|
|
|
339,243
|
|
Polska Grupa Energetyczna S.A. #
|
|
|
1,829,133
|
|
|
|
802,876
|
|
Tauron Polska Energia S.A. #
|
|
|
1,164,956
|
|
|
|
|
|
|
|
|
3,500,704
|
|
Total Common Stocks
(Cost: $31,887,053)
|
|
|
30,478,890
|
|
MONEY MARKET FUND: 0.5%
(Cost: $146,493)
|
|
|
|
|
|
|
146,493
|
|
Dreyfus Government Cash Management Fund
|
|
|
146,493
|
|
RIGHTS: 0.0%
(Cost: $0)
|
|
|
|
|
|
|
659,772
|
|
Polimex-Motostal S.A. Rights (PLN 0.52, expiring 04/14/14) * #
|
|
|
0
|
|
Total Investments Before Collateral
for Securities Loaned: 100.4%
|
|
|
|
|
|
(Cost: $32,033,546)
|
|
|
30,625,383
|
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES LOANED: 7.1%
|
|
|
|
|
|
(Cost: $2,183,085)
|
|
|
|
|
|
|
2,183,085
|
|
Bank of New York Overnight
Government Fund
|
|
|
2,183,085
|
|
Total Investments: 107.5%
(Cost: $34,216,631)
|
|
|
32,808,468
|
|
|
Liabilities in excess of other assets: (7.5)%
|
|
|
(2,294,758
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
30,513,710
|
|
|
|
|
|
EUR
|
Euro
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on loan is $2,073,684.
|
|
#
|
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 $29,055,280 which represents 95.2% of net assets.
|
See Notes to Financial Statements
POLAND ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Summary of Investments by Sector Excluding
|
|
|
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
8.7
|
%
|
|
$
|
2,663,746
|
|
|
Communications
|
|
|
9.9
|
|
|
|
3,037,880
|
|
|
Consumer, Non-cyclical
|
|
|
8.0
|
|
|
|
2,438,699
|
|
|
Energy
|
|
|
15.8
|
|
|
|
4,852,945
|
|
|
Financial
|
|
|
43.3
|
|
|
|
13,265,678
|
|
|
Technology
|
|
|
2.4
|
|
|
|
719,238
|
|
|
Utilities
|
|
|
11.4
|
|
|
|
3,500,704
|
|
|
Money Market Fund
|
|
|
0.5
|
|
|
|
146,493
|
|
|
|
|
|
100.0
|
%
|
|
$
|
30,625,383
|
|
The summary of inputs used to value the Fund’s investments as
of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
$
|
–
|
|
$
|
2,663,746
|
|
|
$
|
–
|
|
|
$
|
2,663,746
|
|
Communications
|
|
|
1,423,610
|
|
|
1,614,270
|
|
|
|
–
|
|
|
|
3,037,880
|
|
Consumer, Non-cyclical
|
|
|
–
|
|
|
2,438,699
|
|
|
|
–
|
|
|
|
2,438,699
|
|
Energy
|
|
|
–
|
|
|
4,852,945
|
|
|
|
–
|
|
|
|
4,852,945
|
|
Financial
|
|
|
–
|
|
|
13,265,678
|
|
|
|
–
|
|
|
|
13,265,678
|
|
Technology
|
|
|
–
|
|
|
719,238
|
|
|
|
–
|
|
|
|
719,238
|
|
Utilities
|
|
|
–
|
|
|
3,500,704
|
|
|
|
–
|
|
|
|
3,500,704
|
|
Rights
|
|
|
–
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
Money Market Funds
|
|
|
2,329,578
|
|
|
–
|
|
|
|
–
|
|
|
|
2,329,578
|
|
Total
|
|
$
|
3,753,188
|
|
$
|
29,055,280
|
|
|
$
|
–
|
|
|
$
|
32,808,468
|
During the year ended December 31, 2013, transfers of securities from
Level 1 to Level 2 were $1,519,320 and transfers from Level 2 to Level 1 were $1,457,873. 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
RUSSIA ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
|
Number
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 93.8%
|
|
Basic Materials: 14.9%
|
|
|
2,187,652
|
|
|
Evraz Plc (GBP) * † #
|
|
$
|
4,071,386
|
|
|
|
4,041,516
|
|
|
JSC MMC Norilsk Nickel (ADR) #
|
|
|
67,307,605
|
|
|
|
812,366
|
|
|
Magnitogorsk Iron & Steel Works
(GDR) * † # Reg S
|
|
|
2,439,878
|
|
|
|
983,830
|
|
|
Mechel OAO (ADR) * †
|
|
|
2,518,605
|
|
|
|
566,585
|
|
|
Novolipetsk Steel (GDR) † # Reg S
|
|
|
9,594,195
|
|
|
|
1,027,631
|
|
|
Petropavlovsk Plc (GBP) † #
|
|
|
1,247,235
|
|
|
|
1,341,293
|
|
|
Polymetal International (GBP) #
|
|
|
12,877,885
|
|
|
|
4,504,529
|
|
|
Polyus Gold International Ltd. (GBP) † #
|
|
|
14,873,509
|
|
|
|
1,187,938
|
|
|
Severstal OAO (GDR) † # Reg S
|
|
|
11,765,856
|
|
|
|
10,244,000
|
|
|
United Company RUSAL Plc (HKD) * † #
|
|
|
3,042,262
|
|
|
|
1,784,337
|
|
|
Uralkali OJSC (GDR) # Reg S
|
|
|
47,514,810
|
|
|
|
|
|
|
|
|
|
177,253,226
|
|
|
Communications: 19.7%
|
|
|
389,042
|
|
|
CTC Media, Inc. (USD)
|
|
|
5,405,739
|
|
|
|
329,923
|
|
|
Mail.ru Group Ltd. (GDR) Reg S
|
|
|
14,714,566
|
|
|
|
669,866
|
|
|
MegaFon OAO (GDR) # Reg S
|
|
|
22,476,901
|
|
|
|
2,506,058
|
|
|
Mobile TeleSystems OJSC (ADR)
|
|
|
54,206,035
|
|
|
|
1,412,183
|
|
|
Rostelecom OJSC (ADR) #
|
|
|
29,195,125
|
|
|
|
1,172,940
|
|
|
Sistema JSFC (GDR) † # Reg S
|
|
|
37,745,778
|
|
|
|
1,304,890
|
|
|
VimpelCom Ltd. (ADR)
|
|
|
16,885,277
|
|
|
|
1,243,287
|
|
|
Yandex N.V. (USD) *
|
|
|
53,647,834
|
|
|
|
|
|
|
|
|
|
234,277,255
|
|
|
Consumer, Non-cyclical: 7.7%
|
|
|
264,480
|
|
|
Global Ports Investments Plc (GDR) † Reg S
|
|
|
3,697,430
|
|
|
|
1,047,800
|
|
|
Magnit OAO (GDR) # Reg S
|
|
|
69,592,839
|
|
|
|
254,376
|
|
|
O’Key Group S.A. (GDR) † # Reg S
|
|
|
3,034,988
|
|
|
|
469,569
|
|
|
Pharmstandard (GDR) * † Reg S
|
|
|
4,655,777
|
|
|
|
586,830
|
|
|
X5 Retail Group N.V. (GDR) * † # Reg S
|
|
|
9,874,801
|
|
|
|
|
|
|
|
|
|
90,855,835
|
|
|
Energy: 35.8%
|
|
|
218,065
|
|
|
Eurasia Drilling Co. Ltd. (GDR) † Reg S
|
|
|
9,817,227
|
|
|
|
1,293,285
|
|
|
Lukoil (ADR) #
|
|
|
80,904,282
|
|
|
|
537,294
|
|
|
Novatek OAO (GDR) # Reg S
|
|
|
73,653,914
|
|
|
|
10,913,798
|
|
|
OAO Gazprom (ADR) #
|
|
|
93,524,733
|
|
|
|
854,716
|
|
|
Raspadskaya OAO (USD) *
|
|
|
788,003
|
|
|
|
7,997,346
|
|
|
Rosneft Oil Co. (GDR) # Reg S
|
|
|
61,046,773
|
|
|
|
6,031,154
|
|
|
Surgutneftegas OJSC (ADR) #
|
|
|
52,222,755
|
|
|
|
1,383,780
|
|
|
Tatneft (ADR) #
|
|
|
53,031,276
|
|
|
|
|
|
|
|
|
|
424,988,963
|
|
|
Financial: 11.1%
|
|
|
1,147,954
|
|
|
LSR Group (GDR) † # Reg S
|
|
|
4,814,073
|
|
|
|
7,457,163
|
|
|
Sberbank of Russia (ADR) #
|
|
|
94,083,380
|
|
|
|
10,939,795
|
|
|
VTB Bank OJSC (GDR) † # Reg S
|
|
|
32,860,847
|
|
|
|
|
|
|
|
|
|
131,758,300
|
|
|
Industrial: 1.4%
|
|
|
687,979
|
|
|
Globaltrans Investment Plc (GDR) Reg S
|
|
|
10,938,866
|
|
|
|
443,186
|
|
|
OAO TMK (GDR) Reg S
|
|
|
5,225,163
|
|
|
|
|
|
|
|
|
|
16,164,029
|
|
|
Utilities: 3.2%
|
|
|
76,634,804
|
|
|
E.ON Russia JSC (USD)
|
|
|
5,471,878
|
|
|
|
1,721,453,994
|
|
|
Federal Grid Co. Unified Energy
System JSC (USD) *
|
|
|
4,739,163
|
|
|
|
391,577,312
|
|
|
IDGC Holding JSC (USD) *
|
|
|
9,290,563
|
|
|
|
16,214,486,515
|
|
|
Inter Rao Ues OAO (USD) *
|
|
|
4,945,418
|
|
|
Number
|
|
|
|
|
|
|
|
of Shares
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities: (continued)
|
|
|
7,410,870
|
|
|
Irkutsk Electronetwork Co. JSC (USD) # §
|
|
$
|
109,932
|
|
|
|
40,261,907
|
|
|
Mosenergo OAO (USD)
|
|
|
1,074,308
|
|
|
|
7,292,672
|
|
|
RusHydro OAO (ADR) † #
|
|
|
12,607,148
|
|
|
|
|
|
|
|
|
|
38,238,410
|
|
Total Common Stocks
(Cost: $1,313,646,020)
|
|
|
1,113,536,018
|
|
|
PREFERRED STOCKS: 6.2%
|
|
|
|
|
Energy: 4.8%
|
|
|
|
|
|
|
10,500
|
|
|
AK Transneft OAO (USD)
|
|
|
27,523,408
|
|
|
|
37,966,650
|
|
|
Surgutneftegas OJSC (USD)
|
|
|
29,943,120
|
|
|
|
|
|
|
|
|
|
57,466,528
|
|
|
Financial: 1.4%
|
|
|
|
|
|
|
6,752,678
|
|
|
Sberbank of Russia (USD)
|
|
|
16,551,766
|
|
Total Preferred Stocks
(Cost: $59,292,578)
|
|
|
74,018,294
|
|
MONEY MARKET FUND: 0.2%
(Cost: $2,738,569)
|
|
|
|
|
|
|
2,738,569
|
|
|
Dreyfus Government Cash
Management Fund
|
|
|
2,738,569
|
|
|
Total Investments Before Collateral for Securities
Loaned: 100.2%
(Cost: $1,375,677,167)
|
|
|
1,190,292,881
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS HELD AS COLLATERAL
FOR SECURITIES LOANED: 3.7%
|
|
Repurchase Agreements: 3.7%
|
|
|
|
|
|
$
|
10,320,524
|
|
|
Repurchase agreement dated 12/31/2013 with Citigroup Global Markets, Inc., 0.02%, due 1/2/2014, proceeds $10,320,535; (collateralized by various U.S. government and agency obligations, 2.08% to 11.00%, due 12/15/2015 to 8/15/2053, valued at $10,526,935 including accrued interest)
|
|
|
10,320,524
|
|
|
|
10,320,524
|
|
|
Repurchase agreement dated 12/31/2013 with Deutsche Bank, Inc., 0.03%, due 1/2/2014, proceeds $10,320,541; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 1/24/2014 to 2/1/2047, valued at $10,526,938 including accrued interest)
|
|
|
10,320,524
|
|
|
|
2,172,652
|
|
|
Repurchase agreement dated 12/31/2013 with HSBC Securities USA, Inc., 0.01%, due 1/2/2014, proceeds $2,172,653; (collateralized by various U.S. government and agency obligations, 1.00% to 4.38%, due 2/28/2015 to 11/15/2040, valued at $2,216,117 including accrued interest)
|
|
|
2,172,652
|
|
See Notes to Financial Statements
RUSSIA ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,320,524
|
|
|
Repurchase agreement dated 12/31/2013 with JP Morgan Securities LLC, 0.00%, due 1/2/2014, proceeds $10,320,524; (collateralized by various U.S. government and agency obligations, 2.50% to 7.50%, due 12/1/2014 to 11/1/2052, valued at $10,527,181 including accrued interest)
|
|
$
|
10,320,524
|
|
|
|
10,320,524
|
|
|
Repurchase agreement dated 12/31/2013 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.01%, due 1/2/2014, proceeds $10,320,530; (collateralized by various U.S. government and agency obligations, 1.36% to 7.00%, due 6/1/2017 to 9/1/2044, valued at $10,526,934 including accrued interest)
|
|
|
10,320,524
|
|
|
Total Short-Term Investments Held As Collateral for Securities
Loaned
|
|
|
|
|
|
(Cost: $43,454,748)
|
|
$
|
43,454,748
|
|
Total Investments: 103.9%
(Cost: $1,419,131,915)
|
|
|
1,233,747,629
|
|
|
Liabilities in excess of other assets: (3.9)%
|
|
|
(46,027,429
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
1,187,720,200
|
|
|
|
|
|
ADR
|
American Depositary Receipt
|
|
GBP
|
British Pound
|
|
GDR
|
Global Depositary Receipt
|
|
HKD
|
Hong Kong Dollar
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on
loan is $41,215,422.
|
|
#
|
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 $905,514,166 which represents 76.2% of net assets.
|
|
§
|
Illiquid Security — the aggregate value of illiquid securities is
$109,932 which represents 0.0% of net assets.
|
|
Reg S
|
Security was purchased pursuant to Regulation S under
the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such
a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities
Act of 1933, or pursuant to an exemption from registration.
|
See Notes to Financial Statements
|
Summary of Investments by Sector Excluding
|
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
14.9
|
%
|
|
$
|
177,253,226
|
|
|
Communications
|
|
|
19.7
|
|
|
|
234,277,255
|
|
|
Consumer, Non-cyclical
|
|
|
7.6
|
|
|
|
90,855,835
|
|
|
Energy
|
|
|
40.5
|
|
|
|
482,455,491
|
|
|
Financial
|
|
|
12.5
|
|
|
|
148,310,066
|
|
|
Industrial
|
|
|
1.4
|
|
|
|
16,164,029
|
|
|
Utilities
|
|
|
3.2
|
|
|
|
38,238,410
|
|
|
Money Market Fund
|
|
|
0.2
|
|
|
|
2,738,569
|
|
|
|
|
|
100.0
|
%
|
|
$
|
1,190,292,881
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
|
Level 1
|
|
Significant
|
|
Significant
|
|
|
|
|
|
|
Quoted
|
|
Observable
|
|
Unobservable
|
|
|
|
|
|
|
Prices
|
|
Inputs
|
|
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
|
$
|
2,518,605
|
|
|
|
$
|
174,734,621
|
|
|
|
$
|
–
|
|
|
|
$
|
177,253,226
|
|
|
Communications
|
|
|
|
144,859,451
|
|
|
|
|
89,417,804
|
|
|
|
|
–
|
|
|
|
|
234,277,255
|
|
|
Consumer, Non-cyclical
|
|
|
|
8,353,207
|
|
|
|
|
82,502,628
|
|
|
|
|
–
|
|
|
|
|
90,855,835
|
|
|
Energy
|
|
|
|
10,605,230
|
|
|
|
|
414,383,733
|
|
|
|
|
–
|
|
|
|
|
424,988,963
|
|
|
Financial
|
|
|
|
–
|
|
|
|
|
131,758,300
|
|
|
|
|
–
|
|
|
|
|
131,758,300
|
|
|
Industrial
|
|
|
|
16,164,029
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
16,164,029
|
|
|
Utilities
|
|
|
|
25,521,330
|
|
|
|
|
12,607,148
|
|
|
|
|
109,932
|
|
|
|
|
38,238,410
|
|
|
Preferred Stocks*
|
|
|
|
74,018,294
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
74,018,294
|
|
|
Money Market Fund
|
|
|
|
2,738,569
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
2,738,569
|
|
|
Repurchase Agreements
|
|
|
|
–
|
|
|
|
|
43,454,748
|
|
|
|
|
–
|
|
|
|
|
43,454,748
|
|
|
Total
|
|
|
$
|
284,778,715
|
|
|
|
$
|
948,858,982
|
|
|
|
$
|
109,932
|
|
|
|
$
|
1,233,747,629
|
|
* See Schedule of Investments for security type and industry
sector breakouts.
During the year ended December 31, 2013 transfers of securities
from Level 1 to Level 2 were $4,620,084 and transfers from Level 2 to Level 1 were $49,141,501. 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.
The following table reconciles the valuation of the Fund’s
Level 3 investment securities and related transactions during the year ended December 31, 2013:
|
|
|
Common
Stocks
|
|
|
|
Utilities
|
|
Balance as of December 31, 2012
|
|
|
$
|
277,578
|
|
|
Realized gain (loss)
|
|
|
|
–
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
(167,646
|
)
|
|
Purchases
|
|
|
|
–
|
|
|
Sales
|
|
|
|
–
|
|
|
Transfers in and/or out of level 3
|
|
|
|
–
|
|
|
Balance as of December 31, 2013
|
|
|
$
|
109,932
|
|
See Notes to Financial Statements
RUSSIA SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 93.1%
|
|
Basic Materials: 9.9%
|
|
|
8,184
|
|
|
Acron JSC (USD)
|
|
$
|
279,940
|
|
|
|
98,495
|
|
|
Highland Gold Mining Ltd. (GBP) #
|
|
|
95,974
|
|
|
|
702,000
|
|
|
IRC Ltd. (HKD) * #
|
|
|
70,856
|
|
|
|
151,810
|
|
|
Magnitogorsk Iron & Steel Works (GDR) * † # Reg S
|
|
|
455,950
|
|
|
|
183,852
|
|
|
Mechel OAO (ADR) * †
|
|
|
470,661
|
|
|
|
192,037
|
|
|
Petropavlovsk Plc (GBP) † #
|
|
|
233,075
|
|
|
|
|
|
|
|
|
|
1,606,456
|
|
|
Communications: 9.9%
|
|
|
55,474
|
|
|
CTC Media, Inc. (USD)
|
|
|
770,812
|
|
|
|
14,740
|
|
|
Qiwi Plc (ADR)
|
|
|
825,440
|
|
|
|
|
|
|
|
|
|
1,596,252
|
|
|
Consumer, Cyclical: 7.1%
|
|
|
448,474
|
|
|
Aeroflot - Russian Airlines OJSC (USD)
|
|
|
1,142,307
|
|
|
Consumer, Non-cyclical: 13.0%
|
|
|
140,633
|
|
|
ITE Group Plc (GBP)
|
|
|
715,307
|
|
|
|
47,536
|
|
|
O’Key Group S.A. (GDR) # Reg S
|
|
|
567,157
|
|
|
|
83,373
|
|
|
Pharmstandard (GDR) * Reg S
|
|
|
826,643
|
|
|
|
|
|
|
|
|
|
2,109,107
|
|
|
Energy: 2.1%
|
|
|
52,991
|
|
|
Exillon Energy Plc (GBP) * #
|
|
|
151,267
|
|
|
|
159,724
|
|
|
Raspadskaya OAO (USD) *
|
|
|
147,257
|
|
|
|
105,173
|
|
|
RusPetro Plc (GBP) *
|
|
|
47,903
|
|
|
|
|
|
|
|
|
|
346,427
|
|
|
Financial: 23.3%
|
|
|
106,868
|
|
|
Etalon Group Ltd. (GDR) * † Reg S
|
|
|
566,400
|
|
|
|
214,522
|
|
|
LSR Group (GDR) # Reg S
|
|
|
899,622
|
|
|
|
316,722
|
|
|
PIK Group (GDR) * † Reg S
|
|
|
734,795
|
|
|
|
373,498
|
|
|
Raven Russia Ltd. (GBP) * † #
|
|
|
491,578
|
|
|
|
38,204
|
|
|
TCS Group Holding Plc (GDR) * Reg S
|
|
|
599,803
|
|
|
|
56,724
|
|
|
Vostok Nafta Investment Ltd (SEK) *
|
|
|
474,717
|
|
|
|
|
|
|
|
|
|
3,766,915
|
|
Number
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
Industrial: 10.6%
|
|
|
46,450
|
|
|
Globaltrans Investment Plc (GDR) Reg S
|
|
$
|
738,555
|
|
|
|
82,820
|
|
|
OAO TMK (GDR) Reg S
|
|
|
976,448
|
|
|
|
|
|
|
|
|
|
1,715,003
|
|
|
Utilities: 17.2%
|
|
|
59,257,500
|
|
|
IDGC Holding JSC (USD) *
|
|
|
1,405,943
|
|
|
|
2,936,300,000
|
|
|
Inter Rao Ues OAO (USD) *
|
|
|
895,572
|
|
|
|
7,524,000
|
|
|
Mosenergo OAO (USD)
|
|
|
200,763
|
|
|
|
37,628,300
|
|
|
OGK-2 OAO (USD) *
|
|
|
291,318
|
|
|
|
|
|
|
|
|
|
2,793,596
|
|
Total Common Stocks
(Cost: $15,423,706)
|
|
|
15,076,063
|
|
PREFERRED STOCK: 7.8%
(Cost: $874,557)
|
|
|
|
|
|
Energy: 7.8%
|
|
|
|
|
|
|
481
|
|
|
AK Transneft OAO (USD)
|
|
|
1,260,834
|
|
MONEY MARKET FUND: 3.7%
(Cost: $602,382)
|
|
|
|
|
|
|
602,382
|
|
|
Dreyfus Government Cash Management Fund
|
|
|
602,382
|
|
|
Total Investments Before Collateral for Securities Loaned: 104.6%
|
|
|
|
|
|
(Cost: $16,900,645)
|
|
|
16,939,279
|
|
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL
FOR SECURITIES LOANED: 4.5%
|
|
|
|
|
|
(Cost: $722,363)
|
|
|
|
|
|
|
722,363
|
|
|
Bank of New York Overnight Government Fund
|
|
|
722,363
|
|
Total Investments: 109.1%
(Cost:
$17,623,008)
|
|
|
17,661,642
|
|
|
Liabilities in excess of other assets: (9.1)%
|
|
|
(1,470,955
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
16,190,687
|
|
|
ADR
|
American Depositary Receipt
|
|
GBP
|
British Pound
|
|
GDR
|
Global Depositary Receipt
|
|
HKD
|
Hong Kong Dollar
|
|
SEK
|
Swedish Krona
|
|
USD
|
United States Dollar
|
|
*
|
Non-income producing
|
|
†
|
Security fully or partially on loan. Total market value of securities on
loan is $665,104.
