UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 


 

 

FORM N-Q

 

 


 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

 

 

 

 


 

 

 

 

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

(VAN ECK GLOBAL LOGO)

 

 

 

335 Madison Avenue - 19th Floor, New York, N.Y.

10017

(Address of principal executive offices)

(Zip Code)


 

 

 

 


 

 

 

 

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

335 Madison Avenue - 19th Floor

New York, N.Y. 10017

(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code: (212)293-2000

Date of fiscal year end: September 30,

Date of reporting period: December 31, 2012

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

ITEM 1. Schedules of Investments.


 

BANK AND BROKERAGE ETF

 

SCHEDULES OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 

             

COMMON STOCKS: 97.3%

 

 

 

 

Brazil: 3.0%

 

 

 

 

 

48,059

 

Banco Bradesco S.A. (ADR)

 

$

834,785

 

 

24,615

 

Banco Santander S.A. (ADR)

 

 

178,951

 

 

 

 

 

 

     

 

 

 

 

 

 

1,013,736

 

 

 

 

 

 

     

Canada: 17.2%

 

 

 

 

 

16,859

 

Bank of Montreal (USD)

 

 

1,033,457

 

 

25,096

 

Bank of Nova Scotia (USD) †

 

 

1,452,557

 

 

26,745

 

Royal Bank of Canada (USD)

 

 

1,612,724

 

 

19,560

 

Toronto-Dominion Bank (USD)

 

 

1,649,495

 

 

 

 

 

 

     

 

 

 

 

 

 

5,748,233

 

 

 

 

 

 

     

Germany: 3.1%

 

 

 

 

 

23,118

 

Deutsche Bank AG (USD)

 

 

1,023,896

 

 

 

 

 

 

     

India: 0.2%

 

 

 

 

 

1,936

 

ICICI Bank Ltd. (ADR)

 

 

84,429

 

 

 

 

 

 

     

Japan: 5.1%

 

 

 

 

 

315,461

 

Mitsubishi UFJ Financial Group, Inc. (ADR)

 

 

1,709,799

 

 

 

 

 

 

     

Netherlands: 2.5%

 

 

 

 

 

87,354

 

ING Groep N.V. (ADR) *

 

 

828,989

 

 

 

 

 

 

     

Spain: 9.2%

 

 

 

 

 

141,616

 

Banco Bilbao Vizcaya Argentaria S.A. (ADR)

 

 

1,334,023

 

 

211,255

 

Banco Santander S.A. (ADR) †

 

 

1,725,953

 

 

 

 

 

 

     

 

 

 

 

 

 

3,059,976

 

 

 

 

 

 

     

Switzerland: 6.4%

 

 

 

 

 

30,438

 

Credit Suisse Group AG (ADR)

 

 

747,557

 

 

88,395

 

UBS AG (USD)

 

 

1,391,337

 

 

 

 

 

 

     

 

 

 

 

 

 

2,138,894

 

 

 

 

 

 

     

United Kingdom: 12.4%

 

 

 

 

 

68,981

 

Barclays Plc (ADR)

 

 

1,194,751

 

 

55,506

 

HSBC Holdings Plc (ADR)

 

 

2,945,703

 

 

 

 

 

 

     

 

 

 

 

 

 

4,140,454

 

 

 

 

 

 

     

United States: 38.2%

 

 

 

 

 

162,517

 

Bank of America Corp.

 

 

1,885,197

 

 

28,079

 

Charles Schwab Corp.

 

 

403,214

 

 

42,893

 

Citigroup, Inc.

 

 

1,696,847

 

 

11,323

 

Goldman Sachs Group, Inc.

 

 

1,444,362

 

 

56,746

 

JPMorgan Chase & Co.

 

 

2,495,122

 

 

35,805

 

Morgan Stanley

 

 

684,592

 

 

45,459

 

U.S. Bancorp

 

 

1,451,960

 

 

78,584

 

Wells Fargo & Co.

 

 

2,686,001

 

 

 

 

 

 

     

 

 

 

 

 

 

12,747,295

 

 

 

 

 

 

     

Total Common Stocks
(Cost: $31,761,750)

 

 

32,495,701

 

 

 

 

 

 

     

PREFERRED STOCK: 2.8%

 

 

 

 

Brazil: 2.8%
(Cost: $946,279)

 

 

 

 

 

57,339

 

Itau Unibanco Holding S.A. (ADR)

 

 

943,800

 

 

 

 

 

 

     

MONEY MARKET FUND: 1.8%
(Cost: $600,278)

 

 

 

 

 

600,278

 

Dreyfus Government Cash Management Fund

 

 

600,278

 

 

 

 

 

 

     

Total Investments Before Collateral for Securities Loaned: 101.9%
(Cost: $33,308,307)

 

 

34,039,779

 

 

 

 

 

 

     

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 5.6%
(Cost: $1,860,225)

 

 

 

 

 

1,860,225

 

Bank of New York Overnight Government Fund

 

 

1,860,225

 

 

 

 

 

 

     

Total Investments: 107.5%
(Cost: $35,168,532)

 

 

35,900,004

 

Liabilities in excess of other assets: (7.5)%

 

 

(2,493,266

)

 

 

     

NET ASSETS: 100.0%

 

$

33,406,738

 

 

 

     

 

 

ADR

American Depositary Receipt

USD

United States Dollar

 

 

*

Non-income producing

Security fully or partially on loan. Total market value of securities on loan is $1,807,896.


