Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



	FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325




MARKET VECTORS ETF TRUST
(Exact name of registrant as specified in its charter)

(VAN ECK GLOBAL LOGO)


335 Madison Avenue - 19^th 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 - 19^th 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: December 31,
Date of reporting period: September 30, 2012

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

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

ITEM 1. Schedule of Investments.

AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


	Number
	of Shares		Value

COMMON STOCKS: 100.0%
Australia: 1.3%
	119,648	Aquarius Platinum Ltd. (GBP) #	$	80,973
	210,778	Paladin Energy Ltd. * #		270,310
	124,022	Perseus Mining Ltd. * #		373,920
	178,419	Resolute Mining Ltd. * #		358,181

				1,083,384

Canada: 4.2%
	129,595	First Quantum Minerals Ltd.		2,759,302
	54,258	Nevsun Resources Ltd.		254,209
	74,334	Semafo, Inc.		339,204

				3,352,715

Egypt: 19.1%
	691,580	Commercial International Bank Egypt SAE #		3,969,230
	371,161	Egyptian Financial Group-Hermes Holding SAE * #		724,365
	787,230	Egyptian Kuwaiti Holding Co. (USD) #		1,050,599
	92,996	El Sewedy Electric Co. #		407,892
	104,037	Orascom Construction Industries #		4,886,350
	3,037,211	Orascom Telecom Holding SAE * #		1,882,247
	2,915,722	Orascom Telecom Media And Technology Holding SAE		263,033
	1,266,472	Talaat Moustafa Group * #		1,141,324
	395,352	Telecom Egypt		942,218

				15,267,258

Kenya: 0.9%
	2,786,850	Equity Bank Ltd.		759,605

Morocco: 10.3%
	76,897	Attijariwafa Bank #		2,892,523
	51,424	Banque Centrale Populaire #		1,191,835
	47,788	Banque Marocaine du Commerce Exterieur #		928,288
	160,487	Douja Promotion Groupe Addoha S.A.		1,191,731
	173,046	Maroc Telecom #		2,064,544

				8,268,921

Nigeria: 19.5%
	37,785,108	First Bank of Nigeria Plc		3,568,260
	33,749,087	Guaranty Trust Bank Plc #		4,108,157
	4,028,123	Nigerian Breweries Plc		3,509,398
	34,477,549	United Bank for Africa Plc *		986,639
	33,082,506	Zenith Bank Ltd.		3,429,220

				15,601,674

South Africa: 25.6%
	35,432	ABSA Group Ltd. #		596,296
	42,932	AngloGold Ashanti Ltd. #		1,509,590
	36,545	Aspen Pharmacare Holdings Ltd. #		634,344
	30,132	Bidvest Group Ltd. #		751,910
	290,782	FirstRand Ltd. #		983,101
	81,793	Gold Fields Ltd. † #		1,042,633
	60,913	Impala Platinum Holdings Ltd. #		1,026,310
	175,417	MTN Group Ltd. #		3,415,936
	46,203	Naspers Ltd. #		2,890,554
	53,942	Remgro Ltd. #		951,271
	209,555	Sanlam Ltd. #		955,152
	57,125	Sasol Ltd. #		2,569,368
	41,583	Shoprite Holdings Ltd. #		847,496
	145,399	Standard Bank Group Ltd. #		1,863,162
	35,035	Vodacom Group Ltd. #		433,628

				20,470,751

United Kingdom: 19.1%
	76,573	Acergy S.A. (NOK) #		1,770,056
	295,556	Afren Plc * #		671,552
	67,590	African Minerals Ltd. * #		325,300
	41,354	Lonmin Plc † #		373,387
	1,249,931	Old Mutual Plc #		3,438,703
	101,816	Petra Diamonds Ltd. *		192,363
	25,000	Randgold Resources Ltd. (ADR)		3,075,000
	246,773	Tullow Oil Plc #		5,474,445

				15,320,806

Total Common Stocks (Cost: $75,798,939)				80,125,114

MONEY MARKET FUND: 1.0% (Cost: $782,713)
	782,713	Dreyfus Government Cash Management Fund		782,713

Total Investments Before Collateral for Securities Loaned: 101.0% (Cost: $76,581,652)				80,907,827

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.7% (Cost: $588,955)
	588,955	Bank of New York Overnight Government Fund		588,955

Total Investments: 101.7% (Cost: $77,170,607)				81,496,782
Liabilities in excess of other assets: (1.7)%				(1,390,567	)

NET ASSETS: 100.0%			$	80,106,215


ADR	American Depositary Receipt
GBP	British Pound
NOK	Norwegian Krone
USD	United States Dollar


*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $560,397.
#	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 $58,854,932 which represents 73.5% of net assets.


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

Basic Materials	18.0	%	$	14,550,050
Communications	14.7			11,892,160
Consumer, Non-cyclical	6.2			4,991,238
Diversified	3.4			2,753,780
Energy	9.8			7,916,053
Financial	40.4			32,727,591
Industrial	6.5			5,294,242
Money Market Fund	1.0			782,713

	100.0	%	$	80,907,827

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Australia	$	—	$	1,083,384	$	—	$	1,083,384
Canada		3,352,715		—		—		3,352,715
Egypt		1,205,251		14,062,007		—		15,267,258
Kenya		759,605		—		—		759,605
Morocco		1,191,731		7,077,190		—		8,268,921
Nigeria		11,493,517		4,108,157		—		15,601,674
South Africa		—		20,470,751		—		20,470,751
United Kingdom		3,267,363		12,053,443		—		15,320,806
Money Market Funds		1,371,668		—		—		1,371,668


Total	$	22,641,850	$	58,854,932	$	—	$	81,496,782

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $5,703,058 and transfers from Level 2 to Level 1 were $14,579,432. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


Number
of Shares			Value

COMMON STOCKS: 79.2%
Basic Materials: 3.7%
	1,167,658	Colossus Minerals, Inc. (CAD) *	$	6,663,169
	947,648	Jaguar Mining, Inc. (USD) * †		1,137,178
	8,334,782	Mirabela Nickel Ltd. (AUD) * #		3,690,028
	2,574,834	MMX Mineracao e Metalicos S.A. *		6,312,455
	1,426,050	Paranapanema S.A. *		1,807,842

				19,610,672

Communications: 3.4%
	735,200	B2W Cia Global Do Varejo *		3,862,316
	1,848,173	NII Holdings, Inc. (USD) * †		14,508,158