|
|
#
|
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 $2,965,479 which represents 18.3% of net assets.
|
|
Reg S
|
Security was purchased pursuant to Regulation S under
the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such
a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities
Act of 1933, or pursuant to an exemption from registration.
|
See Notes to Financial Statements
|
Summary of Investments by Sector Excluding
|
|
|
|
|
|
Collateral for Securities Loaned (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
9.5
|
%
|
|
$
|
1,606,456
|
|
|
Communications
|
|
|
9.4
|
|
|
|
1,596,252
|
|
|
Consumer, Cyclical
|
|
|
6.7
|
|
|
|
1,142,307
|
|
|
Consumer, Non-cyclical
|
|
|
12.5
|
|
|
|
2,109,107
|
|
|
Energy
|
|
|
9.5
|
|
|
|
1,607,261
|
|
|
Financial
|
|
|
22.2
|
|
|
|
3,766,915
|
|
|
Industrial
|
|
|
10.1
|
|
|
|
1,715,003
|
|
|
Utilities
|
|
|
16.5
|
|
|
|
2,793,596
|
|
|
Money Market Fund
|
|
|
3.6
|
|
|
|
602,382
|
|
|
|
|
|
100.0
|
%
|
|
$
|
16,939,279
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
|
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
|
Level 1
|
|
Significant
|
|
Significant
|
|
|
|
|
|
|
Quoted
|
|
Observable
|
|
Unobservable
|
|
|
|
|
|
|
Prices
|
|
Inputs
|
|
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
|
$
|
750,601
|
|
|
|
$
|
855,855
|
|
|
|
$
|
–
|
|
|
|
$
|
1,606,456
|
|
|
Communications
|
|
|
|
1,596,252
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
1,596,252
|
|
|
Consumer, Cyclical
|
|
|
|
1,142,307
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
1,142,307
|
|
|
Consumer, Non-cyclical
|
|
|
|
1,541,950
|
|
|
|
|
567,157
|
|
|
|
|
–
|
|
|
|
|
2,109,107
|
|
|
Energy
|
|
|
|
195,160
|
|
|
|
|
151,267
|
|
|
|
|
–
|
|
|
|
|
346,427
|
|
|
Financial
|
|
|
|
2,375,715
|
|
|
|
|
1,391,200
|
|
|
|
|
–
|
|
|
|
|
3,766,915
|
|
|
Industrial
|
|
|
|
1,715,003
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
1,715,003
|
|
|
Utilities
|
|
|
|
2,793,596
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
2,793,596
|
|
Preferred Stock
Energy
|
|
|
|
1,260,834
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
1,260,834
|
|
|
Money Market Funds
|
|
|
|
1,324,745
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
1,324,745
|
|
|
Total
|
|
|
$
|
14,696,163
|
|
|
|
$
|
2,965,479
|
|
|
|
$
|
–
|
|
|
|
$
|
17,661,642
|
|
During the year ended December 31, 2013, transfers of securities
from Level 1 to Level 2 were $354,908 and transfers from Level 2 to Level 1 were $776,783. 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
VIETNAM ETF
SCHEDULE OF INVESTMENTS
December 31, 2013
|
Number
|
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS: 98.4%
|
|
Basic Materials: 8.9%
|
|
|
3,661,850
|
|
|
Danang Rubber JSC #
|
|
$
|
6,780,341
|
|
|
|
13,321,850
|
|
|
PetroVietnam Fertilizer & Chemical JSC #
|
|
|
26,217,294
|
|
|
|
|
|
|
|
|
|
32,997,635
|
|
|
Consumer, Cyclical: 5.8%
|
|
|
130,420
|
|
|
Hansae Co Ltd (KRW) #
|
|
|
2,402,442
|
|
|
|
21,943,054
|
|
|
Minor International PCL (NVDR) (THB) #
|
|
|
13,877,134
|
|
|
|
6,226,516
|
|
|
Parkson Holdings Bhd (MYR)
|
|
|
5,227,574
|
|
|
|
|
|
|
|
|
|
21,507,150
|
|
|
Consumer, Non-cyclical: 8.0%
|
|
|
19,567,600
|
|
|
Charoen Pokphand Foods (NVDR) (THB) #
|
|
|
19,119,644
|
|
|
|
21,158,086
|
|
|
Ocean Group JSC ‡ #
|
|
|
10,852,929
|
|
|
|
|
|
|
|
|
|
29,972,573
|
|
|
Energy: 17.4%
|
|
|
3,492,848
|
|
|
Oil and Natural Gas Corp. Ltd. (INR) #
|
|
|
16,329,054
|
|
|
|
68
|
|
|
PetroVietnam Construction Co. *
|
|
|
10
|
|
|
|
6,066,666
|
|
|
PetroVietnam Drilling & Well Services JSC #
|
|
|
17,552,250
|
|
|
|
3,404,792
|
|
|
Premier Oil Plc (GBP) #
|
|
|
17,720,506
|
|
|
|
2,024,265
|
|
|
Soco International Plc (GBP) #
|
|
|
13,256,080
|
|
|
|
|
|
|
|
|
|
64,857,900
|
|
|
Financial: 36.6%
|
|
|
22,865,348
|
|
|
Bank for Foreign Trade of Vietnam JSC #
|
|
|
29,081,394
|
|
|
|
13,004,656
|
|
|
Bao Viet Holdings #
|
|
|
23,350,659
|
|
|
|
2
|
|
|
Commercial Joint Stock Bank of the West * #
|
|
|
0
|
|
|
|
7,913,955
|
|
|
HAGL JSC #
|
|
|
7,699,246
|
|
|
|
25,180,601
|
|
|
Saigon Thuong Tin Commercial JSB
|
|
|
20,531,232
|
|
|
|
39,057,900
|
|
|
Saigon-Hanoi Commercial Joint Stock Bank * #
|
|
|
12,774,893
|
|
|
|
43,590,961
|
|
|
Tan Tao Investment Industry Corp. ‡ * #
|
|
|
13,675,711
|
|
|
|
8,860,724
|
|
|
Vingroup JSC * #
|
|
|
29,428,197
|
|
|
|
|
|
|
|
|
|
136,541,332
|
|
|
Number
|
|
|
|
|
|
of Shares
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Industrial: 18.1%
|
|
|
11,886,190
|
|
|
Gamuda Bhd (MYR) #
|
|
$
|
17,436,865
|
|
|
|
6,556,746
|
|
|
Gemadept Corp. ‡ #
|
|
|
10,459,857
|
|
|
|
4,617,890
|
|
|
Hoa Phat Group JSC #
|
|
|
9,009,510
|
|
|
|
25,443,950
|
|
|
PetroVietnam Technical Services Corp. ‡ #
|
|
|
24,530,379
|
|
|
|
12,655,697
|
|
|
Viet Nam Construction &
Import-Export JSC *
|
|
|
6,059,377
|
|
|
|
|
|
|
|
|
|
67,495,988
|
|
|
Utilities: 3.6%
|
|
|
11,219,250
|
|
|
Pha Lai Thermal Power JSC #
|
|
|
13,373,576
|
|
Total Common Stocks
(Cost: $323,096,002)
|
|
|
366,746,154
|
|
CLOSED-END FUND: 1.7%
(Cost: $4,520,464)
|
|
|
|
|
|
|
2,726,895
|
|
|
VinaCapital Vietnam Opportunity Fund *
|
|
|
6,155,966
|
|
Total Investments: 100.1%
(Cost: $327,616,466)
|
|
|
372,902,120
|
|
|
Liabilities in excess of other assets: (0.1)%
|
|
|
(267,851
|
)
|
|
NET ASSETS: 100.0%
|
|
$
|
372,634,269
|
|
|
GBP
|
British Pound
|
|
INR
|
Indian Rupee
|
|
KRW
|
Korean Won
|
|
MYR
|
Malaysian Ringgit
|
|
NVDR
|
Non-Voting Depositary Receipt
|
|
THB
|
Thai Baht
|
|
‡
|
Affiliated issuer – as defined under the Investment Company Act of
1940.
|
|
*
|
Non-income producing
|
|
#
|
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 $334,927,961 which represents 89.9% of net assets.
|
See Notes to Financial Statements
A summary of the Fund’s transactions in securities of affiliates
for the year ended December 31, 2013 is set forth below:
|
Affiliates
|
|
Value as of
December 31,
2012
|
|
Purchases
|
|
Sales
Proceeds
|
|
Realized
Gain (Loss)
|
|
Dividend
Income
|
|
Value as of
December 31,
2013
|
|
Gemadept Corp. (a)
|
|
|
$
|
4,714,856
|
|
|
|
$
|
5,711,668
|
|
|
|
$
|
4,297,638
|
|
|
|
$
|
(293,043
|
)
|
|
|
$
|
350,351
|
|
|
|
$
|
10,459,857
|
|
|
Ocean Group JSC
|
|
|
|
9,083,342
|
|
|
|
|
5,611,771
|
|
|
|
|
3,672,126
|
|
|
|
|
(2,657,193
|
)
|
|
|
|
464,927
|
|
|
|
|
10,852,929
|
|
PetroVietnam Technical Services
Corp. (a)
|
|
|
|
12,767,448
|
|
|
|
|
17,358,728
|
|
|
|
|
12,719,848
|
|
|
|
|
(935,057
|
)
|
|
|
|
1,537,172
|
|
|
|
|
24,530,379
|
|
|
PetroVietnam Construction Co. (b)
|
|
|
|
4,588,149
|
|
|
|
|
6,127,419
|
|
|
|
|
5,357,519
|
|
|
|
|
(8,468,498
|
)
|
|
|
|
–
|
|
|
|
|
10
|
|
|
Pha Lai Thermal Power JSC (b)
|
|
|
|
12,809,013
|
|
|
|
|
7,470,353
|
|
|
|
|
20,602,355
|
|
|
|
|
7,263,670
|
|
|
|
|
1,392,308
|
|
|
|
|
13,373,576
|
|
|
Song Da Urban & Industrial Zone Investment &
Development JSC (b)
|
|
|
|
5,653,910
|
|
|
|
|
2,643,495
|
|
|
|
|
4,053,381
|
|
|
|
|
(7,155,628
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Tan Tao Investment Industry Corp.
|
|
|
|
5,661,919
|
|
|
|
|
8,370,464
|
|
|
|
|
3,102,395
|
|
|
|
|
(1,485,322
|
)
|
|
|
|
–
|
|
|
|
|
13,675,711
|
|
Viet Nam Construction &
Import-Export JSC (b)
|
|
|
|
9,249,869
|
|
|
|
|
11,800,357
|
|
|
|
|
12,034,690
|
|
|
|
|
(6,984,859
|
)
|
|
|
|
–
|
|
|
|
|
6,059,377
|
|
|
|
|
|
$
|
64,528,506
|
|
|
|
$
|
65,094,255
|
|
|
|
$
|
65,839,952
|
|
|
|
$
|
(20,715,930
|
)
|
|
|
$
|
3,744,758
|
|
|
|
$
|
78,951,839
|
|
(a) Not an affiliate at the beginning of the reporting period
(b) Security held at year-end, however no longer classified as
an affiliate.
Summary of Investments
by Sector (unaudited)
|
|
% of Investments
|
|
Value
|
|
|
Basic Materials
|
|
|
8.8
|
%
|
|
$
|
32,997,635
|
|
|
Consumer, Cyclical
|
|
|
5.8
|
|
|
|
21,507,150
|
|
|
Consumer, Non-cyclical
|
|
|
8.0
|
|
|
|
29,972,573
|
|
|
Energy
|
|
|
17.4
|
|
|
|
64,857,900
|
|
|
Financial
|
|
|
36.6
|
|
|
|
136,541,332
|
|
|
Industrial
|
|
|
18.1
|
|
|
|
67,495,988
|
|
|
Utilities
|
|
|
3.6
|
|
|
|
13,373,576
|
|
|
Closed-End Fund
|
|
|
1.7
|
|
|
|
6,155,966
|
|
|
|
|
|
100.0
|
%
|
|
$
|
372,902,120
|
|
The summary of inputs used to value the Fund’s investments
as of December 31, 2013 is as follows:
|
|
|
Level 1
Quoted
Prices
|
|
Level 2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Value
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Materials
|
|
|
$
|
–
|
|
|
|
$
|
32,997,635
|
|
|
|
$
|
–
|
|
|
|
$
|
32,997,635
|
|
|
Consumer, Cyclical
|
|
|
|
5,227,574
|
|
|
|
|
16,279,576
|
|
|
|
|
–
|
|
|
|
|
21,507,150
|
|
|
Consumer, Non-cyclical
|
|
|
|
–
|
|
|
|
|
29,972,573
|
|
|
|
|
–
|
|
|
|
|
29,972,573
|
|
|
Energy
|
|
|
|
10
|
|
|
|
|
64,857,890
|
|
|
|
|
–
|
|
|
|
|
64,857,900
|
|
|
Financial
|
|
|
|
20,531,232
|
|
|
|
|
116,010,100
|
|
|
|
|
–
|
|
|
|
|
136,541,332
|
|
|
Industrial
|
|
|
|
6,059,377
|
|
|
|
|
61,436,611
|
|
|
|
|
–
|
|
|
|
|
67,495,988
|
|
|
Utilities
|
|
|
|
–
|
|
|
|
|
13,373,576
|
|
|
|
|
–
|
|
|
|
|
13,373,576
|
|
|
Closed-End Fund
|
|
|
|
6,155,966
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
6,155,966
|
|
|
Total
|
|
|
$
|
37,974,159
|
|
|
|
$
|
334,927,961
|
|
|
|
$
|
–
|
|
|
|
$
|
372,902,120
|
|
During the year ended December 31, 2013, transfers of securities
from Level 1 to Level 2 were $88,042,203 and transfers from Level 2 to Level 1 were $13,094,106. 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
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2013
|
|
|
Africa
|
|
Brazil
|
|
ChinaAMC
|
|
Colombia
|
|
|
|
Index ETF
|
|
Small-Cap ETF
|
|
A-Share ETF
|
|
ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (1) (2)
|
|
|
$
|
107,050,235
|
|
|
|
$
|
194,425,013
|
|
|
|
$
|
18,401,761
|
|
|
|
$
|
3,541,364
|
|
|
Short term investment held as collateral for securities loaned (3)
|
|
|
|
2,965,174
|
|
|
|
|
7,608,064
|
|
|
|
|
–
|
|
|
|
|
235,248
|
|
|
Cash
|
|
|
|
83,776
|
|
|
|
|
–
|
|
|
|
|
12,757,321
|
(b)
|
|
|
|
5,023
|
|
|
Cash denominated in foreign currency, at value (4)
|
|
|
|
8,386,444
|
|
|
|
|
396,544
|
|
|
|
|
–
|
|
|
|
|
1,916
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities sold
|
|
|
|
221,432
|
|
|
|
|
2,290,793
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Shares sold
|
|
|
|
–
|
|
|
|
|
10,172
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Due from Adviser
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
12,076
|
|
|
Dividends and interest
|
|
|
|
5,267
|
|
|
|
|
587,939
|
|
|
|
|
317
|
|
|
|
|
5,454
|
|
|
Prepaid expenses
|
|
|
|
1,492
|
|
|
|
|
6,334
|
|
|
|
|
557
|
|
|
|
|
45
|
|
|
Total assets
|
|
|
|
118,713,820
|
|
|
|
|
205,324,859
|
|
|
|
|
31,159,956
|
|
|
|
|
3,801,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap contracts, at value
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
1,718,321
|
|
|
|
|
–
|
|
|
Payables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased
|
|
|
|
5,061,709
|
|
|
|
|
23
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Collateral for securities loaned
|
|
|
|
2,965,174
|
|
|
|
|
7,608,064
|
|
|
|
|
–
|
|
|
|
|
235,248
|
|
|
Line of credit
|
|
|
|
2,236,383
|
|
|
|
|
359,301
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Due to Adviser
|
|
|
|
4,587
|
|
|
|
|
63,301
|
|
|
|
|
22,235
|
|
|
|
|
–
|
|
|
Due to custodian
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Distribution to shareholders
|
|
|
|
–
|
|
|
|
|
119,700
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Deferred Trustee fees
|
|
|
|
5,779
|
|
|
|
|
47,857
|
|
|
|
|
911
|
|
|
|
|
138
|
|
|
Accrued expenses
|
|
|
|
195,449
|
|
|
|
|
235,890
|
|
|
|
|
74,652
|
|
|
|
|
109,258
|
|
|
Total liabilities
|
|
|
|
10,469,081
|
|
|
|
|
8,434,136
|
|
|
|
|
1,816,119
|
|
|
|
|
344,644
|
|
|
NET ASSETS
|
|
|
$
|
108,244,739
|
|
|
|
$
|
196,890,723
|
|
|
|
$
|
29,343,837
|
|
|
|
$
|
3,456,482
|
|
|
Shares outstanding
|
|
|
|
3,500,000
|
|
|
|
|
6,650,000
|
|
|
|
|
950,000
|
|
|
|
|
200,000
|
|
Net asset value, redemption
and offering price per share
|
|
|
$
|
30.93
|
|
|
|
$
|
29.61
|
|
|
|
$
|
30.89
|
|
|
|
$
|
17.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate paid in capital
|
|
|
$
|
117,599,090
|
|
|
|
$
|
312,978,387
|
|
|
|
$
|
29,626,810
|
|
|
|
$
|
3,778,052
|
|
|
Net unrealized appreciation (depreciation)
|
|
|
|
12,241,512
|
|
|
|
|
(35,243,815
|
)
|
|
|
|
(1,718,321
|
)
|
|
|
|
(22,170
|
)
|
|
Undistributed (accumulated) net investment income (loss)
|
|
|
|
(722,132
|
)
|
|
|
|
(232,821
|
)
|
|
|
|
1,435,348
|
|
|
|
|
(20,573
|
)
|
|
Accumulated net realized gain (loss)
|
|
|
|
(20,873,731
|
)
|
|
|
|
(80,611,028
|
)
|
|
|
|
–
|
|
|
|
|
(278,827
|
)
|
|
|
|
|
$
|
108,244,739
|
|
|
|
$
|
196,890,723
|
|
|
|
$
|
29,343,837
|
|
|
|
$
|
3,456,482
|
|
|
(1) Value of securities on loan
|
|
|
$
|
2,816,515
|
|
|
|
$
|
7,038,826
|
|
|
|
$
|
–
|
|
|
|
$
|
229,216
|
|
|
(2) Cost of investments
|
|
|
$
|
94,825,148
|
|
|
|
$
|
229,665,296
|
|
|
|
$
|
18,401,761
|
|
|
|
$
|
3,563,511
|
|
|
(3) Cost of short term investment held as collateral for securities loaned
|
|
|
$
|
2,965,174
|
|
|
|
$
|
7,608,064
|
|
|
|
$
|
–
|
|
|
|
$
|
235,248
|
|
|
(4) Cost of cash denominated in foreign currency
|
|
|
$
|
8,430,865
|
|
|
|
$
|
396,544
|
|
|
|
$
|
–
|
|
|
|
$
|
1,926
|
|
|
|
(a)
|
Represents consolidated Statement of Assets and Liabilites.
|
|
|
(b)
|
Includes $10,200,000 of segregated cash collateral for
swap contracts.