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector Excluding
Collateral for Securities
Loaned (unaudited)

 

 

% of
Investments

 

Value

 

 

 

 

 

 

 

 

Commercial Banking Institution

 

31.9

%

 

$

10,850,174

 

Diversified Banking Institution

 

50.6

 

 

 

17,219,163

 

Finance - Investment Banker / Broker

 

1.2

 

 

 

403,214

 

Life & Health Insurance

 

2.4

 

 

 

828,989

 

Super - Regional Banks

 

12.1

 

 

 

4,137,961

 

Money Market Fund

 

1.8

 

 

 

600,278

 

 

 

   

 

   

 

 

 

100.0

%

 

$

34,039,779

 

 

 

   

 

   

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

$

32,495,701

 

$

 

$

 

$

32,495,701

 

Preferred Stock*

 

 

943,800

 

 

 

 

 

 

943,800

 

Money Market Funds

 

 

2,460,503

 

 

 

 

 

 

2,460,503

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

35,900,004

 

$

 

$

 

$

35,900,004

 

 

 

   

 

   

 

   

 

   

 


 

 

*

See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

 

BIOTECH ETF

 

SCHEDULE OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 

           

COMMON STOCKS: 100.0%

 

 

 

 

Netherlands: 3.6%

 

 

 

 

 

289,001

 

Qiagen N.V. (USD) * †

 

$

5,245,368

 

 

 

 

 

 

     

United States: 96.4%

 

 

 

 

 

49,605

 

Acorda Therapeutics, Inc. *

 

 

1,233,180

 

 

79,849

 

Alexion Pharmaceuticals, Inc. *

 

 

7,490,635

 

 

236,868

 

Amgen, Inc.

 

 

20,446,446

 

 

201,666

 

Ariad Pharmaceuticals, Inc. *

 

 

3,867,954

 

 

73,033

 

Biogen Idec, Inc. *

 

 

10,711,750

 

 

136,166

 

BioMarin Pharmaceutical, Inc. *

 

 

6,706,175

 

 

130,568

 

Celgene Corp. *

 

 

10,278,313

 

 

82,737

 

Cepheid, Inc. *

 

 

2,797,338

 

 

59,976

 

Charles River Laboratories International, Inc. *

 

 

2,247,301

 

 

81,178

 

Cubist Pharmaceuticals, Inc. *

 

 

3,414,347

 

 

190,624

 

Dendreon Corp. * †

 

 

1,006,495

 

 

212,906

 

Exelixis, Inc. * †

 

 

972,980

 

 

231,533

 

Gilead Sciences, Inc. *

 

 

17,006,099

 

 

128,362

 

Illumina, Inc. * †

 

 

7,135,644

 

 

143,884

 

Incyte Corp. * †

 

 

2,389,913

 

 

134,212

 

Life Technologies Corp. *

 

 

6,587,125

 

 

89,899

 

Medivation, Inc. *

 

 

4,599,233

 

 

101,581

 

Myriad Genetics, Inc. *

 

 

2,768,082

 

 

83,259

 

Onyx Pharmaceuticals, Inc. *

 

 

6,288,552

 

 

68,623

 

Pharmacyclics, Inc. *

 

 

3,973,272

 

 

41,447

 

Regeneron Pharmaceuticals, Inc. *

 

 

7,090,338

 

 

123,094

 

Seattle Genetics, Inc. * †

 

 

2,855,781

 

 

55,710

 

United Therapeutics Corp. *

 

 

2,976,028

 

 

161,691

 

Vertex Pharmaceuticals, Inc. *

 

 

6,781,320

 

 

 

 

 

 

     

 

 

 

 

 

 

141,624,301

 

 

 

 

 

 

     

Total Common Stocks
(Cost: $130,897,296)

 

 

146,869,669

 

 

 

 

 

 

     

MONEY MARKET FUND: 0.4%
(Cost: $598,879)

 

 

 

 

 

598,879

 

Dreyfus Government Cash Management Fund

 

 

598,879

 

 

 

 

 

 

     

Total Investments Before Collateral for Securities Loaned: 100.4%
(Cost: $131,496,175)

 

 

147,468,548

 

 

 

 

 

 

     

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 8.5%
(Cost: $12,463,501)

 

 

 

 

 

12,463,501

 

Bank of New York Overnight Government Fund

 

 

12,463,501

 

 

 

 

 

 

     

Total Investments: 108.9%
(Cost: $143,959,676)

 

 

159,932,049

 

Liabilities in excess of other assets: (8.9)%

 

 

(13,010,893

)

 

 

     

NET ASSETS: 100.0%

 

$

146,921,156

 

 

 

 

 

 

     

 

 

USD

United States Dollar

 

 

*

Non-income producing

Security fully or partially on loan. Total market value of securities on loan is $12,135,214.


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector Excluding
Collateral for Securities
Loaned (unaudited)

 

 

% of
Investments

 

Value

 

 

 

 

 

 

 

 

Diagnostic Equipment

 

1.9

%

 

$

2,797,338

 

Diagnostic Kits

 

3.6

 

 

 

5,245,368

 

Medical - Biomedical / Genetics

 

79.5

 

 

 

117,259,731

 

Medical - Drugs

 

3.1

 

 

 

4,599,233

 

Therapeutics

 

11.5

 

 

 

16,967,999

 

Money Market Fund

 

0.4

 

 

 

598,879

 

 

 

   

 

   

 

 

 

100.0

%

 

$

147,468,548

 

 

 

   

 

   

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

$

146,869,669

 

$

 

$

 

$

146,869,669

 

Money Market Funds

 

 

13,062,380

 

 

 

 

 

 

13,062,380

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

159,932,049

 

$

 

$

 

$

159,932,049

 

 

 

   

 

   

 

   

 

   

 


 

 

*

See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

 

ENVIRONMENTAL SERVICES ETF

 

SCHEDULE OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 

           

COMMON STOCKS: 100.0%

 

 

 

 

Canada: 4.1%

 

 

 

 

 

39,142

 

Progressive Waste Solutions Ltd. (USD)

 

$

845,467

 

 

 

 

 

 

     

France: 10.1%

 

 

 

 

 

169,741

 

Veolia Environnement S.A. (ADR)

 

 

2,077,630

 

 

 

 

 

 

     

United States: 85.8%

 

 

 

 

 

24,226

 

ADA-ES, Inc. * †

 

 

408,935

 

 

59,572

 

Calgon Carbon Corp. *

 

 

844,731

 

 

92,311

 

Casella Waste Systems, Inc. *

 

 

404,322

 

 

16,152

 

Clean Harbors, Inc. *

 

 

888,522

 

 

46,410

 

Covanta Holding Corp.