				18,370,474

Consumer, Cyclical: 14.4%
	365,300	Arezzo Industria e Comercio S.A.		6,587,924
	331,700	Autometal S.A.		3,108,793
	2,353,503	Brookfield Incorporacoes S.A.		4,585,688
	756,805	Brookfield Incorporacoes S.A. Rights (BRL 3.60, expiring 10/18/12) *		321,052
	2,512,250	Even Construtora e Incorporadora S.A.		9,678,467
	1,427,169	Gol Linhas Aereas Inteligentes S.A. (ADR) * †		8,191,950
	861,250	Grendene S.A.		5,841,503
	443,100	International Meal Co. Holdings S.A.		4,152,867
	662,900	Iochpe Maxion S.A.		8,698,059
	470,000	Magazine Luiza S.A.		2,837,736
	441,000	Mahle-Metal Leve SA Industria e Comercio		5,460,155
	528,550	Marisa Lojas S.A.		6,518,066
	271,600	Positivo Informatica S.A. *		681,931
	1,200,200	Restoque Comercio e Confeccoes de Roupas S.A.		5,417,107
	1,022,550	Tecnisa S.A.		4,766,604

				76,847,902

Consumer, Non-cyclical: 24.8%
	224,900	Abril Educacao S.A.		3,783,002
	587,600	American Banknote S.A.		10,999,837
	1,590,000	Brazil Pharma S.A.		9,529,412
	2,143,200	Diagnosticos da America S.A.		12,897,788
	717,730	Estacio Participacoes S.A.		12,037,400
	841,500	Fleury S.A.		10,066,038
	109,152	Kroton Educacional S.A. * #		126,277
	1,007,458	Kroton Educacional S.A. *		17,244,441
	1,227,850	Marfrig Alimentos S.A. *		7,146,938
	955,300	Mills Estruturas e Servicos de Engenharia S.A.		13,807,024
	995,500	Qualicorp S.A. *		9,722,974
	1,065,100	Santos Brasil Participacoes S.A.		15,236,355
	543,850	SLC Agricola S.A.		5,834,869
	370,900	Technos S.A.		3,984,808

				132,417,163

Energy: 2.5%
	2,227,450	HRT Participacoes em Petroleo S.A. *		4,889,457
	1,126,650	QGEP Participacoes S.A.		6,724,610
	10,365,950	Vanguarda Agro S.A. *		1,891,923

				13,505,990

Financial: 18.5%
	784,000	Aliansce Shopping Centers S.A.		8,500,343
	1,502,200	Brasil Brokers Participacoes S.A.		5,290,767
	648,900	Brasil Insurance Participacoes e Administracao S.A.		6,097,691
	588,300	EZ Tec Empreendimentos e Participacoes S.A.		7,307,137
	2,355,494	Gafisa S.A. (ADR) * †		10,293,509
	720,490	GP Investments Ltd. (BDR) *		1,542,447
	208,850	Iguatemi Empresa de Shopping Centers S.A.		5,337,535
	985,750	JHSF Participacoes S.A.		3,695,499
	261,561	LPS Brasil Consultoria de Imoveis S.A.		4,708,034
	2,678,050	Odontoprev S.A.		14,993,645
	11,817,000	PDG Realty S.A. Empreendimentos e Participacoes		22,267,081
	1,815,500	Rossi Residencial S.A.		4,504,607
	288,900	Sonae Sierra Brasil S.A.		4,603,019

				99,141,314

Industrial: 3.5%
	2,225,300	LLX Logistica S.A. *		3,161,359
	2,006,915	Magnesita Refratarios S.A.		7,424,769
	707,100	OSX Brazil S.A. *		4,335,555
	219,300	Tegma Gestao Logistica S.A.		3,620,654

				18,542,337

Technology: 4.5%
	1,165,900	Totvs S.A.		24,218,054

Utilities: 3.9%
	685,550	Cia de Saneamento de Minas Gerais-COPA S.A.		15,589,520
	577,653	Equatorial Energia S.A.		5,100,500

				20,690,020

Total Common Stocks (Cost: $425,534,896)				423,343,926

PREFERRED STOCKS: 20.7%
Basic Materials: 2.1%
	499,150	Cia de Ferro Ligas da Bahia		2,609,935
	3,282,100	Suzano Papel e Celulose S.A.		8,629,223

				11,239,158

Communications: 0.5%
	193,500	Saraiva S.A. Livreiros Editores		2,195,339
	149,160	Telecomunicacoes Brasileiras S.A. *		389,225

				2,584,564

Consumer, Cyclical: 4.7%
	953,315	Alpargatas S.A.		6,701,067
	1,844,700	Marcopolo S.A.		10,782,930
	1,279,700	Randon Implementos e Participacoes S.A.		7,429,803

				24,913,800

Consumer, Non-cyclical: 4.4%
	1,185,000	Anhanguera Educacional Participacoes S.A.		19,698,853
	379,150	Contax Participacoes S.A.		3,572,211
	19,162	Kroton Educacional S.A. * #		38,322

				23,309,386

Financial: 5.1%
	570,776	Banco ABC Brasil S.A.		3,406,777
	700,850	Banco Industrial e Comercial S.A.		2,458,031
	1,473,063	Banco Panamericano S.A.		3,691,286
	2,426,063	Sul America S.A.		17,950,892

				27,506,986


Utilities: 3.9%
	263,950	Centrais Eletricas de Santa Catarina S.A.		4,478,915
	65,300	Cia de Gas de Sao Paulo		1,467,539
	258,950	Cia Energetica do Ceara		4,662,314
	1,061,700	Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		10,317,175

				20,925,943

Total Preferred Stocks (Cost: $102,155,112)				110,479,837

MONEY MARKET FUND: 0.0% (Cost: $1,064)
	1,064	Dreyfus Government Cash Management Fund		1,064

Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $527,691,072)				533,824,827


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.3% (Cost: $17,752,103)
	17,752,103	Bank of New York Overnight Government Fund		17,752,103

Total Investments: 103.2% (Cost: $545,443,175)				551,576,930
Liabilities in excess of other assets: (3.2)%				(17,215,222	)

