UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER: 811-10325
MARKET VECTORS ETF TRUST
(Exact name of registrant as specified in its charter)
| 335 Madison Avenue - 19th Floor, New York, N.Y. | 10017 | |||
| (Address of principal executive offices) | (Zip Code) |
John J. Crimmins
Treasurer & Chief Financial Officer
Market Vectors ETF Trust
335 Madison Avenue - 19th Floor
New York, N.Y. 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212)293-2000
Date of fiscal year end: September 30,
Date of reporting period: December 31, 2013
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. Schedule of Investments.
BANK AND BROKERAGE ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number of Shares |
Value | ||||||
| COMMON STOCKS: 98.8% | |||||||
| Brazil: 1.5% | |||||||
| 15,178 | Banco Bradesco S.A. (ADR) | $ | 190,180 | ||||
| 7,505 | Banco Santander S.A. (ADR) | 45,781 | |||||
| 235,961 | |||||||
| Canada: 15.0% | |||||||
| 4,892 | Bank of Montreal (USD) | 326,101 | |||||
| 9,180 | Bank of Nova Scotia (USD) | 574,209 | |||||
| 11,571 | Royal Bank of Canada (USD) | 777,918 | |||||
| 6,983 | Toronto-Dominion Bank (USD) † | 658,078 | |||||
| 2,336,306 | |||||||
| Germany: 2.3% | |||||||
| 7,356 | Deutsche Bank AG (USD) † | 354,853 | |||||
| India: 0.5% | |||||||
| 2,148 | ICICI Bank Ltd. (ADR) | 79,841 | |||||
| Japan: 4.6% | |||||||
| 107,571 | Mitsubishi UFJ Financial Group, Inc. (ADR) | 718,574 | |||||
| Netherlands: 2.6% | |||||||
| 29,164 | ING Groep N.V. (ADR) * | 408,588 | |||||
| Spain: 8.1% | |||||||
| 43,475 | Banco Bilbao Vizcaya Argentaria S.A. (ADR) † | 538,655 | |||||
| 79,378 | Banco Santander S.A. (ADR) † | 719,959 | |||||
| 1,258,614 | |||||||
| Switzerland: 5.4% | |||||||
| 10,038 | Credit Suisse Group AG (ADR) | 311,580 | |||||
| 27,408 | UBS AG (USD)* | 527,604 | |||||
| 839,184 | |||||||
| United Kingdom: 12.5% | |||||||
| 26,907 | Barclays Plc (ADR) | 487,824 | |||||
| 26,379 | HSBC Holdings Plc (ADR) | 1,454,274 | |||||
| 1,942,098 | |||||||
| United States: 46.3% | |||||||
| 75,036 | Bank of America Corp. | 1,168,311 | |||||
| 9,791 | Charles Schwab Corp. | 254,566 | |||||
| 21,337 | Citigroup, Inc. | 1,111,871 | |||||
| 3,442 | Goldman Sachs Group, Inc. | 610,129 | |||||
| 26,446 | JPMorgan Chase & Co. | 1,546,562 | |||||
| 9,188 | Morgan Stanley | 288,136 | |||||
| 13,870 | U.S. Bancorp | 560,348 | |||||
| 37,057 | Wells Fargo & Co. | 1,682,388 | |||||
| 7,222,311 | |||||||
| Total Common Stocks (Cost: $14,031,927) | 15,396,330 | ||||||
| PREFERRED STOCK: 1.5% | |||||||
| Brazil: 1.5% (Cost: $278,033) |
|||||||
| 17,727 | Itau Unibanco Holding S.A. (ADR) | 240,555 | |||||
| MONEY MARKET FUND: 0.2% (Cost: $28,193) |
|||||||
| 28,193 | Dreyfus Government Cash Management Fund | 28,193 | |||||
| Total Investments Before Collateral for Securities Loaned: 100.5% | |||||||
| (Cost: $14,338,153) | 15,665,078 | ||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL
FOR SECURITIES LOANED: 10.8% (Cost: $1,683,162) |
|||||||
| 1,683,162 | Bank of New York Overnight Government Fund | 1,683,162 | |||||
| Total
Investments: 111.3% (Cost: $16,021,315) |
17,348,240 | ||||||
| Liabilities in excess of other assets: (11.3)% | (1,766,957 | ) | |||||
| NET ASSETS: 100.0% | $ | 15,581,283 | |||||
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,640,154. |
| Summary of Investments by Sector
Excluding Collateral for Securities Loaned (unaudited) |
% of Investments | Value | ||||||
| Commercial Banking Institution | 26.5 | % | $ | 4,151,277 | ||||
| Diversified Banking Institution | 54.8 | 8,579,718 | ||||||
| Finance - Investment Banker / Broker | 1.6 | 254,566 | ||||||
| Life & Health Insurance | 2.6 | 408,588 | ||||||
| Super - Regional Banks | 14.3 | 2,242,736 | ||||||
| Money Market Fund | 0.2 | 28,193 | ||||||
| 100.0 | % | $ | 15,665,078 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level
1 Quoted Prices | Level
2 Significant Observable Inputs | Level
3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 15,396,330 | $ | — | $ | — | $ | 15,396,330 | ||||||||
| Preferred Stock | 240,555 | — | — | 240,555 | ||||||||||||
| Money Market Funds | 1,711,355 | — | — | 1,711,355 | ||||||||||||
| Total | $ | 17,348,240 | $ | — | $ | — | $ | 17,348,240 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Schedules of Investments
BIOTECH ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Ireland: 3.2% | ||||||||
| 367,736 | Alkermes Plc (USD) * | $ | 14,952,146 | |||||
| Netherlands: 3.2% | ||||||||
