UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-10325 MARKET VECTORS ETF TRUST (Exact name of registrant as specified in charter) 335 Madison Avenue, New York, NY 10017 (Address of principal executive offices) (Zip code) Van Eck Associates Corporation 335 MADISON AVENUE, NEW YORK, NY 10017 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 293-2000 Date of fiscal year end: DECEMBER 31 Date of reporting period: DECEMBER 31, 2014
Item 1. Report to Shareholders
ANNUAL REPORT D e c e m b e r 3 1 , 2 0 1 4 |
MARKET VECTORS
INTERNATIONAL ETFs
The information contained in this report represents 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, 2014, and are subject to change.
MARKET VECTORS INTERNATIONAL ETFs
(unaudited)
China continues to be an important area of focus for us, as it has become an important part of the world economy and as it currently offers interesting investment opportunities as well.
Together with continued liberalization within the country, the government has also moved to provide access to local markets to those outside the country. In November, the Shanghai-Hong Kong Stock Connect program was launched, which began providing access to over 550 A-share stocks not previously available to investors outside the mainland.
The Chinese government appears also to recognize that small, non-government-backed firms, so important when it comes to fostering innovation, often struggle to access capital because large banks generally do not offer them financing.1 As such, the Small and Medium Enterprise (SME) and ChiNext Boards were established (the former under the Shenzhen Stock Exchange (SZSE) and the latter as a wholly owned but independent arm of the SZSE), to help promote private innovation in the public markets.2 As of December 31, 2014, a total of 732 companies were listed on the SME Board with a combined market value of $823.52 billion, while 406 companies traded on the ChiNext Board with a combined market value of $352.43 billion.3
According to the World Trade Organization, at the start of 2014, SMEs in China were contributing 60% of the country’s GDP and 75% of its urban employment opportunities.4 In addition, we are seeing the information technology, consumer discretionary and staples, and health care sectors becoming the drivers of what has been called China’s “New Economy”.
Contributions of SMEs in China:
Source: World Trade Organization, January 2014.
On July 23 this year, we were excited to announce the launch of the Market Vectors ChinaAMC SME-ChiNext ETF (NYSE Arca: CNXT), a new fund which seeks to provide not only exposure primarily to China’s market for innovative, non-government owned companies, but also to the very sectors that are increasingly recognized as underpinning the growth of China’s New Economy. CNXT gives investors a liquid, transparent way to gain access to some of these growing companies.
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 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 investments in Market Vectors ETFs.
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MARKET VECTORS INTERNATIONAL ETFs
(unaudited)
On the following pages, you will find the performance record of each of the funds for the 12 month period ending December 31, 2014. 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 20, 2015
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.
1 | The Wall Street Journal: “China’s Central Bank to Expand Loans to Small Businesses”, http://online.wsj.com/news/articles/SB10001424127887324110404578628904026769958 |
2 | “About ChiNext.” Shenzhen Stock Exchange, 2013, http://www.szse.cn/main/en/ChiNext/aboutchinext/ |
3 | Shenzhen Stock Exchange, http://www.szse.cn/main/en/MarketStatistics/MarketOverview/ |
4 | World Trade Organization: Integrating small and medium-sized enterprises into global trade flows: the case of China, http://www.wto.org/english/res_e/booksp_e/cmark_full_e.pdf |
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Management Discussion (unaudited)
The performance of funds in the suite of Market Vectors International ETFs was predominantly positive during the 12 month period. Eight funds, from a total of 13 that traded for the entire period under review, posted positive total returns. The top two performing funds, each returning more than 40% over the 12 month period, were Market Vectors ChinaAMC A-Share ETF (NYSE Arca: PEK) (+49.11%) and Market Vectors India Small-Cap Index ETF (NYSE Arca: SCIF) (+43.65%). Five funds reported negative performance over the period: Market Vectors Africa Index ETF (NYSE Arca: AFK) (-12.86%), Market Vectors Brazil Small-Cap ETF (NYSE Arca: BRF) (-25.19%), Market Vectors Poland ETF (NYSE Arca: PLND) (-16.90%), Market Vectors Russia ETF (NYSE Arca: RSX) (-44.95%), and Market Vectors Russia Small-Cap ETF (NYSE Arca: RSXJ) (-52.67%).
January 1 through December 31, 2014
Market Vectors International ETFs Total Return
Note: Market Vectors ChinaAMC SME-ChiNext ETF (NYSE Arca: CNXT) is not included above as it was launched on July 23, 2014.
Source: Van Eck Global. Returns based on each Fund’s net asset value (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 energy sector was the greatest detractor from performance for the 12 month period. The consumer discretionary, health care, financial, and telecommunication services sectors all provided small positive contributions to overall performance. Large- and mid-cap companies were the greatest detractors from performance, with mid-caps detracting significantly more than the large-cap grouping of companies. Geographically, South Africa and Egypt were the two most significant contributors to return, and Nigeria detracted the most from performance.
Brazil
Though the first half of 2014 was a challenging one for Brazil, the Fund recorded modest positive performance for the six month period. The second half of the year, however, proved to be even more challenging, with the Fund recording a significant negative return for the entire 12 month period. Uncertainties surrounding the outcome of the elections were finally dispelled when President Dilma Rousseff, following a second round run-off, was reelected1 on
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MARKET VECTORS INTERNATIONAL ETFs
(unaudited)
October 26 with a narrow victory over Aécio Neves. Prospects of any much-needed economic reforms and budget cuts before the end of the year never materialized. No sector except healthcare, and then only minimally, contributed positively to return over the 12 month period. The consumer discretionary, financial, and industrial sectors were the three greatest detractors from performance.
China
2014 saw the government pass numerous reforms to provide necessary adjustments to the economy and attempt to spur growth through various measures, including a surprising interest rate reduction in November which represented the first such cut in over two years. More broadly, the government continued to undertake measures to move the economy away from one driven primarily by investment to one powered by domestic consumption. Quarterly GDP growth consistently fell below the government’s 7.5% target, and by the end of the year, it was generally accepted that 7.0% growth in 2015 will have to serve as the “new normal”. The A-share equity market, while extremely sluggish during the first half of 2014, finally began to pick up during the second half of year, driven by anticipation of the Shanghai-Hong Kong Stock Connect program, which began providing access to over 550 A-share stocks not previously available to investors outside the mainland in November, as well as by the aforementioned interest rate cut.
Performance of the Market Vectors ChinaAMC A-Share ETF during the first week in January 2014 was primarily derived from swap contracts on the CSI 300 Index† (CSI 300). The Fund began direct investment in the A-share constituents of the CSI 300 on January 8, 2014 and eliminated the majority of its exposure previously achieved through swap contracts. Contracts outstanding as of December 31, 2014 are presented in the Fund’s Schedule of Investments. All sectors contributed positively to performance during the period under review. The vast majority of returns came from companies in the financial sector, followed by industrial companies. However, while still positive, the telecommunications services and health care sectors only contributed minimally.
The Market Vectors ChinaAMC SME-ChiNext ETF traded for a little more than five months. During this period, the industrial, financial, and information technology were the largest contributors to performance. The energy sector, however, posted a small negative return for this period.
Egypt
With his landslide victory at the end of May, newly elected President Abdel Fattah al-Sisi, the country’s former army chief, won a firm enough mandate to tackle the country’s economic woes. As early as June 24, in a speech in Cairo, he was seeking to forewarn Egyptians of austerity measures2 to come. At the end of November, an IMF official was reported as saying that the country’s economy had started to recover after four years of slow activity.3 Each sector in the domestic market, except the consumer staples and energy sectors, contributed to a positive return for the year. The financial sector was by far the greatest contributor to performance. In addition to having the highest average weighting, small-cap companies also made the most significant contribution to return. Regardless of the significant average weighting of mid-cap companies, their contribution to return lagged far behind those of both their larger and smaller peers.
Gulf States
Anchored on solid growth of 3.7% in 2013 and budget surpluses,4 the GCC economies enjoyed a healthy first half to 2014. The second half of the year, however, was somewhat more challenging for the Gulf States, caught as they were between the Scylla of falling oil prices and the Charybdis of regional conflict.5 However, the Fund still ended the year posting a positive return for the 12 month period. With tensions high in the Middle East and in an attempt to shore up unity among GCC members, in mid-November Saudi’s 90-year old King Abdullah engineered reconciliation between council members and Qatar, which it had accused, among other things, of supporting Islamist militants both in Syria and elsewhere.6 Geographically, the United Arab Emirates, with the greatest average country weighting, contributed most significantly to performance, followed by Qatar and Oman—in that order. In terms of sector, financial stocks were the greatest contributors, with industrial and telecommunication services stocks providing the only other significant contributions. Large-cap stocks contributed to performance, while mid- and small-cap stocks detracted from performance.
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India
Following a somewhat lackluster first quarter and Narendra Modi’s election as India’s new prime minister, the performance of smaller companies strengthened firmly toward the end of the first half of the year. At 5.5% for the half of the year, economic growth was higher than the 4.9% figure for the same period last year.7 The third quarter of the year, though, brought with it a slowdown in growth, with the Indian economy only expanding 5.3%, in contrast with 5.7% during the previous quarter.8 However, since his election in May, Mr. Modi has demonstrated his pro-business stance in a number of different ways, not least by permitting more foreign investment in various of the country’s industrial sectors, including defense.9 After the Market Vectors ChinaAMC A-Share ETF, the Fund posted the highest total return of any in the Market Vectors suite of international funds. All sectors, except three, contributed positively to return. The consumer discretionary, industrial, and financial sectors were the greatest contributors to performance. While posting negative returns, the detraction from performance of each of the consumer staples, energy, and telecommunication services sectors was minimal.
Indonesia
Indonesia was another country with an election cycle in 2014. The presidential race was won by the governor of Jakarta, Joko Widodo, who beat Prabowo Subianto, a former army general. Faced with a moribund economy and a potentially widening current account deficit,10 action sooner rather than later was required of the president. As a first step, fuel prices (heavily subsidized) were raised 30% on November 18, while, on the same day, Bank Indonesia increased its benchmark interest rate by 25 bps to 7.75%. At the same time, the bank reconfirmed its intention, in the near term, to focus on economic stability over growth.11 For medium- and large-cap names, there were positive contributions to return across all sectors except for energy, with financial stocks providing by far the most significant contribution to performance. Among small-cap stocks, three sectors contributed positively to return. The telecommunication services and financial sectors were the two greatest contributors to performance. Consumer discretionary stocks provided a lesser, but still positive, contribution to performance. Negative returns from small-cap energy companies in particular detracted most from performance.
Israel
After a promising first half year—two quarters of economic growth—and an annual growth rate of 3%,12 third quarter figures reflected the high toll Israel’s 50-day war in Gaza13 took on its economic health: the economy contracted, for the first time in five years, by approximately 0.4%.14 Current Prime Minister Benjamin Netanyahu’s decision to hold early elections in March 2015 is being seen by many as more of a hindrance than a help in efforts to revive the country’s slowing economy.15 Over the 12 month period, health care and information technology stocks, constituting the two sectors with the highest individual average weightings, were the Fund’s most significant contributors to performance. The energy and financial sectors were the greatest detractors from performance. While large-cap stocks contributed positively to performance, small-cap stocks detracted significantly.
Poland
Poland continues to be the EU’s largest emerging economy.16 In the context of economic stagnation in the Eurozone, the country’s performance in the latter half of 2014 was robust. In the third quarter, its economy grew, in annual terms, by 3.3%—better than expected—and continued to benefit from relatively low private and public debt.17 Despite this strength, however, with the fluid situation in Ukraine and slow economic growth in other EU countries, the outlook for Poland remains uncertain. Polish stocks slid over the last quarter of the year, in particular, in December. No sector performed positively over the 12 month period, with the financial, materials, and consumer staples sectors detracting most from performance. However, the negative returns from information technology and consumer discretionary sectors detracted only minimally from performance.
Russia
The consequences of Russia’s involvement in Ukraine, in the form of European and U.S. sanctions, together with the drop in oil prices during the year, took a heavy toll on the country’s economy in 2014. From earlier expectations of 1.2% growth in 2015 (0.5% in 2014), by early December 2014, the Russian Economy Ministry saw the country’s GDP contracting by 0.8% in 2015.18 After a rough period in March and April, both the small- and large-cap funds saw a considerable improvement in performance through May and June. From early July,
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MARKET VECTORS INTERNATIONAL ETFs
(unaudited)
however, it was downhill through to the end of the year. No sector contributed a positive return to the large-cap fund, with energy and telecommunication services serving as the two worst performing sectors. In the small-cap fund, companies in the utilities sector, closely followed by those in the financial sector, detracted most from performance. As with the large-cap fund, no sector performed positively.
Vietnam
With stability restored once again on May 18, 2014, following a number of deaths during violent riots against both foreign- and, particularly, Chinese-owned factories in the provinces, Vietnamese companies posted gains through the beginning of September. Thereafter, however, their stocks declined, albeit haltingly, until late December. This was despite moves by the government at the end of November to open up the property market to foreigners.19 A forecast of economic growth in 2014 from the World Bank in early December revised growth upward from 5.4% to 5.6%.20 This did not, however, prevent the Fund posting a positive return for the 12 month period. With an average weighting of approximately 49%, small-cap companies made by far the greatest contribution to return. The energy, consumer discretionary, and financial sectors were the three most significant contributors to return. However, the consumer staples and materials sectors both detracted from performance.
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. |
1 | BBC: Brazil elections: Dilma Rousseff promises reform after poll win, http://www.bbc.com/news/world-latin-america-29782073 |
2 | Financial Times: Egypt’s president to donate personal income as austerity looms, http://www.ft.com/intl/cms/s/0/50bfef5a-fbb0-11e3-aa19-00144feab7de.html?siteedition=intl#axzz35fihbd9M |
3 | ABC News: IMF Says Egypt’s Economy Starting to Recover, http://abcnews.go.com/International/wireStory/imf-egypts-economy-starting-recover-27189651 |
4 | Al Bawaba: Budget surpluses seen to spur GCC growth in 2014; outlook still positive, http://www.albawaba.com/business/budget-gcc-growth-557324 |
5 | Business Insider: Gulf stocks dive over global growth fears, oil prices, http://www.businessinsider.com/afp-gulf-stocks-dive-over-global-growth-fears-oil-prices-2014-10 |
6 | Business Insider: Saudi Arabia Leans On Gulf States To Close Ranks As Region Boils, http://www.businessinsider.com/r-saudi-arabia-leans-on-gulf-states-to-close-ranks-as-region-boils-2014-11 |
7 | Moneycontrol.com: India’s economic growth likely to be 5.6% in FY15: Citi, http://www.moneycontrol.com/news/economy/indias-economic-growth-likely-to-be-56fy15-citi_1241213.html |
8 | Bloomberg: Rajan Holds India’s Rates While Signaling Cut to Come: Economy, http://www.bloomberg.com/news/print/2014-12-02/rajan-holds-rates-for-fifth-meeting-while-signaling-cut-to-come.html |
9 | Ibid. |
10 | Reuters: UPDATE 3-Indonesia c.bank trims economic outlook, rates stay on hold, http://www.reuters.com/article/2014/06/12/indonesia-economy-idUSL4N0OS2A220140612 |
11 | UK FCO Country Update(s) for Business: Indonesia: prospects for growth in the economy, https://www.gov.uk/government/publications/indonesia-prospects-for-growth-in-the-economy/indonesia-prospects-for-growth-in-the-economy |
12 | Financial Times: Violence takes toll on Israel’s economy, http://www.ft.com/intl/cms/s/0/af80d236-74c6-11e4-a418-00144feabdc0.html |
13 | Chicago Tribune/Bloomberg News: Early Israeli election to hurt economy already slowed by war, http://www.chicagotribune.com/sns-wp-blm-news-bc-israel-econ02-20141202-story.html |
14 | Financial Times: Violence takes toll on Israel’s economy, http://www.ft.com/intl/cms/s/0/af80d236-74c6-11e4-a418-00144feabdc0.html |
15 | Chicago Tribune/Bloomberg News: Early Israeli election to hurt economy already slowed by war, http://www.chicagotribune.com/sns-wp-blm-news-bc-israel-econ02-20141202-story.html |
16 | The Wall Street Journal: Polish Rate Setter Sees Room for Cuts Totaling One Percentage Point, http://online.wsj.com/articles/polish-rate-setter-sees-room-for-cuts-totaling-one-percentage-point-1415807868 |
17 | The Wall Street Journal: Poland Still Has Room to Cut Interest Rates, http://online.wsj.com/articles/poland-still-has-room-to-cut-interest-rates-1416495671 |
18 | The Wall Street Journal: Russia Sees Economy in Recession Next Year, http://www.wsj.com/articles/russia-sees-economy-in-recession-next-year-1417513889 |
19 | Bloomberg: Vietnam Expands Foreign Property Ownership to Boost Economy, http://www.bloomberg.com/news/2014-11-25/vietnam-expands-foreign-property-ownership-to-boost-economy.html |
20 | Tuoi Tre News: Vietnam economy to grow 5.6% in 2014 over ‘ongoing macroeconomic stability’: WB, http://tuoitrenews.vn/business/24452/wb-raises-vietnam-growth-forecast-to-56-over-ongoing-macroeconomic-stability |
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MARKET VECTORS AFRICA INDEX ETF
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVAFKTR2 | |||||||||
One Year | (13.68 | )% | (12.86 | )% | (11.10 | )% | ||||||
Five Years | 0.92 | % | 1.31 | % | 2.44 | % | ||||||
Life* (annualized) | (4.33 | )% | (4.18 | )% | (2.77 | )% | ||||||
Life* (cumulative) | (24.92 | )% | (24.16 | )% | (16.64 | )% | ||||||
* since 7/10/08 | ||||||||||||
Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. 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. |
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 0.80% / Net Expense Ratio 0.80%
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 acquired fund fees and expenses, 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, 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
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MARKET VECTORS AFRICA INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 5.0% | 8 | 0.5 | % | |||||
Greater than or Equal to 4.5% And Less Than 5.0% | 5 | 0.3 | % | |||||
Greater than or Equal to 4.0% And Less Than 4.5% | 10 | 0.6 | % | |||||
Greater than or Equal to 3.5% And Less Than 4.0% | 7 | 0.4 | % | |||||
Greater than or Equal to 3.0% And Less Than 3.5% | 24 | 1.5 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 34 | 2.1 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 74 | 4.5 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 125 | 7.7 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 220 | 13.5 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 313 | 19.3 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 269 | 16.5 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 214 | 13.1 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 183 | 11.2 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 85 | 5.2 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 38 | 2.3 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 15 | 0.9 | % | |||||
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 | % | |||||
1630 | 100.0 | % |
* First day of secondary market trading.
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MARKET VECTORS BRAZIL SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVBRFTR2 | |||||||||
One Year | (25.75 | )% | (25.19 | )% | (24.73 | )% | ||||||
Five Years | (11.03 | )% | (10.52 | )% | (9.79 | )% | ||||||
Life* (annualized) | 2.09 | % | 2.23 | % | 2.90 | % | ||||||
Life* (cumulative) | 12.38 | % | 13.24 | % | 17.49 | % | ||||||
* since 5/12/09 |
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 0.66% / 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 acquired fund fees and expenses, 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 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.
9 |
MARKET VECTORS BRAZIL SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 7 | 0.5 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 18 | 1.3 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 64 | 4.5 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 62 | 4.4 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 69 | 4.9 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 137 | 9.7 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 321 | 22.6 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 460 | 32.3 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 234 | 16.5 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 33 | 2.3 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 9 | 0.6 | % | |||||
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 | % | |||||
1419 | 100.0 | % |
* First day of secondary market trading.
10 |
MARKET VECTORS CHINAAMC A-SHARE ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | CSIR03002 | |||||||||
One Year | 44.63 | % | 49.11 | % | 51.96 | % | ||||||
Life* (annualized) | 4.07 | % | 4.21 | % | 4.34 | % | ||||||
Life* (cumulative) | 18.31 | % | 18.98 | % | 19.62 | % | ||||||
* since 10/13/10 | ||||||||||||
As of January 7, 2014, Market Vectors China ETF’s name changed to Market Vectors ChinaAMC A-Share ETF. |
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 1.69% / 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 acquired fund fees and expenses, 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, 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 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.
11 |
MARKET VECTORS CHINAAMC A-SHARE ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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. 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.
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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 16.0% | 32 | 3.0 | % | |||||
Greater than or Equal to 15.0% And Less Than 16.0% | 11 | 1.0 | % | |||||
Greater than or Equal to 14.0% And Less Than 15.0% | 22 | 2.1 | % | |||||
Greater than or Equal to 13.0% And Less Than 14.0% | 28 | 2.6 | % | |||||
Greater than or Equal to 12.0% And Less Than 13.0% | 34 | 3.2 | % | |||||
Greater than or Equal to 11.0% And Less Than 12.0% | 55 | 5.2 | % | |||||
Greater than or Equal to 10.0% And Less Than 11.0% | 40 | 3.8 | % | |||||
Greater than or Equal to 9.0% And Less Than 10.0% | 41 | 3.9 | % | |||||
Greater than or Equal to 8.0% And Less Than 9.0% | 23 | 2.2 | % | |||||
Greater than or Equal to 7.0% And Less Than 8.0% | 45 | 4.2 | % | |||||
Greater than or Equal to 6.0% And Less Than 7.0% | 42 | 4.0 | % | |||||
Greater than or Equal to 5.0% And Less Than 6.0% | 59 | 5.6 | % | |||||
Greater than or Equal to 4.0% And Less Than 5.0% | 75 | 7.1 | % | |||||
Greater than or Equal to 3.0% And Less Than 4.0% | 80 | 7.5 | % | |||||
Greater than or Equal to 2.0% And Less Than 3.0% | 82 | 7.7 | % | |||||
Greater than or Equal to 1.0% And Less Than 2.0% | 73 | 6.9 | % | |||||
Greater than or Equal to 0.0% And Less Than 1.0% | 137 | 12.9 | % | |||||
Less Than 0.0% | 182 | 17.1 | % | |||||
1061 | 100.0 | % |
* First day of secondary market trading.
12 |
MARKET VECTORS CHINAAMC SME-CHINEXT ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | SZ3996112 |
Life* (cumulative) | 16.73% | 15.88% | 17.89% |
* since 7/23/14 |
Commencement date for the Market Vectors ChinaAMC SME-ChiNext ETF was 7/23/14.
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 (7/23/14) to the first day of secondary market trading in shares of the Fund (7/24/14), 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 1.48% / Net Expense Ratio 0.78%
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 acquired fund fees and expenses, 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, 2016. 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.
13 |
MARKET VECTORS CHINAAMC SME-CHINEXT ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
2 | The SME-ChiNext 100 Index (SZ399611) is a modified, free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the Small and Medium Enterprise (“SME”) Board and the ChiNext Board of the Shenzhen Stock Exchange. The Index is comprised of A-shares. |
The SME-ChiNext 100 Index (the “Index”) is the exclusive property of the Shenzhen Securities Information Co., Ltd (the “Index Provider”), which is a subsidiary of the Shenzhen Stock Exchange. The Index Provider does not sponsor, endorse, or promote Market Vectors ChinaAMC SME-ChiNext ETF (the “Fund”) and bears no liability with respect to the Fund or any security.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
ChinaAMC SME-ChiNext ETF (CNXT)
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 CNXT 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, 2014* through December 31, 2014 | |||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | |||||
Greater than or Equal to 5.0% | 0 | 0.0 | % | ||||
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% | 0 | 0.0 | % | ||||
Greater than or Equal to 2.5% And Less Than 3.0% | 2 | 1.8 | % | ||||
Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | ||||
Greater than or Equal to 1.5% And Less Than 2.0% | 3 | 2.7 | % | ||||
Greater than or Equal to 1.0% And Less Than 1.5% | 10 | 8.9 | % | ||||
Greater than or Equal to 0.5% And Less Than 1.0% | 24 | 21.4 | % | ||||
Greater than or Equal to 0.0% And Less Than 0.5% | 43 | 38.4 | % | ||||
Greater than or Equal to -0.5% And Less Than 0.0% | 19 | 17.0 | % | ||||
Greater than or Equal to -1.0% And Less Than -0.5% | 9 | 8.0 | % | ||||
Greater than or Equal to -1.5% And Less Than -1.0% | 2 | 1.8 | % | ||||
Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | ||||
Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | ||||
Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | ||||
Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | ||||
Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | ||||
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 | % | ||||
112 | 100.0 | % |
* First day of secondary market trading.
14 |
MARKET VECTORS EGYPT INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVEGPTTR2 |
One Year | 13.60% | 12.92% | 16.38% |
Life* (annualized) | (3.45)% | (2.93)% | (2.89)% |
Life* (cumulative) | (15.74)% | (13.50)% | (13.33)% |
* since 2/16/10 |
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 0.97% / Net Expense Ratio 0.97%
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 acquired fund fees and expenses, 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, 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 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.
15 |
MARKET VECTORS EGYPT INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | |||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | |||||
Greater than or Equal to 3.0% | 53 | 4.3 | % | ||||
Greater than or Equal to 2.5% And Less Than 3.0% | 12 | 1.0 | % | ||||
Greater than or Equal to 2.0% And Less Than 2.5% | 49 | 4.0 | % | ||||
Greater than or Equal to 1.5% And Less Than 2.0% | 91 | 7.4 | % | ||||
Greater than or Equal to 1.0% And Less Than 1.5% | 102 | 8.3 | % | ||||
Greater than or Equal to 0.5% And Less Than 1.0% | 133 | 10.8 | % | ||||
Greater than or Equal to 0.0% And Less Than 0.5% | 153 | 12.3 | % | ||||
Greater than or Equal to -0.5% And Less Than 0.0% | 138 | 11.5 | % | ||||
Greater than or Equal to -1.0% And Less Than -0.5% | 149 | 12.1 | % | ||||
Greater than or Equal to -1.5% And Less Than -1.0% | 146 | 12.0 | % | ||||
Greater than or Equal to -2.0% And Less Than -1.5% | 101 | 8.2 | % | ||||
Greater than or Equal to -2.5% And Less Than -2.0% | 38 | 3.1 | % | ||||
Greater than or Equal to -3.0% And Less Than -2.5% | 36 | 2.9 | % | ||||
Less Than -3.0% | 26 | 2.1 | % | ||||
1227 | 100.0 | % |
* First day of secondary market trading.
16 |
MARKET VECTORS GULF STATES INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVMESTR2 |
One Year | 1.50% | 2.41% | 4.81% |
Five Years | 9.25% | 9.96% | 11.36% |
Life* (annualized) | (4.14)% | (3.95)% | (3.04)% |
Life* (cumulative) | (23.86)% | (22.89)% | (18.03)% |
* since 7/22/08 | |||
Index data prior to June 21, 2013 reflects that of the Dow Jones GCC Titans 40 IndexSM. 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. |
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 2.07% / Net Expense Ratio 0.99%
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 acquired fund fees and expenses, 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, 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 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
17 |
MARKET VECTORS GULF STATES INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | |||||||
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% | 16 | 1.0 | % | ||||
Greater than or Equal to 1.5% And Less Than 2.0% | 55 | 3.4 | % | ||||
Greater than or Equal to 1.0% And Less Than 1.5% | 94 | 5.8 | % | ||||
Greater than or Equal to 0.5% And Less Than 1.0% | 120 | 7.4 | % | ||||
Greater than or Equal to 0.0% And Less Than 0.5% | 478 | 29.5 | % | ||||
Greater than or Equal to -0.5% And Less Than 0.0% | 166 | 10.2 | % | ||||
Greater than or Equal to -1.0% And Less Than -0.5% | 161 | 9.9 | % | ||||
Greater than or Equal to -1.5% And Less Than -1.0% | 178 | 11.0 | % | ||||
Greater than or Equal to -2.0% And Less Than -1.5% | 159 | 9.8 | % | ||||
Greater than or Equal to -2.5% And Less Than -2.0% | 98 | 6.0 | % | ||||
Greater than or Equal to -3.0% And Less Than -2.5% | 49 | 3.0 | % | ||||
Greater than or Equal to -3.5% And Less Than -3.0% | 27 | 1.7 | % | ||||
Greater than or Equal to -4.0% And Less Than -3.5% | 4 | 0.2 | % | ||||
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 | 0.2 | % | ||||
Less Than -5.0% | 1 | 0.1 | % | ||||
1622 | 100.0 | % |
* First day of secondary market trading.
18 |
MARKET VECTORS INDIA SMALL-CAP INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVSCIFTR2 |
One Year | 42.37% | 43.65% | 44.92% |
Life* (annualized) | (11.52)% | (11.60)% | (11.19)% |
Life* (cumulative) | (41.32)% | (41.53)% | (40.37)% |
* since 8/24/10 |
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 0.92% / Net Expense Ratio 0.89%
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 acquired fund fees and expenses, 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, 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 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.
19 |
MARKET VECTORS INDIA SMALL-CAP INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | |||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | |||||
Greater than or Equal to 3.0% | 4 | 0.4 | % | ||||
Greater than or Equal to 2.5% And Less Than 3.0% | 6 | 0.5 | % | ||||
Greater than or Equal to 2.0% And Less Than 2.5% | 17 | 1.6 | % | ||||
Greater than or Equal to 1.5% And Less Than 2.0% | 81 | 7.4 | % | ||||
Greater than or Equal to 1.0% And Less Than 1.5% | 169 | 15.4 | % | ||||
Greater than or Equal to 0.5% And Less Than 1.0% | 170 | 15.5 | % | ||||
Greater than or Equal to 0.0% And Less Than 0.5% | 200 | 18.1 | % | ||||
Greater than or Equal to -0.5% And Less Than 0.0% | 197 | 18.0 | % | ||||
Greater than or Equal to -1.0% And Less Than -0.5% | 127 | 11.6 | % | ||||
Greater than or Equal to -1.5% And Less Than -1.0% | 72 | 6.6 | % | ||||
Greater than or Equal to -2.0% And Less Than -1.5% | 35 | 3.2 | % | ||||
Greater than or Equal to -2.5% And Less Than -2.0% | 10 | 0.9 | % | ||||
Greater than or Equal to -3.0% And Less Than -2.5% | 4 | 0.4 | % | ||||
Less Than -3.0% | 4 | 0.4 | % | ||||
1096 | 100.0 | % |
* First day of secondary market trading.
20 |
MARKET VECTORS INDONESIA INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVIDXTR2 | |||||||||
One Year | 16.63 | % | 18.34 | % | 19.52 | % | ||||||
Five Years | 5.26 | % | 5.33 | % | 5.96 | % | ||||||
Life* (annualized) | 21.77 | % | 21.80 | % | 22.79 | % | ||||||
Life* (cumulative) | 223.44 | % | 223.90 | % | 240.03 | % | ||||||
* since 1/15/09 |
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 0.66% / Net Expense Ratio 0.58%
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 acquired fund fees and expenses, 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, 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.
21 |
MARKET VECTORS INDONESIA INDEX ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 12 | 0.8 | % | |||||
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% | 7 | 0.5 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 19 | 1.3 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 103 | 6.9 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 274 | 18.3 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 356 | 23.5 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 286 | 19.1 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 205 | 13.7 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 116 | 7.7 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 46 | 3.1 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 28 | 1.9 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 15 | 1.0 | % | |||||
Less Than -3.0% | 31 | 2.1 | % | |||||
1499 | 100.0 | % |
* First day of secondary market trading. |
22 |
MARKET VECTORS INDONESIA SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVIDXJTR2 | |||||||||
One Year | 20.01 | % | 22.52 | % | 24.91 | % | ||||||
Life* (annualized) | (10.38 | )% | (10.33 | )% | (8.96 | )% | ||||||
Life* (cumulative) | (26.30 | )% | (26.17 | )% | (23.01 | )% |
* since 3/20/12 |
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 2.30% / 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 acquired fund fees and expenses, 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, 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.
23 |
MARKET VECTORS INDONESIA SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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 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.
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, 2014 | ||||||||
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% | 3 | 0.4 | % | |||||
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% | 4 | 0.6 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 8 | 1.1 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 15 | 2.1 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 35 | 5.0 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 55 | 7.9 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 95 | 13.6 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 89 | 12.7 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 112 | 16.2 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 108 | 15.4 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 71 | 10.1 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 38 | 5.4 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 24 | 3.4 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 13 | 1.9 | % | |||||
Greater than or Equal to -3.5% And Less Than -3.0% | 10 | 1.4 | % | |||||
Greater than or Equal to -4.0% And Less Than -3.5% | 7 | 1.0 | % | |||||
Greater than or Equal to -4.5% And Less Than -4.0% | 1 | 0.1 | % | |||||
Greater than or Equal to -5.0% And Less Than -4.5% | 2 | 0.3 | % | |||||
Less Than -5.0% | 9 | 1.3 | % | |||||
700 | 100.0 | % |
* First day of secondary market trading. |
24 |
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | BLSNTR2 | |||||||||
One Year | 0.51 | % | 0.88 | % | 1.64 | % | ||||||
Life* (annualized) | 13.05 | % | 13.03 | % | 13.79 | % | ||||||
Life* (cumulative) | 20.47 | % | 20.44 | % | 21.66 | % |
* since 6/25/13 |
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 0.76% / 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 acquired fund fees and expenses, 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.
25 |
MARKET VECTORS ISRAEL ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
2 | BlueStar Israel Global IndexTM (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 IndexTM (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.
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 ISRA 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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
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% | 0 | 0.0 | % | |||||
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% | 0 | 0.0 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 10 | 2.6 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 110 | 28.7 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 197 | 51.4 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 59 | 15.4 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 6 | 1.6 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 1 | 0.3 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||
Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
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 | % | |||||
383 | 100.0 | % |
* First day of secondary market trading. |
26 |
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVPLNDTR2 | |||||||||
One Year | (17.46 | )% | (16.90 | )% | (16.32 | )% | ||||||
Five Years | (2.57 | )% | (2.54 | )% | (2.12 | )% | ||||||
Life* (annualized) | (2.91 | )% | (2.98 | )% | (2.51 | )% | ||||||
Life* (cumulative) | (13.96 | )% | (14.32 | )% | (12.15 | )% | ||||||
* since 11/24/09 |
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 0.99% / 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 acquired fund fees and expenses, 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, 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.
27 |
MARKET VECTORS POLAND ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | ||||||||
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 | 0.2 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 14 | 1.1 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 62 | 4.8 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 197 | 15.4 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 437 | 34.0 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 396 | 30.9 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 116 | 9.0 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 39 | 3.0 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 10 | 0.8 | % | |||||
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% | 2 | 0.2 | % | |||||
Less Than -3.0% | 1 | 0.1 | % | |||||
1283 | 100.0 | % |
* First day of secondary market trading.
28 |
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund's benchmark. |
Total Return | Share Price1 | NAV | MVRSXTR2 | |||||||||
One Year | (47.11 | )% | (44.95 | )% | (44.25 | )% | ||||||
Five Years | (11.98 | )% | (11.29 | )% | (11.51 | )% | ||||||
Life* (annualized) | (10.28 | )% | (9.88 | )% | (10.33 | )% | ||||||
Life* (cumulative) | (56.58 | )% | (55.06 | )% | (56.77 | )% | ||||||
* 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. |
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 0.61% / 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 acquired fund fees and expenses, 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, 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 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.
29 |
MARKET VECTORS RUSSIA ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 5.0% | 8 | 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% | 4 | 0.2 | % | |||||
Greater than or Equal to 3.5% And Less Than 4.0% | 2 | 0.1 | % | |||||
Greater than or Equal to 3.0% And Less Than 3.5% | 6 | 0.3 | % | |||||
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 | 1.3 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 47 | 2.4 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 141 | 7.3 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 305 | 15.8 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 567 | 29.2 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 466 | 24.1 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 203 | 10.5 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 77 | 4.0 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 33 | 1.7 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 16 | 0.8 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 9 | 0.5 | % | |||||
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% | 4 | 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% | 5 | 0.3 | % | |||||
1934 | 100.0 | % |
* First day of secondary market trading.
30 |
MARKET VECTORS RUSSIA SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVRSXJTR2 | |||||||||
One Year | (52.42)% | (52.67)% | (53.00)% | |||||||||
Life* (annualized) | (28.64)% | (28.89)% | (28.88)% | |||||||||
Life* (cumulative) | (71.49)% | (71.85)% | (71.87)% | |||||||||
* since 4/13/11 |
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 0.95% / Net Expense Ratio 0.68%
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 acquired fund fees and expenses, 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, 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 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.
31 |
MARKET VECTORS RUSSIA SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 7 | 0.7% | ||||||
Greater than or Equal to 2.5% And Less Than 3.0% | 4 | 0.4% | ||||||
Greater than or Equal to 2.0% And Less Than 2.5% | 5 | 0.5% | ||||||
Greater than or Equal to 1.5% And Less Than 2.0% | 29 | 3.1% | ||||||
Greater than or Equal to 1.0% And Less Than 1.5% | 77 | 8.2% | ||||||
Greater than or Equal to 0.5% And Less Than 1.0% | 190 | 20.3% | ||||||
Greater than or Equal to 0.0% And Less Than 0.5% | 261 | 28.1% | ||||||
Greater than or Equal to -0.5% And Less Than 0.0% | 230 | 24.6% | ||||||
Greater than or Equal to -1.0% And Less Than -0.5% | 80 | 8.6% | ||||||
Greater than or Equal to -1.5% And Less Than -1.0% | 36 | 3.9% | ||||||
Greater than or Equal to -2.0% And Less Than -1.5% | 7 | 0.7% | ||||||
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% | 4 | 0.4% | ||||||
Less Than -3.0% | 1 | 0.1% | ||||||
935 | 100.0% |
* First day of secondary market trading. |
32 |
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
Hypothetical Growth of $10,000 (Since Inception) | |||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Total Return | Share Price1 | NAV | MVVNMTR2 | |||||||||
One Year | 5.11% | 3.95% | 5.26% | |||||||||
Five Years | (3.52)% | (3.58)% | (3.31)% | |||||||||
Life* (annualized) | (2.92)% | (3.25)% | (2.57)% | |||||||||
Life* (cumulative) | (14.77)% | (16.29)% | (13.08)% | |||||||||
* since 8/11/09 |
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 0.66% / Net Expense Ratio 0.66%
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 acquired fund fees and expenses, 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, 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 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.
33 |
MARKET VECTORS VIETNAM ETF
PERFORMANCE COMPARISON
December 31, 2014 (unaudited)
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.
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, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 5.0% | 95 | 7.0 | % | |||||
Greater than or Equal to 4.5% And Less Than 5.0% | 16 | 1.2 | % | |||||
Greater than or Equal to 4.0% And Less Than 4.5% | 19 | 1.4 | % | |||||
Greater than or Equal to 3.5% And Less Than 4.0% | 27 | 2.0 | % | |||||
Greater than or Equal to 3.0% And Less Than 3.5% | 35 | 2.6 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 53 | 3.9 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 59 | 4.4 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 98 | 7.2 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 143 | 10.6 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 130 | 9.6 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 218 | 16.0 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 122 | 9.0 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 119 | 8.8 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 99 | 7.3 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 66 | 4.9 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 30 | 2.2 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 14 | 1.0 | % | |||||
Greater than or Equal to -3.5% And Less Than -3.0% | 5 | 0.4 | % | |||||
Greater than or Equal to -4.0% And Less Than -3.5% | 2 | 0.1 | % | |||||
Greater than or Equal to -4.5% And Less Than -4.0% | 4 | 0.3 | % | |||||
Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
Less Than -5.0% | 1 | 0.1 | % | |||||
1355 | 100.0 | % |
* First day of secondary market trading.
34 |
MARKET VECTORS ETF TRUST
(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, 2014 to December 31, 2014.
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.
35 |
MARKET VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio During Period | Expenses Paid During the Period* July 1, 2014- December 31, 2014 | |||||||||||||
Africa Index ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 817.20 | 0.78 | % | $3.57 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,021.27 | 0.78 | % | $3.97 | |||||||||
Brazil Small-Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 720.70 | 0.60 | % | $2.60 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.18 | 0.60 | % | $3.06 | |||||||||
ChinaAMC A-Share ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,633.30 | 0.71 | % | $4.71 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,021.63 | 0.71 | % | $3.62 | |||||||||
ChinaAMC SME-ChiNext ETF*** | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,158.80 | 0.78 | % | $3.71 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,018.61 | 0.78 | % | $3.47 | |||||||||
Egypt Index ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 928.20 | 0.94 | % | $4.57 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,020.47 | 0.94 | % | $4.79 | |||||||||
Gulf States Index ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 918.00 | 1.00 | % | $4.83 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,020.16 | 1.00 | % | $5.09 | |||||||||
India Small-Cap Index ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 879.50 | 0.90 | % | $4.26 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,020.67 | 0.90 | % | $4.58 | |||||||||
Indonesia Index ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 998.70 | 0.58 | % | $2.92 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.28 | 0.58 | % | $2.96 | |||||||||
Indonesia Small-Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,084.90 | 0.61 | % | $3.21 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.13 | 0.61 | % | $3.11 | |||||||||
Israel ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 966.70 | 0.59 | % | $2.92 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.23 | 0.59 | % | $3.01 | |||||||||
Poland ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 811.30 | 0.61 | % | $2.78 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.13 | 0.61 | % | $3.11 | |||||||||
Russia ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 597.60 | 0.63 | % | $2.54 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.03 | 0.63 | % | $3.21 | |||||||||
Russia Small-Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 569.10 | 0.69 | % | $2.73 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,021.73 | 0.69 | % | $3.52 | |||||||||
Vietnam ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 936.50 | 0.65 | % | $3.17 | |||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,021.93 | 0.65 | % | $3.31 |
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2014) 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 |
*** | Expenses are equal to the Fund’s annualized expense ratio (for the period from July 23, 2014 (commencement of operations) to December 31, 2014) 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). |
36 |
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 97.1% | ||||||||
Australia: 1.2% | ||||||||
83,971 | Aquarius Platinum Ltd. (GBP) * # | $ | 19,121 | |||||
4,028,188 | Paladin Energy Ltd. (CAD) * | 1,165,071 | ||||||
1,184,192 | ||||||||
Bermuda: 1.1% | ||||||||
125,218 | Kosmos Energy Ltd. (USD) * | 1,050,579 | ||||||
Canada: 3.9% | ||||||||
417,003 | Africa Oil Corp. * † | 867,669 | ||||||
129,436 | First Quantum Minerals Ltd. | 1,845,015 | ||||||
260,868 | IAMGOLD Corp. (USD) * | 704,344 | ||||||
139,472 | Semafo, Inc. * | 358,840 | ||||||
3,775,868 | ||||||||
Egypt: 21.2% | ||||||||
1,143,352 | Commercial International Bank Egypt SAE (GDR) # Reg S | 7,515,648 | ||||||
780,516 | Egyptian Financial Group-Hermes Holding SAE * # | 1,666,961 | ||||||
1,477,799 | Egyptian Kuwaiti Holding Co. (USD) * # | 1,096,171 | ||||||
417,397 | Ezz Steel * # | 808,668 | ||||||
1,112,404 | Global Telecom Holding SAE (GDR) * † Reg S | 3,170,351 | ||||||
5,527,292 | Orascom Telecom Media and Technology Holding SAE * # | 1,005,563 | ||||||
322,691 | Sidi Kerir Petrochemicals Co. # | 677,728 | ||||||
2,264,937 | Talaat Moustafa Group # | 3,095,662 | ||||||
749,463 | Telecom Egypt # | 1,237,208 | ||||||
20,273,960 | ||||||||
France: 2.3% | ||||||||
21,328 | Bourbon SA | 495,513 | ||||||
179,557 | Etablissements Maurel et Prom * # | 1,678,116 | ||||||
2,173,629 | ||||||||
Ireland: 1.2% | ||||||||
21,986,535 | Kenmare Resources Plc (GBP) * # | 1,123,335 | ||||||
Kenya: 3.0% | ||||||||
18,573,700 | Safaricom Ltd. | 2,881,949 | ||||||
Malta: 0.2% | ||||||||
20,914 | Brait SE * # | 141,566 | ||||||
Morocco: 9.2% | ||||||||
76,192 | Attijariwafa Bank # | 2,887,304 | ||||||
70,894 | Banque Centrale Populaire | 1,668,508 | ||||||
54,587 | Banque Marocaine du Commerce Exterieur | 1,325,073 | ||||||
166,035 | Douja Promotion Groupe Addoha SA | 688,835 | ||||||
174,833 | Maroc Telecom # | 2,190,677 | ||||||
8,760,397 | ||||||||
Nigeria: 17.1% | ||||||||
43,452,008 | First Bank Nigeria Holdings Plc # | 2,063,454 | ||||||
34,042,419 | Guaranty Trust Bank Plc # | 4,640,195 | ||||||
336,451 | Nestle Nigeria Plc # | 1,842,766 | ||||||
3,996,022 | Nigerian Breweries Plc # | 3,567,246 | ||||||
43,917,131 | United Bank for Africa Plc # | 1,009,054 | ||||||
32,818,248 | Zenith Bank Ltd. # | 3,262,968 | ||||||
16,385,683 | ||||||||
Singapore: 1.1% | ||||||||
2,910,000 | Golden Agri-Resources Ltd. # | 1,006,804 |
Number of Shares | Value | |||||||
South Africa: 21.8% | ||||||||
4,213 | Aeci Ltd. # | $ | 48,704 | |||||
87,362 | African Bank Investments Ltd. * # § | 6,606 | ||||||
12,293 | African Rainbow Minerals Ltd. # | 125,874 | ||||||
4,739 | Anglo American Platinum Ltd. * # | 139,118 | ||||||
28,392 | AngloGold Ashanti Ltd. (ADR) * | 247,010 | ||||||
13,622 | ArcelorMittal South Africa Ltd. * | 31,097 | ||||||
21,965 | Aspen Pharmacare Holdings Ltd. * # | 766,207 | ||||||
23,557 | Aveng Ltd. * # | 35,725 | ||||||
19,559 | AVI Ltd. # | 131,029 | ||||||
24,611 | Barclays Africa Group Ltd. # | 384,807 | ||||||
10,064 | Barloworld Ltd. # | 82,834 | ||||||
22,101 | Bidvest Group Ltd. # | 577,756 | ||||||
4,933 | Capitec Bank Holdings Ltd. † # | 144,425 | ||||||
9,778 | Clicks Group Ltd. # | 68,359 | ||||||
18,707 | Coronation Fund Managers Ltd. # | 185,116 | ||||||
29,392 | Discovery Ltd. # | 281,390 | ||||||
9,029 | Exxaro Resources Ltd. # | 80,580 | ||||||
211,061 | FirstRand Ltd. # | 917,447 | ||||||
12,413 | Foschini Group Ltd. # | 142,494 | ||||||
49,164 | Gold Fields Ltd. (ADR) | 222,713 | ||||||
21,989 | Harmony Gold Mining Co. Ltd. (ADR) * | 41,559 | ||||||
38,157 | Impala Platinum Holdings Ltd. * # | 249,343 | ||||||
12,067 | Imperial Holdings Ltd. # | 192,098 | ||||||
16,373 | Investec Ltd. # | 137,206 | ||||||
29,066 | Investec PCL (GBP) # | 243,624 | ||||||
3,087 | JD Group Ltd. * | 6,471 | ||||||
4,183 | Kumba Iron Ore Ltd. † # | 86,501 | ||||||
6,997 | Liberty Holdings Ltd. | 74,205 | ||||||
70,069 | Life Healthcare Group Holdings Ltd. # | 258,823 | ||||||
22,747 | Lonmin Plc (GBP) * # | 62,736 | ||||||
4,644 | Massmart Holdings Ltd. # | 56,907 | ||||||
25,198 | Mediclinic International Ltd. # | 218,095 | ||||||
81,611 | MMI Holdings Ltd. # | 211,683 | ||||||
7,683 | Mondi Ltd. # | 124,988 | ||||||
15,088 | Mr. Price Group Ltd. # | 305,187 | ||||||
121,443 | MTN Group Ltd. # | 2,309,954 | ||||||
22,765 | Murray & Roberts Holdings Ltd. | 41,835 | ||||||
40,150 | Nampak Ltd. # | 150,899 | ||||||
27,079 | Naspers Ltd. # | 3,502,508 | ||||||
10,602 | Nedbank Group Ltd. # | 227,026 | ||||||
67,799 | Netcare Ltd. # | 221,556 | ||||||
14,581 | Northern Platinum Ltd. * # | 45,958 | ||||||
14,892 | Pick n Pay Stores Ltd. † # | 67,343 | ||||||
12,042 | Pioneer Foods Ltd. | 148,850 | ||||||
34,688 | PPC Ltd. † # | 82,322 | ||||||
31,243 | Remgro Ltd. # | 683,435 | ||||||
20,655 | Resilient Property Income Fund Ltd. | 149,957 | ||||||
7,408 | Reunert Ltd. # | 38,840 | ||||||
48,534 | RMB Holdings Ltd. # | 268,004 | ||||||
54,483 | RMI Holdings | 192,430 | ||||||
114,207 | Sanlam Ltd. # | 687,157 | ||||||
21,157 | Sappi Ltd. * † # | 76,703 | ||||||
38,286 | Sasol Ltd. (ADR) | 1,453,719 | ||||||
25,385 | Shoprite Holdings Ltd. # | 367,359 | ||||||
12,525 | Sibanye Gold Ltd. (ADR) | 94,814 | ||||||
9,530 | Spar Group Ltd. # | 132,319 | ||||||
75,397 | Standard Bank Group Ltd. # | 929,173 | ||||||
148,743 | Steinhoff International Holdings Ltd. # | 760,875 | ||||||
7,934 | Sun International Ltd. # | 87,718 |
See Notes to Financial Statements
37 |
AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||||
South Africa: (continued) | ||||||||
19,496 | Telkom SA SOC Ltd. * # | $ | 117,167 | |||||
12,319 | Tiger Brands Ltd. # | 390,401 | ||||||
17,113 | Truworths International Ltd. # | 113,634 | ||||||
23,873 | Vodacom Group Ltd. † # | 264,140 | ||||||
51,717 | Woolworths Holdings Ltd. # | 342,944 | ||||||
20,837,757 | ||||||||
United Kingdom: 13.6% | ||||||||
1,297,823 | Afren Plc * # | 952,725 | ||||||
296,378 | African Barrick Gold Ltd. # | 1,174,671 | ||||||
1,189,538 | African Minerals Ltd. * † # | 185,479 | ||||||
98,169 | Anglo American Plc # | 1,817,321 | ||||||
2,239,569 | Cenatamin Plc † # | 2,057,200 | ||||||
307,385 | Old Mutual Plc # | 906,292 | ||||||
839,454 | Ophir Energy Plc * # | 1,845,447 | ||||||
16,138 | Petra Diamonds Ltd. * # | 48,470 | ||||||
14,203 | Randgold Resources Ltd. (ADR) | 957,424 | ||||||
481,649 | Tullow Oil Plc # | 3,105,211 | ||||||
13,050,240 | ||||||||
United States: 0.2% | ||||||||
2,129 | Royal Caribbean Cruises Ltd. | 175,493 | ||||||
Total Common Stocks (Cost: $95,153,322) | 92,821,452 | |||||||
REAL ESTATE INVESTMENT TRUSTS: 0.8% | ||||||||
Nigeria: 0.0% | ||||||||
40,301 | Afriland Properties Plc * # § | 636 | ||||||
South Africa: 0.8% | ||||||||
118,400 | Capital Property Fund # | 136,880 | ||||||
119,314 | Growthpoint Properties Ltd. # | 283,466 | ||||||
16,169 | Hyprop Investments Ltd. | 136,270 | ||||||
267,476 | Redefine Properties Ltd. # | 247,378 | ||||||
803,994 | ||||||||
Total Real Estate Investment Trusts (Cost: $769,000) | 804,630 | |||||||
MONEY MARKET FUND: 2.4% (Cost: $2,319,036) | ||||||||
2,319,036 | Dreyfus Government Cash Management Fund | 2,319,036 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $98,241,358) | 95,945,118 |
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.8% | ||||||||
Repurchase Agreements: 2.8% | ||||||||
$ | 493,708 | Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $493,709; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $503,582 including accrued interest) | $ | 493,708 | ||||
1,000,000 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
500,000 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $500,002; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $510,000 including accrued interest) | 500,000 | ||||||
623,817 | Repurchase agreement dated 12/31/14 with RBC Capital Markets, LLC, 0.08%, due 1/2/15, proceeds $623,820; (collateralized by various U.S. government and agency obligations, 0.00% to 5.00%, due 5/1/15 to 12/20/44, valued at $636,293 including accrued interest) | 623,817 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $2,617,525) | 2,617,525 | |||||||
Total Investments: 103.1% (Cost: $100,858,883) | 98,562,643 | |||||||
Liabilities in excess of other assets: (3.1)% | (2,917,394 | ) | ||||||
NET ASSETS: 100.0% | $ | 95,645,249 |
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
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 $2,508,120. |
# | 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 $73,430,488 which represents 76.8% of net assets. |
§ | Illiquid Security - the aggregate value of illiquid securities is $7,242 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
38 |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||||
Consumer Discretionary | 5.9 | % | $ | 5,629,422 | ||||||
Consumer Staples | 8.1 | 7,779,383 | ||||||||
Energy | 13.2 | 12,694,630 | ||||||||
Financials | 40.1 | 38,496,012 | ||||||||
Health Care | 1.5 | 1,464,681 | ||||||||
Industrials | 0.8 | 776,990 | ||||||||
Materials | 14.2 | 13,607,955 | ||||||||
Telecommunication Services | 13.8 | 13,177,009 | ||||||||
Money Market Fund | 2.4 | 2,319,036 | ||||||||
100.0 | % | $ | 95,945,118 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
Common Stocks | ||||||||||||||||||||
Australia | $ | 1,165,071 | $ | 19,121 | $ | — | $ | 1,184,192 | ||||||||||||
Bermuda | 1,050,579 | — | — | 1,050,579 | ||||||||||||||||
Canada | 3,775,868 | — | — | 3,775,868 | ||||||||||||||||
Egypt | 3,170,351 | 17,103,609 | — | 20,273,960 | ||||||||||||||||
France | 495,513 | 1,678,116 | — | 2,173,629 | ||||||||||||||||
Ireland | — | 1,123,335 | — | 1,123,335 | ||||||||||||||||
Kenya | 2,881,949 | — | — | 2,881,949 | ||||||||||||||||
Malta | — | 141,566 | — | 141,566 | ||||||||||||||||
Morocco | 3,682,416 | 5,077,981 | — | 8,760,397 | ||||||||||||||||
Nigeria | — | 16,385,683 | — | 16,385,683 | ||||||||||||||||
Singapore | — | 1,006,804 | — | 1,006,804 | ||||||||||||||||
South Africa | 2,704,660 | 18,133,097 | — | 20,837,757 | ||||||||||||||||
United Kingdom | 957,424 | 12,092,816 | — | 13,050,240 | ||||||||||||||||
United States | 175,493 | — | — | 175,493 | ||||||||||||||||
Real Estate Investment Trusts | ||||||||||||||||||||
Nigeria | — | — | 636 | 636 | ||||||||||||||||
South Africa | 136,270 | 667,724 | — | 803,994 | ||||||||||||||||
Money Market Fund | 2,319,036 | — | — | 2,319,036 | ||||||||||||||||
Repurchase Agreements | — | 2,617,525 | — | 2,617,525 | ||||||||||||||||
Total | $ | 22,514,630 | $ | 76,047,377 | $ | 636 | $ | 98,562,643 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $15,712,004 and transfers from Level 2 to Level 1 were $6,831,399. 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, 2014:
Real Estate Investment Trusts | |||||
Nigeria | |||||
Balance as of December 31, 2013 | $ | 519 | |||
Realized gain (loss) | — | ||||
Net change in unrealized appreciation (depreciation) | 117 | ||||
Purchases | — | ||||
Sales | — | ||||
Transfers in and/or out of level 3 | — | ||||
Balance as of December 31, 2014 | $ | 636 |
See Notes to Financial Statements
39 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 82.1% | ||||||||
Automobiles & Components: 2.5% | ||||||||
162,800 | Mahle-Metal Leve SA Industria e Comercio | $ | 1,283,684 | |||||
201,200 | Tupy SA | 1,351,072 | ||||||
2,634,756 | ||||||||
Capital Goods: 2.0% | ||||||||
224,700 | Iochpe Maxion SA | 1,031,277 | ||||||
276,150 | Mills Estruturas e Servicos de Engenharia SA | 992,112 | ||||||
2,023,389 | ||||||||
Commercial & Professional Services: 3.3% | ||||||||
43,134 | Atento SA (USD) * | 450,750 | ||||||
188,600 | Valid Solucoes SA | 3,008,291 | ||||||
3,459,041 | ||||||||
Consumer Durables & Apparel: 14.5% | ||||||||
67,450 | Arezzo Industria e Comercio SA | 684,091 | ||||||
348,150 | Direcional Engenharia SA | 1,062,184 | ||||||
730,100 | Even Construtora e Incorporadora SA | 1,494,148 | ||||||
316,450 | EZ Tec Empreendimentos e Participacoes SA | 2,619,028 | ||||||
707,600 | Gafisa SA (ADR) † | 1,089,704 | ||||||
419,700 | Grendene SA | 2,415,699 | ||||||
370,555 | Helbor Empreendimentos SA | 662,153 | ||||||
949,800 | MRV Engenharia e Participacoes SA | 2,679,821 | ||||||
2,742,300 | PDG Realty SA Empreendimentos e Participacoes * | 887,209 | ||||||
369,900 | Restoque Comercio e Confeccoes de Roupas SA | 1,054,790 | ||||||
26,600 | Technos SA | 77,252 | ||||||
213,100 | Tecnisa SA | 308,643 | ||||||
15,034,722 | ||||||||
Consumer Services: 7.2% | ||||||||
453,000 | Abril Educacao SA * | 1,937,631 | ||||||
127,950 | CVC Brasil Operadora e Agencia de Viagens SA | 746,078 | ||||||
220,800 | GAEC Educacao SA | 2,936,303 | ||||||
160,750 | International Meal Co. Holdings SA | 725,679 | ||||||
105,900 | Ser Educacional SA | 1,178,836 | ||||||
7,524,527 | ||||||||
Energy: 0.9% | ||||||||
86,830 | HRT Participacoes em Petroleo SA * | 150,912 | ||||||
281,000 | QGEP Participacoes SA | 761,116 | ||||||
912,028 | ||||||||
Financial: 0.5% | ||||||||
115,040 | GP Investments Ltd. (BDR) * | 251,009 | ||||||
192,259 | Rossi Residencial SA * | 245,188 | ||||||
496,197 | ||||||||
Food & Staples Retailing: 0.8% | ||||||||
890,650 | Brazil Pharma SA * | 867,799 | ||||||
Food, Beverage & Tobacco: 7.1% | ||||||||
925,100 | Marfrig Alimentos SA * | 2,122,906 | ||||||
323,700 | Minerva SA * | 1,205,564 | ||||||
210,300 | Sao Martinho SA | 2,867,871 | ||||||
125,450 | SLC Agricola SA | 665,430 | ||||||
305,819 | Vanguarda Agro SA * # | 117,348 | ||||||
898,779 | Vanguarda Agro SA * | 344,878 | ||||||
7,323,997 |
Number of Shares | Value | |||||||
Health Care Equipment & Services: 3.9% | ||||||||
171,850 | Fleury SA | $ | 1,052,486 | |||||
808,850 | Odontoprev SA | 3,000,249 | ||||||
4,052,735 | ||||||||
Insurance: 0.3% | ||||||||
262,100 | Brasil Insurance Participacoes e Administracao SA | 335,242 | ||||||
Materials: 1.3% | ||||||||
2,364,455 | Beadell Resources Ltd. (AUD) * † # | 428,236 | ||||||
682,865 | Magnesita Refratarios SA | 531,762 | ||||||
445,450 | Paranapanema SA * | 413,912 | ||||||
1,373,910 | ||||||||
Media: 2.4% | ||||||||
144,950 | Smiles SA | 2,511,078 | ||||||
Real Estate: 6.8% | ||||||||
188,350 | Aliansce Shopping Centers SA | 1,160,625 | ||||||
630,700 | BR Properties SA | 2,431,975 | ||||||
554,600 | Brasil Brokers Participacoes SA | 527,853 | ||||||
194,200 | Iguatemi Empresa de Shopping Centers SA | 1,797,201 | ||||||
365,650 | JHSF Participacoes SA | 323,255 | ||||||
154,822 | LPS Brasil Consultoria de Imoveis SA | 378,581 | ||||||
77,550 | Sonae Sierra Brasil SA | 481,369 | ||||||
7,100,859 | ||||||||
Retailing: 4.4% | ||||||||
355,000 | Cia Hering SA | 2,704,368 | ||||||
291,650 | Magazine Luiza SA | 845,919 | ||||||
180,500 | Marisa Lojas SA | 984,595 | ||||||
4,534,882 | ||||||||
Software & Services: 1.7% | ||||||||
94,950 | Linx SA | 1,803,843 | ||||||
Transportation: 10.8% | ||||||||
2,094,000 | All America Latina Logistica SA | 3,986,020 | ||||||
652,200 | Cosan Logistica SA * | 701,712 | ||||||
341,603 | Gol Linhas Aereas Inteligentes SA (ADR) * | 1,964,217 | ||||||
238,350 | Julio Simoes Logistica SA | 1,143,241 | ||||||
3,054,200 | Prumo Logistica SA * | 494,058 | ||||||
428,200 | Santos Brasil Participacoes SA | 2,255,210 | ||||||
114,500 | Tegma Gestao Logistica SA | 684,450 | ||||||
11,228,908 | ||||||||
Utilities: 11.7% | ||||||||
431,750 | Alupar Investimento SA | 2,865,123 | ||||||
197,500 | Cia de Saneamento de Minas Gerais SA | 1,870,834 | ||||||
685,100 | EDP Energias do Brasil SA | 2,311,845 | ||||||
1,101,400 | Eneva SA * | 165,736 | ||||||
302,122 | Equatorial Energia SA | 3,148,288 | ||||||
275,950 | Light SA | 1,766,861 | ||||||
12,128,687 | ||||||||
Total Common Stocks (Cost: $118,903,865) | 85,346,600 | |||||||
PREFERRED STOCKS: 14.6% | ||||||||
Banks: 2.3% | ||||||||
176,361 | Banco ABC Brasil SA | 895,671 | ||||||
155,350 | Banco Daycoval SA | 490,911 | ||||||
258,700 | Banco Industrial e Comercial SA * | 554,732 | ||||||
516,584 | Banco Pan SA * | 456,690 | ||||||
2,398,004 |
See Notes to Financial Statements
40 |
Number of Shares | Value | |||||||
Capital Goods: 2.2% | ||||||||
1,009,800 | Marcopolo SA | $ | 1,265,004 | |||||
590,550 | Randon Implementos e Participacoes SA | 1,059,711 | ||||||
2,324,715 | ||||||||
Consumer Durables & Apparel: 1.5% | ||||||||
571,005 | Alpargatas SA | 1,557,364 | ||||||
Financial: 2.9% | ||||||||
550,900 | Banco do Estado do Rio Grande do Sul SA | 3,005,060 | ||||||
Insurance: 4.0% | ||||||||
850,268 | Sul America SA | 4,129,471 | ||||||
Utilities: 1.7% | ||||||||
47,750 | Cia Energetica do Ceara | 710,448 | ||||||
328,050 | Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 1,068,736 | ||||||
1,779,184 | ||||||||
Total Preferred Stocks (Cost: $17,808,155) | 15,193,798 | |||||||
REAL ESTATE INVESTMENT TRUST: 2.9% (Cost: $3,307,394) | ||||||||
Real Estate: 2.9% | ||||||||
73,990 | FII BTG Pactual Corporate Office Fund | 3,036,758 | ||||||
MONEY MARKET FUND: 1.9% (Cost: $1,983,239) | ||||||||
1,983,239 | Dreyfus Government Cash Management Fund | 1,983,239 | ||||||
Total Investments Before Collateral for Securities Loaned: 101.5% (Cost: $142,002,653) | 105,560,395 |
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.2% (Cost: $652,906) | ||||||||
Repurchase Agreement: 0.6% | ||||||||
$ | 652,906 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.08%, due 1/2/15, proceeds $652,909; (collateralized by various U.S. government and agency obligations, 0.63% to 2.38%, due 2/28/15 to 7/15/21, valued at $665,964 including accrued interest) | $ | 652,906 | ||||
Total Investments: 102.1% (Cost: $142,655,559) | 106,213,301 | |||||||
Liabilities in excess of other assets: (2.1)% | (2,202,378 | ) | ||||||
NET ASSETS: 100.0% | $ | 104,010,923 |
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 $581,842. |
# | 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 $545,584 which represents 0.5% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||||
Consumer Discretionary | 32.2 | % | $ | 34,042,517 | ||||||
Consumer Staples | 7.8 | 8,191,796 | ||||||||
Energy | 0.9 | 912,028 | ||||||||
Financials | 19.2 | 20,256,403 | ||||||||
Health Care | 3.8 | 4,052,735 | ||||||||
Industrials | 18.0 | 19,036,053 | ||||||||
Information Technology | 1.7 | 1,803,843 | ||||||||
Materials | 1.3 | 1,373,910 | ||||||||
Utilities | 13.2 | 13,907,871 | ||||||||
Money Market Fund | 1.9 | 1,983,239 | ||||||||
100.0 | % | $ | 105,560,395 |
See Notes to Financial Statements
41 |
BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Automobiles & Components | $ | 2,634,756 | $ | — | $ | — | $ | 2,634,756 | |||||||||
Capital Goods | 2,023,389 | — | — | 2,023,389 | |||||||||||||
Commercial & Professional Services | 3,459,041 | — | — | 3,459,041 | |||||||||||||
Consumer Durables & Apparel | 15,034,722 | — | — | 15,034,722 | |||||||||||||
Consumer Services | 7,524,527 | — | — | 7,524,527 | |||||||||||||
Energy | 912,028 | — | — | 912,028 | |||||||||||||
Financial | 496,197 | — | — | 496,197 | |||||||||||||
Food & Staples Retailing | 867,799 | — | — | 867,799 | |||||||||||||
Food, Beverage & Tobacco | 7,206,649 | 117,348 | — | 7,323,997 | |||||||||||||
Health Care Equipment & Services | 4,052,735 | — | — | 4,052,735 | |||||||||||||
Insurance | 335,242 | — | — | 335,242 | |||||||||||||
Materials | 945,674 | 428,236 | — | 1,373,910 | |||||||||||||
Media | 2,511,078 | — | — | 2,511,078 | |||||||||||||
Real Estate | 7,100,859 | — | — | 7,100,859 | |||||||||||||
Retailing | 4,534,882 | — | — | 4,534,882 | |||||||||||||
Software & Services | 1,803,843 | — | — | 1,803,843 | |||||||||||||
Transportation | 11,228,908 | — | — | 11,228,908 | |||||||||||||
Utilities | 12,128,687 | — | — | 12,128,687 | |||||||||||||
Preferred Stocks * | 15,193,798 | — | — | 15,193,798 | |||||||||||||
Real Estate Investment Trust * | 3,036,758 | — | — | 3,036,758 | |||||||||||||
Money Market Fund | 1,983,239 | — | — | 1,983,239 | |||||||||||||
Repurchase Agreement | — | 652,906 | — | 652,906 | |||||||||||||
Total | $ | 105,014,811 | $ | 1,198,490 | $ | — | $ | 106,213,301 |
* See Schedule of Investments for security type and industry sector breakouts.