NET ASSETS: 100.0%			$	534,361,708


ADR	American Depositary Receipt
AUD	Australian Dollar
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
CAD	Canadian Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $17,216,196.
#	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 $3,854,627 which represents 0.7% of net assets.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	15,920,644	$	3,690,028	$	—	$	19,610,672
Communications		18,370,474		—		—		18,370,474
Consumer, Cyclical		76,847,902		—		—		76,847,902
Consumer, Non-cyclical		132,290,886		126,277		—		132,417,163
Energy		13,505,990		—		—		13,505,990
Financial		99,141,314		—		—		99,141,314
Industrial		18,542,337		—		—		18,542,337
Technology		24,218,054		—		—		24,218,054
Utilities		20,690,020		—		—		20,690,020
Preferred Stocks
Basic Materials		11,239,158		—		—		11,239,158
Communications		2,584,564		—		—		2,584,564
Consumer, Cyclical		24,913,800		—		—		24,913,800
Consumer, Non-cyclical		23,271,064		38,322		—		23,309,386
Financial		27,506,986		—		—		27,506,986
Utilities		20,925,943		—		—		20,925,943
Money Market Funds		17,753,167		—		—		17,753,167


Total	$	547,722,303	$	3,854,627	$	—	$	551,576,930

See Notes to Schedules of Investments

CHINA ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


	Number of Shares		Value

MONEY MARKET FUNDS: 66.0% (a)
	1,571,611	Blackrock Federal Fund	$	1,571,611
	1,571,611	Dreyfus Government Cash Management Fund		1,571,611
	1,571,611	Federated Government Obligation Fund		1,571,611
	1,571,611	Fidelity Institutional Money Market Government Fund Class 1		1,571,611
	1,571,611	Western Asset Institutional Government Money Market Fund		1,571,611

Total Money Market Funds (Cost: $7,858,055)				7,858,055
Other assets less liabilities: 34.0%				4,056,168

NET ASSETS: 100.0%			$	11,914,223

Total Return Swap Contracts – As of September 30, 2012, the Fund had outstanding swap contracts with the following terms:

Long Exposure


Counterparty	Referenced Obligation	Notional Amount		Rate			Rate paid by the Fund		Termination Date		% of Net Assets	Unrealized Depreciation

Credit Suisse Securities (Europe) Limited	CSI 300 Total Return Index	$	12,508,911		3-Month Libor Plus 0.75	%		1.21%		10/18/12	(5.3)%	$	(628,973	)


Summary of Investments by Sector (unaudited)	% of Investments	Value

Money Market Funds	100.0%	$	7,858,055

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value

Money Market Funds	$	7,858,055	$	—		$	—	$	7,858,055


Other Financial Instruments, net*	$	—	$	(628,973	)	$	—	$	(628,973	)


*	Other financial instruments, net include total return swap contracts.
(a)	All or a portion of these securities are segregated for swap collateral.

See Notes to Schedules of Investments

COLOMBIA ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


	Number of Shares		Value

COMMON STOCKS: 81.8%
Basic Materials: 2.7%
	7,034	Continental Gold Ltd. (CAD) *	$	63,035
	25,633	Gran Colombia Gold Corp. (CAD) *		9,517

				72,552

Consumer, Cyclical: 4.4%
	7,289	Almacenes Exito S.A.		119,474

Consumer, Non-cyclical: 4.4%
	10,268	Grupo Nutresa S.A.		119,922

Energy: 25.0%
	3,106	C&C Energia Ltd. (CAD) *		20,189
	50,197	Canacol Energy Ltd. (CAD) *		24,509
	3,752	Ecopetrol S.A. (ADR) †		221,105
	21,584	Gran Tierra Energy, Inc. (USD) *		111,589
	8,542	Pacific Rubiales Energy Corp. (CAD)		204,101
	8,367	Parex Resources, Inc. (CAD) *		41,107
	7,272	Petrominerales Ltd. (CAD)		58,880

				681,480

Financial: 24.5%
	11,188	BanColombia S.A.		164,111
	3,174	BanColombia S.A. (ADR)		189,520
	1,378,328	Bolsa de Valores de Colombia		22,592
	6,275	Corp Financiera Colombiana S.A.		118,543
	10,343	Grupo de Inversiones Suramericana S.A.		174,934

				669,700

Industrial: 10.4%
	29,910	Cementos Argos S.A.		129,959
	13,175	Inversiones Argos S.A.		145,529
	1,731,433	Tableros y Maderas de Caldas S.A. #		9,898

				285,386

Utilities: 10.4%
	28,972	Cia Colombiana de Inversiones S.A.		80,085
	21,667	Interconexion Electrica S.A. E.S.P.		114,609
	66,312	Isagen S.A. E.S.P.		90,269

				284,963

Total Common Stocks
(Cost: $2,294,615)				2,233,477

PREFERRED STOCKS: 18.2%
Financial: 13.5%
	7,505	Banco Davivienda S.A.		90,488
	231,631	Grupo Aval Acciones y Valores		153,153
	6,757	Grupo de Inversiones Suramericana S.A.		125,020

				368,661

Industrial: 4.7%
	11,559	Inversiones Argos S.A.		127,165

Total Preferred Stocks
(Cost: $479,770)				495,826

MONEY MARKET FUND: 3.9%
(Cost: $105,465)
	105,465	Dreyfus Government Cash Management Fund		105,465

Total Investments Before Collateral for Securities Loaned: 103.9%
(Cost: $2,879,850)				2,834,768

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 7.7%
(Cost: $211,037)
	211,037	Bank of New York Overnight Government Fund		211,037

Total Investments: 111.6%
(Cost: $3,090,887)				3,045,805
Liabilities in excess of other assets: (11.6)%				(316,654	)

NET ASSETS: 100.0%			$	2,729,151


ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar


*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $206,728.
#	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 $9,898 which represents 0.4% of net assets.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	72,552	$	—	$	—	$	72,552
Consumer, Cyclical		119,474		—		—		119,474
Consumer, Non-cyclical		119,922		—		—		119,922
Energy		681,480		—		—		681,480
Financial		669,700		—		—		669,700
Industrial		275,488		9,898		—		285,386
Utilities		284,963		—		—		284,963
Preferred Stocks*		495,826		—		—		495,826
Money Market Funds		316,502		—		—		316,502


Total	$	3,035,907	$	9,898	$	—	$	3,045,805

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

See Notes to Schedules of Investments

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


Number of Shares			Value

COMMON STOCKS: 100.0%
Basic Materials: 14.9%
	1,876,116	Cenatamin Plc (GBP) * #	$	2,803,822
	279,693	Egyptian Financial & Industrial Co. * #		580,465
	1,370,342	Ezz Steel #		2,720,978
	1,126,778	Sidi Kerir Petrochemcials Co. #		2,489,686