 

 

854,872

 

 

53,962

 

Darling International, Inc. *

 

 

865,550

 

 

99,587

 

Fuel Tech, Inc. *

 

 

418,265

 

 

121,784

 

Hudson Technologies, Inc. *

 

 

443,294

 

 

35,171

 

Layne Christensen Co. *

 

 

853,600

 

 

203,178

 

Metalico, Inc. *

 

 

398,229

 

 

108,270

 

Newpark Resources, Inc. *

 

 

849,919

 

 

323,977

 

Rentech, Inc.

 

 

852,060

 

 

68,390

 

Republic Services, Inc.

 

 

2,005,879

 

 

18,119

 

Shaw Group, Inc. *

 

 

844,527

 

 

22,101

 

Stericycle, Inc. *

 

 

2,061,360

 

 

32,089

 

Tetra Tech, Inc. *

 

 

848,754

 

 

37,404

 

US Ecology, Inc.

 

 

880,490

 

 

25,326

 

Waste Connections, Inc.

 

 

855,766

 

 

59,935

 

Waste Management, Inc.

 

 

2,022,207

 

 

 

 

 

 

     

 

 

 

 

 

 

17,601,282

 

 

 

 

 

 

     

Total Common Stocks
(Cost: $23,679,330)

 

 

20,524,379

 

 

 

 

 

 

     

MONEY MARKET FUND: 0.1%
(Cost: $13,428)

 

 

 

 

 

13,428

 

Dreyfus Government Cash Management Fund

 

 

13,428

 

 

 

     

Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $23,692,758)

 

 

20,537,807

 

 

 

     

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.4%
(Cost: $84,810)

 

 

 

 

 

84,810

 

Bank of New York Overnight Government Fund

 

 

84,810

 

 

 

 

 

 

     

Total Investments: 100.5%
(Cost: $23,777,568)

 

 

20,622,617

 

Liabilities in excess of other assets: (0.5)%

 

 

(97,043

)

 

 

     

NET ASSETS: 100.0%

 

$

20,525,574

 

 

 

     

 

 

ADR

American Depositary Receipt

USD

United States Dollar

 

*

Non-income producing

Security fully or partially on loan. Total market value of securities on loan is $83,011.


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector Excluding
Collateral for Securities
Loaned (unaudited)

 

 

% of
Investments

 

Value

 

 

 

 

 

 

 

 

Agricultural Chemicals

 

4.2

%

 

$

852,060

 

Alternative Waste Technology

 

8.3

 

 

 

1,710,281

 

Building & Construction

 

4.2

 

 

 

853,600

 

Engineering / R&D Services

 

4.1

 

 

 

844,527

 

Environment Consulting & Engineering

 

4.1

 

 

 

848,754

 

Hazardous Waste Disposal

 

18.7

 

 

 

3,830,372

 

Non - Hazardous Waste Disposal

 

34.0

 

 

 

6,988,513

 

Oil - Field Services

 

4.1

 

 

 

849,919

 

Pollution Control

 

6.2

 

 

 

1,270,494

 

Recycling

 

1.9

 

 

 

398,229

 

Water

 

10.1

 

 

 

2,077,630

 

Money Market Fund

 

0.1

 

 

 

13,428

 

 

 

   

 

   

 

 

 

100.0

%

 

$

20,537,807

 

 

 

   

 

   

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant

Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

$

20,524,379

 

$

 

$

 

$

20,524,379

 

Money Market Funds

 

 

98,238

 

 

 

 

 

 

98,238

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

20,622,617

 

$

 

$

 

$

20,622,617

 

 

 

   

 

   

 

   

 

   

 


 

 

*

See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

 

GAMING ETF

 

SCHEDULE OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 

           

COMMON STOCKS: 100.0%

 

 

 

 

Australia: 11.1%

 

 

 

 

 

224,353

 

Aristocrat Leisure Ltd. #

 

$

741,655

 

 

173,153

 

Crown Ltd. #

 

 

1,934,686

 

 

328,388

 

Echo Entertainment Group Ltd. #

 

 

1,185,740

 

 

335,556

 

Tabcorp Holdings Ltd. #

 

 

1,071,512

 

 

576,254

 

Tatts Group Ltd. #

 

 

1,814,630

 

 

 

 

 

 

     

 

 

 

 

 

 

6,748,223

 

 

 

 

 

 

     

China / Hong Kong: 25.2%

 

 

 

 

 

1,029,240

 

Galaxy Entertainment Group Ltd. * #

 

 

4,127,028

 

 

80,852

 

Melco Crown Entertainment Ltd. (ADR) * †

 

 

1,361,548

 

 

357,000

 

Melco International Development Ltd. #

 

 

423,846

 

 

382,000

 

MGM China Holdings Ltd. #

 

 

703,580

 

 

1,096,400

 

Sands China Ltd. #

 

 

4,901,637

 

 

837,000

 

SJM Holdings Ltd. #

 

 

1,975,371

 

 

664,000

 

Wynn Macau Ltd. * #

 

 