There were no transfers between levels during the year ended December 31, 2014.
See Notes to Financial Statements
42 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 96.5% | ||||||||
Automobiles & Components: 2.6% | ||||||||
114,300 | Beiqi Foton Motor Co. Ltd. # | $ | 115,349 | |||||
31,781 | Byd Co. Ltd. | 195,430 | ||||||
153,057 | Chongqing Changan Automobile Co. Ltd. | 405,340 | ||||||
55,200 | FAW Car Co. Ltd. | 134,708 | ||||||
95,100 | Fuyao Glass Industry Group Co. Ltd. # | 186,022 | ||||||
27,257 | Great Wall Motor Co. Ltd. | 182,548 | ||||||
70,000 | Huayu Automotive Systems Co. Ltd. # | 174,284 | ||||||
224,339 | SAIC Motor Corp. Ltd. # | 774,309 | ||||||
64,900 | Wanxiang Qianchao Co. Ltd. | 124,172 | ||||||
40,232 | Weifu High-Technology Group Co. Ltd. # | 173,833 | ||||||
2,465,995 | ||||||||
Banks: 19.6% | ||||||||
1,761,200 | Agricultural Bank of China Ltd. # | 1,051,256 | ||||||
429,640 | Bank of Beijing Co. Ltd. # | 755,495 | ||||||
456,700 | Bank of China Ltd. | 305,497 | ||||||
1,064,800 | Bank of Communications Co. Ltd. # | 1,164,610 | ||||||
120,800 | Bank of Nanjing Co. Ltd. | 285,255 | ||||||
66,100 | Bank of Ningbo Co. Ltd. | 167,594 | ||||||
201,200 | China CITIC Bank Corp. Ltd. | 263,986 | ||||||
650,600 | China Construction Bank Corp. | 705,761 | ||||||
1,349,900 | China Everbright Bank Co. Ltd. | 1,061,817 | ||||||
1,119,171 | China Merchants Bank Co. Ltd. | 2,992,754 | ||||||
1,838,304 | China Minsheng Banking Corp. Ltd. # | 3,206,326 | ||||||
301,900 | Huaxia Bank Co. Ltd. # | 654,545 | ||||||
1,169,500 | Industrial & Commercial Bank of China Ltd. | 918,031 | ||||||
775,291 | Industrial Bank Co. Ltd. # | 2,058,427 | ||||||
387,440 | Ping An Bank Co. Ltd. # | 988,455 | ||||||
759,055 | Shanghai Pudong Development Bank Co. Ltd. # | 1,915,822 | ||||||
18,495,631 | ||||||||
Capital Goods: 11.5% | ||||||||
89,900 | AVIC Aircraft Co. Ltd. # | 274,974 | ||||||
12,000 | AVIC Helicopter Co. Ltd. | 72,766 | ||||||
35,799 | China Avic Electronics Co. Ltd. | 159,780 | ||||||
102,000 | China Baoan Group Co. Ltd. # | 211,727 | ||||||
21,020 | China CAMC Engineering Co. Ltd. # | 93,108 | ||||||
120,300 | China CNR Corp. Ltd. | 137,674 | ||||||
159,324 | China Communications Construction Co. Ltd. | 356,707 | ||||||
46,700 | China CSSC Holdings Ltd. # | 277,146 | ||||||
156,100 | China Gezhouba Group Co. Ltd. # | 235,150 | ||||||
58,400 | China International Marine Containers Group Co. Ltd. # | 206,191 | ||||||
133,900 | China National Chemical Engineering Co. Ltd. # | 203,284 | ||||||
208,700 | China Railway Construction Corp. Ltd. # | 511,038 | ||||||
463,700 | China Railway Group Ltd. | 695,102 | ||||||
498,100 | China Shipbuilding Industry Co. Ltd. | 739,442 | ||||||
40,100 | China Spacesat Co. Ltd. # | 183,698 | ||||||
1,017,191 | China State Construction Engineering Corp. Ltd. | 1,193,609 | ||||||
139,000 | China XD Electric Co. Ltd. | 174,086 | ||||||
21,135 | CPT Technology Group Co. Ltd. * # | 53,440 | ||||||
139,900 | CSR Corp. Ltd. | 143,869 | ||||||
45,200 | Dongfang Electric Corp. Ltd. # | 149,747 |
Number of Shares | Value | |||||||
Capital Goods: (continued) | ||||||||
69,900 | Fangda Carbon New Material Co. Ltd. | $ | 110,078 | |||||
57,300 | Han’s Laser Technology Co. Ltd. # | 146,938 | ||||||
29,200 | Jiangxi Hongdu Aviation Industry Corp. Ltd. # | 131,505 | ||||||
16,900 | Luxshare Precision Industry Co. Ltd. # | 75,125 | ||||||
330,400 | Metallurgical Corp of China Ltd. | 268,943 | ||||||
29,100 | Minmetals Development Co. Ltd. | 81,897 | ||||||
98,805 | NARI Technology Development Co. Ltd. # | 231,267 | ||||||
10,100 | Neway Valve Suzhou Co. Ltd. # | 31,610 | ||||||
195,300 | Power Construction Corp. of China Ltd. # | 263,952 | ||||||
206,600 | Sany Heavy Industry Co. Ltd. | 332,345 | ||||||
93,070 | Shanghai Construction Co. Ltd. | 126,164 | ||||||
133,700 | Shanghai Electric Group Co. Ltd. # | 177,715 | ||||||
19,000 | Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. | 99,134 | ||||||
31,676 | Shenzhen Inovance Technology Co. Ltd. | 149,037 | ||||||
35,500 | Siasun Robot & Automation Co. Ltd. # | 224,739 | ||||||
59,700 | Suzhou Gold Mantis Construction Decoration Co. Ltd. # | 161,529 | ||||||
175,762 | TBEA Co. Ltd. | 350,731 | ||||||
71,800 | Weichai Power Co. Ltd. # | 315,455 | ||||||
69,900 | XCMG Construction Machinery Co. Ltd. | 168,666 | ||||||
39,600 | Xi’ An Aero-Engine Plc | 184,851 | ||||||
115,351 | Xiamen C & D, Inc. # | 189,918 | ||||||
104,200 | Xinjiang Goldwind Science & Technology Co. Ltd. # | 237,337 | ||||||
41,050 | XJ Electric Co. Ltd. | 134,319 | ||||||
60,300 | Zhengzhou Yutong Bus Co. Ltd. | 217,037 | ||||||
297,900 | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 339,003 | ||||||
10,821,833 | ||||||||
Commercial & Professional Services: 0.4% | ||||||||
27,300 | Beijing Orient Landscape Co. Ltd. | 81,275 | ||||||
36,300 | Beijing Originwater Technology Co. Ltd. # | 203,747 | ||||||
39,200 | BlueFocus Communication Group Co. Ltd. | 133,447 | ||||||
418,469 | ||||||||
Consumer Durables & Apparel: 3.1% | ||||||||
159,414 | Gree Electric Appliances, Inc. # | 952,600 | ||||||
12,900 | Guangdong Alpha Animation and Culture Co. Ltd. # | 61,281 | ||||||
61,000 | Heilan Home Co. Ltd. | 99,307 | ||||||
53,300 | Hisense Electric Co. Ltd. # | 98,017 | ||||||
142,897 | Midea Group Co. Ltd. # | 633,840 | ||||||
103,300 | Qingdao Haier Co. Ltd. # | 309,152 | ||||||
43,400 | Shenzhen MTC Co. Ltd. * # | 53,045 | ||||||
250,400 | Sichuan Changhong Electric Co. Ltd. # | 188,208 | ||||||
512,900 | TCL Corp. # | 315,319 | ||||||
105,700 | Youngor Group Co. Ltd. # | 195,650 | ||||||
2,906,419 | ||||||||
Consumer Services: 0.9% | ||||||||
26,400 | China International Travel Service Corp. Ltd. # | 188,547 | ||||||
108,000 | Shanghai Oriental Pearl Group Co. Ltd. # | 239,934 |
See Notes to Financial Statements
43 |
CHINAAMC A-SHARE ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||||
Consumer Services: (continued) | ||||||||
246,500 | Shenzhen Overseas Chinese Town Co. Ltd. # | $ | 327,481 | |||||
24,134 | Zhejiang Yasha Decoration Co. Ltd. # | 73,724 | ||||||
829,686 | ||||||||
Diversified Financials: 0.6% | ||||||||
114,200 | Hong Yuan Securities Co. Ltd. # § | 561,428 | ||||||
Energy: 3.4% | ||||||||
124,100 | China Coal Energy Co. Ltd. | 138,422 | ||||||
40,200 | China Oilfield Services Ltd. # | 134,388 | ||||||
377,200 | China Petroleum & Chemical Corp. | 394,589 | ||||||
223,635 | China Shenhua Energy Co. Ltd. # | 731,567 | ||||||
212,500 | Guanghui Energy Co. Ltd. * # | 286,503 | ||||||
33,700 | Guizhou Panjiang Refined Coal Co. Ltd. | 64,749 | ||||||
55,300 | Jizhong Energy Resources Co. Ltd. # | 74,297 | ||||||
119,980 | Offshore Oil Engineering Co. Ltd. # | 202,997 | ||||||
263,700 | PetroChina Co. Ltd. | 459,477 | ||||||
32,300 | Shaanxi Coal Industry Co. Ltd. # | 34,449 | ||||||
62,400 | Shanxi Lu’an Environmental Energy Development Co. Ltd. * # | 115,884 | ||||||
106,800 | Shanxi Xishan Coal & Electricity Power Co. Ltd. | 141,505 | ||||||
143,800 | Wintime Energy Co. Ltd. # | 100,883 | ||||||
81,600 | Yang Quan Coal Industry Group Co. Ltd. # | 116,568 | ||||||
32,550 | Yantai Jereh Oilfield Services Group Co. Ltd. # | 160,402 | ||||||
40,200 | Yanzhou Coal Mining Co. Ltd. # | 85,248 | ||||||
3,241,928 | ||||||||
Financial: 12.2% | ||||||||
69,800 | Avic Capital Co. Ltd. # | 201,443 | ||||||
225,200 | Changjiang Securities Co. Ltd. | 610,552 | ||||||
157,600 | China Merchants Securities Co. Ltd. | 718,142 | ||||||
533,700 | CITIC Securities Co. Ltd. | 2,916,252 | ||||||
279,100 | Founder Securities Co. Ltd. * | 633,868 | ||||||
200,756 | GF Securities Co. Ltd. # | 836,420 | ||||||
66,600 | Guoyuan Securities Co. Ltd. | 334,610 | ||||||
548,840 | Haitong Securities Co. Ltd. # | 2,126,943 | ||||||
189,804 | Huatai Securities Co. Ltd. # | 745,411 | ||||||
246,860 | Industrial Securities Co. Ltd. | 601,632 | ||||||
79,640 | Northeast Securities Co. Ltd. | 256,481 | ||||||
62,600 | Sealand Securities Co. Ltd. # | 175,197 | ||||||
68,300 | Shanxi Securities Co. Ltd. | 176,144 | ||||||
105,300 | Sinolink Securities Co. Ltd. # | 336,258 | ||||||
91,500 | SooChow Securities Co. Ltd. | 330,662 | ||||||
76,600 | Southwest Securities Co. Ltd. # | 275,263 | ||||||
32,504 | Western Securities Co. Ltd. # | 195,702 | ||||||
11,470,980 | ||||||||
Food & Staples Retailing: 0.6% | ||||||||
22,212 | Jointown Pharmaceutical Group Co. Ltd. | 64,696 | ||||||
52,300 | Shanghai Friendship Group, Inc. Co. | 150,814 | ||||||
92,100 | Shenzhen Agricultural Products Co. Ltd. | 194,473 | ||||||
132,428 | Yonghui Superstores Co. Ltd. # | 185,721 | ||||||
595,704 |
Number of Shares | Value | |||||||
Food, Beverage & Tobacco: 4.4% | ||||||||
54,400 | Beijing Dabeinong Technology Group Co. Ltd. # | $ | 117,324 | |||||
95,200 | Beijing Yanjing Brewery Co. Ltd. # | 122,434 | ||||||
41,640 | Beingmate Baby & Child Food Co. Ltd. # | 107,986 | ||||||
41,525 | Bright Dairy & Food Co. Ltd. | 116,864 | ||||||
10,100 | Foshan Haitian Flavouring & Food Co. Ltd. | 65,038 | ||||||
105,700 | Gansu Yasheng Industrial Group Co. Ltd. # | 158,706 | ||||||
44,800 | Henan Shuanghui Investment & Development Co. Ltd. # | 227,574 | ||||||
207,850 | Inner Mongolia Yili Industrial Group Co. Ltd. # | 958,432 | ||||||
21,900 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. # | 278,768 | ||||||
30,914 | Kweichow Moutai Co. Ltd. # | 944,101 | ||||||
47,493 | Luzhou Laojiao Co. Ltd. # | 155,995 | ||||||
105,400 | MeiHua Holdings Group Co. # | 122,088 | ||||||
42,400 | New Hope Liuhe Co. Ltd. # | 95,495 | ||||||
17,700 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 65,305 | ||||||
23,559 | Tsingtao Brewery Co. Ltd. # | 158,301 | ||||||
128,700 | Wuliangye Yibin Co. Ltd. # | 445,509 | ||||||
9,300 | Yantai Changyu Pioneer Wine Co. Ltd. # | 52,256 | ||||||
4,192,176 | ||||||||
Health Care Equipment & Services: 0.7% | ||||||||
17,700 | Aier Eye Hospital Group Co. Ltd. # | 78,624 | ||||||
14,678 | Huadong Medicine Co. Ltd. # | 124,212 | ||||||
48,765 | Searainbow Holding Corp. * | 245,869 | ||||||
65,200 | Shanghai Pharmaceuticals Holding Co. Ltd. | 173,404 | ||||||
622,109 | ||||||||
Household & Personal Products: 0.3% | ||||||||
17,800 | By-health Co. Ltd. # | 74,659 | ||||||
36,478 | Shanghai Jahwa United Co. Ltd. # | 201,358 | ||||||
276,017 | ||||||||
Insurance: 6.4% | ||||||||
101,767 | China Life Insurance Co. Ltd. # | 558,511 | ||||||
213,248 | China Pacific Insurance Group Co. Ltd. # | 1,106,487 | ||||||
56,622 | New China Life Insurance Co. Ltd. # | 450,868 | ||||||
324,650 | Ping An Insurance Group Co. of China Ltd. # | 3,897,693 | ||||||
6,013,559 | ||||||||
Materials: 6.8% | ||||||||
259,900 | Aluminum Corporation of China Ltd. * # | 261,282 | ||||||
125,100 | Angang Steel Co. Ltd. # | 124,017 | ||||||
135,600 | Anhui Conch Cement Co. Ltd. # | 479,851 | ||||||
335,100 | Baoshan Iron & Steel Co. Ltd. # | 378,793 | ||||||
73,600 | BBMG Corp. | 120,294 | ||||||
51,319 | Beijing Kangde Xin Composite Material Co. Ltd. # | 239,052 | ||||||
80,000 | China Hainan Rubber Industry Group Co. Ltd. | 112,444 | ||||||
39,900 | China Minmetals Rare Earth Co. Ltd. * # | 192,553 | ||||||
16,400 | China Molybdenum Co. Ltd. | 23,130 |
See Notes to Financial Statements
44 |
Number of Shares | Value | |||||||
Materials: (continued) | ||||||||
288,100 | Hebei Iron & Steel Co. Ltd. # | $ | 177,461 | |||||
98,500 | Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd. # | 410,146 | ||||||
22,560 | Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. # | 41,356 | ||||||
56,700 | Inner Mongolia Yili Energy Co. Ltd. | 81,522 | ||||||
542,700 | Inner Mongolian Baotou Steel Union Co. Ltd. | 356,901 | ||||||
56,300 | Jiangxi Copper Co. Ltd. # | 166,924 | ||||||
65,700 | Jinduicheng Molybdenum Co. Ltd. # | 99,052 | ||||||
21,200 | Kingenta Ecological Engineering Group Co. Ltd. # | 91,770 | ||||||
104,200 | Kingfa Sci & Tech Co. Ltd. # | 115,716 | ||||||
15,100 | Luxin Venture Capital Group Co. Ltd. | 68,125 | ||||||
291,300 | Pangang Group Vanadium Titanium & Resources Co. Ltd. # | 168,378 | ||||||
43,102 | Qinghai Salt Lake Industry Co. Ltd. # | 150,214 | ||||||
48,300 | Shandong Gold Mining Co. Ltd. # | 154,718 | ||||||
154,412 | Shanxi Taigang Stainless Steel Co. Ltd. | 131,166 | ||||||
97,900 | Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. | 149,754 | ||||||
148,605 | Sinopec Shanghai Petrochemical Co. Ltd. | 103,717 | ||||||
36,600 | Tangshan Jidong Cement Co. Ltd. | 77,105 | ||||||
51,900 | Tongling Nonferrous Metals Group Co. Ltd. # | 129,366 | ||||||
73,333 | Wanhua Chemical Group Co. Ltd. # | 256,954 | ||||||
129,301 | Western Mining Co. Ltd. # | 192,153 | ||||||
23,100 | Xiamen Tungsten Co. Ltd. # | 122,901 | ||||||
148,260 | Xinxing Ductile Iron Pipes Co. Ltd. # | 147,350 | ||||||
67,900 | Yunnan Chihong Zinc & Germanium Co. Ltd. # | 126,650 | ||||||
48,000 | Yunnan Copper Industry Co. Ltd. * | 110,484 | ||||||
54,590 | Yunnan Tin Co. Ltd. * # | 153,069 | ||||||
83,000 | Zhejiang Longsheng Group Co. Ltd. # | 263,231 | ||||||
99,800 | Zhongjin Gold Co. Ltd. # | 170,502 | ||||||
535,900 | Zijin Mining Group Co. Ltd. # | 291,929 | ||||||
6,440,030 | ||||||||
Media: 1.9% | ||||||||
27,500 | Beijing Enlight Media Co. Ltd. # | 104,166 | ||||||
45,400 | BesTV New Media Co. Ltd. # | 275,843 | ||||||
44,500 | Chengdu B-Ray Media Co. Ltd. # | 76,683 | ||||||
48,700 | China South Publishing & Media Group Co. Ltd. | 130,306 | ||||||
32,200 | Chinese Universe Publishing and Media Co. Ltd. # | 68,498 | ||||||
63,800 | CITIC Guoan Information Industry Co. Ltd. # | 115,199 | ||||||
31,400 | Guangdong Advertising Co. Ltd. | 109,677 | ||||||
80,400 | Huawen Media Investment Group Corp. # | 145,736 | ||||||
58,700 | Huayi Brothers Media Corp. # | 249,907 | ||||||
48,100 | Hunan TV & Broadcast Intermediary Co. Ltd. # | 130,835 | ||||||
51,800 | Jiangsu Phoenix Publishing & Media Corp. Ltd. # | 89,996 | ||||||
59,732 | Jishi Media Co. Ltd. # | 110,290 | ||||||
4,800 | Wasu Media Holding Co. Ltd. * # | 19,183 | ||||||
40,300 | Zhe Jiang Daily Media Group Co. Ltd. # | 117,764 | ||||||
17,400 | Zhejiang Huace Film & TV Co. Ltd. # | 70,779 | ||||||
1,814,862 |
Number of Shares | Value | |||||||
Pharmaceuticals, Biotechnology: 4.1% | ||||||||
18,600 | Beijing SL Pharmaceutical Co. Ltd. # | $ | 118,774 | |||||
44,500 | Beijing Tongrentang Co. Ltd. | 160,886 | ||||||
26,476 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. # | 96,718 | ||||||
62,800 | Guangxi Wuzhou Zhongheng Group Co. Ltd. | 165,604 | ||||||
25,800 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. # § | 112,740 | ||||||
65,000 | Harbin Pharmaceutical Group Co. Ltd. # § | 91,857 | ||||||
19,700 | Hualan Biological Engineering, Inc. | 105,740 | ||||||
35,900 | Humanwell Healthcare Group Co. Ltd. # | 148,539 | ||||||
50,950 | Jiangsu Hengrui Medicine Co. Ltd. # | 307,576 | ||||||
48,500 | Jilin Aodong Medicine Industry Groups Co. Ltd. | 272,128 | ||||||
104,379 | Kangmei Pharmaceutical Co. Ltd. # | 263,822 | ||||||
35,500 | Shandong Dong-E E-Jiao Co. Ltd. # | 213,296 | ||||||
77,700 | Shanghai Fosun Pharmaceutical Group Co. Ltd. # | 263,723 | ||||||
16,600 | Shanghai RAAS Blood Products Co. Ltd. # | 121,011 | ||||||
16,300 | Shenzhen Hepalink Pharmaceutical Co. Ltd. # | 67,734 | ||||||
13,337 | Shenzhen Salubris Pharmaceuticals Co. Ltd. # | 76,095 | ||||||
15,301 | Shijiazhuang Yiling Pharmaceutical Co. Ltd. | 71,918 | ||||||
24,426 | Sichuan Kelun Pharmaceutical Co. Ltd. # | 114,712 | ||||||
41,936 | Tasly Pharmaceutical Group Co. Ltd. # | 277,529 | ||||||
48,927 | Tonghua Dongbao Pharmaceutical Co. Ltd. | 123,027 | ||||||
14,600 | Xizang Haisco Pharmaceutical Group Co. Ltd. | 40,336 | ||||||
35,300 | Yunnan Baiyao Group Co. Ltd. # | 358,876 | ||||||
5,500 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. | 77,731 | ||||||
32,800 | Zhejiang Hisun Pharmaceutical Co. Ltd. | 89,243 | ||||||
36,950 | Zhejiang NHU Co. Ltd. # | 90,213 | ||||||
3,829,828 | ||||||||
Real Estate: 4.6% | ||||||||
35,900 | China Fortune Land Development Co. Ltd. # | 251,495 | ||||||
70,000 | China Merchants Property Development Co. Ltd. | 297,760 | ||||||
657,800 | China Vanke Co. Ltd. # | 1,466,995 | ||||||
162,100 | Financial Street Holdings Co. Ltd. # | 322,564 | ||||||
304,590 | Gemdale Corp. | 560,182 | ||||||
436,604 | Poly Real Estate Group Co. Ltd. # | 756,742 | ||||||
38,600 | RiseSun Real Estate Development Co. Ltd. | 98,740 | ||||||
44,300 | Shanghai Chengtou Holding Co. Ltd. # § | 64,428 | ||||||
27,600 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. | 166,828 | ||||||
163,300 | Xinhu Zhongbao Co. Ltd. | 192,675 | ||||||
92,300 | Zhejiang China Commodities City Group Co. Ltd. # | 188,772 | ||||||
4,367,181 |
See Notes to Financial Statements
45 |
CHINAAMC A-SHARE ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||||
Retailing: 1.2% | ||||||||
37,800 | Haining China Leather Market Co. Ltd. # | $ | 97,104 | |||||
97,000 | Liaoning Cheng Da Co. Ltd. * # | 335,498 | ||||||
87,900 | Pang Da Automobile Trade Co. Ltd. * | 84,301 | ||||||
68,200 | Shanghai Yuyuan Tourist Mart Co. Ltd. # | 129,876 | ||||||
300,400 | Suning Commerce Group Co. Ltd. * # | 434,625 | ||||||
1,081,404 | ||||||||
Semiconductor: 0.3% | ||||||||
81,137 | Sanan Optoelectronics Co. Ltd. # | 185,450 | ||||||
28,300 | Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. * # | 95,912 | ||||||
281,362 | ||||||||
Software & Services: 1.6% | ||||||||
37,600 | Aisino Co. Ltd. # | 184,626 | ||||||
37,980 | Anhui USTC iFlytek Co. Ltd. # | 162,359 | ||||||
8,400 | Beijing Shiji Information Technology Co. Ltd. # | 89,032 | ||||||
51,200 | DHC Software Co. Ltd. # | 148,459 | ||||||
25,500 | Glodon Software Co. Ltd. # | 91,970 | ||||||
33,600 | Hundsun Technologies, Inc. # | 294,749 | ||||||
58,242 | Neusoft Corp. | 148,421 | ||||||
18,700 | People.cn Co. Ltd. # | 125,966 | ||||||
14,900 | Wangsu Science & Technology Co. Ltd. | 115,761 | ||||||
39,520 | Yonyou Software Co. Ltd. # | 149,583 | ||||||
1,510,926 | ||||||||
Technology Hardware & Equipment: 2.4% | ||||||||
9,400 | Beijing Xinwei Telecom Technology Group Co. Ltd. * | 65,682 | ||||||
57,800 | Beijing Zhongke Sanhuan High-Tech Co. Ltd. # | 137,503 | ||||||
690,700 | BOE Technology Group Co. Ltd. * # | 374,127 | ||||||
26,500 | Dongxu Optoelectronic Technology Co. Ltd. * # § | 32,762 | ||||||
32,800 | Fiberhome Telecommunication Technologies Co. Ltd. # | 81,442 | ||||||
51,800 | GoerTek, Inc. # | 204,231 | ||||||
54,100 | Guangzhou Haige Communications Group, Inc. Co. # | 167,981 | ||||||
81,784 | Hangzhou Hikvision Digital Technology Co. Ltd. # | 294,115 | ||||||
13,600 | Shenzhen Aisidi Co. Ltd. # | 23,732 | ||||||
41,960 | Shenzhen O-film Tech Co. Ltd. # | 127,895 | ||||||
119,200 | Tsinghua Tongfang Co. Ltd. # | 224,040 | ||||||
7,200 | Universal Scientific Industrial Shanghai Co. Ltd. | 34,851 | ||||||
39,700 | Zhejiang Dahua Technology Co. Ltd. | 140,460 | ||||||
133,300 | ZTE Corp. # | 387,229 | ||||||
2,296,050 |
Number of Shares | Value | |||||||
Telecommunication Services: 0.7% | ||||||||
574,978 | China United Network Communications Ltd. # | $ | 457,932 | |||||
75,500 | Dr Peng Telcom & Media Group Co. Ltd. # | 218,078 | ||||||
676,010 | ||||||||
Transportation: 2.6% | ||||||||
115,600 | Air China Ltd. # | 146,714 | ||||||
172,600 | China Eastern Airlines Corp. Ltd. * | 144,112 | ||||||
215,200 | China Shipping Container Lines Co. Ltd. * | 171,355 | ||||||
238,100 | China Southern Airlines Co. Ltd. | 198,033 | ||||||
403,325 | Daqin Railway Co. Ltd. # | 691,507 | ||||||
229,900 | Guangshen Railway Co. Ltd. | 167,496 | ||||||
400,600 | Hainan Airlines Co. Ltd. * | 220,834 | ||||||
260,400 | Ningbo Port Co. Ltd. # | 193,615 | ||||||
65,400 | Shanghai International Airport Co. Ltd. | 206,826 | ||||||
308,700 | Shanghai International Port Group Co. Ltd. # | 320,605 | ||||||
2,461,097 | ||||||||
Utilities: 3.6% | ||||||||
74,600 | Beijing Capital Co. Ltd. | 141,889 | ||||||
93,900 | Beijing Jingneng Power Co. Ltd. # | 95,395 | ||||||
121,600 | Chengdu Xingrong Investment Co. Ltd. | 149,746 | ||||||
335,700 | China Yangtze Power Co. Ltd. # | 577,253 | ||||||
65,100 | Chongqing Water Group Co. Ltd. | 93,390 | ||||||
584,300 | GD Power Development Co. Ltd. | 436,059 | ||||||
144,300 | Huadian Power International Corp. Ltd. | 162,814 | ||||||
284,900 | Huaneng Power International, Inc. # | 404,321 | ||||||
70,800 | Hubei Energy Group Co. Ltd. # § | 73,379 | ||||||
197,000 | Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd. | 144,797 | ||||||
230,100 | SDIC Power Holdings Co. Ltd. # | 425,399 | ||||||
154,300 | Shenergy Co. Ltd. # | 160,479 | ||||||
53,800 | Shenzhen Energy Group Co. Ltd. # | 96,783 | ||||||
74,600 | Sichuan Chuantou Energy Co. Ltd. # | 248,431 | ||||||
34,280 | Sound Environmental Co. Ltd. | 151,122 | ||||||
53,710 | Zhejiang Zheneng Electric Power Co. Ltd. # | 62,030 | ||||||
3,423,287 | ||||||||
Total Common Stocks (Cost: $69,106,811) | 91,093,971 | |||||||
Other assets less liabilities: 3.5% | 3,320,495 | |||||||
NET ASSETS: 100.0% | $ | 94,414,466 |
* | 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 $60,972,889 which represents 64.6% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $936,594 which represents 1.0% of net assets. |
See Notes to Financial Statements
46 |
As of December 31, 2014, the Fund had an outstanding total return swap contract with the following terms:
Long Exposure
Rate Paid | % of | |||||||||||||||||||
by the | Termination | Net | Unrealized | |||||||||||||||||
Counterparty | Referenced Obligation | Notional Amount | Fund | Date | Assets | Appreciation | ||||||||||||||
Credit Suisse Securities (Europe) Limited | CSI 300 Total Return Index(a) | $ | 1,753,173 | 0.98% | 01/15/15 | 0.8 | % | $ | 722,776 |
(a) | Segregated cash collateral for swap contracts held at broker is $600,000. |
Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
Consumer Discretionary | 10.0 | % | $ | 9,098,366 | ||||
Consumer Staples | 5.6 | 5,063,897 | ||||||
Energy | 3.6 | 3,241,928 | ||||||
Financials | 44.9 | 40,908,779 | ||||||
Health Care | 4.9 | 4,451,937 | ||||||
Industrials | 15.0 | 13,701,399 | ||||||
Information Technology | 4.5 | 4,088,338 | ||||||
Materials | 7.1 | 6,440,030 | ||||||
Telecommunication Services | 0.7 | 676,010 | ||||||
Utilities | 3.7 | 3,423,287 | ||||||
100.0 | % | $ | 91,093,971 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
Common Stocks | |||||||||||||||||||
Automobiles & Components | $ | 1,042,198 | $ | 1,423,797 | $ | — | $ | 2,465,995 | |||||||||||
Banks | 6,700,695 | 11,794,936 | — | 18,495,631 | |||||||||||||||
Capital Goods | 6,235,240 | 4,586,593 | — | 10,821,833 | |||||||||||||||
Commercial & Professional Services | 214,722 | 203,747 | — | 418,469 | |||||||||||||||
Consumer Durables & Apparel | 99,307 | 2,807,112 | — | 2,906,419 | |||||||||||||||
Consumer Services | — | 829,686 | — | 829,686 | |||||||||||||||
Diversified Financials | — | 561,428 | — | 561,428 | |||||||||||||||
Energy | 1,198,742 | 2,043,186 | — | 3,241,928 | |||||||||||||||
Financial | 6,578,343 | 4,892,637 | — | 11,470,980 | |||||||||||||||
Food & Staples Retailing | 409,983 | 185,721 | — | 595,704 | |||||||||||||||
Food, Beverage & Tobacco | 247,207 | 3,944,969 | — | 4,192,176 | |||||||||||||||
Health Care Equipment & Services | 419,273 | 202,836 | — | 622,109 | |||||||||||||||
Household & Personal Products | — | 276,017 | — | 276,017 | |||||||||||||||
Insurance | — | 6,013,559 | — | 6,013,559 | |||||||||||||||
Materials | 1,334,642 | 5,105,388 | — | 6,440,030 | |||||||||||||||
Media | 239,983 | 1,574,879 | — | 1,814,862 | |||||||||||||||
Pharmaceuticals, Biotechnology | 1,106,613 | 2,723,215 | — | 3,829,828 | |||||||||||||||
Real Estate | 1,316,185 | 3,050,996 | — | 4,367,181 | |||||||||||||||
Retailing | 84,301 | 997,103 | — | 1,081,404 | |||||||||||||||
Semiconductor | — | 281,362 | — | 281,362 | |||||||||||||||
Software & Services | 264,182 | 1,246,744 | — | 1,510,926 | |||||||||||||||
Technology Hardware & Equipment | 240,993 | 2,055,057 | — | 2,296,050 | |||||||||||||||
Telecommunication Services | — | 676,010 | — | 676,010 | |||||||||||||||
Transportation | 1,108,656 | 1,352,441 | — | 2,461,097 | |||||||||||||||
Utilities | 1,279,817 | 2,143,470 | — | 3,423,287 | |||||||||||||||
Total | $ | 30,121,082 | $ | 60,972,889 | $ | — | $ | 91,093,971 | |||||||||||
Other Financial Instruments: | |||||||||||||||||||
Swap Contract | $ | — | $ | 722,776 | $ | — | $ | 722,776 |
There were no transfers between levels during the year ended December 31, 2014.
See Notes to Financial Statements
47 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 97.5% | ||||||||
Automobiles & Components: 2.9% | ||||||||
56,400 | Byd Co. Ltd. | $ | 346,818 | |||||
58,500 | Ningbo Huaxiang Electronic Co. Ltd. | 135,500 | ||||||
25,500 | Sichuan Chengfei Integration Technology Corp. # | 131,528 | ||||||
613,846 | ||||||||
Banks: 1.9% | ||||||||
156,600 | Bank of Ningbo Co. Ltd. | 397,053 | ||||||
Capital Goods: 12.2% | ||||||||
45,510 | China CAMC Engineering Co. Ltd. # | 201,585 | ||||||
28,200 | Guizhou Space Appliance Co. Ltd. # | 85,770 | ||||||
115,000 | Han’s Laser Technology Co. Ltd. # | 294,902 | ||||||
38,378 | Luxshare Precision Industry Co. Ltd. # | 170,599 | ||||||
91,400 | Mesnac Co. Ltd. # | 178,563 | ||||||
56,100 | Shenzhen Inovance Technology Co. Ltd. | 263,952 | ||||||
71,401 | Siasun Robot & Automation Co. Ltd. # | 452,017 | ||||||
125,550 | Suzhou Gold Mantis Construction Decoration Co. Ltd. # | 339,698 | ||||||
232,053 | Xinjiang Goldwind Science & Technology Co. Ltd. # | 528,550 | ||||||
60,800 | Zhejiang Dun’An Artificial Environment Co. Ltd. # | 95,746 | ||||||
2,611,382 | ||||||||
Commercial & Professional Services: 5.2% | ||||||||
48,400 | Beijing Orient Landscape Co. Ltd. | 144,092 | ||||||
81,895 | Beijing Originwater Technology Co. Ltd. # | 459,666 | ||||||
73,900 | BlueFocus Communication Group Co. Ltd. | 251,574 | ||||||
87,200 | Eternal Asia Supply Chain Management Ltd. # | 208,196 | ||||||
18,600 | Guangdong Guangzhou Daily Media Co. Ltd. | 46,050 | ||||||
1,109,578 | ||||||||
Consumer Durables & Apparel: 3.0% | ||||||||
138,900 | Elec-Tech International Co. Ltd. * # | 177,930 | ||||||
28,100 | Guangdong Alpha Animation and Culture Co. Ltd. # | 133,487 | ||||||
72,280 | NavInfo Co. Ltd. # | 225,927 | ||||||
87,600 | Shenzhen MTC Co. Ltd. * # | 107,068 | ||||||
644,412 | ||||||||
Consumer Services: 0.7% | ||||||||
51,300 | Zhejiang Yasha Decoration Co. Ltd. # | 156,710 | ||||||
Diversified Financials: 3.2% | ||||||||
123,000 | Shanxi Securities Co. Ltd. | 317,215 | ||||||
59,800 | Western Securities Co. Ltd. # | 360,047 | ||||||
677,262 | ||||||||
Energy: 1.3% | ||||||||
56,718 | Yantai Jereh Oilfield Services Group Co. Ltd. # | 279,498 | ||||||
Food, Beverage & Tobacco: 6.4% | ||||||||
112,000 | Beijing Dabeinong Technology Group Co. Ltd. # | 241,550 | ||||||
86,400 | Beingmate Baby & Child Food Co. Ltd. # | 224,063 | ||||||
60,400 | Fujian Sunner Development Co. Ltd. * # | 122,329 | ||||||
53,950 | Guangdong Haid Group Co. Ltd. | 107,269 | ||||||
39,000 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. # | 496,437 |
Number | ||||||||
of Shares | Value | |||||||
Food, Beverage & Tobacco: (continued) | ||||||||
21,000 | Shandong Denghai Seeds Co. Ltd. # | $ | 108,486 | |||||
38,800 | Zhangzidao Group Co. Ltd. # | 74,682 | ||||||
1,374,816 | ||||||||
Health Care Equipment & Services: 2.7% | ||||||||
31,500 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. # | 127,191 | ||||||
64,500 | Lepu Medical Technology Beijing Co. Ltd. # | 247,722 | ||||||
9,500 | Shanghai Kingstar Winning Software Co. Ltd. | 107,143 | ||||||
25,600 | Zhuhai Hokai Medical Instruments Co. Ltd. # | 95,752 | ||||||
577,808 | ||||||||
Household & Personal Products: 0.7% | ||||||||
35,900 | By-health Co. Ltd. # | 150,576 | ||||||
Materials: 8.6% | ||||||||
105,200 | Beijing Kangde Xin Composite Material Co. Ltd. # | 490,039 | ||||||
41,700 | Beijing Sanju Environmental Protection and New Material Co. Ltd. # | 162,518 | ||||||
102,300 | Chenzhou Mining Group Co. Ltd. # | 167,680 | ||||||
44,800 | Guangdong Orient Zirconic Ind Sci & Tech Co. Ltd. * | 99,852 | ||||||
73,000 | Lianhe Chemical Technology Co. Ltd. | 174,022 | ||||||
49,400 | Org Packaging Co. Ltd. | 162,995 | ||||||
75,000 | Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd. * # | 155,699 | ||||||
62,700 | Shenzhen Jinjia Color Printing Group Co. Ltd. | 138,558 | ||||||
134,800 | Xinjiang Zhongtai Chemical Co. Ltd. # | 168,054 | ||||||
54,900 | Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. # | 128,008 | ||||||
1,847,425 | ||||||||
Media: 4.8% | ||||||||
44,700 | Beijing Enlight Media Co. Ltd. # | 169,317 | ||||||
61,200 | Guangdong Advertising Co. Ltd. | 213,766 | ||||||
116,200 | Huayi Brothers Media Corp. # | 494,706 | ||||||
37,200 | Zhejiang Huace Film & TV Co. Ltd. # | 151,320 | ||||||
1,029,109 | ||||||||
Pharmaceuticals, Biotechnology: 10.3% | ||||||||
39,932 | Beijing SL Pharmaceutical Co. Ltd. # | 254,993 | ||||||
52,300 | Da An Gene Co. Ltd. Sun Yat-Sen University | 169,191 | ||||||
44,400 | Hengkang Medical Group Co. Ltd. # | 136,026 | ||||||
44,600 | Hualan Biological Engineering, Inc. | 239,391 | ||||||
47,900 | Huapont-Nutrichem Co. Ltd. # | 134,593 | ||||||
61,000 | Shanghai Kehua Bio-Engineering Co. Ltd. # | 208,446 | ||||||
31,600 | Shanghai RAAS Blood Products Co. Ltd. # | 230,358 | ||||||
30,600 | Shenzhen Hepalink Pharmaceutical Co. Ltd. # | 127,157 | ||||||
25,500 | Shenzhen Salubris Pharmaceuticals Co. Ltd. # | 145,493 | ||||||
50,299 | Sichuan Kelun Pharmaceutical Co. Ltd. # | 236,219 | ||||||
18,500 | Tianjin Chase Sun Pharmaceutical Co. Ltd. # | 71,738 |
See Notes to Financial Statements
48 |
Number of Shares | Value | |||||||
Pharmaceuticals, Biotechnology: (continued) | ||||||||
28,100 | Xizang Haisco Pharmaceutical Group Co. Ltd. | $ | 77,633 | |||||
72,000 | Zhejiang NHU Co. Ltd. # | 175,787 | ||||||
2,207,025 | ||||||||
Real Estate: 1.0% | ||||||||
85,600 | RiseSun Real Estate Development Co. Ltd. | 218,967 | ||||||
Retailing: 5.4% | ||||||||
70,400 | Haining China Leather Market Co. Ltd. # | 180,849 | ||||||
52,000 | Hunan Friendship & Apollo Commercial Co. Ltd. # | 105,614 | ||||||
601,552 | Suning Commerce Group Co. Ltd. * # | 870,339 | ||||||
1,156,802 | ||||||||
Semiconductor: 1.1% | ||||||||
14,428 | Nationz Technologies, Inc. # | 61,899 | ||||||
53,800 | Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. * # | 182,334 | ||||||
244,233 | ||||||||
Software & Services: 11.5% | ||||||||
88,500 | Anhui USTC iFlytek Co. Ltd. # | 378,324 | ||||||
7,200 | Beijing Shiji Information Technology Co. Ltd. # | 76,313 | ||||||
95,500 | Beijing Ultrapower Software Co. Ltd. # | 255,529 | ||||||
112,800 | DHC Software Co. Ltd. # | 327,073 | ||||||
117,600 | East Money Information Co. Ltd. # | 529,996 | ||||||
42,800 | Glodon Software Co. Ltd. # | 154,365 | ||||||
53,300 | Leshi Internet Information & Technology Corp. # | 279,498 | ||||||
21,900 | Shenzhen ZQGAME Co. Ltd. # | 71,473 | ||||||
29,900 | Wangsu Science & Technology Co. Ltd. | 232,298 | ||||||
50,400 | YGSOFT, Inc. # | 162,971 | ||||||
2,467,840 |
Number of Shares | Value | |||||||
Technology Hardware & Equipment: 14.2% | ||||||||
103,800 | GoerTek, Inc. # | $ | 409,251 | |||||
55,101 | GRG Banking Equipment Co. Ltd. # § | 181,577 | ||||||
109,500 | Guangzhou Haige Communications Group, Inc. Co. # | 339,999 | ||||||
177,600 | Hangzhou Hikvision Digital Technology Co. Ltd. # | 638,693 | ||||||
79,800 | Hengbao Co. Ltd. # | 155,214 | ||||||
28,400 | Hengdian Group DMEGC Magnetics Co. Ltd. # | 100,480 | ||||||
72,200 | Shenzhen Laibao Hi-tech Co. Ltd. # | 147,452 | ||||||
90,525 | Shenzhen O-film Tech Co. Ltd. # | 275,922 | ||||||
10,800 | Shenzhen Tat Fook Technology Co. Ltd. | 64,462 | ||||||
86,600 | Sumavision Technologies Co. Ltd. # | 173,305 | ||||||
16,800 | Tongfang Guoxin Electronics Co. Ltd. # | 64,915 | ||||||
44,800 | Wuhu Token Science Co. Ltd. # | 112,297 | ||||||
38,900 | Zhejiang Crystal-Optech Co. Ltd. # | 107,132 | ||||||
79,922 | Zhejiang Dahua Technology Co. Ltd. | 282,767 | ||||||
3,053,466 | ||||||||
Telecommunication Services: 0.4% | ||||||||
32,100 | Talkweb Information System Co. Ltd. # | 87,369 | ||||||
Total Common Stocks (Cost: $20,687,424) | 20,905,177 | |||||||
Other assets less liabilities: 2.5% | 546,204 | |||||||
NET ASSETS: 100.0% | $ | 21,451,381 |
* | 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 $16,714,609 which represents 77.9% of net assets. |
§ | Illiquid Security—the aggregate value of illiquid securities is $181,577 which represents 0.8% of net assets. |
Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
Consumer Discretionary | 17.2 | % | $ | 3,600,879 | ||||
Consumer Staples | 7.3 | 1,525,392 | ||||||
Energy | 1.3 | 279,498 | ||||||
Financials | 6.2 | 1,293,282 | ||||||
Health Care | 13.3 | 2,784,833 | ||||||
Industrials | 17.8 | 3,720,960 | ||||||
Information Technology | 27.6 | 5,765,539 | ||||||
Materials | 8.9 | 1,847,425 | ||||||
Telecommunication Services | 0.4 | 87,369 | ||||||
100.0 | % | $ | 20,905,177 |
See Notes to Financial Statements
49 |
CHINAAMC SME-CHINEXT ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
Common Stocks | |||||||||||||||||||
Automobiles & Components | $ | 482,318 | $ | 131,528 | $ | — | $ | 613,846 | |||||||||||
Banks | 397,053 | — | — | 397,053 | |||||||||||||||
Capital Goods | 263,952 | 2,347,430 | — | 2,611,382 | |||||||||||||||
Commercial & Professional Services | 441,716 | 667,862 | — | 1,109,578 | |||||||||||||||
Consumer Durables & Apparel | — | 644,412 | — | 644,412 | |||||||||||||||
Consumer Services | — | 156,710 | — | 156,710 | |||||||||||||||
Diversified Financials | 317,215 | 360,047 | — | 677,262 | |||||||||||||||
Energy | — | 279,498 | — | 279,498 | |||||||||||||||
Food, Beverage & Tobacco | 107,269 | 1,267,547 | — | 1,374,816 | |||||||||||||||
Health Care Equipment & Services | 107,143 | 470,665 | — | 577,808 | |||||||||||||||
Household & Personal Products | — | 150,576 | — | 150,576 | |||||||||||||||
Materials | 575,427 | 1,271,998 | — | 1,847,425 | |||||||||||||||
Media | 213,766 | 815,343 | — | 1,029,109 | |||||||||||||||
Pharmaceuticals, Biotechnology | 486,215 | 1,720,810 | — | 2,207,025 | |||||||||||||||
Real Estate | 218,967 | — | — | 218,967 | |||||||||||||||
Retailing | — | 1,156,802 | — | 1,156,802 | |||||||||||||||
Semiconductor | — | 244,233 | — | 244,233 | |||||||||||||||
Software & Services | 232,298 | 2,235,542 | — | 2,467,840 | |||||||||||||||
Technology Hardware & Equipment | 347,229 | 2,706,237 | — | 3,053,466 | |||||||||||||||
Telecommunication Services | — | 87,369 | — | 87,369 | |||||||||||||||
Total | $ | 4,190,568 | $ | 16,714,609 | $ | — | $ | 20,905,177 |
See Notes to Financial Statements
50 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.7% | ||||||||
Banks: 8.4% | ||||||||
629,884 | Commercial International Bank Egypt SAE (GDR) # Reg S | $ | 4,140,445 | |||||
Capital Goods: 4.3% | ||||||||
363,254 | El Sewedy Electric Co. * # | 2,106,181 | ||||||
Consumer Durables & Apparel: 1.2% | ||||||||
1,122,861 | Arab Cotton Ginning Co. # | 593,585 | ||||||
Consumer Services: 0.8% | ||||||||
2,479,686 | Egyptian for Tourism Resorts Co. * # | 415,106 | ||||||
Diversified Financials: 18.6% | ||||||||
2,094,721 | Arabia Investments Development Financial Investments Holding Co. # | 499,033 | ||||||
3,606,817 | Citadel Capital Corp. * # | 1,434,005 | ||||||
1,310,762 | Egyptian Financial Group-Hermes Holding SAE * # | 2,799,417 | ||||||
3,188,315 | Egyptian Kuwaiti Holding Co. (USD) * # | 2,364,961 | ||||||
1,205,826 | Pioneers Holding * # | 2,096,099 | ||||||
9,193,515 | ||||||||
Energy: 5.6% | ||||||||
1,055,251 | Maridive & Oil Services SAE (USD) * # | 585,617 | ||||||
527,872 | Petroceltic International Plc (GBP) * † # | 1,072,966 | ||||||
270,199 | Transglobe Energy Corp. (CAD) | 1,124,420 | ||||||
2,783,003 | ||||||||
Food, Beverage & Tobacco: 5.8% | ||||||||
2,174,924 | Juhayna Food Industries * # | 2,867,556 | ||||||
Materials: 13.8% | ||||||||
2,929,483 | Cenatamin Plc (GBP) # | 2,690,934 | ||||||
197,141 | Egyptian Financial & Industrial Co. # | 263,504 | ||||||
262,158 | Egyptian Iron & Steel Co. * # | 250,216 | ||||||
1,020,551 | Ezz Steel * # | 1,977,224 | ||||||
788,991 | Sidi Kerir Petrochemicals Co. # | 1,657,069 | ||||||
6,838,947 | ||||||||
Real Estate: 23.5% | ||||||||
5,873,371 | Amer Group Holding # | 1,034,963 | ||||||
513,417 | Medinet Nasr Housing * # | 2,104,840 | ||||||
4,369,206 | Palm Hills Developments SAE * # | 2,474,361 | ||||||
1,058,313 | Six of October Development & Investment Co. * # | 2,094,615 | ||||||
2,861,663 | Talaat Moustafa Group # | 3,911,253 | ||||||
11,620,032 |
Number of Shares | Value | |||||||
Telecommunication Services: 17.7% | ||||||||
1,308,977 | Global Telecom Holding SAE (GDR) * Reg S | $ | 3,730,584 | |||||
12,049,645 | Orascom Telecom Media and Technology Holding SAE * # | 2,192,154 | ||||||
1,700,126 | Telecom Egypt # | 2,806,556 | ||||||
8,729,294 | ||||||||
Total Common Stocks (Cost: $39,904,613) | 49,287,664 | |||||||
MONEY MARKET FUND: 0.1% (Cost: $65,263) | ||||||||
65,263 | Dreyfus Government Cash Management Fund | 65,263 | ||||||
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $39,969,876) | 49,352,927 | |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.5% (Cost: $279,113) | ||||||||
Repurchase Agreement: 0.5% | ||||||||
$ | 279,113 | Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $279,114; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $284,695 including accrued interest) | 279,113 | |||||
Total Investments: 100.3% (Cost: $40,248,989) | 49,632,040 | |||||||
Liabilities in excess of other assets: (0.3)% | (171,257 | ) | ||||||
NET ASSETS: 100.0% | $ | 49,460,783 |
CAD | Canadian Dollar |
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 $259,430. |
# | 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 $44,432,660 which represents 89.8% 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
51 |
EGYPT INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 2.0 | % | $ | 1,008,691 | |||||
Consumer Staples | 5.8 | 2,867,556 | |||||||
Energy | 5.6 | 2,783,003 | |||||||
Financials | 50.6 | 24,953,992 | |||||||
Industrials | 4.3 | 2,106,181 | |||||||
Materials | 13.9 | 6,838,947 | |||||||
Telecommunication Services | 17.7 | 8,729,294 | |||||||
Money Market Fund | 0.1 | 65,263 | |||||||
100.0 | % | $ | 49,352,927 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
Common Stocks | |||||||||||||||||||
Banks | $ | — | $ | 4,140,445 | $ | — | $ | 4,140,445 | |||||||||||
Capital Goods | — | 2,106,181 | — | 2,106,181 | |||||||||||||||
Consumer Durables & Apparel | — | 593,585 | — | 593,585 | |||||||||||||||
Consumer Services | — | 415,106 | — | 415,106 | |||||||||||||||
Diversified Financials | — | 9,193,515 | — | 9,193,515 | |||||||||||||||
Energy | 1,124,420 | 1,658,583 | — | 2,783,003 | |||||||||||||||
Food, Beverage & Tobacco | — | 2,867,556 | — | 2,867,556 | |||||||||||||||
Materials | — | 6,838,947 | — | 6,838,947 | |||||||||||||||
Real Estate | — | 11,620,032 | — | 11,620,032 | |||||||||||||||
Telecommunication Services | 3,730,584 | 4,998,710 | — | 8,729,294 | |||||||||||||||
Money Market Fund | 65,263 | — | — | 65,263 | |||||||||||||||
Repurchase Agreement | — | 279,113 | — | 279,113 | |||||||||||||||
Total | $ | 4,920,267 | $ | 44,711,773 | $ | — | $ | 49,632,040 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $14,325,270 and transfers from Level 2 to Level 1 were $3,851,378. 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
52 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.6% | ||||||||
Bahrain: 2.4% | ||||||||
1,337,836 | Al-Salam Bank # | $ | 440,721 | |||||
Kuwait: 22.4% | ||||||||
110,481 | Abyaar Real Estate Development Co. KSCP * # | 12,139 | ||||||
41,894 | ALAFCO Aviation Lease and Finance Co. KSCC # | 35,338 | ||||||
66,359 | Boubyan Bank KSC * # | 92,393 | ||||||
64,896 | Boubyan Petrochemicals Co. # | 143,545 | ||||||
101,865 | Burgan Bank | 166,935 | ||||||
209,009 | Commercial Real Estate Co. KSCC # | 68,413 | ||||||
218,352 | Gulf Bank KSC * # | 214,869 | ||||||
325,827 | Kuwait Finance House # | 795,740 | ||||||
78,024 | Kuwait International Bank KSCP # | 65,455 | ||||||
85,955 | Kuwait Investment Projects Co. KSCC # | 204,558 | ||||||
54,435 | Mabanee Co. SAKC | 178,414 | ||||||
398,468 | Mobile Telecommunications Co. KSC # | 715,004 | ||||||
361,019 | National Bank of Kuwait SAK # | 1,116,328 | ||||||
154,469 | National Industries Group Holding SA * # | 99,452 | ||||||
43,040 | National Investments Co. KSCC # | 22,222 | ||||||
102,755 | Public Warehousing Co. KSC # | 256,226 | ||||||
4,187,031 | ||||||||
Oman: 10.4% | ||||||||
633,742 | Bank Muscat SAOG # | 947,224 | ||||||
133,324 | Oman Telecommunications Co. # | 585,163 | ||||||
173,572 | Omani Qatari Telecommunications Co. SAOG # | 281,990 | ||||||
105,307 | Renaissance Services SAOG # | 128,929 | ||||||
1,943,306 | ||||||||
Qatar: 25.2% | ||||||||
10,431 | Barwa Real Estate Co. QSC # | 118,330 | ||||||
7,960 | Commercial Bank of Qatar # | 148,241 | ||||||
6,926 | Doha Bank QSC # | 107,414 | ||||||
71,104 | Ezdan Holding Group QSC # | 290,281 | ||||||
4,982 | Gulf International Services QSC # | 133,280 | ||||||
16,218 | Industries Qatar QSC # | 738,568 | ||||||
39,405 | Masraf Al Rayan QSC # | 471,767 | ||||||
33,677 | Mesaieed Petrochemical Holding Co. # | 270,713 | ||||||
1,326 | National Leasing # | 7,210 | ||||||
2,949 | Qatar Electricity & Water Co. QSC # | 149,444 | ||||||
2,264 | Qatar Fuel Co. # | 125,343 | ||||||
15,012 | Qatar Gas Transport Co. Ltd. Nakilat # | 94,129 | ||||||
4,303 | Qatar Insurance Co. SAQ # | 106,247 | ||||||
4,058 | Qatar International Islamic Bank # | 89,696 | ||||||
6,334 | Qatar Islamic Bank SAQ # | 174,312 | ||||||
18,757 | Qatar National Bank SAQ # | 1,089,647 | ||||||
3,070 | Qatar Navigation # | 82,765 |
Number of Shares | Value | |||||||
Qatar: (continued) | ||||||||
7,213 | Qatar Telecom (Qtel) QSC # | $ | 242,280 | |||||
9,492 | United Development Co. # | 60,592 | ||||||
49,857 | Vodafone Qatar QSC # | 221,637 | ||||||
4,721,896 | ||||||||
South Korea: 3.0% | ||||||||
16,542 | Samsung Engineering Co. Ltd. * # | 566,199 | ||||||
United Arab Emirates: 34.2% | ||||||||
358,030 | Abu Dhabi Commercial Bank # | 674,262 | ||||||
418,034 | Air Arabia PJSC # | 168,293 | ||||||
574,954 | Aldar Properties PJSC # | 404,978 | ||||||
393,723 | Arabtec Holding Co. PJSC * # | 304,093 | ||||||
623,551 | Dana Gas PJSC * # | 83,519 | ||||||
30,347 | DP World Ltd. (USD) # | 633,920 | ||||||
292,500 | Dubai Financial Market PJSC # | 154,723 | ||||||
244,441 | Dubai Investments PJSC # | 153,439 | ||||||
180,699 | Dubai Islamic Bank # | 331,796 | ||||||
356,876 | Emaar Malls Group PJSC * | 260,394 | ||||||
641,356 | Emaar Properties PJSC # | 1,236,100 | ||||||
178,242 | First Gulf Bank PJSC # | 818,739 | ||||||
29,384 | Lamprell Plc (GBP) * # | 54,976 | ||||||
216,455 | National Bank of Abu Dhabi PJSC # | 817,024 | ||||||
201,198 | Union National Bank of Abu Dhabi PJSC # | 315,616 | ||||||
6,411,872 | ||||||||
United States: 2.0% | ||||||||
131,694 | McDermott International, Inc. * | 383,230 | ||||||
Total Common Stocks (Cost: $14,856,693) | 18,654,255 | |||||||
Principal Amount | ||||||||
CONVERTIBLE BONDS: 0.2% | ||||||||
Oman: 0.2% | ||||||||
$ | 93,424 | Bank Muscat SAOG 4.50%, 03/20/17 § | 25,722 | |||||
20,696 | Bank Muscat SAOG 4.50%, 03/20/16 § | 5,698 | ||||||
Total Convertible Bonds (Cost: $49,803) | 31,420 | |||||||
Number of Shares | ||||||||
MONEY MARKET FUND: 0.3% (Cost: $50,530) | ||||||||
50,530 | Dreyfus Government Cash Management Fund | 50,530 | ||||||
Total Investments: 100.1% (Cost: $14,957,026) | 18,736,205 | |||||||
Liabilities in excess of other assets: (0.1)% | (16,782 | ) | ||||||
NET ASSETS: 100.0% | $ | 18,719,423 |
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 $17,665,282 which represents 94.4% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $31,420 which represents 0.2% of net assets. |
See Notes to Financial Statements
53 |
GULF STATES INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments by Sector (unaudited) | % of Investments | Value | |||||||
Energy | 5.4 | % | $ | 1,003,406 | |||||
Financials | 65.0 | 12,187,639 | |||||||
Industrials | 15.4 | 2,884,854 | |||||||
Materials | 2.2 | 414,258 | |||||||
Telecommunication Services | 10.9 | 2,046,074 | |||||||
Utilities | 0.8 | 149,444 | |||||||
Money Market Fund | 0.3 | 50,530 | |||||||
100.0 | % | $ | 18,736,205 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
Common Stocks | |||||||||||||||||||
Bahrain | $ | — | $ | 440,721 | $ | — | $ | 440,721 | |||||||||||
Kuwait | 345,349 | 3,841,682 | — | 4,187,031 | |||||||||||||||
Oman | — | 1,943,306 | — | 1,943,306 | |||||||||||||||
Qatar | — | 4,721,896 | — | 4,721,896 | |||||||||||||||
South Korea | — | 566,199 | — | 566,199 | |||||||||||||||
United Arab Emirates | 260,394 | 6,151,478 | — | 6,411,872 | |||||||||||||||
United States | 383,230 | — | — | 383,230 | |||||||||||||||