|
See Notes to Financial Statements
|
|
|
|
|
|
Germany
|
|
|
|
|
India
|
|
|
|
Indonesia
|
|
|
|
Egypt
|
|
Small-Cap
|
|
Gulf States
|
|
Small-Cap
|
|
Indonesia
|
|
Small-Cap
|
|
Israel
|
|
Index ETF
|
|
ETF
|
|
Index ETF
|
|
Index ETF (a)
|
|
Index ETF
|
|
ETF
|
|
ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
48,647,884
|
|
|
|
$
|
6,089,879
|
|
|
|
$
|
16,277,930
|
|
|
|
$
|
122,188,303
|
|
|
|
$
|
183,746,095
|
|
|
|
$
|
5,329,724
|
|
|
|
$
|
30,067,563
|
|
|
|
|
38,350
|
|
|
|
|
67,174
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
965
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
9,284,328
|
|
|
|
|
–
|
|
|
|
|
9,433
|
|
|
|
|
84,902
|
|
|
|
|
183
|
|
|
|
|
5,192
|
|
|
|
|
141,194
|
|
|
|
|
|
|
|
59,930
|
|
|
|
|
–
|
|
|
|
|
7,332
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
36,879
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
10,806
|
|
|
|
|
40,826
|
|
|
|
|
44,285
|
|
|
|
|
–
|
|
|
|
|
11,590
|
|
|
|
|
–
|
|
|
|
|
37,086
|
|
|
|
|
11,103
|
|
|
|
|
15,899
|
|
|
|
|
33,877
|
|
|
|
|
514,393
|
|
|
|
|
1,218
|
|
|
|
|
11,716
|
|
|
|
|
558
|
|
|
|
|
70
|
|
|
|
|
202
|
|
|
|
|
7,663
|
|
|
|
|
6,570
|
|
|
|
|
134
|
|
|
|
|
165
|
|
|
|
|
58,105,015
|
|
|
|
|
6,179,997
|
|
|
|
|
16,351,622
|
|
|
|
|
122,359,030
|
|
|
|
|
184,267,241
|
|
|
|
|
5,347,858
|
|
|
|
|
30,220,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,175,378
|
|
|
|
|
–
|
|
|
|
|
9,955
|
|
|
|
|
–
|
|
|
|
|
6,718
|
|
|
|
|
183
|
|
|
|
|
4
|
|
|
|
|
38,350
|
|
|
|
|
67,174
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
5,199,398
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
479,978
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
13,017
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
38,977
|
|
|
|
|
–
|
|
|
|
|
4,652
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
7,364
|
|
|
|
|
11,892,703
|
|
|
|
|
10,221
|
|
|
|
|
71,529
|
|
|
|
|
147,567
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
2,402
|
|
|
|
|
80
|
|
|
|
|
1,253
|
|
|
|
|
2,173
|
|
|
|
|
23,463
|
|
|
|
|
–
|
|
|
|
|
632
|
|
|
|
|
105,049
|
|
|
|
|
106,978
|
|
|
|
|
81,790
|
|
|
|
|
112,255
|
|
|
|
|
89,459
|
|
|
|
|
18,279
|
|
|
|
|
31,500
|
|
|
|
|
9,533,594
|
|
|
|
|
174,232
|
|
|
|
|
100,362
|
|
|
|
|
12,007,131
|
|
|
|
|
648,816
|
|
|
|
|
89,991
|
|
|
|
|
184,355
|
|
|
|
$
|
48,571,421
|
|
|
|
$
|
6,005,765
|
|
|
|
$
|
16,251,260
|
|
|
|
$
|
110,351,899
|
|
|
|
$
|
183,618,425
|
|
|
|
$
|
5,257,867
|
|
|
|
$
|
30,036,283
|
|
|
|
|
874,974
|
|
|
|
|
200,000
|
|
|
|
|
600,000
|
|
|
|
|
3,524,967
|
|
|
|
|
8,750,000
|
|
|
|
|
450,000
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
55.51
|
|
|
|
$
|
30.03
|
|
|
|
$
|
27.09
|
|
|
|
$
|
31.31
|
|
|
|
$
|
20.98
|
|
|
|
$
|
11.68
|
|
|
|
$
|
30.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
59,103,531
|
|
|
|
$
|
5,950,245
|
|
|
|
$
|
18,813,735
|
|
|
|
$
|
186,621,277
|
|
|
|
$
|
327,471,569
|
|
|
|
$
|
8,858,808
|
|
|
|
$
|
26,350,334
|
|
|
|
|
7,052,480
|
|
|
|
|
462,156
|
|
|
|
|
4,601,897
|
|
|
|
|
58,960
|
|
|
|
|
(85,359,367
|
)
|
|
|
|
(1,907,000
|
)
|
|
|
|
3,097,848
|
|
|
|
|
(88,762
|
)
|
|
|
|
(4,648
|
)
|
|
|
|
(57,494
|
)
|
|
|
|
(130,480
|
)
|
|
|
|
90,941
|
|
|
|
|
(3,729
|
)
|
|
|
|
(56,146
|
)
|
|
|
|
(17,495,828
|
)
|
|
|
|
(401,988
|
)
|
|
|
|
(7,106,878
|
)
|
|
|
|
(76,197,858
|
)
|
|
|
|
(58,584,718
|
)
|
|
|
|
(1,690,212
|
)
|
|
|
|
644,247
|
|
|
|
$
|
48,571,421
|
|
|
|
$
|
6,005,765
|
|
|
|
$
|
16,251,260
|
|
|
|
$
|
110,351,899
|
|
|
|
$
|
183,618,425
|
|
|
|
$
|
5,257,867
|
|
|
|
$
|
30,036,283
|
|
|
|
$
|
36,146
|
|
|
|
$
|
63,331
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
41,586,324
|
|
|
|
$
|
5,628,349
|
|
|
|
$
|
11,676,034
|
|
|
|
$
|
122,136,777
|
|
|
|
$
|
269,009,446
|
|
|
|
$
|
7,236,754
|
|
|
|
$
|
26,970,505
|
|
|
|
$
|
38,350
|
|
|
|
$
|
67,174
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
9,321,026
|
|
|
|
$
|
–
|
|
|
|
$
|
9,428
|
|
|
|
$
|
77,232
|
|
|
|
$
|
182
|
|
|
|
$
|
5,165
|
|
|
|
$
|
140,432
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2013
(continued)
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
|
|
Small-Cap
|
|
|
|
|
|
|
Russia Small-
|
|
|
|
Index ETF
|
|
Poland ETF
|
|
Russia ETF
|
|
Cap ETF
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers (2)
|
|
|
$
|
8,453,336
|
|
|
|
$
|
30,625,383
|
|
|
|
$
|
1,190,292,881
|
|
|
|
$
|
16,939,279
|
|
|
Affiliated issuers (3)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
Short term investment held as collateral for
securities loaned (4)
|
|
|
|
506,149
|
|
|
|
|
2,183,085
|
|
|
|
|
43,454,748
|
|
|
|
|
722,363
|
|
|
Cash
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
2,577,170
|
|
|
|
|
–
|
|
|
Cash denominated in foreign currency, at value (5)
|
|
|
|
204,199
|
|
|
|
|
–
|
|
|
|
|
904
|
|
|
|
|
–
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities sold
|
|
|
|
41,365
|
|
|
|
|
–
|
|
|
|
|
125
|
|
|
|
|
53,194
|
|
|
Due from Adviser
|
|
|
|
11,492
|
|
|
|
|
5,470
|
|
|
|
|
531,243
|
|
|
|
|
40,673
|
|
|
Dividends
|
|
|
|
16,544
|
|
|
|
|
11,764
|
|
|
|
|
758,369
|
|
|
|
|
1,259
|
|
|
Prepaid expenses
|
|
|
|
171
|
|
|
|
|
465
|
|
|
|
|
22,616
|
|
|
|
|
181
|
|
|
Total assets
|
|
|
|
9,233,256
|
|
|
|
|
32,826,167
|
|
|
|
|
1,237,638,056
|
|
|
|
|
17,756,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased
|
|
|
|
3,113
|
|
|
|
|
–
|
|
|
|
|
5,929,792
|
|
|
|
|
696,608
|
|
|
Collateral for securities loaned
|
|
|
|
506,149
|
|
|
|
|
2,183,085
|
|
|
|
|
43,454,748
|
|
|
|
|
722,363
|
|
|
Line of credit
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Shares redeemed
|
|
|
|
–
|
|
|
|
|
131
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Due to Adviser
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Due to custodian
|
|
|
|
90,509
|
|
|
|
|
57,597
|
|
|
|
|
–
|
|
|
|
|
3,121
|
|
|
Deferred Trustee fees
|
|
|
|
781
|
|
|
|
|
2,372
|
|
|
|
|
167,416
|
|
|
|
|
652
|
|
|
Accrued expenses
|
|
|
|
127,836
|
|
|
|
|
69,272
|
|
|
|
|
365,900
|
|
|
|
|
143,518
|
|
|
Total liabilities
|
|
|
|
728,388
|
|
|
|
|
2,312,457
|
|
|
|
|
49,917,856
|
|
|
|
|
1,566,262
|
|
|
NET ASSETS
|
|
|
$
|
8,504,868
|
|
|
|
$
|
30,513,710
|
|
|
|
$
|
1,187,720,200
|
|
|
|
$
|
16,190,687
|
|
|
Shares outstanding
|
|
|
|
450,000
|
|
|
|
|
1,350,000
|
|
|
|
|
41,400,000
|
|
|
|
|
383,318
|
|
Net asset value, redemption
and offering price per share
|
|
|
$
|
18.90
|
|
|
|
$
|
22.60
|
|
|
|
$
|
28.69
|
|
|
|
$
|
42.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate paid in capital
|
|
|
$
|
14,089,237
|
|
|
|
$
|
43,121,582
|
|
|
|
$
|
2,402,819,810
|
|
|
|
$
|
20,041,649
|
|
|
Net unrealized appreciation (depreciation)
|
|
|
|
(1,992,757
|
)
|
|
|
|
(1,407,408
|
)
|
|
|
|
(185,384,277
|
)
|
|
|
|
38,617
|
|
|
Undistributed (accumulated) net investment income (loss)
|
|
|
|
(61,703
|
)
|
|
|
|
12,968
|
|
|
|
|
2,241,789
|
|
|
|
|
(204,208
|
)
|
|
Accumulated net realized loss
|
|
|
|
(3,529,909
|
)
|
|
|
|
(11,213,432
|
)
|
|
|
|
(1,031,957,122
|
)
|
|
|
|
(3,685,371
|
)
|
|
|
|
|
$
|
8,504,868
|
|
|
|
$
|
30,513,710
|
|
|
|
$
|
1,187,720,200
|
|
|
|
$
|
16,190,687
|
|
|
(1) Value of securities on loan
|
|
|
$
|
484,048
|
|
|
|
$
|
2,073,684
|
|
|
|
$
|
41,215,422
|
|
|
|
$
|
665,104
|
|
|
(2) Cost of investments – unaffiliated issuers
|
|
|
$
|
10,446,500
|
|
|
|
$
|
32,033,546
|
|
|
|
$
|
1,375,677,167
|
|
|
|
$
|
16,900,645
|
|
|
(3) Cost of investments – affiliated issuers
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
|
|
$
|
–
|
|
(4) Cost of short term investment held as collateral
for securities loaned
|
|
|
$
|
506,149
|
|
|
|
$
|
2,183,085
|
|
|
|
$
|
43,454,748
|
|
|
|
$
|
722,363
|
|
|
(5) Cost of cash denominated in foreign currency
|
|
|
$
|
203,783
|
|
|
|
$
|
–
|
|
|
|
$
|
900
|
|
|
|
$
|
–
|
|
See Notes to Financial Statements
|
Vietnam ETF
|
|
|
|
|
|
|
|
$
|
313,383,244
|
|
|
|
|
59,518,876
|
|
|
|
|
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
762,167
|
|
|
|
|
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
6,547
|
|
|
|
|
373,670,834
|
|
|
|
|
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
638,259
|
|
|
|
|
–
|
|
|
|
|
162,516
|
|
|
|
|
–
|
|
|
|
|
13,852
|
|
|
|
|
221,938
|
|
|
|
|
1,036,565
|
|
|
|
$
|
372,634,269
|
|
|
|
|
20,000,000
|
|
|
|
|
|
|
|
|
$
|
18.63
|
|
|
|
|
|
|
|
|
$
|
486,925,062
|
|
|
|
|
45,285,815
|
|
|
|
|
(1,847,165)
|
|
|
|
|
(157,729,443)
|
|
|
|
$
|
372,634,269
|
|
|
|
$
|
–
|
|
|
|
$
|
281,313,554
|
|
|
|
$
|
46,302,912
|
|
|
|
$
|
–
|
|
|
|
$
|
762,005
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2013
|
|
|
Africa
|
|
Brazil
|
|
ChinaAMC
|
|
Colombia
|
|
|
|
Index ETF
|
|
Small-Cap ETF
|
|
A-Share ETF
|
|
ETF
|
|
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
$
|
3,405,171
|
|
|
|
$
|
5,937,442
|
|
|
|
$
|
6,038
|
|
|
|
$
|
73,490
|
|
|
Interest
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Securities lending income
|
|
|
|
19,693
|
|
|
|
|
159,546
|
|
|
|
|
–
|
|
|
|
|
1,533
|
|
|
Foreign taxes withheld
|
|
|
|
(313,199
|
)
|
|
|
|
(2,588
|
)
|
|
|
|
–
|
|
|
|
|
(1,417
|
)
|
|
Total income
|
|
|
|
3,111,665
|
|
|
|
|
6,094,400
|
|
|
|
|
6,038
|
|
|
|
|
73,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
|
491,651
|
|
|
|
|
1,787,218
|
|
|
|
|
180,134
|
|
|
|
|
15,729
|
|
|
Professional fees
|
|
|
|
69,720
|
|
|
|
|
70,840
|
|
|
|
|
125,052
|
|
|
|
|
48,683
|
|
|
Insurance
|
|
|
|
1,645
|
|
|
|
|
7,258
|
|
|
|
|
532
|
|
|
|
|
52
|
|
|
Trustees’ fees and expenses
|
|
|
|
2,824
|
|
|
|
|
11,767
|
|
|
|
|
792
|
|
|
|
|
105
|
|
|
Reports to shareholders
|
|
|
|
19,261
|
|
|
|
|
58,635
|
|
|
|
|
24,014
|
|
|
|
|
7,636
|
|
|
Indicative optimized portfolio value fee
|
|
|
|
19,076
|
|
|
|
|
15,121
|
|
|
|
|
19,238
|
|
|
|
|
15,120
|
|
|
Custodian fees
|
|
|
|
202,001
|
|
|
|
|
198,735
|
|
|
|
|
7,153
|
|
|
|
|
24,413
|
|
|
Registration fees
|
|
|
|
26,694
|
|
|
|
|
10,202
|
|
|
|
|
7,736
|
|
|
|
|
5,133
|
|
|
Transfer agent fees
|
|
|
|
2,398
|
|
|
|
|
2,419
|
|
|
|
|
2,420
|
|
|
|
|
2,421
|
|
|
Fund accounting fees
|
|
|
|
36,221
|
|
|
|
|
54,153
|
|
|
|
|
36,288
|
|
|
|
|
36,173
|
|
|
Interest
|
|
|
|
34,352
|
|
|
|
|
37,078
|
|
|
|
|
109
|
|
|
|
|
19
|
|
|
Other
|
|
|
|
13,629
|
|
|
|
|
15,238
|
|
|
|
|
6,011
|
|
|
|
|
204
|
|
|
Total expenses
|
|
|
|
919,472
|
|
|
|
|
2,268,664
|
|
|
|
|
409,479
|
|
|
|
|
155,688
|
|
|
Waiver of management fees
|
|
|
|
(118,145
|
)
|
|
|
|
(123,868
|
)
|
|
|
|
(149,977
|
)
|
|
|
|
(15,729
|
)
|
|
Expenses assumed by the Adviser
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(116,342
|
)
|
|
Net expenses
|
|
|
|
801,327
|
|
|
|
|
2,144,796
|
|
|
|
|
259,502
|
|
|
|
|
23,617
|
|
|
Net investment income (loss)
|
|
|
|
2,310,338
|
|
|
|
|
3,949,604
|
|
|
|
|
(253,464
|
)
|
|
|
|
49,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
(6,518,535
|
)
|
|
|
|
(34,631,096
|
)
|
|
|
|
–
|
|
|
|
|
(156,165
|
)
|
|
Swap contracts
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
2,308,584
|
|
|
|
|
–
|
|
|
In-kind redemptions
|
|
|
|
547,277
|
|
|
|
|
(15,318,754
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
Foreign currency transactions and
foreign denominated assets and liabilities
|
|
|
|
(81,984
|
)
|
|
|
|
(374,731
|
)
|
|
|
|
–
|
|
|
|
|
(4,650
|
)
|
|
Net realized gain (loss)
|
|
|
|
(6,053,242
|
)
|
|
|
|
(50,324,581
|
)
|
|
|
|
2,308,584
|
|
|
|
|
(160,815
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
6,312,454
|
|
|
|
|
(70,779,472
|
)
|
|
|
|
–
|
|
|
|
|
(265,797
|
)
|
|
Swap contracts
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(4,880,324
|
)
|
|
|
|
–
|
|
Foreign currency transactions and
foreign denominated assets and liabilities
|
|
|
|
19,563
|
|
|
|
|
(2,425
|
)
|
|
|
|
–
|
|
|
|
|
(36
|
)
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
6,332,017
|
|
|
|
|
(70,781,897
|
)
|
|
|
|
(4,880,324
|
)
|
|
|
|
(265,833
|
)
|
Net Increase (Decrease) in Net Assets Resulting
from Operations
|
|
|
$
|
2,589,113
|
|
|
|
$
|
(117,156,874
|
)
|
|
|
$
|
(2,825,204
|
)
|
|
|
$
|
(376,659
|
)
|
|
(a)
|
Represents consolidated Statement of Operations.
|
|
(b)
|
Commencement of operations for Israel ETF was June 25, 2013.
|
See Notes to Financial Statements
|
|
|
|
|
|
|
|
|
|
|
India
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Egypt Index
|
|
Germany
|
|
Gulf States
|
|
Small-Cap
|
|
Indonesia
|
|
Indonesia
|
|
|
|
|
|
|
ETF
|
|
Small-Cap ETF
|
|
Index ETF
|
|
Index ETF (a)
|
|
Index ETF
|
|
Small-Cap ETF
|
|
Israel ETF (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,321,240
|
|
|
|
$
|
90,292
|
|
|
|
$
|
455,345
|
|
|
|
$
|
1,712,566
|
|
|
|
$
|
10,113,557
|
|
|
|
$
|
78,327
|
|
|
|
$
|
218,960
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
197
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
6,681
|
|
|
|
|
6,726
|
|
|
|
|
7
|
|
|
|
|
–
|
|
|
|
|
16,203
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(11,334
|
)
|
|
|
|
(22,550
|
)
|
|
|
|
(462
|
)
|
|
|
|
(1,494,569
|
)
|
|
|
|
(10,371
|
)
|
|
|
|
(41,427
|
)
|
|
|
|
1,327,921
|
|
|
|
|
85,684
|
|
|
|
|
432,999
|
|
|
|
|
1,712,104
|
|
|
|
|
8,635,191
|
|
|
|
|
67,956
|
|
|
|
|
177,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
201,723
|
|
|
|
|
21,981
|
|
|
|
|
67,124
|
|
|
|
|
516,007
|
|
|
|
|
1,714,426
|
|
|
|
|
31,605
|
|
|
|
|
62,609
|
|
|
|
|
49,962
|
|
|
|
|
48,878
|
|
|
|
|
66,757
|
|
|
|
|
120,356
|
|
|
|
|
66,380
|
|
|
|
|
49,415
|
|
|
|
|
18,326
|
|
|
|
|
660
|
|
|
|
|
81
|
|
|
|
|
232
|
|
|
|
|
13,576
|
|
|
|
|
7,211
|
|
|
|
|
143
|
|
|
|
|
101
|
|
|
|
|
1,490
|
|
|
|
|
202
|
|
|
|
|
391
|
|
|
|
|
17,466
|
|
|
|
|
14,980
|
|
|
|
|
121
|
|
|
|
|
115
|
|
|
|
|
14,162
|
|
|
|
|
7,114
|
|
|
|
|
8,624
|
|
|
|
|
24,414
|
|
|
|
|
43,122
|
|
|
|
|
8,003
|
|
|
|
|
14,511
|
|
|
|
|
15,119
|
|
|
|
|
15,119
|
|
|
|
|
19,177
|
|
|
|
|
19,212
|
|
|
|
|
19,237
|
|
|
|
|
16,417
|
|
|
|
|
6,571
|
|
|
|
|
125,634
|
|
|
|
|
28,091
|
|
|
|
|
136,675
|
|
|
|
|
485,981
|
|
|
|
|
332,349
|
|
|
|
|
20,283
|
|
|
|
|
7,708
|
|
|
|
|
9,796
|
|
|
|
|
5,129
|
|
|
|
|
5,024
|
|
|
|
|
12,620
|
|
|
|
|
25,684
|
|
|
|
|
5,395
|
|
|
|
|
2,622
|
|
|
|
|
2,420
|
|
|
|
|
2,419
|
|
|
|
|
2,398
|
|
|
|
|
4,840
|
|
|
|
|
2,417
|
|
|
|
|
2,271
|
|
|
|
|
170
|
|
|
|
|
36,231
|
|
|
|
|
36,202
|
|
|
|
|
36,221
|
|
|
|
|
91,686
|
|
|
|
|
50,171
|
|
|
|
|
32,612
|
|
|
|
|
2,500
|
|
|
|
|
15,301
|
|
|
|
|
–
|
|
|
|
|
427
|
|
|
|
|
82,823
|
|
|
|
|
13,106
|
|
|
|
|
353
|
|
|
|
|
–
|
|
|
|
|
3,301
|
|
|
|
|
11,683
|
|
|
|
|
4,586
|
|
|
|
|
50,465
|
|
|
|
|
16,303
|
|
|
|
|
3,961
|
|
|
|
|
2,347
|
|
|
|
|
475,799
|
|
|
|
|
176,899
|
|
|
|
|
347,636
|
|
|
|
|
1,439,446
|
|
|
|
|
2,305,386
|
|
|
|
|
170,579
|
|
|
|
|
117,580
|
|
|
|
|
(81,258
|
)
|
|
|
|
(21,981
|
)
|
|
|
|
(67,124
|
)
|
|
|
|
(479,411
|
)
|
|
|
|
(337,833
|
)
|
|
|
|
(31,605
|
)
|
|
|
|
(43,702
|
)
|
|
|
|
–
|
|
|
|
|
(130,809
|
)
|
|
|
|
(148,524
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(100,065
|
)
|
|
|
|
–
|
|
|
|
|
394,541
|
|
|
|
|
24,109
|
|
|
|
|
131,988
|
|
|
|
|
960,035
|
|
|
|
|
1,967,553
|
|
|
|
|
38,909
|
|
|
|
|
73,878
|
|
|
|
|
933,380
|
|
|
|
|
61,575
|
|
|
|
|
301,011
|
|
|
|
|
752,069
|
|
|
|
|
6,667,638
|
|
|
|
|
29,047
|
|
|
|
|
103,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,032,238
|
)
|
|
|
|
(163,873
|
)
|
|
|
|
76,695
|
|
|
|
|
(41,060,364
|
)
|
|
|
|
(25,512,547
|
)
|
|
|
|
(1,341,450
|
)
|
|
|
|
644,334
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
783,756
|
|
|
|
|
706,942
|
|
|
|
|
–
|
|
|
|
|
295,470
|
|
|
|
|
2,923,605
|
|
|
|
|
272,250
|
|
|
|
|
283,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,862
|
)
|
|
|
|
(34
|
)
|
|
|
|
(17,213
|
)
|
|
|
|
(212,025
|
)
|
|
|
|
(251,369
|
)
|
|
|
|
6,761
|
|
|
|
|
3,112
|
|
|
|
|
(3,263,344
|
)
|
|
|
|
543,035
|
|
|
|
|
59,482
|
|
|
|
|
(40,976,919
|
)
|
|
|
|
(22,840,311
|
)
|
|
|
|
(1,062,439
|
)
|
|
|
|
930,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,803,937
|
|
|
|
|
608,733
|
|
|
|
|
3,418,798
|
|
|
|
|
283,636
|
|
|
|
|
(57,519,790
|
)
|
|
|
|
(1,211,869
|
)
|
|
|
|
3,097,058
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,450
|
)
|
|
|
|
510
|
|
|
|
|
(8
|
)
|
|
|
|
5,690
|
|
|
|
|
(74,672
|
)
|
|
|
|
46
|
|
|
|
|
790
|
|
|
|
|
8,796,487
|
|
|
|
|
609,243
|
|
|
|
|
3,418,790
|
|
|
|
|
289,326
|
|
|
|
|
(57,594,462
|
)
|
|
|
|
(1,211,823
|
)
|
|
|
|
3,097,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,466,523
|
|
|
|
$
|
1,213,853
|
|
|
|
$
|
3,779,283
|
|
|
|
$
|
(39,935,524
|
)
|
|
|
$
|
(73,767,135