| 644,488 | Qiagen N.V. (USD) * | 15,345,259 | ||||||
| United States: 93.6% | ||||||||
| 184,363 | Alexion Pharmaceuticals, Inc. * | 24,531,341 | ||||||
| 464,427 | Amgen, Inc. | 53,018,986 | ||||||
| 587,718 | Arena Pharmaceuticals, Inc. * † | 3,438,150 | ||||||
| 499,204 | Ariad Pharmaceuticals, Inc. * † | 3,404,571 | ||||||
| 145,472 | Biogen Idec, Inc. * | 40,695,792 | ||||||
| 214,139 | BioMarin Pharmaceutical, Inc. * | 15,047,548 | ||||||
| 253,772 | Celgene Corp. * | 42,877,317 | ||||||
| 182,399 | Cepheid, Inc. * † | 8,521,681 | ||||||
| 129,383 | Charles River Laboratories International, Inc. * | 6,862,474 | ||||||
| 87,599 | Covance, Inc. * | 7,713,968 | ||||||
| 199,141 | Cubist Pharmaceuticals, Inc. * | 13,714,841 | ||||||
| 944,308 | Gilead Sciences, Inc. * | 70,964,746 | ||||||
| 203,271 | Illumina, Inc. * | 22,485,838 | ||||||
| 424,146 | Incyte Corp. * | 21,474,512 | ||||||
| 312,108 | Isis Pharmaceuticals, Inc. * | 12,434,383 | ||||||
| 202,890 | Medivation, Inc. * | 12,948,440 | ||||||
| 201,001 | Myriad Genetics, Inc. * † | 4,217,001 | ||||||
| 95,136 | Pharmacyclics, Inc. * | 10,063,486 | ||||||
| 74,722 | Regeneron Pharmaceuticals, Inc. * | 20,566,483 | ||||||
| 111,974 | Seattle Genetics, Inc. * | 4,466,643 | ||||||
| 139,719 | Theravance, Inc. * | 4,980,983 | ||||||
| 135,054 | United Therapeutics Corp. * | 15,271,906 | ||||||
| 313,353 | Vertex Pharmaceuticals, Inc. * | 23,282,128 | ||||||
| 442,983,218 | ||||||||
| Total Common Stocks (Cost: $381,291,263) | 473,280,623 | |||||||
| MONEY MARKET FUND: 0.0% (Cost: $98,201) | ||||||||
| 98,201 | Dreyfus Government Cash Management Fund | 98,201 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.0% | ||||||||
| (Cost: $381,389,464) | 473,378,824 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.8% | ||||||||
| Repurchase Agreements: 2.8% | ||||||||
| $3,160,328 | Repurchase agreement dated 12/31/2013 with Citigroup Global Markets, Inc., 0.02% due 1/2/2014, proceeds $3,160,332; (collateralized by various U.S. government and agency obligations, 2.08% to 11.00%, due 12/15/2015 to 8/15/2053, valued at $3,223,534 including accrued interest) | 3,160,328 | ||||||
| 3,160,328 | Repurchase agreement dated 12/31/2013 with Deutsche Bank, Inc., 0.03% due 1/2/2014, proceeds $3,160,333; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 1/24/2014 to 2/1/2047, valued at $3,223,536 including accrued interest) | 3,160,328 | ||||||
| 665,322 | Repurchase agreement dated 12/31/2013 with HSBC Securities USA, Inc., 0.01% due 1/2/2014, proceeds $665,322; (collateralized by various U.S. government obligations, 1.00% to 4.38%, due 2/28/2015 to 11/15/2040, valued at $678,632 including accrued interest) | 665,322 | ||||||
| 3,160,328 | Repurchase agreement dated 12/31/2013 with JP Morgan Securities LLC, 0.00% due 1/2/2014, proceeds $3,160,328; (collateralized by various U.S. government and agency obligations, 2.50% to 7.50%, due 12/1/2014 to 11/1/2052, valued at $3,223,610 including accrued interest) | 3,160,328 | ||||||
| 3,160,328 | Repurchase agreement dated 12/31/2013 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.01% due 1/2/2014, proceeds $3,160,330; (collateralized by various U.S. government and agency obligations, 1.36% to 7.00%, due 6/1/2017 to 9/1/2044, valued at $3,223,535 including accrued interest) | 3,160,328 | ||||||
| Total
Short-Term Investments Held as Collateral for Securities Loaned (Cost: $13,306,634) | 13,306,634 | |||||||
| Total
Investments: 102.8% (Cost: $394,696,098) | 486,685,458 | |||||||
| Liabilities in excess of other assets: (2.8)% | (13,413,261 | ) | ||||||
| NET ASSETS: 100.0% | $ | 473,272,197 | ||||||
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $13,005,652. |
| Summary of
Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Diagnostic Equipment | 1.8 | % | $ | 8,521,681 | ||||
| Diagnostic Kits | 3.3 | 15,345,259 | ||||||
| Medical - Biomedical / Genetics | 78.4 | 371,272,729 | ||||||
| Medical - Drugs | 5.9 | 27,900,586 | ||||||
| Medical Labs & Testing Service | 1.6 | 7,713,968 | ||||||
| Therapeutics | 9.0 | 42,526,400 | ||||||
| Money Market Fund | 0.0 | 98,201 | ||||||
| 100.0 | % | $ | 473,378,824 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 473,280,623 | $ | — | $ | — | $ | 473,280,623 | ||||||||
| Money Market Funds | 98,201 | — | — | 98,201 | ||||||||||||
| Repurchase Agreements | — | 13,306,634 | — | 13,306,634 | ||||||||||||
| Total | $ | 473,378,824 | $ | 13,306,634 | $ | — | $ | 486,685,458 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Schedules of Investments