Convertible Bonds* | — | 31,420 | — | 31,420 | |||||||||||||||
Money Market Fund | 50,530 | — | — | 50,530 | |||||||||||||||
Total | $ | 1,039,503 | $ | 17,696,702 | $ | — | $ | 18,736,205 |
* | See Schedule of Investments for security type and geographic sector breakouts. |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $7,433,102. 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
54 |
SCHEDULE OF INVESTMENTS (a)
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 99.7% | ||||||||
Automobiles & Components: 3.7% | ||||||||
1,549,909 | Amtek Auto Ltd. # | $ | 4,385,339 | |||||
312,459 | Ceat Ltd. # | 4,238,130 | ||||||
679,635 | JK Tyre & Industries Ltd. | 1,405,083 | ||||||
10,028,552 | ||||||||
Banks: 8.0% | ||||||||
1,352,208 | Allahabad Bank # | 2,826,079 | ||||||
1,626,614 | Andhra Bank # | 2,424,099 | ||||||
1,483,713 | Dena Bank # | 1,444,884 | ||||||
1,902,373 | Development Credit Bank Ltd. * # | 3,618,426 | ||||||
1,064,757 | Dewan Housing Finance Corp. Ltd. # | 6,615,833 | ||||||
1,273,685 | Karnataka Bank Ltd. # | 2,934,413 | ||||||
2,370,115 | Vijaya Bank Ltd. # | 1,880,099 | ||||||
21,743,833 | ||||||||
Capital Goods: 12.6% | ||||||||
172,935 | ABG Shipyard Ltd. * # | 630,663 | ||||||
137,867 | BEML Ltd. # | 1,723,177 | ||||||
238,894 | BGR Energy Systems Ltd. # | 609,406 | ||||||
828,497 | Escorts Ltd. # | 1,680,190 | ||||||
506,309 | Finolex Cables Ltd. # | 2,091,284 | ||||||
4,365,135 | Hindustan Construction Co. Ltd. * # | 2,019,279 | ||||||
3,667,403 | Jain Irrigation Systems Ltd. # | 4,036,801 | ||||||
4,598,102 | Jaypee Infratech Ltd. * # | 1,558,136 | ||||||
7,971,106 | Lanco Infratech Ltd. * # | 761,594 | ||||||
4,064,280 | Nagarjuna Construction Co. Ltd. # | 5,233,826 | ||||||
587,503 | Praj Industries Ltd. # | 560,657 | ||||||
298,676 | Sharda Cropchem Ltd. * # | 1,271,545 | ||||||
2,649,249 | Sintex Industries Ltd. # | 4,000,257 | ||||||
82,763 | State Trading Corp. India of Ltd. * # | 242,214 | ||||||
1,304,255 | Sterlite Technologies Ltd. # | 1,280,893 | ||||||
20,955,818 | Suzlon Energy Ltd. * # | 4,818,542 | ||||||
225,116 | Timken India Ltd. # | 1,825,206 | ||||||
34,343,670 | ||||||||
Consumer Durables & Apparel: 7.2% | ||||||||
9,309,286 | Alok Industries Ltd. # | 1,471,459 | ||||||
1,745,463 | Arvind Ltd. # | 7,783,332 | ||||||
333,393 | Bajaj Electricals Ltd. # | 1,159,115 | ||||||
683,740 | Bombay Dyeing & Manufacturing Co. Ltd. # | 720,113 | ||||||
676,727 | Gitanjali Gems Ltd. * # | 573,093 | ||||||
1,466,200 | Rajesh Exports Ltd. # | 3,288,495 | ||||||
203,204 | Raymond Ltd. # | 1,614,842 | ||||||
38,538 | TTK Prestige Ltd. # | 2,187,697 | ||||||
467,834 | VIP Industries Ltd. # | 837,111 | ||||||
19,635,257 | ||||||||
Consumer Services: 1.7% | ||||||||
770,718 | Cox & Kings Ltd. # | 3,593,101 | ||||||
187,048 | Wonderla Holidays Ltd. # | 919,225 | ||||||
4,512,326 | ||||||||
Diversified Financials: 14.0% | ||||||||
244,005 | Credit Analysis & Research Ltd. # | 5,709,367 | ||||||
263,702 | Future Capital Holdings Ltd. # | 1,526,713 | ||||||
10,087,404 | IFCI Ltd. # | 6,017,394 | ||||||
1,474,455 | India Infoline Ltd. # | 3,983,221 | ||||||
2,516,101 | JM Financial Ltd. # | 1,868,545 | ||||||
36,747 | JSW Holdings Ltd. * # | 555,575 | ||||||
5,105,539 | Manappuram Finance Ltd. # | 2,739,482 |
Number | ||||||||
of Shares | Value | |||||||
Diversified Financials: (continued) | ||||||||
1,860,792 | PTC India Financial Services Ltd # | $ | 2,039,428 | |||||
421,126 | Repco Home Finance Ltd. # | 4,416,801 | ||||||
1,286,712 | SKS Microfinance Ltd. * # | 8,386,659 | ||||||
1,387,900 | SREI Infrastructure Finance Ltd. # | 1,040,865 | ||||||
38,284,050 | ||||||||
Energy: 0.7% | ||||||||
188,253 | Aban Offshore Ltd. # | 1,486,374 | ||||||
49,989 | Reliance Industrial Infrastructure Ltd. # | 379,480 | ||||||
1,865,854 | ||||||||
Food, Beverage & Tobacco: 2.7% | ||||||||
4,145,305 | Bajaj Hindusthan Ltd. * # | 1,234,719 | ||||||
1,722,953 | Balrampur Chini Mills Ltd. * # | 1,620,755 | ||||||
602,564 | McLeod Russel India Ltd. # | 2,240,767 | ||||||
734,049 | Radico Khaitan Ltd. # | 1,008,126 | ||||||
5,765,353 | Shree Renuka Sugars Ltd. * # | 1,392,120 | ||||||
7,496,487 | ||||||||
Materials: 8.2% | ||||||||
131,660 | Andhra Pradesh Paper Mills * # | 511,890 | ||||||
98,197 | Atul Ltd. # | 2,153,438 | ||||||
308,031 | Century Textile & Industries Ltd. # | 2,545,399 | ||||||
1,377,739 | Chambal Fertilizers & Chemicals Ltd. # | 1,319,106 | ||||||
154,723 | Ess Dee Aluminium Ltd. * # | 841,754 | ||||||
1,284,807 | Gujarat State Fertilizers & Chemicals Ltd. # | 2,124,159 | ||||||
1,694,875 | India Cements Ltd. * # | 2,277,991 | ||||||
664,605 | Jai Corp. Ltd. # | 800,715 | ||||||
1,409,773 | Jindal Saw Ltd. # | 2,072,653 | ||||||
57,150 | Monsanto India Ltd. # | 2,564,778 | ||||||
643,795 | Rallis India Ltd. # | 2,190,582 | ||||||
989,288 | Rashtriya Chemicals & Fertilizers Ltd. # | 1,064,475 | ||||||
50,982 | Tata Sponge Iron Ltd. # | 550,966 | ||||||
1,160,662 | Welspun Corp. Ltd. # | 1,263,392 | ||||||
22,281,298 | ||||||||
Media: 4.9% | ||||||||
589,936 | DEN Networks Ltd. * # | 1,245,839 | ||||||
306,148 | Eros International Media Ltd. * # | 1,782,385 | ||||||
893,548 | Hathway Cable & Datacom Ltd. * # | 4,921,946 | ||||||
245,541 | PVR Ltd. | 2,726,245 | ||||||
5,674,739 | TV18 Broadcast Ltd. * # | 2,745,012 | ||||||
13,421,427 | ||||||||
Pharmaceuticals, Biotechnology: 5.1% | ||||||||
267,150 | Dishman Pharmaceuticals & Chemicals Ltd. # | 550,835 | ||||||
67,618 | Granules India Ltd. # | 883,484 | ||||||
2,604,288 | Marksans Pharma Ltd. # | 2,514,944 | ||||||
200,730 | Natco Pharma Ltd. | 4,866,206 | ||||||
1,077,125 | Sun Pharma Advanced Research Co. Ltd. * # | 3,173,100 | ||||||
614,499 | Suven Life Sciences Ltd. # | 2,037,948 | ||||||
14,026,517 | ||||||||
Real Estate: 8.1% | ||||||||
1,506,091 | Anant Raj Industries Ltd. # | 1,110,670 | ||||||
805,316 | DB Realty Ltd. * # | 887,796 | ||||||
762,123 | Delta Corp. Ltd. # | 1,089,912 | ||||||
2,832,046 | Housing Development & Infrastructure Ltd. * # | 3,028,810 | ||||||
3,633,598 | Indiabulls Real Estate Ltd. # | 3,922,779 |
See Notes to Financial Statements
55 |
INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
(continued)
Number | ||||||||
of Shares | Value | |||||||
Real Estate: (continued) | ||||||||
605,499 | OMAXE Ltd. | $ | 1,198,096 | |||||
1,560,736 | Parsvnath Developers Ltd. * # | 415,854 | ||||||
541,073 | Sobha Developers Ltd. # | 4,121,355 | ||||||
23,803,513 | Unitech Ltd. * # | 6,198,276 | ||||||
21,973,548 | ||||||||
Retailing: 3.6% | ||||||||
2,625,146 | Future Retail Ltd. # | 4,349,695 | ||||||
131,928 | Makemytrip Ltd. (USD) * | 3,428,809 | ||||||
592,916 | PC Jeweller Ltd. # | 2,014,141 | ||||||
9,792,645 | ||||||||
Software & Services: 10.7% | ||||||||
247,887 | Financial Technologies India Ltd. # | 793,727 | ||||||
4,033,172 | Firstsource Solutions Ltd. * # | 2,208,280 | ||||||
1,291,296 | HCL Infosystems Ltd. * # | 1,057,638 | ||||||
1,494,321 | Hexaware Technologies Ltd. # | 4,704,346 | ||||||
1,838,737 | KPIT Cummins Infosystems Ltd. # | 5,868,663 | ||||||
411,968 | NIIT Technologies Ltd. # | 2,409,856 | ||||||
633,560 | Polaris Software Lab Ltd. # | 1,716,996 | ||||||
1,090,422 | Rolta India Ltd. # | 1,609,580 | ||||||
249,118 | Tata Elxsi Ltd. # | 2,343,504 | ||||||
3,333,583 | Vakrangee Software Ltd. # | 6,553,972 | ||||||
29,266,562 | ||||||||
Telecommunication Services: 0.3% | ||||||||
2,085,633 | Mahanagar Telephone Nigam Ltd. * # | 895,616 | ||||||
Transportation: 4.5% | ||||||||
81,108 | Dredging Corp. of India Ltd. # | 544,223 | ||||||
749,890 | Gateway Distriparks Ltd. # | 4,170,152 | ||||||
288,890 | Gati Ltd. # | 1,284,052 |
Number | ||||||||
of Shares | Value | |||||||
Transportation: (continued) | ||||||||
8,495,531 | GVK Power & Infrastructure Ltd. * # | $ | 1,174,538 | |||||
376,066 | Jet Airways India Ltd. * # | 2,285,789 | ||||||
1,413,537 | Shipping Corp of India Ltd. * # | 1,303,030 | ||||||
711,752 | Snowman Logistics Ltd. * | 1,119,680 | ||||||
1,772,063 | SpiceJet Ltd. * # | 481,339 | ||||||
12,362,803 | ||||||||
Utilities: 3.7% | ||||||||
124,701 | BF Utilities Ltd. * # | 1,268,991 | ||||||
463,474 | Indraprastha Gas Ltd. # | 3,321,905 | ||||||
9,726,342 | Jaiprakash Power Ventures Ltd. * # | 1,854,804 | ||||||
2,449,857 | PTC India Ltd. # | 3,644,520 | ||||||
10,090,220 | ||||||||
Total Common Stocks (Cost: $220,485,200) | 272,020,665 | |||||||
RIGHTS: 0.0% (Cost: $0) | ||||||||
Retailing: 0.0% | ||||||||
871,111 | Future Retail Ltd. Rights (INR 103.00, expiring 01/29/15) # * | 27,601 | ||||||
MONEY MARKET FUND: 0.2% (Cost: $550,839) | ||||||||
550,839 | Dreyfus Government Cash Management Fund | 550,839 | ||||||
Total Investments: 99.9% (Cost: $221,036,039) | 272,599,105 | |||||||
Other assets less liabilities: 0.1% | 146,040 | |||||||
NET ASSETS: 100.0% | $ | 272,745,145 |
INR | Indian Rupee |
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 $257,304,147 which represents 94.3% of net assets. |
Summary of Investments | |||||||||
by Sector (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 21.1 | % | $ | 57,417,808 | |||||
Consumer Staples | 2.8 | 7,496,487 | |||||||
Energy | 0.7 | 1,865,854 | |||||||
Financials | 30.1 | 82,001,431 | |||||||
Health Care | 5.1 | 14,026,517 | |||||||
Industrials | 17.6 | 47,975,464 | |||||||
Information Technology | 10.7 | 29,266,562 | |||||||
Materials | 8.2 | 22,281,298 | |||||||
Telecommunication Services | 0.3 | 895,616 | |||||||
Utilities | 3.2 | 8,821,229 | |||||||
Money Market Fund | 0.2 | 550,839 | |||||||
100.0 | % | $ | 272,599,105 |
See Notes to Financial Statements
56 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | ||||||||||||||||
Level 1 | Significant | Significant | |||||||||||||||
Quoted | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Automobiles & Components | $ | 1,405,083 | $ | 8,623,469 | $ | — | $ | 10,028,552 | |||||||||
Banks | — | 21,743,833 | — | 21,743,833 | |||||||||||||
Capital Goods | — | 34,343,670 | — | 34,343,670 | |||||||||||||
Consumer Durables & Apparel | — | 19,635,257 | — | 19,635,257 | |||||||||||||
Consumer Services | — | 4,512,326 | — | 4,512,326 | |||||||||||||
Diversified Financials | — | 38,284,050 | — | 38,284,050 | |||||||||||||
Energy | — | 1,865,854 | — | 1,865,854 | |||||||||||||
Food, Beverage & Tobacco | — | 7,496,487 | — | 7,496,487 | |||||||||||||
Materials | — | 22,281,298 | — | 22,281,298 | |||||||||||||
Media | 2,726,245 | 10,695,182 | — | 13,421,427 | |||||||||||||
Pharmaceuticals, Biotechnology | 4,866,206 | 9,160,311 | — | 14,026,517 | |||||||||||||
Real Estate | 1,198,096 | 20,775,452 | — | 21,973,548 | |||||||||||||
Retailing | 3,428,809 | 6,363,836 | — | 9,792,645 | |||||||||||||
Software & Services | — | 29,266,562 | — | 29,266,562 | |||||||||||||
Telecommunication Services | — | 895,616 | — | 895,616 | |||||||||||||
Transportation | 1,119,680 | 11,243,123 | — | 12,362,803 | |||||||||||||
Utilities | — | 10,090,220 | — | 10,090,220 | |||||||||||||
Rights | |||||||||||||||||
Retailing | — | 27,601 | — | 27,601 | |||||||||||||
Money Market Fund | 550,839 | — | — | 550,839 | |||||||||||||
Total | $ | 15,294,958 | $ | 257,304,147 | $ | — | $ | 272,599,105 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $2,301,647. These transfers resulted primarily from changes in 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
57 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 99.4% | ||||||||
Automobiles & Components: 8.3% | ||||||||
25,592,900 | Astra International Tbk PT # | $ | 15,263,209 | |||||
Banks: 25.7% | ||||||||
13,758,600 | Bank Central Asia Tbk PT # | 14,594,267 | ||||||
4,543,748 | Bank Danamon Indonesia Tbk PT # | 1,653,497 | ||||||
12,737,051 | Bank Mandiri Persero Tbk PT # | 11,076,626 | ||||||
14,734,432 | Bank Negara Indonesia Persero Tbk PT # | 7,219,792 | ||||||
13,862,800 | Bank Rakyat Indonesia Tbk PT # | 13,030,763 | ||||||
47,574,945 | ||||||||
Capital Goods: 3.6% | ||||||||
1,716,000 | Gallant Venture Ltd. (SGD) * # | 315,149 | ||||||
4,686,900 | Pembangunan Perumahan Persero Tbk PT # | 1,346,362 | ||||||
3,020,869 | United Tractors Tbk PT # | 4,218,959 | ||||||
6,143,300 | Waskita Karya Persero Tbk PT # | 723,898 | ||||||
6,604,368 | ||||||||
Diversified Financials: 1.9% | ||||||||
3,649,250 | First Pacific Company Ltd. (HKD) # | 3,603,543 | ||||||
Energy: 4.9% | ||||||||
31,590,400 | Adaro Energy Tbk PT # | 2,635,736 | ||||||
4,385,950 | Banpu PCL (NVDR) (THB) † # | 3,309,712 | ||||||
60,048,900 | Bumi Resources Tbk PT * # | 387,091 | ||||||
781,200 | Indo Tambangraya Megah Tbk PT # | 963,531 | ||||||
1,448,100 | Medco Energi Internasional Tbk PT # | 443,892 | ||||||
1,319,900 | Tambang Batubara Bukit Asam Tbk PT # | 1,322,046 | ||||||
9,062,008 | ||||||||
Food, Beverage & Tobacco: 12.5% | ||||||||
622,100 | Astra Agro Lestari Tbk PT # | 1,215,572 | ||||||
14,251,800 | Charoen Pokphand Indonesia Tbk PT # | 4,338,041 | ||||||
970,000 | First Resources Ltd. (SGD) # | 1,363,273 | ||||||
11,157,000 | Golden Agri-Resources Ltd. (SGD) # | 3,860,107 | ||||||
912,100 | Gudang Garam Tbk PT # | 4,468,304 | ||||||
2,188,400 | Indofood Cbp Sukses Makmur Tbk PT # | 2,307,828 | ||||||
8,671,800 | Indofood Sukses Makmur Tbk PT # | 4,727,735 | ||||||
5,525,600 | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 840,903 | ||||||
23,121,763 | ||||||||
Household & Personal Products: 3.2% | ||||||||
2,260,700 | Unilever Indonesia Tbk PT # | 5,863,714 | ||||||
Insurance: 0.4% | ||||||||
28,463,400 | Panin Financial Tbk PT * # | 685,566 | ||||||
Materials: 8.8% | ||||||||
6,594,300 | Aneka Tambang Tbk PT # | 562,862 | ||||||
34,012,200 | G-Resources Group Ltd. (HKD) * † # | 805,041 | ||||||
15,157,700 | Hanson International Tbk PT * # | 848,327 | ||||||
2,617,700 | Indocement Tunggal Prakarsa Tbk PT # | 5,281,862 | ||||||
4,121,700 | International Nickel Indonesia Tbk PT # | 1,197,991 | ||||||
5,741,000 | Semen Gresik Persero Tbk PT # | 7,494,920 | ||||||
16,191,003 | ||||||||
Media: 1.3% | ||||||||
5,609,200 | Global Mediacom Tbk PT # | 642,691 | ||||||
5,639,800 | Media Nusantara Citra Tbk PT # | 1,152,802 | ||||||
22,956,100 | MNC Investama Tbk PT | 535,673 | ||||||
2,331,166 | ||||||||
Pharmaceuticals, Biotechnology: 3.2% | ||||||||
39,814,100 | Kalbe Farma Tbk PT # | 5,869,726 |
Number | ||||||||
of Shares | Value | |||||||
Real Estate: 5.5% | ||||||||
18,630,100 | Alam Sutera Realty Tbk PT # | $ | 838,378 | |||||
17,056,000 | Bumi Serpong Damai PT # | 2,475,537 | ||||||
18,573,000 | Ciputra Development Tbk PT # | 1,862,889 | ||||||
35,100,100 | Lippo Karawaci Tbk PT # | 2,881,845 | ||||||
17,668,000 | Summarecon Agung Tbk PT # | 2,168,537 | ||||||
10,227,186 | ||||||||
Retailing: 4.7% | ||||||||
148,000 | Jardine Cycle & Carriage Ltd. (SGD) # | 4,739,956 | ||||||
3,342,900 | Matahari Department Store Tbk PT # | 4,028,064 | ||||||
8,768,020 | ||||||||
Telecommunication Services: 9.7% | ||||||||
1,610,000 | Indosat Tbk PT * # | 525,137 | ||||||
267,642 | Telekomunikasi Indonesia Tbk PT (ADR) | 12,105,448 | ||||||
3,884,500 | Tower Bersama Infrastructure Tbk PT # | 3,038,132 | ||||||
5,731,700 | XL Axiata Tbk PT # | 2,247,589 | ||||||
17,916,306 | ||||||||
Transportation: 1.2% | ||||||||
4,029,500 | Jasa Marga Persero Tbk PT # | 2,286,638 | ||||||
Utilities: 4.5% | ||||||||
17,238,000 | Perusahaan Gas Negara Tbk PT # | 8,341,866 | ||||||
Total Common Stocks (Cost: $221,919,198) | 183,711,027 | |||||||
REAL ESTATE INVESTMENT TRUST: 0.4% (Cost: $1,021,382) | ||||||||
Real Estate: 0.4% | ||||||||
3,312,000 | Lippo Malls Indonesia Retail Trust | 849,808 | ||||||
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $222,940,580) | 184,560,835 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.1% | ||||||||
Repurchase Agreements: 1.1% | ||||||||
$ | 955,586 | Repurchase agreement dated 12/31/14 with 0.07%, Merrill Lynch, Pierce, Fenner & Smith, Inc. due 1/2/15, proceeds $955,590; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 6/1/17 to 12/20/44, valued at $974,698 including accrued interest) | 955,586 | |||||
1,000,000 | Repurchase agreement dated 12/31/14 with 0.08%, Mizuho Securities USA, Inc. due 1/2/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned | ||||||||
(Cost: $1,955,586) | 1,955,586 | |||||||
Total Investments: 100.9% (Cost: $224,896,166) | 186,516,421 | |||||||
Liabilities in excess of other assets: (0.9)% | (1,685,345 | ) | ||||||
NET ASSETS: 100.0% | $ | 184,831,076 |
See Notes to Financial Statements
58 |
ADR | American Depositary Receipt |
HKD | Hong Kong Dollar |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
THB | Thai Baht |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $1,816,926. |
# | 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 $171,069,906 which represents 92.6% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Consumer Discretionary | 14.3 | % | $ | 26,362,395 | ||||
Consumer Staples | 15.7 | 28,985,477 | ||||||
Energy | 4.9 | 9,062,008 | ||||||
Financials | 34.1 | 62,941,048 | ||||||
Health Care | 3.2 | 5,869,726 | ||||||
Industrials | 4.8 | 8,891,006 | ||||||
Materials | 8.8 | 16,191,003 | ||||||
Telecommunication Services | 9.7 | 17,916,306 | ||||||
Utilities | 4.5 | 8,341,866 | ||||||
100.0 | % | $ | 184,560,835 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | ||||||||||||||||
Level 1 | Significant | Significant | |||||||||||||||
Quoted | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Automobiles & Components | $ | — | $ | 15,263,209 | $ | — | $ | 15,263,209 | |||||||||
Banks | — | 47,574,945 | — | 47,574,945 | |||||||||||||
Capital Goods | — | 6,604,368 | — | 6,604,368 | |||||||||||||
Diversified Financials | — | 3,603,543 | — | 3,603,543 | |||||||||||||
Energy | — | 9,062,008 | — | 9,062,008 | |||||||||||||
Food, Beverage & Tobacco | — | 23,121,763 | — | 23,121,763 | |||||||||||||
Household & Personal Products | — | 5,863,714 | — | 5,863,714 | |||||||||||||
Insurance | — | 685,566 | — | 685,566 | |||||||||||||
Materials | — | 16,191,003 | — | 16,191,003 | |||||||||||||
Media | 535,673 | 1,795,493 | — | 2,331,166 | |||||||||||||
Pharmaceuticals, Biotechnology | — | 5,869,726 | — | 5,869,726 | |||||||||||||
Real Estate | — | 10,227,186 | — | 10,227,186 | |||||||||||||
Retailing | — | 8,768,020 | — | 8,768,020 | |||||||||||||
Telecommunication Services | 12,105,448 | 5,810,858 | — | 17,916,306 | |||||||||||||
Transportation | — | 2,286,638 | — | 2,286,638 | |||||||||||||
Utilities | — | 8,341,866 | — | 8,341,866 | |||||||||||||
Real Estate Investment Trust | |||||||||||||||||
Real Estate | 849,808 | — | — | 849,808 | |||||||||||||
Repurchase Agreements | — | 1,955,586 | — | 1,955,586 | |||||||||||||
Total | $ | 13,490,929 | $ | 173,025,492 | $ | — | $ | 186,516,421 |
During the year ended December 31, 2014, transfers of securities from Level 2 to Level 1 were $1,928,200. 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 the 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
59 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 99.1% | ||||||||
Banks: 7.8% | ||||||||
4,332,400 | Bank Bukopin Tbk PT # | $ | 262,093 | |||||
8,712,900 | Bank Pembangunan Daerah Jawa Timur Tbk PT # | 322,944 | ||||||
585,037 | ||||||||
Capital Goods: 12.2% | ||||||||
1,052,100 | Adhi Karya Persero Tbk PT # | 294,026 | ||||||
4,772,700 | Sitara Propertindo Tbk PT * | 171,100 | ||||||
3,757,700 | Surya Semesta Internusa Tbk PT # | 322,350 | ||||||
1,463,300 | Total Bangun Persada Tbk PT # | 131,341 | ||||||
918,817 | ||||||||
Energy: 20.1% | ||||||||
24,369,400 | Benakat Integra Tbk PT * # | 237,812 | ||||||
6,240,000 | Berau Coal Energy Tbk PT * # | 31,539 | ||||||
28,736,500 | Bumi Resources Tbk PT * # | 185,243 | ||||||
3,566,800 | Elnusa Tbk PT # | 196,279 | ||||||
37,248,900 | Energi Mega Persada Tbk PT * # | 299,230 | ||||||
1,487,600 | Energy Earth PCL (NVDR) (THB) # | 216,427 | ||||||
2,668,900 | Exploitasi Energi Indonesia Tbk PT * # | 33,384 | ||||||
593,000 | Geo Energy Resources Ltd (SGD) * | 93,978 | ||||||
934,600 | Harum Energy Tbk PT # | 124,792 | ||||||
333,000 | RH PetroGas Ltd (SGD) * # | 98,660 | ||||||
1,517,344 | ||||||||
Food, Beverage & Tobacco: 13.0% | ||||||||
12,024,700 | BW Plantation Tbk PT # | 384,217 | ||||||
939,300 | Malindo Feedmill Tbk PT # | 161,536 | ||||||
743,400 | Sampoerna Agro PT # | 126,275 | ||||||
1,803,100 | Tiga Pilar Sejahtera Food Tbk # | 303,988 | ||||||
976,016 |
Number | ||||||||
of Shares | Value | |||||||
Materials: 1.3% | ||||||||
3,962,300 | Bumi Resources Minerals Tbk PT * # | $ | 100,215 | |||||
Media: 2.0% | ||||||||
3,925,000 | Visi Media Asia Tbk PT * # | 151,352 | ||||||
Real Estate: 27.9% | ||||||||
4,483,900 | Bekasi Fajar Industrial Estate Tbk PT # | 263,341 | ||||||
3,078,900 | Ciputra Property Tbk PT # | 208,690 | ||||||
2,415,900 | Eureka Prima Jakarta Tbk PT * # | 116,906 | ||||||
19,295,921 | Kawasan Industri Jababeka Tbk PT # | 456,948 | ||||||
481,200 | Lippo Cikarang Tbk PT * # | 402,388 | ||||||
9,710,400 | Modernland Realty Tbk PT # | 405,831 | ||||||
7,092,000 | Nirvana Development Tbk PT * # | 106,143 | ||||||
17,589,400 | Sentul City Tbk PT * # | 146,222 | ||||||
2,106,469 | ||||||||
Retailing: 6.6% | ||||||||
7,438,100 | Multipolar Tbk PT # | 498,985 | ||||||
Technology Hardware & Equipment: 4.8% | ||||||||
1,382,700 | Erajaya Swasembada Tbk PT * # | 120,693 | ||||||
6,164,800 | Sigmagold Inti Perkasa Tbk PT * # | 242,835 | ||||||
363,528 | ||||||||
Transportation: 3.4% | ||||||||
1,253,200 | Express Transindo Utama Tbk PT # | 117,913 | ||||||
8,717,000 | Nusantara Infrastructure Tbk PT * # | 141,145 | ||||||
259,058 | ||||||||
Total Common Stocks (Cost: $8,260,597) | 7,476,821 | |||||||
Other assets less liabilities: 0.9% | 64,596 | |||||||
NET ASSETS: 100.0% | $ | 7,541,417 |
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 $7,211,743 which represents 95.6% of net assets. |
Summary of Investments | |||||||||
by Sector (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 8.7 | % | $ | 650,337 | |||||
Consumer Staples | 13.1 | 976,016 | |||||||
Energy | 20.3 | 1,517,344 | |||||||
Financials | 36.0 | 2,691,506 | |||||||
Industrials | 15.7 | 1,177,875 | |||||||
Information Technology | 4.9 | 363,528 | |||||||
Materials | 1.3 | 100,215 | |||||||
100.0 | % | $ | 7,476,821 |
See Notes to Financial Statements
60 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||||||
Common Stocks | ||||||||||||||||||||
Banks | $ | — | $ | 585,037 | $ | — | $ | 585,037 | ||||||||||||
Capital Goods | 171,100 | 747,717 | — | 918,817 | ||||||||||||||||
Energy | 93,978 | 1,423,366 | — | 1,517,344 | ||||||||||||||||
Food, Beverage & Tobacco | — | 976,016 | — | 976,016 | ||||||||||||||||
Materials | — | 100,215 | — | 100,215 | ||||||||||||||||
Media | — | 151,352 | — | 151,352 | ||||||||||||||||
Real Estate | — | 2,106,469 | — | 2,106,469 | ||||||||||||||||
Retailing | — | 498,985 | — | 498,985 | ||||||||||||||||
Technology Hardware & Equipment | — | 363,528 | — | 363,528 | ||||||||||||||||
Transportation | — | 259,058 | — | 259,058 | ||||||||||||||||
Total | $ | 265,078 | $ | 7,211,743 | $ | — | $ | 7,476,821 |
During the year ended December 31, 2014, transfers of securities from Level 2 to Level 1 were $137,718. 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
61 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 99.4% | ||||||||
Banks: 8.3% | ||||||||
276,416 | Bank Hapoalim BM # | $ | 1,302,766 | |||||
371,348 | Bank Leumi Le-Israel BM * # | 1,271,553 | ||||||
6,650 | FIBI Holdings Ltd. # | 96,656 | ||||||
11,152 | First International Bank of Israel Ltd. # | 142,896 | ||||||
300,666 | Israel Discount Bank Ltd. * # | 481,145 | ||||||
37,530 | Mizrahi Tefahot Bank Ltd. * # | 393,680 | ||||||
3,688,696 | ||||||||
Capital Goods: 2.5% | ||||||||
34,249 | Discount Investment Corp. # | 66,133 | ||||||
7,118 | Elbit Systems Ltd. # | 434,840 | ||||||
12,005 | Elco Holdings Ltd. | 71,448 | ||||||
1,041 | Electra Ltd. # | 115,351 | ||||||
25,807 | Ormat Industries Ltd. # | 177,290 | ||||||
2,605 | Plasson Industries Ltd. # | 85,747 | ||||||
80,901 | Shikun & Binui Ltd. # | 170,916 | ||||||
1,121,725 | ||||||||
Consumer Durables & Apparel: 0.9% | ||||||||
4,525 | Delta-Galil Industries Ltd. # | 122,439 | ||||||
4,685 | Fox Wizel Ltd. # | 110,671 | ||||||
8,272 | SodaStream International Ltd. (USD) * | 166,433 | ||||||
399,543 | ||||||||
Consumer Services: 0.3% | ||||||||
66,287 | 888 Holdings Plc (GBP) # | 142,439 | ||||||
Diversified Financials: 1.1% | ||||||||
19,428 | Elron Electronic Industries Ltd. # | 79,469 | ||||||
29,400 | Meitav DS Investments Ltd. # | 84,032 | ||||||
3,814 | Mivtach Shamir Holdings Ltd. * # | 89,780 | ||||||
24,459 | Plus500 Ltd. (GBP) # | 225,967 | ||||||
479,248 | ||||||||
Energy: 3.8% | ||||||||
12,469 | Alon USA Energy, Inc. (USD) | 157,982 | ||||||
298 | Delek Energy Systems Ltd. * # | 134,969 | ||||||
1,409 | Delek Group Ltd. # | 354,241 | ||||||
18,693 | Delek US Holdings, Inc. (USD) | 509,945 | ||||||
20,122 | Naphtha Israel Petroleum Corp. Ltd. * # | 99,495 | ||||||
500,452 | Oil Refineries Ltd. * # | 132,880 | ||||||
2,162 | Paz Oil Co. Ltd. # | 280,236 | ||||||
1,669,748 | ||||||||
Food & Staples Retailing: 0.5% | ||||||||
3,488 | Rami Levi Chain Stores Hashikma Marketing Ltd. # | 128,118 | ||||||
46,733 | Shufersal Ltd. # | 99,738 | ||||||
227,856 | ||||||||
Food, Beverage & Tobacco: 0.9% | ||||||||
11,752 | Osem Investments Ltd. # | 208,969 | ||||||
13,546 | Strauss Group Ltd. * | 203,985 | ||||||
412,954 | ||||||||
Health Care Equipment & Services: 1.4% | ||||||||
9,106 | Brainsway Ltd. * # | 76,699 | ||||||
13,728 | Lumenis Ltd. (USD) * | 128,220 | ||||||
17,002 | Mazor Robotics Ltd. * # | 104,375 | ||||||
47,001 | PhotoMedex, Inc. (USD) * | 71,912 | ||||||
4,515 | ReWalk Robotics Ltd. (USD) * | 85,243 | ||||||
15,283 | Syneron Medical Ltd. (USD) * | 142,590 | ||||||
609,039 |
Number | ||||||||
of Shares | Value | |||||||
Insurance: 1.6% | ||||||||
10,932 | Clal Insurance Enterprises Holdings Ltd. * # | $ | 156,133 | |||||
41,532 | Harel Insurance Investments & Financial Services Ltd. # | 188,187 | ||||||
12,486 | Menorah Mivtachim Holdings Ltd. # | 108,557 | ||||||
134,133 | Migdal Insurance & Financial Holding Ltd. # | 160,092 | ||||||
38,174 | Phoenix Holdings Ltd. # | 101,138 | ||||||
714,107 | ||||||||
Materials: 5.1% | ||||||||
7,344 | Caesarstone Sdot-Yam Ltd. (USD) | 439,318 | ||||||
11,967 | Frutarom Industries Ltd. # | 370,190 | ||||||
133,704 | Israel Chemicals Ltd. # | 964,262 | ||||||
1,058 | Israel Corp. Ltd. * # | 501,918 | ||||||
2,275,688 | ||||||||
Pharmaceuticals, Biotechnology: 30.3% | ||||||||
21,766 | Alcobra Ltd. (USD) * | 81,187 | ||||||
95,909 | Clal Biotechnology Industries Ltd. * # | 60,750 | ||||||
18,206 | Compugen Ltd. (USD) * | 151,656 | ||||||
10,921 | Enzymotec Ltd. (USD) * | 82,126 | ||||||
11,647 | Evogene Ltd. * # | 107,322 | ||||||
23,727 | Kamada Ltd. * # | 87,138 | ||||||
18,067 | Medgenics, Inc. (USD) * | 91,419 | ||||||
67,431 | Opko Health, Inc. (USD) * | 673,636 | ||||||
35,194 | Perrigo Co. Plc (USD) | 5,883,029 | ||||||
41,413 | Pluristem Therapeutics, Inc. (USD) * | 103,532 | ||||||
3,951 | Taro Pharmaceutical Industries Ltd. (USD) * | 585,499 | ||||||
96,489 | Teva Pharmaceutical Industries Ltd. # | 5,544,084 | ||||||
13,451,378 | ||||||||
Real Estate: 4.2% | ||||||||
78,035 | Africa Israel Investments Ltd. * # | 70,873 | ||||||
7,757 | Africa Israel Properties Ltd. # | 102,179 | ||||||
3,368 | AL-ROV Israel Ltd. * # | 85,652 | ||||||
49,882 | Amot Investments Ltd. # | 148,833 | ||||||
9,816 | Azrieli Group | 323,631 | ||||||
401 | Bayside Land Corp. # | 105,651 | ||||||
2,254 | Big Shopping Centers Ltd. # | 92,159 | ||||||
54,084 | Elbit Imaging Ltd. * # | 85,362 | ||||||
25,466 | Gazit-Globe Ltd. # | 301,810 | ||||||
62,663 | Industrial Buildings Corp. # | 56,562 | ||||||
16,659 | Jerusalem Economy Ltd. # | 47,570 | ||||||
4,046 | Jerusalem Oil Exploration * # | 124,703 | ||||||
5,957 | Melisron Ltd. # | 164,982 | ||||||
10,784 | Nitsba Holdings Ltd. * # | 142,966 | ||||||
1,852,933 | ||||||||
Retailing: 0.3% | ||||||||
15,699 | Delek Automotive Systems Ltd. # | 139,825 | ||||||
Semiconductor: 3.5% | ||||||||
8,842 | Ceva, Inc. (USD) * | 160,394 | ||||||
11,844 | DSP Group, Inc. (USD) * | 128,744 | ||||||
11,113 | EZchip Semiconductor Ltd. * # | 213,550 | ||||||
11,719 | Mellanox Technologies Ltd. (USD) * | 500,753 | ||||||
13,873 | Nova Measuring Instruments Ltd. * # | 140,329 | ||||||
20,232 | Sigma Designs, Inc. (USD) * | 149,717 | ||||||
19,418 | Tower Semiconductor Ltd. (USD) * | 258,842 | ||||||
1,552,329 |
See Notes to Financial Statements
62 |
Number | ||||||||
of Shares | Value | |||||||
Software & Services: 26.2% | ||||||||
16,020 | Allot Communications Ltd. (USD) * | $ | 147,064 | |||||
45,155 | Amdocs Ltd. (USD) | 2,106,707 | ||||||
10,180 | Attunity Ltd. (USD) * | 109,435 | ||||||
10,131 | Borderfree, Inc. (USD) * | 90,774 | ||||||
36,672 | Check Point Software Technologies Ltd. (USD) * | 2,881,319 | ||||||
15,739 | Clicksoftware Technologies Ltd. (USD) * | 113,006 | ||||||
51,366 | Crossrider Plc (GBP) * # | 87,732 | ||||||
3,953 | CyberArk Software Ltd. (USD) * | 156,736 | ||||||
4,615 | Formula Systems Ltd. # | 102,014 | ||||||
6,679 | Imperva, Inc. (USD) * | 330,143 | ||||||
17,708 | LivePerson, Inc. (USD) * | 249,683 | ||||||
16,620 | Magic Software Enterprises Ltd. # | 99,004 | ||||||
30,817 | Matomy Media Group Ltd. (GBP) * # | 110,386 | ||||||
22,344 | Matrix IT Ltd. # | 100,563 | ||||||
13,304 | Mobileye NV (USD) * | 539,610 | ||||||
16,501 | NICE Systems Ltd. # | 836,452 | ||||||
21,590 | Perion Network Ltd. (USD) * | 94,996 | ||||||
55,822 | Playtech Ltd. (GBP) # | 595,911 | ||||||
29,458 | SafeCharge International Group Ltd. (GBP) | 121,721 | ||||||
14,725 | Sapiens International Corp. NV (USD) * | 108,523 | ||||||
4,834 | Varonis Systems, Inc. (USD) * | 158,700 | ||||||
31,611 | VeriFone Systems, Inc. (USD) * | 1,175,929 | ||||||
17,675 | Verint Systems, Inc. (USD) * | 1,030,099 | ||||||
11,770 | Wix.com Ltd. (USD) * | 247,170 | ||||||
11,593,677 | ||||||||
Technology Hardware & Equipment: 5.1% | ||||||||
22,733 | AudioCodes Ltd. (USD) * | 103,208 | ||||||
73,861 | Ceragon Networks Ltd. (USD) * | 74,600 | ||||||
7,139 | Ituran Location and Control Ltd. # | 156,966 | ||||||
13,444 | Orbotech Ltd. (USD) * | 198,971 | ||||||
12,357 | Radware Ltd. (USD) * | 272,101 | ||||||
3,172 | Silicom Ltd. (USD) | 111,623 | ||||||
13,165 | Stratasys Ltd. (USD) * | 1,094,143 |
Number | ||||||||
of Shares | Value | |||||||
Technology Hardware & Equipment: (continued) | ||||||||
7,504 | SuperCom Ltd. (USD) * | $ | 76,616 | |||||
40,481 | Telit Communications Plc (GBP) * | 152,119 | ||||||
2,240,347 | ||||||||
Telecommunication Services: 2.9% | ||||||||
526,223 | Bezeq the Israeli Telecommunication Corp. Ltd. # | 935,594 | ||||||
21,707 | Cellcom Israel Ltd. * # | 188,553 | ||||||
32,633 | Partner Communications Co. Ltd. * # | 169,360 | ||||||
1,293,507 | ||||||||
Utilities: 0.5% | ||||||||
7,233 | Ormat Technologies, Inc. (USD) | 196,593 | ||||||
Total Common Stocks (Cost: $42,343,719) | 44,061,632 | |||||||
REAL ESTATE INVESTMENT TRUST: 0.4% (Cost: $207,509) | ||||||||
Real Estate: 0.4% | ||||||||
30,856 | Alony Hetz Properties & Investments Ltd. # | 202,728 | ||||||
WARRANTS: 0.0% (Cost: $0) | ||||||||
Real Estate: 0.0% | ||||||||
5,946 | Africa Israel Investments Ltd. Warrants (ILS 1,200.00, expiring 03/31/15) * | 69 | ||||||
MONEY MARKET FUND: 0.3% (Cost: $121,726) | ||||||||
121,726 | Dreyfus Government Cash Management Fund | 121,726 | ||||||
Total Investments: 100.1% (Cost: $42,672,954) | 44,386,155 | |||||||
Liabilities in excess of other assets: (0.1)% | (51,359 | ) | ||||||
NET ASSETS: 100.0% | $ | 44,334,796 |
GBP | British Pound |
ILS | Israeli Sheqel |
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 $21,171,530 which represents 47.8% of net assets. |
See Notes to Financial Statements
63 |
ISRAEL ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments | |||||||||
by Sector (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 1.5 | % | $ | 681,807 | |||||
Consumer Staples | 1.5 | 640,810 | |||||||
Energy | 3.8 | 1,669,748 | |||||||
Financials | 15.6 | 6,937,781 | |||||||
Health Care | 31.7 | 14,060,417 | |||||||
Industrials | 2.5 | 1,121,725 | |||||||
Information Technology | 34.7 | 15,386,353 | |||||||
Materials | 5.1 | 2,275,688 | |||||||
Telecommunication Services | 2.9 | 1,293,507 | |||||||
Utilities | 0.4 | 196,593 | |||||||
Money Market Fund | 0.3 | 121,726 | |||||||
100.0 | % | $ | 44,386,155 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||||||
Common Stocks | ||||||||||||||||||||
Banks | $ | — | $ | 3,688,696 | $ | — | $ | 3,688,696 | ||||||||||||
Capital Goods | 71,448 | 1,050,277 | — | 1,121,725 | ||||||||||||||||
Consumer Durables & Apparel | 166,433 | 233,110 | — | 399,543 | ||||||||||||||||
Consumer Services | — | 142,439 | — | 142,439 | ||||||||||||||||
Diversified Financials | — | 479,248 | — | 479,248 | ||||||||||||||||
Energy | 667,927 | 1,001,821 | — | 1,669,748 | ||||||||||||||||
Food & Staples Retailing | — | 227,856 | — | 227,856 | ||||||||||||||||
Food, Beverage & Tobacco | 203,985 | 208,969 | — | 412,954 | ||||||||||||||||
Health Care Equipment & Services | 427,965 | 181,074 | — | 609,039 | ||||||||||||||||
Insurance | — | 714,107 | — | 714,107 | ||||||||||||||||
Materials | 439,318 | 1,836,370 | — | 2,275,688 | ||||||||||||||||
Pharmaceuticals, Biotechnology | 7,652,084 | 5,799,294 | — | 13,451,378 | ||||||||||||||||
Real Estate | 323,631 | 1,529,302 | — | 1,852,933 | ||||||||||||||||
Retailing | — | 139,825 | — | 139,825 | ||||||||||||||||
Semiconductor | 1,198,450 | 353,879 | — | 1,552,329 | ||||||||||||||||
Software & Services | 9,661,615 | 1,932,062 | — | 11,593,677 | ||||||||||||||||
Technology Hardware & Equipment | 2,083,381 | 156,966 | — | 2,240,347 | ||||||||||||||||
Telecommunication Services | — | 1,293,507 | — | 1,293,507 | ||||||||||||||||
Utilities | 196,593 | — | — | 196,593 | ||||||||||||||||
Real Estate Investment Trust | ||||||||||||||||||||
Real Estate | — | 202,728 | — | 202,728 | ||||||||||||||||
Warrants | ||||||||||||||||||||
Real Estate | 69 | — | — | 69 | ||||||||||||||||
Money Market Fund | 121,726 | — | — | 121,726 | ||||||||||||||||
Total | $ | 23,214,625 | $ | 21,171,530 | $ | — | $ | 44,386,155 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $625,625 and transfers from Level 2 to Level 1 were $467,609. 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
64 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Banks: 33.7% | ||||||||
25,811 | Alior Bank SA * † # | $ | 564,065 | |||||
20,085 | Bank Handlowy w Warszawie SA # | 601,595 | ||||||
164,094 | Bank Millennium SA † # | 381,529 | ||||||
25,942 | Bank Pekao SA # | 1,299,543 | ||||||
8,874 | Bank Zachodni WBK SA # | 932,750 | ||||||
5,190 | BRE Bank SA # | 725,184 | ||||||
472,560 | Get Bank SA * # | 289,868 | ||||||
148,386 | Getin Holding SA * # | 77,023 | ||||||
148,440 | PKO Bank Polski SA # | 1,485,222 | ||||||
6,356,779 | ||||||||
Diversified Financials: 0.7% | ||||||||
10,857 | Warsaw Stock Exchange # | 139,986 | ||||||
Energy: 13.8% | ||||||||
46,607 | Grupa Lotos SA * † | 334,594 | ||||||
12,758 | Lubelski Wegiel Bogdanka SA # | 345,937 | ||||||
79,722 | Polski Koncern Naftowy Orlen SA # | 1,086,656 | ||||||
681,069 | Polskie Gornictwo Naftowe I Gazownictwo SA # | 846,591 | ||||||
2,613,778 | ||||||||
Food & Staples Retailing: 7.1% | ||||||||
38,348 | Eurocash SA # | 409,010 | ||||||
93,517 | Jeronimo Martins, SGPS SA (EUR) # | 937,077 | ||||||
1,346,087 | ||||||||
Insurance: 8.4% | ||||||||
11,584 | Powszechny Zaklad Ubezpieczen SA # | 1,575,801 | ||||||
Materials: 8.7% | ||||||||
32,488 | Jastrzebska Spolka Weglowa SA * † # | 152,348 | ||||||
39,790 | KGHM Polska Miedz SA # | 1,209,084 | ||||||
235,955 | Synthos SA # | 272,177 | ||||||
1,633,609 | ||||||||
Media: 3.7% | ||||||||
67,796 | Cyfrowy Polsat SA # | 446,427 | ||||||
56,306 | TVN SA * † | 256,801 | ||||||
703,228 |
Number of Shares | Value | |||||||
Real Estate: 0.7% | ||||||||
84,245 | Globe Trade Centre SA * † # | $ | 127,050 | |||||
Software & Services: 2.4% | ||||||||
31,642 | Asseco Poland SA # | 452,458 | ||||||
Telecommunication Services: 4.9% | ||||||||
74,911 | Netia SA # | 117,544 | ||||||
348,615 | Telekomunikacja Polska SA # | 811,941 | ||||||
929,485 | ||||||||
Utilities: 15.9% | ||||||||
130,288 | Enea SA # | 558,727 | ||||||
79,435 | Energa SA # | 514,924 | ||||||
212,812 | Polska Grupa Energetyczna SA # | 1,121,558 | ||||||
571,130 | Tauron Polska Energia SA # | 804,959 | ||||||
3,000,168 | ||||||||
Total Common Stocks (Cost: $24,572,026) | 18,878,429 |
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.7% (Cost: $331,154) | ||||||||
Repurchase Agreement: 1.7% | ||||||||
$ | 331,154 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $331,155; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $337,777 including accrued interest) | 331,154 | |||||
Total Investments: 101.7% (Cost: $24,903,180) | 19,209,583 | |||||||
Liabilities in excess of other assets: (1.7)% | (323,865 | ) | ||||||
NET ASSETS: 100.0% | $ | 18,885,718 |
EUR | Euro |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $310,225. |
# | 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 $18,287,034 which represents 96.8% of net assets. |
See Notes to Financial Statements
65 |
POLAND ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Consumer Discretionary | 3.7 | % | $ | 703,228 | ||||
Consumer Staples | 7.1 | 1,346,087 | ||||||
Energy | 13.9 | 2,613,778 | ||||||
Financials | 43.4 | 8,199,616 | ||||||
Information Technology | 2.4 | 452,458 | ||||||
Materials | 8.7 | 1,633,609 | ||||||
Telecommunication Services | 4.9 | 929,485 | ||||||
Utilities | 15.9 | 3,000,168 | ||||||
100.0 | % | $ | 18,878,429 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Banks | $ | — | $ | 6,356,779 | $ | — | $ | 6,356,779 | |||||||||
Diversified Financials | — | 139,986 | — | 139,986 | |||||||||||||
Energy | 334,594 | 2,279,184 | — | 2,613,778 | |||||||||||||
Food & Staples Retailing | — | 1,346,087 | — | 1,346,087 | |||||||||||||
Insurance | — | 1,575,801 | — | 1,575,801 | |||||||||||||
Materials | — | 1,633,609 | — | 1,633,609 | |||||||||||||
Media | 256,801 | 446,427 | — | 703,228 | |||||||||||||
Real Estate | — | 127,050 | — | 127,050 | |||||||||||||
Software & Services | — | 452,458 | — | 452,458 | |||||||||||||
Telecommunication Services | — | 929,485 | — | 929,485 | |||||||||||||
Utilities | — | 3,000,168 | — | 3,000,168 | |||||||||||||
Repurchase Agreement | — | 331,154 | — | 331,154 | |||||||||||||
Total | $ | 591,395 | $ | 18,618,188 | $ | — | $ | 19,209,583 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $1,423,610 and transfers from Level 2 to Level 1 were $1,053,135. 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
66 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 93.6% | ||||||||
Banks: 11.2% | ||||||||
21,232,434 | Sberbank of Russia (ADR) # | $ | 85,781,178 | |||||
38,079,795 | VTB Bank OJSC (GDR) # Reg S | 87,274,587 | ||||||
173,055,765 | ||||||||
Energy: 37.2% | ||||||||
1,143,033 | Eurasia Drilling Co. Ltd. (GDR) Reg S | 20,345,987 | ||||||
3,238,597 | Lukoil (ADR) # | 128,134,125 | ||||||
1,172,239 | Novatek OAO (GDR) # Reg S | 91,289,438 | ||||||
27,243,923 | OAO Gazprom (ADR) # | 125,421,459 | ||||||
815,653 | OAO TMK (GDR) # Reg S | 1,920,227 | ||||||
19,316,241 | Rosneft Oil Co. (GDR) # Reg S | 67,341,786 | ||||||
14,587,519 | Surgutneftegas OJSC (ADR) # | 61,743,687 | ||||||
3,144,785 | Tatneft (ADR) # | 77,115,172 | ||||||
573,311,881 | ||||||||
Food & Staples Retailing: 11.2% | ||||||||
6,558,804 | Lenta Ltd. (GDR) * Reg S | 44,337,515 | ||||||
2,395,636 | Magnit OAO (GDR) Reg S | 108,265,908 | ||||||
936,236 | O’Key Group SA (GDR) Reg S | 4,110,076 | ||||||
1,349,533 | X5 Retail Group NV (GDR) * # Reg S | 16,352,104 | ||||||
173,065,603 | ||||||||
Materials: 17.0% | ||||||||
6,240,509 | Evraz Plc (GBP) # | 14,922,209 | ||||||
5,872,951 | JSC MMC Norilsk Nickel (ADR) # | 83,982,465 | ||||||
1,850,917 | Magnitogorsk Iron & Steel Works (GDR) # Reg S | 4,452,066 | ||||||
2,276,141 | Mechel OAO (ADR) * | 1,556,653 | ||||||
1,390,182 | Novolipetsk Steel (GDR) Reg S | 15,959,289 | ||||||
3,067,926 | Polymetal International (GBP) # | 27,468,078 | ||||||
11,052,685 | Polyus Gold International Ltd. (GBP) # | 31,213,158 | ||||||
2,097,287 | Raspadskaya OAO (USD) * # | 792,154 | ||||||
2,914,831 | Severstal OAO (GDR) Reg S | 26,524,962 | ||||||
25,208,000 | United Company RUSAL Plc (HKD) * # | 16,920,961 | ||||||
3,210,730 | Uralkali OJSC (GDR) # Reg S | 37,744,501 | ||||||
261,536,496 | ||||||||
Media: 0.3% | ||||||||
929,042 | CTC Media, Inc. (USD) | 4,524,435 | ||||||
Pharmaceuticals, Biotechnology: 0.5% | ||||||||
632,538 | OTCPharm PJSC * # § | 2,395,338 | ||||||
926,728 | Pharmstandard (GDR) * Reg S | 5,606,704 | ||||||
8,002,042 | ||||||||
Real Estate: 0.3% | ||||||||
3,243,572 | LSR Group (GDR) Reg S | 5,059,972 | ||||||
Software & Services: 4.1% | ||||||||
1,014,960 | Mail.ru Group Ltd. (GDR) * # Reg S | 16,385,699 | ||||||
2,638,460 | Yandex NV (USD) * | 47,386,742 | ||||||
63,772,441 |
Number | ||||||||
of Shares | Value | |||||||
Telecommunication Services: 8.6% | ||||||||
1,746,409 | MegaFon OAO (GDR) # Reg S | $ | 23,798,981 | |||||
8,076,887 | Mobile TeleSystems OJSC (ADR) | 57,992,049 | ||||||
2,432,388 | Rostelecom OJSC (ADR) # | 21,997,676 | ||||||
2,877,990 | Sistema JSFC (GDR) # Reg S | 15,096,983 | ||||||
3,201,756 | VimpelCom Ltd. (ADR) | 13,367,331 | ||||||
132,253,020 | ||||||||
Transportation: 0.7% | ||||||||
664,826 | Global Ports Investments Plc (GDR) Reg S | 1,632,148 | ||||||
1,717,676 | Globaltrans Investment Plc (GDR) # Reg S | 8,628,227 | ||||||
10,260,375 | ||||||||
Utilities: 2.5% | ||||||||
167,117,304 | E.ON Russia JSC (USD) * # | 6,273,416 | ||||||
4,223,653,094 | Federal Grid Co. Unified Energy System JSC (USD) * # | 3,163,516 | ||||||
533,782,912 | IDGC Holding JSC (USD) * # | 3,559,798 | ||||||
40,775,431,515 | Inter Rao Ues OAO (USD) * | 4,811,501 | ||||||
7,410,870 | Irkutsk Electronetwork Co. JSC (USD) * # § | 62,180 | ||||||
98,744,807 | Mosenergo OAO (USD) * | 1,053,311 | ||||||
21,119,528 | RusHydro OAO (ADR) | 19,683,400 | ||||||
38,607,122 | ||||||||
Total Common Stocks (Cost: $2,310,591,478) | 1,443,449,152 | |||||||
PREFERRED STOCKS: 7.0% | ||||||||
Banks: 0.6% | ||||||||
15,740,608 | Sberbank of Russia (USD) * # | 9,608,618 | ||||||
Energy: 6.4% | ||||||||
25,738 | AK Transneft OAO (USD) * # | 53,555,963 | ||||||
93,158,802 | Surgutneftegas OJSC (USD) * # | 44,879,812 | ||||||
98,435,775 | ||||||||
Total Preferred Stocks (Cost: $138,614,998) | 108,044,393 | |||||||
MONEY MARKET FUND: 0.4% (Cost: $5,365,785) | ||||||||
5,365,785 | Dreyfus Government Cash Management Fund | 5,365,785 | ||||||
Total Investments: 101.0% (Cost: $2,454,572,261) | 1,556,859,330 | |||||||
Liabilities in excess of other assets: (1.0)% | (14,914,591 | ) | ||||||
NET ASSETS: 100.0% | $ | 1,541,944,739 |
See Notes to Financial Statements
67 |
RUSSIA ETF
SCHEDULE OF INVESTMENTS
(continued)
ADR | American Depositary Receipt |
GBP | British Pound |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
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 $1,169,275,562 which represents 75.8% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $2,457,518 which represents 0.2% 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 (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 0.3 | % | $ | 4,524,435 | |||||
Consumer Staples | 11.1 | 173,065,603 | |||||||
Energy | 43.1 | 671,747,656 | |||||||
Financials | 12.1 | 187,724,355 | |||||||
Health Care | 0.5 | 8,002,042 | |||||||
Industrials | 0.7 | 10,260,375 | |||||||
Information Technology | 4.1 | 63,772,441 | |||||||
Materials | 16.8 | 261,536,496 | |||||||
Telecommunication Services | 8.5 | 132,253,020 | |||||||
Utilities | 2.5 | 38,607,122 | |||||||
Money Market Fund | 0.3 | 5,365,785 | |||||||
100.0 | % | $ | 1,556,859,330 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Banks | $ | — | $ | 173,055,765 | $ | — | $ | 173,055,765 | |||||||||
Energy | 20,345,987 | 552,965,894 | — | 573,311,881 | |||||||||||||
Food & Staples Retailing | 156,713,499 | 16,352,104 | — | 173,065,603 | |||||||||||||
Materials | 44,040,904 | 217,495,592 | — | 261,536,496 | |||||||||||||
Media | 4,524,435 | — | — | 4,524,435 | |||||||||||||
Pharmaceuticals, Biotechnology | 5,606,704 | 2,395,338 | — | 8,002,042 | |||||||||||||
Real Estate | 5,059,972 | — | — | 5,059,972 | |||||||||||||
Software & Services | 47,386,742 | 16,385,699 | — | 63,772,441 | |||||||||||||
Telecommunication Services | 71,359,380 | 60,893,640 | — | 132,253,020 | |||||||||||||
Transportation | 1,632,148 | 8,628,227 | — | 10,260,375 | |||||||||||||
Utilities | 25,548,212 | 12,996,730 | 62,180 | 38,607,122 | |||||||||||||
Preferred Stocks* | — | 108,044,393 | — | 108,044,393 | |||||||||||||
Money Market Fund | 5,365,785 | — | — | 5,365,785 | |||||||||||||
Total | $ | 387,583,768 | $ | 1,169,213,382 | $ | 62,180 | $ | 1,556,859,330 |
* See Schedule of Investments for security type and industry sector breakouts.