				8,594,951

Communications: 14.8%
	1,322,739	Orascom Telecom Holding SAE (GDR) * † Reg S		4,101,814
	3,631,670	Orascom Telecom Media And Technology Holding SAE (GDR) † Reg S		1,597,935
	1,182,374	Telecom Egypt		2,817,877

				8,517,626

Consumer, Cyclical: 1.6%
	1,268,636	Arab Cotton Ginning Co. #		927,856

Consumer, Non-cyclical: 3.7%
	2,238,926	Juhayna Food Industries		2,111,588

Diversified: 5.7%
	2,469,008	Egyptian Kuwaiti Holding Co. (USD) #		3,295,020

Energy: 7.6%
	2,803,250	Circle Oil Plc (GBP) *		956,262
	878,206	Maridive & Oil Services SAE (USD) * #		1,038,378
	217,907	Transglobe Energy Corp. (CAD) *		2,369,638

				4,364,278

Financial: 40.0%
	4,621,624	Amer Group Holding * #		593,357
	4,097,932	Citadel Capital Corp. * #		3,055,627
	800,073	Commercial International Bank Egypt SAE #		4,591,911
	1,409,739	Egyptian Financial Group-Hermes Holding SAE * #		2,751,274
	3,329,594	Egyptian for Tourism Resorts Co. * #		730,742
	378,792	National Societe Generale Bank SAE		2,679,673
	2,946,509	Palm Hills Developments SAE * #		1,447,864
	1,765,694	Pioneers Holding * #		1,689,742
	385,549	Six of October Development & Investment Co. *		1,481,044
	4,439,423	Talaat Moustafa Group * #		4,000,735

				23,021,969

Industrial: 11.7%
	547,452	El Sewedy Electric Co. #		2,401,194
	92,695	Orascom Construction Industries (GDR) † Reg S		4,314,952

				6,716,146

Total Common Stocks (Cost: $53,207,676)				57,549,434

MONEY MARKET FUNDS: 0.3%
	82,738	Blackrock Federal Fund		82,738
	82,738	Dreyfus Government Cash Management Fund		82,738

Total Short-term Investments (Cost: $165,476)				165,476

Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $53,373,152)				57,714,910

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.3% (Cost: $1,294,068)
	1,294,068	Bank of New York Overnight Government Fund		1,294,068

Total Investments: 102.6% (Cost: $54,667,220)				59,008,978
Liabilities in excess of other assets: (2.6)%				(1,483,768	)

NET ASSETS: 100.0%			$	57,525,210


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 $1,199,481.
#	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 $35,118,651 which represents 61.0% 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.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	—	$	8,594,951	$	—	$	8,594,951
Communications		8,517,626		—		—		8,517,626
Consumer, Cyclical		—		927,856		—		927,856
Consumer, Non-cyclical		2,111,588		—		—		2,111,588
Diversified		—		3,295,020		—		3,295,020
Energy		3,325,900		1,038,378		—		4,364,278
Financial		4,160,717		18,861,252		—		23,021,969
Industrial		4,314,952		2,401,194		—		6,716,146
Money Market Funds		1,459,544		—		—		1,459,544


Total	$	23,890,327	$	35,118,651	$	—	$	59,008,978

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $2,803,822 and transfers from Level 2 to Level 1 were $14,148,259. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

GERMANY SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


Number of Shares			Value

COMMON STOCKS: 95.2%
Basic Materials: 8.7%
	1,046	H&R WASAG A.G.	$	17,601
	2,464	SGL Carbon S.E. #		98,908
	10,005	Symrise A.G. #		339,565

				456,074

Communications: 7.9%
	3,325	ADVA A.G. Optical Networking * #		21,278
	3,760	Drillisch A.G. #		45,695
	8,718	Freenet A.G. #		142,606
	8,509	QSC A.G. #		23,182
	37,391	Sky Deutschland A.G. * #		150,015
	1,580	Stroer Out-of-Home Media A.G. * #		16,309
	330	XING A.G. #		16,083

				415,168

Consumer, Cyclical: 13.4%
	1,900	BayWa A.G. † #		75,061
	1,561	Beter Bed Holding NV		30,324
	1,969	CTS Eventim A.G. #		58,636
	424	Delticom A.G. #		28,364
	1,652	Douglas Holding A.G.		75,065
	2,654	ElringKlinger A.G. #		70,482
	2,043	Gerry Weber International A.G. #		84,624
	897	Grammer A.G. #		17,776
	1,835	NORMA Group #		49,590
	3,999	Praktiker A.G. * #		7,076
	278	Rational A.G. #		69,805
	3,419	SAF-Holland S.A. * #		20,799
	223	Tipp24 S.E. * #		10,314
	12,110	TUI A.G. * #		104,562

				702,478

Consumer, Non-cyclical: 12.6%
	416	Bertrandt A.G. #		30,790
	2,484	Carl Zeiss Meditec A.G. #		63,655
	6,196	Evotec A.G. * #		21,787
	1,402	GFK S.E.		63,246
	2,096	Hamburger Hafen und Logistik AG #		54,499
	1,746	Morphosys A.G. * #		53,968
	1,121	Sixt A.G. #		21,736
	4,868	Stada Arzneimittel A.G. #		141,972
	9,107	Wirecard A.G. #		209,816

				661,469

Energy: 0.6%
	1,632	CropEnergies A.G. #		10,178
	4,813	Nordex S.E. * #		19,606

				29,784

Financial: 19.0%
	2,873	Aareal Bank A.G. * #		59,094
	6,132	Alstria Office REIT-A.G.		71,875
	5,981	CA Immobilien Anlagen A.G. #		65,939
	2,342	Comdirect Bank A.G. #		23,397
	3,129	Conwert Immobilien Invest S.E. #		35,053
	824	Deutsche Beteiligungs A.G. #		20,508
	3,380	Deutsche Euroshop A.G. #		126,294
	10,970	Deutsche Wohnen A.G. #		193,083
	2,235	DIC Asset A.G. #		21,147
	3,964	GAGFAH S.A. * #		40,491
	4,145	GSW Immobilien A.G. #		154,082
	54,643	Hansteen Holdings Plc (GBP) #		69,203
	12,701	IVG Immobilien A.G. * #		29,134
	8,289	TAG Immobilien A.G. †		88,328