ENVIRONMENTAL SERVICES ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number
of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Canada: 2.5% | ||||||||
| 19,691 | Progressive Waste Solutions Ltd. (USD) | $ | 487,352 | |||||
| France: 10.3% | ||||||||
| 123,549 | Veolia Environnement S.A. (ADR) † | 2,021,262 | ||||||
| United States: 87.2% | ||||||||
| 17,086 | ABM Industries, Inc. | 488,489 | ||||||
| 8,728 | Advanced Emissions Solutions, Inc. * | 473,319 | ||||||
| 23,751 | Calgon Carbon Corp. * | 488,558 | ||||||
| 14,134 | Cantel Medical Corp. | 479,284 | ||||||
| 69,266 | Casella Waste Systems, Inc. * | 401,743 | ||||||
| 28,424 | Ceco Environmental Corp. | 459,616 | ||||||
| 7,674 | Clarcor, Inc. | 493,822 | ||||||
| 8,247 | Clean Harbors, Inc. * | 494,490 | ||||||
| 27,511 | Covanta Holding Corp. | 488,320 | ||||||
| 23,287 | Darling International, Inc. * | 486,233 | ||||||
| 11,234 | Donaldson Company, Inc. | 488,230 | ||||||
| 70,772 | Energy Recovery, Inc. * | 393,492 | ||||||
| 49,829 | Fuel Tech, Inc. * | 353,288 | ||||||
| 24,130 | Layne Christensen Co. * † | 412,140 | ||||||
| 40,694 | Newpark Resources, Inc. * | 500,129 | ||||||
| 29,524 | Nuverra Environmental Solutions * † | 495,708 | ||||||
| 224,518 | Rentech, Inc. * | 392,906 | ||||||
| 57,979 | Republic Services, Inc. | 1,924,903 | ||||||
| 15,755 | Schnitzer Steel Industries, Inc. | 514,716 | ||||||
| 16,906 | Stericycle, Inc. * | 1,963,970 | ||||||
| 10,150 | Steris Corp. | 487,707 | ||||||
| 7,211 | Tennant Co. | 488,978 | ||||||
| 8,635 | Tenneco, Inc. * | 488,482 | ||||||
| 17,490 | Tetra Tech, Inc. * | 489,370 | ||||||
| 13,173 | US Ecology, Inc. | 489,904 | ||||||
| 11,228 | Waste Connections, Inc. | 489,878 | ||||||
| 43,484 | Waste Management, Inc. | 1,951,127 | ||||||
| 17,078,802 | ||||||||
| Total
Common Stocks (Cost: $17,947,391) | 19,587,416 | |||||||
| MONEY
MARKET FUND: 1.1% (Cost: $223,605) | ||||||||
| 223,605 | Dreyfus Government Cash Management Fund | 223,605 | ||||||
| Total Investments Before Collateral for Securities Loaned: 101.1% | ||||||||
| (Cost: $18,170,996) | 19,811,021 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.2% (Cost: $1,209,254) | ||||||||
| 1,209,254 | Bank of New York Overnight Government Fund | 1,209,254 | ||||||
| Total Investments: 107.3% (Cost: $19,380,250) | 21,020,275 | |||||||
| Liabilities in excess of other assets: (7.3)% | (1,432,255 | ) | ||||||
| NET ASSETS: 100.0% | $ | 19,588,020 | ||||||
| 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 $922,075. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Agricultural Chemicals | 2.0 | % | $ | 392,906 | ||||
| Air Pollution Control Equipment | 2.3 | 459,616 | ||||||
| Alternative Waste Technology | 4.9 | 974,791 | ||||||
| Automobile / Truck Parts & Equipment | 2.4 | 488,482 | ||||||
| Building - Maintenance & Service | 2.5 | 488,489 | ||||||
| Building & Construction | 2.1 | 412,140 | ||||||
| Environment Consulting & Engineering | 2.5 | 489,370 | ||||||
| Filtration & Separate Products | 4.9 | 982,052 | ||||||
| Hazardous Waste Disposal | 14.9 | 2,948,364 | ||||||
| Machinery - General Industry | 2.5 | 488,978 | ||||||
| Medical Products | 4.9 | 966,991 | ||||||
| Non - Hazardous Waste Disposal | 29.0 | 5,743,323 | ||||||
| Oil - Field Services | 2.5 | 500,129 | ||||||
| Pollution Control | 4.2 | 826,607 | ||||||
| Steel - Producers | 2.6 | 514,716 | ||||||
| Water | 10.2 | 2,021,262 | ||||||
| Water Treatment Systems | 4.5 | 889,200 | ||||||
| Money Market Fund | 1.1 | 223,605 | ||||||
| 100.0 | % | $ | 19,811,021 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 19,587,416 | $ | — | $ | — | $ | 19,587,416 | ||||||||
| Money Market Funds | 1,432,859 | — | — | 1,432,859 | ||||||||||||
| Total | $ | 21,020,275 | $ | — | $ | — | $ | 21,020,275 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Schedules of Investments
GAMING ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 98.3% | ||||||||
| Australia: 8.0% | ||||||||
| 160,498 | Aristocrat Leisure Ltd. # | $ | 675,665 | |||||
| 154,515 | Crown Ltd. # | 2,335,853 | ||||||
| 305,496 | Echo Entertainment Group Ltd. # | 674,263 | ||||||
| 293,963 | TABCORP Holdings Ltd. # | 956,317 | ||||||
| 699,105 | Tatts Group Ltd. # | 1,942,027 | ||||||
| 6,584,125 | ||||||||
| China / Hong Kong: 30.4% | ||||||||
| 624,240 | Galaxy Entertainment Group Ltd. * # | 5,620,595 | ||||||
| 90,197 | Melco Crown Entertainment Ltd. (ADR) * | 3,537,526 | ||||||