See Notes to Financial Statements
68 |
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2014:
Common | |||||
Stocks | |||||
Utilities | |||||
Balance as of December 31, 2013 | $ | 109,932 | |||
Realized gain (loss) | — | ||||
Net change in unrealized appreciation (depreciation) | (47,752 | ) | |||
Purchases | — | ||||
Sales | — | ||||
Transfers in and/or out of level 3 | — | ||||
Balance as of December 31, 2014 | $ | 62,180 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $125,186,496 and transfers from Level 2 to Level 1 were $41,816,260. 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
69 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 91.4% | ||||||||
Banks: 2.1% | ||||||||
352,864 | TCS Group Holding Plc (GDR) # Reg S | $ | 1,115,462 | |||||
Consumer Durables & Apparel: 8.8% | ||||||||
1,474,043 | PIK Group (GDR) Reg S | 4,716,938 | ||||||
Diversified Financials: 2.3% | ||||||||
259,486 | Vostok Nafta Investment Ltd (SEK) * # | 1,247,659 | ||||||
Energy: 9.7% | ||||||||
173,505 | CAT Oil AG (EUR) # | 3,067,274 | ||||||
503,348 | Exillon Energy Plc (GBP) * # | 1,158,893 | ||||||
426,527 | OAO TMK (GDR) # Reg S | 1,004,138 | ||||||
5,230,305 | ||||||||
Food & Staples Retailing: 4.0% | ||||||||
489,628 | O’Key Group SA (GDR) Reg S | 2,149,467 | ||||||
Materials: 11.9% | ||||||||
56,197 | Acron JSC (USD) * # | 1,673,227 | ||||||
789,066 | Highland Gold Mining Ltd. (GBP) # | 384,855 | ||||||
11,302,000 | IRC Ltd. (HKD) * # | 752,626 | ||||||
967,980 | Magnitogorsk Iron & Steel Works (GDR) # Reg S | 2,328,311 | ||||||
1,190,325 | Mechel OAO (ADR) * | 814,063 | ||||||
1,096,784 | Raspadskaya OAO (USD) * # | 414,260 | ||||||
6,367,342 | ||||||||
Media: 9.9% | ||||||||
485,892 | CTC Media, Inc. (USD) | 2,366,294 | ||||||
1,184,552 | ITE Group Plc (GBP) # | 2,948,791 | ||||||
5,315,085 | ||||||||
Pharmaceuticals, Biotechnology: 6.7% | ||||||||
175,600 | OTCPharm PJSC * # § | 664,974 | ||||||
483,312 | Pharmstandard (GDR) * Reg S | 2,924,038 | ||||||
3,589,012 | ||||||||
Real Estate: 10.2% | ||||||||
809,754 | Etalon Group Ltd. (GDR) # Reg S | 1,583,222 | ||||||
1,696,264 | LSR Group (GDR) Reg S | 2,646,172 | ||||||
1,643,546 | Raven Russia Ltd. (GBP) * | 1,217,282 | ||||||
5,446,676 |
Number of Shares | Value | |||||||
Software & Services: 4.1% | ||||||||
107,930 | Qiwi Plc (ADR) | $ | 2,179,107 | |||||
Transportation: 8.7% | ||||||||
4,715,583 | Aeroflot—Russian Airlines OJSC (USD) * # | 2,451,726 | ||||||
444,241 | Globaltrans Investment Plc (GDR) # Reg S | 2,231,511 | ||||||
4,683,237 | ||||||||
Utilities: 13.0% | ||||||||
2,209,031,200 | Federal Grid Co. Unified Energy System JSC (USD) * # | 1,654,564 | ||||||
279,154,200 | IDGC Holding JSC (USD) * # | 1,861,679 | ||||||
18,624,260,000 | Inter Rao Ues OAO (USD) * | 2,197,663 | ||||||
51,664,800 | Mosenergo OAO (USD) * | 551,108 | ||||||
258,386,600 | OGK-2 OAO (USD) * # | 683,949 | ||||||
6,948,963 | ||||||||
Total Common Stocks (Cost: $79,582,617) | 48,989,253 | |||||||
PREFERRED STOCK: 9.4% (Cost: $5,039,027) | ||||||||
Energy: 9.4% | ||||||||
2,409 | AK Transneft OAO (USD) * # | 5,012,678 | ||||||
MONEY MARKET FUND: 0.6% (Cost: $334,160) | ||||||||
334,160 | Dreyfus Government Cash Management Fund | 334,160 | ||||||
Total Investments: 101.4% (Cost: $84,955,804) | 54,336,091 | |||||||
Liabilities in excess of other assets: (1.4)% | (762,802 | ) | ||||||
NET ASSETS: 100.0% | $ | 53,573,289 |
ADR | American Depositary Receipt |
EUR | Euro |
GBP | British Pound |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
SEK | Swedish Krona |
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 $32,239,799 which represents 60.2% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $664,974 which represents 1.2% 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
70 |
Summary of Investments by Sector (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 18.5 | % | $ | 10,032,023 | |||||
Consumer Staples | 4.0 | 2,149,467 | |||||||
Energy | 18.8 | 10,242,983 | |||||||
Financials | 14.4 | 7,809,797 | |||||||
Health Care | 6.6 | 3,589,012 | |||||||
Industrials | 8.6 | 4,683,237 | |||||||
Information Technology | 4.0 | 2,179,107 | |||||||
Materials | 11.7 | 6,367,342 | |||||||
Utilities | 12.8 | 6,948,963 | |||||||
Money Market Fund | 0.6 | 334,160 | |||||||
100.0 | % | $ | 54,336,091 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Banks | $ | — | $ | 1,115,462 | $ | — | $ | 1,115,462 | |||||||||
Consumer Durables & Apparel | 4,716,938 | — | — | 4,716,938 | |||||||||||||
Diversified Financials | — | 1,247,659 | — | 1,247,659 | |||||||||||||
Energy | — | 5,230,305 | — | 5,230,305 | |||||||||||||
Food & Staples Retailing | 2,149,467 | — | — | 2,149,467 | |||||||||||||
Materials | 814,063 | 5,553,279 | — | 6,367,342 | |||||||||||||
Media | 2,366,294 | 2,948,791 | — | 5,315,085 | |||||||||||||
Pharmaceuticals, Biotechnology | 2,924,038 | 664,974 | — | 3,589,012 | |||||||||||||
Real Estate | 3,863,454 | 1,583,222 | — | 5,446,676 | |||||||||||||
Software & Services | 2,179,107 | — | — | 2,179,107 | |||||||||||||
Transportation | — | 4,683,237 | — | 4,683,237 | |||||||||||||
Utilities | 2,748,771 | 4,200,192 | — | 6,948,963 | |||||||||||||
Preferred Stock | |||||||||||||||||
Energy | — | 5,012,678 | — | 5,012,678 | |||||||||||||
Money Market Fund | 334,160 | — | — | 334,160 | |||||||||||||
Total | $ | 22,096,292 | $ | 32,239,799 | $ | — | $ | 54,336,091 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $8,598,829 and transfers from Level 2 to Level 1 were $1,958,357. 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
71 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.6% | ||||||||
Automobiles & Components: 0.8% | ||||||||
1,420,920 | Danang Rubber JSC # | $ | 3,733,786 | |||||
Banks: 16.2% | ||||||||
23,445,078 | Bank for Foreign Trade of Vietnam JSC | 34,968,930 | ||||||
35,887,071 | Saigon Thuong Tin Commercial JSB * | 30,203,029 | ||||||
27,555,300 | Saigon-Hanoi Commercial Joint Stock Bank | 10,435,906 | ||||||
75,607,865 | ||||||||
Capital Goods: 11.2% | ||||||||
8,953,340 | Becamex Infrastructure Development JSC # | 5,686,750 | ||||||
14,767,890 | Gamuda Bhd (MYR) # | 21,198,686 | ||||||
36,888,671 | Tan Tao Investment Industry Corp. ‡ * # | 13,732,325 | ||||||
19,917,997 | Viet Nam Construction & Import-Export JSC | 11,827,402 | ||||||
52,445,163 | ||||||||
Consumer Durables & Apparel: 4.7% | ||||||||
607,557 | Hansae Co Ltd. (KRW) # | 21,857,287 | ||||||
Consumer Services: 3.7% | ||||||||
28,337,948 | Donaco International Ltd. (AUD) ‡ * † # | 17,502,554 | ||||||
Diversified Financials: 6.9% | ||||||||
17,196,424 | HAGL JSC * | 17,769,303 | ||||||
15,861,046 | Ocean Group JSC ‡ * # | 5,247,645 | ||||||
7,151,760 | Saigon Securities, Inc. # | 9,183,894 | ||||||
32,200,842 | ||||||||
Energy: 18.1% | ||||||||
68 | PetroVietnam Construction Co. * | 15 | ||||||
3,769,561 | PetroVietnam Drilling & Well Services JSC # | 11,358,393 | ||||||
14,585,850 | PetroVietnam Technical Services Corp. | 18,345,266 | ||||||
15,117,995 | Petrovietnam Transportation Corp. ‡ * # | 9,849,715 | ||||||
7,798,518 | Premier Oil Plc (GBP) # | 20,178,888 | ||||||
5,304,218 | Soco International Plc (GBP) # | 24,772,569 | ||||||
84,504,846 | ||||||||
Food, Beverage & Tobacco: 12.4% | ||||||||
25,156,700 | Charoen Pokphand Foods (NVDR) (THB) # | 20,703,936 | ||||||
9,570,210 | Masan Group Corp. * # | 37,215,396 | ||||||
57,919,332 | ||||||||
Insurance: 3.7% | ||||||||
11,638,506 | Bao Viet Holdings | 17,413,545 | ||||||
Materials: 4.7% | ||||||||
15,360,310 | PetroVietnam Fertilizer & Chemical JSC | 22,120,283 | ||||||
Real Estate: 9.7% | ||||||||
17,137,360 | FLC Group JSC ‡ * # | 8,672,590 | ||||||
16,505,889 | Vingroup JSC # | 36,705,575 | ||||||
45,378,165 | ||||||||
Retailing: 4.8% | ||||||||
31,627,636 | Parkson Holdings Bhd (MYR) * # | 22,656,495 | ||||||
Transportation: 0.0% | ||||||||
6 | Gemadept Corp. ‡ | 8 | ||||||
Utilities: 2.7% | ||||||||
10,388,710 | Pha Lai Thermal Power JSC # | 12,844,489 | ||||||
Total Common Stocks (Cost: $458,125,390) | 466,184,660 |
Number of Shares | Value | |||||||
WARRANTS: 0.0% (Cost: $0) | ||||||||
Consumer Services: 0.0% | ||||||||
32 | Minor International PCL Warrants (THB 40.00, expiring 11/03/17) * | $ | 5 | |||||
MONEY MARKET FUND: 0.7% (Cost: $3,236,293) | ||||||||
3,236,293 | Dreyfus Government Cash Management Fund | 3,236,293 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.3% | ||||||||
(Cost: $461,361,684) | 469,420,958 | |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.8% | ||||||||
Repurchase Agreements: 0.8% | ||||||||
$ | 1,000,000 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
1,000,000 | Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $1,000,006; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $1,020,001 including accrued interest) | 1,000,000 | ||||||
1,000,000 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
737,824 | Repurchase agreement dated 12/31/14 with RBC Capital Markets, LLC, 0.08%, due 1/2/15, proceeds $737,827; (collateralized by various U.S. government and agency obligations, 0.00% to 5.00%, due 5/1/15 to 12/20/44, valued at $752,580 including accrued interest) | 737,824 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned | ||||||||
(Cost: $3,737,824) | 3,737,824 | |||||||
Total Investments: 101.1% (Cost: $465,099,508) | 473,158,782 | |||||||
Liabilities in excess of other assets: (1.1)% | (4,926,102 | ) | ||||||
NET ASSETS: 100.0% | $ | 468,232,680 |
See Notes to Financial Statements
72 |
AUD | Australian Dollar |
GBP | British Pound |
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 |
† | Security fully or partially on loan. Total market value of securities on loan is $3,551,413. |
# | 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 $303,100,973 which represents 64.7% of net assets. |
A summary of the Fund’s transactions in securities of affiliates for the year ended December 31, 2014 is set forth below:
Affiliates | Value as of December 31, 2013 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Value as of December 31, 2014 | |||||||||||||||||||
Donaco International Ltd. | $ | — | $ | 21,931,744 | $ | 527,471 | $ | (98,631 | ) | $ | — | $ | 17,502,554 | ||||||||||||
FLC Group JSC | — | 16,505,939 | 5,770,636 | (1,031,216 | ) | — | 8,672,590 | ||||||||||||||||||
Gemadept Corp. (b) | 10,459,857 | 3,319,142 | 14,178,595 | 4,202,427 | — | — | |||||||||||||||||||
Ocean Group JSC | 10,852,929 | 4,398,489 | 7,170,723 | (1,122,357 | ) | — | 5,247,645 | ||||||||||||||||||
Petrovietnam Technical Services Corp. (b) | 24,530,379 | 12,040,909 | 30,593,342 | 10,314,234 | 1,246,133 | — | |||||||||||||||||||
Petrovietnam Transportation Corp. (a) | — | 17,483,339 | 5,040,767 | (1,834,426 | ) | — | 9,849,715 | ||||||||||||||||||
Tan Tao Investment Industry Corp. | 13,675,711 | 6,780,936 | 9,694,840 | 626,942 | — | 13,732,325 | |||||||||||||||||||
$ | 59,518,876 | $ | 82,460,498 | $ | 72,976,374 | $ | 11,056,973 | $ | 1,246,133 | $ | 55,004,829 |
(a) | Not an affiliate at the beginning of the reporting period |
(b) | Not an affiliate at the end of the reporting period |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 14.0 | % | $ | 65,750,127 | |||||
Consumer Staples | 12.3 | 57,919,332 | |||||||
Energy | 18.0 | 84,504,846 | |||||||
Financials | 36.4 | 170,600,417 | |||||||
Industrials | 11.2 | 52,445,171 | |||||||
Materials | 4.7 | 22,120,283 | |||||||
Utilities | 2.7 | 12,844,489 | |||||||
Money Market Fund | 0.7 | 3,236,293 | |||||||
100.0 | % | $ | 469,420,958 |
See Notes to Financial Statements
73 |
VIETNAM ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Automobiles & Components | $ | — | $ | 3,733,786 | $ | — | $ | 3,733,786 | |||||||||
Banks | 75,607,865 | — | — | 75,607,865 | |||||||||||||
Capital Goods | 11,827,402 | 40,617,761 | — | 52,445,163 | |||||||||||||
Consumer Durables & Apparel | — | 21,857,287 | — | 21,857,287 | |||||||||||||
Consumer Services | — | 17,502,554 | — | 17,502,554 | |||||||||||||
Diversified Financials | 17,769,303 | 14,431,539 | — | 32,200,842 | |||||||||||||
Energy | 18,345,281 | 66,159,565 | — | 84,504,846 | |||||||||||||
Food, Beverage & Tobacco | — | 57,919,332 | — | 57,919,332 | |||||||||||||
Insurance | 17,413,545 | — | — | 17,413,545 | |||||||||||||
Materials | 22,120,283 | — | — | 22,120,283 | |||||||||||||
Real Estate | — | 45,378,165 | — | 45,378,165 | |||||||||||||
Retailing | — | 22,656,495 | — | 22,656,495 | |||||||||||||
Transportation | 8 | — | — | 8 | |||||||||||||
Utilities | — | 12,844,489 | — | 12,844,489 | |||||||||||||
Warrants | |||||||||||||||||
Consumer Services | 5 | — | — | 5 | |||||||||||||
Money Market Fund | 3,236,293 | — | — | 3,236,293 | |||||||||||||
Repurchase Agreements | — | 3,737,824 | — | 3,737,824 | |||||||||||||
Total | $ | 166,319,985 | $ | 306,838,797 | $ | — | $ | 473,158,782 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $5,227,574 and transfers from Level 2 to Level 1 were $134,113,722. 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
74 |
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75 |
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2014
ChinaAMC | ||||||||||||||||||||
Africa | Brazil | ChinaAMC | SME-ChiNext | |||||||||||||||||
Index ETF | Small-Cap ETF | A-Share ETF | ETF | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments, at value (1) (2) | $ | 95,945,118 | $ | 105,560,395 | $ | 91,093,971 | $ | 20,905,177 | ||||||||||||
Short-term investments held as collateral for securities loaned (3) | 2,617,525 | 652,906 | — | — | ||||||||||||||||
Cash | — | — | 1,739,976 | (b) | — | |||||||||||||||
Cash denominated in foreign currency, at value (4) | — | 369,244 | 1,028,795 | (c) | 521,635 | (d) | ||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold | 644,102 | — | — | 811,329 | ||||||||||||||||
Shares sold | — | 10,172 | — | 1,415,669 | ||||||||||||||||
Due from Adviser | — | — | — | 5,675 | ||||||||||||||||
Dividends and interest | 13,892 | 321,684 | — | — | ||||||||||||||||
Swap contracts, at value | — | — | 722,776 | — | ||||||||||||||||
Prepaid expenses | 1,864 | 2,740 | 449 | — | ||||||||||||||||
Total assets | 99,222,501 | 106,917,141 | 94,585,967 | 23,659,485 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment securities purchased | 118,631 | — | — | 598,110 | ||||||||||||||||
Collateral for securities loaned | 2,617,525 | 652,906 | — | — | ||||||||||||||||
Line of credit | — | — | — | — | ||||||||||||||||
Shares redeemed | 545,220 | — | — | — | ||||||||||||||||
Due to Adviser | 59,221 | 162,009 | 27,612 | — | ||||||||||||||||
Due to custodian | 11,549 | 1,899,441 | — | 1,581,777 | ||||||||||||||||
Deferred Trustee fees | 7,102 | 28,393 | 2,181 | 18 | ||||||||||||||||
Accrued expenses | 218,004 | 163,469 | 141,708 | 28,199 | ||||||||||||||||
Total liabilities | 3,577,252 | 2,906,218 | 171,501 | 2,208,104 | ||||||||||||||||
NET ASSETS | $ | 95,645,249 | $ | 104,010,923 | $ | 94,414,466 | $ | 21,451,381 | ||||||||||||
Shares outstanding | 3,650,000 | 4,900,000 | 2,050,000 | 750,000 | ||||||||||||||||
Net asset value, redemption and offering price per share | $ | 26.20 | $ | 21.23 | $ | 46.06 | $ | 28.60 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||
Aggregate paid in capital | 124,507,978 | $ | 258,898,153 | $ | 73,393,274 | $ | 21,244,868 | |||||||||||||
Net unrealized appreciation (depreciation) | (2,295,754 | ) | (36,447,601 | ) | 22,711,927 | 218,194 | ||||||||||||||
Undistributed (accumulated) net investment income (loss) | (1,270,540 | ) | (174,576 | ) | (806,036 | ) | (4,541 | ) | ||||||||||||
Accumulated net realized loss | (25,296,435 | ) | (118,265,053 | ) | (884,699 | ) | (7,140 | ) | ||||||||||||
$ | 95,645,249 | $ | 104,010,923 | $ | 94,414,466 | $ | 21,451,381 | |||||||||||||
(1) Value of securities on loan | $ | 2,508,120 | $ | 581,842 | $ | — | $ | — | ||||||||||||
(2) Cost of investments | $ | 98,241,358 | $ | 142,002,653 | $ | 69,106,811 | $ | 20,687,424 | ||||||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 2,617,525 | $ | 652,906 | $ | — | $ | — | ||||||||||||
(4) Cost of cash denominated in foreign currency | $ | — | $ | 369,244 | $ | 1,026,719 | $ | 521,134 |
(a) | Represents consolidated Statement of Assets and Liabilities. |
(b) | Includes $600,000 of segregated cash collateral for swap contracts. |
(c) | Includes $12,673 of foreign investor minimum settlement reserve funds. |
(d) | Includes $4,696 of foreign investor minimum settlement reserve funds. |
See Notes to Financial Statements
76 |
India | |||||||||||||||||||||||||||||||||
Egypt | Gulf States | Small-Cap | Indonesia | Indonesia | |||||||||||||||||||||||||||||
Index ETF | Index ETF | Index ETF(a) | Index ETF | Small-Cap ETF | Israel ETF | Poland ETF | |||||||||||||||||||||||||||
$ | 49,352,927 | $ | 18,736,205 | $ | 272,599,105 | $ | 184,560,835 | $ | 7,476,821 | $ | 44,386,155 | $ | 18,878,429 | ||||||||||||||||||||
279,113 | — | — | 1,955,586 | — | — | 331,154 | |||||||||||||||||||||||||||
— | 103,823 | — | 25,150 | — | — | — | |||||||||||||||||||||||||||
5,098,972 | 426 | 7,130,211 | 186,930 | 99,241 | 6,061 | 8,352 | |||||||||||||||||||||||||||
649,445 | 702 | 449,870 | — | — | 3,706 | — | |||||||||||||||||||||||||||
117,729 | — | 6,483,801 | — | — | — | — | |||||||||||||||||||||||||||
— | 24,325 | — | — | 14,781 | — | 3,214 | |||||||||||||||||||||||||||
130,696 | 287 | 11,596 | 449,268 | 1,053 | 21,368 | 75,581 | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
1,056 | 449 | 7,490 | 3,791 | 99 | 634 | 448 | |||||||||||||||||||||||||||
55,629,938 | 18,866,217 | 286,682,073 | 187,181,560 | 7,591,995 | 44,417,924 | 19,297,178 | |||||||||||||||||||||||||||
2,421 | 700 | 7,098,636 | — | — | 6,997 | — | |||||||||||||||||||||||||||
279,113 | — | — | 1,955,586 | — | — | 331,154 | |||||||||||||||||||||||||||
5,639,017 | — | — | 167,663 | — | — | — | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
24,637 | — | 39,190 | 64,427 | — | 3,678 | — | |||||||||||||||||||||||||||
79,951 | — | 6,317,125 | — | 24,296 | 28,100 | 1,238 | |||||||||||||||||||||||||||
3,083 | 1,150 | 6,278 | 22,816 | 333 | 1,250 | 2,185 | |||||||||||||||||||||||||||
140,933 | 144,944 | 475,699 | 139,992 | 25,949 | 43,103 | 76,883 | |||||||||||||||||||||||||||
6,169,155 | 146,794 | 13,936,928 | 2,350,484 | 50,578 | 83,128 | 411,460 | |||||||||||||||||||||||||||
$ | 49,460,783 | $ | 18,719,423 | $ | 272,745,145 | $ | 184,831,076 | $ | 7,541,417 | $ | 44,334,796 | $ | 18,885,718 | ||||||||||||||||||||
824,974 | 700,000 | 6,124,967 | 7,600,000 | 550,000 | 1,500,000 | 1,050,000 | |||||||||||||||||||||||||||
$ | 59.95 | $ | 26.74 | $ | 44.53 | $ | 24.32 | $ | 13.71 | $ | 29.56 | $ | 17.99 | ||||||||||||||||||||
$ | 59,325,569 | $ | 21,952,281 | $ | 295,191,326 | $ | 300,606,138 | $ | 10,289,259 | $ | 42,815,073 | $ | 36,917,199 | ||||||||||||||||||||
9,385,290 | 3,779,180 | 51,563,608 | (38,481,800 | ) | (783,966 | ) | 1,713,305 | (5,700,776 | ) | ||||||||||||||||||||||||
(1,359,505 | ) | (90,503 | ) | (1,282,382 | ) | 220,179 | (282,851 | ) | (42,419 | ) | (5,835 | ) | |||||||||||||||||||||
(17,890,571 | ) | (6,921,535 | ) | (72,727,407 | ) | (77,513,441 | ) | (1,681,025 | ) | (151,163 | ) | (12,324,870 | ) | ||||||||||||||||||||
$ | 49,460,783 | $ | 18,719,423 | $ | 272,745,145 | $ | 184,831,076 | $ | 7,541,417 | $ | 44,334,796 | $ | 18,885,718 | ||||||||||||||||||||
$ | 259,430 | $ | — | $ | — | $ | 1,816,926 | $ | — | $ | — | $ | 310,225 | ||||||||||||||||||||
$ | 39,969,876 | $ | 14,957,026 | $ | 221,036,039 | $ | 222,940,580 | $ | 8,260,597 | $ | 42,672,954 | $ | 24,572,026 | ||||||||||||||||||||
$ | 279,113 | $ | — | $ | — | $ | 1,955,586 | $ | — | $ | — | $ | 331,154 | ||||||||||||||||||||
$ | 5,096,732 | $ | 426 | $ | 7,101,116 | $ | 187,483 | $ | 99,437 | $ | 6,038 | $ | 8,406 |
See Notes to Financial Statements
77 |
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2014 (continued)
Russia | |||||||||||||||
Russia ETF | Small-Cap ETF | Vietnam ETF | |||||||||||||
Assets: | |||||||||||||||
Investments, at value (1) | |||||||||||||||
Unaffiliated issuers (2) | $ | 1,556,859,330 | $ | 54,336,091 | $ | 414,416,129 | |||||||||
Affiliated issuers (3) | — | — | 55,004,829 | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | — | — | 3,737,824 | ||||||||||||
Cash denominated in foreign currency, at value (5) | — | 446,331 | 1,641,050 | ||||||||||||
Receivables: | |||||||||||||||
Investment securities sold | 4,215,010 | 1,885 | — | ||||||||||||
Shares sold | — | — | 2,312,174 | ||||||||||||
Due from Adviser | — | 33,584 | — | ||||||||||||
Dividends | 19,774,404 | 159,567 | 460,356 | ||||||||||||
Prepaid expenses | 23,346 | 720 | 7,662 | ||||||||||||
Total assets | 1,580,872,090 | 54,978,178 | 477,580,024 | ||||||||||||
Liabilities: | |||||||||||||||
Payables: | |||||||||||||||
Investment securities purchased | 4,024,657 | 498,701 | 1,869,121 | ||||||||||||
Collateral for securities loaned | — | — | 3,737,824 | ||||||||||||
Line of credit | 24,672,223 | — | — | ||||||||||||
Shares redeemed | 1,174,065 | — | — | ||||||||||||
Due to Adviser | 694,387 | — | 210,175 | ||||||||||||
Due to custodian | 5,350,412 | 752,082 | 3,149,885 | ||||||||||||
Distribution to shareholders | 2,358,650 | — | — | ||||||||||||
Deferred Trustee fees | 105,755 | 1,282 | 24,839 | ||||||||||||
Accrued expenses | 547,202 | 152,824 | 355,500 | ||||||||||||
Total liabilities | 38,927,351 | 1,404,889 | 9,347,344 | ||||||||||||
NET ASSETS | $ | 1,541,944,739 | $ | 53,573,289 | $ | 468,232,680 | |||||||||
Shares outstanding | 101,650,000 | 2,733,318 | 24,850,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 15.17 | $ | 19.60 | $ | 18.84 | |||||||||
Net assets consist of: | |||||||||||||||
Aggregate paid in capital | $ | 3,721,815,080 | $ | 93,763,008 | $ | 593,338,639 | |||||||||
Net unrealized appreciation (depreciation) | (897,797,558 | ) | (30,629,375 | ) | 8,059,187 | ||||||||||
Accumulated net investment loss | (1,201,149 | ) | (93,957 | ) | (1,681,475 | ) | |||||||||
Accumulated net realized loss | (1,280,871,634 | ) | (9,466,387 | ) | (131,483,671 | ) | |||||||||
$ | 1,541,944,739 | $ | 53,573,289 | $ | 468,232,680 | ||||||||||
(1) Value of securities on loan | $ | — | $ | — | $ | 3,551,413 | |||||||||
(2) Cost of investments – Unaffiliated issuers | $ | 2,454,572,261 | $ | 84,955,804 | $ | 402,435,073 | |||||||||
(3) Cost of investments – Affiliated issuers | $ | — | $ | — | $ | 58,926,611 | |||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | — | $ | — | $ | 3,737,824 | |||||||||
(5) Cost of cash denominated in foreign currency | $ | — | $ | 448,965 | $ | 1,641,050 |
See Notes to Financial Statements
78 |
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MARKET VECTORS ETF TRUST
For the Period Ended December 31, 2014
ChinaAMC | ||||||||||||||||||||
Africa | Brazil | ChinaAMC | SME-ChiNext | |||||||||||||||||
Index ETF | Small-Cap ETF | A-Share ETF | ETF (a) | |||||||||||||||||
Income: | ||||||||||||||||||||
Dividends | $ | 3,536,701 | $ | 5,362,392 | $ | 648,541 | $ | 2,330 | ||||||||||||
Interest | — | — | — | — | ||||||||||||||||
Securities lending income | 28,402 | 86,073 | — | — | ||||||||||||||||
Foreign taxes withheld | (302,754 | ) | (116,093 | ) | (67,845 | ) | (177 | ) | ||||||||||||
Total income | 3,262,349 | 5,332,372 | 580,696 | 2,153 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 583,543 | 744,424 | 168,190 | 24,879 | ||||||||||||||||
Professional fees | 77,765 | 54,980 | 174,753 | 26,100 | ||||||||||||||||
Insurance | 2,049 | 4,565 | 632 | — | ||||||||||||||||
Trustees’ fees and expenses | 8,602 | 8,086 | 4,176 | 151 | ||||||||||||||||
Reports to shareholders | 18,000 | 17,876 | 18,000 | 4,500 | ||||||||||||||||
Indicative optimized portfolio value fee | 17,933 | 15,000 | 18,245 | 2,385 | ||||||||||||||||
Custodian fees | 165,397 | 87,923 | 117,751 | 8,610 | ||||||||||||||||
Registration fees | 13,023 | 5,000 | 5,000 | 2,205 | ||||||||||||||||
Transfer agent fees | 2,400 | 2,400 | 2,400 | 1,200 | ||||||||||||||||
Fund accounting fees | 15,381 | 10,239 | 35,843 | 3,821 | ||||||||||||||||
Interest | 23,464 | 14,798 | 969 | — | ||||||||||||||||
Other | 9,489 | 16,149 | 24,230 | 443 | ||||||||||||||||
Total expenses | 937,046 | 981,440 | 570,189 | 74,294 | ||||||||||||||||
Waiver of management fees | (3,254 | ) | (88,222 | ) | (168,190 | ) | (24,879 | ) | ||||||||||||
Expenses assumed by the Adviser | — | — | (158,834 | ) | (10,605 | ) | ||||||||||||||
Net expenses | 933,792 | 893,218 | 243,165 | 38,810 | ||||||||||||||||
Net investment income (loss) | 2,328,557 | 4,439,154 | 337,531 | (36,657 | ) | |||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | (4,404,365 | ) | (37,907,787 | ) | (884,735 | )(c) | (7,140 | ) | ||||||||||||
In-kind redemptions | 1,294,098 | (3,771,027 | ) | — | — | |||||||||||||||
Swap contracts | — | — | (2,551,644 | ) | — | |||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (168,425 | ) | (60,156 | ) | (141,775 | ) | 1,844 | |||||||||||||
Net realized gain (loss) | (3,278,692 | ) | (41,738,970 | ) | (3,578,154 | ) | (5,296 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | (14,521,328 | ) | (1,201,976 | ) | 21,987,076 | 217,695 | ||||||||||||||
Swap contracts | — | — | 2,441,097 | — | ||||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (15,938 | ) | (1,810 | ) | 2,075 | 499 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (14,537,266 | ) | (1,203,786 | ) | 24,430,248 | 218,194 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (15,487,401 | ) | $ | (38,503,602 | ) | $ | 21,189,625 | $ | 176,241 |
(a) | Commencement of operations for ChinaAMC SME-ChiNext ETF was July 23, 2014. |
(b) | Represents consolidated Statement of Operations. |
(c) | Net of foreign taxes of $35,308. |
See Notes to Financial Statements
80 |
India | |||||||||||||||||||||||||||||||||
Egypt Index | Gulf States | Small-Cap | Indonesia | Indonesia | |||||||||||||||||||||||||||||
ETF | Index ETF | Index ETF (b) | Index ETF | Small-Cap ETF | Israel ETF | Poland ETF | |||||||||||||||||||||||||||
$ | 1,119,692 | $ | 971,748 | $ | 4,421,883 | $ | 6,355,563 | $ | 112,775 | $ | 890,884 | $ | 1,029,524 | ||||||||||||||||||||
— | 20,758 | — | — | — | — | — | |||||||||||||||||||||||||||
10,444 | 644 | — | 19,212 | — | — | 84,406 | |||||||||||||||||||||||||||
(17,075 | ) | (23,355 | ) | (356 | ) | (1,105,307 | ) | (17,666 | ) | (166,468 | ) | (155,576 | ) | ||||||||||||||||||||
1,113,061 | 969,795 | 4,421,527 | 5,269,468 | 95,109 | 724,416 | 958,354 | |||||||||||||||||||||||||||
348,176 | 127,811 | 1,295,270 | 1,109,358 | 35,498 | 222,752 | 136,467 | |||||||||||||||||||||||||||
67,474 | 79,500 | 141,165 | 68,532 | 62,479 | 52,535 | 60,236 | |||||||||||||||||||||||||||
983 | 445 | 13,404 | 6,239 | 166 | 502 | 518 | |||||||||||||||||||||||||||
5,565 | 2,457 | 55,197 | 12,157 | 2,591 | 4,441 | 4,091 | |||||||||||||||||||||||||||
10,000 | 8,500 | 36,666 | 25,500 | 8,000 | 14,500 | 5,000 | |||||||||||||||||||||||||||
15,000 | 12,090 | 20,162 | 20,162 | 17,183 | 19,660 | 15,000 | |||||||||||||||||||||||||||
173,696 | 279,070 | 469,704 | 153,314 | 21,432 | 200 | 32,348 | |||||||||||||||||||||||||||
5,297 | 5,112 | 8,647 | 25,000 | 5,308 | 6,156 | 5,000 | |||||||||||||||||||||||||||
1,655 | 2,400 | 5,031 | 2,400 | 2,400 | 1,800 | 2,400 | |||||||||||||||||||||||||||
7,580 | 6,412 | 63,932 | 18,198 | 5,560 | 10,525 | 4,309 | |||||||||||||||||||||||||||
34,907 | 2,609 | 101,274 | 15,149 | 115 | 2,844 | 896 | |||||||||||||||||||||||||||
3,538 | 2,085 | 169,473 | 12,446 | 2,620 | 3,472 | 3,008 | |||||||||||||||||||||||||||
673,871 | 528,491 | 2,379,925 | 1,468,455 | 163,352 | 339,387 | 269,273 | |||||||||||||||||||||||||||
— | (127,811 | ) | (76,691 | ) | (188,638 | ) | (35,498 | ) | (73,696 | ) | (104,617 | ) | |||||||||||||||||||||
— | (147,560 | ) | — | — | (84,432 | ) | — | — | |||||||||||||||||||||||||
673,871 | 253,120 | 2,303,234 | 1,279,817 | 43,422 | 265,691 | 164,656 | |||||||||||||||||||||||||||
439,190 | 716,675 | 2,118,293 | 3,989,651 | 51,687 | 458,725 | 793,698 | |||||||||||||||||||||||||||
334,214 | 208,652 | 3,533,340 | (19,062,177 | ) | 14,502 | (41,902 | ) | (1,141,923 | ) | ||||||||||||||||||||||||
920,210 | 3,099 | 873,004 | (1,216,754 | ) | — | 836,661 | 615,753 | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
(229,953 | ) | (49,017 | ) | (734,778 | ) | (62,752 | ) | (6,124 | ) | (20,410 | ) | (17,500 | ) | ||||||||||||||||||||
1,024,471 | 162,734 | 3,671,566 | (20,341,683 | ) | 8,378 | 774,349 | (543,670 | ) | |||||||||||||||||||||||||
2,321,491 | (822,717 | ) | 51,511,541 | 46,883,605 | 1,123,255 | (1,383,857 | ) | (4,285,435 | ) | ||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||
11,319 | — | (6,893 | ) | (6,038 | ) | (221 | ) | (686 | ) | (7,933 | ) | ||||||||||||||||||||||
2,332,810 | (822,717 | ) | 51,504,648 | 46,877,567 | 1,123,034 | (1,384,543 | ) | (4,293,368 | ) | ||||||||||||||||||||||||
$ | 3,796,471 | $ | 56,692 | $ | 57,294,507 | $ | 30,525,535 | $ | 1,183,099 | $ | (151,469 | ) | $ | (4,043,340 | ) |
See Notes to Financial Statements
81 |
MARKET VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended December 31, 2014
(continued)
Russia | |||||||||||||||
Russia ETF | Small-Cap ETF | Vietnam ETF | |||||||||||||
Income: | |||||||||||||||
Dividends – unaffiliated issuers | $ | 79,870,848 | $ | 1,722,566 | $ | 14,432,970 | |||||||||
Dividends – affiliated issuers | — | — | 1,246,133 | ||||||||||||
Securities lending income | 177,615 | 4,620 | 12,239 | ||||||||||||
Foreign taxes withheld | (11,990,622 | ) | (218,342 | ) | (97,930 | ) | |||||||||
Total income | 68,057,841 | 1,508,844 | 15,593,412 | ||||||||||||
Expenses: | |||||||||||||||
Management fees | 7,512,360 | 243,127 | 2,617,154 | ||||||||||||
Professional fees | 171,076 | 81,662 | 86,506 | ||||||||||||
Insurance | 27,043 | 629 | 9,068 | ||||||||||||
Trustees’ fees and expenses | 61,739 | 4,040 | 36,965 | ||||||||||||
Reports to shareholders | 100,000 | 15,100 | 57,500 | ||||||||||||
Indicative optimized portfolio value fee | 15,000 | 17,516 | 17,445 | ||||||||||||
Custodian fees | 1,037,159 | 81,266 | 495,311 | ||||||||||||
Registration fees | 12,500 | 5,396 | 24,218 | ||||||||||||
Transfer agent fees | 1,500 | 2,400 | 2,400 | ||||||||||||
Fund accounting fees | 81,110 | 5,526 | 32,055 | ||||||||||||
Interest | 82,294 | 6,608 | 65,685 | ||||||||||||
Other | 106,117 | 1,567 | 13,696 | ||||||||||||
Total expenses | 9,207,898 | 464,837 | 3,458,003 | ||||||||||||
Waiver of management fees | — | (132,440 | ) | — | |||||||||||
Net expenses | 9,207,898 | 332,397 | 3,458,003 | ||||||||||||
Net investment income | 58,849,943 | 1,176,447 | 12,135,409 | ||||||||||||
Net realized gain (loss) on: | |||||||||||||||
Investments – unaffiliated issuers | (252,540,164 | ) | (5,777,786 | ) | 15,822,249 | (a) | |||||||||
Investments – affiliated issuers | — | — | 11,056,973 | ||||||||||||
In-kind redemptions | (5,574,687 | ) | — | 4,334,704 | |||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (215,007 | ) | (20,599 | ) | (1,350,348 | ) | |||||||||
Net realized gain (loss) | (258,329,858 | ) | (5,798,385 | ) | 29,863,578 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
Investments | (712,328,645 | ) | (30,658,347 | ) | (37,226,379 | ) | |||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (84,636 | ) | (9,645 | ) | (249 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (712,413,281 | ) | (30,667,992 | ) | (37,226,628 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (911,893,196 | ) | $ | (35,289,930 | ) | $ | 4,772,359 |
(a) | Net of foreign taxes of $363,645. |
See Notes to Financial Statements
82 |
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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, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 2,328,557 | $ | 2,310,338 | $ | 4,439,154 | $ | 3,949,604 | |||||||||
Net realized gain (loss) | (3,278,692 | ) | (6,053,242 | ) | (41,738,970 | ) | (50,324,581 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (14,537,266 | ) | 6,332,017 | (1,203,786 | ) | (70,781,897 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (15,487,401 | ) | 2,589,113 | (38,503,602 | ) | (117,156,874 | ) | ||||||||||
Dividends to shareholders: | |||||||||||||||||
Dividends from net investment income | (2,800,900 | ) | (2,901,500 | ) | (4,460,000 | ) | (3,697,200 | ) | |||||||||
Share transactions:** | |||||||||||||||||
Proceeds from sale of shares | 19,098,796 | 38,152,839 | 25,922,376 | 14,808,325 | |||||||||||||
Cost of shares redeemed | (13,409,985 | ) | (14,222,535 | ) | (75,838,574 | ) | (249,879,083 | ) | |||||||||
Increase (Decrease) in net assets resulting from share transactions | 5,688,811 | 23,930,304 | (49,916,198 | ) | (235,070,758 | ) | |||||||||||
Total increase (decrease) in net assets | (12,599,490 | ) | 23,617,917 | (92,879,800 | ) | (355,924,832 | ) | ||||||||||
Net Assets, beginning of period | 108,244,739 | 84,626,822 | 196,890,723 | 552,815,555 | |||||||||||||
Net Assets, end of period† | $ | 95,645,249 | $ | 108,244,739 | $ | 104,010,923 | $ | 196,890,723 | |||||||||
† Including undistributed (accumulated) net investment income (loss) | $ | (1,270,540 | ) | $ | (722,132 | ) | $ | (174,576 | ) | $ | (232,821 | ) | |||||
** Shares of Common Stock Issued (no par value) | |||||||||||||||||
Shares sold | 600,000 | 1,250,000 | 900,000 | 350,000 | |||||||||||||
Shares redeemed | (450,000 | ) | (500,000 | ) | (2,650,000 | ) | (6,800,000 | ) | |||||||||
Net increase (decrease) | 150,000 | 750,000 | (1,750,000 | ) | (6,450,000 | ) |
(a) | Commencement of operations |
(b) | Share activity has been adjusted to reflect the 1 for 4 reverse share split which took place on July 1, 2013 (See Note 10). |
See Notes to Financial Statements
84 |
ChinaAMC | ||||||||||||||||||||||||
ChinaAMC A-Share ETF | SME-ChiNext ETF | Egypt Index ETF (b) | ||||||||||||||||||||||
For the Period | ||||||||||||||||||||||||
For the Year | For the Year | July 23, 2014 (a) | For the Year | For the Year | ||||||||||||||||||||
Ended | Ended | through | Ended | Ended | ||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2014 | 2013 | ||||||||||||||||||||
$ | 337,531 | $ | (253,464 | ) | $ | (36,657 | ) | $ | 439,190 | $ | 933,380 | |||||||||||||
(3,578,154 | ) | 2,308,584 | (5,296 | ) | 1,024,471 | (3,263,344 | ) | |||||||||||||||||
24,430,248 | (4,880,324 | ) | 218,194 | 2,332,810 | 8,796,487 | |||||||||||||||||||
21,189,625 | (2,825,204 | ) | 176,241 | 3,796,471 | 6,466,523 | |||||||||||||||||||
— | (663,100 | ) | — | (2,275,278 | ) | (912,597 | ) | |||||||||||||||||
57,197,980 | 12,487,315 | 21,275,140 | 45,920,660 | 30,972,177 | ||||||||||||||||||||
(13,316,976 | ) | (12,823,852 | ) | — | (46,552,491 | ) | (24,279,902 | ) | ||||||||||||||||
43,881,004 | (336,537 | ) | 21,275,140 | (631,831 | ) | 6,692,275 | ||||||||||||||||||
65,070,629 | (3,824,841 | ) | 21,451,381 | 889,362 | 12,246,201 | |||||||||||||||||||
29,343,837 | 33,168,678 | — | 48,571,421 | 36,325,220 | ||||||||||||||||||||
$ | 94,414,466 | $ | 29,343,837 | $ | 21,451,381 | $ | 49,460,783 | $ | 48,571,421 | |||||||||||||||
$ | (806,036 | ) | $ | 1,435,348 | $ | (4,541 | ) | $ | (1,359,505 | ) | $ | (88,762 | ) | |||||||||||
1,550,000 | 350,000 | 750,000 | 650,000 | 662,500 | ||||||||||||||||||||
(450,000 | ) | (400,000 | ) | — | (700,000 | ) | (500,026 | ) | ||||||||||||||||
1,100,000 | (50,000 | ) | 750,000 | (50,000 | ) | 162,474 |
See Notes to Financial Statements
85 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Gulf States Index ETF | India Small-Cap Index ETF (b)(c) | ||||||||||||||||
For the Year | For the Year | For the Year | For the Year | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operations: | |||||||||||||||||
Net investment income | $ | 716,675 | $ | 301,011 | $ | 2,118,293 | $ | 752,069 | |||||||||
Net realized gain (loss) | 162,734 | 59,482 | 3,671,566 | (40,976,919 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | (822,717 | ) | 3,418,790 | 51,504,648 | 289,326 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | 56,692 | 3,779,283 | 57,294,507 | (39,935,524 | ) | ||||||||||||
Dividends and Distributions to shareholders: | |||||||||||||||||
Dividends from net investment income | (725,200 | ) | (330,000 | ) | (2,599,111 | ) | (489,970 | ) | |||||||||
Distributions from net realized capital gains | — | — | — | — | |||||||||||||
Total Dividends and Distributions | (725,200 | ) | (330,000 | ) | (2,599,111 | ) | (489,970 | ) | |||||||||
Share transactions:** | |||||||||||||||||
Proceeds from sale of shares | 16,014,980 | 2,524,105 | 281,663,440 | 76,125,451 | |||||||||||||
Cost of shares redeemed | (12,878,309 | ) | — | (173,965,590 | ) | (19,347,066 | ) | ||||||||||
Increase (Decrease) in net assets resulting from share transactions | 3,136,671 | 2,524,105 | 107,697,850 | 56,778,385 | |||||||||||||
Total increase (decrease) in net assets | 2,468,163 | 5,973,388 | 162,393,246 | 16,352,891 | |||||||||||||
Net Assets, beginning of period | 16,251,260 | 10,277,872 | 110,351,899 | 93,999,008 | |||||||||||||
Net Assets, end of period† | $ | 18,719,423 | $ | 16,251,260 | $ | 272,745,145 | $ | 110,351,899 | |||||||||
† Including undistributed (accumulated) net investment income (loss) | $ | (90,503 | ) | $ | (57,494 | ) | $ | (1,282,382 | ) | $ | (130,480 | ) | |||||
** Shares of Common Stock Issued (no par value) | |||||||||||||||||
Shares sold | 500,000 | 100,000 | 6,450,000 | 2,037,500 | |||||||||||||
Shares redeemed | (400,000 | ) | — | (3,850,000 | ) | (637,533 | ) | ||||||||||
Net increase (decrease) | 100,000 | 100,000 | 2,600,000 | 1,399,967 |
(a) | Commencement of operations |
(b) | Represents consolidated Statement of Changes in Net Assets. |
(c) | Share activity has been adjusted to reflect the 1 for 4 reverse share split which took place July 1, 2013 (See Note 10). |
See Notes to Financial Statements
86 |
Indonesia Index ETF | Indonesia Small-Cap ETF | Israel ETF | |||||||||||||||||||||||||||
For the Period | |||||||||||||||||||||||||||||
For the Year | For the Year | For the Year | For the Year | For the Year | June 25, 2013 (a) | ||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | through | ||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
$ | 3,989,651 | $ | 6,667,638 | $ | 51,687 | $ | 29,047 | $ | 458,725 | $ | 103,655 | ||||||||||||||||||
(20,341,683 | ) | (22,840,311 | ) | 8,378 | (1,062,439 | ) | 774,349 | 930,708 | |||||||||||||||||||||
46,877,567 | (57,594,462 | ) | 1,123,034 | (1,211,823 | ) | (1,384,543 | ) | 3,097,848 | |||||||||||||||||||||
30,525,535 | (73,767,135 | ) | 1,183,099 | (2,245,215 | ) | (151,469 | ) | 4,132,211 | |||||||||||||||||||||
(3,822,800 | ) | (6,354,300 | ) | (330,000 | ) | (41,400 | ) | (449,600 | ) | (163,000 | ) | ||||||||||||||||||
— | — | — | — | (739,200 | ) | — | |||||||||||||||||||||||
(3,822,800 | ) | (6,354,300 | ) | (330,000 | ) | (41,400 | ) | (1,188,800 | ) | (163,000 | ) | ||||||||||||||||||
88,798,696 | 79,387,801 | 1,430,451 | 7,914,461 | 20,140,403 | 31,311,472 | ||||||||||||||||||||||||
(114,288,780 | ) | (220,743,389 | ) | — | (2,577,927 | ) | (4,501,621 | ) | (5,244,400 | ) | |||||||||||||||||||
(25,490,084 | ) | (141,355,588 | ) | 1,430,451 | 5,336,534 | 15,638,782 | 26,067,072 | ||||||||||||||||||||||
1,212,651 | (221,477,023 | ) | 2,283,550 | 3,049,919 | 14,298,513 | 30,036,283 | |||||||||||||||||||||||
183,618,425 | 405,095,448 | 5,257,867 | 2,207,948 | 30,036,283 | — | ||||||||||||||||||||||||
$ | 184,831,076 | $ | 183,618,425 | $ | 7,541,417 | $ | 5,257,867 | $ | 44,334,796 | $ | 30,036,283 | ||||||||||||||||||
$ | 220,179 | $ | 90,941 | $ | (282,851 | ) | $ | (3,729 | ) | $ | (42,419 | ) | $ | (56,146 | ) | ||||||||||||||
3,500,000 | 2,650,000 | 100,000 | 450,000 | 650,000 | 1,200,000 | ||||||||||||||||||||||||
(4,650,000 | ) | (8,050,000 | ) | — | (150,000 | ) | (150,000 | ) | (200,000 | ) | |||||||||||||||||||
(1,150,000 | ) | (5,400,000 | ) | 100,000 | 300,000 | 500,000 | 1,000,000 |
See Notes to Financial Statements
87 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Poland ETF | Russia 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, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operations: | |||||||||||||||||
Net investment income | $ | 793,698 | $ | 953,068 | $ | 58,849,943 | $ | 32,713,981 | |||||||||
Net realized gain (loss) | (543,670 | ) | (2,324,915 | ) | (258,329,858 | ) | (96,307,756 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (4,293,368 | ) | 2,353,584 | (712,413,281 | ) | (7,548,735 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (4,043,340 | ) | 981,737 | (911,893,196 | ) | (71,142,510 | ) | ||||||||||
Dividends to shareholders: | |||||||||||||||||
Dividends from net investment income | (795,000 | ) | (972,400 | ) | (62,617,750 | ) | (30,496,200 | ) | |||||||||
Return of capital | — | — | — | — | |||||||||||||
Total Dividends and Distributions | (795,000 | ) | (972,400 | ) | (62,617,750 | ) | (30,496,200 | ) | |||||||||
Share transactions:** | |||||||||||||||||
Proceeds from sale of shares | 3,211,851 | 3,557,625 | 1,844,214,533 | 1,087,492,071 | |||||||||||||
Cost of shares redeemed | (10,001,503 | ) | (5,319,246 | ) | (515,479,048 | ) | (1,432,363,085 | ) | |||||||||
Increase (Decrease) in net assets resulting from share transactions | (6,789,652 | ) | (1,761,621 | ) | 1,328,735,485 | (344,871,014 | ) | ||||||||||
Total increase (decrease) in net assets | (11,627,992 | ) | (1,752,284 | ) | 354,224,539 | (446,509,724 | ) | ||||||||||
Net Assets, beginning of year | 30,513,710 | 32,265,994 | 1,187,720,200 | 1,634,229,924 | |||||||||||||
Net Assets, end of year† | $ | 18,885,718 | $ | 30,513,710 | $ | 1,541,944,739 | $ | 1,187,720,200 | |||||||||
† Including undistributed (accumulated) net investment income (loss) | $ | (5,835 | ) | $ | 12,968 | $ | (1,201,149 | ) | $ | 2,241,789 | |||||||
** Shares of Common Stock Issued (no par value) | |||||||||||||||||
Shares sold | 150,000 | 150,000 | 82,850,000 | 39,700,000 | |||||||||||||
Shares redeemed | (450,000 | ) | (250,000 | ) | (22,600,000 | ) | (53,450,000 | ) | |||||||||
Net increase (decrease) | (300,000 | ) | (100,000 | ) | 60,250,000 | (13,750,000 | ) | ||||||||||
(a) | Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on July 1, 2013 (See Note 10). |
See Notes to Financial Statements
88 |
Russia Small-Cap ETF(a) | Vietnam 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
$ | 1,176,447 | $ | 82,027 | $ | 12,135,409 | $ | 11,616,560 | ||||||||||||
(5,798,385 | ) | (1,537,346 | ) | 29,863,578 | (34,499,100 | ) | |||||||||||||
(30,667,992 | ) | 899,920 | (37,226,628 | ) | 52,775,977 | ||||||||||||||
(35,289,930 | ) | (555,399 | ) | 4,772,359 | 29,893,437 | ||||||||||||||
(1,048,827 | ) | (459,982 | ) | (12,186,983 | ) | (12,009,950 | ) | ||||||||||||
— | — | (410,017 | ) | — | |||||||||||||||
(1,048,827 | ) | (459,982 | ) | (12,597,000 | ) | (12,009,950 | ) | ||||||||||||
73,721,359 | 13,141,215 | 205,673,846 | 163,236,572 | ||||||||||||||||
— | (4,211,617 | ) | (102,250,794 | ) | (95,157,412 | ) | |||||||||||||
73,721,359 | 8,929,598 | 103,423,052 | 68,079,160 | ||||||||||||||||
37,382,602 | 7,914,217 | 95,598,411 | 85,962,647 | ||||||||||||||||
16,190,687 | 8,276,470 | 372,634,269 | 286,671,622 | ||||||||||||||||
$ | 53,573,289 | $ | 16,190,687 | $ | 468,232,680 | $ | 372,634,269 | ||||||||||||
$ | (93,957 | ) | $ | (204,208 | ) | $ | (1,681,475 | ) | $ | (1,847,165 | ) | ||||||||
2,350,000 | 300,000 | 9,850,000 | 8,200,000 | ||||||||||||||||
— | (100,015 | ) | (5,000,000 | ) | (5,000,000 | ) | |||||||||||||
2,350,000 | 199,985 | 4,850,000 | 3,200,000 |
See Notes to Financial Statements
89 |
MARKET VECTORS ETF TRUST
For a share outstanding throughout each year:
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, 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 year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
See Notes to Financial Statements
90 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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) | Annualized |
(d) | Not Annualized |
(e) | Amount represents less than $0.005 per share |
(f) | Calculated based upon average shares outstanding. |
See Notes to Financial Statements
91 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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) | Annualized |
(d) | Not 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 10). Per share data has been adjusted to give effect to the share split. |
See Notes to Financial Statements
92 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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) | Annualized |
(d) | Not Annualized |
# | On February 1, 2011, the Fund effected a share split as described in the Notes to Financial Statements (See Note 10). Per share data has been adjusted to give effect to the share split. |
* | On July 1, 2013, the Fund effected a 1 for 4 reverse share split as described in the Notes to Financial Statements (See Note 10). Per share data has been adjusted to give effect to the share split. |
See Notes to Financial Statements
93 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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) | Annualized |
(d) | Not Annualized |
See Notes to Financial Statements
94 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, 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 year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
See Notes to Financial Statements
95 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the 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) | Annualized |
(d) | Not Annualized |
# | On July 1, 2013, the Fund effected a 1 for 3 reverse share split as described in the Notes to Financial Statements (See Note 10). Per share data has been adjusted to give effect to the share split. |
See Notes to Financial Statements
96 |
MARKET VECTORS ETF TRUST
December 31, 2014
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, 2014, offers fifty-five 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, ChinaAMC SME-ChiNext ETF, Egypt Index ETF, Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Israel ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (each a “Fund” and, together, the “Funds”). China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC A-Share ETF (effective January 7, 2014) and ChinaAMC SME-ChiNext ETF. ChinaAMC A-Share ETF and ChinaAMC SME-ChiNext ETF seek to achieve their investment objective by primarily investing directly in A-shares via the A-share quota granted to the Sub-Adviser. 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 published by the China Securities Index Co. Ltd., BlueStar Global Investors LLC 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:
Commencement | ||||
Fund | of Operations | Index | ||
Africa Index ETF | July 10, 2008 | Market Vectors® GDP Africa Index* | ||
Brazil Small-Cap ETF | May 12, 2009 | Market Vectors® Brazil Small-Cap Index* | ||
ChinaAMC A-Share ETF ** | October 13, 2010 | CSI 300 Index | ||
ChinaAMC SME-ChiNext ETF | July 23, 2014 | SME-ChiNext 100 Index | ||
Egypt Index ETF | February 16, 2010 | Market Vectors® Egypt Index* | ||
Gulf States Index ETF | July 22, 2008 | Market Vectors® GDP GCC Index* | ||
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 IndexTM | ||
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. |
** | Effective January 7, 2014, the Fund changed its name from China ETF to ChinaAMC A-Share ETF. |
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 Funds are investment companies and are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services — Investment Companies.
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 |
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NOTES TO FINANCIAL STATEMENTS
(continued)
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. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of 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 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. |
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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 by each Fund. 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, 2014 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. Details of this disclosure are found below: |
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 |
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NOTES TO FINANCIAL STATEMENTS
(continued)
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 swap contracts during the year ended December 31, 2014. 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, 2014, the average monthly notional amount of the total return swap contracts in ChinaAMC A-Share ETF was $1,584,549. Outstanding total return swap contracts for the ChinaAMC A-Share ETF held at December 31, 2014 are reflected in the Schedule of Investments. |
At December 31, 2014, ChinaAMC A-Share ETF held the following derivatives: |
Asset derivatives | ||
Equity risk | ||
Swap contracts, at value1 | $722,776 |
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, 2014, were as follows: |
Equity risk | |||||
Realized gain(loss): | |||||
Swap contracts2 | $(2,551,644) | ||||
Net change in unrealized appreciation (depreciation): | |||||
Swap contracts3 | 2,441,097 |
2 | Statements of Operations location: Net realized gain (loss) on swap contracts | |
3 | Statements of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts |
I. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting 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 present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at December 31, 2014 is presented in the Schedules of Investments. Refer to related disclosures in Note 2G (Repurchase Agreements) and Note 9 (Securities Lending). |
The table below presents both gross and net information about the derivative instruments eligible for offset in the Statements of Assets and Liabilities, subject to master netting or other similar agreements, as well as financial collateral received or pledged (including cash collateral and margin) as of December 31, 2014. Refer to the Schedules of Investments and Statements of Assets and Liabilities for collateral received or pledged as of December 31, 2014. |
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Net Amount of | Financial | |||||||||||
Gross | Gross Amount | Assets Presented | Instruments | |||||||||
Amount of | Offset in the | in the Statements | and Cash | |||||||||
Recognized | Statements of Assets | of Assets and | Collateral | Net | ||||||||
Fund | Description | Assets | and Liabilities | Liabilities | Received* | Amount | ||||||
ChinaAMC A-Share ETF | Swap contracts, at value | $722,776 | $— | $722,776 | $— | $722,776 |
* | 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, 2015 (May 1, 2016 for ChinaAMC SME-ChiNext 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 limitation (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) listed in the table below.