1,828,444

 

 

 

 

 

 

     

 

 

 

 

 

 

15,321,454

 

 

 

 

 

 

     

Greece: 1.3%

 

 

 

 

 

40,695

 

Intralot S.A. #

 

 

103,587

 

 

97,707

 

OPAP S.A. #

 

 

699,795

 

 

 

 

 

 

     

 

 

 

 

 

 

803,382

 

 

 

 

 

 

     

Ireland: 2.6%

 

 

 

 

 

19,057

 

Paddy Power Plc #

 

 

1,568,145

 

 

 

 

 

 

     

Italy: 0.8%

 

 

 

 

 

22,062

 

Lottomatica S.p.A. #

 

 

503,495

 

 

 

 

 

 

     

Japan: 3.8%

 

 

 

 

 

22,779

 

Sankyo Co. Ltd. #

 

 

905,647

 

 

81,500

 

Sega Sammy Holdings, Inc. #

 

 

1,378,370

 

 

 

 

 

 

     

 

 

 

 

 

 

2,284,017

 

 

 

 

 

 

     

Malaysia: 9.2%

 

 

 

 

 

302,651

 

Berjaya Sports Toto Bhd #

 

 

441,188

 

 

1,020,238

 

Genting Bhd #

 

 

3,084,353

 

 

1,438,698

 

Genting Malaysia Bhd #

 

 

1,679,556

 

 

335,200

 

Multi-Purpose Holdings Bhd #

 

 

384,621

 

 

 

 

 

 

     

 

 

 

 

 

 

5,589,718

 

 

 

 

 

 

     

New Zealand: 1.2%

 

 

 

 

 

232,106

 

Sky City Entertainment Group Ltd. #

 

 

727,665

 

 

 

 

 

 

     

Singapore: 5.1%

 

 

 

 

 

2,680,000

 

Genting Singapore Plc #

 

 

3,079,067

 

 

 

 

 

 

     

South Africa: 0.9%

 

 

 

 

 

46,174

 

Sun International Ltd.

 

 

517,011

 

 

 

 

 

 

     

South Korea: 2.7%

 

 

 

 

 

50,856

 

Kangwon Land, Inc. #

 

 

1,389,932

 

 

17,461

 

Paradise Co. Ltd. #

 

 

282,490

 

 

 

 

 

 

     

 

 

 

 

 

 

1,672,422

 

 

 

 

 

 

     

Sweden: 0.5%

 

 

 

 

 

9,365

 

Betsson A.B. #

 

 

289,639

 

 

 

 

 

 

     

United Kingdom: 8.5%

 

 

 

 

 

283,839

 

Bwin.Party Digital Entertainment Plc #

 

 

516,842

 

 

160,008

 

IG Group Holdings Plc #

 

 

1,178,380

 

 

402,932

 

Ladbrokes Plc #

 

 

1,309,326

 

 

58,353

 

Playtech Ltd. #

 

 

404,939

 

 

312,994

 

William Hill Plc #

 

 

1,784,540

 

 

 

 

 

 

     

 

 

 

 

 

 

5,194,027

 

 

 

 

 

 

     

United States: 27.1%

 

 

 

 

 

18,192

 

Bally Technologies, Inc. *

 

 

813,364

 

 

25,334

 

Boyd Gaming Corp. * †

 

 

168,218

 

 

27,400

 

Global Cash Access Holdings, Inc. *

 

 

214,816

 

 

121,648

 

International Game Technology

 

 

1,723,752

 

 

104,512

 

Las Vegas Sands Corp.

 

 

4,824,274

 

 

169,966

 

MGM Mirage *

 

 

1,978,404

 

 

26,645

 

Penn National Gaming, Inc. *

 

 

1,308,536

 

 

26,128

 

Pinnacle Entertainment, Inc. *

 

 

413,606

 

 

22,169

 

Scientific Games Corp. *

 

 

192,205

 

 

25,326

 

SHFL Entertainment, Inc. *

 

 

367,227

 

 

23,206

 

WMS Industries, Inc. *

 

 

406,105

 

 

36,325

 

Wynn Resorts Ltd.

 

 

4,086,199

 

 

 

 

 

 

     

 

 

 

 

 

 

16,496,706

 

 

 

 

 

 

     

Total Common Stocks
(Cost: $46,401,264)

 

 

60,794,971

 

 

 

     

MONEY MARKET FUND: 0.0%
(Cost: $42,143)

 

 

 

 

 

42,143

 

Dreyfus Government Cash Management Fund

 

 

42,143

 

 

 

 

 

 

     

Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $46,443,407)

 

 

60,837,114

 

 

 

     

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.4%
(Cost: $1,434,764)

 

 

 

 

 

1,434,764

 

Bank of New York Overnight Government Fund

 

 

1,434,764

 

 

 

 

 

 

     

Total Investments: 102.4%
(Cost: $47,878,171)

 

 

62,271,878

 

Liabilities in excess of other assets: (2.4)%

 

 

(1,459,887

)

 

 

     

NET ASSETS: 100.0%

 

$

60,811,991

 

 

 

     

 

 

ADR

American Depositary Receipt

 

*

Non-income producing

Security fully or partially on loan. Total market value of securities on loan is $1,392,251.

#

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 $42,419,706 which represents 69.8% of net assets.