| 326,400 | Melco International Development Ltd. # | 1,204,099 | ||||||
| 599,700 | MGM China Holdings Ltd. # | 2,566,820 | ||||||
| 794,400 | Sands China Ltd. # | 6,510,836 | ||||||
| 658,000 | SJM Holdings Ltd. # | 2,212,003 | ||||||
| 742,000 | Wynn Macau Ltd. # | 3,373,105 | ||||||
| 25,024,984 | ||||||||
| Greece: 1.6% | ||||||||
| 52,542 | Intralot S.A. # | 133,312 | ||||||
| 88,128 | OPAP S.A. # | 1,175,359 | ||||||
| 1,308,671 | ||||||||
| Ireland: 2.1% | ||||||||
| 20,358 | Paddy Power Plc # | 1,740,300 | ||||||
| Italy: 0.9% | ||||||||
| 24,888 | GTECH S.p.A. # | 759,743 | ||||||
| Japan: 4.7% | ||||||||
| 30,379 | Sankyo Co. Ltd. # | 1,403,846 | ||||||
| 95,900 | Sega Sammy Holdings, Inc. # | 2,448,796 | ||||||
| 3,852,642 | ||||||||
| Malaysia: 7.5% | ||||||||
| 381,683 | Berjaya Sports Toto Bhd | 471,933 | ||||||
| 1,093,538 | Genting Bhd # | 3,429,883 | ||||||
| 1,426,898 | Genting Malaysia Bhd # | 1,910,283 | ||||||
| 394,300 | Magnum Bhd | 380,396 | ||||||
| 6,192,495 | ||||||||
| New Zealand: 1.1% | ||||||||
| 286,139 | Sky City Entertainment Group Ltd. # | 878,897 | ||||||
| Singapore: 4.2% | ||||||||
| 2,895,400 | Genting Singapore Plc # | 3,441,401 | ||||||
| South Africa: 0.5% | ||||||||
| 47,295 | Sun International Ltd. | 430,334 | ||||||
| South Korea: 2.4% | ||||||||
| 54,886 | Kangwon Land, Inc. # | 1,611,592 | ||||||
| 14,357 | Paradise Co. Ltd. # | 360,140 | ||||||
| 1,971,732 | ||||||||
| Sweden: 0.5% | ||||||||
| 14,252 | Betsson A.B. # | 452,969 | ||||||
| United Kingdom: 8.4% | ||||||||
| 293,188 | Bwin.Party Digital Entertainment Plc # | 599,207 | ||||||
| 180,428 | IG Group Holdings Plc # | 1,843,638 | ||||||
| 453,462 | Ladbrokes Plc # | 1,347,842 | ||||||
| 75,194 | Playtech Ltd. # | 918,810 | ||||||
| 325,133 | William Hill Plc # | 2,167,837 | ||||||
| 6,877,334 | ||||||||
| United States: 26.0% | ||||||||
| 19,226 | Bally Technologies, Inc. * | 1,508,280 | ||||||
| 30,849 | Boyd Gaming Corp. * | 347,360 | ||||||
| 32,297 | Global Cash Access Holdings, Inc. * | 322,647 | ||||||
| 128,660 | International Game Technology | 2,336,466 | ||||||
| 82,225 | Las Vegas Sands Corp. | 6,485,086 | ||||||
| 128,135 | MGM Mirage * | 3,013,735 | ||||||
| 24,421 | Penn National Gaming, Inc. * | 349,953 | ||||||
| 29,204 | Pinnacle Entertainment, Inc. * | 759,012 | ||||||
| 21,436 | Scientific Games Corp. * | 362,911 | ||||||
| 30,463 | Wynn Resorts Ltd. | 5,916,219 | ||||||
| 21,401,669 | ||||||||
| Total Common Stocks (Cost: $55,365,464) | 80,917,296 | |||||||
| REAL ESTATE INVESTMENT TRUSTS: 1.7% (Cost: $970,447) |
||||||||
| United States: 1.7% | ||||||||
| 28,107 | Gaming and Leisure Properties, Inc. * | 1,428,117 | ||||||
| MONEY MARKET FUND: 0.1% (Cost: $80,428) |
||||||||
| 80,428 | Dreyfus Government Cash Management Fund | 80,428 | ||||||
| Total Investments: 100.1% (Cost: $56,416,339) | 82,425,841 | |||||||
| Liabilities in excess of other assets: (0.1)% | (68,212 | ) | ||||||
| NET ASSETS: 100.0% | $ | 82,357,629 | ||||||
| ADR | American Depositary Receipt |
| * | 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 $54,695,438 which represents 66.4% of net assets. |
| Summary of Investments by Sector (unaudited) |
% of Investments | Value | ||||||
| Casino Hotels | 61.7 | % | $ | 50,854,390 | ||||
| Casino Services | 9.8 | 8,075,425 | ||||||
| Commercial Services - Finance | 0.4 | 322,647 | ||||||
| Computer Software | 1.1 | 918,810 | ||||||
| Diversified Operations | 1.9 | 1,584,495 | ||||||
| Finance - Other Services | 2.2 | 1,843,638 | ||||||
| Gambling (Non-Hotel) | 14.1 | 11,588,068 | ||||||
| Internet Gambling | 1.3 | 1,052,176 | ||||||
| Leisure & Recreation Products | 3.0 | 2,448,796 | ||||||
| Lottery Services | 4.0 | 3,307,015 | ||||||
| Racetracks | 0.4 | 349,953 | ||||||
| Money Market Fund | 0.1 | 80,428 | ||||||
| 100.0 | % | $ | 82,425,841 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 6,584,125 | $ | — | $ | 6,584,125 | ||||||||
| China / Hong Kong | 3,537,526 | 21,487,458 | — | 25,024,984 | ||||||||||||
| Greece | — | 1,308,671 | — | 1,308,671 | ||||||||||||
| Ireland | — | 1,740,300 | — | 1,740,300 | ||||||||||||
| Italy | — | 759,743 | — | 759,743 | ||||||||||||
| Japan | — | 3,852,642 | — | 3,852,642 | ||||||||||||
| Malaysia | 852,329 | 5,340,166 | — | 6,192,495 | ||||||||||||
| New Zealand | — | 878,897 | — | 878,897 | ||||||||||||
| Singapore | — | 3,441,401 | — | 3,441,401 | ||||||||||||
| South Africa | 430,334 | — | — | 430,334 | ||||||||||||