The current expense limitation and the amounts waived/assumed by the Adviser for the year ended December 31, 2014, are as follows:
Expense | Waiver of | Expenses Assumed | ||||||||||||||
Fund | Limitation | Management Fees | by the Adviser | |||||||||||||
Africa Index ETF | 0.78 | % | $ | 3,254 | $ | — | ||||||||||
Brazil Small-Cap ETF | 0.59 | 88,222 | — | |||||||||||||
ChinaAMC A-Share ETF* | 0.72 | 168,190 | 158,834 | |||||||||||||
ChinaAMC SME-ChiNext ETF* | 0.78 | 24,879 | 10,605 | |||||||||||||
Egypt Index ETF | 0.94 | — | — | |||||||||||||
Gulf States Index ETF | 0.98 | 127,811 | 147,560 | |||||||||||||
India Small-Cap Index ETF | 0.85 | 76,691 | — | |||||||||||||
Indonesia Index ETF | 0.57 | 188,638 | — | |||||||||||||
Indonesia Small-Cap ETF | 0.61 | 35,498 | 84,432 | |||||||||||||
Israel ETF | 0.59 | 73,696 | — | |||||||||||||
Poland ETF | 0.60 | 104,617 | — | |||||||||||||
Russia ETF | 0.62 | — | — | |||||||||||||
Russia Small-Cap ETF | 0.67 | 132,440 | — | |||||||||||||
Vietnam ETF | 0.76 | — | — |
* | The Adviser paid sub-advisory fees directly to the Sub-Adviser. |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “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, 2014, 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:
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Fund | Cost of Investments Purchased | Proceeds from Investments Sold | ||||||||
Africa Index ETF | $ | 35,286,382 | $ | 34,897,019 | ||||||
Brazil Small-Cap ETF | 95,369,039 | 140,751,362 | ||||||||
ChinaAMC A-Share ETF | 87,369,858 | 17,413,658 | ||||||||
ChinaAMC SME-ChiNext ETF | 21,502,751 | 811,329 | ||||||||
Egypt Index ETF | 46,287,429 | 49,892,305 | ||||||||
Gulf States Index ETF | 21,843,541 | 18,878,286 | ||||||||
India Small-Cap Index ETF | 404,558,450 | 301,071,596 | ||||||||
Indonesia Index ETF | 25,882,917 | 26,156,105 | ||||||||
Indonesia Small-Cap ETF | 3,276,542 | 3,685,934 | ||||||||
Israel ETF | 7,350,774 | 8,133,224 | ||||||||
Poland ETF | 5,181,275 | 5,180,417 | ||||||||
Russia ETF | 460,536,752 | 350,723,774 | ||||||||
Russia Small-Cap ETF | 39,727,927 | 15,506,415 | ||||||||
Vietnam ETF | 428,544,236 | 346,990,365 |
Note 5—Income Taxes—As of December 31, 2014, 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 | $ | 104,733,537 | $ | 15,631,856 | $ | (21,802,750 | ) | $ | (6,170,894 | ) | ||||||||||
Brazil Small-Cap ETF | 160,150,131 | 8,743,620 | (62,680,450 | ) | (53,936,830 | ) | ||||||||||||||
ChinaAMC A-Share ETF | 69,724,595 | 22,894,975 | (1,525,599 | ) | 21,369,376 | |||||||||||||||
ChinaAMC SME-ChiNext ETF | 20,687,424 | 1,389,129 | (1,171,376 | ) | 217,753 | |||||||||||||||
Egypt Index ETF | 45,397,581 | 14,645,763 | (10,411,304 | ) | 4,234,459 | |||||||||||||||
Gulf States Index ETF | 16,424,531 | 5,321,513 | (3,009,839 | ) | 2,311,674 | |||||||||||||||
India Small-Cap Index ETF | 238,241,602 | 62,293,092 | (27,935,589 | ) | 34,357,503 | |||||||||||||||
Indonesia Index ETF | 225,054,266 | 9,701,681 | (48,239,526 | ) | (38,537,845 | ) | ||||||||||||||
Indonesia Small-Cap ETF | 8,557,131 | 637,880 | (1,718,190 | ) | (1,080,310 | ) | ||||||||||||||
Israel ETF | 42,714,271 | 5,844,878 | (4,172,994 | ) | 1,671,884 | |||||||||||||||
Poland ETF | 24,997,249 | 309,064 | (6,096,730 | ) | (5,787,666 | ) | ||||||||||||||
Russia ETF | 2,519,327,728 | 2,845,904 | (965,314,302 | ) | (962,468,398 | ) | ||||||||||||||
Russia Small-Cap ETF | 87,245,120 | 1,729,496 | (34,638,525 | ) | (32,909,029 | ) | ||||||||||||||
Vietnam ETF | 500,135,817 | 54,068,832 | (81,045,867 | ) | (26,977,035 | ) |
At December 31, 2014, 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 | $ | — | $ | (19,224,474 | ) | $ | (3,460,747 | ) | $ | (7,100 | ) | $ | (6,170,408 | ) | $ | (28,862,729 | ) | ||||||||||||||
Brazil Small-Cap ETF | — | (88,624,196 | ) | (12,292,469 | ) | (28,392 | ) | (53,942,173 | ) | (154,887,230 | ) | ||||||||||||||||||||
ChinaAMC A-Share ETF | — | (312,686 | ) | — | (2,181 | ) | 21,336,059 | 21,021,192 | |||||||||||||||||||||||
ChinaAMC SME-ChiNext ETF | — | — | (11,663 | ) | (18 | ) | 218,194 | 206,513 | |||||||||||||||||||||||
Egypt Index ETF | 173,431 | (13,097,136 | ) | (1,174,694 | ) | (3,085 | ) | 4,236,698 | (9,864,786 | ) | |||||||||||||||||||||
Gulf States Index ETF | — | (5,373,858 | ) | (169,524 | ) | (1,151 | ) | 2,311,675 | (3,232,858 | ) | |||||||||||||||||||||
India Small-Cap Index ETF | — | (55,120,289 | ) | (1,677,658 | ) | (6,279 | ) | 34,358,045 | (22,446,181 | ) | |||||||||||||||||||||
Indonesia Index ETF | 245,915 | (66,706,792 | ) | (10,651,466 | ) | (22,819 | ) | (38,639,900 | ) | (115,775,062 | ) | ||||||||||||||||||||
Indonesia Small-Cap ETF | — | (1,582,155 | ) | (84,855 | ) | (332 | ) | (1,080,500 | ) | (2,747,842 | ) | ||||||||||||||||||||
Israel ETF | — | — | (151,015 | ) | (1,250 | ) | 1,671,988 | 1,519,723 | |||||||||||||||||||||||
Poland ETF | — | (11,700,901 | ) | (533,549 | ) | (2,186 | ) | (5,794,845 | ) | (18,031,481 | ) | ||||||||||||||||||||
Russia ETF | — | (1,088,198,237 | ) | (129,013,323 | ) | (105,756 | ) | (962,553,025 | ) | (2,179,870,341 | ) | ||||||||||||||||||||
Russia Small-Cap ETF | — | (5,931,249 | ) | (1,338,495 | ) | (1,284 | ) | (32,918,691 | ) | (40,189,719 | ) | ||||||||||||||||||||
Vietnam ETF | — | (93,015,194 | ) | (5,088,805 | ) | (24,838 | ) | (26,977,122 | ) | (125,105,959 | ) |
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The tax character of dividends paid to shareholders during the years ended December 31, 2014 and December 31, 2013 was as follows:
2014 Dividends | 2013 Dividends | |||||||||||||||
Fund | Ordinary Income | Return of Capital | Ordinary Income | |||||||||||||
Africa Index ETF | $ | 2,800,900 | $ | — | $ | 2,901,500 | ||||||||||
Brazil Small-Cap ETF | 4,460,000 | — | 3,697,200 | |||||||||||||
ChinaAMC A-Share ETF | — | — | 663,100 | |||||||||||||
Egypt Index ETF | 2,275,278 | — | 912,597 | |||||||||||||
Gulf States Index ETF | 725,200 | — | 330,000 | |||||||||||||
India Small-Cap Index ETF | 2,599,111 | — | 489,970 | |||||||||||||
Indonesia Index ETF | 3,822,800 | — | 6,354,300 | |||||||||||||
Indonesia Small-Cap ETF | 330,000 | — | 41,400 | |||||||||||||
Israel ETF* | 1,188,800 | — | 163,000 | |||||||||||||
Poland ETF | 795,000 | — | 972,400 | |||||||||||||
Russia ETF | 62,617,750 | — | 30,496,200 | |||||||||||||
Russia Small-Cap ETF | 1,048,827 | — | 459,982 | |||||||||||||
Vietnam ETF | 12,186,983 | 410,017 | 12,009,950 |
*Includes short-term capital gains
Net qualified late year losses incurred after October 31, 2014 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, 2014, the Funds’ intend to defer to January 1, 2015 for federal tax purposes qualified late-year losses as follows:
Late-Year | Post-October | ||||||||||
Fund | Ordinary Losses | Capital Losses | |||||||||
Africa Index ETF | $ | 475,352 | $ | 2,985,395 | |||||||
Brazil Small-Cap ETF | 123,583 | 12,168,886 | |||||||||
ChinaAMC SME-ChiNext ETF | 4,523 | 7,140 | |||||||||
Egypt Index ETF | — | 1,174,694 | |||||||||
Gulf States Index ETF | 20,391 | 149,133 | |||||||||
India Small-Cap Index ETF | 534,613 | 1,143,045 | |||||||||
Indonesia Index ETF | — | 10,651,466 | |||||||||
Indonesia Small-Cap ETF | 84,855 | — | |||||||||
Israel ETF | — | 151,015 | |||||||||
Poland ETF | 3,651 | 529,898 | |||||||||
Russia ETF | 811,704 | 128,201,619 | |||||||||
Russia Small-Cap ETF | 31,544 | 1,306,951 | |||||||||
Vietnam ETF | 923,238 | 4,165,567 |
At December 31, 2014, 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 | $ | 4,596,524 | $ | 12,417,521 | $ | 1,095,985 | $ | 951,177 | $ | 163,267 | $ | — | |||||||||||||||
Brazil Small-Cap ETF | 18,413,365 | 70,210,831 | — | — | — | — | |||||||||||||||||||||
ChinaAMC A-Share ETF | 312,686 | — | — | — | — | — | |||||||||||||||||||||
Egypt Index ETF | 6,835,123 | 6,133,613 | 128,400 | — | — | — | |||||||||||||||||||||
Gulf States Index ETF | 194,920 | 3,103,552 | 835,393 | 1,233,252 | 6,741 | — | |||||||||||||||||||||
India Small-Cap Index EF | 28,740,234 | 26,380,055 | — | — | — | — | |||||||||||||||||||||
Indonesia Index ETF | 34,725,791 | 29,135,131 | 2,845,870 | — | — | — | |||||||||||||||||||||
Indonesia Small-Cap ETF | 1,014,907 | 567,248 | — | — | — | — | |||||||||||||||||||||
Poland ETF | 2,212,999 | 9,316,576 | 171,326 | — | — | — | |||||||||||||||||||||
Russia ETF | 157,908,382 | 438,371,186 | 121,306,708 | 349,754,000 | 19,808,213 | 1,049,748 | |||||||||||||||||||||
Russia Small-Cap ETF | 3,028,572 | 2,902,677 | — | — | — | — | |||||||||||||||||||||
Vietnam ETF | 12,477,008 | 78,677,987 | 1,860,199 | — | — | — |
103 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
During the year ended December 31, 2014, the following Funds utilized accumulated capital loss carryforwards: Egypt Index ETF utilized $380,206; Gulf States Index ETF utilized $203,788; India Small-Cap Index ETF utilized $7,433,537; and Vietnam ETF utilized $15,963,086.
During the year ended December 31, 2014, 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.
Increase/Decrease | Increase/Decrease | Increase/Decrease | ||||||||||||||
in Accumulated Net | in Accumulated Net | in Aggregate | ||||||||||||||
Fund | Investment Income/Loss | Realized Gain/Loss | Paid in Capital | |||||||||||||
Africa Index ETF | $ (76,065 | ) | $(1,144,012 | ) | $ 1,220,077 | |||||||||||
Brazil Small-Cap ETF | 79,091 | 4,084,945 | (4,164,036 | ) | ||||||||||||
ChinaAMC A-Share ETF | (2,578,915 | ) | 2,693,455 | (114,540 | ) | |||||||||||
ChinaAMC SME-ChiNext ETF | 32,116 | (1,844 | ) | (30,272 | ) | |||||||||||
Egypt Index ETF | 565,345 | (1,419,214 | ) | 853,869 | ||||||||||||
Gulf States Index ETF | (24,484 | ) | 22,609 | 1,875 | ||||||||||||
India Small-Cap Index EF | (671,084 | ) | (201,115 | ) | 872,199 | |||||||||||
Indonesia Index ETF | (37,613 | ) | 1,412,960 | (1,375,347 | ) | |||||||||||
Indonesia Small-Cap ETF | (809 | ) | 809 | — | ||||||||||||
Israel ETF | 4,602 | (830,559 | ) | 825,957 | ||||||||||||
Poland ETF | (17,501 | ) | (567,768 | ) | 585,269 | |||||||||||
Russia ETF | 324,869 | 9,415,346 | (9,740,215 | ) | ||||||||||||
Russia Small-Cap ETF | (17,369 | ) | 17,369 | — | ||||||||||||
Vietnam ETF | 214,683 | (3,617,806 | ) | 3,403,123 |
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, 2011-2013), 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.
Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for the ChinaAMC A-Share ETF and ChinaAMC SME-ChiNext ETF. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by Qualified Foreign Institutional Investors (“QFII”) from issuers resident in China. China also imposes withholding tax at a rate of 10% on capital gains derived by nonresident enterprises from investments in an issuer resident in China. The withholding taxes on dividends, interest and capital gains may in principle be subject to a reduced rate under an applicable tax treaty, but the application of such treaties in the case of an RQFII acting for foreign investors such as the Funds is also uncertain. It is also unclear how China’s business tax may apply to activities of an RQFII and how such application may be affected by tax treaty provisions. The imposition of such taxes could have a material adverse effect on the Funds’ returns.
The People’s Republic of China (“PRC”) rules for taxation of RQFIIs (and QFIIs) are evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to the Funds and their shareholders.
Effective November 17, 2014, Qualified Foreign institutional investors (QFIIs) and Renminbi Foreign institutional investors (RQFIIs) are exempted temporarily from capital gains tax for a period of three years. However, QFII and RQFII are still required to pay capital gains tax for gains realized on trades executed before November 17, 2014. At this juncture, the State Administrative of Taxation (SAT) has yet to announce any rule regarding capital gain tax for those trades executed prior to November 17, 2014. The Funds have recorded capital gains tax prior to November 17, 2014 which are net of realized gain (loss) on investments as reflected in the Statements of Operations. The Funds
104 |
are liable to the Sub-Adviser for any Chinese tax that is imposed on the Sub-Adviser with respect to the Funds’ investments in excess of such provision.
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, 2014, 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 April 1, 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 proposed recommendations. As the rules and guidelines have not yet been approved by the Indian Parliament, 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, 2014, 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, 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, 2014, the Funds had in-kind contributions and redemptions as follows:
Fund | In-Kind Contributions | In-Kind Redemptions | |||||||||
Africa Index ETF | $ | 11,970,618 | $ | 8,152,538 | |||||||
Brazil Small-Cap ETF | 1,156,483 | 3,741,227 | |||||||||
ChinaAMC A-Share ETF | — | — | |||||||||
ChinaAMC SME-ChiNext ETF | 3,142 | — | |||||||||
Egypt Index ETF | 13,218,689 | 12,436,044 | |||||||||
Gulf States Index ETF | 363,201 | 304,484 | |||||||||
India Small-Cap Index ETF | 6,361,793 | 3,933,670 | |||||||||
Indonesia Index ETF | 88,807,719 | 114,324,466 | |||||||||
Indonesia Small-Cap ETF | 1,430,473 | — | |||||||||
Israel ETF | 20,144,340 | 4,575,928 | |||||||||
Poland ETF | 3,211,988 | 10,001,702 | |||||||||
Russia ETF | 1,697,329,256 | 472,759,505 | |||||||||
Russia Small-Cap ETF | 49,879,655 | — | |||||||||
Vietnam ETF | 38,077,298 | 20,699,818 |
The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.
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.
As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the
105 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by Russia ETF and Russia Small-Cap ETF.
Should the Chinese government impose restrictions on the ability of ChinaAMC A-Share ETF and ChinaAMC SME-ChiNext ETF to repatriate funds associated with direct investment in A-Shares, the Funds may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
At December 31, 2014, the Adviser owned approximately 5% and 13% of ChinaAMC A-Share ETF and ChinaAMC SME-ChiNext ETF, respectively.
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. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. 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 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. The value of loaned securities and related collateral outstanding at December 31, 2014 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
Note 10—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 Index ETF and India Small-Cap Index 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.
106 |
Note 11—Bank Line of Credit—The 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, 2014, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | Outstanding Loan Balance as of December 31, 2014 | ||||||||||||
Africa Index ETF | 133 | $ | 4,104,231 | 1.50 | % | $ | — | |||||||||
Brazil Small-Cap ETF | 319 | 967,408 | 1.49 | — | ||||||||||||
Egypt Index ETF | 206 | 3,752,476 | 1.50 | 5,639,017 | ||||||||||||
Gulf States Index ETF | 161 | 256,026 | 1.49 | — | ||||||||||||
India Small-Cap Index ETF | 196 | 7,356,167 | 1.49 | — | ||||||||||||
Indonesia Index ETF | 360 | 923,153 | 1.50 | 167,663 | ||||||||||||
Indonesia Small-Cap ETF | 44 | 68,220 | 1.47 | — | ||||||||||||
Israel ETF | 261 | 264,076 | 1.49 | — | ||||||||||||
Poland ETF | 133 | 123,432 | 1.49 | — | ||||||||||||
Russia ETF | 221 | 8,353,711 | 1.49 | 24,672,223 | ||||||||||||
Russia Small-Cap ETF | 177 | 883,990 | 1.49 | — | ||||||||||||
Vietnam ETF | 140 | 10,041,049 | 1.50 | — |
Note 12—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, 2014, there were no offsets to custodian fees.
Note 13—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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MARKET VECTORS ETF TRUST
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), ChinaAMC SME-ChiNext ETF, Egypt Index ETF, Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Israel ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (fourteen of the series constituting Market Vectors ETF Trust) (the “Funds”) as of December 31, 2014, 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, 2014, 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), ChinaAMC SME-ChiNext ETF, Egypt Index ETF, Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Israel ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (fourteen of the series constituting Market Vectors ETF Trust) at December 31, 2014, 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, 2015
108 |
(unaudited)
The Funds listed below intend to pass through foreign tax credits in the maximum amounts shown. The gross foreign source income earned during 2014 by the Funds is shown below.
Fund | Foreign Tax Credits | Gross Foreign Source Income | ||||||
Africa Index ETF | $ | 297,504 | $ | 3,533,913 | ||||
Brazil Small-Cap ETF | 116,093 | 5,362,363 | ||||||
Egypt Index ETF | 17,076 | 1,119,696 | ||||||
Gulf States Index ETF | 23,355 | 972,897 | ||||||
Indonesia Index ETF | 1,105,134 | 6,355,656 | ||||||
Indonesia Small-Cap ETF | 17,632 | 112,754 | ||||||
Israel ETF | 166,453 | 838,485 | ||||||
Poland ETF | 77,465 | 1,029,610 | ||||||
Russia ETF | 11,913,269 | 79,820,086 | ||||||
Russia Small-Cap ETF | 216,839 | 1,722,611 | ||||||
Vietnam ETF | 97,930 | 15,678,476 |
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 2014.
Israel ETF | 1.98 | % | ||||||
Russia ETF | 0.73 | % |
109 |
MARKET VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2014 (unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held By Trustee During Past Five Years | |||||
Independent Trustees: | ||||||||||
David H. Chow, 1957*† | Chairman Trustee | Since 2008 Since 2006 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 55 | 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, 1953*† | 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; and Managing Director, The GlenRock Group, LLC (private equity investment firm), May 2004 to September 2007. | 68 | Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review. | |||||
Peter J. Sidebottom, 1962*† | Trustee | Since 2012 | CEO, AspenWoods LLC, 2013 to present; Independent business adviser, January 2014 to present; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 55 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to present. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Director, President and CEO, SmartBrief, Inc. (media company). | 68 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee: | ||||||||||
Jan F. van Eck, 19634 | 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”). | 55 | 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. |
110 |
Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During The Past Five Years | |||
Russell G. Brennan, 1964 | 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 to October 2008; Officer of other investment companies advised by the Adviser. | |||
Charles T. Cameron, 1960 | 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, 1971 | 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, 1957 | 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, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC, September 1997 to February 2009; Officer of other investment companies advised by the Adviser. | |||
Eduardo Escario, 1975 | 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, 1968 | 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, 1981 | 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, 1955 | Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. | |||
Laura I. Martínez, 1980 | 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. | |||
Ferat Oeztuerk, 1983 | 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). | |||
James Parker, 1969 | Assistant Treasurer | Since June 2014 | Manager (Portfolio Administration) of the Adviser (Since June 2010); Vice President of JPMorgan Chase & Co. (April 1999 to January 2010). | |||
Jonathan R. Simon, 1974 | Vice President, Secretary and Chief Legal Officer | Vice President (Since 2006) and Secretary and Chief Legal Officer (Since 2014) | Vice President (since 2006), General Counsel and Secretary (since 2014) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. | |||
Bruce J. Smith, 1955 | 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, 1961 | 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. |
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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 | ||
Account Assistance: 1.888.MKT.VCTR | Scan to learn more
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MARKET VECTORS
HARD ASSETS ETFs
888.MKT.VCTR | |
marketvectorsetfs.com |
The information contained in this report represents 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, 2014.
MARKET VECTORS HARD ASSETS ETFs
(unaudited)
Dear Shareholder:
This last year was not kind to hard assets and, in particular, energy stocks. If the first eight months may have been challenging, as the fall in energy prices accelerated, the last four were particularly brutal for most sectors. While West Texas Intermediate (WTI) crude prices fell nearly 46% over the 12 month period to end the year at $53.27 per barrel, North American (Henry Hub) natural gas also fell significantly, ending the year down around 32%.
At the end of the year, the secular (U.S. shale oil production), cyclical (global demand worries), and seasonal (second half 2015 demand exceeds that of the first half) drivers to the crude market were uniquely synchronized to support a negative outlook for near-term oil prices. However, while we believe this will continue to make for a soft market in the first half of 2015, we do see an inflection in all of these drivers in the second half, which should lead prices to trend back to our longer-term price view.
Specifically, in the U.S., while the unconventional shale oil and gas boom, in particular, is now expected to moderate, the stimulus that cheap energy prices provides for both the consumer and the industrial sector is expected to be significant and broad-spread throughout the country. Eventually, we expect this to translate into slightly higher growth in worldwide crude oil demand as we anticipate both current cheap fuel prices and surging global auto sales to spur consumption.
We continue to believe that the shale story remains a compelling one, not only in the U.S., but also in other areas globally. A potential that, so far, remains largely untapped.
Top 10 Countries with Technically Recoverable Shale Oil Resources
Source: EIA, June 10, 2013
We offer unique global exposure to the unconventional energy theme in two forms. Market Vectors Unconventional Oil & Gas ETF (NYSE Arca: FRAK) seeks to track an index covering those companies that are primarily involved in this growing segment. Market Vectors Oil Services ETF (NYSE Arca: OIH), tracking, as it does, the overall performance of 25 of the largest U.S. listed, publicly traded oil services companies, provides access to some of the main companies servicing this sector both in North America and, particularly, globally.
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MARKET VECTORS HARD ASSETS ETFs
(unaudited)
For investors interested in the value offered across hard assets, we continue to offer a suite of funds combining both focused and broad-based ETFs.
Going forward, we will, of course, continue to seek out and evaluate the most attractive opportunities for you as a shareholder in the hard asset space. Please stay in touch with us through our website (http://www.marketvectorsetfs.com) on which we offer videos and email subscriptions, all of which are designed to keep you up to date with your investments in Market Vectors ETFs.
On the following pages, you will find the performance record of each of the funds for the 12 month period ended December 31, 2014. 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 14, 2015
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.
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MANAGEMENT DISCUSSION (unaudited)
Hard Assets Market Overview
The RogersTM-Van Eck Natural Resources Index† (RVEIT), which includes equities of the world’s largest and most prominent hard assets producers, remains the most comprehensive index in the hard assets producer space. For the 12 month period ending December 31, 2014, the Index returned -7.26%.
The table below shows average sector weightings within this index and the total return of each sector for the 12 month period ending December 31, 2014.
RVEIT Sector | Average Sector Weighting | 12 Month Total Return for Period Ending December 31, 2014 | ||||
Energy | 40.64 | % | -11.36 | % | ||
Agriculture | 31.31 | % | 4.96 | % | ||
Base/Industrial Metals | 13.08 | % | -17.39 | % | ||
Precious Metals | 6.89 | % | -15.80 | % | ||
Paper & Forest Products | 4.07 | % | 3.08 | % | ||
Alternatives | 4.01 | % | 1.94 | % |
Source: Van Eck Global; FactSet; S-Network Global Indexes, LLC. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted. Index performance is not illustrative of fund performance. Investors cannot invest directly in an Index.
Three sectors — agriculture, alternatives and paper & forest products-had positive returns over the 12 months ended December 31, 2014, while the remaining three sectors-base/industrial metals, energy and precious metals-all had negative returns over the same period. The largest sector by average weight, energy, which accounted for over 40% the index, performed particularly poorly during the year. While, of the three larger sectors, only agriculture had a positive return over the 12 months, two of the three smaller sectors, by average weight, alternatives, and paper & forest products, also both had positive returns over the period. However, the sectors with positive performances were unable to prevent the index as a whole from posting a negative total return over the 12 month period.
Eleven of the suite of 12 Market Vectors Hard Assets ETFs posted negative total returns during the 12 month period. After Market Vectors Uranium+Nuclear Energy ETF (NYSE Arca: NLR) (+9.61%), which was the sole fund to post a positive total return for the period under review, Market Vectors Agribusiness ETF (NYSE Arca: MOO) (-0.13%) was the next best performer. The Market Vectors Rare Earth/Strategic Metals ETF (NYSE Arca: REMX) (-28.07%) and Market Vectors Steel ETF (NYSE Arca: SLX) (-26.44%) posted the worst total returns of the eleven.
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MARKET VECTORS HARD ASSETS ETFs
(unaudited)
January 1 through December 31, 2014
Market Vectors Hard Assets ETFs Total Return
Source: Van Eck Global. Returns based on each Fund’s net asset value (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.
Agribusiness
Animal health care and consumer staples companies led performance in the sector. Companies manufacturing and distributing agricultural and farm machinery, a Russian company producing potash (used in fertilizers), and a biotechnology company detracted most from performance. Geographically, the greatest positive returns came from companies in the U.S. and Canada, while the greatest negative returns came from those in Switzerland and Russia.
Coal
While the first six months of 2014 may have been difficult for the coal industry, the second six months were even more challenging, with coal mining stocks hit particularly hard by the sell-off from the beginning of September to mid-October. On the other hand, the consumption of coal in the U.S. in 2014 was forecast to exceed that for 2013,1 and one of the most important coal-consuming countries, India, announced in November that it intended to double coal production to a billion tonnes over the next five years.2 Only two countries contributed positive total returns: the Philippines and Russia. The U.S., with an average weight of over 40%, detracted most from the sector’s performance.
Global Alternative Energy
Along with solar energy stocks, global alternative energy stocks delivered a negative performance for the 12 months ending December 31, 2014. As with solar energy stocks, global alternative energy stocks were adversely affected by the fall in oil prices in 2014, particularly during the last four months of the year. While significant contributions to overall performance came from companies involved in wind energy and automobile manufacturing, the greatest detractors from performance were companies involved in lighting and semiconductor products, and the manufacture of advanced materials and crystal growth equipment. The strongest contribution to total return came from companies in the Denmark. Companies in the U.S. and Brazil were the main detractors from performance.
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Gold Miners/Junior Gold Miners
If 2013 was a difficult year for gold miners, both large and small, so, too, was 2014. Having bounced back with modest gains during the first half of 2014, on the back of both a strengthening U.S. dollar and economy, stocks started to decline at the beginning of September and continued down for the rest of the year. While Canadian gold mining companies, both large and junior, were by far the most significant detractors from performance, juniors in Australia were also particularly hard hit. However, the majority of their established peers in Australia, China and South Africa posted positive performances for the 12 month period.
Natural Resources
The agricultural, alternatives, and paper and forest products sectors of the natural resources industry all posted positive returns. However, with their heavier aggregate average weighting over the 12 month period, the energy, base/industrial metals, and precious metals sectors, with their strongly negative performances, overwhelmed these positive returns.
Oil Services
Having hit a high on June 30, on the back of falling oil prices oil services stocks started to decline thereafter nearly continuously through to the end of the year, and particularly precipitously in the last week in November through to mid-December. Energy stocks, including oil services stocks, crashed at the end of November after OPEC announced that there would be no cuts in production, a move that sent the price of oil to its lowest since May 20103 and was expected to hit oil services companies badly.4 While U.S. oil services companies detracted by far the most from performance, foreign-domiciled companies also lagged.
Rare Earth and Strategic Metals
Rare earth prices remained depressed throughout 2014, impacting companies of all sizes involved in extracting and refining the metals. During the year, efforts by the Chinese government both to consolidate the country’s rare earth mining industry5 and to stamp out smuggling6 met with limited success. Such efforts failed to provide much support to prices.7 While most companies in China posted positive returns, companies in Australia involved in zircon and the mining and refining of rare earths, and in the U.S. a company involved specifically in the mining and refining of rare earths, were the largest detractors from performance. Smaller companies performed worse than their mid-cap peers during the period under review.
Solar Energy
Having performed strongly in the first half of 2014, from early July solar energy stocks declined, in fits and starts, during the second half of the year. Among other factors, the decline in the price of crude oil8 during the year, and over the last four months of the year in particular, was especially challenging for the solar sector. Within the sector, the only, but also strong, positive contribution came from companies in China. This positive performance was, however, no match for companies’ negative performances in such countries as Taiwan, Switzerland and the U.S. In addition to having the highest average weighting in the sector, mid-cap companies also made the only positive contribution to overall performance. Both smaller and larger companies detracted from performance, in particular smaller companies.
Steel
If the first half of 2014 was a challenging one for the steel industry, the second half was brutal. In addition to oversupply, imports of steel into the U.S. increased substantially in 2014.9 With the two largest average weightings in the sector during the 12 month period, Brazil and the U.S. were also the two largest detractors from performance.
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MARKET VECTORS HARD ASSETS ETFs
(unaudited)
Unconventional Oil & Gas
While unconventional energy companies performed well during the first half of 2014, particularly those in the U.S., companies were hard hit in the second half as the price of crude plummeted. Of the 50 U.S. stocks (on average nearly 76% of the fund by weight during the period under review) just five contributed with positive performance. Although a single Australian company contributed positive returns, the country’s low relative average weighting resulted in a minimal contribution to performance.
Uranium and Nuclear Energy
The sector posted positive total returns for whole the 12 month period, with performance gains occurring in the first half of the year. Uranium miners have, in particular, benefited from robustness in the price of the metal over 2014. Such news as the fact that China will need some 1,000 nuclear reactors10 to fulfill its pledge on climate control and that re-elected Japanese prime minister, Shinzu Abe, fully intends to boost reactor restarts11 also helped bolster the industry. With the largest average weighting over the period under review, utilities produced the vast majority of the sector’s positive return. However, industrial companies detracted from performance during the period. Geographically, companies in the U.S. contributed most to return, while Japan detracted most from performance.
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.
† | The RogersTM-Van Eck Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index comprising publicly traded companies engaged in the production and distribution of commodities and commodity-related products and services in the following sectors: 1) Agriculture; 2) Alternatives (Water & Alternative Energy); 3) Base and Industrial Metals; 4) Energy; 5) Forest Products; and 6) Precious Metals. |
1 | U.S. Energy Information Administration: Short-Term Energy Outlook (STEO) - December 2014, http://www.eia.gov/forecasts/steo/pdf/steo_full.pdf |
2 | The Times of India: Coal production to double to 1 billion tonnes by 2019: Goyal, http://timesofindia.indiatimes.com/business/india-business/Coal-production-to-double-to-1-biilion-tonnes-by-2019-Goyal/articleshow/45056750.cms |
3 | CNN News; Nightmare day for oil stocks, http://money.cnn.com/2014/11/28/investing/oil-stocks-plunge-opec/ |
4 | Financial Times: Opec decision threatens US shale industry investment, http://www.ft.com/intl/cms/s/0/03ab7918-7686-11e4-9761-00144feabdc0.html |
5 | China Daily: China to further consolidate rare earth resources, http://usa.chinadaily.com.cn/business/2014-10/29/content_18822173.htm |
6 | CINME 2014: Integration of innovation: the theme of China’s rare earth industry, http://www.bcinfe.com/en/Newsshow.asp?id=183 |
7 | Ibid. |
8 | ETF Trends: Solar ETFs Shattered by Low Oil Prices, http://www.etftrends.com/2014/12/solar-etfs-shattered-by-low-oil-prices/ |
9 | The Wall Street Journal: U.S. Steel Lays Off 756, Blaming Low Oil Prices, http://www.wsj.com/articles/u-s-steel-to-cut-jobs-amid-low-oil-prices-1420556069 |
10 | Bloomberg News: China Needs 1,000 Nuclear Reactors to Fulfill Its Climate Pledge, http://www.bloomberg.com/news/2014-11-21/latest-china-revolution-seeks-great-leap-for-clean-energy.html |
11 | The Japan Times: With election over, Abe ready to boost reactor restarts, http://www.japantimes.co.jp/news/2014/12/15/national/abe-set-boost-efforts-revive-nuclear-power-election/#.VKHSDQpBA |
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MARKET VECTORS AGRIBUSINESS ETF
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVMOOTR2 | |||||||||
One Year | (0.33) | % | (0.13) | % | 0.24 | % | ||||||
Five Years | 5.40 | % | 5.47 | % | 5.80 | % | ||||||
Life* (annualized) | 4.90 | % | 4.92 | % | 5.46 | % | ||||||
Life* (cumulative) | 42.05 | % | 42.21 | % | 47.68 | % | ||||||
*since 8/31/07 |
Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013 forward, the index data reflects that of the Market Vectors® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes.
Commencement date for the Market Vectors Agribusiness ETF (MOO) was 8/31/07.
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 (8/31/07) to the first day of secondary market trading in shares of the Fund (9/5/07), 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 0.57% / 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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% 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 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.
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MARKET VECTORS AGRIBUSINESS ETF
PERFORMANCE COMPARISON
(unaudited)
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® Global Agribusiness Index (MVMOOTR) is a rules-based, modified-capitalization-weighted, float-adjusted index intended to give investors exposure to the overall performance of the global agribusiness industry. |
Market Vectors Global Agribusiness 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 Agribusiness 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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Agribusiness ETF (MOO)
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 MOO 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.
September 5, 2007* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 2 | 0.1 | % | |||||
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% | 5 | 0.3 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 5 | 0.3 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 20 | 1.1 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 177 | 9.6 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 644 | 34.9 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 859 | 46.5 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 98 | 5.3 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 19 | 1.0 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 10 | 0.5 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 1 | 0.1 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 2 | 0.1 | % | |||||
Less Than -3.0% | 2 | 0.1 | % | |||||
1845 | 100.0 | % |
* First day of secondary market trading.
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PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVKOLTR2 | |||||||||
One Year | (22.67 | )% | (23.07 | )% | (22.73 | )% | ||||||
Five Year | (15.10 | )% | (15.05 | )% | (14.65 | )% | ||||||
Life* (annualized) | (12.30 | )% | (12.33 | )% | (11.77 | )% | ||||||
Life* (cumulative) | (59.97 | )% | (60.06 | )% | (58.25 | )% | ||||||
*since 1/10/08 |
Index data prior to September 24, 2012 reflects that of the Stowe Coal IndexSM (TCOAL). From September 24, 2012 forward, the index data reflects that of the Market Vectors® Global Coal Index (MVKOLTR). All Index history reflects a blend of the performance of the aforementioned Indexes.
Commencement date for the Market Vectors Coal ETF (KOL) was 1/10/08.
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 (1/10/08) to the first day of secondary market trading in shares of the Fund (1/14/08), 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 0.63% / 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 acquired fund fees and expenses, 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.
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MARKET VECTORS COAL ETF
PERFORMANCE COMPARISON
(unaudited)
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® Global Coal Index (MVKOLTR) is a rules-based, capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the coal industry. |
Market Vectors Global Coal 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 Coal 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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Coal ETF (KOL)
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 KOL 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 14, 2008* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 10 | 0.6 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 8 | 0.5 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 14 | 0.8 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 24 | 1.4 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 43 | 2.5 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 165 | 9.4 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 545 | 31.0 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 663 | 37.6 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 209 | 11.9 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 38 | 2.2 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 19 | 1.1 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 13 | 0.7 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 3 | 0.2 | % | |||||
Less Than -3.0% | 1 | 0.1 | % | |||||
1755 | 100.0 | % |
* First day of secondary market trading.
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MARKET VECTORS GLOBAL ALTERNATIVE ENERGY ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | AGIXLT2 | |||||||||
One Year | (3.34 | )% | (3.04 | )% | (2.47 | )% | ||||||
Five Years | (5.02 | )% | (5.11 | )% | (5.66 | )% | ||||||
Life* (annualized) | (8.88 | )% | (8.86 | )% | (9.23 | )% | ||||||
Life* (cumulative) | (50.98 | )% | (50.89 | )% | (52.42 | )% | ||||||
*since 5/3/07 |
Commencement dates for the Market Vectors Global Alternative Energy ETF (GEX) was 5/3/07.
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 (5/3/07) to the first day of secondary market trading in shares of the Fund (5/9/07), 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 0.64% / Net Expense Ratio 0.62%
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 acquired fund fees and expenses, 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, 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 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.
11 |
MARKET VECTORS GLOBAL ALTERNATIVE ENERGY ETF
PERFORMANCE COMPARISON
(unaudited)
2 | Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules-based, global capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry. |
“Ardour Global IndexesSM, LLC”, “ARDOUR GLOBAL INDEXSM (Extra Liquid)”, and “ARDOUR – XLSM” are service marks of Ardour Global IndexesSM, LLC and have been licensed for use by Van Eck Associates Corporation in connection with Market Vectors Global Alternative Energy ETF (GEX). Market Vectors Global Alternative Energy ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Ardour Global IndexesSM, LLC and Ardour Global IndexesSM, LLC makes no representation regarding the advisability of investing in the Fund. AGIXLT is calculated by Dow Jones Indexes. The Fund, based on the AGIXLT, is not sponsored, endorsed, sold or promoted by Dow Jones Indexes, and Dow Jones Indexes makes no representation regarding the advisability of investing in the Fund.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Global Alternative Energy ETF (GEX)
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 GEX 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 9, 2007* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 0 | 0.0 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 3 | 0.2 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 2 | 0.1 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 13 | 0.7 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 85 | 4.4 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 202 | 10.5 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 504 | 26.2 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 748 | 38.6 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 322 | 16.7 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 35 | 1.8 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 7 | 0.4 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 3 | 0.2 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 2 | 0.1 | % | |||||
Less Than -3.0% | 1 | 0.1 | % | |||||
1927 | 100.0 | % |
* First day of secondary market trading.
12 |
MARKET VECTORS GOLD MINERS ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | GDMNTR2 | |||||||||
One Year | (12.42 | )% | (12.31 | )% | (11.99 | )% | ||||||
Five Year | (16.25 | )% | (16.18 | )% | (15.71 | )% | ||||||
Life* (annualized) | (7.94 | )% | (7.91 | )% | (7.43 | )% | ||||||
Life* (cumulative) | (51.01 | )% | (50.88 | )% | (48.66 | )% | ||||||
*since 5/16/06 |
Commencement date for the Market Vectors Gold Miners ETF (GDX) was 5/16/06.
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 (5/16/06) to the first day of secondary market trading in shares of the Fund (5/22/06), 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 0.53% / Net Expense Ratio 0.53%
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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.53% 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.
13 |
MARKET VECTORS GOLD MINERS ETF
PERFORMANCE COMPARISON
(unaudited)
2 | NYSE Arca Gold Miners Index (GDMNTR) is a modified capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold. |
NYSE Arca Gold Miners Index (GDMNTR), a trademark of NYSE or its affiliates, is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Gold Miners ETF (GDX). Market Vectors Gold Miners ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by NYSE and NYSE makes no representation as to the accuracy and/or completeness of GDMNTR or results to be obtained by any person from using GDMNTR in connection with trading the Fund.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Gold Miners ETF (GDX)
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 GDX 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 22, 2006* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 1 | 0.0 | % | |||||
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 | 0.1 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 1 | 0.0 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 11 | 0.5 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 52 | 2.4 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 1093 | 50.6 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 968 | 44.6 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 30 | 1.4 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 7 | 0.3 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 2 | 0.1 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 1 | 0.0 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 1 | 0.0 | % | |||||
Less Than -3.0% | 0 | 0.0 | % | |||||
2169 | 100.0 | % |
* First day of secondary market trading.
14 |
MARKET VECTORS JUNIOR GOLD MINERS ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVGDXJTR2 | |||||||||
One Year | (22.33 | )% | (21.60 | )% | (20.86 | )% | ||||||
Five Years | (22.59 | )% | (22.55 | )% | (21.88 | )% | ||||||
Life* (annualized) | (21.43 | )% | (21.35 | )% | (21.01 | )% | ||||||
Life* (cumulative) | (71.05 | )% | (70.90 | )% | (70.27 | )% | ||||||
*since 11/10/09 |
Commencement date for the Market Vectors Junior Gold Miners ETF (GDXJ) was 11/10/09.
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 (11/10/09) to the first day of secondary market trading in shares of the Fund (11/11/09), 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 0.55% / 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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% 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.
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® Global Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver. |
15 |
MARKET VECTORS JUNIOR GOLD MINERS ETF
PERFORMANCE COMPARISON
(unaudited)
Market Vectors Global Junior Gold Miners Index (MVGDXJTR) 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 MVGDXJTR. Solactive AG uses its best efforts to ensure that MVGDXJTR is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in MVGDXJTR to third parties. Market Vectors Junior Gold Miners 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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Junior Gold Miners ETF (GDXJ)
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 GDXJ 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 11, 2009* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 6 | 0.5 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 2 | 0.2 | % | |||||
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% | 17 | 1.3 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 68 | 5.3 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 242 | 18.7 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 413 | 31.8 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 334 | 25.8 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 147 | 11.4 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 42 | 3.2 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 9 | 0.7 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 6 | 0.5 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
Less Than -3.0% | 1 | 0.1 | % | |||||
1293 | 100.0 | % |
* First day of secondary market trading.
16 |
MARKET VECTORS NATURAL RESOURCES ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | RVEIT2 | |||||||||
One Year | (7.25) | % | (7.71) | % | (7.26) | % | ||||||
Five Year | 2.08 | % | 2.06 | % | 2.27 | % | ||||||
Life* (annualized) | (0.76) | % | (0.83) | % | (0.57) | % | ||||||
Life* (cumulative) | (4.72) | % | (5.14) | % | (3.58) | % |
*since 8/29/08 |
Effective May 1, 2014, the name of the index that the Fund seeks to replicate changed from The RogersTM-Van Eck Hard Assets Producers Index to The RogersTM-Van Eck Natural Resources Index (the “Index”). In connection with that change, the Board of Trustees of the Trust approved changing the Fund’s name to Market Vectors Natural Resources ETF and, accordingly, the Fund’s investment objective changed such that the Fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of The RogersTM-Van Eck Natural Resources Index. |
Commencement date for the Market Vectors Natural Resources ETF (HAP) was 8/29/08.
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 (8/29/08) to the first day of secondary market trading in shares of the Fund (9/3/08), 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 0.73% / Net Expense Ratio 0.50%
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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.49% of the Fund’s average daily net assets per year until at least 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 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
17 |
MARKET VECTORS NATURAL RESOURCES ETF
PERFORMANCE COMPARISON
(unaudited)
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 | The RogersTM-Van Eck Natural Resources Index (RVEIT) is a rules-based, modified capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. |
The RogersTM-Van Eck Natural Resources Index has been licensed by Van Eck Associates Corporation from S-Network Global Indexes, LLC in connection with Market Vectors Natural Resources ETF (HAP). Market Vectors Natural Resources ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, LLC, which makes no representation regarding the advisability of investing in the Fund.
“Jim Rogers,” “James Beeland Rogers, Jr.,” and “Rogers,” are trademarks, service marks and/or registered trademarks of Beeland Interests, Inc. (“Beeland Interests”), which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license. The personal names and likeness of Jim Rogers/James Beeland Rogers, Jr. are owned and licensed by James Beeland Rogers, Jr.
The Fund is not sponsored, endorsed, sold or promoted by Beeland Interests or James Beeland Rogers, Jr. Neither Beeland Interests nor James Beeland Rogers, Jr. makes any representation or warranty, express or implied, nor accepts any responsibility, regarding the accuracy or completeness of this material, or the advisability of investing in securities or commodities generally, or in the Fund or in futures particularly.
BEELAND INTERESTS AND ITS AFFILIATES AND VAN ECK AND ITS AFFILIATES SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS, AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF HAP, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF RVEI. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BEELAND INTERESTS OR VAN ECK OR ANY THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Natural Resources ETF (HAP)
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 HAP 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.
September 3, 2008* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 8 | 0.5 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 4 | 0.3 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 6 | 0.4 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 16 | 1.0 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 27 | 1.7 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 131 | 8.2 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 685 | 42.8 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 669 | 42.0 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 35 | 2.2 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 6 | 0.4 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 4 | 0.3 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 2 | 0.1 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
Less Than -3.0% | 1 | 0.1 | % | |||||
1594 | 100.0 | % |
* First day of secondary market trading.
18 |
MARKET VECTORS OIL SERVICES ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVOIHTR2 | |||||||||
One Year | (23.53 | )% | (23.64 | )% | (23.71 | )% | ||||||
Life *(annualized) | (0.15 | )% | (0.45 | )% | (0.39 | )% | ||||||
Life* (cumulative) | (0.44 | )% | (1.36 | )% | (1.19 | )% | ||||||
*since 12/20/11 |
Commencement date for the Market Vectors Oil Services ETF (OIH) was 12/20/2011.
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 (12/20/11) to the first day of secondary market trading in shares of the Fund (12/21/11), 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 0.39% / Net Expense Ratio 0.35%
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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.35% 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 | Market Vectors® US Listed Oil Services 25 Index (MVOIHTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to track the overall performance of 25 of the largest U.S. listed, publicly traded oil services companies. |
19 |
MARKET VECTORS OIL SERVICES ETF
PERFORMANCE COMPARISON
(unaudited)
Market Vectors US Listed Oil Services 25 Index (MVOIHTR) 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 MVOIHTR. Solactive AG uses its best efforts to ensure that MVOIHTR is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in MVOIHTR to third parties. Market Vectors Oil Services 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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Oil Services ETF (OIH)
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 OIH 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.
December 21, 2011* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 0 | 0.0 | % | |||||
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% | 1 | 0.1 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 1 | 0.1 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 4 | 0.5 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 5 | 0.7 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 380 | 50.0 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 364 | 47.8 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 3 | 0.4 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 2 | 0.3 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
Less Than -3.0% | 0 | 0.0 | % | |||||
761 | 100.0 | % |
* First day of secondary market trading.
20 |
MARKET VECTORS RARE EARTH/STRATEGIC METALS ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVREMXTR2 | |||||||||
One Year | (28.49 | )% | (28.07 | )% | (27.76 | )% | ||||||
Life* (annualized) | (22.16 | )% | (21.96 | )% | (22.36 | )% | ||||||
Life* (cumulative) | (64.90 | )% | (64.51 | )% | (65.30 | )% | ||||||
*since 10/27/10 |
Commencement date for the Market Vectors Rare Earth/Strategic Metals ETF (REMX) was 10/27/10.
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 (10/27/10) to the first day of secondary market trading in shares of the Fund (10/28/10), 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 0.72% / Net Expense Ratio 0.58%
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 acquired fund fees and expenses, 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, 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 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® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of publicly traded companies engaged in a variety of activities that are related to the mining, refining and manufacturing of rare earth/strategic metals. |
21 |
MARKET VECTORS RARE EARTH/STRATEGIC METALS ETF
PERFORMANCE COMPARISON
(unaudited)
Market Vectors Global Rare Earth/Strategic Metals 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 Rare Earth/Strategic Metals 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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Rare Earth/Strategic Metals ETF (REMX)
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 REMX 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 28, 2010* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 5 | 0.5 | % | |||||
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% | 1 | 0.1 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 5 | 0.5 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 27 | 2.6 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 110 | 10.5 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 226 | 21.5 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 301 | 28.4 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 257 | 24.5 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 64 | 6.1 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 22 | 2.1 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 8 | 0.8 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 4 | 0.4 | % | |||||
Less Than -3.0% | 21 | 2.0 | % | |||||
1051 | 100.0 | % |
* First day of secondary market trading.
22 |
MARKET VECTORS SOLAR ENERGY ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVKWTTR2 | |||||||||
One Year | (7.16 | )% | (6.17 | )% | (5.76 | )% | ||||||
Five Year | (20.11 | )% | (20.06 | )% | (21.15 | )% | ||||||
Life* (annualized) | (26.72 | )% | (26.63 | )% | (27.26 | )% | ||||||
Life* (cumulative) | (87.52 | )% | (87.43 | )% | (88.15 | )% | ||||||
*since 4/21/08 | ||||||||||||
Index data prior to March 18, 2013 reflects that of the Ardour Solar Energy Index (SOLRXT). From March 18, 2013 forward, the index data reflects that of the Market Vectors® Global Solar Energy Index (MVKWTTR). All Index history reflects a blend of the performance of the aforementioned Indexes. |
Commencement date for the Market Vectors Solar Energy ETF (KWT) was 4/21/08.
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 (4/21/08) to the first day of secondary market trading in shares of the Fund (4/23/08), 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 1.08% / Net Expense Ratio 0.65%
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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.65% 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 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.
23 |
MARKET VECTORS SOLAR ENERGY ETF
PERFORMANCE COMPARISON
(unaudited)
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® Global Solar Energy Index (MVKWTTR) is a rules-based, modified-capitalization-weighted, float-adjusted index intended to give investors exposure to the overall performance of the global solar energy industry. |
Market Vectors Global Solar Energy 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 Solar Energy 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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Solar Energy ETF (KWT)
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 KWT 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 23, 2008* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 3 | 0.2 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 4 | 0.2 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 11 | 0.7 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 22 | 1.3 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 86 | 5.1 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 242 | 14.4 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 508 | 30.1 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 525 | 31.1 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 201 | 11.9 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 47 | 2.8 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 21 | 1.2 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 8 | 0.5 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 2 | 0.1 | % | |||||
Less Than -3.0% | 6 | 0.4 | % | |||||
1686 | 100.0 | % |
* First day of secondary market trading.
24 |
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | STEEL2 | |||||||||
One Year | (26.33 | )% | (26.44 | )% | (26.24 | )% | ||||||
Five Year | (8.41 | )% | (8.44 | )% | (8.13 | )% | ||||||
Life* (annualized) | 0.59 | % | 0.58 | % | 0.95 | % | ||||||
Life* (cumulative) | 4.93 | % | 4.85 | % | 8.13 | % | ||||||
*since 10/10/06 |
Commencement date for the Market Vectors Steel ETF was 10/10/06.
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 (10/10/06) to the first day of secondary market trading in shares of the Fund (10/16/06), 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 0.63% / 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 acquired fund fees and expenses, 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, 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.
25 |
MARKET VECTORS STEEL ETF
PERFORMANCE COMPARISON
(unaudited)
2 | NYSE Arca Steel Index (STEEL) is a modified capitalization-weighted index comprised of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. |
NYSE Arca Steel Index (STEEL) is a trademark of NYSE or its affiliates, is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Steel ETF (SLX). Market Vectors Steel ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by NYSE and NYSE makes no representation as to the accuracy and/or completeness of STEEL or the results to be obtained by any person from the using STEEL in connection with trading the Fund.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Steel ETF (SLX)
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 SLX 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 16, 2006* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 0 | 0.0 | % | |||||
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 | 0.1 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 1 | 0.0 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 1 | 0.0 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 16 | 0.8 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 658 | 31.8 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 1332 | 64.6 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 52 | 2.5 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 3 | 0.1 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
Less Than -3.0% | 2 | 0.1 | % | |||||
2067 | 100.0 | % |
* First day of secondary market trading.
26 |
MARKET VECTORS UNCONVENTIONAL OIL & GAS ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVFRAKTR2 | |||||||||
One Year | (21.41 | )% | (21.18 | )% | (21.08 | )% | ||||||
Life (annualized) | (3.37 | )% | (3.26 | )% | (3.09 | )% | ||||||
Life* (cumulative) | (9.41 | )% | (9.11 | )% | (8.65 | )% | ||||||
*since 2/14/12 |
Commencement date for the Market Vectors Unconventional Oil & Gas ETF (FRAK) was 2/14/2012.
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 (2/14/12) to the first day of secondary market trading in shares of the Fund (2/15/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting marketvectorsetfs.com.
Gross Expense Ratio 0.67% / Net Expense Ratio 0.54%
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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.54% 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.
27 |
MARKET VECTORS UNCONVENTIONAL OIL & GAS ETF
PERFORMANCE COMPARISON
(unaudited)
2 | Market Vectors® Global Unconventional Oil & Gas Index (MVFRAKTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to track the overall performance of companies involved in the exploration, development, extraction, production and/or refining of unconventional oil and natural gas. |
Market Vectors Global Unconventional Oil & Gas Index (MVFRAKTR) 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 MVFRAKTR. Solactive AG uses its best efforts to ensure that MVFRAKTR is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in MVFRAKTR to third parties. Market Vectors Unconventional Oil & Gas 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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Unconventional Oil & Gas ETF (FRAK)
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 FRAK 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 15, 2012* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 1 | 0.0 | % | |||||
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% | 0 | 0.0 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 8 | 1.1 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 97 | 13.4 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 412 | 57.0 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 167 | 23.1 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 30 | 4.1 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 7 | 1.0 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 2 | 0.3 | % | |||||
Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||
Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
Less Than -3.0% | 0 | 0.0 | % | |||||
724 | 100.0 | % |
* First day of secondary market trading.
28 |
MARKET VECTORS URANIUM+NUCLEAR ENERGY ETF
PERFORMANCE COMPARISON
(unaudited)
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Total Return | Share Price1 | NAV | MVNLRTR2 | |||||||||
One Year | 9.52 | % | 9.61 | % | 9.71 | % | ||||||
Five Years | (0.79) | % | (0.77) | % | (1.02) | % | ||||||
Life* (annualized) | (7.07) | % | (7.06) | % | (6.94) | % | ||||||
Life* (cumulative) | (41.80) | % | (41.76) | % | (41.21) | % | ||||||
*since 8/13/07 | ||||||||||||
Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014 forward, the index data reflects that of the Market Vectors® Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes. |
Commencement date for the Market Vectors Uranium+Nuclear Energy ETF (NLR) was 8/13/07.
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 (8/13/07) to the first day of secondary market trading in shares of the Fund (8/15/07), 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 0.76% / 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 acquired fund fees and expenses, 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, 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.
29 |
MARKET VECTORS URANIUM+NUCLEAR ENERGY ETF
PERFORMANCE COMPARISON
(unaudited)
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® Global Uranium & Nuclear Energy is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. |
Market Vectors® Global Uranium & Nuclear Energy Index (MVNLRTR) 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 Uranium+Nuclear Energy ETF 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
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Uranium+Nuclear Energy ETF (NLR)
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 NLR 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 15, 2007* through December 31, 2014 | ||||||||
Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
Greater than or Equal to 3.0% | 2 | 0.1 | % | |||||
Greater than or Equal to 2.5% And Less Than 3.0% | 3 | 0.2 | % | |||||
Greater than or Equal to 2.0% And Less Than 2.5% | 3 | 0.2 | % | |||||
Greater than or Equal to 1.5% And Less Than 2.0% | 15 | 0.8 | % | |||||
Greater than or Equal to 1.0% And Less Than 1.5% | 46 | 2.5 | % | |||||
Greater than or Equal to 0.5% And Less Than 1.0% | 186 | 10.0 | % | |||||
Greater than or Equal to 0.0% And Less Than 0.5% | 510 | 27.4 | % | |||||
Greater than or Equal to -0.5% And Less Than 0.0% | 736 | 39.5 | % | |||||
Greater than or Equal to -1.0% And Less Than -0.5% | 258 | 13.9 | % | |||||
Greater than or Equal to -1.5% And Less Than -1.0% | 49 | 2.6 | % | |||||
Greater than or Equal to -2.0% And Less Than -1.5% | 23 | 1.2 | % | |||||
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% | 5 | 0.3 | % | |||||
Less Than -3.0% | 9 | 0.5 | % | |||||
1859 | 100.0 | % |
* First day of secondary market trading.
30 |
[This Page Intentionally Left Blank.]
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, 2014 to December 31, 2014.
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.