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector Excluding
Collateral for Securities
Loaned (unaudited)

 

 

% of
Investments

 

Value

 

 

 

 

 

 

 

 

Casino Hotels

 

60.0

%

 

$

36,473,646

 

Casino Services

 

8.3

 

 

 

5,026,340

 

Commercial Services - Finance

 

0.4

 

 

 

214,816

 

Computer Software

 

0.7

 

 

 

404,939

 

Diversified Operations

 

1.3

 

 

 

808,467

 

Finance - Other Services

 

1.9

 

 

 

1,178,380

 

Gambling (Non-Hotel)

 

16.3

 

 

 

9,925,991

 

Internet Gambling

 

1.3

 

 

 

806,481

 

Leisure & Recreation Products

 

2.9

 

 

 

1,784,475

 

Lottery Services

 

4.7

 

 

 

2,862,900

 

Racetracks

 

2.1

 

 

 

1,308,536

 

Money Market Fund

 

0.1

 

 

 

42,143

 

 

 

   

 

   

 

 

 

100.0

%

 

$

60,837,114

 

 

 

   

 

   

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

$

 

$

6,748,223

 

$

 

$

6,748,223

 

China / Hong Kong

 

 

1,361,548

 

 

13,959,906

 

 

 

 

15,321,454

 

Greece

 

 

 

 

803,382

 

 

 

 

803,382

 

Ireland

 

 

 

 

1,568,145

 

 

 

 

1,568,145

 

Italy

 

 

 

 

503,495

 

 

 

 

503,495

 

Japan

 

 

 

 

2,284,017

 

 

 

 

2,284,017

 

Malaysia

 

 

 

 

5,589,718

 

 

 

 

5,589,718

 

New Zealand

 

 

 

 

727,665

 

 

 

 

727,665

 

Singapore

 

 

 

 

3,079,067

 

 

 

 

3,079,067

 

South Africa

 

 

517,011

 

 

 

 

 

 

517,011

 

South Korea

 

 

 

 

1,672,422

 

 

 

 

1,672,422

 

Sweden

 

 

 

 

289,639

 

 

 

 

289,639

 

United Kingdom

 

 

 

 

5,194,027

 

 

 

 

5,194,027

 

United States

 

 

16,496,706

 

 

 

 

 

 

16,496,706

 

Money Market Funds

 

 

1,476,907

 

 

 

 

 

 

1,476,907

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

19,852,172

 

$

42,419,706

 

$

 

$

62,271,878

 

 

 

   

 

   

 

   

 

   

 

During the period ended December 31, 2012, transfers of securities from Level 1 to Level 2 were $374,407. 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 Schedules of Investments.

See Notes to Schedules of Investments

 

MORNINGSTAR WIDE MOAT RESEARCH ETF

 

SCHEDULE OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

of Shares

 

 

 

Value

 

             

COMMON STOCKS: 100.0%

 

 

 

 

Basic Materials: 9.8%

 

 

 

 

 

74,571

 

Compass Minerals International, Inc.

 

$

5,571,199

 

 

109,202

 

Vulcan Materials Co.

 

 

5,683,964

 

 

 

 

 

 

     

 

 

 

 

 

 

11,255,163

 

 

 

 

 

 

     

Communications: 10.0%

 

 

 

 

 

285,899

 

Cisco Systems, Inc.

 

 

5,617,915

 

 

152,860

 

John Wiley & Sons, Inc.

 

 

5,950,840

 

 

 

 

 

 

     

 

 

 

 

 

 

11,568,755

 

 

 

 

 

 

     

Consumer, Non-cyclical: 19.9%

 

 

 

 

 

104,280

 

Express Scripts Holding Co. *

 

 

5,631,120

 

 

159,471

 

St Jude Medical, Inc.

 

 

5,763,282

 

 

425,931

 

The Western Union Co.

 

 

5,796,921

 

 

109,247

 

Weight Watchers International, Inc.

 

 

5,720,173

 

 

 

 

 

 

     

 

 

 

 

 

 

22,911,496

 

 

 

 

 

 

     

Energy: 5.1%

 

 

 

 

 

86,059

 

National Oilwell Varco, Inc.

 

 

5,882,133

 

 

 

 

 

 

     

Financial: 20.4%

 

 

 

 

 

228,025

 

Bank of New York Mellon Corp.

 

 

5,860,242

 

 

63,100

 

Berkshire Hathaway, Inc. *

 

 

5,660,070

 

 

118,686

 

Northern Trust Corp.

 

 

5,953,290

 

 

261,159

 

The St. Joe Co. *

 

 

6,027,550

 

 

 

 

 

 

     

 

 

 

 

 

 

23,501,152

 

 

 

 

 

 

     

Industrial: 10.0%

 

 

 

 

 

148,086

 

Expeditors International of Washington, Inc.

 

 

5,856,801

 

 

60,859

 

Martin Marietta Materials, Inc.

 

 

5,737,786

 

 

 

 

 

 

     

 

 

 

 

 

 

11,594,587

 

 

 

 

 

 

     

Technology: 19.9%

 

 

 

 

 

507,974

 

Applied Materials, Inc.

 

 

5,811,223

 

 

275,433

 

Intel Corp.

 

 

5,682,183

 

 

208,174

 

Microsoft Corp.

 

 

5,564,491

 

 

178,538

 

Oracle Corp.

 

 

5,948,886

 

 

 

 

 

 

     

 

 

 

 

 

 

23,006,783

 

 

 

 

 

 

     

 

 

 

 

 

 

 

 

Utilities: 4.9%

 

 

 

 

 

190,150

 

Exelon Corp.

 

 

5,655,061

 

 

 

 

 

 

     

Total Common Stocks
(Cost: $114,172,811)

 

 

115,375,130

 

 

 

 

 

 

     

MONEY MARKET FUND: 0.5%
(Cost: $641,558)

 

 

 

 

 

641,558

 

Dreyfus Government Cash Management Fund

 

 

641,558

 

 

 

 

 

 

     

Total Investments: 100.5%
(Cost: $114,814,369)

 

 

116,016,688

 

Liabilities in excess of other assets: (0.5)%

 

 

(623,920

)

 

 

 

 

 

     

NET ASSETS: 100.0%

 

$

115,392,768

 

 

 

     

 

 

*

Non-income producing

 

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

$

115,375,130

 

$

 

$

 

$

115,375,130

 

Money Market Fund

 

 

641,558

 

 

 

 

 

 

641,558

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

116,016,688

 

$

 

$

 

$

116,016,688

 

 

 

   

 

   

 

   

 

   

 


 

 

*

See Schedule of Investments for security type and industry sector breakouts.