| South Korea | — | 1,971,732 | — | 1,971,732 | ||||||||||||
| Sweden | — | 452,969 | — | 452,969 | ||||||||||||
| United Kingdom | — | 6,877,334 | — | 6,877,334 | ||||||||||||
| United States | 21,401,669 | — | — | 21,401,669 | ||||||||||||
| Real Estate Investment Trust | 1,428,117 | — | — | 1,428,117 | ||||||||||||
| Money Market Funds | 80,428 | — | — | 80,428 | ||||||||||||
| Total | $ | 27,730,403 | $ | 54,695,438 | $ | — | $ | 82,425,841 | ||||||||
During the period ended December 31, 2013, transfers of securities from Level 2 to Level 1 were $343,806. 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 Schedules of Investments
PHARMACEUTICAL ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Denmark: 4.5% | ||||||||
| 64,235 | Novo-Nordisk A.S. (ADR) | $ | 11,868,059 | |||||
| France: 5.2% | ||||||||
| 252,513 | Sanofi S.A. (ADR) | 13,542,272 | ||||||
| Ireland: 3.3% | ||||||||
| 60,894 | Shire Plc (ADR) | 8,603,713 | ||||||
| Israel: 4.3% | ||||||||
| 285,458 | Teva Pharmaceutical Industries Ltd. (ADR) | 11,441,157 | ||||||
| Switzerland: 7.7% | ||||||||
| 252,437 | Novartis A.G. (ADR) | 20,290,886 | ||||||
| United Kingdom: 9.6% | ||||||||
| 202,357 | AstraZeneca Plc (ADR) | 12,013,935 | ||||||
| 246,131 | GlaxoSmithKline Plc (ADR) | 13,140,934 | ||||||
| 25,154,869 | ||||||||
| United States: 65.6% | ||||||||
| 311,445 | Abbott Laboratories | 11,937,687 | ||||||
| 240,337 | AbbVie, Inc. | 12,692,197 | ||||||
| 62,329 | Actavis Plc * | 10,471,272 | ||||||
| 106,425 | Allergan, Inc. | 11,821,689 | ||||||
| 249,922 | Bristol-Myers Squibb Co. | 13,283,354 | ||||||
| 227,944 | Eli Lilly & Co. | 11,625,144 | ||||||
| 41,146 | Endo Pharmaceuticals Holdings, Inc. * | 2,775,709 | ||||||
| 96,485 | Forest Laboratories, Inc. * | 5,791,995 | ||||||
| 59,406 | Hospira, Inc. * | 2,452,280 | ||||||
| 263,187 | Johnson & Johnson | 24,105,297 | ||||||
| 272,561 | Merck & Co., Inc. | 13,641,678 | ||||||
| 137,115 | Mylan, Inc. * | 5,950,791 | ||||||
| 41,556 | Perrigo Co. Plc | 6,377,184 | ||||||
| 604,563 | Pfizer, Inc. | 18,517,765 | ||||||
| 11,316 | Questcor Pharmaceuticals, Inc. † | 616,156 | ||||||
| 22,527 | Salix Pharmaceuticals Ltd. * | 2,026,078 | ||||||
| 106,984 | Valeant Pharmaceuticals International, Inc. * | 12,559,922 | ||||||
| 166,537 | Zoetis, Inc. | 5,444,094 | ||||||
| 172,090,292 | ||||||||
| Total Common Stocks (Cost: $233,258,753) | 262,991,248 | |||||||
| MONEY MARKET FUND: 0.5% (Cost: $1,443,333) | ||||||||
| 1,443,333 | Dreyfus Government Cash Management Fund | 1,443,333 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.7% | ||||||||
| (Cost: $234,702,086) | 264,434,581 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% | ||||||||
| Repurchase Agreements: 0.2% (Cost: $481,332) | ||||||||
| $481,332 | Repurchase agreement dated 12/31/2013 with RBS Securities, Inc., 0.01% due 1/2/2014, proceeds $481,332; (collateralized by various U.S. government obligations, 0.13% to 3.88%, due 1/15/2014 to 2/15/2043, valued at $490,960 including accrued interest) | 481,332 | ||||||
| Total Investments: 100.9% (Cost: $235,183,418) | 264,915,913 | |||||||
| Liabilities in excess of other assets: (0.9)% | (2,419,337 | ) | ||||||
| NET ASSETS: 100.0% | $ | 262,496,576 | ||||||
| ADR | American Depositary Receipt |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $470,109. |
| Summary of Investments by Sector
Excluding Collateral for Securities Loaned (unaudited) |
% of Investments | Value | ||||||
| Medical - Drugs | 85.4 | % | $ | 225,682,408 | ||||
| Medical - Generic Drugs | 13.0 | 34,240,404 | ||||||
| Medical Products | 0.9 | 2,452,280 | ||||||
| Therapeutics | 0.2 | 616,156 | ||||||
| Money Market Fund | 0.5 | 1,443,333 | ||||||
| 100.0 | % | $ | 264,434,581 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 262,991,248 | $ | — | $ | — | $ | 262,991,248 | ||||||||
| Money Market Fund | 1,443,333 | — | — | 1,443,333 | ||||||||||||
| Repurchase Agreement | — | 481,332 | — | 481,332 | ||||||||||||
| Total | $ | 264,434,581 | $ | 481,332 | $ | — | $ | 264,915,913 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Schedules of Investments
RETAIL ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| United States: 99.9% | ||||||||
| 9,078 | Amazon.com, Inc. * | $ | 3,620,216 | |||||
| 15,921 | AmerisourceBergen Corp. | 1,119,405 | ||||||
| 2,332 | AutoZone, Inc. * | 1,114,556 | ||||||
| 14,863 | Bed Bath & Beyond, Inc. * | 1,193,499 | ||||||
| 13,889 | Best Buy Co., Inc. | 553,893 | ||||||
| 23,636 | Cardinal Health, Inc. | 1,579,121 | ||||||