|
)
|
|
|
$
|
(2,245,215
|
)
|
|
|
$
|
4,132,211
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2013
(continued)
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
|
Small-Cap
|
|
|
|
|
|
|
Russia
|
|
|
|
Index ETF
|
|
Poland ETF
|
|
Russia ETF
|
|
Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends – unaffiliated issuers
|
|
|
$
|
164,695
|
|
|
|
$
|
1,278,521
|
|
|
|
$
|
48,599,093
|
|
|
|
$
|
168,499
|
|
|
Dividends – affiliated issuers
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
Securities lending income
|
|
|
|
7,117
|
|
|
|
|
40,820
|
|
|
|
|
422,948
|
|
|
|
|
21,698
|
|
|
Foreign taxes withheld
|
|
|
|
(13,002
|
)
|
|
|
|
(191,902
|
)
|
|
|
|
(8,082,850
|
)
|
|
|
|
(14,277
|
)
|
|
Total income
|
|
|
|
158,810
|
|
|
|
|
1,127,439
|
|
|
|
|
40,939,191
|
|
|
|
|
175,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
|
50,396
|
|
|
|
|
144,054
|
|
|
|
|
6,508,532
|
|
|
|
|
69,763
|
|
|
Professional fees
|
|
|
|
62,811
|
|
|
|
|
49,640
|
|
|
|
|
172,129
|
|
|
|
|
49,045
|
|
|
Insurance
|
|
|
|
201
|
|
|
|
|
564
|
|
|
|
|
27,299
|
|
|
|
|
202
|
|
|
Trustees’ fees and expenses
|
|
|
|
466
|
|
|
|
|
1,061
|
|
|
|
|
63,089
|
|
|
|
|
315
|
|
|
Reports to shareholders
|
|
|
|
8,634
|
|
|
|
|
9,577
|
|
|
|
|
135,295
|
|
|
|
|
20,972
|
|
|
Indicative optimized portfolio value fee
|
|
|
|
19,239
|
|
|
|
|
15,118
|
|
|
|
|
15,134
|
|
|
|
|
17,258
|
|
|
Custodian fees
|
|
|
|
50,197
|
|
|
|
|
39,203
|
|
|
|
|
2,011,239
|
|
|
|
|
56,316
|
|
|
Registration fees
|
|
|
|
5,039
|
|
|
|
|
5,306
|
|
|
|
|
15,243
|
|
|
|
|
5,646
|
|
|
Transfer agent fees
|
|
|
|
2,420
|
|
|
|
|
2,419
|
|
|
|
|
2,419
|
|
|
|
|
2,420
|
|
|
Fund accounting fees
|
|
|
|
36,230
|
|
|
|
|
36,171
|
|
|
|
|
139,757
|
|
|
|
|
36,202
|
|
|
Interest
|
|
|
|
71
|
|
|
|
|
1,507
|
|
|
|
|
82,837
|
|
|
|
|
411
|
|
|
Other
|
|
|
|
1,129
|
|
|
|
|
5,042
|
|
|
|
|
106,259
|
|
|
|
|
2,772
|
|
|
Total expenses
|
|
|
|
236,833
|
|
|
|
|
309,662
|
|
|
|
|
9,279,232
|
|
|
|
|
261,322
|
|
|
Waiver of management fees
|
|
|
|
(50,396
|
)
|
|
|
|
(135,291
|
)
|
|
|
|
(1,054,022
|
)
|
|
|
|
(69,763
|
)
|
|
Expenses assumed by the Adviser
|
|
|
|
(122,867
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(97,666
|
)
|
|
Net expenses
|
|
|
|
63,570
|
|
|
|
|
174,371
|
|
|
|
|
8,225,210
|
|
|
|
|
93,893
|
|
|
Net investment income
|
|
|
|
95,240
|
|
|
|
|
953,068
|
|
|
|
|
32,713,981
|
|
|
|
|
82,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments – unaffiliated issuers
|
|
|
|
(931,378
|
)
|
|
|
|
(2,589,993
|
)
|
|
|
|
(114,179,776
|
)
|
|
|
|
(1,929,498
|
)
|
|
Investments – affiliated issuers
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
In-kind redemptions
|
|
|
|
(65,151
|
)
|
|
|
|
275,226
|
|
|
|
|
18,008,694
|
|
|
|
|
400,197
|
|
|
Foreign currency transactions and foreign denominated assets and liabilities
|
|
|
|
(6,489
|
)
|
|
|
|
(10,148
|
)
|
|
|
|
(136,674
|
)
|
|
|
|
(8,045
|
)
|
|
Net realized loss
|
|
|
|
(1,003,018
|
)
|
|
|
|
(2,324,915
|
)
|
|
|
|
(96,307,756
|
)
|
|
|
|
(1,537,346
|
)
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
(1,590,224
|
)
|
|
|
|
2,349,582
|
|
|
|
|
(7,540,242
|
)
|
|
|
|
897,529
|
|
|
Foreign currency transactions and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
foreign denominated assets and liabilities
|
|
|
|
323
|
|
|
|
|
4,002
|
|
|
|
|
(8,493
|
)
|
|
|
|
2,391
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
(1,589,901
|
)
|
|
|
|
2,353,584
|
|
|
|
|
(7,548,735
|
)
|
|
|
|
899,920
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
|
$
|
(2,497,679
|
)
|
|
|
$
|
981,737
|
|
|
|
$
|
(71,142,510
|
)
|
|
|
$
|
(555,399
|
)
|
|
(a)
|
Net of foreign taxes of $54
|
See Notes to Financial Statements
|
Vietnam ETF
|
|
|
|
|
|
|
|
|
|
$
|
10,734,158
|
|
|
|
|
|
3,744,758
|
|
|
|
|
|
328
|
|
|
|
|
|
(71,136
|
)
|
|
|
|
|
14,408,108
|
|
|
|
|
|
|
|
|
|
|
|
1,954,803
|
|
|
|
|
|
66,232
|
|
|
|
|
|
7,113
|
|
|
|
|
|
10,021
|
|
|
|
|
|
44,491
|
|
|
|
|
|
19,237
|
|
|
|
|
|
544,108
|
|
|
|
|
|
32,074
|
|
|
|
|
|
2,417
|
|
|
|
|
|
50,905
|
|
|
|
|
|
47,282
|
|
|
|
|
|
12,865
|
|
|
|
|
|
2,791,548
|
|
|
|
|
|
–
|
|
|
|
|
|
–
|
|
|
|
|
|
2,791,548
|
|
|
|
|
|
11,616,560
|
|
|
|
|
|
|
|
|
|
|
|
(17,486,872
|
)(a)
|
|
|
|
|
(20,715,930
|
)
|
|
|
|
|
4,989,046
|
|
|
|
|
|
(1,285,344
|
)
|
|
|
|
|
(34,499,100
|
)
|
|
|
|
|
|
|
|
|
|
|
52,780,240
|
|
|
|
|
|
|
|
|
|
|
|
(4,263
|
)
|
|
|
|
|
52,775,977
|
|
|
|
|
$
|
29,893,437
|
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
Africa Index ETF
|
|
Brazil Small-Cap ETF
|
|
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
$
|
2,310,338
|
|
|
|
$
|
2,782,672
|
|
|
|
$
|
3,949,604
|
|
|
|
$
|
8,094,041
|
|
|
Net realized gain (loss)
|
|
|
|
(6,053,242
|
)
|
|
|
|
(3,295,128
|
)
|
|
|
|
(50,324,581
|
)
|
|
|
|
(17,538,715
|
)
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
6,332,017
|
|
|
|
|
14,985,453
|
|
|
|
|
(70,781,897
|
)
|
|
|
|
91,243,583
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
|
2,589,113
|
|
|
|
|
14,472,997
|
|
|
|
|
(117,156,874
|
)
|
|
|
|
81,798,909
|
|
|
Dividends and Distributions to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
|
(2,901,500
|
)
|
|
|
|
(2,816,950
|
)
|
|
|
|
(3,697,200
|
)
|
|
|
|
(8,131,200
|
)
|
|
Distributions from net realized capital gains
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(330,000
|
)
|
|
Total Dividends and Distributions
|
|
|
|
(2,901,500
|
)
|
|
|
|
(2,816,950
|
)
|
|
|
|
(3,697,200
|
)
|
|
|
|
(8,461,200
|
)
|
|
Share transactions:**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
|
38,152,839
|
|
|
|
|
16,375,741
|
|
|
|
|
14,808,325
|
|
|
|
|
201,408,661
|
|
|
Cost of shares redeemed
|
|
|
|
(14,222,535
|
)
|
|
|
|
(7,243,003
|
)
|
|
|
|
(249,879,083
|
)
|
|
|
|
(234,505,796
|
)
|
|
Increase (Decrease) in net assets resulting from share transactions
|
|
|
|
23,930,304
|
|
|
|
|
9,132,738
|
|
|
|
|
(235,070,758
|
)
|
|
|
|
(33,097,135
|
)
|
|
Total increase (decrease) in net assets
|
|
|
|
23,617,917
|
|
|
|
|
20,788,785
|
|
|
|
|
(355,924,832
|
)
|
|
|
|
40,240,574
|
|
|
Net Assets, beginning of period
|
|
|
|
84,626,822
|
|
|
|
|
63,838,037
|
|
|
|
|
552,815,555
|
|
|
|
|
512,574,981
|
|
|
Net Assets, end of period†
|
|
|
$
|
108,244,739
|
|
|
|
$
|
84,626,822
|
|
|
|
$
|
196,890,723
|
|
|
|
$
|
552,815,555
|
|
|
† Including undistributed (accumulated) net investment income (loss)
|
|
|
$
|
(722,132
|
)
|
|
|
$
|
(132,322
|
)
|
|
|
$
|
(232,821
|
)
|
|
|
$
|
(625,742
|
)
|
|
** Shares of Common Stock Issued (no par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
|
1,250,000
|
|
|
|
|
550,000
|
|
|
|
|
350,000
|
|
|
|
|
4,750,000
|
|
|
Shares redeemed
|
|
|
|
(500,000
|
)
|
|
|
|
(250,000
|
)
|
|
|
|
(6,800,000
|
)
|
|
|
|
(5,750,000
|
)
|
|
Net increase (decrease)
|
|
|
|
750,000
|
|
|
|
|
300,000
|
|
|
|
|
(6,450,000
|
)
|
|
|
|
(1,000,000
|
)
|
|
(a)
|
Share activity has been adjusted to reflect the 1 for 4 reverse share split which took place on July 1, 2013 (See Note 12).
|
See Notes to Financial Statements
|
ChinaAMC A-Share ETF
|
|
Colombia ETF
|
|
Egypt Index ETF (a)
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(253,464
|
)
|
|
|
$
|
(108,477
|
)
|
|
|
$
|
49,989
|
|
|
|
$
|
37,507
|
|
|
|
$
|
933,380
|
|
|
|
$
|
2,466,429
|
|
|
|
|
2,308,584
|
|
|
|
|
(2,278,349
|
)
|
|
|
|
(160,815
|
)
|
|
|
|
(71,219
|
)
|
|
|
|
(3,263,344
|
)
|
|
|
|
(4,181,928
|
)
|
|
|
|
(4,880,324
|
)
|
|
|
|
5,033,438
|
|
|
|
|
(265,833
|
)
|
|
|
|
528,043
|
|
|
|
|
8,796,487
|
|
|
|
|
16,770,785
|
|
|
|
|
(2,825,204
|
)
|
|
|
|
2,646,612
|
|
|
|
|
(376,659
|
)
|
|
|
|
494,331
|
|
|
|
|
6,466,523
|
|
|
|
|
15,055,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(663,100
|
)
|
|
|
|
–
|
|
|
|
|
(49,000
|
)
|
|
|
|
(49,800
|
)
|
|
|
|
(912,597
|
)
|
|
|
|
(2,659,050
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(663,100
|
)
|
|
|
|
–
|
|
|
|
|
(49,000
|
)
|
|
|
|
(49,800
|
)
|
|
|
|
(912,597
|
)
|
|
|
|
(2,659,050
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,487,315
|
|
|
|
|
21,531,960
|
|
|
|
|
891,833
|
|
|
|
|
895,508
|
|
|
|
|
30,972,177
|
|
|
|
|
8,626,943
|
|
|
|
|
(12,823,852
|
)
|
|
|
|
(6,148,469
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(24,279,902
|
)
|
|
|
|
(20,852,579
|
)
|
|
|
|
(336,537
|
)
|
|
|
|
15,383,491
|
|
|
|
|
891,833
|
|
|
|
|
895,508
|
|
|
|
|
6,692,275
|
|
|
|
|
(12,225,636
|
)
|
|
|
|
(3,824,841
|
)
|
|
|
|
18,030,103
|
|
|
|
|
466,174
|
|
|
|
|
1,340,039
|
|
|
|
|
12,246,201
|
|
|
|
|
170,600
|
|
|
|
|
33,168,678
|
|
|
|
|
15,138,575
|
|
|
|
|
2,990,308
|
|
|
|
|
1,650,269
|
|
|
|
|
36,325,220
|
|
|
|
|
36,154,620
|
|
|
|
$
|
29,343,837
|
|
|
|
$
|
33,168,678
|
|
|
|
$
|
3,456,482
|
|
|
|
$
|
2,990,308
|
|
|
|
$
|
48,571,421
|
|
|
|
$
|
36,325,220
|
|
|
|
$
|
1,435,348
|
|
|
|
$
|
(2,499,638
|
)
|
|
|
$
|
(20,573
|
)
|
|
|
$
|
(18,518
|
)
|
|
|
$
|
(88,762
|
)
|
|
|
$
|
(257,413
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
350,000
|
|
|
|
|
700,000
|
|
|
|
|
50,000
|
|
|
|
|
50,000
|
|
|
|
|
662,500
|
|
|
|
|
162,500
|
|
|
|
|
(400,000
|
)
|
|
|
|
(200,000
|
)
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(500,026
|
)
|
|
|
|
(387,500
|
)
|
|
|
|
(50,000
|
)
|
|
|
|
500,000
|
|
|
|
|
50,000
|
|
|
|
|
50,000
|
|
|
|
|
162,474
|
|
|
|
|
(225,000
|
)
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
|
|
|
Germany Small-Cap ETF
|
|
Gulf States Index ETF
|
|
|
|
|
|
|
|
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
$
|
61,575
|
|
|
|
$
|
88,738
|
|
|
|
$
|
301,011
|
|
|
|
$
|
323,079
|
|
|
Net realized gain (loss)
|
|
|
|
543,035
|
|
|
|
|
77,850
|
|
|
|
|
59,482
|
|
|
|
|
(487,494
|
)
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
609,243
|
|
|
|
|
934,049
|
|
|
|
|
3,418,790
|
|
|
|
|
769,913
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
|
1,213,853
|
|
|
|
|
1,100,637
|
|
|
|
|
3,779,283
|
|
|
|
|
605,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
|
(70,000
|
)
|
|
|
|
(122,800
|
)
|
|
|
|
(330,000
|
)
|
|
|
|
(303,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share transactions:**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
|
5,272,046
|
|
|
|
|
2,014,883
|
|
|
|
|
2,524,105
|
|
|
|
|
–
|
|
|
Cost of shares redeemed
|
|
|
|
(4,890,438
|
)
|
|
|
|
(1,160,971
|
)
|
|
|
|
–
|
|
|
|
|
(4,094,418
|
)
|
|
Increase (Decrease) in net assets resulting from share transactions
|
|
|
|
381,608
|
|
|
|
|
853,912
|
|
|
|
|
2,524,105
|
|
|
|
|
(4,094,418
|
)
|
|
Total increase (decrease) in net assets
|
|
|
|
1,525,461
|
|
|
|
|
1,831,749
|
|
|
|
|
5,973,388
|
|
|
|
|
(3,791,920
|
)
|
|
Net Assets, beginning of period
|
|
|
|
4,480,304
|
|
|
|
|
2,648,555
|
|
|
|
|
10,277,872
|
|
|
|
|
14,069,792
|
|
|
Net Assets, end of period†
|
|
|
$
|
6,005,765
|
|
|
|
$
|
4,480,304
|
|
|
|
$
|
16,251,260
|
|
|
|
$
|
10,277,872
|
|
|
† Including undistributed (accumulated) net investment income (loss)
|
|
|
$
|
(4,648
|
)
|
|
|
$
|
(8,875
|
)
|
|
|
$
|
(57,494
|
)
|
|
|
$
|
(28,339
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
|
200,000
|
|
|
|
|
100,000
|
|
|
|
|
100,000
|
|
|
|
|
–
|
|
|
Shares redeemed
|
|
|
|
(200,000
|
)
|
|
|
|
(50,000
|
)
|
|
|
|
–
|
|
|
|
|
(200,000
|
)
|
|
Net increase (decrease)
|
|
|
|
–
|
|
|
|
|
50,000
|
|
|
|
|
100,000
|
|
|
|
|
(200,000
|
)
|
|
*
|
Commencement of operations
|
|
|
|
|
(a)
|
Represents consolidated Statement of Changes in Net Assets.
|
|
(b)
|
Share activity has been adjusted to reflect the 1 for 4 reverse share split which took place on July 1, 2013 (See Note 12).
|
See Notes to Financial Statements
|
|
India Small-Cap Index ETF (a)(b)
|
|
Indonesia Index ETF
|
|
Indonesia Small-Cap ETF
|
|
Israel ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
For the Period
|
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
March 20, 2012*
|
|
June 25, 2013*
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
through
|
|
through
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
752,069
|
|
|
|
$
|
138,601
|
|
|
|
$
|
6,667,638
|
|
|
|
$
|
7,654,260
|
|
|
|
$
|
29,047
|
|
|
|
$
|
12,551
|
|
|
|
$
|
103,655
|
|
|
|
|
|
(40,976,919
|
)
|
|
|
|
(14,290,217
|
)
|
|
|
|
(22,840,311
|
)
|
|
|
|
(8,217,011
|
)
|
|
|
|
(1,062,439
|
)
|
|
|
|
(542,319
|
)
|
|
|
|
930,708
|
|
|
|
|
|
289,326
|
|
|
|
|
21,431,853
|
|
|
|
|
(57,594,462
|
)
|
|
|
|
(2,820,930
|
)
|
|
|
|
(1,211,823
|
)
|
|
|
|
(695,177
|
)
|
|
|
|
3,097,848
|
|
|
|
|
|
(39,935,524
|
)
|
|
|
|
7,280,237
|
|
|
|
|
(73,767,135
|
)
|
|
|
|
(3,383,681
|
)
|
|
|
|
(2,245,215
|
)
|
|
|
|
(1,224,945
|
)
|
|
|
|
4,132,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(489,970
|
)
|
|
|
|
(109,850
|
)
|
|
|
|
(6,354,300
|
)
|
|
|
|
(7,202,350
|
)
|
|
|
|
(41,400
|
)
|
|
|
|
(40,050
|
)
|
|
|
|
(163,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,125,451
|
|
|
|
|
63,469,440
|
|
|
|
|
79,387,801
|
|
|
|
|
196,146,910
|
|
|
|
|
7,914,461
|
|
|
|
|
5,030,179
|
|
|
|
|
31,311,472
|
|
|
|
|
|
(19,347,066
|
)
|
|
|
|
(7,521,517
|
)
|
|
|
|
(220,743,389
|
)
|
|
|
|
(251,769,674
|
)
|
|
|
|
(2,577,927
|
)
|
|
|
|
(1,557,236
|
)
|
|
|
|
(5,244,400
|
)
|
|
|
|
|
56,778,385
|
|
|
|
|
55,947,923
|
|
|
|
|
(141,355,588
|
)
|
|
|
|
(55,622,764
|
)
|
|
|
|
5,336,534
|
|
|
|
|
3,472,943
|
|
|
|
|
26,067,072
|
|
|
|
|
|
16,352,891
|
|
|
|
|
63,118,310
|
|
|
|
|
(221,477,023
|
)
|
|
|
|
(66,208,795
|
)
|
|
|
|
3,049,919
|
|
|
|
|
2,207,948
|
|
|
|
|
30,036,283
|
|
|
|
|
|
93,999,008
|
|
|
|
|
30,880,698
|
|
|
|
|
405,095,448
|
|
|
|
|
471,304,243
|
|
|
|
|
2,207,948
|
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
$
|
110,351,899
|
|
|
|
$
|
93,999,008
|
|
|
|
$
|
183,618,425
|
|
|
|
$
|
405,095,448
|
|
|
|
$
|
5,257,867
|
|
|
|
$
|
2,207,948
|
|
|
|
$
|
30,036,283
|
|
|
|
|
$
|
(130,480
|
)
|
|
|
$
|
(211,754
|
)
|
|
|
$
|
90,941
|
|
|
|
$
|
5,776
|
|
|
|
$
|
(3,729
|
)
|
|
|
$
|
(20,524
|
)
|
|
|
$
|
(56,146
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,037,500
|
|
|
|
|
1,437,500
|
|
|
|
|
2,650,000
|
|
|
|
|
6,700,000
|
|
|
|
|
450,000
|
|
|
|
|
250,000
|
|
|
|
|
1,200,000
|
|
|
|
|
|
(637,533
|
)
|
|
|
|
(187,500
|
)
|
|
|
|
(8,050,000
|
)
|
|
|
|
(9,100,000
|
)
|
|
|
|
(150,000
|
)
|
|
|
|
(100,000
|
)
|
|
|
|
(200,000
|
)
|
|
|
|
|
1,399,967
|
|
|
|
|
1,250,000
|
|
|
|
|
(5,400,000
|
)
|
|
|
|
(2,400,000
|
)
|
|
|
|
300,000
|
|
|
|
|
150,000
|
|
|
|
|
1,000,000
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
Small-Cap Index ETF
|
|
Poland ETF
|
|
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
$
|
95,240
|
|
|
|
$
|
156,132
|
|
|
|
$
|
953,068
|
|
|
|
$
|
1,222,035
|
|
|
Net realized loss
|
|
|
(1,003,018
|
)
|
|
|
(244,906
|
)
|
|
|
(2,324,915
|
)
|
|
|
(4,328,566
|
)
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
|
(1,589,901
|
)
|
|
|
|
2,499,119
|
|
|
|
|
2,353,584
|
|
|
|
|
12,990,803
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
|
(2,497,679
|
)
|
|
|
|
2,410,345
|
|
|
|
|
981,737
|
|
|
|
|
9,884,272
|
|
|
Dividends to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
|
(86,400
|
)
|
|
|
|
(600,050
|
)
|
|
|
|
(972,400
|
)
|
|
|
|
(1,189,000
|
)
|
|
Share transactions:**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
–
|
|
|
|
–
|
|
|
|
3,557,625
|
|
|
|
1,816,894
|
|
|
Cost of shares redeemed
|
|
|
|
(2,512,619
|
)
|
|
|
|
(2,389,637
|
)
|
|
|
|
(5,319,246
|
)
|
|
|
|
(9,280,512
|
)
|
|
Increase (Decrease) in net assets resulting from share transactions
|
|
|
|
(2,512,619
|
)
|
|
|
|
(2,389,637
|
)
|
|
|
|
(1,761,621
|
)
|
|
|
|
(7,463,618
|
)
|
|
Total increase (decrease) in net assets
|
|
|
(5,096,698
|
)
|
|
|
(579,342
|
)
|
|
|
(1,752,284
|
)
|
|
|
1,231,654
|
|
|
Net Assets, beginning of period
|
|
|
|
13,601,566
|
|
|
|
|
14,180,908
|
|
|
|
|
32,265,994
|
|
|
|
|
31,034,340
|
|
|
Net Assets, end of period†
|
|
|
$
|
8,504,868
|
|
|
|
$
|
13,601,566
|
|
|
|
$
|
30,513,710
|
|
|
|
$
|
32,265,994
|
|
|
† Including undistributed (accumulated) net investment income (loss)
|
|
|
$
|
(61,703
|
)
|
|
|
$
|
(172,213
|
)
|
|
|
$
|
12,968
|
|
|
|
$
|
42,262
|
|
|
** Shares of Common Stock Issued (no par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
–
|
|
|
|
–
|
|
|
|
150,000
|
|
|
|
100,000
|
|
|
Shares redeemed
|
|
|
|
(100,000
|
)
|
|
|
|
(100,000
|
)
|
|
|
|
(250,000
|
)
|
|
|
|
(450,000
|
)
|
|
Net increase (decrease)
|
|
|
|
(100,000
|
)
|
|
|
|
(100,000
|
)
|
|
|
|
(100,000
|
)
|
|
|
|
(350,000
|
)
|
|
(a)
|
Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on July 1, 2013 (See Note 12).