				997,628

Industrial: 25.7%
	781	Asian Bamboo A.G. #		6,103
	2,943	Aurubis A.G. #		171,990
	3,444	Balda A.G. #		22,054
	778	Bauer A.G. #		17,123
	2,622	Canadian Solar, Inc. (USD) * †		7,315
	650	CENTROTEC Sustainable A.G. #		11,549
	7,068	Deutz A.G. * #		31,864
	997	Duerr A.G. #		66,557
	2,412	Gerresheimer A.G. #		126,289
	4,201	Gildemeister A.G. #		74,788
	18,605	Heidelberger Druckmaschinen A.G. * #		28,427
	1,397	Indus Holding A.G. #		34,109
	3,147	Jenoptik A.G. #		23,906
	8,706	Kloeckner & Co S.E. * #		83,506
	1,048	Krones A.G. #		56,203
	1,835	KUKA A.G. * #		52,930
	2,851	Leoni A.G. #		106,865
	775	Pfeiffer Vacuum Technology A.G. #		82,988
	3,318	Rheinmetall A.G. #		155,149
	2,467	Rofin-Sinar Technologies, Inc. (USD) *		48,674
	878	SMA Solar Technology A.G. † #		30,786
	6,923	Solarworld A.G. † #		13,627
	407	Vossloh A.G. #		37,570
	840	VTG A.G. #		13,394
	1,898	Wacker Neuson S.E. #		26,857
	7,564	Yingli Green Energy Holding Co. Ltd. (ADR) * †		12,859

				1,343,482

Technology: 7.3%
	8,005	Aixtron S.E. (ADR) †		105,826
	1,136	Bechtle A.G. #		43,895
	5,228	Dialog Semiconductor Plc * #		102,074
	3,256	Kontron A.G. #		14,522
	1,652	Suss Microtec A.G. * #		15,898
	2,512	Wincor Nixdorf A.G. #		98,542

				380,757

Total Common Stocks (Cost: $5,512,949)				4,986,840

PREFERRED STOCKS: 1.9%
Consumer, Non-cyclical: 1.0%
	521	Draegerwerk A.G. & Co. KGaA #		51,742

Industrial: 0.9%
	1,397	Jungheinrich A.G. #		46,426

Total Preferred Stocks (Cost: $106,570)				98,168

REAL ESTATE INVESTMENT TRUST: 0.7% (Cost: $40,150)
	3,451	Dundee International Real Estate Investment Trust		38,580

CLOSED-END FUND: 2.1% (Cost: $81,162)
	1,082	BB Biotech A.G. * #		109,541

MONEY MARKET FUND: 1.8% (Cost: $95,770)
	95,770	Dreyfus Government Cash Management Fund		95,770

Total Investments Before Collateral for Securities Loaned: 101.7% (Cost: $5,836,601)				5,328,899

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.8% (Cost: $197,345)
	197,345	Bank of New York Overnight Government Fund		197,345

Total Investments: 105.5% (Cost: $6,033,946)				5,526,244
Liabilities in excess of other assets: (5.5)%				(289,348	)

NET ASSETS: 100.0%			$	5,236,896


ADR	American Depositary Receipt
GBP	British Pound
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $187,024.
#	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 $4,673,436 which represents 89.2% of net assets.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	17,601	$	438,473	$	—	$	456,074
Communications		—		415,168		—		415,168
Consumer, Cyclical		105,389		597,089		—		702,478
Consumer, Non-cyclical		63,246		598,223		—		661,469
Energy		—		29,784		—		29,784
Financial		160,203		837,425		—		997,628
Industrial		68,848		1,274,634		—		1,343,482
Technology		105,826		274,931		—		380,757
Preferred Stocks*		—		98,168		—		98,168
Real Estate Investment Trust		38,580		—		—		38,580
Closed-End Fund		—		109,541		—		109,541
Money Market Funds		293,115		—		—		293,115


Total	$	852,808	$	4,673,436	$	—	$	5,526,244

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

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $69,203 and transfers from Level 2 to Level 1 were $346,440. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

GULF STATES INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


Number of Shares			Value

COMMON STOCKS: 100.2%
Bahrain: 2.7%
	528,082	Ahli United Bank B.S.C. (USD)	$	287,805

Kuwait: 38.8%
	110,000	Boubyan Bank K.S.C. *		242,661
	75,000	Boubyan Petrochemicals Co. #		146,399
	93,813	Burgan Bank		173,573
	240,500	Gulf Bank K.S.C. * #		376,400
	65,000	Investment Dar Co. K.S.C. * #		—
	261,390	Kuwait Finance House #		714,797
	97,842	Kuwait Investment Projects Co. K.S.C.C. #		135,617
	45,000	Mabanee Co. SAKC #		182,327
	335,000	Mobile Telecommunications Co. K.S.C.		893,969
	239,491	National Bank of Kuwait S.A.K. #		853,483
	185,000	National Industries Group Holding S.A. * #		142,167
	120,000	Public Warehousing Co. K.S.C. #		221,541

				4,082,934

Norway: 2.0%
	108,917	DNO International ASA * #		208,844

Oman: 3.0%
	135,530	Bank Muscat S.A.O.G. #		193,305
	54,097	Omani Qatari Telecommunications Co. S.A.O.G. #		70,416
	36,468	Renaissance Services S.A.O.G. * #		48,241

				311,962

Qatar: 31.3%
	17,966	Barwa Real Estate Co. Q.S.C. #		145,249
	11,425	Commercial Bank of Qatar #		233,290
	9,543	Doha Bank Q.S.C. #		143,169
	67,870	Masraf Al Rayan Q.S.C. #		503,367
	4,617	Qatar Electricity & Water Co. Q.S.C. #		167,661
	2,400	Qatar Fuel Co. #		187,761
	25,579	Qatar Gas Transport Co. Ltd. Nakilat #		110,773
	6,989	Qatar International Islamic Bank #		100,287
	10,910	Qatar Islamic Bank S.A.Q.		231,621
	21,950	Qatar National Bank S.A.Q. #		814,918
	5,288	Qatar Navigation #		87,868
	15,968	Qatar Telecom (Qtel) Q.S.C. #		462,565
	39,032	Vodafone Qatar Q.S.C. * #		96,887

				3,285,416

United Arab Emirates: 22.4%
	361,688	Abu Dhabi Commercial Bank #		323,473
	422,304	Air Arabia PJSC #		74,838
	211,244	Aldar Properties PJSC #		72,028
	142,052	Arabtec Holding Co. PJSC #		93,902
	597,254	Dana Gas PJSC * #		69,481
	35,255	DP World Ltd. (USD) #		395,911
	295,488	Dubai Financial Market PJSC * #		77,007
	105,227	Dubai Islamic Bank #		56,069
	551,676	Emaar Properties PJSC #		519,829
	83,106	First Gulf Bank PJSC #		224,179
	178,888	National Bank of Abu Dhabi PJSC #		442,441

				2,349,158

Total Common Stocks (Cost: $9,546,428)				10,526,119


Principal Amount

CONVERTIBLE BOND: 0.0% (Cost: $2,185)
Oman: 0.0%
$	841	Bank Muscat S.A.O.G. 7.00%, 03/20/14	2,468


Number of Shares

MONEY MARKET FUND: 0.0% (Cost: $697)
	697	Dreyfus Government Cash Management Fund		697

Total Investments: 100.2% (Cost: $9,549,310)				10,529,284
Liabilities in excess of other assets: (0.2)%				(21,532	)

NET ASSETS: 100.0%			$	10,507,752


USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $8,696,490 which represents 82.8% of net assets.