| 16,877 | Costco Wholesale Corp. | 2,008,532 | ||||||
| 31,471 | CVS Caremark Corp. | 2,252,379 | ||||||
| 18,619 | Dollar General Corp. * | 1,123,098 | ||||||
| 37,233 | Home Depot, Inc. | 3,065,765 | ||||||
| 14,821 | Kohl’s Corp. | 841,092 | ||||||
| 36,019 | Kroger Co. | 1,423,831 | ||||||
| 13,862 | L Brands, Inc. | 857,365 | ||||||
| 42,294 | Lowe’s Cos., Inc. | 2,095,668 | ||||||
| 25,504 | MACY’S, Inc. | 1,361,914 | ||||||
| 11,374 | McKesson Corp. | 1,835,764 | ||||||
| 14,875 | Ross Stores, Inc. | 1,114,584 | ||||||
| 45,242 | Staples, Inc. | 718,895 | ||||||
| 40,253 | Sysco Corp. | 1,453,133 | ||||||
| 28,618 | Target Corp. | 1,810,661 | ||||||
| 17,091 | The Gap, Inc. | 667,916 | ||||||
| 32,616 | TJX Cos., Inc. | 2,078,618 | ||||||
| 34,690 | Walgreen Co. | 1,992,594 | ||||||
| 43,631 | Wal-Mart Stores, Inc. | 3,433,323 | ||||||
| 25,757 | Whole Foods Market, Inc. | 1,489,527 | ||||||
| Total Common Stocks (Cost: $38,293,656) | 40,805,349 | |||||||
| MONEY
MARKET FUND: 0.1% (Cost: $47,049) | ||||||||
| 47,049 | Dreyfus Government Cash Management Fund | 47,049 | ||||||
| Total Investments: 100.0% (Cost: $38,340,705) | 40,852,398 | |||||||
| Other assets less liabilities: 0.0% | 12,030 | |||||||
| NET ASSETS: 100.0% | $ | 40,864,428 | ||||||
* Non-income producing
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| E-Commerce / Products | 8.9 | % | $ | 3,620,216 | ||||
| Food - Retail | 7.1 | 2,913,358 | ||||||
| Food - Wholesale / Distribution | 3.6 | 1,453,133 | ||||||
| Medical - Wholesale Drug Distributors | 11.1 | 4,534,290 | ||||||
| Retail - Apparel / Shoes | 6.5 | 2,639,865 | ||||||
| Retail - Auto Parts | 2.7 | 1,114,556 | ||||||
| Retail - Bedding | 2.9 | 1,193,499 | ||||||
| Retail - Building Products | 12.6 | 5,161,433 | ||||||
| Retail - Consumer Electronics | 1.3 | 553,893 | ||||||
| Retail - Discount | 20.5 | 8,375,614 | ||||||
| Retail - Drug Store | 10.4 | 4,244,973 | ||||||
| Retail - Major Department Store | 5.1 | 2,078,618 | ||||||
| Retail - Office Supplies | 1.8 | 718,895 | ||||||
| Retail - Regional Department Store | 5.4 | 2,203,006 | ||||||
| Money Market Fund | 0.1 | 47,049 | ||||||
| 100.0 | % | $ | 40,852,398 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks* | $ | 40,805,349 | $ | — | $ | — | $ | 40,805,349 | ||||||||
| Money Market Funds | 47,049 | — | — | 47,049 | ||||||||||||
| Total | $ | 40,852,398 | $ | — | $ | — | $ | 40,852,398 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Schedules of Investments
SEMICONDUCTOR ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Bermuda: 1.4% | ||||||||
| 291,887 | Marvell Technology Group Ltd. (USD) | $ | 4,197,335 | |||||
| Netherlands: 4.9% | ||||||||
| 159,969 | ASML Holding N.V. (USD) | 14,989,095 | ||||||
| Singapore: 2.8% | ||||||||
| 159,460 | Avago Technologies Ltd. (USD) | 8,433,839 | ||||||
| Taiwan: 12.3% | ||||||||
| 2,155,785 | Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 37,596,890 | ||||||
| United Kingdom: 4.9% | ||||||||
| 271,230 | ARM Holdings Plc (ADR) | 14,847,130 | ||||||
| United States: 73.7% | ||||||||
| 486,066 | Advanced Micro Devices, Inc. * † | 1,881,075 | ||||||
| 272,036 | Altera Corp. | 8,849,331 | ||||||
| 263,548 | Analog Devices, Inc. | 13,422,500 | ||||||
| 779,803 | Applied Materials, Inc. | 13,794,715 | ||||||
| 360,919 | Atmel Corp. * | 2,825,996 | ||||||
| 383,521 | Broadcom Corp. | 11,371,398 | ||||||
| 102,242 | Cree, Inc. * | 6,397,282 | ||||||
| 2,382,031 | Intel Corp. | 61,837,525 | ||||||
| 141,169 | KLA-Tencor Corp. | 9,099,754 | ||||||
| 137,636 | Lam Research Corp. * | 7,494,280 | ||||||
| 198,374 | Linear Technology Corp. | 9,035,936 | ||||||
| 239,534 | Maxim Integrated Products, Inc. | 6,685,394 | ||||||
| 168,047 | Microchip Technology, Inc. † | 7,520,103 | ||||||
| 653,382 | Micron Technology, Inc. * | 14,217,592 | ||||||
| 482,134 | NVIDIA Corp. | 7,723,787 | ||||||
| 376,794 | ON Semiconductor Corp. * | 3,104,783 | ||||||
| 159,630 | Skyworks Solutions, Inc. * | 4,559,033 | ||||||
| 162,354 | Teradyne, Inc. * | 2,860,677 | ||||||
| 484,227 | Texas Instruments, Inc. | 21,262,408 | ||||||
| 227,278 | Xilinx, Inc. | 10,436,606 | ||||||
| 224,380,175 | ||||||||
| Total Common Stocks (Cost: $308,209,184) | 304,444,464 | |||||||
| MONEY MARKET FUND: 0.1% (Cost: $130,630) | ||||||||
| 130,630 | Dreyfus Government Cash Management Fund | 130,630 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $308,339,814) | 304,575,094 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.8% | ||||||||