See Notes to Schedules of Investments

 

PHARMACEUTICAL ETF

 

SCHEDULE OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

of Shares

 

 

 

Value

 

             

COMMON STOCKS: 100.0%

 

 

 

 

Canada: 4.2%

 

 

 

 

 

115,781

 

Valeant Pharmaceuticals International, Inc. (USD) *

 

$

6,920,230

 

 

 

 

 

 

     

Denmark: 4.6%

 

 

 

 

 

46,048

 

Novo-Nordisk A.S. (ADR)

 

 

7,515,494

 

 

 

 

 

 

     

France: 5.6%

 

 

 

 

 

194,056

 

Sanofi S.A. (ADR)

 

 

9,194,373

 

 

 

 

 

 

     

Ireland: 6.2%

 

 

 

 

 

201,386

 

Elan Corp. Plc (ADR) *

 

 

2,056,151

 

 

77,128

 

Shire Plc (ADR)

 

 

7,109,659

 

 

79,700

 

Warner Chilcott Plc (USD)

 

 

959,588

 

 

 

 

 

 

     

 

 

 

 

 

 

10,125,398

 

 

 

 

 

 

     

Israel: 4.3%

 

 

 

 

 

190,774

 

Teva Pharmaceutical Industries Ltd. (ADR)

 

 

7,123,501

 

 

 

 

 

 

     

Switzerland: 7.7%

 

 

 

 

 

200,672

 

Novartis A.G. (ADR)

 

 

12,702,538

 

 

 

 

 

 

     

United Kingdom: 9.9%

 

 

 

 

 

153,985

 

AstraZeneca Plc (ADR)

 

 

7,278,871

 

 

206,660

 

GlaxoSmithKline Plc (ADR)

 

 

8,983,510

 

 

 

 

 

 

     

 

 

 

 

 

 

16,262,381

 

 

 

 

 

 

     

United States: 57.5%

 

 

 

 

 

133,194

 

Abbott Laboratories

 

 

8,724,207

 

 

80,671

 

Allergan, Inc.

 

 

7,399,951

 

 

226,735

 

Bristol-Myers Squibb Co.

 

 

7,389,294

 

 

153,671

 

Eli Lilly & Co.

 

 

7,579,054

 

 

47,149

 

Endo Pharmaceuticals Holdings, Inc. *

 

 

1,238,604

 

 

96,738

 

Forest Laboratories, Inc. *

 

 

3,416,786

 

 

68,276

 

Hospira, Inc. *

 

 

2,132,942

 

 

233,519

 

Johnson & Johnson

 

 

16,369,682

 

 

256,170

 

Merck & Co., Inc.

 

 

10,487,600

 

 

166,723

 

Mylan, Inc. *

 

 

4,581,548

 

 

35,951

 

Perrigo Co.

 

 

3,739,983

 

 

620,403

 

Pfizer, Inc.

 

 

15,559,707

 

 

23,547

 

Salix Pharmaceuticals Ltd. *

 

 

953,183

 

 

21,789

 

The Medicines Co. *

 

 

522,282

 

 

51,738

 

Watson Pharmaceuticals, Inc. *

 

 

4,449,468

 

 

 

 

 

 

     

 

 

 

 

 

 

94,544,291

 

 

 

 

 

 

     

Total Common Stocks
(Cost: $159,463,063)

 

 

164,388,206

 

 

 

 

 

 

     

MONEY MARKET FUND: 3.2%
(Cost: $5,234,741)

 

 

 

 

 

5,234,741

 

Dreyfus Government Cash Management Fund

 

 

5,234,741

 

 

 

 

 

 

     

Total Investments: 103.2%
(Cost: $164,697,804)

 

 

169,622,947

 

Liabilities in excess of other assets: (3.2)%

 

 

(5,237,802

)

 

 

 

 

 

     

NET ASSETS: 100.0%

 

$

164,385,145

 

 

 

     

 

 

ADR

American Depositary Receipt

USD

United States Dollar

 

*

Non-income producing


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

 

Value

 

 

 

 

 

 

 

 

 

Medical - Biomedical / Genetics

 

0.3

%

 

$

522,282

 

Medical - Drugs

 

83.0

 

 

 

140,878,894

 

Medical - Generic Drugs

 

11.7

 

 

 

19,894,500

 

Medical Products

 

1.3

 

 

 

2,132,942

 

Therapeutics

 

0.6

 

 

 

959,588

 

Money Market Fund

 

3.1

 

 

 

5,234,741

 

 

 

   

 

   

 

 

 

100.0

%

 

$

169,622,947

 

 

 

   

 

   

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant

Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

$

164,388,206

 

$

 

$

 

$

164,388,206

 

Money Market Fund

 

 

5,234,741

 

 

 

 

 

 

5,234,741

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

169,622,947

 

$

 

$

 

$

169,622,947

 

 

 

   

 

   

 

   

 

   

 


 

 

*

See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

 

RETAIL ETF

 

SCHEDULE OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 

 

COMMON STOCKS: 100.0%

 

 

 

 

United States: 100.0%

 

 

 

 

 

11,851

 

Amazon.com, Inc. *

 

$

2,976,260

 

 

17,091

 

AmerisourceBergen Corp.