32 |
Beginning Account Value July 1, 2014 | Ending Account Value December 31, 2014 | Annualized Expense Ratio During Period | Expenses Paid During the Period* July 1, 2014 - December 31, 2014 | |||||||||||||
Agribusiness ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 984.90 | 0.56 | % | $ | 2.80 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.38 | 0.56 | % | $ | 2.85 | ||||||||
Coal ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 802.20 | 0.59 | % | $ | 2.68 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.23 | 0.59 | % | $ | 3.01 | ||||||||
Global Alternative Energy ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 823.90 | 0.62 | % | $ | 2.85 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.08 | 0.62 | % | $ | 3.16 | ||||||||
Gold Miners ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 702.00 | 0.53 | % | $ | 2.27 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.53 | 0.53 | % | $ | 2.70 | ||||||||
Junior Gold Miners ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 574.90 | 0.54 | % | $ | 2.14 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.48 | 0.54 | % | $ | 2.75 | ||||||||
Natural Resources ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 851.30 | 0.50 | % | $ | 2.33 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.68 | 0.50 | % | $ | 2.55 | ||||||||
Oil Services ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 636.10 | 0.35 | % | $ | 1.44 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,023.44 | 0.35 | % | $ | 1.79 | ||||||||
Rare Earth / Strategic Metals ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 726.50 | 0.58 | % | $ | 2.52 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.28 | 0.58 | % | $ | 2.96 | ||||||||
Solar Energy ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 782.30 | 0.65 | % | $ | 2.92 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,021.93 | 0.65 | % | $ | 3.31 | ||||||||
Steel ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 767.60 | 0.55 | % | $ | 2.45 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.43 | 0.55 | % | $ | 2.80 | ||||||||
Unconventional Oil & Gas ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 651.60 | 0.54 | % | $ | 2.25 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.48 | 0.54 | % | $ | 2.75 | ||||||||
Uranium+Nuclear Energy ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,004.80 | 0.61 | % | $ | 3.08 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.13 | 0.61 | % | $ | 3.11 |
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2014) 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 |
33 |
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Argentina: 0.1% | ||||||||
147,438 | Cresud S.A.C.I.F. y A (ADR) * | $ | 1,487,649 | |||||
Australia: 1.8% | ||||||||
6,071,896 | Incitec Pivot Ltd. # | 15,743,801 | ||||||
769,804 | Nufarm Ltd. # | 2,967,327 | ||||||
2,016,993 | Treasury Wine Estates Ltd. # | 7,803,733 | ||||||
26,514,861 | ||||||||
Brazil: 0.3% | ||||||||
2,372,000 | All America Latina Logistica SA | 4,515,206 | ||||||
Canada: 10.4% | ||||||||
595,746 | Agrium, Inc. (USD) † | 56,429,061 | ||||||
2,637,316 | Potash Corp. of Saskatchewan, Inc. (USD) | 93,150,001 | ||||||
149,579,062 | ||||||||
Chile: 0.4% | ||||||||
217,952 | Sociedad Quimica y Minera de Chile SA (ADR) | 5,204,694 | ||||||
China / Hong Kong: 1.1% | ||||||||
64,396,000 | Chaoda Modern Agriculture Holdings Ltd. * † # § | 1,352,155 | ||||||
5,824,000 | China BlueChemical Ltd. # | 2,059,770 | ||||||
11,670,000 | Goldin Financial Holdings Ltd. * # | 11,289,829 | ||||||
8,366,000 | Sinofert Holdings Ltd. * # | 1,363,985 | ||||||
16,065,739 | ||||||||
Germany: 1.5% | ||||||||
775,171 | K+S AG † # | 21,390,972 | ||||||
Indonesia: 1.1% | ||||||||
1,500,776 | Astra Agro Lestari Tbk PT # | 2,932,487 | ||||||
34,377,800 | Charoen Pokphand Indonesia Tbk PT # | 10,464,104 | ||||||
| 13,328,610 | | | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | | | 2,028,388 | |
15,424,979 | ||||||||
Israel: 1.1% | ||||||||
2,244,429 | Israel Chemicals Ltd. # | 16,186,637 | ||||||
Japan: 6.1% | ||||||||
4,707,130 | Kubota Corp. # | 68,257,416 | ||||||
903,000 | Nippon Meat Packers, Inc. # | 19,737,152 | ||||||
87,994,568 | ||||||||
Malaysia: 3.1% | ||||||||
5,910,000 | Felda Global Ventures Holdings Bhd # | 3,673,466 | ||||||
13,638,955 | IOI Corp. Bhd # | 18,718,162 | ||||||
2,029,770 | Kuala Lumpur Kepong Bhd | 13,235,737 | ||||||
2,372,500 | PPB Group Bhd # | 9,667,805 | ||||||
45,295,170 | ||||||||
Netherlands: 1.2% | ||||||||
317,927 | Nutreco NV # | 17,064,602 | ||||||
Norway: 3.5% | ||||||||
1,231,859 | Marine Harvest ASA (ADR) † | 16,827,194 | ||||||
750,202 | Yara International ASA # | 33,209,789 | ||||||
50,036,983 | ||||||||
Russia: 1.3% | ||||||||
703,485 | PhosAgro OAO (GDR) * # Reg S | 7,186,629 | ||||||
923,291 | Uralkali OJSC (GDR) # Reg S | 10,853,967 | ||||||
18,040,596 |
Number of Shares | Value | |||||||
Singapore: 4.3% | ||||||||
2,341,000 | First Resources Ltd. # | $ | 3,290,125 | |||||
26,913,745 | Golden Agri-Resources Ltd. # | 9,311,636 | ||||||
1,620,520 | Indofood Agri Resources Ltd. # | 881,684 | ||||||
20,110,751 | Wilmar International Ltd. # | 48,985,925 | ||||||
62,469,370 | ||||||||
South Africa: 0.4% | ||||||||
373,388 | Tongaat Hulett Ltd. # | 5,569,730 | ||||||
Switzerland: 8.1% | ||||||||
1,812,039 | Syngenta AG (ADR) † | 116,405,385 | ||||||
Taiwan: 0.4% | ||||||||
3,550,000 | Taiwan Fertilizer Co. Ltd. # | 6,257,834 | ||||||
Thailand: 1.4% | ||||||||
23,611,336 | Charoen Pokphand Foods (NVDR) # | 19,432,103 | ||||||
Turkey: 0.1% | ||||||||
63,573 | Turk Traktor ve Ziraat Makineleri AS # | 2,086,169 | ||||||
Ukraine: 0.1% | ||||||||
208,816 | Kernel Holding SA * # | 1,659,648 | ||||||
United Kingdom: 2.1% | ||||||||
3,806,877 | CNH Industrial NV (USD) † | 30,683,429 | ||||||
United States: 50.0% | ||||||||
262,948 | AGCO Corp. † | 11,885,250 | ||||||
95,012 | Andersons, Inc. | 5,048,938 | ||||||
1,672,345 | Archer-Daniels-Midland Co. | 86,961,940 | ||||||
99,604 | Balchem Corp. | 6,637,611 | ||||||
539,612 | Bunge Ltd. | 49,056,127 | ||||||
177,729 | CF Industries Holdings, Inc. | 48,438,262 | ||||||
179,581 | Chiquita Brands International, Inc. * | 2,596,741 | ||||||
1,142,954 | Deere & Co. | 101,117,140 | ||||||
438,135 | FMC Corp. | 24,986,839 | ||||||
111,322 | IDEXX Laboratories, Inc. * | 16,505,713 | ||||||
22,092 | Lindsay Corp. † | 1,894,168 | ||||||
957,869 | Monsanto Co. | 114,436,609 | ||||||
1,220,210 | Mosaic Co. | 55,702,587 | ||||||
42,449 | MWI Veterinary Supply, Inc. * | 7,212,510 | ||||||
308,550 | Pilgrim’s Pride Corp. * † | 10,117,355 | ||||||
198,934 | Toro Co. | 12,693,979 | ||||||
453,397 | Tractor Supply Co. | 35,736,752 | ||||||
1,237,912 | Tyson Foods, Inc. | 49,627,892 | ||||||
1,837,645 | Zoetis, Inc. | 79,073,864 | ||||||
719,730,277 | ||||||||
Total Common Stocks (Cost: $1,535,241,981) | 1,439,095,663 | |||||||
MONEY MARKET FUND: 0.0% (Cost: $380,060) | ||||||||
380,060 | Dreyfus Government Cash Management Fund | 380,060 | ||||||
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $1,535,622,041) | 1,439,475,723 |
See Notes to Financial Statements
34 |
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.2% | | | | | ||||
Repurchase Agreements: 5.2% | ||||||||
$ | 12,000,000 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $12,000,053; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $12,240,000 including accrued interest) | $ | 12,000,000 | ||||
4,098,670 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.06%, due 1/2/15, proceeds $4,098,684; (collateralized by various U.S. government and agency obligations, 2.13% to 9.00%, due 11/15/18 to 2/15/38, valued at $4,180,644 including accrued interest) | 4,098,670 | ||||||
891,329 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.08%, due 1/2/15, proceeds $891,333; (collateralized by various U.S. government and agency obligations, 0.63% to 2.38%, due 2/28/15 to 7/15/21, valued at $909,156 including accrued interest) | 891,329 | ||||||
19,469,521 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $19,469,586; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $19,858,957 including accrued interest) | 19,469,521 |
Principal | ||||||||
Amount | Value | |||||||
Repurchase Agreements: (continued) | ||||||||
$ | 19,469,521 | Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $19,469,629; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $19,858,935 including accrued interest) | $ | 19,469,521 | ||||
19,469,521 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $19,469,608; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $19,858,912 including accrued interest) | 19,469,521 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $75,398,562) | 75,398,562 | |||||||
Total Investments: 105.1% (Cost: $1,611,020,603) | 1,514,874,285 | |||||||
Liabilities in excess of other assets: (5.1)% | (73,972,844 | ) | ||||||
NET ASSETS: 100.0% | $ | 1,440,901,441 |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $70,822,839. |
# | 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 $381,427,030 which represents 26.5% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $1,352,155 which represents 0.1% 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
35 |
AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 2.5 | % | $ | 35,736,752 | |||||
Consumer Staples | 28.9 | 416,044,829 | |||||||
Financials | 0.9 | 12,777,478 | |||||||
Health Care | 7.1 | 102,792,087 | |||||||
Industrials | 16.2 | 233,132,757 | |||||||
Materials | 44.4 | 638,611,760 | |||||||
Money Market Fund | 0.0 | 380,060 | |||||||
100.0 | % | $ | 1,439,475,723 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 1,487,649 | $ | — | $ | — | $ | 1,487,649 | ||||||||
Australia | — | 26,514,861 | — | 26,514,861 | ||||||||||||
Brazil | 4,515,206 | — | — | 4,515,206 | ||||||||||||
Canada | 149,579,062 | — | — | 149,579,062 | ||||||||||||
Chile | 5,204,694 | — | — | 5,204,694 | ||||||||||||
China / Hong Kong | — | 14,713,584 | 1,352,155 | 16,065,739 | ||||||||||||
Germany | — | 21,390,972 | — | 21,390,972 | ||||||||||||
Indonesia | — | 15,424,979 | — | 15,424,979 | ||||||||||||
Israel | — | 16,186,637 | — | 16,186,637 | ||||||||||||
Japan | — | 87,994,568 | — | 87,994,568 | ||||||||||||
Malaysia | 13,235,737 | 32,059,433 | — | 45,295,170 | ||||||||||||
Netherlands | — | 17,064,602 | — | 17,064,602 | ||||||||||||
Norway | 16,827,194 | 33,209,789 | — | 50,036,983 | ||||||||||||
Russia | — | 18,040,596 | — | 18,040,596 | ||||||||||||
Singapore | — | 62,469,370 | — | 62,469,370 | ||||||||||||
South Africa | — | 5,569,730 | — | 5,569,730 | ||||||||||||
Switzerland | 116,405,385 | — | — | 116,405,385 | ||||||||||||
Taiwan | — | 6,257,834 | — | 6,257,834 | ||||||||||||
Thailand | — | 19,432,103 | — | 19,432,103 | ||||||||||||
Turkey | — | 2,086,169 | — | 2,086,169 | ||||||||||||
Ukraine | — | 1,659,648 | — | 1,659,648 | ||||||||||||
United Kingdom | 30,683,429 | — | — | 30,683,429 | ||||||||||||
United States | 719,730,277 | — | — | 719,730,277 | ||||||||||||
Money Market Fund | 380,060 | — | — | 380,060 | ||||||||||||
Repurchase Agreements | — | 75,398,562 | — | 75,398,562 | ||||||||||||
Total | $ | 1,058,048,693 | $ | 455,473,437 | $ | 1,352,155 | $ | 1,514,874,285 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $ 9,477,665 and transfers of securities from Level 2 to Level 1 were $ 45,346,656. 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, 2014:
Common Stocks | |||||
China / Hong Kong | |||||
Balance as of December 31, 2013 | $ | — | |||
Realized gain (loss) | — | ||||
Change in unrealized appreciation (depreciation) | (4,202,054 | ) | |||
Purchases | — | ||||
Sales | — | ||||
Transfers in and/or out of level 3 | 5,554,209 | ||||
Balance as of December 31, 2014 | $ | 1,352,155 |
Transfers from Level 2 to Level 3 resulted primarily due to suspended trading.
See Notes to Financial Statements
36 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 10.3% | ||||||||
2,478,541 | Aurizon Holdings Ltd. # | $ | 9,297,536 | |||||
634,210 | New Hope Corp. Ltd. # | 1,269,841 | ||||||
1,095,998 | Whitehaven Coal Ltd. * # | 1,244,864 | ||||||
11,812,241 | ||||||||
Canada: 4.8% | ||||||||
200,234 | Westshore Terminals Investment Corp. | 5,468,078 | ||||||
China / Hong Kong: 18.0% | ||||||||
8,281,095 | China Coal Energy Co. Ltd. # | 5,176,519 | ||||||
3,178,408 | China Shenhua Energy Co. Ltd. # | 9,378,961 | ||||||
9,304,067 | Fushan International Energy Group Ltd. # | 2,021,352 | ||||||
2,109,307 | Hidili Industry International Development Ltd. * # | 189,587 | ||||||
470,814 | Yanzhou Coal Mining Co. Ltd. (ADR) | 3,968,962 | ||||||
20,735,381 | ||||||||
Indonesia: 14.9% | ||||||||
60,768,415 | Adaro Energy Tbk PT # | 5,070,196 | ||||||
116,007,400 | Bumi Resources Tbk PT * # | 747,815 | ||||||
1,509,152 | Indo Tambangraya Megah Tbk PT # | 1,861,387 | ||||||
2,550,000 | Tambang Batubara Bukit Asam Tbk PT # | 2,554,146 | ||||||
4,959,200 | United Tractors Tbk PT # | 6,926,040 | ||||||
17,159,584 | ||||||||
Philippines: 3.5% | ||||||||
1,264,290 | Semirara Mining and Power Corp. # | 3,997,118 | ||||||
Poland: 2.7% | ||||||||
201,619 | Jastrzebska Spolka Weglowa SA * # | 945,462 | ||||||
79,177 | Lubelski Wegiel Bogdanka SA # | 2,146,910 | ||||||
3,092,372 | ||||||||
Russia: 0.2% | ||||||||
483,005 | Raspadskaya OAO (USD) * # | 182,433 | ||||||
South Africa: 3.5% | ||||||||
450,959 | Exxaro Resources Ltd. † # | 4,024,602 | ||||||
Thailand: 4.9% | ||||||||
7,532,400 | Banpu PCL (NVDR) # | 5,684,077 | ||||||
United States: 37.2% | ||||||||
82,236 | Alliance Holdings GP LP | 5,015,574 | ||||||
147,433 | Alliance Resource Partners LP | 6,346,991 |
Number | ||||||||
of Shares | Value | |||||||
United States: (continued) | ||||||||
431,213 | Alpha Natural Resources, Inc. * | $ | 720,126 | |||||
648,026 | Arch Coal, Inc. | 1,153,486 | ||||||
142,006 | Cloud Peak Energy, Inc. * | 1,303,615 | ||||||
233,424 | Consol Energy, Inc. | 7,892,065 | ||||||
28,549 | FreightCar America, Inc. | 751,124 | ||||||
151,764 | Joy Global, Inc. | 7,060,061 | ||||||
340,627 | Natural Resource Partners LP | 3,150,800 | ||||||
675,171 | Peabody Energy Corp. | 5,225,823 | ||||||
199,620 | SunCoke Energy, Inc. | 3,860,651 | ||||||
179,249 | Walter Energy, Inc. | 247,364 | ||||||
42,727,680 | ||||||||
Total Common Stocks (Cost: $196,205,486) | 114,883,566 | |||||||
MONEY MARKET FUND: 0.1% (Cost: $173,564) | ||||||||
173,564 | Dreyfus Government Cash Management Fund | 173,564 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $196,379,050) | 115,057,130 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% (Cost: $689,582) | ||||||||
Repurchase Agreement: 0.6% | ||||||||
$ | 689,582 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.08%, due 1/2/15, proceeds $689,585; (collateralized by various U.S. government and agency obligations, 0.63% to 2.38%, due 2/28/15 to 7/15/21, valued at $703,374 including accrued interest) | 689,582 | |||||
Total Investments: 100.7% (Cost: $197,068,632) | 115,746,712 | |||||||
Liabilities in excess of other assets: (0.7)% | (841,718 | ) | ||||||
NET ASSETS: 100.0% | $ | 114,904,994 |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $646,922. |
# | 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 $62,718,846 which represents 54.6% of net assets. |
See Notes to Financial Statements
37 |
COAL ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
Energy | 67.9 | % | $ | 78,123,465 | |||||
Industrials | 25.6 | 29,502,839 | |||||||
Materials | 6.3 | 7,257,262 | |||||||
Money Market Fund | 0.2 | 173,564 | |||||||
100.0 | % | $ | 115,057,130 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 11,812,241 | $ | — | $ | 11,812,241 | ||||||||
Canada | 5,468,078 | — | — | 5,468,078 | ||||||||||||
China / Hong Kong | 3,968,962 | 16,766,419 | — | 20,735,381 | ||||||||||||
Indonesia | — | 17,159,584 | — | 17,159,584 | ||||||||||||
Philippines | — | 3,997,118 | — | 3,997,118 | ||||||||||||
Poland | — | 3,092,372 | — | 3,092,372 | ||||||||||||
Russia | — | 182,433 | — | 182,433 | ||||||||||||
South Africa | — | 4,024,602 | — | 4,024,602 | ||||||||||||
Thailand | — | 5,684,077 | — | 5,684,077 | ||||||||||||
United States | 42,727,680 | — | — | 42,727,680 | ||||||||||||
Money Market Fund | 173,564 | — | — | 173,564 | ||||||||||||
Repurchase Agreement | — | 689,582 | — | 689,582 | ||||||||||||
Total | $ | 52,338,284 | $ | 63,408,428 | $ | — | $ | 115,746,712 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $425,147. 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
38 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Austria: 1.0% | ||||||||
46,844 | Verbund - Oesterreichische Elektrizis AG † # | $ | 867,504 | |||||
Brazil: 1.8% | ||||||||
191,254 | Cosan Ltd. (Class A) (USD) | 1,482,218 | ||||||
Canada: 1.4% | ||||||||
47,274 | Canadian Solar, Inc. (USD) * | 1,143,558 | ||||||
China / Hong Kong: 7.6% | ||||||||
3,561,000 | China Longyuan Power Group Corp. Ltd. # | 3,672,010 | ||||||
35,272 | JinkoSolar Holding Co. Ltd. (ADR) * † | 695,211 | ||||||
94,514 | Trina Solar Ltd. (ADR) * † | 875,200 | ||||||
491,400 | Xinjiang Goldwind Science & Technology Co. Ltd. # | 762,905 | ||||||
150,052 | Yingli Green Energy Holding Co. Ltd. (ADR) * † | 352,622 | ||||||
6,357,948 | ||||||||
Denmark: 9.5% | ||||||||
217,201 | Vestas Wind Systems A/S * # | 7,888,927 | ||||||
Germany: 1.5% | ||||||||
68,798 | Nordex SE * # | 1,227,420 | ||||||
Italy: 4.2% | ||||||||
1,651,750 | Enel Green Power SpA # | 3,460,684 | ||||||
Japan: 3.2% | ||||||||
127,204 | Kurita Water Industries Ltd. # | 2,649,930 | ||||||
Spain: 4.5% | ||||||||
224,674 | EDP Renovaveis SA # | 1,462,102 | ||||||
249,665 | Gamesa Corp. Tecnologica SA * # | 2,253,694 | ||||||
3,715,796 | ||||||||
United States: 65.2% | ||||||||
128,552 | Covanta Holding Corp. | 2,829,430 | ||||||
134,961 | Cree, Inc. * † | 4,348,443 | ||||||
122,525 | Eaton Corp. Plc | 8,326,799 | ||||||
50,893 | EnerSys, Inc. | 3,141,116 | ||||||
84,040 | First Solar, Inc. * | 3,747,764 | ||||||
34,836 | Green Plains Renewable Energy, Inc. | 863,236 | ||||||
80,993 | International Rectifier Corp. * | 3,231,621 | ||||||
41,372 | Itron, Inc. * | 1,749,622 | ||||||
179,366 | Plug Power, Inc. * † | 538,098 | ||||||
50,890 | Polypore International, Inc. * | 2,394,374 | ||||||
32,811 | Power Integrations, Inc. | 1,697,641 | ||||||
66,064 | Solarcity Corp. * † | 3,533,103 | ||||||
301,232 | SunEdison, Inc. * † | 5,877,036 | ||||||
59,913 | Sunpower Corp. * † | 1,547,553 | ||||||
39,201 | Tesla Motors, Inc. * † | 8,718,694 | ||||||
43,520 | Veeco Instruments, Inc. * | 1,517,978 | ||||||
54,062,508 | ||||||||
Total Common Stocks (Cost: $87,635,435) | 82,856,493 | |||||||
MONEY MARKET FUND: 0.2% (Cost: $156,085) | ||||||||
156,085 | Dreyfus Government Cash Management Fund | 156,085 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $87,791,520) | 83,012,578 |
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 25.4% | ||||||||
Repurchase Agreements: 25.4% | ||||||||
$ | 1,052,249 | Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $1,052,252; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $1,073,294 including accrued interest) | $ | 1,052,249 | ||||
4,998,422 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $4,998,444; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $5,098,390 including accrued interest) | 4,998,422 | ||||||
4,998,422 | Repurchase agreement dated 12/31/14 with Daiwa Capital Markets America, 0.12%, due 1/2/15, proceeds $4,998,455; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 6/1/17 to 3/1/48, valued at $5,098,390 including accrued interest) | 4,998,422 | ||||||
4,998,422 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $4,998,444; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $5,098,391 including accrued interest) | 4,998,422 | ||||||
4,998,422 | Repurchase agreement dated 12/31/14 with Nomura Securities Int., Inc., 0.08%, due 1/2/15, proceeds $4,998,444; (collateralized by various U.S. government and agency obligations, 0.00% to 8.88%, due 1/7/15 to 10/20/64, valued at $5,098,390 including accrued interest) | 4,998,422 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $21,045,937) | 21,045,937 | |||||||
Total Investments: 125.5% (Cost: $108,837,457) | 104,058,515 | |||||||
Liabilities in excess of other assets: (25.5)% | (21,121,143 | ) | ||||||
NET ASSETS: 100.0% | $ | 82,937,372 |
See Notes to Financial Statements
39 |
GLOBAL ALTERNATIVE ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
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 $20,686,661. |
# | 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 $24,245,176 which represents 29.2% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
Consumer Discretionary | 10.5 | % | $ | 8,718,694 | |||||
Energy | 2.8 | 2,345,454 | |||||||
Industrials | 42.8 | 35,545,796 | |||||||
Information Technology | 32.3 | 26,784,249 | |||||||
Utilities | 11.4 | 9,462,300 | |||||||
Money Market Fund | 0.2 | 156,085 | |||||||
100.0 | % | $ | 83,012,578 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | — | $ | 867,504 | $ | — | $ | 867,504 | ||||||||
Brazil | 1,482,218 | — | — | 1,482,218 | ||||||||||||
Canada | 1,143,558 | — | — | 1,143,558 | ||||||||||||
China / Hong Kong | 1,923,033 | 4,434,915 | — | 6,357,948 | ||||||||||||
Denmark | — | 7,888,927 | — | 7,888,927 | ||||||||||||
Germany | — | 1,227,420 | — | 1,227,420 | ||||||||||||
Italy | — | 3,460,684 | — | 3,460,684 | ||||||||||||
Japan | — | 2,649,930 | — | 2,649,930 | ||||||||||||
Spain | — | 3,715,796 | — | 3,715,796 | ||||||||||||
United States | 54,062,508 | — | — | 54,062,508 | ||||||||||||
Money Market Fund | 156,085 | — | — | 156,085 | ||||||||||||
Repurchase Agreements | — | 21,045,937 | — | 21,045,937 | ||||||||||||
Total | $ | 58,767,402 | $ | 45,291,113 | $ | — | $ | 104,058,515 |
There were no transfers between levels during the year ended December 31, 2014.
See Notes to Financial Statements
40 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Australia: 5.6% | ||||||||
31,214,085 | Newcrest Mining Ltd. * # | $ | 275,306,768 | |||||
18,266,686 | OceanaGold Corp. (LDR) ‡ * † # | 30,704,143 | ||||||
306,010,911 | ||||||||
Canada: 58.9% | ||||||||
10,259,920 | Agnico-Eagle Mines Ltd. (USD) | 255,369,409 | ||||||
7,721,482 | Alamos Gold, Inc. (USD) ‡ † | 55,054,167 | ||||||
15,129,182 | AuRico Gold, Inc. (USD) ‡ | 49,623,717 | ||||||
55,721,574 | B2GOLD Corp. (USD) ‡ * † | 90,268,950 | ||||||
42,020,788 | Barrick Gold Corp. (USD) | 451,723,471 | ||||||
14,332,650 | Centerra Gold, Inc. ‡ | 74,741,382 | ||||||
9,569,378 | Detour Gold Corp. ‡ * | 78,405,696 | ||||||
38,808,040 | Eldorado Gold Corp. (USD) ‡ † | 235,952,883 | ||||||
7,125,192 | First Majestic Silver Corp. (USD) ‡ * † | 35,768,464 | ||||||
5,623,103 | Franco-Nevada Corp. (USD) † | 276,600,436 | ||||||
29,351,939 | Goldcorp, Inc. (USD) | 543,597,910 | ||||||
22,851,801 | IAMGOLD Corp. (USD) ‡ * † | 61,699,863 | ||||||
69,389,887 | Kinross Gold Corp. (USD) ‡ * | 195,679,481 | ||||||
30,588,954 | New Gold, Inc. (USD) ‡ * | 131,532,502 | ||||||
9,185,508 | Pan American Silver Corp. (USD) ‡ | 84,506,674 | ||||||
9,699,220 | Primero Mining Corp. (USD) ‡ * † | 37,245,005 | ||||||
20,122,614 | Rio Alto Mining Ltd. ‡ * | 48,992,680 | ||||||
16,821,570 | Semafo, Inc. ‡ * | 43,279,325 | ||||||
13,387,782 | Silver Wheaton Corp. (USD) † | 272,173,608 | ||||||
53,399,683 | Yamana Gold, Inc. (USD) ‡ | 214,666,726 | ||||||
3,236,882,349 | ||||||||
China / Hong Kong: 3.0% | ||||||||
1,606,176,000 | G-Resources Group Ltd. ‡ * † # | 38,016,881 | ||||||
52,990,500 | Zhaojin Mining Industry Co. Ltd. ‡ † # | 26,600,864 | ||||||
354,036,000 | Zijin Mining Group Ltd. ‡ † # | 100,106,563 | ||||||
164,724,308 | ||||||||
Peru: 2.9% | ||||||||
16,711,270 | Cia de Minas Buenaventura SA (ADR) ‡ | 159,759,741 | ||||||
South Africa: 10.5% | ||||||||
24,586,894 | AngloGold Ashanti Ltd. (ADR) ‡ * † | 213,905,978 | ||||||
47,005,752 | Gold Fields Ltd. (ADR) ‡ | 212,936,056 | ||||||
26,439,767 | Harmony Gold Mining Co. Ltd. (ADR) ‡ * † | 49,971,160 | ||||||
13,615,614 | Sibanye Gold Ltd. (ADR) ‡ | 103,070,198 | ||||||
579,883,392 | ||||||||
United Kingdom: 6.4% | ||||||||
69,850,513 | Cenatamin Plc ‡ † # | 64,162,567 | ||||||
4,285,267 | Randgold Resources Ltd. (ADR) † | 288,869,848 | ||||||
353,032,415 | ||||||||
United States: 12.8% | ||||||||
17,823,504 | Alacer Gold Corp. (CAD) ‡ | 35,854,750 | ||||||
6,272,078 | Coeur d’Alene Mines Corp. ‡ * † | 32,050,319 | ||||||
22,279,974 | Hecla Mining Co. ‡ | 62,161,127 | ||||||
17,996,261 | Newmont Mining Corp. | 340,129,333 | ||||||
3,687,563 | Royal Gold, Inc. ‡ | 231,210,200 | ||||||
701,405,729 | ||||||||
Total Common Stocks (Cost: $9,409,140,122) | 5,501,698,845 |
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.0% | ||||||||
Repurchase Agreements: 2.0% | ||||||||
$ | 25,952,836 | Repurchase agreement dated 12/31/14 with BNP Paribas Securities Corp., 0.07%, due 1/2/15, proceeds $25,952,937; (collateralized by various U.S. government and agency obligations, 2.13% to 6.00%, due 8/15/21 to 7/15/52, valued at $26,471,893 including accrued interest) | $ | 25,952,836 | ||||
25,952,836 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $25,952,951; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $26,471,893 including accrued interest) | 25,952,836 | ||||||
5,316,039 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.06%, due 1/2/15, proceeds $5,316,057; (collateralized by various U.S. government and agency obligations, 2.13% to 9.00%, due 11/15/18 to 2/15/38, valued at $5,422,361 including accrued interest) | 5,316,039 | ||||||
25,952,836 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.07%, due 1/2/15, proceeds $25,952,937; (collateralized by various U.S. government and agency obligations, 3.00% to 8.00%, due 1/1/23 to 12/1/47, valued at $26,472,003 including accrued interest) | 25,952,836 | ||||||
25,952,836 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $25,952,951; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $26,471,894 including accrued interest) | 25,952,836 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $109,127,383) | 109,127,383 | |||||||
Total Investments: 102.1% (Cost: $9,518,267,505) | 5,610,826,228 | |||||||
Liabilities in excess of other assets: (2.1)% | (115,378,888 | ) | ||||||
NET ASSETS: 100.0% | $ | 5,495,447,340 |
See Notes to Financial Statements
41 |
GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
LDR | Local Depositary Receipt |
USD | United States Dollar |
‡ | Affiliated issuer — as defined under the Investment Company Act of 1940. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $105,313,301. |
# | 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 $534,897,786 which represents 9.7% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Gold | 91.2 | $ | 5,015,038,653 | |||||
Silver | 8.8 | 486,660,192 | ||||||
100.0 | % | $ | 5,501,698,845 |
A summary of the Fund’s transactions in securities of affiliates for the year ended December 31, 2014 is set forth below:
Affiliates | Value 12/31/13 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Value 12/31/14 | ||||||||||||||||||
Agnico-Eagle Mines Ltd. | $ | 255,494,336 | $ | 204,916,790 | $ | (184,595,863 | ) | $ | (31,125,967 | ) | $ | 2,626,864 | $ | — | (b) | |||||||||
Alacer Gold Corp. | 32,662,760 | 22,189,877 | (19,534,677 | ) | (585,775 | ) | 255,849 | 35,854,750 | ||||||||||||||||
Alamos Gold, Inc. | 86,359,875 | 37,153,429 | (34,889,389 | ) | (5,869,472 | ) | 1,110,545 | 55,054,167 | ||||||||||||||||
AngloGold Ashanti Ltd. | 263,887,415 | 177,765,742 | (175,657,479 | ) | (54,926,136 | ) | — | 213,905,978 | ||||||||||||||||
Argonaut Gold, Inc. | 41,607,597 | 13,138,961 | (25,811,394 | ) | (36,876,365 | ) | — | — | ||||||||||||||||
AuRico Gold, Inc. | 50,512,473 | 33,521,589 | (29,631,921 | ) | (4,310,034 | ) | 734,818 | 49,623,717 | ||||||||||||||||
B2GOLD Corp. | 73,352,694 | 73,822,379 | (44,193,723 | ) | 2,886,562 | — | 90,268,950 | |||||||||||||||||
Cenatamin Plc | 45,536,027 | 37,714,364 | (29,456,465 | ) | 5,518,677 | 481,134 | 64,162,567 | |||||||||||||||||
Centerra Gold, Inc. | — | 92,337,682 | (17,444,994 | ) | 11,102 | 714,846 | 74,741,382 | |||||||||||||||||
Cia de Minas Buenaventura SA | 172,407,552 | 107,982,551 | (94,619,989 | ) | (47,470,020 | ) | 458,518 | 159,759,741 | ||||||||||||||||
Coeur d’Alene Mines Corp. | 60,807,762 | 24,145,039 | (23,322,572 | ) | (8,137,355 | ) | — | 32,050,319 | ||||||||||||||||
Detour Gold Corp. | 29,719,906 | 48,050,131 | (33,896,025 | ) | 5,179,276 | — | 78,405,696 | |||||||||||||||||
Eldorado Gold Corp. | 227,152,300 | 138,022,547 | (137,962,143 | ) | (50,436,328 | ) | 566,422 | 235,952,883 | ||||||||||||||||
First Majestic Silver Corp. | 63,934,259 | 31,634,839 | (31,255,042 | ) | (5,470,507 | ) | — | 35,768,464 | ||||||||||||||||
Franco-Nevada Corp. | 303,060,868 | 173,362,299 | (256,623,990 | ) | 9,808,383 | 4,945,853 | — | (b) | ||||||||||||||||
Gold Fields Ltd. | 137,455,587 | 111,694,141 | (90,062,849 | ) | (39,100,467 | ) | 1,297,437 | 212,936,056 | ||||||||||||||||
G-Resources Group Ltd. | 35,807,423 | 23,765,371 | (20,809,284 | ) | (1,746,701 | ) | — | 38,016,881 | ||||||||||||||||
Harmony Gold Mining Co. Ltd. | 61,451,372 | 36,328,336 | (35,606,743 | ) | (18,251,882 | ) | — | 49,971,160 | ||||||||||||||||
Hecla Mining Co. | 58,832,383 | 39,360,366 | (31,247,592 | ) | (7,141,630 | ) | 181,276 | 62,161,127 | ||||||||||||||||
IAMGOLD Corp. | 69,906,703 | 40,575,243 | (38,168,611 | ) | (22,623,438 | ) | — | 61,699,863 | ||||||||||||||||
Kinross Gold Corp. | 279,172,808 | 142,350,172 | (135,008,639 | ) | (105,080,817 | ) | — | 195,679,481 | ||||||||||||||||
McEwen Mining, Inc. | 33,088,138 | 16,403,310 | (35,088,320 | ) | (25,132,304 | ) | — | — | ||||||||||||||||
New Gold, Inc. | 147,029,291 | 91,969,804 | (80,864,542 | ) | (17,008,506 | ) | — | 131,532,502 | ||||||||||||||||
Newcrest Mining Ltd. | 300,661,039 | 152,183,265 | (252,332,102 | ) | (7,482,202 | ) | — | — | (b) | |||||||||||||||
OceanaGold Corp. | — | 58,832,675 | (13,937,889 | ) | (73,504 | ) | — | 30,704,143 | ||||||||||||||||
Osisko Mining Corp. | 108,179,466 | 24,376,090 | (32,398,351 | ) | 63,913,749 | — | — | |||||||||||||||||
Pan American Silver Corp. | 98,757,957 | 61,667,562 | (57,215,437 | ) | 6,569,680 | 3,314,640 | 84,506,674 | |||||||||||||||||
Primero Mining Corp. | — | 82,886,306 | (17,972,493 | ) | (826,868 | ) | — | 37,245,005 | ||||||||||||||||
Randgold Resources Ltd. | 289,763,069 | 145,814,753 | (165,838,343 | ) | (1,799,417 | ) | 2,253,803 | — | (b) | |||||||||||||||
Rio Alto Mining Ltd. | — | 58,023,890 | (4,937,832 | ) | (509,416 | ) | — | 48,992,680 | ||||||||||||||||
Royal Gold, Inc. | 165,512,971 | 133,973,303 | (126,769,706 | ) | 24,912,321 | 2,854,801 | 231,210,200 | |||||||||||||||||
Semafo, Inc. | — | 80,992,783 | (19,410,544 | ) | 383,674 | — | 43,279,325 | |||||||||||||||||
Sibanye Gold Ltd. | 49,277,526 | 82,536,002 | (50,406,878 | ) | 20,033,654 | 4,070,104 | 103,070,198 | |||||||||||||||||
Yamana Gold, Inc. | 325,822,967 | 231,468,672 | (137,017,064 | ) | (8,231,346 | ) | 4,677,592 | 214,666,726 | ||||||||||||||||
Zhaojin Mining Industry Co. Ltd. | 28,055,858 | 17,244,379 | (15,185,761 | ) | (2,351,762 | ) | 660,521 | 26,600,864 | ||||||||||||||||
Zijin Mining Group Ltd. | 71,142,465 | 51,414,881 | (42,438,369 | ) | (367,531 | ) | 3,629,786 | 100,106,563 | ||||||||||||||||
$ | 3,966,412,847 | $ | 2,899,619,523 | $ | (2,541,613,015 | ) | $ | (363,718,672 | ) | $ | 34,834,809 | $ | 2,797,928,062 |
(b) | Not an affiliate at the end of the reporting period. |
See Notes to Financial Statements
42 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 306,010,911 | $ | — | $ | 306,010,911 | ||||||||
Canada | 3,236,882,349 | — | — | 3,236,882,349 | ||||||||||||
China / Hong Kong | — | 164,724,308 | — | 164,724,308 | ||||||||||||
Peru | 159,759,741 | — | — | 159,759,741 | ||||||||||||
South Africa | 579,883,392 | — | — | 579,883,392 | ||||||||||||
United Kingdom | 288,869,848 | 64,162,567 | — | 353,032,415 | ||||||||||||
United States | 701,405,729 | — | — | 701,405,729 | ||||||||||||
Repurchase Agreements | — | 109,127,383 | — | 109,127,383 | ||||||||||||
Total | $ | 4,966,801,059 | $ | 644,025,169 | $ | — | $ | 5,610,826,228 |
There were no transfers between levels during the year ended December 31, 2014.
See Notes to Financial Statements
43 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.5% | ||||||||
Australia: 14.0% | ||||||||
48,595,262 | Beadell Resources Ltd. ‡ * † # | $ | 8,822,317 | |||||
29,828,779 | Evolution Mining Ltd. † # | 15,503,815 | ||||||
341,527,377 | Focus Minerals Ltd. * # | 1,901,643 | ||||||
15,742,123 | Kingsgate Consolidated Ltd. ‡ * † # | 8,402,461 | ||||||
12,824,101 | Medusa Mining Ltd. ‡ * † # | 6,717,260 | ||||||
39,640,261 | Northern Star Resources Ltd. ‡ † # | 47,886,864 | ||||||
21,998,831 | OceanaGold Corp. (CAD) ‡ * | 38,366,189 | ||||||
35,814,217 | Perseus Mining Ltd. (CAD) ‡ * | 7,266,429 | ||||||
19,789,339 | Red 5 Ltd. * # § | 1,490,454 | ||||||
31,713,126 | Regis Resources Ltd. ‡ * † # | 49,556,231 | ||||||
28,981,777 | Resolute Mining Ltd. * # | 6,187,235 | ||||||
49,616,201 | Saracen Mineral Holdings Ltd. ‡ * # | 10,229,869 | ||||||
37,181,293 | Silver Lake Resources Ltd. ‡ * † # | 5,853,241 | ||||||
12,050,869 | Troy Resources Ltd. ‡ * † # | 4,469,637 | ||||||
212,653,645 | ||||||||
Canada: 58.9% | ||||||||
7,306,382 | Alamos Gold, Inc. (USD) ‡ † | 52,094,504 | ||||||
9,781,993 | Argonaut Gold, Inc. ‡ * | 15,455,253 | ||||||
11,197,116 | Asanko Gold, Inc. ‡ * | 17,401,087 | ||||||
17,785,964 | AuRico Gold, Inc. (USD) ‡ | 58,337,962 | ||||||
2,913,536 | Bear Creek Mining Corp. * | 3,571,959 | ||||||
7,075,128 | Continental Gold Ltd. ‡ * † | 11,300,658 | ||||||
5,618,325 | Dundee Precious Metals, Inc. * | 13,290,922 | ||||||
7,534,541 | Endeavour Silver Corp. (USD) ‡ * † | 16,274,609 | ||||||
9,704,615 | First Majestic Silver Corp. (USD) ‡ * † | 48,717,167 | ||||||
6,963,431 | Fortuna Silver Mines, Inc. ‡ * | 31,743,506 | ||||||
14,692,085 | Gabriel Resources Ltd. * | 5,010,467 | ||||||
10,431,238 | Great Panther Silver Ltd. (USD) ‡ * | 6,415,211 | ||||||
6,141,607 | Guyana Goldfields, Inc. * † | 14,953,017 | ||||||
31,124,516 | IAMGOLD Corp. (USD) ‡ * † | 84,036,193 | ||||||
3,696,703 | Kirkland Lake Gold, Inc. ‡ * † | 10,691,953 | ||||||
31,217,986 | Lake Shore Gold Corp. ‡ * | 21,023,120 | ||||||
3,407,986 | MAG Silver Corp. * † | 28,011,247 | ||||||
13,623,261 | McEwen Mining, Inc. (USD) ‡ * † | 15,121,820 | ||||||
15,720,418 | Novagold Resources, Inc. (USD) * † | 46,375,233 | ||||||
10,789,501 | Premier Gold Mines Ltd. ‡ * | 17,606,006 | ||||||
7,413,194 | Pretium Resources, Inc. (USD) ‡ * † | 42,922,393 | ||||||
9,038,767 | Primero Mining Corp. (USD) ‡ * | 34,708,865 | ||||||
22,213,879 | Rio Alto Mining Ltd. ‡ * | 54,084,299 | ||||||
40,191,852 | Romarco Minerals, Inc. ‡ * | 17,003,244 | ||||||
23,512,152 | Rubicon Minerals Corp. (USD) ‡ * | 22,806,787 | ||||||
7,363,589 | Sandstorm Gold Ltd. (USD) ‡ * † | 25,036,203 | ||||||
2,859,988 | Seabridge Gold, Inc. (USD) ‡ * † | 21,592,909 | ||||||
16,640,556 | Semafo, Inc. ‡ * | 42,813,604 | ||||||
5,334,739 | Silver Standard Resources, Inc. (USD) ‡ * | 26,700,369 | ||||||
12,625,712 | Silvercorp Metals, Inc. (USD) ‡ † | 16,413,426 | ||||||
3,539,254 | Sulliden Mining Capital, Inc. ‡ * | 1,283,390 | ||||||
7,486,737 | Tanzanian Royalty Exploration Corp. (USD) ‡ * † | 4,856,646 | ||||||
20,853,276 | Teranga Gold Corp. ‡ * | 8,191,876 | ||||||
9,679,310 | Timmins Gold Corp. ‡ * | 9,526,798 | ||||||
47,767,146 | Torex Gold Resources, Inc. ‡ * | 50,726,173 | ||||||
896,098,876 | ||||||||
Cayman Islands: 0.8% | ||||||||
31,243,255 | Endeavour Mining Corp. (CAD) ‡ * | 11,464,177 |
Number of Shares | Value | |||||||
China / Hong Kong: 3.8% | ||||||||
17,917,934 | China Gold International Resources Corp. Ltd. (CAD) * | $ | 31,867,856 | |||||
228,004,000 | China Precious Metal Resources Holdings Co. Ltd. * † # | 18,414,965 | ||||||
22,054,000 | China Silver Group Ltd. # | 4,938,118 | ||||||
19,287,400 | Real Gold Mining Ltd. * # § | 3,039,646 | ||||||
58,260,585 | ||||||||
South Africa: 3.4% | ||||||||
3,349,846 | DRDGOLD Ltd. (ADR) ‡ † | 5,192,261 | ||||||
25,018,406 | Harmony Gold Mining Co. Ltd. (ADR) ‡ * † | 47,284,787 | ||||||
52,477,048 | ||||||||
Turkey: 1.1% | ||||||||
2,542,157 | Koza Altin Isletmeleri AS # | 16,973,792 | ||||||
United Kingdom: 5.9% | ||||||||
88,127,501 | Cenatamin Plc ‡ † # | 80,951,255 | ||||||
7,915,411 | Highland Gold Mining Ltd. # | 3,860,623 | ||||||
7,141,883 | Lydian International Ltd. (CAD) * | 2,898,066 | ||||||
47,103,767 | Patagonia Gold Plc * # | 2,579,149 | ||||||
90,289,093 | ||||||||
United States: 11.6% | ||||||||
15,398,024 | Alacer Gold Corp. (CAD) ‡ | 30,975,520 | ||||||
7,129,630 | Allied Nevada Gold Corp. ‡ * † | 6,202,778 | ||||||
6,564,371 | Coeur d’Alene Mines Corp. ‡ * † | 33,543,936 | ||||||
3,673,340 | Gold Resource Corp. ‡ † | 12,415,889 | ||||||
26,922,140 | Hecla Mining Co. ‡ | 75,112,771 | ||||||
11,251,341 | Midway Gold Corp. ‡ * † | 8,325,992 | ||||||
10,562,926 | Paramount Gold and Silver Corp. ‡ * † | 10,774,185 | ||||||
177,351,071 | ||||||||
Total Common Stocks (Cost: $1,977,949,753) | 1,515,568,287 |
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.4% | ||||||||
Repurchase Agreements: 9.4% | ||||||||
$ | 11,963,101 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $11,963,154; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $12,202,363 including accrued interest) | 11,963,101 | |||||
8,471,401 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.06%, due 1/2/15, proceeds $8,471,429; (collateralized by various U.S. government and agency obligations, 2.13% to 9.00%, due 11/15/18 to 2/15/38, valued at $8,640,830 including accrued interest) | 8,471,401 |
See Notes to Financial Statements
44 |
Principal Amount | Value | |||||||
Repurchase Agreements: (continued) | ||||||||
$ | 40,938,901 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $40,939,037; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $41,757,774 including accrued interest) | $ | 40,938,901 | ||||
40,938,901 | Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $40,939,128; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $41,757,729 including accrued interest) | 40,938,901 |
Principal Amount | Value | |||||||
Repurchase Agreements: (continued) | ||||||||
$ | 40,938,901 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $40,939,083; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $41,757,681 including accrued interest) | $ | 40,938,901 | ||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $143,251,205) | 143,251,205 | |||||||
Total Investments: 108.9% (Cost: $2,121,200,958) | 1,658,819,492 | |||||||
Liabilities in excess of other assets: (8.9)% | (136,129,159 | ) | ||||||
NET ASSETS: 100.0% | $ | 1,522,690,333 |
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
USD | United States Dollar |
‡ | Affiliated issuer — as defined under the Investment Company Act of 1940. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $131,223,670. |
# | 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 $297,778,575 which represents 19.6% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $4,530,100 which represents 0.3% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Diversified Metals & Mining | 3.6 | % | $ | 54,084,299 | ||||
Gold | 39.7 | 601,607,490 | ||||||
Materials | 46.1 | 699,163,797 | ||||||
Precious Metals & Minerals | 2.0 | 30,216,215 | ||||||
Silver | 8.6 | 130,496,486 | ||||||
100.0 | % | $ | 1,515,568,287 |
A summary of the Fund’s transactions in securities of affiliates for the year ended December 31, 2014 is set forth below:
Affiliates | Value 12/31/13 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Value 12/31/14 | ||||||||||||||||||
Alacer Gold Corp. | $ | — | $ | 30,453,396 | $ | (461,903 | ) | $ | (38,032 | ) | $ | — | $ | 30,975,520 | ||||||||||
Alamos Gold, Inc. | — | 55,193,933 | (817,808 | ) | (38,471 | ) | — | 52,094,504 | ||||||||||||||||
Alexco Resource Corp. | 3,987,474 | 6,971,754 | (8,876,865 | ) | (13,429,112 | ) | — | — | ||||||||||||||||
Allied Nevada Gold Corp. | 20,671,899 | 37,929,206 | (16,077,237 | ) | (20,541,453 | ) | — | 6,202,778 | ||||||||||||||||
Argonaut Gold, Inc. | 54,587,316 | 60,698,215 | (36,962,063 | ) | (62,663,688 | ) | — | 15,455,253 | ||||||||||||||||
Asanko Gold, Inc. | 10,011,747 | 50,110,738 | (26,982,634 | ) | (29,659,507 | ) | — | 17,401,087 | ||||||||||||||||
Aurcana Corp. | 1,637,383 | 1,262,743 | (3,462,436 | ) | (17,097,162 | ) | — | — | ||||||||||||||||
AuRico Gold, Inc. | — | 59,153,900 | (893,585 | ) | (24,435 | ) | — | 58,337,962 | ||||||||||||||||
Banro Corp. | 10,523,025 | 7,657,186 | (8,599,086 | ) | (58,668,104 | ) | — | — | ||||||||||||||||
Beadell Resources Ltd. | 34,682,182 | 36,473,587 | (19,807,584 | ) | (26,580,997 | ) | — | 8,822,317 | ||||||||||||||||
Belo Sun Mining Corp. | 4,305,426 | 3,257,118 | (4,629,700 | ) | (7,358,602 | ) | — | — | ||||||||||||||||
Brigus Gold Corp. | 13,100,044 | 6,159,833 | (75,215 | ) | 36,328 | — | — | |||||||||||||||||
Cenatamin Plc | — | 81,353,690 | (1,218,577 | ) | (48,013 | ) | — | 80,951,255 | ||||||||||||||||
China Precious Metal Resources Holdings Co. Ltd. | 38,965,239 | 44,956,712 | (39,959,404 | ) | (24,571,692 | ) | — | — | (b) | |||||||||||||||
China Silver Group Ltd. | 6,700,679 | 6,404,566 | (11,616,149 | ) | (407,559 | ) | 211,831 | — | (b) |
See Notes to Financial Statements
45 |
JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Affiliates (continued) | Value 12/31/13 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Value 12/31/14 | ||||||||||||||||||
Coeur d’Alene Mines Corp. | $ | — | (a) | $ | 32,724,133 | $ | (531,940 | ) | $ | (5,719 | ) | $ | — | $ | 33,543,936 | |||||||||
Continental Gold Ltd. | 26,954,156 | 36,546,701 | (27,302,105 | ) | (43,970,833 | ) | — | 11,300,658 | ||||||||||||||||
DRDGOLD Ltd. | 8,851,679 | 15,496,253 | (7,085,328 | ) | (8,438,505 | ) | 88,325 | 5,192,261 | ||||||||||||||||
Dundee Precious Metals, Inc. | 25,930,439 | 45,014,550 | (38,472,096 | ) | (48,840,745 | ) | — | — | (b) | |||||||||||||||
Endeavour Mining Corp. | 12,631,266 | 32,033,163 | (17,307,420 | ) | (44,298,025 | ) | — | 11,464,177 | ||||||||||||||||
Endeavour Silver Corp. | 28,170,880 | 46,258,841 | (24,961,947 | ) | (43,845,756 | ) | — | 16,274,609 | ||||||||||||||||
First Majestic Silver Corp. | — | 50,447,820 | (741,324 | ) | (44,100 | ) | — | 48,717,167 | ||||||||||||||||
Fortuna Silver Mines, Inc. | 28,136,616 | 41,566,539 | (49,541,589 | ) | (7,294,764 | ) | — | 31,743,506 | ||||||||||||||||
Gold Resource Corp. | — | 24,750,835 | (13,495,455 | ) | (16,146,541 | ) | 590,791 | 12,415,889 | ||||||||||||||||
Golden Star Resources Ltd. | 8,870,543 | 11,761,667 | (10,754,848 | ) | (37,267,923 | ) | — | — | ||||||||||||||||
Great Panther Silver Ltd. | 7,289,562 | 14,794,554 | (9,038,695 | ) | (14,867,084 | ) | — | 6,415,211 | ||||||||||||||||
Guyana Goldfields, Inc. | 15,149,615 | 26,693,733 | (31,322,914 | ) | (16,240,905 | ) | — | — | (b) | |||||||||||||||
Harmony Gold Mining Co. Ltd. | — | 45,671,189 | (700,424 | ) | (7,325 | ) | — | 47,284,787 | ||||||||||||||||
Hecla Mining Co. | — | 76,809,360 | (1,148,584 | ) | (47,253 | ) | — | 75,112,771 | ||||||||||||||||
IAMGOLD Corp. | — | 81,846,296 | (1,201,844 | ) | (72,417 | ) | — | 84,036,193 | ||||||||||||||||
Indophil Resources NL | 9,258,702 | 13,495,467 | (31,383,305 | ) | (5,266,902 | ) | — | — | ||||||||||||||||
Intrepid Mines Ltd. | 9,407,569 | 12,369,413 | (17,965,266 | ) | (14,811,780 | ) | — | — | ||||||||||||||||
Kingsgate Consolidated Ltd. | 8,153,978 | 22,137,147 | (10,510,187 | ) | (47,634,077 | ) | — | 8,402,461 | ||||||||||||||||
Kirkland Lake Gold, Inc. | 9,505,843 | 16,178,491 | (14,711,263 | ) | (27,851,196 | ) | — | 10,691,953 | ||||||||||||||||
Lake Shore Gold Corp. | 14,796,976 | 34,626,466 | (29,370,252 | ) | (31,339,276 | ) | — | 21,023,120 | ||||||||||||||||
LionGold Corp. Ltd. | 8,282,417 | 5,209,006 | (8,395,739 | ) | (50,473,377 | ) | — | — | ||||||||||||||||
Lydian International Ltd. | 4,731,990 | 11,184,601 | (5,228,566 | ) | (13,245,107 | ) | — | — | (b) | |||||||||||||||
Market Vectors Gold Miners ETF | — | 93,399,498 | (77,085,821 | ) | (16,313,677 | ) | — | — | ||||||||||||||||
McEwen Mining, Inc. | 40,305,724 | 58,177,570 | (54,033,587 | ) | (39,891,183 | ) | — | 15,121,820 | ||||||||||||||||
Medusa Mining Ltd. | 20,236,362 | 29,019,681 | (9,858,151 | ) | (46,898,104 | ) | — | 6,717,260 | ||||||||||||||||
Midway Gold Corp. | 5,773,907 | 18,173,064 | (9,471,834 | ) | (9,129,060 | ) | — | 8,325,992 | ||||||||||||||||
Northern Star Resources Ltd. | 18,840,747 | 60,572,591 | (42,655,005 | ) | (3,151,025 | ) | 1,869,867 | 47,886,864 | ||||||||||||||||
OceanaGold Corp. | 36,071,367 | 58,749,747 | (48,761,374 | ) | (17,408,865 | ) | — | 38,366,189 | ||||||||||||||||
Papillon Resources Ltd. | 19,817,636 | 29,276,550 | (25,280,640 | ) | 4,351,731 | — | — | |||||||||||||||||
Paramount Gold and Silver Corp. | 8,919,590 | 13,775,610 | (10,414,516 | ) | (12,360,530 | ) | — | 10,774,185 | ||||||||||||||||
Perseus Mining Ltd. | 6,036,609 | 17,391,530 | (7,590,728 | ) | (55,770,860 | ) | — | 7,266,429 | ||||||||||||||||
Petropavlovsk Plc | 14,371,175 | 14,304,530 | (5,074,196 | ) | (31,319,193 | ) | — | — | ||||||||||||||||
Premier Gold Mines Ltd. | 16,622,924 | 34,037,877 | (26,453,041 | ) | (37,405,622 | ) | — | 17,606,006 | ||||||||||||||||
Pretium Resources, Inc. | — | 44,229,292 | (614,933 | ) | (68,243 | ) | — | 42,922,393 | ||||||||||||||||
Primero Mining Corp. | 26,960,187 | 63,314,495 | (49,154,023 | ) | (16,762,116 | ) | — | 34,708,865 | ||||||||||||||||
Regis Resources Ltd. | — | 45,814,725 | (708,556 | ) | (4,732 | ) | — | 49,556,231 | ||||||||||||||||
Rio Alto Mining Ltd. | 22,909,674 | 87,644,456 | (64,481,064 | ) | (15,697,834 | ) | — | 54,084,299 | ||||||||||||||||
Romarco Minerals, Inc. | 18,058,825 | 37,462,515 | (33,420,231 | ) | (29,770,064 | ) | — | 17,003,244 | ||||||||||||||||
Rubicon Minerals Corp. | 20,726,952 | 43,371,622 | (28,917,841 | ) | (52,336,403 | ) | — | 22,806,787 | ||||||||||||||||
Sandstorm Gold Ltd. | 29,203,521 | 59,912,360 | (33,216,629 | ) | (45,344,630 | ) | — | 25,036,203 | ||||||||||||||||
Saracen Mineral Holdings Ltd. | 7,209,787 | 24,826,000 | (14,921,156 | ) | (17,230,033 | ) | — | 10,229,869 | ||||||||||||||||
Seabridge Gold, Inc. | 26,741,674 | 34,058,741 | (36,170,282 | ) | (33,585,387 | ) | — | 21,592,909 | ||||||||||||||||
Semafo, Inc. | 42,992,303 | 73,248,302 | (60,599,053 | ) | (5,112,215 | ) | — | 42,813,604 | ||||||||||||||||
Silver Lake Resources Ltd. | 14,460,044 | 23,045,931 | (8,018,040 | ) | (17,230,975 | ) | — | 5,853,241 | ||||||||||||||||
Silver Standard Resources, Inc. | 38,483,629 | 57,413,804 | (41,465,683 | ) | (17,277,290 | ) | — | 26,700,369 | ||||||||||||||||
Silvercorp Metals, Inc. | 30,447,336 | 32,571,556 | (21,866,348 | ) | (62,902,876 | ) | 278,357 | 16,413,426 | ||||||||||||||||
St. Barbara Ltd. | 6,170,731 | 4,955,389 | (5,165,912 | ) | (39,890,148 | ) | — | — | ||||||||||||||||
Sulliden Mining Capital, Inc. | 16,363,047 | 20,900,288 | (56,887,394 | ) | 6,210,074 | — | 1,283,390 | |||||||||||||||||
Tanzanian Royalty Exploration Corp. | 13,741,947 | 19,825,831 | (8,676,178 | ) | (26,986,911 | ) | — | 4,856,646 | ||||||||||||||||
Teranga Gold Corp. | — | 41,151,811 | (12,837,002 | ) | (13,244,010 | ) | — | 8,191,876 | ||||||||||||||||
Timmins Gold Corp. | 11,929,200 | 18,882,854 | (14,631,069 | ) | (16,697,713 | ) | — | 9,526,798 | ||||||||||||||||
Torex Gold Resources, Inc. | 41,749,355 | 70,504,476 | (63,259,832 | ) | (27,054,623 | ) | — | 50,726,173 | ||||||||||||||||
Troy Resources Ltd. | 8,214,578 | 16,955,795 | (8,225,021 | ) | (16,792,694 | ) | — | 4,469,637 | ||||||||||||||||
$ | 988,653,476 | $ | 2,432,621,293 | $ | (1,411,526,477 | ) | $ | (1,446,175,320 | ) | $ | 3,039,171 | $ | 1,294,700,080 |
(a) | Not an affiliate at the beginning of the reporting period. |
(b) | Not an affiliate at the end of the reporting period. |
See Notes to Financial Statements
46 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 45,632,618 | $ | 167,021,027 | $ | — | $ | 212,653,645 | ||||||||
Canada | 896,098,876 | — | — | 896,098,876 | ||||||||||||
Cayman Islands | 11,464,177 | — | — | 11,464,177 | ||||||||||||
China / Hong Kong | 31,867,856 | 23,353,083 | 3,039,646 | 58,260,585 | ||||||||||||
South Africa | 52,477,048 | — | — | 52,477,048 | ||||||||||||
Turkey | — | 16,973,792 | — | 16,973,792 | ||||||||||||
United Kingdom | 2,898,066 | 87,391,027 | — | 90,289,093 | ||||||||||||
United States | 177,351,071 | — | — | 177,351,071 | ||||||||||||
Repurchase Agreements | — | 143,251,205 | — | 143,251,205 | ||||||||||||
Total | $ | 1,217,789,712 | $ | 437,990,134 | $ | 3,039,646 | $ | 1,658,819,492 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $46,727,996. 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, 2014:
Common Stocks | ||||
China/Hong Kong | ||||
Balance as of December 31, 2013 | $ | 4,551,243 | ||
Realized gain (loss) | (11,857 | ) | ||
Change in unrealized appreciation (depreciation) | (1,485,153 | ) | ||
Purchases | 6,807 | |||
Sales | (21,394 | ) | ||
Transfers in and/or out of level 3 | — | |||
Balance as of December 31, 2014 | $ | 3,039,646 |
See Notes to Financial Statements
47 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 100.4% | ||||||||
Argentina: 0.1% | ||||||||
2,598 | YPF SA (ADR) | $ | 68,769 | |||||
Australia: 3.6% | ||||||||
53,287 | Alumina Ltd. * # | 77,168 | ||||||
10,918 | Bega Cheese Ltd. # | 45,746 | ||||||
69,168 | BHP Billiton Ltd. # | 1,639,220 | ||||||
11,721 | BlueScope Steel Ltd. * # | 53,178 | ||||||
1,820 | Caltex Australia Ltd. # | 50,620 | ||||||
36,670 | Fortescue Metals Group Ltd. † # | 80,706 | ||||||
14,535 | GrainCorp. Ltd. # | 97,715 | ||||||