Summary of Investments by Sector (unaudited)	% of Investments		Value

Basic Materials	1.4	%	$	146,399
Communications	14.5			1,523,837
Consumer, Cyclical	2.8			296,379
Consumer, Non-cyclical	3.8			395,911
Diversified	1.3			135,617
Energy	4.9			514,327
Financial	63.9			6,731,419
Industrial	4.8			506,264
Utilities	2.6			278,434
Money Market Fund	0.0			697

	100.0	%	$	10,529,284

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Bahrain	$	287,805	$	—	$	—	$	287,805
Kuwait (a)		1,310,203		2,772,731		—		4,082,934
Norway		—		208,844		—		208,844
Oman		—		311,962		—		311,962
Qatar		231,621		3,053,795		—		3,285,416
United Arab Emirates		—		2,349,158		—		2,349,158
Convertible Bond
Oman		—		2,468		—		2,468
Money Market Fund		697		—		—		697


Total	$	1,830,326	$	8,698,958	$	—	$	10,529,284

(a) Includes a Level 3 security that is valued at zero throughout the period ended September 30, 2012.

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $1,376,282 and transfers from Level 2 to Level 1 were $647,856. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDIA SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS (a)

September 30, 2012 (unaudited)


	Number
	of Shares		Value

COMMON STOCKS: 100.0%
Basic Materials: 4.7%
	239,344	Chambal Fertilizers & Chemicals Ltd. #	$	334,571
	779,173	Gujarat State Fertilisers & Chemicals Ltd. #		1,178,480
	2,122,935	Ispat Industries Ltd. * #		400,703
	29,699	Jindal Poly Films Ltd. #		102,194

				2,015,948

Communications: 7.6%
	152,669	DEN Networks Ltd. * #		500,302
	180,750	Hathway Cable & Datacom Ltd. * #		771,017
	144,928	Mahanagar Telephone Nigam * #		88,752
	66,980	Makemytrip Ltd. (USD) *		1,140,669
	113,706	Rediff.com India Ltd. (ADR) *		430,946
	573,144	Sterlite Technologies Ltd. #		339,896

				3,271,582

Consumer, Cyclical: 17.3%
	982,065	Alok Industries Ltd. #		233,903
	375,482	Amtek Auto Ltd. #		629,775
	307,742	Amtek India Ltd.		563,032
	89,043	Arvind Ltd. #		134,207
	23,756	Bombay Dyeing & Manufacturing Co. Ltd. #		221,365
	214,618	Cox & Kings Ltd. #		563,242
	59,821	Eros International Media Ltd. * #		183,432
	122,279	Gitanjali Gems Ltd. #		804,245
	56,273	Jet Airways India Ltd. * #		367,656
	713,161	Kingfisher Airlines Ltd. * #		217,956
	3,252	MRF Ltd. #		632,789
	328,295	Rajesh Exports Ltd. #		750,054
	35,301	Raymond Ltd. #		262,607
	273,663	S. Kumars Nationwide Ltd. #		100,129
	48,858	Shree Ganesh Jewellery House Ltd. #		87,522
	371,407	SpiceJet Ltd. * #		260,426
	111,347	SRF Ltd. #		472,841
	20,704	State Trading Corp. India of Ltd. #		99,861
	48,872	Timken India Ltd. #		182,880
	5,208	TTK Prestige Ltd. #		367,096
	400,733	TVS Motor Co. Ltd. #		321,020

				7,456,038

Consumer, Non-cyclical: 8.6%
	323,692	Aurobindo Pharma Ltd. #		865,825
	1,005,116	Bajaj Hindusthan Ltd. #		604,232
	412,156	Balrampur Chini Mills Ltd. * #		524,476
	145,948	Delta Corp Ltd. * #		194,742
	16,103	Dredging Corp. of India Ltd. * #		76,953
	29,376	McLeod Russel India Ltd. #		179,516
	48,620	Orchid Chemicals & Pharmaceuticals Ltd. #		103,105
	1,322,273	REI Agro Ltd.		265,733
	797,905	Shree Renuka Sugars Ltd. #		544,464
	20,255	Strides Arcolab Ltd. #		337,967

				3,697,013

Diversified: 3.7%
	26,695	Aban Offshore Ltd. #		221,126
	60,646	Century Textile & Industries Ltd. #		412,272
	242,351	Prakash Industries Ltd. #		264,325
	554,734	Sintex Industries Ltd. #		699,001

				1,596,724

Energy: 1.7%
	1,046,462	Gujarat NRE Coke Ltd. #		369,794
	100,064	Hindustan Oil Exploration Co. Ltd. * #		220,023
	13,895	Reliance Industrial Infrastructure Ltd. #		114,745

				704,562

Financial: 22.3%
	226,284	Anant Raj Industries Ltd. #		306,583
	186,534	DB Realty Ltd. * #		251,842
	359,874	Development Credit Bank Ltd. * #		299,128
	170,575	Dewan Housing Finance Corp. Ltd. #		647,330
	47,700	Financial Technologies India Ltd. #		880,864
	64,595	Future Capital Holdings Ltd. #		192,437
	979,959	Housing Development & Infrastructure Ltd. * #		1,799,877
	1,753,930	IFCI Ltd. #		1,029,417
	550,317	India Infoline Ltd. #		599,992
	908,694	Indiabulls Real Estate Ltd. #		991,378
	252,687	Karnataka Bank Ltd. #		521,749
	483,755	Manappuram Finance Ltd. #		364,546
	467,184	Parsvnath Developers Ltd. * #		354,856
	222,177	SKS Microfinance Ltd. * #		544,576
	520,794	SREI Infrastructure Finance Ltd. #		268,928
	193,774	United Bank of India Ltd. #		234,442
	303,988	Vijaya Bank Ltd. #		323,391