|
See Notes to Financial Statements
|
Russia ETF
|
|
Russia Small-Cap ETF (a)
|
|
Vietnam ETF
|
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
For the Year
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,713,981
|
|
|
|
$
|
41,248,038
|
|
|
|
$
|
82,027
|
|
|
|
$
|
128,777
|
|
|
|
$
|
11,616,560
|
|
|
|
$
|
5,829,778
|
|
|
|
|
(96,307,756
|
)
|
|
|
(205,821,045
|
)
|
|
|
|
(1,537,346
|
)
|
|
|
(980,993
|
)
|
|
|
(34,499,100
|
)
|
|
|
(46,081,430
|
)
|
|
|
|
|
(7,548,735
|
)
|
|
|
|
336,083,547
|
|
|
|
|
899,920
|
|
|
|
|
403,663
|
|
|
|
|
52,775,977
|
|
|
|
|
72,020,957
|
|
|
|
|
|
71,142,510
|
|
|
|
|
171,510,540
|
|
|
|
|
(555,399
|
)
|
|
|
|
(448,553
|
)
|
|
|
|
29,893,437
|
|
|
|
|
31,769,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30,496,200
|
)
|
|
|
|
(41,297,850
|
)
|
|
|
|
(459,982
|
)
|
|
|
|
(169,400
|
)
|
|
|
|
(12,009,950
|
)
|
|
|
|
(6,092,200
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,087,492,071
|
|
|
|
558,938,974
|
|
|
|
13,141,215
|
|
|
|
9,570,622
|
|
|
|
163,236,572
|
|
|
|
98,808,718
|
|
|
|
|
|
(1,432,363,085
|
)
|
|
|
|
(611,923,976
|
)
|
|
|
|
(4,211,617
|
)
|
|
|
|
(3,848,233
|
)
|
|
|
|
(95,157,412
|
)
|
|
|
|
(36,338,793
|
)
|
|
|
|
|
(344,871,014
|
)
|
|
|
|
(52,985,002
|
)
|
|
|
|
8,929,598
|
|
|
|
|
5,722,389
|
|
|
|
|
68,079,160
|
|
|
|
|
62,469,925
|
|
|
|
|
(446,509,724
|
)
|
|
|
77,227,688
|
|
|
|
7,914,217
|
|
|
|
5,104,436
|
|
|
|
85,962,647
|
|
|
|
88,147,030
|
|
|
|
|
|
1,634,229,924
|
|
|
|
|
1,557,002,236
|
|
|
|
|
8,276,470
|
|
|
|
|
3,172,034
|
|
|
|
|
286,671,622
|
|
|
|
|
198,524,592
|
|
|
|
|
$
|
1,187,720,200
|
|
|
|
$
|
1,634,229,924
|
|
|
|
$
|
16,190,687
|
|
|
|
$
|
8,276,470
|
|
|
|
$
|
372,634,269
|
|
|
|
$
|
286,671,622
|
|
|
|
|
$
|
2,241,789
|
|
|
|
$
|
85,778
|
|
|
|
$
|
(204,208
|
)
|
|
|
$
|
(29,058
|
)
|
|
|
$
|
(1,847,165
|
)
|
|
|
$
|
(632,844
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,700,000
|
|
|
|
18,450,000
|
|
|
|
300,000
|
|
|
|
200,000
|
|
|
|
8,200,000
|
|
|
|
5,400,000
|
|
|
|
|
|
(53,450,000
|
)
|
|
|
|
(22,450,000
|
)
|
|
|
|
(100,015
|
)
|
|
|
|
(83,333
|
)
|
|
|
|
(5,000,000
|
)
|
|
|
|
(2,050,000
|
)
|
|
|
|
|
(13,750,000
|
)
|
|
|
|
(4,000,000
|
)
|
|
|
|
199,985
|
|
|
|
|
116,667
|
|
|
|
|
3,200,000
|
|
|
|
|
3,350,000
|
|
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
|
Africa Index ETF
|
|
|
|
|
For the Year Ended December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2009
|
|
|
Net asset value, beginning of year
|
|
$
|
30.77
|
|
|
$
|
26.06
|
|
|
$
|
34.68
|
|
|
$
|
28.15
|
|
|
|
$
|
21.64
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.67
|
|
|
|
1.05
|
|
|
|
1.00
|
|
|
|
0.44
|
|
|
|
0.16
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
0.32
|
|
|
|
4.72
|
|
|
|
(8.65
|
)
|
|
|
6.47
|
|
|
|
|
6.58
|
|
|
Total from investment operations
|
|
|
0.99
|
|
|
|
5.77
|
|
|
|
(7.65
|
)
|
|
|
6.91
|
|
|
|
|
6.74
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.83
|
)
|
|
|
(1.06
|
)
|
|
|
(0.97
|
)
|
|
|
(0.38
|
)
|
|
|
|
(0.23
|
)
|
|
Net asset value, end of year
|
|
$
|
30.93
|
|
|
$
|
30.77
|
|
|
$
|
26.06
|
|
|
$
|
34.68
|
|
|
|
$
|
28.15
|
|
|
Total return (b)
|
|
|
3.24
|
%
|
|
|
22.15
|
%
|
|
|
(22.06
|
)%
|
|
|
24.57
|
%
|
|
|
31.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s)
|
$108,245
|
|
$84,627
|
|
$63,838
|
|
$107,515
|
|
|
$36,591
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.93
|
%
|
|
|
0.91
|
%
|
|
|
1.07
|
%
|
|
|
0.95
|
%
|
|
|
1.43
|
%
|
|
Ratio of net expenses to average net assets
|
|
|
0.81
|
%
|
|
|
0.80
|
%
|
|
|
0.81
|
%
|
|
|
0.83
|
%
|
|
|
0.84
|
%
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.78
|
%
|
|
|
0.78
|
%
|
|
|
0.81
|
%
|
|
|
0.83
|
%
|
|
|
0.83
|
%
|
|
Ratio of net investment income to average net assets
|
|
|
2.35
|
%
|
|
|
3.63
|
%
|
|
|
2.61
|
%
|
|
|
1.63
|
%
|
|
|
0.93
|
%
|
|
Portfolio turnover rate
|
|
|
86
|
%
|
|
|
24
|
%
|
|
|
24
|
%
|
|
|
19
|
%
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 12,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009(a) through
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
Net asset value, beginning of period
|
|
$
|
42.20
|
|
|
$
|
36.35
|
|
|
$
|
57.19
|
|
|
$
|
48.39
|
|
|
|
$
|
24.74
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.54
|
|
|
|
0.62
|
|
|
|
1.04
|
|
|
|
0.72
|
|
|
|
0.13
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
(12.58
|
)
|
|
|
5.88
|
|
|
|
(16.75
|
)
|
|
|
11.65
|
|
|
|
|
23.97
|
|
|
Total from investment operations
|
|
|
(12.04
|
)
|
|
|
6.50
|
|
|
|
(15.71
|
)
|
|
|
12.37
|
|
|
|
|
24.10
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.55
|
)
|
|
|
(0.62
|
)
|
|
|
(1.12
|
)
|
|
|
(0.78
|
)
|
|
|
(0.20
|
)
|
|
Distributions from net realized capital gains
|
|
|
–
|
|
|
|
(0.03
|
)
|
|
|
(4.01
|
)
|
|
|
(2.79
|
)
|
|
|
|
(0.25
|
)
|
|
Total dividends and distributions
|
|
|
(0.55
|
)
|
|
|
(0.65
|
)
|
|
|
(5.13
|
)
|
|
|
(3.57
|
)
|
|
|
|
(0.45
|
)
|
|
Net asset value, end of period
|
|
$
|
29.61
|
|
|
$
|
42.20
|
|
|
$
|
36.35
|
|
|
$
|
57.19
|
|
|
|
$
|
48.39
|
|
|
Total return (b)
|
|
|
(28.58
|
)%
|
|
|
17.86
|
%
|
|
|
(27.47
|
)%
|
|
|
25.57
|
%
|
|
|
|
97.42
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$196,891
|
|
$552,816
|
|
$512,575
|
|
$1,078,117
|
|
|
$699,245
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.64
|
%
|
|
|
0.64
|
%
|
|
|
0.62
|
%
|
|
|
0.65
|
%
|
|
|
0.71
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.60
|
%
|
|
|
0.60
|
%
|
|
|
0.62
|
%
|
|
|
0.65
|
%
|
|
|
0.71
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.59
|
%
|
|
|
0.59
|
%
|
|
|
0.62
|
%
|
|
|
0.64
|
%
|
|
|
0.71
|
%(d)
|
Ratio of net investment income
to average net assets
|
|
|
1.11
|
%
|
|
|
1.42
|
%
|
|
|
1.82
|
%
|
|
|
1.67
|
%
|
|
|
1.01
|
%(d)
|
|
Portfolio turnover rate
|
|
|
33
|
%
|
|
|
76
|
%
|
|
|
64
|
%
|
|
|
84
|
%
|
|
|
72
|
%(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 at the net asset value 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:
|
|
|
ChinaAMC A-Share ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 13,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010(a) through
|
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
2011
|
|
|
2010
|
|
|
Net asset value, beginning of period
|
|
$
|
33.17
|
|
|
$
|
30.28
|
|
|
|
$
|
38.81
|
|
|
|
$
|
40.75
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
|
|
|
(0.40
|
)
|
|
|
–
|
(e)
|
|
|
(0.27
|
)
|
|
|
(0.07
|
)
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
(1.18
|
)
|
|
|
2.89
|
|
|
|
|
(8.26
|
)
|
|
|
|
(0.77
|
)
|
|
|
Total from investment operations
|
|
|
(1.58
|
)
|
|
|
2.89
|
|
|
|
|
(8.53
|
)
|
|
|
|
(0.84
|
)
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.70
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
(1.08
|
)
|
|
|
Return of capital
|
|
|
–
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(0.02
|
)
|
|
|
Total dividends
|
|
|
(0.70
|
)
|
|
|
–
|
|
|
|
|
–
|
|
|
|
|
(1.10
|
)
|
|
|
Net asset value, end of period
|
|
$
|
30.89
|
|
|
$
|
33.17
|
|
|
|
$
|
30.28
|
|
|
|
$
|
38.81
|
|
|
|
Total return (b)
|
|
|
(4.74
|
)%
|
|
|
9.54
|
%
|
|
|
|
(21.98
|
)%
|
|
|
|
(2.00
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$29,344
|
|
$33,169
|
|
$15,139
|
|
|
$19,404
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
1.14
|
%
|
|
|
2.21
|
%
|
|
|
1.71
|
%
|
|
|
1.11
|
%(d)
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%(d)
|
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%(d)
|
|
|
Ratio of net investment loss to average net assets
|
|
|
(0.70
|
)%
|
|
|
(0.69
|
)%
|
|
|
(0.71
|
)%
|
|
|
(0.70
|
)%(d)
|
|
|
Portfolio turnover rate
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colombia ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
March 14,
|
|
|
|
|
|
|
|
|
|
For the Year Ended
|
|
|
2011(a) through
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
19.94
|
|
|
$
|
16.50
|
|
|
|
$
|
19.98
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.28
|
|
|
|
(0.06
|
)
|
|
|
0.17
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
(2.69
|
)
|
|
|
3.83
|
|
|
|
|
(3.51
|
)
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(2.41
|
)
|
|
|
3.77
|
|
|
|
|
(3.34
|
)
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.25
|
)
|
|
|
(0.33
|
)
|
|
|
|
(0.14
|
)
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
17.28
|
|
|
$
|
19.94
|
|
|
|
$
|
16.50
|
|
|
|
|
|
|
|
|
Total return (b)
|
|
|
(12.11
|
)%
|
|
|
22.86
|
%
|
|
|
|
(16.72
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$3,456
|
|
$2,990
|
|
|
$1,650
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
4.95
|
%
|
|
|
5.60
|
%
|
|
|
10.58
|
%(d)
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.75
|
%
|
|
|
0.75
|
%
|
|
|
0.75
|
%(d)
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.75
|
%
|
|
|
0.75
|
%
|
|
|
0.75
|
%(d)
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
|
|
|
1.59
|
%
|
|
|
1.57
|
%
|
|
|
1.13
|
%(d)
|
|
|
|
|
|
|
|
Portfolio turnover rate
|
|
|
22
|
%
|
|
|
29
|
%
|
|
|
22
|
%(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 at the net asset value 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
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
|
Egypt Index ETF #
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 16,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010(a) through
|
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
2011
|
|
|
2010
|
|
|
Net asset value, beginning of period
|
|
$
|
51.00
|
|
|
$
|
38.56
|
|
|
|
$
|
79.20
|
|
|
|
$
|
82.29
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
1.13
|
|
|
|
3.48
|
|
|
|
1.40
|
|
|
|
0.52
|
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
4.42
|
|
|
|
12.68
|
|
|
|
|
(40.88
|
)
|
|
|
|
(2.97
|
)
|
|
|
Total from investment operations
|
|
|
5.55
|
|
|
|
16.16
|
|
|
|
|
(39.48
|
)
|
|
|
|
(2.45
|
)
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(1.04
|
)
|
|
|
(3.72
|
)
|
|
|
|
(1.16
|
)
|
|
|
|
(0.64
|
)
|
|
|
Net asset value, end of period
|
|
$
|
55.51
|
|
|
$
|
51.00
|
|
|
|
$
|
38.56
|
|
|
|
$
|
79.20
|
|
|
|
Total return (b)
|
|
|
10.90
|
%
|
|
|
41.94
|
%
|
|
|
(49.84
|
)%
|
|
|
|
(2.98
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$48,571
|
|
$36,325
|
|
$36,155
|
|
|
$10,887
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
1.18
|
%
|
|
|
1.08
|
%
|
|
|
1.20
|
%
|
|
|
4.14
|
%(d)
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.98
|
%
|
|
|
0.96
|
%
|
|
|
0.94
|
%
|
|
|
0.94
|
%(d)
|
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.94
|
%
|
|
|
0.94
|
%
|
|
|
0.94
|
%
|
|
|
0.94
|
%(d)
|
|
|
Ratio of net investment income to average net assets
|
|
|
2.31
|
%
|
|
|
5.29
|
%
|
|
|
2.40
|
%
|
|
|
1.57
|
%(d)
|
|
|
Portfolio turnover rate
|
|
|
78
|
%
|
|
|
50
|
%
|
|
|
54
|
%
|
|
|
49
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
April 4,
|
|
|
|
|
|
|
|
|
|
For the Year Ended
|
|
2011(a) through
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
22.40
|
|
|
$
|
17.66
|
|
|
|
$
|
25.37
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.31
|
|
|
|
0.44
|
|
|
|
0.17
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
7.67
|
|
|
|
4.91
|
|
|
|
|
(7.74
|
)
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
7.98
|
|
|
|
5.35
|
|
|
|
|
(7.57
|
)
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.35
|
)
|
|
|
(0.61
|
)
|
|
|
|
(0.14
|
)
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
30.03
|
|
|
$
|
22.40
|
|
|
|
$
|
17.66
|
|
|
|
|
|
|
|
|
Total return (b)
|
|
|
35.62
|
%
|
|
|
30.32
|
%
|
|
|
|
(29.83
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$6,006
|
|
$4,480
|
|
|
$2,649
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
4.02
|
%
|
|
|
3.96
|
%
|
|
|
8.62
|
%(d)
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
0.55
|
%(d)
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
0.55
|
%(d)
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
|
|
|
1.40
|
%
|
|
|
2.04
|
%
|
|
|
1.20
|
%(d)
|
|
|
|
|
|
|
|
Portfolio turnover rate
|
|
|
23
|
%
|
|
|
35
|
%
|
|
|
17
|
%(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 at the net
asset value 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 July 1, 2013, the Fund effected a 1 for 4 reverse share split as described in the Notes to Financial Statements (See
Note 12). Per share data has been adjusted to give effect to the share split.
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
|
Gulf States Index ETF
|
|
|
|
|
For the Year Ended December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
2010
|
|
|
2009
|
|
|
Net asset value, beginning of year
|
|
$
|
20.56
|
|
|
$
|
20.10
|
|
|
$
|
23.30
|
|
|
|
$
|
19.04
|
|
|
$
|
18.05
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.51
|
|
|
|
0.62
|
|
|
|
0.80
|
|
|
|
0.21
|
|
|
|
0.25
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
6.57
|
|
|
|
0.45
|
|
|
|
(3.20
|
)
|
|
|
|
4.28
|
|
|
|
0.92
|
|
|
Total from investment operations
|
|
|
7.08
|
|
|
|
1.07
|
|
|
|
(2.40
|
)
|
|
|
|
4.49
|
|
|
|
1.17
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.55
|
)
|
|
|
(0.61
|
)
|
|
|
(0.80
|
)
|
|
|
|
(0.23
|
)
|
|
|
(0.18
|
)
|
|
Net asset value, end of year
|
|
$
|
27.09
|
|
|
$
|
20.56
|
|
|
$
|
20.10
|
|
|
|
$
|
23.30
|
|
|
$
|
19.04
|
|
|
Total return (b)
|
|
|
34.46
|
%
|
|
|
5.30
|
%
|
|
|
(10.30
|
)%
|
|
|
23.57
|
%
|
|
|
6.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s)
|
$16,251
|
|
$10,278
|
|
$14,070
|
|
$22,132
|
|
$7,615
|
|
|
Ratio of gross expenses to average net assets
|
|
|
2.59
|
%
|
|
|
3.19
|
%
|
|
|
1.94
|
%
|
|
|
2.53
|
%
|
|
|
4.64
|
%
|
|
Ratio of net expenses to average net assets
|
|
|
0.98
|
%
|
|
|
0.99
|
%
|
|
|
0.98
|
%
|
|
|
0.98
|
%
|
|
|
0.99
|
%
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.98
|
%
|
|
|
0.98
|
%
|
|
|
0.98
|
%
|
|
|
0.98
|
%
|
|
|
0.98
|
%
|
Ratio of net investment income to
average net assets
|
|
|
2.24
|
%
|
|
|
2.78
|
%
|
|
|
2.69
|
%
|
|
|
1.71
|
%
|
|
|
1.48
|
%
|
|
Portfolio turnover rate
|
|
|
32
|
%
|
|
|
16
|
%
|
|
|
29
|
%
|
|
|
18
|
%
|
|
|
43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India Small-Cap Index ETF #
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 24,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010(a) through
|
|
|
|
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
44.24
|
|
|
$
|
35.28
|
|
|
$
|
81.00
|
|
|
|
$
|
78.80
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.25
|
|
|
|
0.36
|
|
|
|
0.40
|
|
|
|
(0.04
|
)
|
|
|
|
|
Net realized and unrealized gain
(loss)
on investments
|
|
|
(13.04
|
)
|
|
|
8.64
|
|
|
|
(45.44
|
)
|
|
|
|
2.24
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(12.79
|
)
|
|
|
9.00
|
|
|
|
(45.04
|
)
|
|
|
|
2.20
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.14
|
)
|
|
|
(0.04
|
)
|
|
|
(0.64
|
)
|
|
|
–
|
|
|
|
|
|
|
Distributions from net realized capital gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.04
|
)
|
|
|
|
–
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.14
|
)
|
|
|
(0.04
|
)
|
|
|
(0.68
|
)
|
|
|
|
–
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
31.31
|
|
|
$
|
44.24
|
|
|
$
|
35.28
|
|
|
|
$
|
81.00
|
|
|
|
|
|
|
Total return (b)
|
|
|
(28.91
|
)%
|
|
|
25.54
|
%
|
|
|
(55.63
|
)%
|
|
|
|
2.79
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$110,352
|
|
$93,999
|
|
$30,881
|
|
|
$53,658
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
1.39
|
%
|
|
|
1.68
|
%
|
|
|
1.72
|
%
|
|
|
1.46
|
%(d)
|
|
|
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.93
|
%
|
|
|
0.91
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%(d)
|
|
|
|
|
Ratio of net expenses, excluding interest expense,
to
average net assets
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%(d)
|
|
|
|
|
Ratio of net investment income (loss) to
average net assets
|
|
|
0.73
|
%
|
|
|
0.28
|
%
|
|
|
0.67
|
%
|
|
|
(0.17
|
)%(d)
|
|
|
|
|
|
Portfolio turnover rate
|
|
|
77
|
%
|
|
|
65
|
%
|
|
|
76
|
%
|
|
|
29
|
%(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 at the net asset value 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 July 1, 2013, the Fund effected a 1 for 4 reverse share split as described
in the Notes to Financial Statements (See Note 12). Per share data has been adjusted to give effect to the share split.