| Repurchase Agreements: 1.8% | ||||||||
| $1,300,399 | Repurchase agreement dated 12/31/2013 with Citigroup Global Markets, Inc., 0.02% due 1/2/2014, proceeds $1,300,400; (collateralized by various U.S. government and agency obligations, 2.08% to 11.00%, due 12/15/2015 to 8/15/2053, valued at $1,326,407 including accrued interest) | 1,300,399 | ||||||
| 1,300,399 | Repurchase agreement dated 12/31/2013 with Deutsche Bank, Inc., 0.03% due 1/2/2014, proceeds $1,300,401; (collateralized by various U.S. government obligations, 0.00% to 8.00%, due 1/24/2014 to 2/1/2047, valued at $1,326,407 including accrued interest) | 1,300,399 | ||||||
| 273,764 | Repurchase agreement dated 12/31/2013 with HSBC Securities USA, Inc., 0.01% due 1/2/2014, proceeds $273,764; (collateralized by various U.S. government obligations, 1.00% to 4.38%, due 2/28/2015 to 11/15/2040, valued at $279,241 including accrued interest) | 273,764 | ||||||
| 1,300,399 | Repurchase agreement dated 12/31/2013 with JP Morgan Securities LLC, 0.00% due 1/2/2014, proceeds $1,300,399; (collateralized by various U.S. government and agency obligations, 2.50% to 7.50%, due 12/1/2014 to 11/1/2052, valued at $1,326,438 including accrued interest) | 1,300,399 | ||||||
| 1,300,399 | Repurchase agreement dated 12/31/2013 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.01% due 1/2/2014, proceeds $1,300,400; (collateralized by various U.S. government and agency obligations, 1.36% to 7.00%, due 6/1/2017 to 9/1/2044, valued at $1,326,407 including accrued interest) | 1,300,399 | ||||||
| Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $5,475,360) | 5,475,360 | |||||||
| Total Investments: 101.9% (Cost: $313,815,174) | 310,050,454 | |||||||
| Liabilities in excess of other assets: (1.9)% | (5,674,306 | ) | ||||||
| NET ASSETS: 100.0% | $ | 304,376,148 | ||||||
| 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 $5,332,068. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Electronic Component - Semiconductors | 59.9 | % | $ | 182,441,892 | ||||
| Semiconductor Component - Integrated Circuits | 24.2 | 73,764,051 | ||||||
| Semiconductor Equipment | 15.9 | 48,238,521 | ||||||
| Money Market Fund | 0.0 | 130,630 | ||||||
| 100.0 | % | $ | 304,575,094 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks* | $ | 304,444,464 | $ | — | $ | — | $ | 304,444,464 | ||||||||
| Money Market Funds | 130,630 | — | — | 130,630 | ||||||||||||
| Repurchase Agreements | — | 5,475,360 | — | 5,475,360 | ||||||||||||
| Total | $ | 304,575,094 | $ | 5,475,360 | $ | — | $ | 310,050,454 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
See Notes to Schedules of Investments
WIDE MOAT ETF
SCHEDULE OF INVESTMENTS
December 31, 2013 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Basic Materials: 5.2% | ||||||||
| 352,728 | Compass Minerals International, Inc. | $ | 28,235,876 | |||||
| Communications: 5.1% | ||||||||
| 504,334 | eBay, Inc. * | 27,682,893 | ||||||
| Consumer, Cyclical: 4.9% | ||||||||
| 271,967 | McDonald’s Corp. | 26,388,958 | ||||||
| Consumer, Non-cyclical: 39.3% | ||||||||
| 386,854 | Baxter International, Inc. | 26,905,696 | ||||||
| 645,593 | Coca-Cola Co. | 26,669,447 | ||||||
| 518,363 | Eli Lilly & Co. | 26,436,513 | ||||||
| 385,302 | Express Scripts Holding Co. * | 27,063,612 | ||||||
| 70,668 | Intuitive Surgical, Inc. * | 27,142,165 | ||||||
| 700,965 | Sysco Corp. | 25,304,837 | ||||||
| 1,562,590 | The Western Union Co. | 26,954,678 | ||||||
| 802,348 | Weight Watchers International, Inc. † | 26,421,320 | ||||||
| 212,898,268 | ||||||||
| Energy: 15.4% | ||||||||
| 795,206 | Kinder Morgan, Inc. | 28,627,416 | ||||||
| 300,765 | Schlumberger Ltd. | 27,101,934 | ||||||
| 782,005 | Spectra Energy Corp. | 27,855,018 | ||||||
| 83,584,368 | ||||||||
| Financial: 4.9% | ||||||||
| 226,250 | Berkshire Hathaway, Inc. * | 26,824,200 | ||||||
| Industrial: 4.9% | ||||||||
| 451,589 | CH Robinson Worldwide, Inc. | 26,345,702 | ||||||
| Technology: 15.7% | ||||||||
| 348,224 | Accenture Plc-CL A | 28,630,977 | ||||||
| 147,877 | International Business Machines Corp. | 27,737,289 | ||||||
| 749,647 | Oracle Corp. | 28,681,494 | ||||||
| 85,049,760 | ||||||||
| Utilities: 4.7% | ||||||||
| 924,945 | Exelon Corp. | 25,334,244 | ||||||
| Total Common Stocks (Cost: $528,283,662) |
542,344,269 | |||||||
| Principal Amount |
||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.8% | ||||||||
| Repurchase Agreements: 4.8% | ||||||||