				9,611,336

Industrial: 19.9%
	48,349	A2Z Maintenance and Engineering Services Ltd. #		64,006
	39,048	ABG Shipyard Ltd. #		277,550
	27,143	BEML Ltd. #		158,306
	52,567	BGR Energy Systems Ltd. #		272,904
	355,542	Era Infra Engineering Ltd. #		931,110
	141,732	Escorts Ltd. #		171,593
	170,419	Gateway Distriparks Ltd. #		470,736
	41,776	Gravita India Ltd. #		134,707
	604,704	Hindustan Construction Co. Ltd. * #		205,105
	129,552	India Cements Ltd. #		232,505
	694,209	IVRCL Infrastructures & Projects Ltd. #		609,662
	143,680	Jai Corp. Ltd. #		171,552
	155,106	Madras Cements Ltd. #		564,698
	324,641	Nagarjuna Construction Co. Ltd. #		288,565
	48,190	Patel Engineering Ltd. #		70,323
	55,808	Praj Industries Ltd. #		50,614
	1,428,129	Prism Cement Ltd. #		1,522,208
	827,630	Punj Lloyd Ltd. #		854,041
	2,657,673	Suzlon Energy Ltd. * #		892,256
	38,760	Uflex Ltd. #		68,516
	86,690	VIP Industries Ltd. #		151,378
	209,598	Welspun Corp. Ltd. #		401,529

				8,563,864

Technology: 9.4%
	242,640	Educomp Solutions Ltd. #		736,174
	647,627	Hexaware Technologies Ltd. #		1,492,598
	398,782	NIIT Ltd. #		241,886
	131,190	NIIT Technologies Ltd. #		740,418
	114,412	Polaris Software Lab Ltd. #		281,328
	296,903	Rolta India Ltd. #		408,065
	25,223	Zylog Systems Ltd.		135,978

				4,036,447

Utilities: 4.8%
	30,328	BF Utilities Ltd. * #		231,560
	1,210,959	GVK Power & Infrastructure Ltd. * #		334,858
	217,701	Kalpataru Power Transmission Ltd. #		361,646
	1,754,022	Lanco Infratech Ltd. * #		498,895
	486,308	PTC India Ltd. #		651,784

				2,078,743

Total Common Stocks (Cost: $48,266,178)				43,032,257

MONEY MARKET FUND: 14.6% (Cost: $6,307,109)
	6,307,109	Dreyfus Government Cash Management Fund		6,307,109

Total Investments: 114.6% (Cost: $54,573,287)				49,339,366
Liabilities in excess of other assets: (14.6)%				(6,287,267	)

NET ASSETS: 100.0%			$	43,052,099


ADR	American Depositary Receipt
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 $40,495,899 which represents 94.1% of net assets.
(a)	Represents consolidated Schedule of Investments. The India Small-Cap Index ETF makes its investments through the India Small-Cap Mauritius Fund, a wholly owned subsidiary organized in the Republic of Mauritius.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	—	$	2,015,948	$	—	$	2,015,948
Communications		1,571,615		1,699,967		—		3,271,582
Consumer, Cyclical		563,032		6,893,006		—		7,456,038
Consumer, Non-cyclical		265,733		3,431,280		—		3,697,013
Diversified		—		1,596,724		—		1,596,724
Energy		—		704,562		—		704,562
Financial		—		9,611,336		—		9,611,336
Industrial		—		8,563,864		—		8,563,864
Technology		135,978		3,900,469		—		4,036,447
Utilities		—		2,078,743		—		2,078,743
Money Market Fund		6,307,109		—		—		6,307,109


Total	$	8,843,467	$	40,495,899	$	—	$	49,339,366

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to 1 were $828,765. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level1) and valuation by a pricing services (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


	Number
	of Shares		Value

COMMON STOCKS: 99.9%
Basic Materials: 2.5%
	13,499,000	Aneka Tambang Tbk PT #	$	1,897,168
	19,317,500	Borneo Lumbung Energi & Metal Tbk PT * #		1,083,861
	19,816,500	Delta Dunia Makmur Tbk PT * #		515,003
	62,745,000	G-Resources Group Ltd. (HKD) * #		2,697,762
	8,438,000	International Nickel Indonesia Tbk PT #		2,585,536
	2,081,990	Intrepid Mines Ltd. (AUD) * #		999,213

				9,778,543

Communications: 9.9%
	3,295,000	Indosat Tbk PT #		1,853,318
	20,867,000	Media Nusantara Citra Tbk PT #		5,652,933
	684,748	Telekomunikasi Indonesia Tbk PT (ADR)		26,657,240
	6,896,500	XL Axiata Tbk PT #		4,774,367

				38,937,858

Consumer, Cyclical: 11.2%
	40,107,000	Astra International Tbk PT #		30,913,003
	329,000	Jardine Cycle & Carriage Ltd. (SGD) #		12,847,323

				43,760,326


Consumer, Non-cyclical: 20.9%
	1,272,500	Astra Agro Lestari Tbk PT #		2,908,864
	29,174,500	Charoen Pokphand Indonesia Tbk PT #		9,176,535
	7,130,000	First Pacific Company Ltd. (HKD) #		7,711,210
	25,953,000	Golden Agri-Resources Ltd. (SGD) #		13,879,640
	1,868,500	Gudang Garam Tbk PT #		9,029,414
	17,751,500	Indofood Sukses Makmur Tbk PT #		10,450,376
	8,247,000	Jasa Marga Persero Tbk PT #		5,029,722
	16,425,000	Kalbe Farma Tbk PT #		8,039,214
	11,311,500	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		2,879,999
	4,628,000	Unilever Indonesia Tbk PT #		12,569,539

				81,674,513


Energy: 10.3%
	51,733,000	Adaro Energy Tbk PT #		8,071,323
	846,050	Banpu PCL (NVDR) #		10,748,864
	262,765	Bumi Plc (GBP) * #		638,253
	59,637,000	Bumi Resources Tbk PT #		4,517,617
	1,600,000	Indo Tambangraya Megah PT #		7,019,625
	5,523,000	Medco Energi Internasional Tbk PT #		982,810
	1,744,000	Straits Asia Resources Ltd. (SGD) #		2,639,455
	3,261,000	Tambang Batubara Bukit Asam Tbk PT #		5,500,425