 

 

737,989

 

 

2,594

 

AutoZone, Inc. *

 

 

919,391

 

 

16,300

 

Bed Bath & Beyond, Inc. *

 

 

911,333

 

 

19,582

 

Best Buy Co., Inc.

 

 

232,047

 

 

24,413

 

Cardinal Health, Inc.

 

 

1,005,327

 

 

17,383

 

Costco Wholesale Corp.

 

 

1,716,919

 

 

40,772

 

CVS Caremark Corp.

 

 

1,971,326

 

 

17,593

 

Dollar General Corp. *

 

 

775,675

 

 

48,410

 

Home Depot, Inc.

 

 

2,994,158

 

 

10,127

 

JC Penney Co., Inc. †

 

 

199,603

 

 

14,671

 

Kohl’s Corp.

 

 

630,560

 

 

35,729

 

Kroger Co.

 

 

929,669

 

 

48,908

 

Lowe’s Cos., Inc.

 

 

1,737,212

 

 

17,759

 

Ltd Brands, Inc.

 

 

835,739

 

 

28,980

 

Macy’s, Inc.

 

 

1,130,800

 

 

15,712

 

McKesson Corp.

 

 

1,523,436

 

 

48,912

 

Staples, Inc.

 

 

557,597

 

 

43,095

 

Sysco Corp.

 

 

1,364,388

 

 

28,058

 

Target Corp.

 

 

1,660,192

 

 

24,604

 

The Gap, Inc.

 

 

763,708

 

 

35,912

 

TJX Cos., Inc.

 

 

1,524,464

 

 

41,689

 

Walgreen Co.

 

 

1,542,910

 

 

56,889

 

Wal-Mart Stores, Inc.

 

 

3,881,536

 

 

13,466

 

Whole Foods Market, Inc.

 

 

1,229,850

 

 

 

 

 

 

     

Total Common Stocks

 

 

 

 

(Cost: $34,943,251)

 

 

33,752,089

 

 

 

     

MONEY MARKET FUND: 0.1%

 

 

 

 

(Cost: $38,687)

 

 

 

 

 

38,687

 

Dreyfus Government Cash Management Fund

 

 

38,687

 

 

 

 

 

 

     

Total Investments Before Collateral for Securities Loaned: 100.1%

 

 

 

 

(Cost: $34,981,938)

 

 

33,790,776

 

 

 

     

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6%

 

 

 

 

(Cost: $187,183)

 

 

 

 

 

187,183

 

Bank of New York Overnight Government Fund

 

 

187,183

 

 

 

 

 

 

     

Total Investments: 100.7%

 

 

 

 

(Cost: $35,169,121)

 

 

33,977,959

 

Liabilities in excess of other assets: (0.7)%

 

 

(222,085

)

 

 

     

NET ASSETS: 100.0%

 

$

33,755,874

 

 

 

     

 

 

*

Non-income producing

Security fully or partially on loan. Total market value of securities on loan is $182,491.


 

 

 

 

 

 

 

 

Summary of Investments
by Sector Excluding
Collateral for Securities
Loaned (unaudited)

 

% of
Investments

 

Value

 

 

 

 

 

 

 

E-Commerce / Products

 

8.8

%

 

$

2,976,260

 

Food - Retail

 

6.4

 

 

 

2,159,519

 

Food - Wholesale / Distribution

 

4.0

 

 

 

1,364,388

 

Medical - Wholesale Drug Distributors

 

9.7

 

 

 

3,266,752

 

Retail - Apparel / Shoes

 

4.7

 

 

 

1,599,447

 

Retail - Auto Parts

 

2.7

 

 

 

919,391

 

Retail - Bedding

 

2.7

 

 

 

911,333

 

Retail - Building Products

 

14.0

 

 

 

4,731,370

 

Retail - Consumer Electronics

 

0.7

 

 

 

232,047

 

Retail - Discount

 

23.8

 

 

 

8,034,322

 

Retail - Drug Store

 

10.4

 

 

 

3,514,236

 

Retail - Major Department Store

 

5.1

 

 

 

1,724,067

 

Retail - Office Supplies

 

1.7

 

 

 

557,597

 

Retail - Regional Department Store

 

5.2

 

 

 

1,761,360

 

Money Market Fund

 

0.1

 

 

 

38,687

 

 

 

   

 

   

 

 

 

100.0

%

 

$

33,790,776

 

 

 

   

 

   

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

$

33,752,089

 

$

 

$

 

$

33,752,089

 

Money Market Funds

 

 

225,870

 

 

 

 

 

 

225,870

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

33,977,959

 

$

 

$

 

$

33,977,959

 

 

 

   

 

   

 

   

 

   

 


 

 

*

See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

 

SEMICONDUCTOR ETF

 

SCHEDULE OF INVESTMENTS

December 31, 2012 (unaudited)


 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 

 

COMMON STOCKS: 100.0%

 

 

 

 

Bermuda: 1.2%

 

 

 

 

 

472,394

 

Marvell Technology Group Ltd. (USD)

 

$

3,429,580

 

 

 

 

 

 

     

Netherlands: 5.1%

 

 

 

 

 

232,510

 

ASML Holding N.V. (USD) †

 

 

14,975,969

 

 

 

 

 

 

     

Singapore: 2.7%

 

 

 

 

 

251,114

 

Avago Technologies Ltd. (USD)

 

 

7,950,269

 

 

 

 

 

 

     

Taiwan: 14.7%

 

 

 

 

 

2,524,647

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

43,322,943

 

 

 

 

 

 

     

United Kingdom: 4.6%

 

 

 

 

 

360,781

 

ARM Holdings Plc (ADR)

 

 

13,648,345

 

 

 

 

 

 

     

United States: 71.7%

 

 

 

 

 

651,633

 

Advanced Micro Devices, Inc. * †

 

 

1,563,919

 

 

345,193

 

Altera Corp.