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
|
Indonesia Index ETF #
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 15,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009(a) through
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
Net asset value, beginning of period
|
|
|
$
|
28.63
|
|
|
|
$
|
28.48
|
|
|
$
|
28.87
|
|
|
$
|
20.68
|
|
|
|
$
|
8.30
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.75
|
|
|
|
0.54
|
|
|
|
0.15
|
|
|
|
0.25
|
|
|
|
0.09
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
|
(7.68
|
)
|
|
|
|
0.12
|
|
|
|
(0.09
|
)
|
|
|
8.21
|
|
|
|
|
12.35
|
|
|
Total from investment operations
|
|
|
|
(6.93
|
)
|
|
|
|
0.66
|
|
|
|
0.06
|
|
|
|
8.46
|
|
|
|
|
12.44
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
|
(0.72
|
)
|
|
|
|
(0.51
|
)
|
|
|
(0.45
|
)
|
|
|
(0.27
|
)
|
|
|
|
(0.06
|
)
|
|
Net asset value, end of period
|
|
|
$
|
20.98
|
|
|
|
$
|
28.63
|
|
|
$
|
28.48
|
|
|
$
|
28.87
|
|
|
|
$
|
20.68
|
|
|
Total return (b)
|
|
|
(24.20
|
)%
|
|
|
2.31
|
%
|
|
|
0.22
|
%
|
|
|
40.94
|
%
|
|
|
|
149.94
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$183,618
|
|
$405,095
|
|
$471,304
|
|
$623,500
|
|
|
$201,600
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.67
|
%
|
|
|
0.65
|
%
|
|
|
0.64
|
%
|
|
|
0.60
|
%
|
|
|
0.72
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.57
|
%
|
|
|
0.59
|
%
|
|
|
0.61
|
%
|
|
|
0.60
|
%
|
|
|
0.71
|
%(d)
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.57
|
%
|
|
|
0.58
|
%
|
|
|
0.61
|
%
|
|
|
0.60
|
%
|
|
|
0.71
|
%(d)
|
|
Ratio of net investment income to average net assets
|
|
|
1.95
|
%
|
|
|
1.70
|
%
|
|
|
1.43
|
%
|
|
|
1.31
|
%
|
|
|
1.31
|
%(d)
|
|
Portfolio turnover rate
|
|
|
20
|
%
|
|
|
19
|
%
|
|
|
18
|
%
|
|
|
31
|
%
|
|
|
26
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indonesia Small-Cap ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
|
|
March 20,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ended
|
|
2012(a) through
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$
|
14.72
|
|
|
|
$
|
19.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.16
|
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss on investments
|
|
|
|
(3.11
|
)
|
|
|
|
(4.98
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
|
(2.95
|
)
|
|
|
|
(4.90
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
|
(0.09
|
)
|
|
|
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$
|
11.68
|
|
|
|
$
|
14.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b)
|
|
|
|
(20.02
|
)%
|
|
|
|
(24.65
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$
|
5,258
|
|
|
|
$
|
2,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
2.69
|
%
|
|
|
2.71
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.61
|
%
|
|
|
0.61
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.61
|
%
|
|
|
0.61
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
|
|
|
0.46
|
%
|
|
|
0.48
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate
|
|
|
68
|
%
|
|
|
51
|
%(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 at the net asset value 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 1, 2011, the Fund effected a share split as decribed in the
Notes to Financial Statements (See Note 12). Per share data has been adjusted to give effect to the share split.
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
|
|
|
Israel ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 25,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013(a) through
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$
|
25.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain on investments
|
|
|
|
4.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
|
4.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
|
(0.16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$
|
30.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b)
|
|
|
|
19.39
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
$30,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.94
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.59
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.59
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income
to average net assets
|
|
|
0.83
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate
|
|
|
24
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America Small-Cap Index ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 6,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010(a) through
|
|
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
Net asset value, beginning of period
|
|
|
$
|
24.73
|
|
|
$
|
21.82
|
|
|
$
|
32.46
|
|
|
|
$
|
24.91
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.14
|
|
|
|
0.34
|
|
|
|
0.39
|
|
|
|
0.06
|
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
|
(5.78
|
)
|
|
|
3.66
|
|
|
|
(10.23
|
)
|
|
|
|
7.70
|
|
|
|
Total from investment operations
|
|
|
|
(5.64
|
)
|
|
|
4.00
|
|
|
|
(9.84
|
)
|
|
|
|
7.76
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.19
|
)
|
|
|
(1.09
|
)
|
|
|
(0.49
|
)
|
|
|
(0.21
|
)
|
|
|
Distributions from net realized capital gains
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.31
|
)
|
|
|
|
–
|
|
|
|
Total dividends and distributions
|
|
|
|
(0.19
|
)
|
|
|
(1.09
|
)
|
|
|
(0.80
|
)
|
|
|
|
(0.21
|
)
|
|
|
Net asset value, end of period
|
|
|
$
|
18.90
|
|
|
$
|
24.73
|
|
|
$
|
21.82
|
|
|
|
$
|
32.46
|
|
|
|
Total return (b)
|
|
|
|
(22.79
|
)%
|
|
|
18.34
|
%
|
|
|
(30.32
|
)%
|
|
|
|
31.17
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$8,505
|
|
$13,602
|
|
$14,181
|
|
|
$25,966
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
2.35
|
%
|
|
|
1.64
|
%
|
|
|
1.32
|
%
|
|
|
2.87
|
%(d)
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.63
|
%
|
|
|
0.63
|
%
|
|
|
0.63
|
%
|
|
|
0.63
|
%(d)
|
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.63
|
%
|
|
|
0.63
|
%
|
|
|
0.63
|
%
|
|
|
0.63
|
%(d)
|
|
|
Ratio of net investment income to average net assets
|
|
|
0.95
|
%
|
|
|
1.11
|
%
|
|
|
1.15
|
%
|
|
|
0.67
|
%(d)
|
|
|
Portfolio turnover rate
|
|
|
47
|
%
|
|
|
39
|
%
|
|
|
58
|
%
|
|
|
48
|
%(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 at the net asset value 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:
|
|
|
Poland ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 24,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009(a) through
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
Net asset value, beginning of period
|
|
$
|
22.25
|
|
|
$
|
17.24
|
|
|
$
|
27.10
|
|
|
$
|
24.08
|
|
|
|
$
|
24.71
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.74
|
|
|
|
0.84
|
|
|
|
0.81
|
|
|
|
0.23
|
|
|
|
(0.01
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.36
|
|
|
|
4.99
|
|
|
|
(9.92
|
)
|
|
|
3.02
|
|
|
|
|
(0.62
|
)
|
|
Total from investment operations
|
|
|
1.10
|
|
|
|
5.83
|
|
|
|
(9.11
|
)
|
|
|
3.25
|
|
|
|
|
(0.63
|
)
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.75
|
)
|
|
|
(0.82
|
)
|
|
|
(0.75
|
)
|
|
|
(0.23
|
)
|
|
|
|
–
|
|
|
Net asset value, end of period
|
|
$
|
22.60
|
|
|
$
|
22.25
|
|
|
$
|
17.24
|
|
|
$
|
27.10
|
|
|
|
$
|
24.08
|
|
|
Total return (b)
|
|
|
4.92
|
%
|
|
|
33.82
|
%
|
|
|
(33.60
|
)%
|
|
|
13.49
|
%
|
|
|
|
(2.55
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$30,514
|
|
$32,266
|
|
$31,034
|
|
$52,842
|
|
|
$7,223
|
|
|
Ratio of gross expenses to average net assets
|
|
|
1.07
|
%
|
|
|
1.03
|
%
|
|
|
0.84
|
%
|
|
|
0.94
|
%
|
|
|
7.31
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.61
|
%
|
|
|
0.61
|
%
|
|
|
0.61
|
%
|
|
|
0.67
|
%
|
|
|
0.76
|
%(d)
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.61
|
%
|
|
|
0.60
|
%
|
|
|
0.61
|
%
|
|
|
0.67
|
%
|
|
|
0.76
|
%(d)
|
Ratio of net investment income (loss) to
average net assets
|
|
|
3.31
|
%
|
|
|
3.79
|
%
|
|
|
2.61
|
%
|
|
|
1.39
|
%
|
|
|
(0.45
|
)%(d)
|
|
Portfolio turnover rate
|
|
|
21
|
%
|
|
|
20
|
%
|
|
|
27
|
%
|
|
|
35
|
%
|
|
|
9
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russia ETF
|
|
|
|
|
For the Year Ended December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2009
|
|
|
Net asset value, beginning of year
|
|
$
|
29.63
|
|
|
$
|
26.32
|
|
|
$
|
37.47
|
|
|
$
|
31.05
|
|
|
|
$
|
13.06
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.80
|
|
|
|
0.73
|
|
|
|
0.59
|
|
|
|
0.17
|
|
|
|
0.08
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
(1.00
|
)
|
|
|
3.31
|
|
|
|
(11.16
|
)
|
|
|
6.43
|
|
|
|
|
17.99
|
|
|
Total from investment operations
|
|
|
(0.20
|
)
|
|
|
4.04
|
|
|
|
(10.57
|
)
|
|
|
6.60
|
|
|
|
|
18.07
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.74
|
)
|
|
|
(0.73
|
)
|
|
|
(0.58
|
)
|
|
|
(0.18
|
)
|
|
|
|
(0.08
|
)
|
|
Net asset value, end of year
|
|
$
|
28.69
|
|
|
$
|
29.63
|
|
|
$
|
26.32
|
|
|
$
|
37.47
|
|
|
|
$
|
31.05
|
|
|
Total return (b)
|
|
|
(0.65
|
)%
|
|
|
15.35
|
%
|
|
|
(28.20
|
)%
|
|
|
21.27
|
%
|
|
|
|
138.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s)
|
$1,187,720
|
|
$1,634,230
|
|
$1,557,002
|
|
$2,607,965
|
|
|
$1,409,641
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.71
|
%
|
|
|
0.63
|
%
|
|
|
0.62
|
%
|
|
|
0.71
|
%
|
|
|
0.80
|
%
|
Ratio of net expenses
to average net assets
|
|
|
0.63
|
%
|
|
|
0.62
|
%
|
|
|
0.62
|
%
|
|
|
0.65
|
%
|
|
|
0.70
|
%
|
Ratio of net expenses, excluding interest expense,
to average net assets
|
|
|
0.62
|
%
|
|
|
0.62
|
%
|
|
|
0.62
|
%
|
|
|
0.65
|
%
|
|
|
0.69
|
%
|
|
Ratio of net investment income to average net assets
|
|
|
2.52
|
%
|
|
|
2.28
|
%
|
|
|
1.25
|
%
|
|
|
0.62
|
%
|
|
|
0.45
|
%
|
|
Portfolio turnover rate
|
|
|
27
|
%
|
|
|
41
|
%
|
|
|
29
|
%
|
|
|
16
|
%
|
|
|
29
|
%
|
|
(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 at the net asset value 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:
|
|
|
Russia Small-Cap ETF #
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 13,
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
|
|
|
2011(a) through
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
45.15
|
|
|
$
|
47.58
|
|
|
|
$
|
74.88
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.30
|
|
|
|
0.72
|
|
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)
on investments
|
|
|
(2.01
|
)
|
|
|
(2.22
|
)
|
|
|
(27.30
|
)
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
(1.71
|
)
|
|
|
(1.50
|
)
|
|
|
(27.09
|
)
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(1.20
|
)
|
|
|
(0.93
|
)
|
|
|
|
(0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
42.24
|
|
|
$
|
45.15
|
|
|
|
$
|
47.58
|
|
|
|
|
|
|
|
|
|
|
|
Total return (b)
|
|
|
(3.77
|
)%
|
|
|
(3.17
|
)%
|
|
|
(36.18
|
)%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$16,191
|
|
$8,276
|
|
$3,172
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets
|
|
|
1.87
|
%
|
|
|
2.21
|
%
|
|
|
7.02
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
|
|
|
0.67
|
%
|
|
|
0.71
|
%
|
|
|
0.67
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.67
|
%
|
|
|
0.67
|
%
|
|
|
0.67
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
|
|
|
0.59
|
%
|
|
|
1.63
|
%
|
|
|
0.52
|
%(d)
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate
|
|
|
74
|
%
|
|
|
67
|
%
|
|
|
41
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vietnam ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 11,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009(a) through
|
|
|
|
For the Year Ended December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
Net asset value, beginning of period
|
|
$
|
17.06
|
|
|
$
|
14.76
|
|
|
|
$
|
25.34
|
|
|
$
|
25.12
|
|
|
|
$
|
25.04
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.59
|
|
|
|
0.35
|
|
|
|
0.19
|
|
|
|
0.40
|
|
|
|
–
|
(e)
|
Net realized and unrealized gain (loss)
on investments
|
|
|
1.58
|
|
|
|
2.32
|
|
|
|
|
(10.61
|
)
|
|
|
0.16
|
|
|
|
|
0.12
|
|
|
Total from investment operations
|
|
|
2.17
|
|
|
|
2.67
|
|
|
|
|
(10.42
|
)
|
|
|
0.56
|
|
|
|
|
0.12
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.60
|
)
|
|
|
(0.37
|
)
|
|
|
(0.16
|
)
|
|
|
(0.34
|
)
|
|
|
–
|
|
|
Distributions from net realized capital gains
|
|
|
–
|
|
|
|
–
|
|
|
|
|
–
|
|
|
|
–
|
|
|
|
|
(0.04
|
)
|
|
Total dividends and distributions
|
|
|
(0.60
|
)
|
|
|
(0.37
|
)
|
|
|
|
(0.16
|
)
|
|
|
(0.34
|
)
|
|
|
|
(0.04
|
)
|
|
Net asset value, end of period
|
|
$
|
18.63
|
|
|
$
|
17.06
|
|
|
|
$
|
14.76
|
|
|
$
|
25.34
|
|
|
|
$
|
25.12
|
|
|
Total return (b)
|
|
|
12.75
|
%
|
|
|
18.07
|
%
|
|
|
|
(41.11
|
)%
|
|
|
2.24
|
%
|
|
|
|
0.46
|
%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
$372,634
|
|
$286,672
|
|
$198,525
|
|
$243,294
|
|
$79,139
|
|
|
Ratio of gross expenses to average net assets
|
|
|
0.72
|
%
|
|
|
0.76
|
%
|
|
|
0.86
|
%
|
|
|
0.92
|
%
|
|
|
0.96
|
%(d)
|
|
Ratio of net expenses to average net assets
|
|
|
0.72
|
%
|
|
|
0.76
|
%
|
|
|
0.76
|
%
|
|
|
0.84
|
%
|
|
|
0.96
|
%(d)
|
|
Ratio of net expenses, excluding interest expense, to average net assets
|
|
|
0.70
|
%
|
|
|
0.74
|
%
|
|
|
0.76
|
%
|
|
|
0.84
|
%
|
|
|
0.96
|
%(d)
|
|
Ratio of net investment income to average net assets
|
|
|
2.98
|
%
|
|
|
2.08
|
%
|
|
|
1.00
|
%
|
|
|
2.47
|
%
|
|
|
0.07
|
%(d)
|
|
Portfolio turnover rate
|
|
|
48
|
%
|
|
|
54
|
%
|
|
|
43
|
%
|
|
|
45
|
%
|
|
|
26
|
%(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 at the net asset value 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 July 1, 2013, the Fund effected a 1 for 3 reverse share split as described
in the Notes to Financial Statements (See Note 12). Per share data has been adjusted to give effect to the share split.
|
See Notes to Financial Statements
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2013
Note 1–Fund 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 December 31, 2013, offers fifty three investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment
portfolios: Africa Index ETF, Brazil Small-Cap ETF, ChinaAMC A-Share ETF, Colombia ETF, Egypt Index ETF, Germany Small-Cap ETF,
Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Israel ETF, Latin America Small-Cap
Index ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (each a “Fund” and, together, the “Funds”).
India Small-Cap Index ETF makes its investments through the India Small-Cap Mauritius Fund (the “Subsidiary”), a wholly-owned
subsidiary organized in the Republic of Mauritius. 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 sponsored by the China Securities Index Co. Ltd., Bluestar Israel
Global Index or Market Vectors Index Solutions GmbH, a wholly-owned subsidiary of Van Eck Associates Corporation (the “Adviser”).
The Funds’ commencement of operations dates and their respective
indices are presented below:
|
Fund
|
|
Commencement
of Operations
|
|
Index
|
|
Africa Index ETF
|
|
July 10, 2008
|
|
Market Vectors GDP Africa Index*(b)
|
|
Brazil Small-Cap ETF
|
|
May 12, 2009
|
|
Market Vectors Brazil Small-Cap Index*
|
|
ChinaAMC A-Share ETF(a)
|
|
October 13, 2010
|
|
CSI 300 Index
|
|
Colombia ETF
|
|
March 14, 2011
|
|
Market Vectors Colombia Index*
|
|
Egypt Index ETF
|
|
February 16, 2010
|
|
Market Vectors Egypt Index*
|
|
Germany Small-Cap ETF
|
|
April 4, 2011
|
|
Market Vectors Germany Small-Cap Index*
|
|
Gulf States Index ETF
|
|
July 22, 2008
|
|
Market Vectors GDP GCC Index*(b)
|
|
India Small-Cap Index ETF
|
|
August 24, 2010
|
|
Market Vectors India Small-Cap Index*
|
|
Indonesia Index ETF
|
|
January 15, 2009
|
|
Market Vectors Indonesia Index*
|
|
Indonesia Small-Cap ETF
|
|
March 20, 2012
|
|
Market Vectors Indonesia Small-Cap Index*
|
|
Israel ETF
|
|
June 25, 2013
|
|
BlueStar Israel Global Index
TM
|
|
Latin America Small-Cap Index ETF
|
|
April 6, 2010
|
|
Market Vectors Latin America Small-Cap Index*
|
|
Poland ETF
|
|
November 24, 2009
|
|
Market Vectors Poland Index*
|
|
Russia ETF
|
|
April 24, 2007
|
|
Market Vectors Russia Index*
|
|
Russia Small-Cap ETF
|
|
April 13, 2011
|
|
Market Vectors Russia Small-Cap Index*
|
|
Vietnam ETF
|
|
August 11, 2009
|
|
Market Vectors Vietnam Index*
|
|
*
|
Published by Market Vectors Index Solutions GmbH.
|
|
(a)
|
Effective January 7, 2014, the Fund changed its name from China ETF to ChinaAMC A-Share ETF.
|
|
(b)
|
Prior to June 21, 2013, the indices for Africa Index ETF and Gulf States Index ETF were the Dow Jones Africa Titans 50
Index
SM
and the Dow Jones GCC Titans 40 Index
SM
, respectively.
|
Note 2–Significant 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.
|
Basis for Consolidation–
The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and is currently a wholly-owned subsidiary and acts as an investment vehicle for the India Small-Cap Index ETF (the “SCIF”) in order to effect certain investments on behalf of the SCIF. The SCIF is the sole shareholder of the Subsidiary, and it is intended that the SCIF will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the SCIF include the financial results of its wholly-owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation.
|
|
|
|
|
C.
|
Federal Income Taxes–
It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
|
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
|
D.
|
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. 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.
|
|
|
|
|
E.
|
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 in the financial statements. 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.
|
|
|
|
|
F.
|
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 acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
|
|
|
|
|
G.
|
Repurchase Agreements–
The Funds may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, to generate income from their excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which a Fund acquires securities from a seller, subject to resale to the seller at an agreed upon price and date. A Fund, through its custodian/securities lending agent, takes possession of securities collateralizing the repurchase agreement. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Funds will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Funds maintain their right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements held as of December 31, 2013 are reflected in the Schedules of Investments.
|
|
|
|
|
H.
|
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 notional amount of the swap position reflected in the Schedule of Investments is indicative of the volume of swap activity during the year ended December 31, 2013. Details of this disclosure are found below:
|
At December 31, 2013, ChinaAMC A-Share ETF
held the following derivatives:
|
|
|
Liability
derivatives
Equity risk
|
|
Swap contracts, at value
1
|
|
$(1,718,321)
|
|
1
|
Statements of Assets and Liabilities location: Swap contracts, at value
|
For ChinaAMC A-Share ETF, the impact of transactions in derivative
instruments, during the year ended December 31, 2013, were as follows:
|
|
|
Equity risk
|
|
Realized gain(loss):
|
|
|
|
|
|
Swap contracts
2
|
|
|
$2,308,584
|
|
|
Net change in unrealized appreciation (depreciation):
|
|
|
|
|
|
Swap contracts
3
|
|
|
(4,880,324
|
)
|
|
2
|
Statements of Operations location: Net realized gain on swap contracts
|
|
3
|
Statements of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts
|
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 year ended December 31, 2013.