| $1,284,328 | Repurchase agreement dated 12/31/2013 with Barclays Capital, 0.01% due 1/2/2014, proceeds $1,284,329; (collateralized by various U.S. government obligations, 0.00% to 4.75%, due 5/15/2014 to 8/15/2043, valued at $1,310,015 including accrued interest) | 1,284,328 | ||||||
| 6,100,628 | Repurchase agreement dated 12/31/2013 with Citigroup Global Markets, Inc., 0.02% due 1/2/2014, proceeds $6,100,635; (collateralized by various U.S. government and agency obligations, 2.08% to 11.00%, due 12/15/2015 to 8/15/2053, valued at $6,222,641 including accrued interest) | 6,100,628 | ||||||
| 6,100,628 | Repurchase agreement dated 12/31/2013 with Deutsche Bank, Inc., 0.03% due 1/2/2014, proceeds $6,100,638; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 1/24/2014 to 2/1/2047, valued at $6,222,643 including accrued interest) | 6,100,628 | ||||||
| 6,100,628 | Repurchase agreement dated 12/31/2013 with HSBC Securities USA, Inc., 0.01% due 1/2/2014, proceeds $6,100,631; (collateralized by U.S. government obligations, 0.88% due 9/15/2016 , valued at $6,222,662 including accrued interest) | 6,100,628 | ||||||
| 6,100,628 | Repurchase agreement dated 12/31/2013 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.01% due 1/2/2014, proceeds $6,100,631; (collateralized by various U.S. government and agency obligations, 1.36% to 7.00%, due 6/1/2017 to 9/1/2044, valued at $6,222,641 including accrued interest) | 6,100,628 | ||||||
| Total Short-Term Investments Held as Collateral
for Securities Loaned (Cost: $25,686,840) |
25,686,840 | |||||||
| Total Investments: 104.9% (Cost: $553,970,502) |
568,031,109 | |||||||
| Liabilities in excess of other assets: (4.9)% | (26,351,052 | ) | ||||||
| NET ASSETS: 100.0% | $ | 541,680,057 | ||||||
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $25,104,202. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Beverages - Non-Alcoholic | 4.9 | % | $ | 26,669,447 | ||||
| Commercial Services - Finance | 5.0 | 26,954,678 | ||||||
| Commercial Services - Other | 4.9 | 26,421,320 | ||||||
| Computer Services | 10.4 | 56,368,266 | ||||||
| Computer Software | 5.3 | 28,681,494 | ||||||
| E-Commerce / Products | 5.1 | 27,682,893 | ||||||
| Electric - Integrated | 4.7 | 25,334,244 | ||||||
| Food - Wholesale / Distribution | 4.7 | 25,304,837 | ||||||
| Medical - Drugs | 9.8 | 53,500,125 | ||||||
| Medical Products | 10.0 | 54,047,861 | ||||||
| Oil - Field Services | 5.0 | 27,101,934 | ||||||
| Pipelines | 10.4 | 56,482,434 | ||||||
| Quarrying | 5.2 | 28,235,876 | ||||||
| Reinsurance | 4.9 | 26,824,200 | ||||||
| Retail - Restaurants | 4.9 | 26,388,958 | ||||||
| Transport - Services | 4.8 | 26,345,702 | ||||||
| 100.0 | % | $ | 542,344,269 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stock* | $ | 542,344,269 | $ | — | $ | — | $ | 542,344,269 | ||||||||
| Repurchase Agreements | — | 25,686,840 | — | 25,686,840 | ||||||||||||
| Total | $ | 542,344,269 | $ | 25,686,840 | $ | — | $ | 568,031,109 | ||||||||
* See Schedule of Investments for security type and industry sector breakouts.
See Notes to Schedules of Investments
MARKET VECTORS ETF TRUST
NOTES TO SCHEDULES OF INVESTMENTS
December 31, 2013 (unaudited)
Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The 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.
Income Taxes–As of December 31, 2013, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:
| Fund | Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
| Bank and Brokerage ETF | $ | 16,719,768 | $ | 1,446,209 | $ | (817,737 | ) | $ | 628,472 | |||||||
| Biotech ETF | 396,153,597 | 100,899,508 | (10,367,647 | ) | 90,531,861 | |||||||||||
| Environmental Services ETF | 19,439,765 | 2,916,339 | (1,335,829 | ) | 1,580,510 | |||||||||||
| Gaming ETF | 57,350,942 | 27,000,248 | (1,925,349 | ) | 25,074,899 | |||||||||||
| Pharmaceutical ETF | 235,188,357 | 30,679,865 | (952,309 | ) | 29,727,556 | |||||||||||
| Retail ETF | 38,340,705 | 2,735,146 | (223,453 | ) | 2,511,693 | |||||||||||
| Semiconductor ETF | 313,815,174 | 4,052,523 | (7,817,243 | ) | (3,764,720 | ) | ||||||||||
| Wide Moat ETF | 554,001,021 | 23,481,661 | (9,451,573 | ) | 14,030,088 | |||||||||||
ITEM 2. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Market Vectors ETF Trust
By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust
Date: February 25, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust
Date: February 25, 2014
By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust
Date: February 25, 2014