9,020 | Iluka Resources Ltd. # | 43,422 | ||||||
39,682 | Newcrest Mining Ltd. * # | 349,993 | ||||||
15,767 | Oil Search Ltd. # | 101,349 | ||||||
14,844 | Origin Energy Ltd. # | 140,781 | ||||||
13,147 | Santos Ltd. # | 88,029 | ||||||
9,551 | Woodside Petroleum Ltd. # | 296,092 | ||||||
3,064,019 | ||||||||
Austria: 0.3% | ||||||||
200 | Mayr-Melnhof Karton AG # | 20,761 | ||||||
1,941 | OMV AG # | 51,540 | ||||||
2,788 | Verbund - Oesterreichische Elektrizis AG † # | 51,631 | ||||||
2,342 | Voestalpine AG # | 92,540 | ||||||
216,472 | ||||||||
Bermuda: 0.1% | ||||||||
3,902 | Nabors Industries Ltd. (USD) | 50,648 | ||||||
Brazil: 0.8% | ||||||||
14,437 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) † | 90,809 | ||||||
2,450 | Cia de Saneamento de Minas Gerais SA | 23,208 | ||||||
15,551 | Cia Siderurgica Nacional SA (ADR) † | 32,346 | ||||||
5,450 | Fibria Celulose SA * | 66,654 | ||||||
19,267 | Gerdau SA (ADR) | 68,398 | ||||||
20,065 | Petroleo Brasileiro SA (ADR) | 146,474 | ||||||
3,900 | SLC Agricola SA | 20,687 | ||||||
31,897 | Vale SA (ADR) | 260,917 | ||||||
709,493 | ||||||||
Canada: 11.9% | ||||||||
11,174 | Agnico-Eagle Mines Ltd. (USD) | 278,121 | ||||||
11,440 | Agrium, Inc. (USD) | 1,083,597 | ||||||
6,621 | Alamos Gold, Inc. | 47,446 | ||||||
4,291 | ARC Resources Ltd. | 93,211 | ||||||
47,703 | B2Gold Corp. * | 78,252 | ||||||
60,545 | Barrick Gold Corp. (USD) | 650,859 | ||||||
8,531 | Cameco Corp. (USD) | 139,994 | ||||||
14,709 | Canadian Natural Resources Ltd. (USD) | 454,214 | ||||||
1,600 | Canadian Solar, Inc. (USD) * | 38,704 | ||||||
1,882 | Canfor Corp. * | 48,161 | ||||||
8,205 | Detour Gold Corp. * | 67,227 | ||||||
4,426 | Dominion Diamond Corp. * | 79,750 | ||||||
1,573 | Domtar Corp. (USD) | 63,266 | ||||||
37,237 | Eldorado Gold Corp. (USD) | 226,401 | ||||||
11,441 | Enbridge, Inc. (USD) | 588,182 | ||||||
9,989 | EnCana Corp. (USD) | 138,547 | ||||||
12,943 | First Quantum Minerals Ltd. | 184,493 | ||||||
42,291 | Goldcorp, Inc. (USD) | 783,229 | ||||||
3,978 | Husky Energy, Inc. † | 94,449 | ||||||
3,428 | Imperial Oil Ltd. (USD) | 147,507 | ||||||
59,497 | Kinross Gold Corp. (USD) * | 167,782 | ||||||
Number | ||||||||
of Shares | Value | |||||||
Canada: (continued) | ||||||||
13,465 | Lundin Mining Corp. * | $ | 66,497 | |||||
10,874 | New Gold, Inc. * | 46,754 | ||||||
7,876 | Pan American Silver Corp. (USD) | 72,459 | ||||||
66,049 | Potash Corp. of Saskatchewan, Inc. (USD) | 2,332,851 | ||||||
2,307 | Resolute Forest Products (USD) * | 40,626 | ||||||
18,941 | Silver Wheaton Corp. (USD) | 385,071 | ||||||
19,564 | Suncor Energy, Inc. (USD) | 621,744 | ||||||
12,850 | Talisman Energy, Inc. (USD) | 100,615 | ||||||
10,058 | Teck Cominco Ltd. (USD) † | 137,191 | ||||||
2,257 | Tourmaline Oil Corp. * | 75,412 | ||||||
9,551 | TransCanada Corp. (USD) † | 468,954 | ||||||
51,258 | Turquoise Hill Resources Ltd. * | 158,874 | ||||||
1,656 | West Fraser Timber Co. Ltd. | 95,035 | ||||||
45,787 | Yamana Gold, Inc. (USD) | 184,064 | ||||||
10,239,539 | ||||||||
Chile: 0.2% | ||||||||
116,317 | Aguas Andinas SA # | 66,634 | ||||||
41,147 | Empresas CMPC SA | 102,968 | ||||||
15,630 | Inversiones Aguas Metropolitanas SA | 24,214 | ||||||
193,816 | ||||||||
China / Hong Kong: 2.2% | ||||||||
3,400 | Aluminum Corp of China Ltd. (ADR) * | 39,168 | ||||||
23,100 | Angang New Steel Co. Ltd. # | 19,535 | ||||||
510,868 | Chaoda Modern Agriculture Holdings Ltd. * # § | 10,727 | ||||||
175,914 | China Agri-Industries Holdings Ltd. # | 72,220 | ||||||
55,000 | China Coal Energy Co. Ltd. # | 34,381 | ||||||
31,000 | China Gas Holdings Ltd. # | 48,547 | ||||||
20,200 | China Hongqiao Group Ltd. † # | 13,548 | ||||||
187,800 | China Modern Dairy Holdings Ltd. * † # | 53,218 | ||||||
27,900 | China Molybdenum Co. Ltd. (Class H) # | 16,165 | ||||||
25,100 | China Oilfield Services Ltd. (Class H) # | 43,338 | ||||||
343,827 | China Petroleum & Chemical Corp. # | 278,437 | ||||||
45,691 | China Shenhua Energy Co. Ltd. # | 134,827 | ||||||
216,879 | CNOOC Ltd. # | 293,250 | ||||||
14,400 | Dongfang Electric Corp. Machinery Co. Ltd. # | 26,373 | ||||||
40,500 | Fosun International Ltd. # | 52,790 | ||||||
46,300 | Huaneng Power International, Inc. # | 62,561 | ||||||
13,800 | Inner Mongolia Yitai Coal Co. (USD) # | 19,753 | ||||||
30,300 | Jiangxi Copper Co. Ltd. (Class H) # | 51,716 | ||||||
41,800 | Kunlun Energy Co. Ltd. # | 39,447 | ||||||
52,400 | Lee & Man Paper Manufacturing Ltd. # | 29,260 | ||||||
38,000 | Maanshan Iron and Steel Co. Ltd. # (Class H) * | 11,318 | ||||||
40,557 | Nine Dragons Paper Holdings Ltd. # | 35,316 | ||||||
71,300 | Noble Group Ltd. (SGD) # | 60,808 | ||||||
284,640 | PetroChina Co. Ltd. (Class-H) # | 315,967 | ||||||
13,400 | Tianjin Capital Environmental Protection Group Co. Ltd. # | 8,979 | ||||||
27,000 | Yanzhou Coal Mining Co. Ltd. # | 22,875 | ||||||
45,400 | Zhaojin Mining Industry Co. Ltd. † # | 22,790 | ||||||
304,061 | Zijin Mining Group Ltd. # | 85,976 | ||||||
1,903,290 | ||||||||
Colombia: 0.0% | ||||||||
3,366 | Pacific Rubiales Energy Corp. (CAD) † | 20,895 | ||||||
Denmark: 0.4% | ||||||||
9,466 | Vestas Wind Systems A/S * # | 343,813 |
See Notes to Financial Statements
48 |
Number | ||||||||
of Shares | Value | |||||||
Finland: 0.2% | ||||||||
6,271 | Outokumpu Oyj * # | $ | 35,890 | |||||
13,892 | Stora Enso Oyj (R Shares) # | 124,208 | ||||||
160,098 | ||||||||
France: 2.7% | ||||||||
143 | Eramet SA * # | 13,132 | ||||||
14,605 | Suez Environnement Co. # | 254,466 | ||||||
1,532 | Technip SA # | 91,257 | ||||||
32,060 | Total SA # | 1,642,499 | ||||||
20,190 | Veolia Environnement SA # | 357,622 | ||||||
2,358,976 | ||||||||
Germany: 0.5% | ||||||||
727 | Aurubis AG # | 40,639 | ||||||
1,131 | BayWa AG # | 41,687 | ||||||
158 | KWS Saat AG # | 51,599 | ||||||
2,631 | Nordex SE * # | 46,939 | ||||||
829 | Salzgitter AG # | 23,198 | ||||||
9,392 | ThyssenKrupp AG * # | 239,250 | ||||||
443,312 | ||||||||
Greece: 0.0% | ||||||||
1,305 | Athens Water Supply & Sewage Co. SA # | 9,873 | ||||||
Hungary: 0.0% | ||||||||
704 | MOL Hungarian Oil & Gas NyRt # | 30,974 | ||||||
India: 0.4% | ||||||||
10,662 | Reliance Industries Ltd. (GDR) * # 144A | 297,560 | ||||||
1,408 | Vedanta Resources Plc (GBP) # | 12,495 | ||||||
310,055 | ||||||||
Indonesia: 0.1% | ||||||||
25,044 | Astra Agro Lestari Tbk PT # | 48,935 | ||||||
44,954 | International Nickel Indonesia Tbk PT # | 13,066 | ||||||
222,700 | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 33,891 | ||||||
95,892 | ||||||||
Ireland: 0.1% | ||||||||
5,558 | Smurfit Kappa Group Plc # | 124,604 | ||||||
Italy: 0.8% | ||||||||
36,252 | ENI SpA # | 635,008 | ||||||
3,390 | Saipem SpA * # | 35,536 | ||||||
670,544 | ||||||||
Japan: 3.0% | ||||||||
8,700 | Calbee, Inc. # | 299,400 | ||||||
8,600 | Daido Steel Co. # | 32,451 | ||||||
3,100 | Daio Paper Corp. # | 25,284 | ||||||
6,900 | Dowa Holdings Co. Ltd. # | 54,768 | ||||||
3,917 | Hitachi Metals Ltd. # | 66,489 | ||||||
14,600 | Inpex Holdings, Inc. # | 162,385 | ||||||
12,464 | JFE Holdings, Inc. # | 277,692 | ||||||
33,600 | JX Holdings, Inc. # | 130,633 | ||||||
73,435 | Kobe Steel Ltd. # | 126,370 | ||||||
4,765 | Kurita Water Industries Ltd. # | 99,265 | ||||||
28,629 | Mitsubishi Materials Corp. # | 94,883 | ||||||
2,800 | Nippon Paper Industries † # | 40,176 | ||||||
204,900 | Nippon Steel Corp. # | 507,794 | ||||||
22,114 | Nippon Suisan Kaisha Ltd. * # | 68,694 | ||||||
21,350 | Nisshin Seifun Group, Inc. # | 206,491 | ||||||
23,976 | OJI Paper Co. Ltd. # | 85,701 | ||||||
6,170 | Rengo Co. Ltd. † # | 25,401 | ||||||
4,083 | Sumitomo Forestry Co. Ltd. # | 39,892 |
Number | ||||||||
of Shares | Value | |||||||
Japan: (continued) | ||||||||
11,523 | Sumitomo Metal Mining Ltd. # | $ | 171,699 | |||||
4,200 | TonenGeneral Sekiyu K.K. # | 35,819 | ||||||
2,551,287 | ||||||||
Luxembourg: 0.5% | ||||||||
7,092 | Adecoagro SA (USD) * | 56,807 | ||||||
21,896 | ArcelorMittal † # | 239,890 | ||||||
3,183 | Tenaris SA (ADR) | 96,158 | ||||||
1,037 | Ternium SA (ADR) | 18,293 | ||||||
411,148 | ||||||||
Malaysia: 0.7% | ||||||||
15,351 | Genting Plantation Bhd # | 43,647 | ||||||
222,794 | IOI Corp. Bhd # | 305,763 | ||||||
32,178 | Kuala Lumpur Kepong Bhd | 209,827 | ||||||
3,200 | Petronas Dagangan Bhd # | 15,683 | ||||||
574,920 | ||||||||
Mexico: 0.6% | ||||||||
15,150 | Gruma, SAB de CV | 161,699 | ||||||
82,214 | Grupo Mexico, SAB de CV | 238,837 | ||||||
6,407 | Industrias Penoles, SA de CV | 125,408 | ||||||
525,944 | ||||||||
Netherlands: 1.8% | ||||||||
590 | Core Laboratories NV (USD) † | 71,001 | ||||||
5,591 | Nutreco NV # | 300,095 | ||||||
33,074 | Royal Dutch Shell Plc (GBP) # | 1,143,218 | ||||||
1,514,314 | ||||||||
Norway: 1.7% | ||||||||
24,173 | Marine Harvest ASA # | 329,933 | ||||||
29,432 | Norsk Hydro ASA # | 164,806 | ||||||
4,985 | SeaDrill Ltd. # | 57,335 | ||||||
14,184 | Statoil ASA # | 248,251 | ||||||
14,188 | Yara International ASA # | 628,071 | ||||||
1,428,396 | ||||||||
Peru: 0.1% | ||||||||
9,600 | Cia de Minas Buenaventura SA (ADR) | 91,776 | ||||||
Philippines: 0.0% | ||||||||
34,100 | Manila Water Co., Inc. # | 22,185 | ||||||
Poland: 0.2% | ||||||||
2,931 | KGHM Polska Miedz SA # | 89,063 | ||||||
4,151 | Polski Koncern Naftowy Orlen SA # | 56,581 | ||||||
22,269 | Polskie Gornictwo Naftowe I Gazownictwo SA # | 27,681 | ||||||
173,325 | ||||||||
Portugal: 0.1% | ||||||||
4,248 | Galp Energia, SGPS, SA # | 43,138 | ||||||
3,370 | Portucel-Empresa Productora de Pasta e Papel SA # | 12,497 | ||||||
55,635 | ||||||||
Russia: 1.5% | ||||||||
10,573 | JSC MMC Norilsk Nickel (ADR) # | 151,193 | ||||||
6,994 | Lukoil (ADR) # | 276,716 | ||||||
2,408 | Magnitogorsk Iron & Steel Works (GDR) # Reg S | 5,792 | ||||||
1,064 | Novatek OAO (GDR) # Reg S | 82,860 | ||||||
1,808 | Novolipetsk Steel (GDR) Reg S | 20,756 | ||||||
79,780 | OAO Gazprom (ADR) # | 367,279 | ||||||
6,495 | PhosAgro OAO (GDR) * # Reg S | 66,351 |
See Notes to Financial Statements
49 |
NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number | ||||||||
of Shares | Value | |||||||
Russia: (continued) | ||||||||
9,626 | Polymetal International (GBP) # | $ | 86,185 | |||||
14,286 | Rosneft Oil Co. (GDR) # Reg S | 49,805 | ||||||
3,792 | Severstal OAO (GDR) Reg S | 34,507 | ||||||
13,003 | Surgutneftegas OJSC (ADR) # | 55,037 | ||||||
3,280 | Tatneft (ADR) # | 80,431 | ||||||
1,276,912 | ||||||||
Singapore: 0.8% | ||||||||
511,219 | Golden Agri-Resources Ltd. # | 176,872 | ||||||
43,081 | Olam International Ltd. # | 65,357 | ||||||
198,464 | Wilmar International Ltd. # | 483,420 | ||||||
725,649 | ||||||||
South Africa: 1.5% | ||||||||
2,154 | African Rainbow Minerals Ltd. # | 22,056 | ||||||
2,804 | Anglo American Platinum Ltd. * # | 82,314 | ||||||
20,902 | AngloGold Ashanti Ltd. (ADR) * | 181,847 | ||||||
752 | Assore Ltd. # | 9,649 | ||||||
1,834 | Exxaro Resources Ltd. † # | 16,368 | ||||||
36,851 | Gold Fields Ltd. (ADR) | 166,935 | ||||||
28,593 | Impala Platinum Holdings Ltd. * # | 186,845 | ||||||
1,250 | Kumba Iron Ore Ltd. † # | 25,849 | ||||||
22,124 | Lonmin Plc (GBP) * # | 61,018 | ||||||
8,958 | Mondi Plc (GBP) # | 145,588 | ||||||
17,982 | Northern Platinum Ltd. * # | 56,678 | ||||||
11,321 | Sappi Ltd. * † # | 41,043 | ||||||
6,843 | Sasol Ltd. # | 255,378 | ||||||
37,370 | Sibanye Gold Ltd. # | 72,076 | ||||||
1,323,644 | ||||||||
South Korea: 1.1% | ||||||||
1,532 | Hyundai Steel Co. # | 87,750 | ||||||
272 | Korea Zinc Co. Ltd. # | 99,420 | ||||||
1,729 | POSCO # | 435,526 | ||||||
835 | SK Energy Co. Ltd. # | 64,312 | ||||||
329 | SK Holdings Co. Ltd. # | 48,833 | ||||||
562 | S-Oil Corp. # | 24,694 | ||||||
2,248 | Woongjin Coway Co. Ltd. # | 171,414 | ||||||
16 | Young Poong Corp. # | 18,066 | ||||||
950,015 | ||||||||
Spain: 0.4% | ||||||||
2,820 | Acerinox SA # | 42,545 | ||||||
9,438 | Gamesa Corp. Tecnologica SA * # | 85,196 | ||||||
1,409 | Pescanova SA *# § | — | ||||||
13,368 | Repsol YPF SA # | 250,260 | ||||||
378,001 | ||||||||
Sweden: 0.7% | ||||||||
3,815 | BillerudKorsnas AB # | 54,483 | ||||||
5,895 | Boliden AB # | 93,837 | ||||||
1,243 | Holmen AB (B Shares) # | 42,061 | ||||||
3,187 | Lundin Petroleum AB * † # | 45,417 | ||||||
3,856 | SSAB AB (B Shares) * # | 19,636 | ||||||
15,058 | Svenska Cellulosa AB (B Shares) # | 323,275 | ||||||
578,709 | ||||||||
Switzerland: 3.8% | ||||||||
149,094 | Glencore Xstrata Plc (GBP) # | 688,479 | ||||||
7,413 | Syngenta AG # | 2,385,768 | ||||||
4,590 | Transocean, Inc. (USD) † | 84,135 | ||||||
10,431 | Weatherford International Plc (USD) * | 119,435 | ||||||
3,277,817 |
Number | ||||||||
of Shares | Value | |||||||
Taiwan: 0.3% | ||||||||
268,172 | China Steel Corp. # | $ | 222,450 | |||||
23,420 | Formosa Petrochemical Corp. # | 50,806 | ||||||
273,256 | ||||||||
Thailand: 0.1% | ||||||||
18,700 | PTT Exploration & Production PCL (NVDR) # | 63,325 | ||||||
Turkey: 0.1% | ||||||||
38,472 | Eregli Demir ve Celik Fabrikalari TAS # | 73,096 | ||||||
1,654 | Tupras-Turkiye Petrol Rafinerileri AS # | 39,080 | ||||||
112,176 | ||||||||
United Kingdom: 8.0% | ||||||||
3,582 | Acergy SA (NOK) # | 36,436 | ||||||
29,963 | Anglo American Plc # | 554,680 | ||||||
8,287 | Antofagasta Plc # | 96,600 | ||||||
45,853 | BG Group Plc # | 613,847 | ||||||
252,147 | BP Plc # | 1,601,189 | ||||||
68,679 | Centrica Plc # | 297,603 | ||||||
74,331 | CNH Industrial NV (USD) | 599,108 | ||||||
22,611 | DS Smith Plc # | 112,803 | ||||||
3,158 | ENSCO Plc CL A (USD) | 94,582 | ||||||
8,118 | Evraz Plc # | 19,412 | ||||||
6,066 | Kazakhmys Plc * # | 24,215 | ||||||
3,397 | Noble Corp Plc (USD) | 56,288 | ||||||
16,859 | Pennon Group Plc # | 240,959 | ||||||
19,716 | Petra Diamonds Ltd. * # | 59,217 | ||||||
3,404 | Petrofac Ltd. # | 37,098 | ||||||
20,491 | Polyus Gold International Ltd. # | 57,867 | ||||||
4,777 | Randgold Resources Ltd. (ADR) | 322,018 | ||||||
26,728 | Rio Tinto Plc # | 1,232,596 | ||||||
10,067 | Severn Trent Plc # | 314,113 | ||||||
12,237 | Tullow Oil Plc # | 78,892 | ||||||
28,805 | United Utilities Group Plc # | 409,315 | ||||||
6,858,838 | ||||||||
United States: 49.0% | ||||||||
6,663 | AGCO Corp. | 301,168 | ||||||
25,407 | Alcoa, Inc. | 401,177 | ||||||
2,343 | Allegheny Technologies, Inc. | 81,466 | ||||||
1,622 | American States Water Co. | 61,085 | ||||||
6,827 | Anadarko Petroleum Corp. | 563,227 | ||||||
2,139 | Andersons, Inc. | 113,666 | ||||||
5,075 | Apache Corp. | 318,050 | ||||||
7,462 | Aqua America, Inc. | 199,235 | ||||||
51,246 | Archer-Daniels-Midland Co. | 2,664,792 | ||||||
5,833 | Baker Hughes, Inc. | 327,056 | ||||||
11,546 | Bunge Ltd. | 1,049,647 | ||||||
5,567 | Cabot Oil & Gas Corp. | 164,839 | ||||||
2,662 | Cameron International Corp. * | 132,967 | ||||||
1,147 | Carpenter Technology Corp. | 56,490 | ||||||
3,959 | CF Industries Holdings, Inc. | 1,078,986 | ||||||
2,982 | Cheniere Energy, Inc. * | 209,933 | ||||||
6,993 | Chesapeake Energy Corp. | 136,853 | ||||||
25,483 | Chevron Corp. | 2,858,683 | ||||||
1,176 | Cimarex Energy Co. | 124,656 | ||||||
3,302 | Cliffs Natural Resources, Inc. † | 23,576 | ||||||
1,523 | Concho Resources, Inc. * | 151,919 | ||||||
16,593 | ConocoPhillips | 1,145,913 | ||||||
3,103 | Consol Energy, Inc. | 104,912 | ||||||
1,154 | Continental Resources, Inc. * | 44,267 |
See Notes to Financial Statements
50 |
Number | ||||||||
of Shares | Value | |||||||
United States: (continued) | ||||||||
5,046 | Cree, Inc. * † | $ | 162,582 | |||||
13,109 | Darling International, Inc. * | 238,059 | ||||||
28,531 | Deere & Co. | 2,524,138 | ||||||
5,184 | Devon Energy Corp. | 317,313 | ||||||
906 | Diamond Offshore Drilling, Inc. † | 33,259 | ||||||
7,387 | EOG Resources, Inc. | 680,121 | ||||||
2,042 | EQT Corp. | 154,579 | ||||||
57,081 | Exxon Mobil Corp. | 5,277,138 | ||||||
3,175 | First Solar, Inc. * | 141,589 | ||||||
3,152 | FMC Technologies, Inc. * | 147,640 | ||||||
22,396 | Freeport-McMoRan Copper & Gold, Inc. | 523,171 | ||||||
7,977 | Graphic Packaging Holding Co. * | 108,647 | ||||||
11,424 | Halliburton Co. | 449,306 | ||||||
1,459 | Helmerich & Payne, Inc. | 98,366 | ||||||
3,426 | Hess Corp. | 252,907 | ||||||
2,639 | HollyFrontier Corp. | 98,910 | ||||||
5,720 | Ingredion, Inc. | 485,285 | ||||||
10,333 | International Paper Co. | 553,642 | ||||||
1,650 | Itron, Inc. * | 69,779 | ||||||
1,323 | Joy Global, Inc. | 61,546 | ||||||
22,904 | Kinder Morgan, Inc. | 969,068 | ||||||
971 | Lindsay Corp. | 83,254 | ||||||
3,469 | Louisiana-Pacific Corp. * † | 57,447 | ||||||
9,098 | Marathon Oil Corp. | 257,382 | ||||||
4,067 | MeadWestvaco Corp. | 180,534 | ||||||
38,533 | Monsanto Co. | 4,603,538 | ||||||
25,124 | Mosaic Co. | 1,146,911 | ||||||
2,249 | Murphy Oil Corp. | 113,619 | ||||||
5,804 | National Oilwell Varco, Inc. | 380,336 | ||||||
25,930 | Newmont Mining Corp. | 490,077 | ||||||
4,858 | Noble Energy, Inc. | 230,415 | ||||||
6,875 | Nucor Corp. | 337,219 | ||||||
10,453 | Occidental Petroleum Corp. | 842,616 | ||||||
1,416 | Oceaneering International, Inc. | 83,275 | ||||||
2,807 | ONEOK, Inc. | 139,761 | ||||||
769 | Ormat Technologies, Inc. | 20,901 | ||||||
2,400 | Packaging Corp. of America | 187,320 | ||||||
7,461 | Phillips 66 | 534,954 | ||||||
4,949 | Pilgrim’s Pride Corp. * | 162,278 | ||||||
2,007 | Pioneer Natural Resources Co. | 298,742 | ||||||
2,234 | QEP Resources, Inc. | 45,171 | ||||||
2,274 | Range Resources Corp. | 121,545 | ||||||
1,683 | Reliance Steel & Aluminum Co. | 103,117 | ||||||
3,416 | Rock-Tenn Co. (Class A) | 208,308 | ||||||
1,405 | Royal Gold, Inc. | 88,093 | ||||||
17,346 | Schlumberger Ltd. | 1,481,522 | ||||||
743 | Schweitzer-Mauduit International, Inc. | 31,429 | ||||||
22 | Seaboard Corp. * | 92,355 | ||||||
4,385 | Southern Copper Corp. | 123,657 | ||||||
4,760 | Southwestern Energy Co. * | 129,900 | ||||||
9,045 | Spectra Energy Corp. | 328,333 | ||||||
5,182 | Steel Dynamics, Inc. | 102,293 | ||||||
6,247 | Stillwater Mining Co. * | 92,081 | ||||||
2,164 | Sunpower Corp. * † | 55,896 |
Number | |||||||||
of Shares | Value | ||||||||
United States: (continued) | |||||||||
1,702 | Tesoro Corp. | $ | 126,544 | ||||||
1,436 | The Chefs’ Warehouse, Inc. * | 33,085 | |||||||
10,821 | Tractor Supply Co. | 852,911 | |||||||
23,325 | Tyson Foods, Inc. | 935,099 | |||||||
3,136 | United States Steel Corp. | 83,857 | |||||||
7,026 | Valero Energy Corp. | 347,787 | |||||||
12,790 | Weyerhaeuser Co. | 459,033 | |||||||
2,242 | Whiting Petroleum Corp. * | 73,986 | |||||||
9,068 | Williams Companies, Inc. | 407,516 | |||||||
1,092 | Worthington Industries, Inc. | 32,858 | |||||||
42,168,563 | |||||||||
Total Common Stocks (Cost: $97,970,763) | 86,350,917 | ||||||||
RIGHTS: 0.0% (Cost: $6,997) | |||||||||
Spain: 0.0% | |||||||||
13,368 | Repsol SA Rights (EUR 0.47, expiring 01/13/15) * | 7,392 | |||||||
Total Investments Before Collateral for Securities Loaned: 100.4% | |||||||||
(Cost: $97,977,760) | 86,358,309 | ||||||||
Principal | |||||||||
Amount | |||||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.6% | |||||||||
Repurchase Agreements: 1.6% | |||||||||
$ | 617,753 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.08%, due 1/2/15, proceeds $617,756; (collateralized by various U.S. government and agency obligations, 0.63% to 2.38%, due 2/28/15 to 7/15/21, valued at $630,108 including accrued interest) | 617,753 | ||||||
750,000 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $750,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $765,000 including accrued interest) | 750,000 | |||||||
Total Short-term Investments Held as Collateral for Securities Loaned | |||||||||
(Cost: $1,367,753) | 1,367,753 | ||||||||
Total Investments: 102.0% | |||||||||
(Cost: $99,345,513) | 87,726,062 | ||||||||
Liabilities in excess of other assets: (2.0)% | (1,703,403 | ) | |||||||
NET ASSETS: 100.0% | $ | 86,022,659 | |||||||
See Notes to Financial Statements
51 |
NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
GDR | Global Depositary Receipt |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $1,275,317. |
# | Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $30,177,243 which represents 35.1% of net assets. |
§ | Illiquid Security — the aggregate value of illiquid securities is $10,727 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. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $297,560, or 0.3% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Consumer Discretionary | 1.2 | % | $ | 1,064,217 | ||||
Consumer Staples | 10.7 | 9,240,284 | ||||||
Energy | 40.6 | 35,097,366 | ||||||
Financials | 0.5 | 459,033 | ||||||
Industrials | 5.0 | 4,331,107 | ||||||
Information Technology | 0.6 | 468,550 | ||||||
Materials | 38.4 | 33,142,791 | ||||||
Utilities | 3.0 | 2,554,961 | ||||||
100.0 | % | $ | 86,358,309 |
See Notes to Financial Statements
52 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 68,769 | $ | — | $ | — | $ | 68,769 | ||||||||
Australia | — | 3,064,019 | — | 3,064,019 | ||||||||||||
Austria | — | 216,472 | — | 216,472 | ||||||||||||
Bermuda | 50,648 | — | — | 50,648 | ||||||||||||
Brazil | 709,493 | — | — | 709,493 | ||||||||||||
Canada | 10,239,539 | — | — | 10,239,539 | ||||||||||||
Chile | 127,182 | 66,634 | — | 193,816 | ||||||||||||
China / Hong Kong | 39,168 | 1,853,395 | 10,727 | 1,903,290 | ||||||||||||
Colombia | 20,895 | — | — | 20,895 | ||||||||||||
Denmark | — | 343,813 | — | 343,813 | ||||||||||||
Finland | — | 160,098 | — | 160,098 | ||||||||||||
France | — | 2,358,976 | — | 2,358,976 | ||||||||||||
Germany | — | 443,312 | — | 443,312 | ||||||||||||
Greece | — | 9,873 | — | 9,873 | ||||||||||||
Hungary | — | 30,974 | — | 30,974 | ||||||||||||
India | — | 310,055 | — | 310,055 | ||||||||||||
Indonesia | — | 95,892 | — | 95,892 | ||||||||||||
Ireland | — | 124,604 | — | 124,604 | ||||||||||||
Italy | — | 670,544 | — | 670,544 | ||||||||||||
Japan | — | 2,551,287 | — | 2,551,287 | ||||||||||||
Luxembourg | 171,258 | 239,890 | — | 411,148 | ||||||||||||
Malaysia | 209,827 | 365,093 | — | 574,920 | ||||||||||||
Mexico | 525,944 | — | — | 525,944 | ||||||||||||
Netherlands | 71,001 | 1,443,313 | — | 1,514,314 | ||||||||||||
Norway | — | 1,428,396 | — | 1,428,396 | ||||||||||||
Peru | 91,776 | — | — | 91,776 | ||||||||||||
Philippines | — | 22,185 | — | 22,185 | ||||||||||||
Poland | — | 173,325 | — | 173,325 | ||||||||||||
Portugal | — | 55,635 | — | 55,635 | ||||||||||||
Russia | 55,263 | 1,221,649 | — | 1,276,912 | ||||||||||||
Singapore | — | 725,649 | — | 725,649 | ||||||||||||
South Africa | 348,782 | 974,862 | — | 1,323,644 | ||||||||||||
South Korea | — | 950,015 | — | 950,015 | ||||||||||||
Spain | — | 378,001 | — | 378,001 | ||||||||||||
Sweden | — | 578,709 | — | 578,709 | ||||||||||||
Switzerland | 203,570 | 3,074,247 | — | 3,277,817 | ||||||||||||
Taiwan | — | 273,256 | — | 273,256 | ||||||||||||
Thailand | — | 63,325 | — | 63,325 | ||||||||||||
Turkey | — | 112,176 | — | 112,176 | ||||||||||||
United Kingdom | 1,071,996 | 5,786,842 | — | 6,858,838 | ||||||||||||
United States | 42,168,563 | — | — | 42,168,563 | ||||||||||||
Rights* | 7,392 | — | — | 7,392 | ||||||||||||
Repurchase Agreements | — | 1,367,753 | — | 1,367,753 | ||||||||||||
Total | $ | 56,181,066 | $ | 31,534,269 | $ | 10,727 | $ | 87,726,062 |
* | See Schedule of Investments for security type and geographic sector breakouts. |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $ 91,557 and transfers of securities from Level 2 to Level 1 were $ 354,853. 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
53 |
NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2014:
Common Stocks | ||||||||||||
China/Hong Kong | Spain | |||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | ||||||||
Realized gain (loss) | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | (33,336 | ) | — | |||||||||
Purchases | — | — | ||||||||||
Sales | — | — | ||||||||||
Transfers in and/or out of level 3 | 44,063 | — | ||||||||||
Balance as of December 31, 2014 | $ | 10,727 | $ | — |
Transfers from Level 2 to Level 3 resulted primarily due to suspended trading.
See Notes to Financial Statements
54 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.5% | ||||||||
Bermuda: 5.7% | ||||||||
1,719,925 | Nabors Industries Ltd. (USD) | $ | 22,324,626 | |||||
2,550,593 | Seadrill Ltd. (USD) † | 30,454,080 | ||||||
52,778,706 | ||||||||
Luxembourg: 3.8% | ||||||||
1,159,000 | Tenaris SA (ADR) | 35,013,390 | ||||||
Netherlands: 2.6% | ||||||||
200,263 | Core Laboratories NV (USD) † | 24,099,649 | ||||||
Switzerland: 7.1% | ||||||||
1,647,176 | Transocean, Inc. (USD) † | 30,192,736 | ||||||
3,178,668 | Weatherford International Plc (USD) * | 36,395,749 | ||||||
66,588,485 | ||||||||
United Kingdom: 6.9% | ||||||||
1,403,129 | ENSCO Plc CL A (USD) | 42,023,714 | ||||||
1,320,577 | Noble Corp Plc (USD) | 21,881,961 | ||||||
63,905,675 | ||||||||
United States: 73.4% | ||||||||
806,622 | Baker Hughes, Inc. | 45,227,295 | ||||||
923,349 | Cameron International Corp. * | 46,121,283 | ||||||
78,436 | CARBO Ceramics, Inc. † | 3,141,362 | ||||||
454,974 | Diamond Offshore Drilling, Inc. † | 16,702,096 | ||||||
341,050 | Dresser-Rand Group, Inc. * | 27,897,890 | ||||||
899,976 | FMC Technologies, Inc. * | 42,154,876 | ||||||
2,499,678 | Halliburton Co. | 98,312,336 | ||||||
565,092 | Helmerich & Payne, Inc. | 38,098,503 | ||||||
1,081,810 | McDermott International, Inc. * | 3,148,067 | ||||||
1,283,263 | National Oilwell Varco, Inc. | 84,092,224 | ||||||
508,850 | Oceaneering International, Inc. | 29,925,468 | ||||||
224,996 | Oil States International, Inc. * | 11,002,304 | ||||||
808,217 | Patterson-UTI Energy, Inc. | 13,408,320 | ||||||
625,534 | Rowan Companies Plc | 14,587,453 | ||||||
2,142,716 | Schlumberger Ltd. | 183,009,374 | ||||||
874,513 | Superior Energy Services, Inc. | 17,621,437 | ||||||
260,191 | Tidewater, Inc. † | 8,432,790 | ||||||
682,883,078 | ||||||||
Total Common Stocks (Cost: $1,349,632,933) | 925,268,983 | |||||||
MONEY MARKET FUND: 0.5% (Cost: $4,045,761) | ||||||||
4,045,761 | Dreyfus Government Cash Management Fund | 4,045,761 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $1,353,678,694) | 929,314,744 |
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.6% | ||||||||
Repurchase Agreements: 9.6% | ||||||||
$ | 21,254,173 | Repurchase agreement dated 12/31/14 with BNP Paribas Securities Corp., 0.07%, due 1/2/15, proceeds $21,254,256; (collateralized by various U.S. government and agency obligations, 2.13% to 6.00%, due 8/15/21 to 7/15/52, valued at $21,679,256 including accrued interest) | $ | 21,254,173 | ||||
5,860,495 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $5,860,515; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $5,977,719 including accrued interest) | 5,860,495 | ||||||
21,254,173 | Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $21,254,291; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $21,679,282 including accrued interest) | 21,254,173 | ||||||
19,868,035 | Repurchase agreement dated 12/31/14 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.07%, due 1/2/15, proceeds $19,868,112; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 6/1/17 to 12/20/44, valued at $20,265,396 including accrued interest) | 19,868,035 | ||||||
21,254,173 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $21,254,267; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $21,679,257 including accrued interest) | 21,254,173 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $89,491,049) | 89,491,049 | |||||||
Total Investments: 109.6% (Cost: $1,443,169,743) | 1,018,805,793 | |||||||
Liabilities in excess of other assets: (9.6)% | (88,971,532 | ) | ||||||
NET ASSETS: 100.0% | $ | 929,834,261 |
See Notes to Financial Statements
55 |
OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
(continued)
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 $86,095,260. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Oil & Gas Drilling | 24.7 | % | $ | 229,673,489 | ||||
Oil & Gas Equipment & Services | 74.9 | 695,595,494 | ||||||
Money Market Fund | 0.4 | 4,045,761 | ||||||
100.0 | % | $ | 929,314,744 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks* | $ | 925,268,983 | $ | — | $ | — | $ | 925,268,983 | ||||||||
Money Market Fund | 4,045,761 | — | — | 4,045,761 | ||||||||||||
Repurchase Agreements | — | 89,491,049 | — | 89,491,049 | ||||||||||||
Total | $ | 929,314,744 | $ | 89,491,049 | $ | — | $ | 1,018,805,793 |
* | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended December 31, 2014.
See Notes to Financial Statements
56 |
RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 96.8% | ||||||||
Australia: 15.1% | ||||||||
7,114,672 | Alkane Resources Ltd. * # | $ | 1,273,568 | |||||
894,661 | Iluka Resources Ltd. # | 4,306,915 | ||||||
57,776,603 | Lynas Corp. Ltd. * † # | 3,170,082 | ||||||
8,750,565 | ||||||||
Canada: 3.8% | ||||||||
1,030,951 | 5N Plus, Inc. * | 2,198,531 | ||||||
Chile: 5.8% | ||||||||
406,078 | Molibdenos y Metales SA | 3,379,243 | ||||||
China / Hong Kong: 23.7% | ||||||||
6,115,474 | China Molybdenum Co. Ltd. (Class H) # | 3,543,190 | ||||||
19,344,497 | China Rare Earth Holdings Ltd. * † # | 2,480,160 | ||||||
9,495,790 | Hunan Non-Ferrous Metal Corp. Ltd. * † | 4,751,048 | ||||||
59,702,964 | North Mining Shares Co. Ltd. * † # | 2,971,056 | ||||||
13,745,454 | ||||||||
France: 5.7% | ||||||||
36,136 | Eramet SA * † # | 3,318,338 | ||||||
Ireland: 3.7% | ||||||||
41,847,546 | Kenmare Resources Plc (GBP) * # | 2,138,072 | ||||||
Japan: 8.3% | ||||||||
127,292 | OSAKA Titanium Technologies Co. † # | 2,418,364 | ||||||
365,547 | Toho Titanium Co. Ltd. * † # | 2,374,686 | ||||||
4,793,050 | ||||||||
Mexico: 2.8% | ||||||||
1,555,432 | Cia Minera Autlan SAB de CV * | 1,653,598 | ||||||
South Africa: 4.3% | ||||||||
194,556 | Assore Ltd. † # | 2,496,329 | ||||||
United Kingdom: 1.6% | ||||||||
62,964,118 | Rare Earth Minerals Plc * # | 922,273 | ||||||
United States: 22.0% | ||||||||
2,868,491 | Molycorp, Inc. * † | 2,525,993 | ||||||
102,657 | RTI International Metals, Inc. * | 2,593,116 | ||||||
1,733,049 | Thompson Creek Metals Co., Inc. * | 2,894,192 | ||||||
198,151 | Tronox Ltd. | 4,731,846 | ||||||
12,745,147 | ||||||||
Total Common Stocks (Cost: $100,206,641) | 56,140,600 | |||||||
PREFERRED STOCKS: 3.1% | ||||||||
Brazil: 3.1% (Cost: $2,959,005) | ||||||||
542,123 | Cia de Ferro Ligas da Bahia | 1,772,270 | ||||||
MONEY MARKET FUND: 0.1% (Cost: $50,075) | ||||||||
50,075 | Dreyfus Government Cash Management Fund | 50,075 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $103,215,721) | 57,962,945 |
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 18.8% | ||||||||
Repurchase Agreements: 18.8% | ||||||||
$ | 2,596,161 | Repurchase agreement dated 12/31/14 with BNP Paribas Securities Corp., 0.07%, due 1/2/15, proceeds $2,596,171; (collateralized by various U.S. government and agency obligations, 2.13% to 6.00%, due 8/15/21 to 7/15/52, valued at $2,648,084 including accrued interest) | $ | 2,596,161 | ||||
2,596,161 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $2,596,173; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $2,648,084 including accrued interest) | 2,596,161 | ||||||
546,536 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.06%, due 1/2/15, proceeds $546,538; (collateralized by various U.S. government and agency obligations, 2.13% to 9.00%, due 11/15/18 to 2/15/38, valued at $557,467 including accrued interest) | 546,536 | ||||||
2,596,161 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $2,596,170; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $2,648,090 including accrued interest) | 2,596,161 | ||||||
2,596,161 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $2,596,173; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $2,648,084 including accrued interest) | 2,596,161 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned | ||||||||
(Cost: $10,931,180) | 10,931,180 | |||||||
Total Investments: 118.8% (Cost: $114,146,901) | 68,894,125 | |||||||
Liabilities in excess of other assets: (18.8)% | (10,908,582 | ) | ||||||
NET ASSETS: 100.0% | $ | 57,985,543 |
See Notes to Financial Statements
57 |
RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
GBP | British Pound |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $8,631,809. |
# | 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 $31,413,033 which represents 54.2% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
Commodity Chemicals | 8.2 | % | $ | 4,731,846 | |||||
Diversified Metals & Mining | 78.2 | 45,360,784 | |||||||
Electronic Components | 3.8 | 2,198,531 | |||||||
Gold | 2.2 | 1,273,568 | |||||||
Materials | 1.6 | 922,273 | |||||||
Steel | 5.9 | 3,425,868 | |||||||
Money Market Fund | 0.1 | 50,075 | |||||||
100.0 | % | $ | 57,962,945 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 8,750,565 | $ | — | $ | 8,750,565 | ||||||||
Canada | 2,198,531 | — | — | 2,198,531 | ||||||||||||
Chile | 3,379,243 | — | — | 3,379,243 | ||||||||||||
China / Hong Kong | 4,751,048 | 8,994,406 | — | 13,745,454 | ||||||||||||
France | — | 3,318,338 | — | 3,318,338 | ||||||||||||
Ireland | — | 2,138,072 | — | 2,138,072 | ||||||||||||
Japan | — | 4,793,050 | — | 4,793,050 | ||||||||||||
Mexico | 1,653,598 | — | — | 1,653,598 | ||||||||||||
South Africa | — | 2,496,329 | — | 2,496,329 | ||||||||||||
United Kingdom | — | 922,273 | — | 922,273 | ||||||||||||
United States | 12,745,147 | — | — | 12,745,147 | ||||||||||||
Preferred Stocks* | 1,772,270 | — | — | 1,772,270 | ||||||||||||
Money Market Fund | 50,075 | — | — | 50,075 | ||||||||||||
Repurchase Agreements | — | 10,931,180 | — | 10,931,180 | ||||||||||||
Total | $ | 26,549,912 | $ | 42,344,213 | $ | — | $ | 68,894,125 |
* | See Schedule of Investments for security type and geographic sector breakouts. |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $ 3,938,894 and transfers of securities from Level 2 to Level 1 were $ 4,710,195. 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
58 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Canada: 4.6% | ||||||||
38,403 | Canadian Solar, Inc. (USD) * † | $ | 928,969 | |||||
China / Hong Kong: 35.5% | ||||||||
397,000 | China Singyes Solar Technologies Holdings Ltd. † # | 548,695 | ||||||
4,773,000 | GCL-Poly Energy Holdings Ltd. * † # | 1,108,654 | ||||||
4,664,000 | Hanergy Thin Film Power Group Ltd. † | 1,690,018 | ||||||
38,825 | JA Solar Holdings Co. Ltd. (ADR) * † | 317,783 | ||||||
20,082 | JinkoSolar Holding Co. Ltd. (ADR) * † | 395,816 | ||||||
81,902 | Renesola Ltd. (ADR) * † | 115,482 | ||||||
1,324,000 | Shunfeng International Clean Energy Ltd. * # | 935,468 | ||||||
84,548 | Trina Solar Ltd. (ADR) * † | 782,914 | ||||||
3,604,000 | United Photovoltaics Group Ltd. * # | 481,363 | ||||||
1,984,000 | Xinyi Solar Holdings Ltd. # | 540,526 | ||||||
122,360 | Yingli Green Energy Holding Co. Ltd. (ADR) * † | 287,546 | ||||||
7,204,265 | ||||||||
Germany: 1.6% | ||||||||
18,404 | SMA Solar Technology AG * † # | 333,101 | ||||||
Norway: 1.7% | ||||||||
1,510,417 | Renewable Energy Corp. AS * # | 354,196 | ||||||
Singapore: 2.4% | ||||||||
35,903 | REC Solar ASA (NOK) * # | 483,240 | ||||||
South Korea: 0.3% | ||||||||
46,032 | Woongjin Energy Co. Ltd. * # | 55,602 | ||||||
Switzerland: 2.1% | ||||||||
66,650 | Meyer Burger Technology AG * † # | 424,702 | ||||||
Taiwan: 18.4% | ||||||||
357,000 | Danen Technology Corp. * # | 130,047 | ||||||
469,000 | E-Ton Solar Tech Co. Ltd. * # | 253,524 | ||||||
28,500 | Giga Solar Materials Corp. # | 443,451 | ||||||
415,688 | Gintech Energy Corp. * # | 303,169 | ||||||
278,322 | Green Energy Technology, Inc. * # | 179,324 | ||||||
359,000 | Motech Industries, Inc. # | 546,601 | ||||||
751,306 | Neo Solar Power Corp. # | 703,950 | ||||||
553,000 | Sino-American Silicon Products, Inc. # | 957,202 | ||||||
348,301 | Solartech Energy Corp. * # | 228,792 | ||||||
3,746,060 | ||||||||
United States: 33.4% | ||||||||
22,902 | Advanced Energy Industries, Inc. * | 542,777 | ||||||
29,738 | First Solar, Inc. * | 1,326,166 | ||||||
27,428 | SolarCity Corp. * † | 1,466,849 | ||||||
82,019 | SunEdison, Inc. * † | 1,600,191 | ||||||
45,595 | Sunpower Corp. * † | 1,177,719 | ||||||
21,572 | TerraForm Power, Inc. † | 666,143 | ||||||
6,779,845 | ||||||||
Total Common Stocks (Cost: $21,091,839) | 20,309,980 | |||||||
MONEY MARKET FUND: 0.3% (Cost: $49,065) | ||||||||
49,065 | Dreyfus Government Cash Management Fund | 49,065 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $21,140,904) | 20,359,045 |
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 28.5% | ||||||||
Repurchase Agreements: 28.5% | ||||||||
$ | 289,638 | Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $289,639; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $295,431 including accrued interest) | $ | 289,638 | ||||
1,375,831 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $1,375,837; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $1,403,348 including accrued interest) | 1,375,831 | ||||||
1,375,831 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $1,375,836; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $1,403,351 including accrued interest) | 1,375,831 | ||||||
1,375,831 | Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $1,375,839; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $1,403,349 including accrued interest) | 1,375,831 | ||||||
1,375,831 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $1,375,837; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $1,403,348 including accrued interest) | 1,375,831 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $5,792,962) | 5,792,962 | |||||||
Total Investments: 128.8% (Cost: $26,933,866) | 26,152,007 | |||||||
Liabilities in excess of other assets: (28.8)% | (5,842,131 | ) | ||||||
NET ASSETS: 100.0% | $ | 20,309,876 |
See Notes to Financial Statements
59 |
SOLAR ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
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 $5,670,703. |
# | 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 $9,011,607 which represents 44.4% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Construction & Engineering | 2.7 | % | $ | 548,695 | ||||
Electrical Components & Equipment | 7.2 | 1,466,849 | ||||||
Industrial Machinery | 2.1 | 424,702 | ||||||
Information Technology | 12.9 | 2,625,486 | ||||||
Semiconductor Equipment | 30.4 | 6,188,466 | ||||||
Semiconductors | 41.2 | 8,389,639 | ||||||
Utilities | 3.3 | 666,143 | ||||||
Money Market Fund | 0.2 | 49,065 | ||||||
100.0 | % | $ | 20,359,045 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Canada | $ | 928,969 | $ | — | $ | — | $ | 928,969 | ||||||||
China / Hong Kong | 3,589,559 | 3,614,706 | — | 7,204,265 | ||||||||||||
Germany | — | 333,101 | — | 333,101 | ||||||||||||
Norway | — | 354,196 | — | 354,196 | ||||||||||||
Singapore | — | 483,240 | — | 483,240 | ||||||||||||
South Korea | — | 55,602 | — | 55,602 | ||||||||||||
Switzerland | — | 424,702 | — | 424,702 | ||||||||||||
Taiwan | — | 3,746,060 | — | 3,746,060 | ||||||||||||
United States | 6,779,845 | — | — | 6,779,845 | ||||||||||||
Money Market Fund | 49,065 | — | — | 49,065 | ||||||||||||
Repurchase Agreements | — | 5,792,962 | — | 5,792,962 | ||||||||||||
Total | $ | 11,347,438 | $ | 14,804,569 | $ | — | $ | 26,152,007 |
During the year ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $ 485,030. 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
60 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Brazil: 20.8% | ||||||||
1,040,934 | Cia Siderurgica Nacional SA (ADR) † | $ | 2,165,143 | |||||
859,365 | Gerdau SA (ADR) | 3,050,746 | ||||||
1,118,140 | Vale SA (ADR) † | 9,146,385 | ||||||
14,362,274 | ||||||||
India: 4.4% | ||||||||
227,123 | Sesa Sterlite Ltd. (ADR) | 3,084,330 | ||||||
Luxembourg: 15.6% | ||||||||
355,078 | ArcelorMittal (USD) † | 3,916,510 | ||||||
125,851 | Tenaris SA (ADR) | 3,801,959 | ||||||
173,925 | Ternium SA (ADR) | 3,068,037 | ||||||
10,786,506 | ||||||||
Russia: 0.3% | ||||||||
312,290 | Mechel OAO (ADR) * | 213,575 | ||||||
South Korea: 6.9% | ||||||||
74,356 | POSCO (ADR) | 4,744,656 | ||||||
United Kingdom: 13.5% | ||||||||
203,093 | Rio Tinto Plc (ADR) † | 9,354,464 | ||||||
United States: 38.4% | ||||||||
17,633 | A.M. Castle & Co. * † | 140,711 | ||||||
132,843 | AK Steel Holding Corp. * † | 789,087 | ||||||
90,326 | Allegheny Technologies, Inc. | 3,140,635 | ||||||
39,939 | Carpenter Technology Corp. | 1,966,996 | ||||||
114,929 | Cliffs Natural Resources, Inc. † | 820,593 | ||||||
88,274 | Commercial Metals Co. | 1,437,983 | ||||||
23,185 | Gibraltar Industries, Inc. * | 376,988 | ||||||
8,087 | Handy & Harman Ltd. * | 372,245 | ||||||
7,766 | LB Foster Co. | 377,195 | ||||||
69,458 | Nucor Corp. | 3,406,915 | ||||||
51,297 | Reliance Steel & Aluminum Co. | 3,142,967 | ||||||
20,322 | Schnitzer Steel Industries, Inc. † | 458,464 | ||||||
159,673 | Steel Dynamics, Inc. | 3,151,945 | ||||||
49,677 | SunCoke Energy, Inc. | 960,753 | ||||||
34,238 | TimkenSteel Corp. | 1,267,833 | ||||||
116,813 | United States Steel Corp. | 3,123,580 | ||||||
51,073 | Walter Energy, Inc. | 70,481 | ||||||
51,373 | Worthington Industries, Inc. | 1,545,814 | ||||||
26,551,185 | ||||||||
Total Common Stocks | ||||||||
(Cost: $125,643,214) | 69,096,990 | |||||||
MONEY MARKET FUND: 0.4% (Cost: $255,824) | | | | | ||||
255,824 | Dreyfus Government Cash Management Fund | 255,824 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.3% | ||||||||
(Cost: $125,899,038) | 69,352,814 |
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 29.4% | ||||||||
Repurchase Agreements: 29.4% | ||||||||
$ | 4,816,651 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $4,816,672; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $4,912,984 including accrued interest) | $ | 4,816,651 | ||||
1,013,990 | Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.06%, due 1/2/15, proceeds $1,013,993; (collateralized by various U.S. government and agency obligations, 2.13% to 9.00%, due 11/15/18 to 2/15/38, valued at $1,034,270 including accrued interest) | 1,013,990 | ||||||
4,816,651 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $4,816,667; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $4,912,995 including accrued interest) | 4,816,651 | ||||||
4,816,651 | Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $4,816,678; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $4,912,990 including accrued interest) | 4,816,651 | ||||||
4,816,651 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $4,816,672; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $4,912,984 including accrued interest) | 4,816,651 | ||||||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $20,280,594) | 20,280,594 | |||||||
Total Investments: 129.7% (Cost: $146,179,632) | 89,633,408 | |||||||
Liabilities in excess of other assets: (29.7)% | (20,506,266 | ) | ||||||
NET ASSETS: 100.0% | $ | 69,127,142 |
See Notes to Financial Statements
61 |
STEEL ETF
SCHEDULE OF INVESTMENTS
(continued)
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 $19,514,236. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Energy | 5.5 | % | $ | 3,801,959 | ||||
Industrials | 1.1 | 754,183 | ||||||
Materials | 93.0 | 64,540,848 | ||||||
Money Market Fund | 0.4 | 255,824 | ||||||
100.0 | % | $ | 69,352,814 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks* | $ | 69,096,990 | $ | — | $ | — | $ | 69,096,990 | ||||||||
Money Market Fund | 255,824 | — | — | 255,824 | ||||||||||||
Repurchase Agreements | — | 20,280,594 | — | 20,280,594 | ||||||||||||
Total | $ | 69,352,814 | $ | 20,280,594 | $ | — | $ | 89,633,408 |
* | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended December 31, 2014. |
See Notes to Financial Statements
62 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 99.8% Canada: 23.2% | ||||||||
53,348 | ARC Resources Ltd. | $ | 1,158,848 | |||||
65,918 | Athabasca Oil Corp. * | 147,401 | ||||||
27,089 | Baytex Energy Corp. (USD) † | 449,948 | ||||||
20,290 | Birchcliff Energy Ltd. * | 136,989 | ||||||
30,780 | Bonavista Energy Corp. † | 193,994 | ||||||
128,216 | Cenovus Energy, Inc. (USD) | 2,643,814 | ||||||
66,449 | Crescent Point Energy Corp. (USD) † | 1,538,959 | ||||||
117,495 | EnCana Corp. (USD) | 1,629,656 | ||||||
37,017 | Enerplus Corp. (USD) † | 355,363 | ||||||
53,178 | Husky Energy, Inc. | 1,262,590 | ||||||
33,260 | Lightstream Resources Ltd. † | 34,172 | ||||||
24,601 | MEG Energy Corp. * | 415,238 | ||||||
9,825 | Paramount Resources Ltd. * | 238,531 | ||||||
83,251 | Pengrowth Energy Corp. (USD) † | 258,911 | ||||||
83,338 | Penn West Petroleum Ltd. (USD) † | 173,343 | ||||||
22,986 | Peyto Exploration & Development Corp. † | 664,227 | ||||||
17,101 | PrairieSky Royalty Ltd. | 451,794 | ||||||
37,270 | Surge Energy, Inc. † | 118,415 | ||||||
145,625 | Talisman Energy, Inc. (USD) | 1,140,244 | ||||||
28,716 | Tourmaline Oil Corp. * | 959,473 | ||||||
41,076 | Whitecap Resources, Inc. † | 405,706 | ||||||
14,377,616 | ||||||||
United States: 76.6% | ||||||||
52,766 | Anadarko Petroleum Corp. | 4,353,195 | ||||||
9,915 | Antero Resources Corp. * | 402,351 | ||||||
5,201 | Bonanza Creek Energy, Inc. * | 124,824 | ||||||
35,688 | BreitBurn Energy Partners LP | 249,816 | ||||||
55,068 | Cabot Oil & Gas Corp. | 1,630,564 | ||||||
69,316 | California Resources Corp. * | 381,931 | ||||||
5,729 | Carrizo Oil & Gas, Inc. * | 238,326 | ||||||
85,088 | Chesapeake Energy Corp. | 1,665,172 | ||||||
12,103 | Cimarex Energy Co. | 1,282,918 | ||||||
10,998 | Concho Resources, Inc. * | 1,097,051 | ||||||
12,073 | Continental Resources, Inc. * † | 463,120 | ||||||
43,197 | Denbury Resources, Inc. | 351,192 | ||||||
65,606 | Devon Energy Corp. | 4,015,743 | ||||||
6,137 | Diamondback Energy, Inc. * | 366,870 | ||||||
9,103 | Energen Corp. | 580,407 | ||||||
52,549 | EOG Resources, Inc. | 4,838,186 | ||||||
19,927 | EQT Corp. | 1,508,474 | ||||||
28,121 | EXCO Resources, Inc. † | 61,023 | ||||||
12,793 | Gulfport Energy Corp. * | 533,980 | ||||||
48,715 | Halcon Resources Corp. * † | 86,713 | ||||||
44,710 | Hess Corp. | 3,300,492 | ||||||
10,355 | Laredo Petroleum Inc * † | 107,174 | ||||||
11,713 | Legacy Reserves LP | 133,880 | ||||||
36,480 | Linn Energy, LLC † | 369,542 | ||||||
23,161 | LinnCo, LLC † | 240,180 | ||||||
103,366 | Marathon Oil Corp. | 2,924,224 | ||||||
10,309 | Matador Resources Co. * | 208,551 | ||||||
11,510 | Memorial Resource Development Corp. * | 207,525 | ||||||
11,983 | National Fuel Gas Co. | 833,178 | ||||||
20,273 | Newfield Exploration Co. * | 549,804 | ||||||
44,339 | Noble Energy, Inc. | 2,102,999 | ||||||
5,052 | Northern Oil and Gas, Inc. * † | 28,544 | ||||||
12,965 | Oasis Petroleum, Inc. * | 214,441 | ||||||
60,699 | Occidental Petroleum Corp. | 4,892,946 | ||||||
14,488 | Pioneer Natural Resources Co. | 2,156,539 |
Number of Shares | Value | |||||||
United States: (continued) | ||||||||
23,698 | QEP Resources, Inc. | $ | 479,174 | |||||
19,455 | Range Resources Corp. | 1,039,870 | ||||||
6,427 | Rosetta Resources, Inc. * | 143,386 | ||||||
8,502 | SM Energy Co. | 328,007 | ||||||
43,903 | Southwestern Energy Co. * | 1,198,113 | ||||||
18,222 | Ultra Petroleum Corp. * † | 239,802 | ||||||
5,091 | Unit Corp. * | 173,603 | ||||||
15,060 | Vanguard Natural Resources, LLC | 226,954 | ||||||
25,168 | Whiting Petroleum Corp. * | 830,544 | ||||||
25,284 | WPX Energy, Inc. * | 294,053 | ||||||
47,455,381 | ||||||||
Total Common Stocks (Cost: $83,653,546) | 61,832,997 | |||||||
MONEY MARKET FUND: 0.1% (Cost: $34,138) | ||||||||
34,138 | Dreyfus Government Cash Management Fund | 34,138 | ||||||
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $83,687,684) | 61,867,135 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.0% | ||||||||
Repurchase Agreements: 6.0% | ||||||||
$ | 97,661 | Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $97,661; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $99,614 including accrued interest) | 97,661 | |||||
1,131,162 | Repurchase agreement dated 12/31/14 with BNP Paribas Securities Corp., 0.07%, due 1/2/15, proceeds $1,131,166; (collateralized by various U.S. government and agency obligations, 2.13% to 6.00%, due 8/15/21 to 7/15/52, valued at $1,153,785 including accrued interest) | 1,131,162 | ||||||
1,000,000 | Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
1,131,162 | Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $1,131,166; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $1,153,788 including accrued interest) | 1,131,162 |
See Notes to Financial Statements
63 |
UNCONVENTIONAL OIL & GAS ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares | Value | |||||
Repurchase Agreements: (continued) | ||||||
334,816 | Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $334,817; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $341,512 including accrued interest) | $ | 334,816 | |||
Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $3,694,801) | 3,694,801 | |||||
Total Investments: 105.9% (Cost: $87,382,485) | 65,561,936 | |||||
Liabilities in excess of other assets: (5.9)% | (3,624,594 | ) | ||||
NET ASSETS: 100.0% | $ | 61,937,342 |
USD | United States Dollar |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $3,543,858. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
Energy | 9.9 | % | $ | 6,129,826 | ||||
Gas Utilities | 1.3 | 833,178 | ||||||
Integrated Oil & Gas | 19.6 | 12,099,842 | ||||||
Oil & Gas Exploration & Production | 69.1 | 42,770,151 | ||||||
Money Market Fund | 0.1 | 34,138 | ||||||
100.0 | % | $ | 61,867,135 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks* | $ | 61,832,997 | $ | — | $ | — | $ | 61,832,997 | ||||||||
Money Market Fund | 34,138 | — | — | 34,138 | ||||||||||||
Repurchase Agreements | — | 3,694,801 | — | 3,694,801 | ||||||||||||
Total | $ | 61,867,135 | $ | 3,694,801 | $ | — | $ | 65,561,936 |
* | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended December 31, 2014.