Swap Agreements–
The Funds may enter into swap transactions to gain investment exposure for total return or for hedging purposes. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts. Swap contracts are marked to market daily and the change in value, if any, is recorded as unrealized appreciation or depreciation. Upfront payments, if any, made and/or received by the Funds are recorded as an asset and/or liability and realized gains or losses are recognized over the contract’s term/event. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded in the Statements of Operations. The Funds, other than ChinaAMC A-Share ETF, held no swaps contracts during the year ended December 31, 2013. ChinaAMC A-Share ETF invests in the following type of swap:
A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. During the year ended December 31, 2013, the average monthly notional amount of the total return swap contracts in ChinaAMC A-Share ETF was $35,801,266. Outstanding total return swap contracts for the ChinaAMC A-Share ETF held at December 31, 2013 are reflected in the Schedule of Investments.
|
I.
|
Offsetting Assets and Liabilities–
In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting agreements or other similar agreements. Generally, the right of setoff in those agreements allows the Funds to set off any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments, securities lending and repurchase agreements. For financial reporting purposes, the Funds do not offset securities lending or repurchase agreement assets and liabilities subject to enforceable master netting agreements or other similar agreements in the Statements of Assets and Liabilities. Collateral held at December 31, 2013 is presented in the Schedules of Investments.
|
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The tables below present both gross and net information about
the derivative instruments, securities lending transactions and repurchase agreements eligible for offset in the Statements of
Assets and Liabilities, subject to master netting agreement or similar agreement, as well as financial collateral received or pledged
(including cash collateral and margin) as of December 31, 2013. Collateral is disclosed up to 100% of the net amount of unrealized
gain/loss or market value of the respective financial instruments. In general, collateral received or pledged exceeds the net amount
of the unrealized gain/loss or market value of financial instruments. Refer to the Schedules of Investments and Statements of Assets
and Liabilities for collateral received or pledged as of December 31, 2013, as well as related disclosures in Note 9 (Securities
Lending) and Note 2G (Repurchase Agreements).
|
Fund
|
|
Description
|
|
Gross
Amounts of
Recognized
Assets
|
|
Gross Amounts
Offset in the
Statements of Assets
and Liabilities
|
|
Net Amounts of
Assets Presented
in the Statements
of Assets and
Liabilities
|
|
Financial
Instruments
and Cash
Collateral
Received*
|
|
Net
Amount
|
|
|
Africa Index ETF
|
|
Securities Lending
|
|
$
|
2,816,515
|
|
|
$
|
–
|
|
|
$
|
2,816,515
|
|
|
$
|
(2,816,515
|
)
|
|
$
|
–
|
|
|
Brazil Small-Cap ETF
|
|
Securities Lending
|
|
|
7,038,826
|
|
|
|
–
|
|
|
|
7,038,826
|
|
|
|
(7,038,826
|
)
|
|
|
–
|
|
|
|
|
Repurchase Agreements
|
|
|
7,608,064
|
|
|
|
–
|
|
|
|
7,608,064
|
|
|
|
(7,608,064
|
)
|
|
|
–
|
|
|
Colombia ETF
|
|
Securities Lending
|
|
|
229,216
|
|
|
|
–
|
|
|
|
229,216
|
|
|
|
(229,216
|
)
|
|
|
–
|
|
|
Egypt Index ETF
|
|
Securities Lending
|
|
|
36,146
|
|
|
|
–
|
|
|
|
36,146
|
|
|
|
(36,146
|
)
|
|
|
–
|
|
|
Germany Small-Cap ETF
|
|
Securities Lending
|
|
|
63,331
|
|
|
|
–
|
|
|
|
63,331
|
|
|
|
(63,331
|
)
|
|
|
–
|
|
|
Latin America Small-Cap Index ETF
|
|
Securities Lending
|
|
|
484,048
|
|
|
|
–
|
|
|
|
484,048
|
|
|
|
(484,048
|
)
|
|
|
–
|
|
|
Poland ETF
|
|
Securities Lending
|
|
|
2,073,684
|
|
|
|
–
|
|
|
|
2,073,684
|
|
|
|
(2,073,684
|
)
|
|
|
–
|
|
|
Russia ETF
|
|
Securities Lending
|
|
|
41,215,422
|
|
|
|
–
|
|
|
|
41,215,422
|
|
|
|
(41,215,422
|
)
|
|
|
–
|
|
|
|
|
Repurchase Agreements
|
|
|
43,454,748
|
|
|
|
–
|
|
|
|
43,454,748
|
|
|
|
(43,454,748
|
)
|
|
|
–
|
|
|
Russia Small-Cap ETF
|
|
Securities Lending
|
|
|
665,104
|
|
|
|
–
|
|
|
|
665,104
|
|
|
|
(665,104
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Description
|
|
Gross
Amounts of
Recognized
Liabilities
|
|
Gross Amounts
Offset in the
Statements of Assets
and Liabilities
|
|
Net Amounts of
Liabilities Presented
in the Statements
of Assets and
Liabilities
|
|
Financial
Instruments
and Cash
Collateral
Pledged*
|
|
Net
Amount
|
|
|
ChinaAMC A-Share ETF
|
|
Swap contracts, at value
|
|
$
|
1,718,321
|
|
|
$
|
–
|
|
|
$
|
1,718,321
|
|
|
$
|
(1,718,321
|
)
|
|
$
|
–
|
|
|
*
|
Gross amounts not offset in the Statements of Assets and Liabilities
|
|
J.
|
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/rate. 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 3–Investment 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 0.50% of each Fund’s average daily net assets. The Adviser has
agreed, at least until May 1, 2014 (May 1, 2015 for Israel ETF), 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, trading expenses, taxes and extraordinary expenses) listed in the
table below.
The expense caps and the amounts waived/assumed by the Adviser
for the year ended December 31, 2013, are as follows:
|
Fund
|
|
Expense Cap
|
|
Waiver of
Management Fees
|
|
Expenses Assumed
by the Adviser
|
|
Africa Index ETF
|
|
|
0.78
|
%
|
|
$
|
118,145
|
|
|
$
|
–
|
|
|
Brazil Small-Cap ETF
|
|
|
0.59
|
|
|
|
123,868
|
|
|
|
–
|
|
|
ChinaAMC A-Share ETF
|
|
|
0.72
|
|
|
|
149,977
|
|
|
|
–
|
|
|
Colombia ETF
|
|
|
0.75
|
|
|
|
15,729
|
|
|
|
116,342
|
|
|
Egypt Index ETF
|
|
|
0.94
|
|
|
|
81,258
|
|
|
|
–
|
|
|
Germany Small-Cap ETF
|
|
|
0.55
|
|
|
|
21,981
|
|
|
|
130,809
|
|
|
Gulf States Index ETF
|
|
|
0.98
|
|
|
|
67,124
|
|
|
|
148,524
|
|
|
India Small-Cap Index ETF
|
|
|
0.85
|
|
|
|
479,411
|
|
|
|
–
|
|
|
Indonesia Index ETF
|
|
|
0.57
|
|
|
|
337,833
|
|
|
|
–
|
|
|
Indonesia Small-Cap ETF
|
|
|
0.61
|
|
|
|
31,605
|
|
|
|
100,065
|
|
|
Israel ETF
|
|
|
0.59
|
|
|
|
43,702
|
|
|
|
–
|
|
|
Latin America Small-Cap Index ETF
|
|
|
0.63
|
|
|
|
50,396
|
|
|
|
122,867
|
|
|
Poland ETF
|
|
|
0.60
|
|
|
|
135,291
|
|
|
|
–
|
|
|
Russia ETF
|
|
|
0.62
|
|
|
|
1,054,022
|
|
|
|
–
|
|
|
Russia Small-Cap ETF
|
|
|
0.67
|
|
|
|
69,763
|
|
|
|
97,666
|
|
|
Vietnam ETF
|
|
|
0.76
|
|
|
|
–
|
|
|
|
–
|
|
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 4-Investments–
For the year ended December 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
|
|
Africa Index ETF
|
|
$
|
93,128,292
|
|
|
$
|
83,118,677
|
|
|
Brazil Small-Cap ETF
|
|
|
117,154,799
|
|
|
|
337,996,280
|
|
|
ChinaAMC A-Share ETF
|
|
|
–
|
|
|
|
–
|
|
|
Colombia ETF
|
|
|
1,328,653
|
|
|
|
706,749
|
|
|
Egypt Index ETF
|
|
|
36,496,890
|
|
|
|
31,152,799
|
|
|
Germany Small-Cap ETF
|
|
|
1,050,384
|
|
|
|
1,051,432
|
|
|
Gulf States Index ETF
|
|
|
6,745,431
|
|
|
|
4,324,850
|
|
|
India Small-Cap Index ETF
|
|
|
132,331,317
|
|
|
|
77,672,489
|
|
|
Indonesia Index ETF
|
|
|
68,126,831
|
|
|
|
68,362,492
|
|
|
Indonesia Small-Cap ETF
|
|
|
4,362,310
|
|
|
|
4,220,193
|
|
|
Israel ETF
|
|
|
5,533,434
|
|
|
|
5,557,662
|
|
|
Latin America Small-Cap Index ETF
|
|
|
4,781,732
|
|
|
|
6,160,441
|
|
|
Poland ETF
|
|
|
6,065,072
|
|
|
|
6,081,554
|
|
|
Russia ETF
|
|
|
346,710,832
|
|
|
|
376,575,325
|
|
|
Russia Small-Cap ETF
|
|
|
12,279,010
|
|
|
|
10,306,663
|
|
|
Vietnam ETF
|
|
|
240,978,863
|
|
|
|
180,845,145
|
|
Note 5–Income Taxes–
As of December 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)
|
|
Africa Index ETF
|
|
$
|
101,524,558
|
|
|
$
|
17,353,736
|
|
|
$
|
(8,862,885
|
)
|
|
$
|
8,490,851
|
|
|
Brazil Small-Cap ETF
|
|
|
261,477,606
|
|
|
|
30,366,981
|
|
|
|
(89,811,510
|
)
|
|
|
(59,444,529
|
)
|
|
ChinaAMC A-Share ETF
|
|
|
18,401,761
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Colombia ETF
|
|
|
3,831,059
|
|
|
|
226,347
|
|
|
|
(280,794
|
)
|
|
|
(54,447
|
)
|
|
Egypt Index ETF
|
|
|
45,760,795
|
|
|
|
9,829,681
|
|
|
|
(6,904,242
|
)
|
|
|
2,925,439
|
|
|
Germany Small-Cap ETF
|
|
|
5,705,242
|
|
|
|
657,800
|
|
|
|
(205,989
|
)
|
|
|
451,811
|
|
|
Gulf States Index ETF
|
|
|
13,266,502
|
|
|
|
4,822,036
|
|
|
|
(1,810,608
|
)
|
|
|
3,011,428
|
|
|
India Small-Cap Index ETF
|
|
|
134,526,088
|
|
|
|
13,708,590
|
|
|
|
(26,046,375
|
)
|
|
|
(12,337,785
|
)
|
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
|
Fund
|
|
Cost of Investments
|
|
Gross Unrealized
Appreciation
|
|
Gross Unrealized
Depreciation
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
Indonesia Index ETF
|
|
$
|
269,356,258
|
|
|
$
|
825,459
|
|
|
$
|
(86,435,622
|
)
|
|
$
|
(85,610,163
|
)
|
|
Indonesia Small-Cap ETF
|
|
|
7,253,617
|
|
|
|
159,581
|
|
|
|
(2,083,474
|
)
|
|
|
(1,923,893
|
)
|
|
Israel ETF
|
|
|
27,041,744
|
|
|
|
3,580,343
|
|
|
|
(554,524
|
)
|
|
|
3,025,819
|
|
|
Latin America Small-Cap Index ETF
|
|
|
11,433,416
|
|
|
|
766,209
|
|
|
|
(3,240,140
|
)
|
|
|
(2,473,931
|
)
|
|
Poland ETF
|
|
|
34,293,122
|
|
|
|
2,032,091
|
|
|
|
(3,516,745
|
)
|
|
|
(1,484,654
|
)
|
|
Russia ETF
|
|
|
1,466,045,838
|
|
|
|
67,835,510
|
|
|
|
(300,133,719
|
)
|
|
|
(232,298,209
|
)
|
|
Russia Small-Cap ETF
|
|
|
18,394,560
|
|
|
|
1,744,989
|
|
|
|
(2,477,907
|
)
|
|
|
(732,918
|
)
|
|
Vietnam ETF
|
|
|
365,847,516
|
|
|
|
53,124,875
|
|
|
|
(46,070,271
|
)
|
|
|
7,054,604
|
|
At December 31, 2013, the components of accumulated earnings
(deficit) on a tax basis, for each Fund, were as follows:
|
Fund
|
|
Undistributed
Ordinary
Income
|
|
Accumulated
Capital
Losses
|
|
Qualified
Late-Year
Losses
|
|
Other
Temporary
Difference
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Total
|
|
|
Africa Index ETF
|
|
$
|
103,460
|
|
|
$
|
(17,959,311
|
)
|
|
$
|
–
|
|
|
$
|
(5,776
|
)
|
|
$
|
8,507,276
|
|
|
$
|
(9,354,351
|
)
|
|
Brazil Small-Cap ETF
|
|
|
–
|
|
|
|
(45,409,872
|
)
|
|
|
(11,181,874
|
)
|
|
|
(47,857
|
)
|
|
|
(59,448,061
|
)
|
|
|
(116,087,664
|
)
|
|
ChinaAMC A-Share ETF
|
|
|
–
|
|
|
|
–
|
|
|
|
(282,062
|
)
|
|
|
(911
|
)
|
|
|
–
|
|
|
|
(282,973
|
)
|
|
Colombia ETF
|
|
|
–
|
|
|
|
(250,312
|
)
|
|
|
(16,649
|
)
|
|
|
(139
|
)
|
|
|
(54,470
|
)
|
|
|
(321,570
|
)
|
|
Egypt Index ETF
|
|
|
31,277
|
|
|
|
(13,477,342
|
)
|
|
|
–
|
|
|
|
(2,404
|
)
|
|
|
2,916,359
|
|
|
|
(10,532,110
|
)
|
|
Germany Small-Cap ETF
|
|
|
1,936
|
|
|
|
(383,723
|
)
|
|
|
(15,052
|
)
|
|
|
(78
|
)
|
|
|
452,437
|
|
|
|
55,520
|
|
|
Gulf States Index ETF
|
|
|
9,642
|
|
|
|
(5,577,646
|
)
|
|
|
(4,646
|
)
|
|
|
(1,254
|
)
|
|
|
3,011,429
|
|
|
|
(2,562,475
|
)
|
|
India Small-Cap Index ETF
|
|
|
136,900
|
|
|
|
(62,553,826
|
)
|
|
|
(1,519,927
|
)
|
|
|
(2,174
|
)
|
|
|
(12,330,351
|
)
|
|
|
(76,269,378
|
)
|
|
Indonesia Index ETF
|
|
|
155,966
|
|
|
|
(50,821,841
|
)
|
|
|
(7,457,625
|
)
|
|
|
(23,465
|
)
|
|
|
(85,706,179
|
)
|
|
|
(143,853,144
|
)
|
|
Indonesia Small-Cap ETF
|
|
|
9,217
|
|
|
|
(1,370,783
|
)
|
|
|
(315,513
|
)
|
|
|
1
|
|
|
|
(1,923,863
|
)
|
|
|
(3,600,941
|
)
|
|
Israel ETF
|
|
|
659,972
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(632
|
)
|
|
|
3,026,609
|
|
|
|
3,685,949
|
|
|
Latin America Small-Cap Index ETF
|
|
|
68,600
|
|
|
|
(2,897,597
|
)
|
|
|
(281,071
|
)
|
|
|
(777
|
)
|
|
|
(2,473,524
|
)
|
|
|
(5,584,369
|
)
|
|
Poland ETF
|
|
|
15,341
|
|
|
|
(10,447,278
|
)
|
|
|
(689,661
|
)
|
|
|
(2,375
|
)
|
|
|
(1,483,899
|
)
|
|
|
(12,607,872
|
)
|
|
Russia ETF
|
|
|
3,328,244
|
|
|
|
(970,449,314
|
)
|
|
|
(15,512,923
|
)
|
|
|
(167,417
|
)
|
|
|
(232,298,200
|
)
|
|
|
(1,215,099,610
|
)
|
|
Russia Small-Cap ETF
|
|
|
3,466
|
|
|
|
(2,788,684
|
)
|
|
|
(332,155
|
)
|
|
|
(654
|
)
|
|
|
(732,935
|
)
|
|
|
(3,850,962
|
)
|
|
Vietnam ETF
|
|
|
420,874
|
|
|
|
(108,978,280
|
)
|
|
|
(12,774,302
|
)
|
|
|
(13,850
|
)
|
|
|
7,054,765
|
|
|
|
(114,290,793
|
)
|
The tax character of dividends paid to shareholders during the
years ended December 31, 2013 and December 31, 2012 were as follows:
|
|
|
2013 Dividends
|
|
2012 Dividends
|
|
Fund
|
|
Ordinary
Income
|
|
Ordinary
Income
|
|
Long-Term
Capital Gains
|
|
Africa Index ETF
|
|
$
|
2,901,500
|
|
|
$
|
2,816,950
|
|
|
$
|
–
|
|
|
Brazil Small-Cap ETF
|
|
|
3,697,200
|
|
|
|
8,139,751
|
|
|
|
321,449
|
|
|
ChinaAMC A-Share ETF
|
|
|
663,100
|
|
|
|
–
|
|
|
|
–
|
|
|
Colombia ETF
|
|
|
49,000
|
|
|
|
49,800
|
|
|
|
–
|
|
|
Egypt Index ETF
|
|
|
912,597
|
|
|
|
2,659,050
|
|
|
|
–
|
|
|
Germany Small-Cap ETF
|
|
|
70,000
|
|
|
|
122,800
|
|
|
|
–
|
|
|
Gulf States Index ETF
|
|
|
330,000
|
|
|
|
303,000
|
|
|
|
–
|
|
|
India Small-Cap Index ETF
|
|
|
489,970
|
|
|
|
109,850
|
|
|
|
–
|
|
|
Indonesia Index ETF
|
|
|
6,354,300
|
|
|
|
7,202,350
|
|
|
|
–
|
|
|
Indonesia Small-Cap ETF
|
|
|
41,400
|
|
|
|
40,050
|
|
|
|
–
|
|
|
Israel ETF
|
|
|
163,000
|
|
|
|
–
|
|
|
|
–
|
|
|
Latin America Small-Cap Index ETF
|
|
|
86,400
|
|
|
|
600,050
|
|
|
|
–
|
|
|
Poland ETF
|
|
|
972,400
|
|
|
|
1,189,000
|
|
|
|
–
|
|
|
Russia ETF
|
|
|
30,496,200
|
|
|
|
41,297,850
|
|
|
|
–
|
|
|
Russia Small-Cap ETF
|
|
|
459,982
|
|
|
|
169,400
|
|
|
|
–
|
|
|
Vietnam ETF
|
|
|
12,009,950
|
|
|
|
6,092,200
|
|
|
|
–
|
|
Net qualified late year losses incurred after October 31, 2013
and within the taxable year, are deemed to arise on the first day of the Funds’ next taxable year. For the year ended December
31, 2013, the Funds’ intend to defer to January 1, 2014 for federal tax purposes qualified late-year losses as follows:
|
Fund
|
|
Late-Year
Ordinary Loss
|
|
Post-October
Capital Losses
|
|
Brazil Small-Cap ETF
|
|
$
|
169,819
|
|
|
$
|
11,012,055
|
|
|
ChinaAMC A-Share ETF
|
|
|
282,062
|
|
|
|
–
|
|
|
Colombia ETF
|
|
|
2,892
|
|
|
|
13,757
|
|
|
Germany Small-Cap ETF
|
|
|
–
|
|
|
|
15,052
|
|
|
Gulf States Index ETF
|
|
|
–
|
|
|
|
4,646
|
|
|
India Small-Cap Index ETF
|
|
|
–
|
|
|
|
1,519,927
|
|
|
Indonesia Index ETF
|
|
|
–
|
|
|
|
7,457,625
|
|
|
Indonesia Small-Cap ETF
|
|
|
–
|
|
|
|
315,513
|
|
|
Latin America Small-Cap Index ETF
|
|
|
–
|
|
|
|
281,071
|
|
|
Poland ETF
|
|
|
–
|
|
|
|
689,661
|
|
|
Russia ETF
|
|
|
–
|
|
|
|
15,512,923
|
|
|
Russia Small-Cap ETF
|
|
|
–
|
|
|
|
332,155
|
|
|
Vietnam ETF
|
|
|
–
|
|
|
|
12,774,302
|
|
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 is 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 December 31, 2013, the Funds had capital loss carryforwards
available to offset future capital gains, as follows:
|
|
|
Post-Effective–
|
|
Post-Effective–
|
|
|
|
|
|
|
No Expiration
|
|
No Expiration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
|
|
Long-Term
|
|
Amount
Expiring in the Year Ended December 31,
|
|
|
Fund
|
|
Capital Losses
|
|
Capital Losses
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Africa Index ETF
|
|
$
|
5,202,755
|
|
|
$
|
10,546,127
|
|
|
$
|
1,095,985
|
|
|
$
|
951,177
|
|
|
$
|
163,267
|
|
|
$
|
–
|
|
|
Brazil Small-Cap ETF
|
|
|
16,385,132
|
|
|
|
29,024,740
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Colombia ETF
|
|
|
15,048
|
|
|
|
235,264
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Egypt Index ETF
|
|
|
6,957,733
|
|
|
|
6,391,209
|
|
|
|
128,400
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Germany Small-Cap ETF
|
|
|
98,178
|
|
|
|
285,545
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Gulf States Index ETF
|
|
|
326,710
|
|
|
|
3,175,550
|
|
|
|
835,393
|
|
|
|
1,233,252
|
|
|
|
6,741
|
|
|
|
–
|
|
|
India Small-Cap Index EF
|
|
|
32,722,520
|
|
|
|
29,831,306
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Indonesia Index ETF
|
|
|
26,109,841
|
|
|
|
21,866,130
|
|
|
|
2,845,870
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Indonesia Small-Cap ETF
|
|
|
706,051
|
|
|
|
664,732
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Latin America Small-Cap Index ETF
|
|
|
937,477
|
|
|
|
1,960,120
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Poland ETF
|
|
|
2,176,683
|
|
|
|
8,099,269
|
|
|
|
171,326
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Russia ETF
|
|
|
147,992,781
|
|
|
|
330,537,864
|
|
|
|
121,306,708
|
|
|
|
349,754,000
|
|
|
|
19,808,213
|
|
|
|
1,049,748
|
|
|
Russia Small-Cap ETF
|
|
|
1,542,900
|
|
|
|
1,245,784
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Vietnam ETF
|
|
|
18,681,809
|
|
|
|
88,436,272
|
|
|
|
1,860,199
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
During the year ended December 31, 2013, as a result of permanent
book to tax differences, primarily due to investments in Passive Foreign Investment Companies, foreign currency gains and losses,
net operating losses, and tax treatment of in-kind redemptions, the Funds’ incurred differences that affected undistributed
(accumulated) net investment income (loss), accumulated net realized gain (loss) on investments and aggregate paid in capital by
the amounts in the table below. Net assets were not affected by these reclassifications.
|
Fund
|
|
Increase/Decrease
in Accumulated Net
Investment Income/Loss
|
|
Increase/Decrease
in Accumulated Net
Realized Gain/Loss
|
|
Increase/Decrease
in Aggregate Paid
in Capital
|
|
Africa Index ETF
|
|
$
|
1,352
|
|
|
$
|
(491,219
|
)
|
|
$
|
489,867
|
|
|
Brazil Small-Cap ETF
|
|
|
140,517
|
|
|
|
16,273,256
|
|
|
|
(16,413,773
|
)
|
|
ChinaAMC A-Share ETF
|
|
|
4,851,550
|
|
|
|
(2,308,584
|
)
|
|
|
(2,542,966
|
)
|
|
Colombia ETF
|
|
|
(3,044
|
)
|
|
|
3,044
|
|
|
|
–
|
|
|
Egypt Index ETF
|
|
|
147,868
|
|
|
|
(884,637
|
)
|
|
|
736,769
|
|
|
Germany Small-Cap ETF
|
|
|
12,652
|
|
|
|
(679,678
|
)
|
|
|
667,026
|
|
|
Gulf States Index ETF
|
|
|
(166
|
)
|
|
|
41,862
|
|
|
|
(41,696
|
)
|
|
India Small-Cap Index ETF
|
|
|
(180,825
|
)
|
|
|
(114,645
|
)
|
|
|
295,470
|
|
|
Indonesia Index ETF
|
|
|
(228,173
|
)
|
|
|
(2,088,202
|
)
|
|
|
2,316,375
|
|
|
Indonesia Small-Cap ETF
|
|
|
29,148
|
|
|
|
(270,006
|
)
|
|
|
240,858
|
|
|
Israel ETF
|
|
|
3,199
|
|
|
|
(286,461
|
)
|
|
|
283,262
|
|
|
Latin America Small-Cap Index ETF
|
|
|
101,670
|
|
|
|
30,684
|
|
|
|
(132,354
|
)
|
|
Poland ETF
|
|
|
(9,962
|
)
|
|
|
(176,857
|
)
|
|
|
186,819
|
|
|
Russia ETF
|
|
|
(61,770
|
)
|
|
|
39,175,987
|
|
|
|
(39,114,127
|
)
|
|
Russia Small-Cap ETF
|
|
|
202,805
|
|
|
|
(437,646
|
)
|
|
|
234,841
|
|
|
Vietnam ETF
|
|
|
(820,931
|
)
|
|
|
(3,770,554
|
)
|
|
|
4,591,485
|
|
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, 2010-2012),
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.