 

 

11,888,447

 

 

318,046

 

Analog Devices, Inc.

 

 

13,377,015

 

 

1,195,550

 

Applied Materials, Inc.

 

 

13,677,092

 

 

449,746

 

Atmel Corp. *

 

 

2,945,836

 

 

429,000

 

Broadcom Corp.

 

 

14,247,090

 

 

121,458

 

Cree, Inc. * †

 

 

4,127,143

 

 

2,673,967

 

Intel Corp.

 

 

55,163,939

 

 

179,305

 

KLA-Tencor Corp.

 

 

8,563,607

 

 

182,656

 

Lam Research Corp. *

 

 

6,599,361

 

 

226,740

 

Linear Technology Corp.

 

 

7,777,182

 

 

310,838

 

Maxim Integrated Products, Inc.

 

 

9,138,637

 

 

203,264

 

Microchip Technology, Inc. †

 

 

6,624,374

 

 

1,062,841

 

Micron Technology, Inc. *

 

 

6,749,040

 

 

639,199

 

NVIDIA Corp.

 

 

7,855,756

 

 

477,895

 

ON Semiconductor Corp. *

 

 

3,369,160

 

 

207,153

 

Skyworks Solutions, Inc. *

 

 

4,205,206

 

 

200,257

 

Teradyne, Inc. *

 

 

3,382,341

 

 

627,385

 

Texas Instruments, Inc.

 

 

19,411,292

 

 

280,961

 

Xilinx, Inc.

 

 

10,086,500

 

 

 

 

 

 

     

 

 

 

 

 

 

210,752,937

 

 

 

 

 

 

     

Total Common Stocks

 

 

 

 

(Cost: $307,050,590)

 

 

294,080,043

 

 

 

     

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.8%

 

 

 

 

(Cost: $19,968,647)

 

 

 

 

 

19,968,647

 

Bank of New York Overnight Government Fund

 

 

19,968,647

 

 

 

 

 

 

     

Total Investments: 106.8%

 

 

 

 

(Cost: $327,019,237)

 

 

314,048,690

 

Liabilities in excess of other assets: (6.8)%

 

 

(19,892,784

)

 

 

     

NET ASSETS: 100.0%

 

$

294,155,906

 

 

 

     

 

 

ADR

American Depositary Receipt

USD

United States Dollar

 

*

Non-income producing

Security fully or partially on loan. Total market value of securities on loan is $19,400,266.


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector Excluding
Collateral for Securities
Loaned (unaudited)

 

 

% of
Investments

 

Value

 

 

 

 

 

 

 

 

Electronic Component - Semiconductors

 

56.8

%

 

$

166,890,480

 

Semiconductor Component - Integrated Circuits

 

27.2

 

 

 

79,991,193

 

Semiconductor Equipment

 

16.0

 

 

 

47,198,370

 

 

 

   

 

   

 

 

 

100.0

%

 

$

294,080,043

 

 

 

   

 

   

 

The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Common Stocks*

 

$

294,080,043

 

$

 

$

 

$

294,080,043

 

Money Market Fund

 

 

19,968,647

 

 

 

 

 

 

19,968,647

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

314,048,690

 

$

 

$

 

$

314,048,690

 

 

 

   

 

   

 

   

 

   

 


 

 

*

See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Schedules of Investments

 

MARKET VECTORS ETF TRUST

 

NOTES TO SCHEDULES OF INVESTMENTS

December 31, 2012 (unaudited)

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 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 categorized 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 most 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 transfer between levels of the fair value hierarchy assumes 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 and the levels used to value the Fund’s investments, and transfers between levels are located in the Schedules of Investments. Additionally, a table that reconciles the valuation of the Fund’s Level 3 investments that summarizes the valuation techniques and describes unobservable inputs into those Level 3 investments, if applicable, is located in the Schedules of Investments.

Income Taxes–As of December 31, 2012, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund

 

Cost of
Investments

 

Gross
Unrealized
Appreciation

 

Gross
Unrealized
Depreciation

 

Net Unrealized
Appreciation
(Depreciation)

 

 

 

 

 

 

 

 

 

 

Bank and Brokerage ETF

 

$

35,168,765

 

$

841,862

 

$

(110,623

)

$

731,239

 

Biotech ETF

 

 

143,959,764

 

 

17,519,053

 

 

(1,546,768

)

 

15,972,285

 

Environmental Services ETF

 

 

23,854,194

 

 

1,827,551

 

 

(5,059,128

)

 

(3,231,577

)

Gaming ETF

 

 

48,970,710

 

 

17,670,558

 

 

(4,369,390

)

 

13,301,168

 

Morningstar Wide Moat Research ETF

 

 

114,814,369

 

 

3,593,730

 

 

(2,391,411

)

 

1,202,319

 

Pharmaceutical ETF

 

 

164,703,549

 

 

9,351,650

 

 

(4,432,252

)

 

4,919,398

 

Retail ETF

 

 

35,169,121

 

 

26,432

 

 

(1,217,594

)

 

(1,191,162

)

Semiconductor ETF

 

 

327,019,237

 

 

9,605,268

 

 

(22,575,815

)

 

(12,970,547

)

Subsequent Event Review— Effective February 1, 2013, the name of the Morningstar Wide Moat Research ETF changed its name to Wide Moat ETF.

 

 

ITEM 2. Controls and Procedures.

 

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

ITEM 3. Exhibits.

 

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Market Vectors ETF Trust

 

By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust

 

Date: February 27, 2013

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust

 

Date: February 27, 2013

 

By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust

 

Date: February 27, 2013