See Notes to Financial Statements
64 |
SCHEDULE OF INVESTMENTS
December 31, 2014
Number of Shares | Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 0.1% | ||||||||
20,585 | Energy Resources of Australia Ltd. * # | $ | 21,845 | |||||
198,836 | Paladin Energy Ltd. (CAD) * † | 57,509 | ||||||
79,354 | ||||||||
Canada: 1.4% | ||||||||
51,874 | Cameco Corp. (USD) | 851,252 | ||||||
56,617 | Denison Mines Corp. * | 55,236 | ||||||
12,835 | Uranium Energy Corp. (USD) * † | 22,461 | ||||||
928,949 | ||||||||
Czech Republic: 0.9% | ||||||||
23,768 | CEZ AS # | 610,004 | ||||||
Finland: 1.9% | ||||||||
57,562 | Fortum OYJ # | 1,249,760 | ||||||
France: 3.3% | ||||||||
32,352 | Alstom SA * # | 1,043,437 | ||||||
43,826 | Electricite de France SA # | 1,206,460 | ||||||
2,249,897 | ||||||||
India: 1.1% | ||||||||
32,828 | Larsen & Toubro Ltd. (GDR) # Reg S | 761,002 | ||||||
Japan: 20.2% | ||||||||
47,000 | Chugoku Electric Power Co., Inc. # | 613,911 | ||||||
538,000 | Hitachi Ltd. # | 3,967,043 | ||||||
28,200 | Hokkaido Electric Power Co., Inc. * # | 225,523 | ||||||
29,400 | Hokuriku Electric Power Co. # | 375,090 | ||||||
182,714 | IHI Corp. # | 924,460 | ||||||
34,974 | JGC Corp. # | 719,312 | ||||||
148,205 | Kajima Corp. # | 608,884 | ||||||
116,100 | Kansai Electric Power Co., Inc. * # | 1,103,411 | ||||||
69,800 | Kyushu Electric Power Co., Inc. * # | 698,391 | ||||||
467,106 | Mitsubishi Heavy Industries Ltd. # | 2,575,293 | ||||||
32,900 | Shikoku Electric Power Co., Inc. * # | 398,684 | ||||||
6,300 | Taihei Dengyo Kaisha Ltd. # | 48,046 | ||||||
74,100 | Tohoku Electric Power Co., Inc. # | 861,437 | ||||||
106,500 | Tokyo Electric Power Co., Inc. * # | 432,754 | ||||||
4,000 | Toshiba Plant Systems & Services Corp. # | 61,811 | ||||||
14,000 | Toyo Engineering Corp. # | 51,185 | ||||||
13,665,235 | ||||||||
Netherlands: 0.8% | ||||||||
13,555 | Chicago Bridge & Iron Co. NV (USD) | 569,039 | ||||||
South Korea: 2.3% | ||||||||
8,129 | Doosan Heavy Industries & Construction Co. Ltd. # | 173,664 | ||||||
1,295 | KEPCO Engineering & Construction Co., Inc. # | 60,456 | ||||||
69,958 | Korea Electric Power Corp. (ADR) * | 1,354,387 | ||||||
1,588,507 | ||||||||
United Kingdom: 2.3% | ||||||||
45,172 | AMEC Plc # | 596,824 | ||||||
49,550 | Babcock International Group Plc # | 812,080 | ||||||
55,003 | Serco Group Plc † | 137,822 | ||||||
1,546,726 |
Number of Shares | Value | |||||||
United States: 65.7% | ||||||||
28,942 | Ameren Corp. | $ | 1,335,095 | |||||
31,509 | AMETEK, Inc. | 1,658,319 | ||||||
60,650 | Dominion Resources, Inc. | 4,663,985 | ||||||
18,766 | DTE Energy Co. | 1,620,819 | ||||||
65,235 | Duke Energy Corp. | 5,449,732 | ||||||
15,947 | Entergy Corp. | 1,395,044 | ||||||
84,800 | Exelon Corp. | 3,144,384 | ||||||
48,335 | FirstEnergy Corp. | 1,884,582 | ||||||
15,055 | Flowserve Corp. | 900,741 | ||||||
17,714 | Fluor Corp. | 1,074,000 | ||||||
52,894 | NextEra Energy, Inc. | 5,622,103 | ||||||
39,179 | PG&E Corp. | 2,085,890 | ||||||
11,711 | Pinnacle West Capital Corp. | 799,978 | ||||||
91,085 | PPL Corp. | 3,309,118 | ||||||
61,853 | Public Service Enterprise Group, Inc. | 2,561,333 | ||||||
3,992 | SPX Corp. | 342,993 | ||||||
97,974 | The Southern Co. | 4,811,503 | ||||||
52,873 | Xcel Energy, Inc. | 1,899,198 | ||||||
44,558,817 | ||||||||
Total Common Stocks (Cost: $62,513,880) | 67,807,290 | |||||||
CLOSED-END FUND: 0.1% (Cost: $44,576) | ||||||||
9,294 | Uranium Participation Corp. * | 41,325 | ||||||
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $62,558,456) | 67,848,615 | |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% (Cost: $170,202) | ||||||||
Repurchase Agreement: 0.2% | ||||||||
$ | 170,202 | Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $170,202; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $173,606 including accrued interest) | 170,202 | |||||
Total Investments: 100.3% (Cost: $62,728,658) | 68,018,817 | |||||||
Liabilities in excess of other assets: (0.3)% | (206,881 | ) | ||||||
NET ASSETS: 100.0% | $ | 67,811,936 |
See Notes to Financial Statements
65 |
URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
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 $166,263. |
# | 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 $20,200,767 which represents 29.8% 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 | ||||||
Energy | 2.4 | % | $ | 1,605,127 | ||||
Financials | 0.1 | 41,325 | ||||||
Industrials | 18.4 | 12,522,544 | ||||||
Information Technology | 5.8 | 3,967,043 | ||||||
Utilities | 73.3 | 49,712,576 | ||||||
100.0 | % | $ | 67,848,615 |
The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 57,509 | $ | 21,845 | $ | — | $ | 79,354 | ||||||||
Canada | 928,949 | — | — | 928,949 | ||||||||||||
Czech Republic | — | 610,004 | — | 610,004 | ||||||||||||
Finland | — | 1,249,760 | — | 1,249,760 | ||||||||||||
France | — | 2,249,897 | — | 2,249,897 | ||||||||||||
India | — | 761,002 | — | 761,002 | ||||||||||||
Japan | — | 13,665,235 | — | 13,665,235 | ||||||||||||
Netherlands | 569,039 | — | — | 569,039 | ||||||||||||
South Korea | 1,354,387 | 234,120 | — | 1,588,507 | ||||||||||||
United Kingdom | 137,822 | 1,408,904 | — | 1,546,726 | ||||||||||||
United States | 44,558,817 | — | — | 44,558,817 | ||||||||||||
Closed-End Fund | 41,325 | — | — | 41,325 | ||||||||||||
Repurchase Agreement | — | 170,202 | — | 170,202 | ||||||||||||
Total | $ | 47,647,848 | $ | 20,370,969 | $ | — | $ | 68,018,817 |
* | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended December 31, 2014.
See Notes to Financial Statements
66 |
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MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2014
Agribusiness ETF | Coal ETF | Global Alternative Energy ETF | Gold Miners ETF | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments, at value (1) | ||||||||||||||||||||
Unaffiliated issuers (2) | $ | 1,439,475,723 | $ | 115,057,130 | $ | 83,012,578 | $ | 2,703,770,783 | ||||||||||||
Affiliated issuers (3) | — | — | — | 2,797,928,062 | ||||||||||||||||
Short-term investments held as collateral for securities loaned (4) | 75,398,562 | 689,582 | 21,045,937 | 109,127,383 | ||||||||||||||||
Cash | 2,312,515 | — | — | 2,355,948 | ||||||||||||||||
Cash denominated in foreign currency, at value (5) | 332,682 | 106,386 | — | 6,460,547 | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold | 276,586 | 6,331 | 84,872 | — | ||||||||||||||||
Shares sold | — | 1,989 | — | 19,423 | ||||||||||||||||
Due from Adviser | — | — | — | — | ||||||||||||||||
Dividends | 3,071,860 | 152,292 | 76,763 | 1,647,649 | ||||||||||||||||
Prepaid expenses | 49,819 | 2,525 | 1,642 | 114,853 | ||||||||||||||||
Total assets | 1,520,917,747 | 116,016,235 | 104,221,792 | 5,621,424,648 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment securities purchased | 2,312,860 | 107,641 | — | 6,460,170 | ||||||||||||||||
Collateral for securities loaned | 75,398,562 | 689,582 | 21,045,937 | 109,127,383 | ||||||||||||||||
Line of credit | — | — | — | 6,144,044 | ||||||||||||||||
Shares redeemed | 269,147 | 9,693 | — | — | ||||||||||||||||
Due to Adviser | 786,226 | 50,371 | 31,135 | 2,478,228 | ||||||||||||||||
Due to custodian | — | — | 55,115 | — | ||||||||||||||||
Deferred Trustee fees | 350,280 | 17,078 | 8,323 | 597,940 | ||||||||||||||||
Accrued expenses | 899,231 | 236,876 | 143,910 | 1,169,543 | ||||||||||||||||
Total liabilities | 80,016,306 | 1,111,241 | 21,284,420 | 125,977,308 | ||||||||||||||||
NET ASSETS | $ | 1,440,901,441 | $ | 114,904,994 | $ | 82,937,372 | $ | 5,495,447,340 | ||||||||||||
Shares outstanding | 27,400,000 | 7,850,000 | 1,533,298 | 298,252,500 | ||||||||||||||||
Net asset value, redemption and offering price per share | $ | 52.59 | $ | 14.64 | $ | 54.09 | $ | 18.43 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||
Aggregate paid in capital | $ | 2,406,341,302 | $ | 588,006,014 | $ | 367,054,751 | $ | 15,131,176,856 | ||||||||||||
Net unrealized appreciation (depreciation) | (96,250,426 | ) | (81,332,357 | ) | (4,783,283 | ) | (3,907,441,277 | ) | ||||||||||||
Undistributed (accumulated) net investment income (loss) | (106,257 | ) | (24,028 | ) | (13,513 | ) | 6,102,870 | |||||||||||||
Accumulated net realized gain (loss) | (869,083,178 | ) | (391,744,635 | ) | (279,320,583 | ) | (5,734,391,109 | ) | ||||||||||||
$ | 1,440,901,441 | $ | 114,904,994 | $ | 82,937,372 | $ | 5,495,447,340 | |||||||||||||
(1) Value of securities on loan | $ | 70,822,839 | $ | 646,922 | $ | 20,686,661 | $ | 105,313,301 | ||||||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 1,535,622,041 | $ | 196,379,050 | $ | 87,791,520 | $ | 4,347,095,237 | ||||||||||||
(3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | — | $ | 5,062,044,885 | ||||||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 75,398,562 | $ | 689,582 | $ | 21,045,937 | $ | 109,127,383 | ||||||||||||
(5) Cost of cash denominated in foreign currency | $ | 338,278 | $ | 106,386 | $ | — | $ | 6,460,547 |
See Notes to Financial Statements
68 |
Rare Earth/ | Uranium+ | |||||||||||||||||||||||||||||||||||||
Junior Gold | Natural | Strategic | Unconventional | Nuclear | ||||||||||||||||||||||||||||||||||
Miners ETF | Resources ETF | Oil Services ETF | Metals ETF | Solar Energy ETF | Steel ETF | Oil & Gas ETF | Energy ETF | |||||||||||||||||||||||||||||||
$ | 220,868,207 | $ | 86,358,309 | $ | 929,314,744 | $ | 57,962,945 | $ | 20,359,045 | $ | 69,352,814 | $ | 61,867,135 | $ | 67,848,615 | |||||||||||||||||||||||
1,294,700,080 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
143,251,205 | 1,367,753 | 89,491,049 | 10,931,180 | 5,792,962 | 20,280,594 | 3,694,801 | 170,202 | |||||||||||||||||||||||||||||||
127,579 | 1,221 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
13,678,499 | 435,462 | — | 386,589 | 15,713 | — | — | 8,512 | |||||||||||||||||||||||||||||||
726,323 | 142,813 | — | 37,128 | — | 2,723,377 | — | 22,131 | |||||||||||||||||||||||||||||||
— | — | 3,474 | — | — | 197 | — | 2,086 | |||||||||||||||||||||||||||||||
— | 5,359 | — | — | 1,586 | — | — | — | |||||||||||||||||||||||||||||||
635,381 | 170,626 | 959,446 | 82,853 | 16,256 | 163,648 | 152,496 | 149,897 | |||||||||||||||||||||||||||||||
28,240 | 1,602 | 21,789 | 1,500 | 393 | 1,628 | 1,014 | 1,193 | |||||||||||||||||||||||||||||||
1,674,015,514 | 88,483,145 | 1,019,790,502 | 69,402,195 | 26,185,955 | 92,522,258 | 65,715,446 | 68,202,636 | |||||||||||||||||||||||||||||||
139,703 | 547,664 | — | 325,915 | — | 2,956,806 | — | 33,208 | |||||||||||||||||||||||||||||||
143,251,205 | 1,367,753 | 89,491,049 | 10,931,180 | 5,792,962 | 20,280,594 | 3,694,801 | 170,202 | |||||||||||||||||||||||||||||||
6,759,151 | 437,250 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | 3,337 | — | — | — | — | — | |||||||||||||||||||||||||||||||
646,328 | — | 243,661 | 21,755 | — | 33,726 | 8,710 | 25,039 | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | 24,714 | |||||||||||||||||||||||||||||||
125,314 | 8,596 | 97,433 | 10,299 | 1,549 | 12,782 | 1,945 | 8,337 | |||||||||||||||||||||||||||||||
403,480 | 99,223 | 120,761 | 127,503 | 81,568 | 111,208 | 72,648 | 129,200 | |||||||||||||||||||||||||||||||
151,325,181 | 2,460,486 | 89,956,241 | 11,416,652 | 5,876,079 | 23,395,116 | 3,778,104 | 390,700 | |||||||||||||||||||||||||||||||
$ | 1,522,690,333 | $ | 86,022,659 | $ | 929,834,261 | $ | 57,985,543 | $ | 20,309,876 | $ | 69,127,142 | $ | 61,937,342 | $ | 67,811,936 | |||||||||||||||||||||||
63,337,446 | 2,550,000 | 25,910,863 | 2,274,962 | 300,000 | 1,950,000 | 2,800,000 | 1,316,632 | |||||||||||||||||||||||||||||||
$ | 24.04 | $ | 33.73 | $ | 35.89 | $ | 25.49 | $ | 67.70 | $ | 35.45 | $ | 22.12 | $ | 51.50 | |||||||||||||||||||||||
$ | 5,166,835,816 | $ | 113,115,141 | $ | 1,354,699,457 | $ | 265,853,621 | $ | 81,046,326 | $ | 305,175,597 | $ | 86,867,448 | $ | 243,923,423 | |||||||||||||||||||||||
(462,269,247 | ) | (11,624,779 | ) | (424,363,950 | ) | (45,251,646 | ) | (782,053 | ) | (56,546,224 | ) | (21,820,762 | ) | 5,285,823 | ||||||||||||||||||||||||
(5,537,935 | ) | (3,064 | ) | 5,707 | 1,304,812 | (6,496 | ) | (27,775 | ) | (1,945 | ) | 1,334,325 | ||||||||||||||||||||||||||
(3,176,338,301 | ) | (15,464,639 | ) | (506,953 | ) | (163,921,244 | ) | (59,947,901 | ) | (179,474,456 | ) | (3,107,399 | ) | (182,731,635 | ) | |||||||||||||||||||||||
$ | 1,522,690,333 | $ | 86,022,659 | $ | 929,834,261 | $ | 57,985,543 | $ | 20,309,876 | $ | 69,127,142 | $ | 61,937,342 | $ | 67,811,936 | |||||||||||||||||||||||
$ | 131,223,670 | $ | 1,275,317 | $ | 86,095,260 | $ | 8,631,809 | $ | 5,670,703 | $ | 19,514,236 | $ | 3,543,858 | $ | 166,263 | |||||||||||||||||||||||
$ | 333,727,866 | $ | 97,977,760 | $ | 1,353,678,694 | $ | 103,215,721 | $ | 21,140,904 | $ | 125,899,038 | $ | 83,687,684 | $ | 62,558,456 | |||||||||||||||||||||||
$ | 1,644,221,887 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
$ | 143,251,205 | $ | 1,367,753 | $ | 89,491,049 | $ | 10,931,180 | $ | 5,792,962 | $ | 20,280,594 | $ | 3,694,801 | $ | 170,202 | |||||||||||||||||||||||
$ | 13,566,129 | $ | 436,214 | $ | — | $ | 385,075 | $ | 15,807 | $ | — | $ | — | $ | 8,675 |
See Notes to Financial Statements
69 |
MARKET VECTORS ETF TRUST
For the Year Ended December 31, 2014
Global Alternative | ||||||||||||||||||||
Agribusiness ETF | Coal ETF | Energy ETF | Gold Miners ETF | |||||||||||||||||
Income: | ||||||||||||||||||||
Dividends – unaffiliated issuers | $ | 63,863,226 | $ | 3,791,552 | $ | 482,598 | $ | 50,304,035 | ||||||||||||
Dividends – affiliated issuers | — | — | — | 34,834,809 | ||||||||||||||||
Securities lending income | 1,574,884 | 285,332 | 377,922 | 1,940,401 | ||||||||||||||||
Foreign taxes withheld | (5,507,681 | ) | (413,549 | ) | (44,982 | ) | (10,902,687 | ) | ||||||||||||
Total income | 59,930,429 | 3,663,335 | 815,538 | 76,176,558 | ||||||||||||||||
Expenses: | �� | |||||||||||||||||||
Management fees | 12,896,452 | 782,908 | 507,242 | 36,455,957 | ||||||||||||||||
Professional fees | 243,716 | 63,657 | 59,257 | 360,672 | ||||||||||||||||
Insurance | 75,178 | 3,251 | 1,674 | 122,772 | ||||||||||||||||
Trustees’ fees and expenses | 266,779 | 7,581 | 8,144 | 393,359 | ||||||||||||||||
Reports to shareholders | 236,603 | 33,000 | 24,000 | 430,848 | ||||||||||||||||
Indicative optimized portfolio value fee | 17,540 | 15,000 | 15,000 | — | ||||||||||||||||
Custodian fees | 441,539 | 47,435 | 18,972 | 370,986 | ||||||||||||||||
Registration fees | 10,021 | 5,000 | 5,513 | 136,954 | ||||||||||||||||
Transfer agent fees | 2,406 | 2,400 | 2,400 | — | ||||||||||||||||
Fund accounting fees | 158,261 | 12,229 | 7,464 | — | ||||||||||||||||
Interest | 98,509 | 2,195 | 179 | 236,595 | ||||||||||||||||
Other | 86,671 | 11,473 | 2,379 | 134,133 | ||||||||||||||||
Total expenses | 14,533,675 | 986,129 | 652,224 | 38,642,276 | ||||||||||||||||
Waiver of management fees | (558 | ) | (60,104 | ) | (23,065 | ) | — | |||||||||||||
Net expenses | 14,533,117 | 926,025 | 629,159 | 38,642,276 | ||||||||||||||||
Net investment income (loss) | 45,397,312 | 2,737,310 | 186,379 | 37,534,282 | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments – unaffiliated issuers | (16,848,230 | ) | (50,701,261 | ) | (4,713,583 | ) | (1,259,065,065 | ) | ||||||||||||
Investments – affiliated issuers | — | — | — | (363,718,672 | ) | |||||||||||||||
In-kind redemptions | 251,782,992 | (443,122 | ) | 8,128,443 | 128,526,912 | |||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (331,952 | ) | (48,248 | ) | (7,402 | ) | (715,696 | ) | ||||||||||||
Net realized gain (loss) | 234,602,810 | (51,192,631 | ) | 3,407,458 | (1,494,972,521 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | (333,635,247 | ) | 7,668,016 | (6,953,256 | ) | 545,948,873 | ||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (79,404 | ) | (712 | ) | (5,854 | ) | — | |||||||||||||
Net change in unrealized appreciation (depreciation) | (333,714,651 | ) | 7,667,304 | (6,959,110 | ) | 545,948,873 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (53,714,529 | ) | $ | (40,788,017 | ) | $ | (3,365,273 | ) | $ | (911,489,366 | ) |
See Notes to Financial Statements
70 |
Junior Gold Miners ETF | Natural Resources ETF | Oil Services ETF | Rare Earth/ Strategic Metals ETF | Solar Energy ETF | Steel ETF | Unconventional Oil & Gas ETF | Uranium+ Nuclear Energy ETF | |||||||||||||||||||||||||||||||
$ | 2,252,248 | $ | 2,684,674 | $ | 28,572,803 | $ | 899,619 | $ | 76,146 | $ | 2,884,585 | $ | 1,148,048 | $ | 1,848,876 | |||||||||||||||||||||||
3,039,171 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
5,786,008 | 57,546 | 1,445,547 | 1,006,041 | 242,940 | 259,286 | 56,369 | 29,416 | |||||||||||||||||||||||||||||||
(196,473 | ) | (175,332 | ) | (56,519 | ) | (61,056 | ) | (3,355 | ) | (64,613 | ) | (87,248 | ) | (60,232 | ) | |||||||||||||||||||||||
10,880,954 | 2,566,888 | 29,961,831 | 1,844,604 | 315,731 | 3,079,258 | 1,117,169 | 1,818,060 | |||||||||||||||||||||||||||||||
9,923,082 | 493,771 | 4,493,672 | 433,437 | 125,656 | 517,302 | 347,652 | 364,571 | |||||||||||||||||||||||||||||||
204,682 | 69,042 | 102,106 | 70,737 | 73,724 | 60,256 | 60,724 | 95,673 | |||||||||||||||||||||||||||||||
31,758 | 2,003 | 26,650 | 2,077 | 366 | 1,953 | 809 | 1,392 | |||||||||||||||||||||||||||||||
98,568 | 5,299 | 147,227 | 6,926 | 2,308 | 5,658 | 5,709 | 4,222 | |||||||||||||||||||||||||||||||
198,467 | 16,000 | 60,000 | 24,000 | 10,322 | 20,000 | 9,800 | 20,000 | |||||||||||||||||||||||||||||||
15,000 | 20,002 | 4,009 | 20,002 | 18,203 | — | 15,000 | 17,500 | |||||||||||||||||||||||||||||||
183,605 | 69,061 | 52,026 | 36,794 | 20,332 | 16,141 | 6,992 | 18,621 | |||||||||||||||||||||||||||||||
21,398 | 5,000 | 7,500 | 5,000 | 5,020 | 5,000 | 11,223 | 5,000 | |||||||||||||||||||||||||||||||
2,423 | 2,400 | 2,400 | 2,400 | 2,405 | 2,400 | 2,400 | 2,400 | |||||||||||||||||||||||||||||||
119,147 | 23,760 | 73,645 | 7,956 | 10,352 | 6,866 | 4,437 | 6,896 | |||||||||||||||||||||||||||||||
143,577 | 5,729 | 31,665 | 5,551 | 729 | 2,669 | 793 | 3,334 | |||||||||||||||||||||||||||||||
41,019 | 11,960 | 32,071 | 8,161 | 2,337 | 12,456 | 1,655 | 11,190 | |||||||||||||||||||||||||||||||
10,982,726 | 724,027 | 5,032,971 | 623,041 | 271,754 | 650,701 | 467,194 | 550,799 | |||||||||||||||||||||||||||||||
— | (234,402 | ) | (507,634 | ) | (123,370 | ) | (107,671 | ) | (78,999 | ) | (90,936 | ) | (109,980 | ) | ||||||||||||||||||||||||
10,982,726 | 489,625 | 4,525,337 | 499,671 | 164,083 | 571,702 | 376,258 | 440,819 | |||||||||||||||||||||||||||||||
(101,772 | ) | 2,077,263 | 25,436,494 | 1,344,933 | 151,648 | 2,507,556 | 740,911 | 1,377,241 | ||||||||||||||||||||||||||||||
(158,748,149 | ) | (3,647,877 | ) | 1,362,967 | (54,042,736 | ) | (181,727 | ) | (10,615,281 | ) | (2,135,587 | ) | (8,011,797 | ) | ||||||||||||||||||||||||
(1,446,175,320 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
(7,796,635 | ) | 4,315,997 | 73,819,014 | 573,589 | 4,964,461 | 2,965,507 | 2,861,682 | 4,759,398 | ||||||||||||||||||||||||||||||
(2,777,842 | ) | (12,115 | ) | — | (29,960 | ) | (8,019 | ) | — | (5,292 | ) | (15,198 | ) | |||||||||||||||||||||||||
(1,615,497,946 | ) | 656,005 | 75,181,981 | (53,499,107 | ) | 4,774,715 | (7,649,774 | ) | 720,803 | (3,267,597 | ) | |||||||||||||||||||||||||||
861,254,657 | (10,038,676 | ) | (355,428,381 | ) | 26,647,699 | (6,766,397 | ) | (27,822,106 | ) | (23,413,963 | ) | 8,424,978 | ||||||||||||||||||||||||||
15,948 | (9,536 | ) | — | 1,245 | (279 | ) | — | (337 | ) | (6,044 | ) | |||||||||||||||||||||||||||
861,270,605 | (10,048,212 | ) | (355,428,381 | ) | 26,648,944 | (6,766,676 | ) | (27,822,106 | ) | (23,414,300 | ) | 8,418,934 | ||||||||||||||||||||||||||
$ | (754,329,113 | ) | $ | (7,314,944 | ) | $ | (254,809,906 | ) | $ | (25,505,230 | ) | $ | (1,840,313 | ) | $ | (32,964,324 | ) | $ | (21,952,586 | ) | $ | 6,528,578 |
See Notes to Financial Statements
71 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Agribusiness ETF | Coal ETF | |||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 45,397,312 | $ | 91,539,526 | $ | 2,737,310 | $ | 3,436,109 | ||||||||||||
Net realized gain (loss) | 234,602,810 | 68,709,835 | (51,192,631 | ) | (23,877,167 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (333,714,651 | ) | 50,207,255 | 7,667,304 | (32,019,892 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (53,714,529 | ) | 210,456,616 | (40,788,017 | ) | (52,460,950 | ) | |||||||||||||
Dividends to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (46,504,400 | ) | (88,958,800 | ) | (2,946,300 | ) | (3,872,000 | ) | ||||||||||||
Return of capital | — | — | — | — | ||||||||||||||||
Total Dividends and Distributions | (46,504,400 | ) | (88,958,800 | ) | (2,946,300 | ) | (3,872,000 | ) | ||||||||||||
Share transactions:** | ||||||||||||||||||||
Proceeds from sale of shares | 19,173,313 | 61,945,393 | 54,440,499 | 30,934,929 | ||||||||||||||||
Cost of shares redeemed | (3,113,370,622 | ) | (1,215,346,926 | ) | (50,795,362 | ) | (54,965,916 | ) | ||||||||||||
Increase (Decrease) in net assets resulting from share transactions | (3,094,197,309 | ) | (1,153,401,533 | ) | 3,645,137 | (24,030,987 | ) | |||||||||||||
Total increase (decrease) in net assets | (3,194,416,238 | ) | (1,031,903,717 | ) | (40,089,180 | ) | (80,363,937 | ) | ||||||||||||
Net Assets, beginning of period | 4,635,317,679 | 5,667,221,396 | 154,994,174 | 235,358,111 | ||||||||||||||||
Net Assets, end of period† | $ | 1,440,901,441 | $ | 4,635,317,679 | $ | 114,904,994 | $ | 154,994,174 | ||||||||||||
† Including undistributed (accumulated) net investment income (loss) | $ | (106,257 | ) | $ | 1,331,568 | $ | (24,028 | ) | $ | (293,570 | ) | |||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 350,000 | 1,150,000 | 2,900,000 | 1,350,000 | ||||||||||||||||
Shares redeemed | (58,100,000 | ) | (23,050,000 | ) | (3,000,000 | ) | (2,750,000 | ) | ||||||||||||
Net increase (decrease) | (57,750,000 | ) | (21,900,000 | ) | (100,000 | ) | (1,400,000 | ) |
(a) | Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on July 1, 2013 (See Note 10). |
(b) | Share activity has been adjusted to reflect the 1 for 4 reverse share split which took place on July 1, 2013 (See Note 10). |
See Notes to Financial Statements
72 |
Global Alternative Energy ETF(a) | Gold Miners ETF | Junior Gold Miners ETF(b) | ||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | |||||||||||||||||||||||
$ | 186,379 | $ | 838,594 | $ | 37,534,282 | $ | 68,896,195 | $ | (101,772 | ) | $ | (1,203,696 | ) | |||||||||||||||
3,407,458 | (914,442 | ) | (1,494,972,521 | ) | (3,327,835,794 | ) | (1,615,497,946 | ) | (1,042,170,896 | ) | ||||||||||||||||||
(6,959,110 | ) | 34,700,661 | 545,948,873 | (2,113,589,870 | ) | 861,270,605 | (636,449,357 | ) | ||||||||||||||||||||
(3,365,273 | ) | 34,624,813 | (911,489,366 | ) | (5,372,529,469 | ) | (754,329,113 | ) | (1,679,823,949 | ) | ||||||||||||||||||
(173,263 | ) | (883,472 | ) | (37,389,302 | ) | (60,050,878 | ) | (11,291,865 | ) | — | ||||||||||||||||||
— | (21,375 | ) | — | — | — | — | ||||||||||||||||||||||
(173,263 | ) | (904,847 | ) | (37,389,302 | ) | (60,050,878 | ) | (11,291,865 | ) | — | ||||||||||||||||||
15,443,230 | 19,404,010 | 3,038,735,835 | 9,206,742,199 | 1,502,981,592 | 591,664,050 | |||||||||||||||||||||||
(20,275,991 | ) | (7,828,546 | ) | (3,247,020,529 | ) | (6,527,604,714 | ) | (351,493,550 | ) | (312,248,237 | ) | |||||||||||||||||
(4,832,761 | ) | 11,575,464 | (208,284,694 | ) | 2,679,137,485 | 1,151,488,042 | 279,415,813 | |||||||||||||||||||||
(8,371,297 | ) | 45,295,430 | (1,157,163,362 | ) | (2,753,442,862 | ) | 385,867,064 | (1,400,408,136 | ) | |||||||||||||||||||
91,308,669 | 46,013,239 | 6,652,610,702 | 9,406,053,564 | 1,136,823,269 | 2,537,231,405 | |||||||||||||||||||||||
$ | 82,937,372 | $ | 91,308,669 | $ | 5,495,447,340 | $ | 6,652,610,702 | $ | 1,522,690,333 | $ | 1,136,823,269 | |||||||||||||||||
$ | (13,513 | ) | $ | (21,069 | ) | $ | 6,102,870 | $ | 6,004,375 | $ | (5,537,935 | ) | $ | (33,371,891 | ) | |||||||||||||
250,000 | 416,667 | 126,600,000 | 325,800,000 | 39,200,000 | 11,462,500 | |||||||||||||||||||||||
(350,000 | ) | (166,702 | ) | (142,750,000 | ) | (214,450,000 | ) | (12,650,000 | ) | (6,737,554 | ) | |||||||||||||||||
(100,000 | ) | 249,965 | (16,150,000 | ) | 111,350,000 | 26,550,000 | 4,724,946 |
See Notes to Financial Statements
73 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Natural Resources ETF | Oil Services ETF | |||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 2,077,263 | $ | 2,308,937 | $ | 25,436,494 | $ | 19,394,978 | ||||||||||||
Net realized gain (loss) | 656,005 | 1,578,008 | �� | 75,181,981 | 317,276,708 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (10,048,212 | ) | 2,545,692 | (355,428,381 | ) | 3,059,136 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,314,944 | ) | 6,432,637 | (254,809,906 | ) | 339,730,822 | ||||||||||||||
Dividends to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (2,170,050 | ) | (2,199,500 | ) | (25,702,038 | ) | (19,111,388 | ) | ||||||||||||
Return of capital | — | — | — | — | ||||||||||||||||
Total Dividends and Distributions | (2,170,050 | ) | (2,199,500 | ) | (25,702,038 | ) | (19,111,388 | ) | ||||||||||||
Share transactions:** | ||||||||||||||||||||
Proceeds from sale of shares | 20,492,305 | 6,858,882 | 6,646,621,501 | 5,994,529,576 | ||||||||||||||||
Cost of shares redeemed | (26,124,768 | ) | (32,156,117 | ) | (6,918,368,843 | ) | (6,116,381,793 | ) | ||||||||||||
Increase (Decrease) in net assets resulting from share transactions | (5,632,463 | ) | (25,297,235 | ) | (271,747,342 | ) | (121,852,217 | ) | ||||||||||||
Total increase (decrease) in net assets | (15,117,457 | ) | (21,064,098 | ) | (552,259,286 | ) | 198,767,217 | |||||||||||||
Net Assets, beginning of period | 101,140,116 | 122,204,214 | 1,482,093,547 | 1,283,326,330 | ||||||||||||||||
Net Assets, end of period† | $ | 86,022,659 | $ | 101,140,116 | $ | 929,834,261 | $ | 1,482,093,547 | ||||||||||||
† Including undistributed (accumulated) net investment income (loss) | $ | (3,064 | ) | $ | 109,272 | $ | 5,707 | $ | 271,251 | |||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 550,000 | 200,000 | 143,500,000 | 133,900,000 | ||||||||||||||||
Shares redeemed | (700,000 | ) | (900,000 | ) | (148,400,000 | ) | (136,300,000 | ) | ||||||||||||
Net decrease | (150,000 | ) | (700,000 | ) | (4,900,000 | ) | (2,400,000 | ) |
(a) | Share activity has been adjusted to reflect the 1 for 4 reverse share split which took place on July 1, 2013 (See Note 10). |
See Notes to Financial Statements
74 |
Rare Earth/Strategic Metals ETF(a) | Solar Energy ETF | Steel ETF | ||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | |||||||||||||||||||||||
$ | 1,344,933 | $ | 901,911 | $ | 151,648 | $ | 95,820 | $ | 2,507,556 | $ | 2,837,169 | |||||||||||||||||
(53,499,107 | ) | (61,735,665 | ) | 4,774,715 | 438,772 | (7,649,774 | ) | (33,284,640 | ) | |||||||||||||||||||
26,648,944 | 8,762,549 | (6,766,676 | ) | 9,732,493 | (27,822,106 | ) | 31,585,670 | |||||||||||||||||||||
(25,505,230 | ) | (52,071,205 | ) | (1,840,313 | ) | 10,267,085 | (32,964,324 | ) | 1,138,199 | |||||||||||||||||||
(878,135 | ) | (222,022 | ) | (135,000 | ) | (219,900 | ) | (2,549,800 | ) | (2,880,555 | ) | |||||||||||||||||
— | — | — | — | — | (120,645 | ) | ||||||||||||||||||||||
(878,135 | ) | (222,022 | ) | (135,000 | ) | (219,900 | ) | (2,549,800 | ) | (3,001,200 | ) | |||||||||||||||||
4,954,201 | 2,863,723 | 12,643,540 | 9,705,861 | 51,423,359 | 85,397,054 | |||||||||||||||||||||||
(16,827,991 | ) | (28,979,910 | ) | (12,146,619 | ) | (8,879,055 | ) | (91,093,764 | ) | (93,103,405 | ) | |||||||||||||||||
(11,873,790 | ) | (26,116,187 | ) | 496,921 | 826,806 | (39,670,405 | ) | (7,706,351 | ) | |||||||||||||||||||
(38,257,155 | ) | (78,409,414 | ) | (1,478,392 | ) | 10,873,991 | (75,184,529 | ) | (9,569,352 | ) | ||||||||||||||||||
96,242,698 | 174,652,112 | 21,788,268 | 10,914,277 | 144,311,671 | 153,881,023 | |||||||||||||||||||||||
$ | 57,985,543 | $ | 96,242,698 | $ | 20,309,876 | $ | 21,788,268 | $ | 69,127,142 | $ | 144,311,671 | |||||||||||||||||
$ | 1,304,812 | $ | 867,974 | $ | (6,496 | ) | $ | (84,551 | ) | $ | (27,775 | ) | $ | (19,471 | ) | |||||||||||||
200,000 | 62,500 | 150,000 | 150,000 | 1,100,000 | 1,850,000 | |||||||||||||||||||||||
(600,000 | ) | (687,538 | ) | (150,000 | ) | (150,000 | ) | (2,050,000 | ) | (2,100,000 | ) | |||||||||||||||||
(400,000 | ) | (625,038 | ) | — | — | (950,000 | ) | (250,000 | ) |
See Notes to Financial Statements
75 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Unconventional Oil & Gas ETF | Uranium+Nuclear Energy ETF(a) | |||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 740,911 | $ | 219,785 | $ | 1,377,241 | $ | 1,215,186 | ||||||||||||
Net realized gain (loss) | 720,803 | 526,153 | (3,267,597 | ) | (5,319,752 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (23,414,300 | ) | 3,328,904 | 8,418,934 | 16,148,251 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (21,952,586 | ) | 4,074,842 | 6,528,578 | 12,043,685 | |||||||||||||||
Dividends to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (744,600 | ) | (237,600 | ) | (1,676,073 | ) | (538,338 | ) | ||||||||||||
Share transactions:** | ||||||||||||||||||||
Proceeds from sale of shares | 57,126,688 | 37,567,957 | 2,470,059 | 18,981,814 | ||||||||||||||||
Cost of shares redeemed | (19,397,673 | ) | (10,279,311 | ) | (17,289,026 | ) | (31,275,501 | ) | ||||||||||||
Increase (Decrease) in net assets resulting from share transactions | 37,729,015 | 27,288,646 | (14,818,967 | ) | (12,293,687 | ) | ||||||||||||||
Total increase (decrease) in net assets | 15,031,829 | 31,125,888 | (9,966,462 | ) | (788,340 | ) | ||||||||||||||
Net Assets, beginning of period | 46,905,513 | 15,779,625 | 77,778,398 | 78,566,738 | ||||||||||||||||
Net Assets, end of period† | $ | 61,937,342 | $ | 46,905,513 | $ | 67,811,936 | $ | 77,778,398 | ||||||||||||
† Including undistributed (accumulated) net investment income (loss) | $ | (1,945 | ) | $ | (17,598 | ) | $ | 1,334,325 | $ | 1,608,870 | ||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 1,850,000 | 1,350,000 | 50,000 | 416,666 | ||||||||||||||||
Shares redeemed | (700,000 | ) | (400,000 | ) | (350,000 | ) | (700,034 | ) | ||||||||||||
Net increase (decrease) | 1,150,000 | 950,000 | (300,000 | ) | (283,368 | ) |
(a) | Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on July 1, 2013 (See Note 10). |
See Notes to Financial Statements
76 |
MARKET VECTORS ETF TRUST
For a share outstanding throughout each period:
(a) | 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. |
See Notes to Financial Statements
77 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | 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. |
# | On July 1, 2013, the Fund effected a 1 for 3 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split. |
See Notes to Financial Statements
78 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | 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. |
(b) | Calculated based upon average shares outstanding |
(c) | Amount represents less than $0.005 per share. |
# | On July 1, 2013, the Fund effected a 1 for 4 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split. |
See Notes to Financial Statements
79 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Commencement of operations |
(b) | Amount represents less than $0.005 per share |
(c) | 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. |
(d) | Not Annualized |
(e) | Annualized |
* | On February 14, 2012, the Fund effected a 3 for 1 share split (See Note 10). Per share data has been adjusted to reflect the share split. |
# | On July 1, 2013, the Fund effected a 1 for 4 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split. |
See Notes to Financial Statements
80 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | 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. |
# | On July 2, 2012, the Fund effected a 1 for 15 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split. |
See Notes to Financial Statements
81 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(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 3 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split. |
See Notes to Financial Statements
82 |
MARKET VECTORS ETF TRUST
December 31, 2014
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, 2014, offers fifty five investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Junior Gold Miners ETF, Natural Resources ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Solar Energy ETF, Steel ETF, Unconventional Oil & Gas ETF and Uranium+Nuclear Energy ETF (each a “Fund” and, together, the “Funds”). Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in substantially the same weighting, in an index sponsored, licensed or managed by the NYSE Euronext, Deutsche Börse AG, Ardour Global Indexes, LLC, S-Network Global Indexes, LLC and 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 | ||
Agribusiness ETF | August 31, 2007 | Market Vectors® Global Agribusiness Index* | ||
Coal ETF | January 10, 2008 | Market Vectors® Global Coal Index* | ||
Global Alternative Energy ETF | May 03, 2007 | Ardour Global IndexSM (Extra Liquid) | ||
Gold Miners ETF | May 16, 2006 | NYSE Arca Gold Miners Index | ||
Junior Gold Miners ETF | November 10, 2009 | Market Vectors® Global Junior Gold Miners Index* | ||
Natural Resources ETF(c) | August 29, 2008 | RogersTM-Van Eck Natural Resources Index(a) | ||
Oil Services ETF | December 20, 2011 | Market Vectors® US Listed Oil Services 25 Index* | ||
Rare Earth/Strategic Metals ETF | October 27, 2010 | Market Vectors® Global Rare Earth/Strategic Metals Index* | ||
Solar Energy ETF | April 21, 2008 | Market Vectors® Global Solar Energy Index* | ||
Steel ETF | October 10, 2006 | NYSE Arca Steel Index | ||
Unconventional Oil & Gas ETF | February 14, 2012 | Market Vectors® Global Unconventional Oil & Gas Index* | ||
Uranium+Nuclear Energy ETF | August 13, 2007 | Market Vectors® Global Uranium & Nuclear Energy Index*(b) |
* Published by Market Vectors Index Solutions GmbH. | |
(a) | Prior to May 1, 2014, the index for Natural Resources ETF was RogersTM-Van Eck Hard Assets Producers Index. |
(b) | Prior to May 1, 2014, the index for Uranium+Nuclear Energy ETF was DAXglobal® Nuclear Energy Index. |
(c) | Effective May 1, 2014, the RVE Hard Assets Producers ETF changed its name to Natural Resources ETF. |
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 Funds are investment companies and are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services - Investment Companies.
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 |
83 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of 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 Funds’ own assumptions in determining the fair value of investments). | |
A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | ||
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. | |
C. | Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. | |
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when |
84 |
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. | |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | 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, 2014 are reflected in the Schedules of Investments. |
G. | Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the Adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. The Funds held no derivative instruments during the year ended December 31, 2014. |
H. | 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 present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at December 31, 2014 is presented in the Schedules of Investments. Also, refer to related disclosures in Note 2F (Repurchase Agreements) and Note 9 (Securities Lending). |
I. | 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. |
85 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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 (except for Oil Services ETF). The management fee rate for Oil Services ETF is 0.35%. The Adviser has agreed, at least until May 1, 2015 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 limitation (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) listed in the table below.
The current expense limitations and the amounts waived by the Adviser for the year ended December 31, 2014, are as follows:
Fund | Expense Limitations | Waiver of Management Fees | ||||||||
Agribusiness ETF | 0.56 | % | $ 558 | |||||||
Coal ETF | 0.59 | 60,104 | ||||||||
Global Alternative Energy ETF | 0.62 | 23,065 | ||||||||
Gold Miners ETF | 0.53 | — | ||||||||
Junior Gold Miners ETF | 0.56 | — | ||||||||
Natural Resources ETF | 0.49 | 234,402 | ||||||||
Oil Services ETF | 0.35 | 507,634 | ||||||||
Rare Earth / Strategic Metals ETF | 0.57 | 123,370 | ||||||||
Solar Energy ETF | 0.65 | 107,671 | ||||||||
Steel ETF | 0.55 | 78,999 | ||||||||
Unconventional Oil & Gas ETF | 0.54 | 90,936 | ||||||||
Uranium+Nuclear Energy ETF | 0.60 | 109,980 |
The Adviser offsets the management fees it charges the Funds by the amount it collects as a management fee from underlying funds managed by the Adviser. For the year ended December 31, 2014, the Adviser reduced management fees charged by $93,552 due to such investments in Junior Gold Miners ETF.
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, 2014, 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 | ||||||
Agribusiness ETF | $ | 385,784,514 | $ | 381,514,598 | ||||
Coal ETF | 41,155,895 | 41,361,569 | ||||||
Global Alternative Energy ETF | 31,594,262 | 31,628,526 | ||||||
Gold Miners ETF | 1,356,147,054 | 1,269,159,048 | ||||||
Junior Gold Miners ETF | 1,225,451,481 | 1,229,335,998 | ||||||
Natural Resources ETF | 12,807,564 | 12,994,951 | ||||||
Oil Services ETF | 239,011,894 | 189,620,443 | ||||||
Rare Earth / Strategic Metals ETF | 31,573,851 | 32,104,646 | ||||||
Solar Energy ETF | 12,493,045 | 12,320,887 | ||||||
Steel ETF | 22,478,248 | 11,306,225 | ||||||
Unconventional Oil & Gas ETF | 16,285,063 | 7,504,619 | ||||||
Uranium+Nuclear Energy ETF | 22,484,813 | 57,595,850 |
86 |
Note 5–Income Taxes—As of December 31, 2014, 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) | ||||||||||||
Agribusiness ETF | $ | 1,625,579,983 | $ | 208,170,816 | $ | (318,876,514) | $ | (110,705,698 | ) | |||||||
Coal ETF | 200,818,449 | 2,182,789 | (87,254,526) | (85,071,737 | ) | |||||||||||
Global Alternative Energy ETF | 108,906,097 | 13,414,976 | (18,262,558) | (4,847,582 | ) | |||||||||||
Gold Miners ETF | 9,556,069,703 | 29,251,326 | (3,974,494,801) | (3,945,243,475 | ) | |||||||||||
Junior Gold Miners ETF | 2,150,183,406 | 27,077,130 | (518,441,044) | (491,363,914 | ) | |||||||||||
Natural Resources ETF | 99,612,552 | 10,018,041 | (21,904,531) | (11,886,490 | ) | |||||||||||
Oil Services ETF | 1,443,169,743 | — | (424,363,950) | (424,363,950 | ) | |||||||||||
Rare Earth / Strategic Metals ETF | 130,425,434 | 2,309,235 | (63,840,544) | (61,531,309 | ) | |||||||||||
Solar Energy ETF | 27,324,558 | 3,008,682 | (4,181,233) | (1,172,551 | ) | |||||||||||
Steel ETF | 147,137,917 | 77,979 | (57,582,488) | (57,504,509 | ) | |||||||||||
Unconventional Oil & Gas ETF | 87,438,049 | — | (21,876,113) | (21,876,113 | ) | |||||||||||
Uranium+Nuclear Energy ETF | 62,887,554 | 7,672,448 | (2,541,185) | 5,131,263 |
At December 31, 2014, the components of accumulated 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 | ||||||||||||||||||||||||
Agribusiness ETF | $ | 244,026 | $ | (854,523,800 | ) | $ | — | $ | (350,281 | ) | $ | (110,809,806 | ) | $ | (965,439,861 | ) | ||||||||||||||
Coal ETF | — | (380,179,030 | ) | (7,822,741 | ) | (17,075 | ) | (85,082,174 | ) | (473,101,020 | ) | |||||||||||||||||||
Global Alternative Energy ETF | — | (278,246,141 | ) | (1,010,995 | ) | (8,320 | ) | (4,851,923 | ) | (284,117,379 | ) | |||||||||||||||||||
Gold Miners ETF | 6,700,812 | (4,571,098,790 | ) | (1,125,490,121 | ) | (597,941 | ) | (3,945,243,475 | ) | (9,635,729,515 | ) | |||||||||||||||||||
Junior Gold Miners ETF | 535,203 | (2,071,954,720 | ) | (1,081,348,955 | ) | (125,316 | ) | (491,251,695 | ) | (3,644,145,483 | ) | |||||||||||||||||||
Natural Resources ETF | 3,049 | (14,147,641 | ) | (1,047,481 | ) | (8,592 | ) | (11,891,817 | ) | (27,092,482 | ) | |||||||||||||||||||
Oil Services ETF | 103,140 | (506,952 | ) | (1 | ) | (97,433 | ) | (424,363,950 | ) | (424,865,196 | ) | |||||||||||||||||||
Rare Earth/Strategic Metals ETF | 1,315,111 | (137,423,317 | ) | (10,219,396 | ) | (10,297 | ) | (61,530,179 | ) | (207,868,078 | ) | |||||||||||||||||||
Solar Energy ETF | — | (59,561,214 | ) | (944 | ) | (1,548 | ) | (1,172,745 | ) | (60,736,451 | ) | |||||||||||||||||||
Steel ETF | — | (176,436,384 | ) | (2,094,779 | ) | (12,783 | ) | (57,504,509 | ) | (236,048,455 | ) | |||||||||||||||||||
Unconventional Oil & Gas ETF | — | (1,316,705 | ) | (1,735,127 | ) | (1,948 | ) | (21,876,326 | ) | (24,930,106 | ) | |||||||||||||||||||
Uranium+Nuclear Energy ETF | 1,351,986 | (182,560,431 | ) | (21,630 | ) | (8,339 | ) | 5,126,927 | (176,111,487 | ) |
87 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The tax character of dividends and distributions paid to shareholders during the year ended December 31, 2014 and December 31, 2013 was as follows:
2014 Dividends and Distributions | 2013 Dividends and Distributions | |||||||||||||
Fund | Ordinary Income | Ordinary Income | Return of Capital | |||||||||||
Agribusiness ETF | $46,504,400 | $88,958,800 | $ | — | ||||||||||
Coal ETF | 2,946,300 | 3,872,000 | — | |||||||||||
Global Alternative Energy ETF | 173,263 | 883,472 | 21,375 | |||||||||||
Gold Miners ETF | 37,389,302 | 60,050,878 | — | |||||||||||
Junior Gold Miners ETF | 11,291,865 | — | — | |||||||||||
Natural Resources ETF | 2,170,050 | 2,199,500 | — | |||||||||||
Oil Services ETF | 25,702,038 | 19,111,388 | — | |||||||||||
Rare Earth/Strategic Metals ETF | 878,135 | 222,022 | — | |||||||||||
Solar Energy ETF | 135,000 | 219,900 | — | |||||||||||
Steel ETF | 2,549,800 | 2,880,555 | 120,645 | |||||||||||
Unconventional Oil & Gas ETF | 744,600 | 237,600 | — | |||||||||||
Uranium+Nuclear Energy ETF | 1,676,073 | 538,338 | — |
Net qualified late year losses incurred after October 31, 2014 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, 2014, the Funds intend to defer to January 1, 2015 for federal tax purpose qualified late year losses as follows:
Late Year | Post-October | |||||||
Fund | Ordinary Losses | Capital Losses | ||||||
Coal ETF | $6,658 | $ | 7,816,083 | |||||
Global Alternative Energy ETF | 5,193 | 1,005,802 | ||||||
Gold Miners ETF | — | 1,125,490,121 | ||||||
Junior Gold Miners ETF | — | 1,081,348,955 | ||||||
Natural Resources ETF | — | 1,047,481 | ||||||
Oil Services ETF | — | 1 | ||||||
Rare Earth/Strategic Metals ETF | — | 10,219,396 | ||||||
Solar Energy ETF | 944 | — | ||||||
Steel ETF | — | 2,094,779 | ||||||
Unconventional Oil & Gas ETF | — | 1,735,127 | ||||||
Uranium+Nuclear Energy ETF | — | 21,630 |
At December 31, 2014, 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 | ||||||||||||||||||
Agribusiness ETF | $ | 165,912,086 | $ | 305,699,595 | $ | 85,630,099 | $ | 257,031,280 | $ | 40,221,865 | $ | 28,875 | ||||||||||||
Coal ETF | 17,871,173 | 169,696,688 | 18,822,843 | 155,793,705 | 17,994,621 | — | ||||||||||||||||||
Global Alternative Energy ETF | 2,121,474 | 69,914,379 | 34,193,213 | 158,919,596 | 13,029,866 | 67,613 | ||||||||||||||||||
Gold Miners ETF | 716,586,517 | 3,400,847,595 | 1,784,160 | 388,612,074 | 63,268,444 | — | ||||||||||||||||||
Junior Gold Miners ETF | 466,742,408 | 1,605,212,312 | — | — | — | — | ||||||||||||||||||
Natural Resources ETF | 1,963,044 | 9,896,740 | 540,880 | 1,722,348 | 24,629 | — | ||||||||||||||||||
Oil Services ETF | — | 506,952 | — | — | — | — | ||||||||||||||||||
Rare Earth/Strategic Metals ETF | 33,095,950 | 104,327,367 | — | — | — | — | ||||||||||||||||||
Solar Energy ETF | 4,798,928 | 26,358,510 | 8,586,525 | 19,016,483 | 800,768 | — | ||||||||||||||||||
Steel ETF | 2,265,815 | 63,329,169 | 21,020,656 | 79,176,906 | 10,643,838 | — | ||||||||||||||||||
Unconventional Oil & Gas ETF | 789,358 | 527,347 | — | — | — | — | ||||||||||||||||||
Uranium+Nuclear Energy ETF | 13,602,601 | 66,781,181 | 41,593,262 | 49,042,636 | 11,040,582 | 500,169 |
88 |
During the year ended December 31, 2014, Oil Services ETF utilized $261,259 of its accumulated capital loss carryforwards.
During the year ended December 31, 2014, as a result of permanent book to tax differences, primarily due to investments in Passive Foreign Investment Companies, foreign currency gains and losses, and tax treatment of in-kind redemptions, the Funds incurred differences that affected undistributed 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.
Increase/Decrease | Increase/Decrease | |||||||||||
in Undistributed | in Accumulated | Increase /Decrease | ||||||||||
Net Investment | Net Realized | in Aggregate | ||||||||||
Fund | Income/ Loss | Gain/ Loss | Paid in Capital | |||||||||
Agribusiness ETF | $ (330,737 | ) | $(242,833,872 | ) | $243,164,609 | |||||||
Coal ETF | 478,532 | 400,806 | (879,338 | ) | ||||||||
Global Alternative Energy ETF | (5,560 | ) | (8,074,727 | ) | 8,080,287 | |||||||
Gold Miners ETF | (46,485 | ) | (119,566,585 | ) | 119,613,070 | |||||||
Junior Gold Miners ETF | 39,227,593 | (15,923,932 | ) | (23,303,661 | ) | |||||||
Natural Resources ETF | (19,549 | ) | (4,271,837 | ) | 4,291,386 | |||||||
Oil Services ETF | — | (73,810,570 | ) | 73,810,570 | ||||||||
Rare Earth/Strategic Metals ETF | (29,960 | ) | 12,731,236 | (12,701,276 | ) | |||||||
Solar Energy ETF | 61,407 | (4,008,276 | ) | 3,946,869 | ||||||||
Steel ETF | 33,940 | 1,808,550 | (1,842,490 | ) | ||||||||
Unconventional Oil & Gas ETF | 19,342 | (2,855,175 | ) | 2,835,833 | ||||||||
Uranium+Nuclear Energy ETF | 24,287 | (3,943,468 | ) | 3,919,181 |
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, 2011-2013), 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 year, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions—As of December 31, 2014, 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, 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, 2014 the Trust had in-kind contributions and redemptions as follows:
Fund | In-Kind Contributions | In-Kind Redemptions | ||||||||
Agribusiness ETF | $ | 12,462,106 | $ | 3,121,055,508 | ||||||
Coal ETF | 54,321,841 | 50,725,249 | ||||||||
Global Alternative Energy ETF | 15,439,582 | 20,277,905 | ||||||||
Gold Miners ETF | 3,037,272,746 | 3,332,237,139 | ||||||||
Junior Gold Miners ETF | 1,499,166,967 | 364,946,300 | ||||||||
Natural Resources ETF | 19,993,437 | 25,497,023 | ||||||||
Oil Services ETF | 6,640,707,271 | 6,964,125,216 | ||||||||
Rare Earth / Strategic Metals ETF | 4,533,328 | 15,520,584 | ||||||||
Solar Energy ETF | 10,481,232 | 10,237,167 | ||||||||
Steel ETF | 44,508,485 | 95,461,494 | ||||||||
Unconventional Oil & Gas ETF | 50,809,065 | 22,030,907 | ||||||||
Uranium+Nuclear Energy ETF | 44,048,919 | 24,090,285 |
89 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.
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.
As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers held by the Funds.
At December 31, 2014, the Adviser owned 2,500 shares of Gold Miners 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. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. 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 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. The value of loaned securities and related collateral outstanding at December 31, 2014 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
Note 10—Share Split—On January 27, 2012, the Board of Trustees of the Trust approved a 3 for 1 share split for the Oil Services ETF. The split took place for shareholders of record as of the close of business on February 10, 2012, and were paid on February 13, 2012. Fund shares began trading on a split-adjusted basis on February 14, 2012. The
90 |
Financial Highlights for the Oil Services ETF prior to January 27, 2012 have been adjusted to reflect the 3 for 1 share split.
On July 2, 2012, the Board of Trustees of the Trust approved a 1 for 15 reverse share split for Solar Energy ETF. Fund shares began trading on a split-adjusted basis on July 2, 2012. The Financial Highlights for Solar Energy ETF prior to July 2, 2012 have been adjusted to reflect the 1 for 15 reverse share split.
On July 1, 2013, the Board of Trustees of the Trust approved a 1 for 3 reverse share split for Global Alternative Energy ETF and Uranium+Nuclear Energy ETF, and 1 for 4 reverse share split for Junior Gold Miners ETF and Rare Earth/Strategic Metals ETF. Fund shares began trading on a split-adjusted basis on July 1, 2013. The Statements of Changes in Net Assets and Financial Highlights prior to July 1, 2013 for the respective Funds have been adjusted to reflect the reverse share splits.
Note 11—Bank Line of Credit—The 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, 2014, the following Funds borrowed under this Facility:
Outstanding Loan | ||||||||||||||||
Days | Average Daily | Average | Balance as of | |||||||||||||
Fund | Outstanding | Loan Balance | Interest Rate | December 31, 2014 | ||||||||||||
Agribusiness ETF | 326 | $ | 6,776,550 | 1.50 | % | $ | — | |||||||||
Coal ETF | 146 | 318,421 | 1.49 | — | ||||||||||||
Global Alternative Energy ETF | 25 | 131,718 | 1.49 | — | ||||||||||||
Gold Miners ETF | 259 | 21,866,740 | 1.50 | 6,144,044 | ||||||||||||
Junior Gold Miners ETF | 353 | 9,563,019 | 1.50 | 6,759,151 | ||||||||||||
Natural Resources ETF | 325 | 392,864 | 1.50 | 437,250 | ||||||||||||
Oil Services ETF | 262 | 2,819,062 | 1.49 | — | ||||||||||||
Rare Earth / Strategic Metals ETF | 227 | 504,638 | 1.50 | — | ||||||||||||
Solar Energy ETF | 51 | 212,000 | 1.51 | — | ||||||||||||
Steel ETF | 161 | 358,641 | 1.49 | — | ||||||||||||
Unconventional Oil & Gas ETF | 80 | 230,929 | 1.50 | — | ||||||||||||
Uranium+Nuclear Energy ETF | 317 | 218,406 | 1.50 | — |
Note 12—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, 2014, there were no offsets to custodian fees.
Note 13—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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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, including the schedules of investments, of Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Junior Gold Miners ETF, Natural Resources ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Solar Energy ETF, Steel ETF, Unconventional Oil & Gas ETF and Uranium + Nuclear Energy ETF (twelve of the series constituting Market Vectors ETF Trust) (the “Funds”) as of December 31, 2014, and the related statements of operations, the statements of changes in net assets 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, 2014, 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 of Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Junior Gold Miners ETF, Natural Resources ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Solar Energy ETF, Steel ETF, Unconventional Oil & Gas ETF and Uranium + Nuclear Energy ETF (twelve of the series constituting Market Vectors ETF Trust) at December 31, 2014, the results of their operations, the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
New York, New York
February 20, 2015
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MARKET VECTORS ETF TRUST
(unaudited)
The Funds listed below intend to pass through foreign tax credits in the maximum amounts shown. The gross foreign source income earned during 2014 by the Funds was as shown below.
Fund | Foreign Tax Credits | Gross Foreign Source Income | ||||||||
Coal ETF | $ | 349,007 | $ | 3,320,649 | ||||||
Gold Miners ETF | 6,603,347 | 76,640,003 | ||||||||
Junior Gold Miners ETF | 175,981 | 4,700,350 | ||||||||
Rare/Earth Strategic Metals ETF | 61,056 | 899,733 | ||||||||
Solar Energy ETF | 3,355 | 72,732 |
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 2014.
Agribusiness ETF | 39.98% | |||
Coal ETF | 13.06% | |||
Global Alternative Energy ETF | 100.00% | |||
Gold Miners ETF | 22.14% | |||
Junior Gold Miners ETF | 4.13% | |||
Natural Resources ETF | 41.21% | |||
Oil Services ETF | 24.83% | |||
Solar Energy ETF | 2.53% | |||
Steel ETF | 25.03% | |||
Unconventional Oil & Gas ETF | 65.87% | |||
Uranium+Nuclear Energy ETF | 79.37% |
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MARKET VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2014 (unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held by Trustee During Past Five Years | |||||
Independent Trustees: | ||||||||||
David H. Chow, 1957*† | Chairman Trustee | Since 2008 Since 2006 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 55 | 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, 1953*† | 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; and Managing Director, The GlenRock Group, LLC (private equity investment firm), May 2004 to September 2007. | 68 | Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review. | |||||
Peter J. Sidebottom, 1962*† | Trustee | Since 2012 | CEO, AspenWoods LLC, 2013 to present; Independent business adviser, January 2014 to present; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 55 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to present. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Director, President and CEO, SmartBrief, Inc. (media company). | 68 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee: | ||||||||||
Jan F. van Eck, 19634 | 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”). | 55 | 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. |
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Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During The Past Five Years | |||
Russell G. Brennan, 1964 | 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 to October 2008; Officer of other investment companies advised by the Adviser. | |||
Charles T. Cameron, 1960 | 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, 1971 | 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, 1957 | 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, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC, September 1997 to February 2009; Officer of other investment companies advised by the Adviser. | |||
Eduardo Escario, 1975 | 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, 1968 | 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, 1981 | 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, 1955 | Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. | |||
Laura I. Martínez, 1980 | 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. | |||
Ferat Oeztuerk, 1983 | 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). | |||
James Parker, 1969 | Assistant Treasurer | Since June 2014 | Manager (Portfolio Administration) of the Adviser (Since June 2010); Vice President of JPMorgan Chase & Co. (April 1999 to January 2010). | |||
Jonathan R. Simon, 1974 | Vice President, Secretary and Chief Legal Officer | Vice President (Since 2006) and Secretary and Chief Legal Officer (Since 2014) | Vice President (since 2006), General Counsel and Secretary (since 2014) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. | |||
Bruce J. Smith, 1955 | 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, 1961 | 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. |
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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, 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 contains this and other information about the investment company. Please read the 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 |
vaneck.com
|
MVHAAR
Item 2. CODE OF ETHICS. (a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. (b) Not applicable. (c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. (d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. (e) Not applicable. (f) The Registrant's Code of Ethics is attached as an Exhibit hereto. Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Registrant's Board of Trustees has determined that David Chow, R. Alastair Short and Richard Stamberger, members of the Audit and Governance Committees, are "audit committee financial experts" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2). Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31. (a) Audit Fees. The aggregate Audit Fees of Ernst & Young for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2014 and December 31, 2013, were $681,480 and $711,850, respectively. (b) Audit-Related Fees. Not applicable. (c) Tax Fees. The aggregate Tax Fees of Ernst & Young for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2014 and December 31, 2013, were $830,539 and $798,106, respectively. (d) All Other Fees None. (e) The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds.(f) Not applicable. (g) Not applicable. (h) Not applicable. Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of four Independent Trustees. Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short is the Chairman of the Audit Committee. Item 6. SCHEDULE OF INVESTMENTS. Information included in Item 1. Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None. Item 11. 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(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. EXHIBITS. (a)(1) The code of ethics is attached as EX-99.CODE ETH (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT. (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT. 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 (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO --------------------------------------- Date March 10, 2015 ---------------- 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 (Signature and Title) /s/ Jan F. van Eck, CEO -------------------------- Date March 10, 2015 ---------------- By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO ------------------------------------------ Date March 10, 2015 ----------------