However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such
taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to
uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2013, the Funds
did not incur any interest or penalties.
The Indian Finance Minister announced the introduction of a general
anti-avoidance rule (“GAAR”) in the Indian tax law in the 2012/2013 budget. GAAR would be applicable where the main
purpose of an arrangement is tax avoidance and would empower Indian tax authorities to declare such arrangement as an impermissible
avoidance arrangement. Presently, GAAR is expected to become effective tax year beginning 2015. A special committee was constituted
by the Indian Revenue authorities to provide clarity and guidance on the application and implementation of GAAR and have submitted
preliminary recommendations. As the rules and guidelines have not yet been issued by the Revenue authorities, the Adviser cannot
assess whether the India Small-Cap Index ETF, investing through its Mauritius Subsidiary, will fall within the scope of the GAAR
provision.
Note 6–Capital Share Transactions–
As of December
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 50,000 shares (except for ChinaAMC A-Share ETF which
has Creation Units consisting of 100,000 shares), or multiples thereof. 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 year ended December 31, 2013, the Funds had in-kind contributions and redemptions as
follows:
|
Fund
|
|
In-Kind Contributions
|
|
In-Kind Redemptions
|
|
Africa Index ETF
|
|
$
|
19,009,973
|
|
|
$
|
6,869,977
|
|
|
Brazil Small-Cap ETF
|
|
|
1,158,392
|
|
|
|
17,845,702
|
|
|
ChinaAMC A-Share ETF
|
|
|
–
|
|
|
|
–
|
|
|
Colombia ETF
|
|
|
264,872
|
|
|
|
–
|
|
|
Egypt Index ETF
|
|
|
7,352,110
|
|
|
|
5,903,406
|
|
|
Fund
|
|
In-Kind Contributions
|
|
In-Kind Redemptions
|
|
Germany Small-Cap ETF
|
|
$
|
5,272,011
|
|
|
$
|
4,889,421
|
|
|
Gulf States Index ETF
|
|
|
59,060
|
|
|
|
–
|
|
|
India Small-Cap Index ETF
|
|
|
3,958,770
|
|
|
|
1,819,324
|
|
|
Indonesia Index ETF
|
|
|
79,108,685
|
|
|
|
220,011,686
|
|
|
Indonesia Small-Cap ETF
|
|
|
7,838,004
|
|
|
|
2,577,733
|
|
|
Israel ETF
|
|
|
31,312,240
|
|
|
|
5,245,103
|
|
|
Latin America Small-Cap Index ETF
|
|
|
–
|
|
|
|
1,187,993
|
|
|
Poland ETF
|
|
|
3,557,775
|
|
|
|
5,315,754
|
|
|
Russia ETF
|
|
|
994,776,798
|
|
|
|
1,308,554,352
|
|
|
Russia Small-Cap ETF
|
|
|
9,896,962
|
|
|
|
3,221,497
|
|
|
Vietnam ETF
|
|
|
28,985,417
|
|
|
|
18,593,889
|
|
Note 7–Concentration 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, currency controls, less reliable information about issuers, different
securities transaction clearance and settlement practices, future adverse political and economic developments and local/regional
conflicts. 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.
At December 31, 2013, the Adviser owned approximately 11% of
ChinaAMC A-Share ETF.
Note 8–Trustee 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 9–Securities 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, interest 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. The Funds may pay reasonable finders’, administrative and custodial fees
in connection with a loan of its securities and shares the interest earned on the collateral and borrowing fees received with the
securities lending agent. 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, the Bank of
New York Institutional Cash Reserve, or repurchase agreements collateralized by obligations of the U.S. Treasury and/or Government
Agencies. 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 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 December 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.
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 10–Bank 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 year ended December 31, 2013, the following Funds borrowed under this Facility:
|
Fund
|
|
Days
Outstanding
|
|
Average Daily
Loan Balance
|
|
Average
Interest Rate
|
|
Outstanding Loan
Balance as of
December 31, 2013
|
|
Africa Index ETF
|
|
|
190
|
|
|
$
|
3,879,344
|
|
|
|
1.60
|
%
|
|
$
|
2,236,383
|
|
|
Brazil Small-Cap ETF
|
|
|
264
|
|
|
|
1,867,977
|
|
|
|
1.62
|
|
|
|
359,301
|
|
|
Egypt Index ETF
|
|
|
154
|
|
|
|
1,937,118
|
|
|
|
1.59
|
|
|
|
5,199,398
|
|
|
Gulf States Index ETF
|
|
|
7
|
|
|
|
466,516
|
|
|
|
1.59
|
|
|
|
–
|
|
|
India Small-Cap Index ETF
|
|
|
254
|
|
|
|
3,371,507
|
|
|
|
1.62
|
|
|
|
–
|
|
|
Indonesia Index ETF
|
|
|
286
|
|
|
|
890,202
|
|
|
|
1.62
|
|
|
|
479,978
|
|
|
Indonesia Small-Cap ETF
|
|
|
88
|
|
|
|
89,078
|
|
|
|
1.59
|
|
|
|
–
|
|
|
Latin America Small-Cap Index ETF
|
|
|
2
|
|
|
|
231,000
|
|
|
|
1.66
|
|
|
|
–
|
|
|
Poland ETF
|
|
|
136
|
|
|
|
149,706
|
|
|
|
1.59
|
|
|
|
–
|
|
|
Russia ETF
|
|
|
225
|
|
|
|
6,466,087
|
|
|
|
1.62
|
|
|
|
–
|
|
|
Russia Small-Cap ETF
|
|
|
19
|
|
|
|
410,210
|
|
|
|
1.84
|
|
|
|
–
|
|
|
Vietnam ETF
|
|
|
150
|
|
|
|
3,492,079
|
|
|
|
1.61
|
|
|
|
638,259
|
|
Note 11–Custodian 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 year ended December 31, 2013, there were no offsets to custodian
fees.
Note 12–Share Split–
On January 19, 2011, the
Adviser announced the Board of Trustees approved a 3 for 1 share split of the Indonesia Index ETF. This split took place for shareholders
of record as of the close of business on January 28, 2011 and was payable on January 31, 2011. Fund shares began trading on the
split adjusted NAV on February 1, 2011. The Financial Highlights prior to February 1, 2011 for the Fund have been adjusted to reflect
the 3 for 1 share split.
On July 1, 2013, the Board of Trustees of the Trust approved
a 1 for 3 reverse share splits for Russia Small-Cap ETF, and 1 for 4 reverse share splits for Egypt ETF and India Small-Cap ETF.
Fund shares began trading on the split adjusted NAV on July 1, 2013. The Statements of Changes in Net Assets and Financial Highlights
prior to July 1, 2013 for the Funds have been adjusted to reflect the 1 for 3 reverse share split.
Note 13–Recent Accounting Pronouncements–
The
Funds have adopted Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210) Disclosures about Offsetting
Assets and Liabilities, as clarified by ASU No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and
Liabilities” which requires entities to disclose gross and net information about derivative instruments, repurchase and reverse-repurchase
agreements, and securities borrowing and lending transactions that are either: (1) offset in accordance with GAAP, or (2) subject
to enforceable master netting arrangement or similar agreements, irrespective of whether they are offset in accordance with GAAP.
In addition, ASU No. 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements
or similar arrangements. Additional disclosure requirements of ASU No. 2011-11 and ASU No. 2013-01 are reflected in Note 2 to the
Funds’ financial statements.
Note 14-Subsequent Event Review–
The Funds have evaluated
subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective January 7, 2014, China ETF changed its name to ChinaAMC
A-Share ETF, and the financial statements have been adjusted to reflect the new name. In addition, the Fund will seek to achieve
its investment objective by primarily investing in A-shares. Because the Fund does not satisfy the criteria to qualify as a RQFII
or QFII itself, the Fund intends to invest directly in A-shares via the A-share quota granted to the Fund’s sub-adviser,
China Asset Management (Hong Kong) Limited.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
The Board of Trustees and Shareholders of Market Vectors ETF
Trust
We have audited the accompanying statements of assets and liabilities
(consolidated as it relates to India Small-Cap Index ETF), including the schedules of investments (consolidated as it relates to
India Small-Cap Index ETF), of Africa Index ETF, Brazil Small-Cap ETF, ChinaAMC A-Share ETF (formerly, China ETF), Colombia ETF,
Egypt Index ETF, Germany Small-Cap ETF, Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap
ETF, Israel ETF, Latin America Small-Cap Index ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (sixteen of the
series constituting Market Vectors ETF Trust) (the “Funds”) as of December 31, 2013, and the related statements of
operations (consolidated as it relates to India Small-Cap Index ETF), the statements of changes in net assets (consolidated as
it relates to India Small-Cap Index ETF) and the financial highlights for the periods indicated therein. These financial statements
and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities
owned as of December 31, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial position (consolidated as it relates to India Small-Cap
Index ETF) of Africa Index ETF, Brazil Small-Cap ETF, ChinaAMC A-Share ETF (formerly, China ETF), Colombia ETF, Egypt Index ETF,
Germany Small-Cap ETF, Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Israel ETF,
Latin America Small-Cap Index ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (sixteen of the series constituting
Market Vectors ETF Trust) at December 31, 2013, the results of their operations (consolidated as it relates to India Small-Cap
Index ETF), the changes in their net assets (consolidated as it relates to India Small-Cap Index ETF) and the financial highlights
for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
New York, New York
February 24, 2014
TAX INFORMATION
(unaudited)
The Funds listed below intend to pass through foreign tax credits
in the maximum amounts shown. The gross foreign source income earned during the year ended December 31, 2013 by the Funds was as
shown below.
|
Fund
|
|
Foreign Tax Credits
|
|
Gross Foreign Source Income
|
|
Africa Index ETF
|
|
|
$293,968
|
|
$
|
3,385,572
|
|
Colombia ETF
|
|
|
1,248
|
|
|
60,390
|
|
Germany Small-Cap ETF
|
|
|
5,579
|
|
|
88,698
|
|
Gulf States Index ETF
|
|
|
22,550
|
|
|
448,221
|
|
Indonesia Index ETF
|
|
|
1,494,569
|
|
|
10,113,553
|
|
Indonesia Small-Cap ETF
|
|
|
10,371
|
|
|
78,252
|
|
Israel ETF
|
|
|
41,427
|
|
|
210,071
|
|
Latin America Small-Cap Index ETF
|
|
|
12,887
|
|
|
157,343
|
|
Poland ETF
|
|
|
174,323
|
|
|
1,279,331
|
|
Russia ETF
|
|
|
7,970,487
|
|
|
44,947,811
|
|
Russia Small-Cap ETF
|
|
|
13,402
|
|
|
126,861
|
Corporate Dividends Received Deduction
The Funds listed below had the following percentage of ordinary
income dividends paid that qualified for the Corporate Dividends Received Deduction in 2013.
|
Israel ETF
|
|
10.06
|
%
|
|
Latin America Small-Cap ETF
|
|
1.40
|
%
|
|
Russia ETF
|
|
0.95
|
%
|
|
Russia Small-Cap ETF
|
|
8.82
|
%
|
MARKET VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited)
Name, Address
1
and Age
|
|
Position(s)
Held with
the Trust
|
|
Term of
Office
2
and
Length of
Time Served
|
|
Principal Occupation(s)
During Past Five Years
|
|
Number of
Portfolios
in Fund
Complex
3
Overseen
|
|
Other Directorships
Held By Trustee During
Past Five Years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Trustees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David H. Chow,
56*†
|
|
Chairman Trustee
|
|
Since 2008
Since 2006
|
|
Founder and CEO,
DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.
|
|
53
|
|
Director, Forward Management LLC and Audit Committee Chairman, January 2008 to present; Trustee, Berea College of Kentucky and Vice-Chairman of the Investment Committee, May 2009 to present; Member of the Governing Council of the Independent Directors Council, October 2012 to present; President, July 2013 to present, and Board Member of the CFA Society of Stamford, July 2009 to present.
|
|
|
|
|
|
|
|
|
|
|
|
|
R. Alastair Short,
60*†
|
|
Trustee
|
|
Since 2006
|
|
President, Apex Capital Corporation (personal investment vehicle), January 1988 to present; Vice Chairman, W.P. Stewart & Co., Inc. (asset management firm), September 2007 to September 2008.
|
|
66
|
|
Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review; formerly Director of The Medici Archive Project.
|
|
|
|
|
|
|
|
|
|
|
|
|
Peter J.
Sidebottom,
51*†
|
|
Trustee
|
|
Since 2012
|
|
Partner, Bain & Company (management consulting firm), April 2012 to present; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012; Executive Vice President, Wachovia Corporation (financial services firm), December 2007 to February 2009.
|
|
53
|
|
Board Member, Special Olympics, New Jersey, November 2011 to present; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
Richard D.
Stamberger,
54*†
|
|
Trustee
|
|
Since 2006
|
|
President and CEO, SmartBrief, Inc. (business media company), 1999-present.
|
|
66
|
|
Director, SmartBrief, Inc.; Director, Food and Friends, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Interested Trustee:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jan F. van Eck,
50
4
|
|
Trustee, President and Chief Executive Officer
|
|
Trustee
(Since 2006); President and Chief Executive Officer (Since 2009)
|
|
Director, President and Owner of the Adviser, Van Eck Associates Corporation; Director and President, Van Eck Securities Corporation (“VESC”); Director and President, Van Eck Absolute Return Advisers Corp. (“VEARA”).
|
|
53
|
|
Director, National Committee on US- China Relations.
|
|
1
|
The address for each Trustee and officer is 335 Madison Avenue, 19th Floor, New York,
New York 10017.
|
|
2
|
Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly
by the Trustees.
|
|
3
|
The Fund Complex consists of the Van Eck Funds, Van Eck VIP Trust and the Trust.
|
|
4
|
“Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is
an officer of the Adviser.
|
|
*
|
Member of the Audit Committee.
|
|
†
|
Member of the Nominating and Corporate Governance Committee.
|
MARKET VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(continued) (unaudited)
Officer’s
Name, Address
1
and Age
|
|
Position(s)
Held with
the Trust
|
|
Term of
Office
2
and
Length of
Time Served
|
|
Principal Occupation(s) During The Past Five Years
|
|
Russell G. Brennan, 49
|
|
Assistant Vice President and
Assistant Treasurer
|
|
Since 2008
|
|
Assistant Vice President and Assistant Treasurer of the Adviser (Since 2008 Manager (Portfolio Administration) of the Adviser (September 2005-2008); Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Charles T. Cameron, 53
|
|
Vice President
|
|
Since 2006
|
|
Director of Trading (Since 1995) and Portfolio Manager (Since 1997) for the Adviser; Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Simon Chen, 42
|
|
Assistant Vice President
|
|
Since 2012
|
|
Greater China Director of the Adviser (Since January 2012); General Manager, SinoMarkets Ltd. (June 2007 to December 2011).
|
|
|
|
|
|
|
|
|
|
John J. Crimmins, 56
|
|
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer
|
|
Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)
|
|
Vice President of Portfolio Administration of the Adviser (Since 2009); Vice President of VESC and VEARA (Since 2009); Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC (September 1997- February 2009); Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Eduardo Escario, 38
|
|
Vice President
|
|
Since 2012
|
|
Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (Since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001-July 2008).
|
|
|
|
|
|
|
|
|
|
Lars Hamich, 45
|
|
Vice President
|
|
Since 2012
|
|
Managing Director and Chief Executive Officer of Van Eck Global (Europe) GmbH (Since 2009); Chief Executive Officer of Market Vectors Index Solutions GmbH (“MVIS”) (Since June 2011); Managing Director of STOXX Limited (Until 2008).
|
|
|
|
|
|
|
|
|
|
Wu-Kwan Kit, 32
|
|
Assistant Vice President and
Assistant Secretary
|
|
Since 2011
|
|
Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (Since 2011); Associate, Schulte Roth & Zabel (September 2007- 2011); University of Pennsylvania Law School (August 2004 - May 2007).
|
|
|
|
|
|
|
|
|
|
Susan C. Lashley, 58
|
|
Vice President
|
|
Since 2006
|
|
Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Laura I. Martínez, 33
|
|
Assistant Vice President and Assistant Secretary
|
|
Since 2008
|
|
Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (Since 2008); Associate, Davis Polk & Wardwell (October 2005-June 2008); Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Joseph J. McBrien, 65
|
|
Senior Vice President, Secretary and Chief Legal Officer
|
|
Senior Vice President, Secretary and Chief Legal Officer (since 2006)
|
|
Senior Vice President, General Counsel and Secretary of the Adviser, VESC and VEARA (Since December 2005); Director of VESC and VEARA (Since October 2010); Chief Compliance Officer of the Adviser and VEARA (March 2013 - September 2013) Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Ferat Oeztuerk, 30
|
|
Assistant Vice President
|
|
Since 2012
|
|
Sales Associate, Van Eck Global (Europe) GmbH (since November 2011); Account Manager, Vodafone Global Enterprise Limited (January 2011 to October 2011).
|
|
|
|
|
|
|
|
|
|
Jonathan R. Simon, 39
|
|
Vice President and Assistant Secretary
|
|
Since 2006
|
|
Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (Since 2006); Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Bruce J. Smith, 58
|
|
Senior Vice President
|
|
Since 2006
|
|
Senior Vice President, Chief Financial Officer, Treasurer and Controller of the Adviser, VESC and VEARA (Since 1997); Director of the Adviser, VESC and VEARA (Since October 2010); Officer of other investment companies advised by the Adviser.
|
|
|
|
|
|
|
|
|
|
Janet Squitieri, 52
|
|
Chief Compliance Officer
|
|
Chief Compliance Officer (since September 2013)
|
|
Vice President, Global Head of Compliance of the Adviser, VESC and VEARA (since September 2013); Chief Compliance Officer and Senior Vice President North America of HSBC Global Asset Management NA (August 2010 - September 2013); Chief Compliance Officer North America of Babcock & Brown LP (July 2008 - June 2010).
|
|
1
|
The address for each Officer is 335 Madison Avenue, 19th Floor, New York, New York
10017.
|
|
2
|
Officers are elected yearly by the Trustees.
|
MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
(unaudited)
At a meeting (the “Meeting”) held on December 3, 2013,
the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of the Trustees
that are not interested persons of the Trust (the “Independent Trustees”), considered and approved a sub-advisory agreement
(the “Sub-Advisory Agreement”) between Van Eck Associates Corporation (the “Adviser”) and China Asset Management
(Hong Kong) Limited (the “Sub-Adviser”) with respect to Market Vectors ChinaAMC A-Share ETF (formerly, Market Vectors
China ETF) (the “Fund”).
The Board’s approval of the Sub-Advisory Agreement was based
on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor.
Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors
are described below, although individual Trustees may have evaluated the information presented differently, giving different weights
to various factors.
In advance of the Meeting, the Trustees received materials from the
Adviser and the Sub-Adviser, as discussed below. Information provided to the Trustees from the Adviser and the Sub-Adviser included
various aspects of the proposed changes to the Fund’s investment strategies, the rationale for retaining a sub-adviser that
has been granted a quota under the Renminbi Qualified Institutional Investors Scheme (“RQFII quota”) and the RQFII
program generally. The Independent Trustees’ consideration of the Sub-Advisory Agreement was based, in part, on information
obtained through discussions with the Adviser and the Sub-Adviser at the Meeting regarding the management of the Fund and/or based
on their review of the materials provided by the Adviser and the Sub-Adviser, including the background and experience of the portfolio
managers and others involved or proposed to be involved on behalf of the Sub-Adviser in the management of the Fund. The Trustees
noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., China’s largest asset management company
in terms of fund assets under management. The Trustees took into account the Sub-Adviser’s experience and investment management
process with respect to RQFII funds, including index-based exchange-traded funds, currently managed by the Sub-Adviser. The Trustees
also considered the terms of, and scope of services that the Sub-Adviser would provide under the Sub-Advisory Agreement. The Trustees
also considered information with respect to the Sub-Adviser’s compliance program.
In addition, the Trustees were given information regarding the expected
benefits to the Fund that could be achieved by investing directly in A-shares via the Sub-Adviser’s RQFII quota. The Trustees
took into account the unique legal and operational aspects of the Fund and the RQFII program. The Trustees also considered materials
relating to the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, the advisory fees to be retained by the Adviser
and information provided by the Sub-Adviser with respect to the tracking error of other RQFII funds that it manages and the fees
it charges those funds, which are higher than the fees to be paid to it in respect of the Fund. The Trustees concluded that the
nature, quality and extent of the services to be provided by the Sub-Adviser were appropriate based on information provided with
respect to the Sub-Adviser.
The Independent Trustees were advised by and met in executive session
with their independent counsel at the Meeting as part of their consideration of the Sub-Advisory Agreement.
In voting to approve the Sub-Advisory Agreement, the Trustees, including
the Independent Trustees, concluded that the terms of the Sub-Advisory Agreement are reasonable and fair in light of the services
to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable
judgment. The Trustees also concluded that the sub-advisory fees were reasonable in light of the services to be provided. The Trustees
further concluded that Sub-Advisory Agreement is in the best interest of the Fund and the Fund’s shareholders.
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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 vaneck.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
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MVINTLAR