				40,118,372


Financial: 28.6%
	36,848,000	Bank Central Asia Tbk PT #		30,324,771
	12,401,848	Bank Danamon Indonesia Tbk PT #		8,076,273
	28,901,151	Bank Mandiri Persero Tbk PT #		24,661,641
	30,161,932	Bank Negara Indonesia Persero Tbk PT #		12,318,326
	32,366,000	Bank Rakyat Indonesia Tbk PT #		25,085,887
	28,298,000	Bumi Serpong Damai PT #		3,324,093
	76,518,000	Lippo Karawaci Tbk PT #		7,891,391

				111,682,382

Industrial: 11.9%
	7,292,000	Indocement Tunggal Prakarsa Tbk PT #		15,450,267
	11,751,500	Semen Gresik Persero Tbk PT #		17,694,549
	6,182,969	United Tractors Tbk PT #		13,314,178

				46,458,994

Utilities: 4.6%
	42,148,500	Perusahaan Gas Negara Tbk PT #		18,115,636

Total Common Stocks (Cost: $425,264,024)				390,526,624

MONEY MARKET FUND: 0.1% (Cost: $344,092)
	344,092	Dreyfus Government Cash Management Fund		344,092

Total Investments: 100.0% (Cost: $425,608,116)				390,870,716
Liabilities in excess of other assets: (0.0)%				(56,854	)

NET ASSETS: 100.0%			$	390,813,862


ADR	American Depositary Receipt
AUD	Australian Dollar
GBP	British Pound
HKD	Hong Kong Dollar
NVDR	Non-Voting Depository Receipt
SGD	Singapore 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 $363,869,384 which represents 93.1% of net assets.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	—	$	9,778,543	$	—	$	9,778,543
Communications		26,657,240		12,280,618		—		38,937,858
Consumer, Cyclical		—		43,760,326		—		43,760,326
Consumer, Non-cyclical		—		81,674,513		—		81,674,513
Energy		—		40,118,372		—		40,118,372
Financial		—		111,682,382		—		111,682,382
Industrial		—		46,458,994		—		46,458,994
Utilities		—		18,115,636		—		18,115,636
Money Market Fund		344,092		—		—		344,092


Total	$	27,001,332	$	363,869,384	$	—	$	390,870,716

See Notes to Schedules of Investments

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


	Number
	of Shares		Value

COMMON STOCKS: 95.6%
Basic Materials: 7.8%
	2,422,500	Delta Dunia Makmur Tbk PT (IDR) * #	$	62,957
	254,494	Intrepid Mines Ltd. (AUD) * #		122,140

				185,097

Consumer, Cyclical: 3.2%
	353,500	Energy Earth PCL (NVDR) * #		55,917
	299,000	Intraco Penta Tbk PT (IDR) #		19,611

				75,528

Consumer, Non-cyclical: 21.5%
	6,442,500	Bakrie Sumatera Plantations Tbk PT (IDR) #		92,957
	669,000	BW Plantation Tbk PT (IDR) #		104,696
	741,500	Citra Marga Nusaphala Persada Tbk PT (IDR) #		164,218
	343,500	Malindo Feedmill Tbk PT (IDR) #		55,118
	308,500	Sampoerna Agro PT (IDR) #		93,139

				510,128

Energy: 12.1%
	7,196,500	Benakat Petroleum Energy Tbk PT (IDR) * #		137,963
	16,035,500	Energi Mega Persada Tbk PT (IDR) * #		149,838

				287,801

Financial: 43.7%
	17,209,000	Bakrieland Development Tbk PT (IDR) * #		96,623
	1,575,500	Bank Bukopin Tbk PT (IDR) #		104,891
	1,327,000	Bank Pembangunan Daerah Jawa Timur Tbk PT (IDR) *		53,385
	866,500	Bekasi Fajar Industrial Estate Tbk PT (IDR) * #		63,190
	274,000	Gallant Venture Ltd. (SGD) * #		67,665
	5,295,000	Kawasan Industri Jababeka Tbk PT (IDR) * #		118,380
	199,500	Lippo Cikarang Tbk PT (IDR) * #		78,338
	5,958,500	Panin Financial Tbk PT (IDR) * #		79,459
	8,472,000	Sentul City Tbk PT (IDR) * #		184,817
	1,367,500	Surya Semesta Internusa Tbk PT (IDR) #		187,817

				1,034,565

Industrial: 7.3%
	694,000	Pembangunan Perumahan Persero Tbk PT (IDR) #		52,669
	1,492,500	Trada Maritime Tbk PT (IDR) * #		119,717

				172,386

Total Common Stocks (Cost: $2,908,981)				2,265,505

REAL ESTATE INVESTMENT TRUST: 4.4% (Cost: $91,257)
	285,000	Lippo Malls Indonesia Retail Trust #		105,492

MONEY MARKET FUND: 0.6% (Cost: $14,082)
	14,082	Dreyfus Government Cash Management Fund		14,082

Total Investments: 100.6% (Cost: $3,014,320)				2,385,079
Liabilities in excess of other assets: (0.6)%				(14,590	)

NET ASSETS: 100.0%			$	2,370,489


AUD	Australian Dollar
IDR	Indonesian Rupiah
NVDR	Non-Voting Depositary Receipt
SGD	Singapore 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 $2,317,612 which represents 97.8% of net assets.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	—	$	185,097	$	—	$	185,097
Consumer, Cyclical		—		75,528		—		75,528
Consumer, Non-cyclical		—		510,128		—		510,128
Energy		—		287,801		—		287,801
Financial		53,385		981,180		—		1,034,565
Industrial		—		172,386		—		172,386
Real Estate Investment Trust		—		105,492		—		105,492
Money Market Fund		14,082		—		—		14,082


Total	$	67,467	$	2,317,612	$	—	$	2,385,079

During the period March 20, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $63,190. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

LATIN AMERICA SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


Number of Shares			Value

COMMON STOCKS: 92.1%
Argentina: 0.8%
	2,859	Banco Macro S.A. (ADR) *	$	40,541
	4,003	Cresud S.A.C.I.F. y A (ADR)		32,704
	2,874	Grupo Financiero Galicia S.A. (ADR) †		16,640
	4,807	Pampa Energia S.A. (ADR) *		17,738

				107,623

Australia: 1.2%
	110,851	Beadell Resources Ltd. * #		112,519
	120,964	Mirabela Nickel Ltd. * #		53,554

				166,073

Bermuda: 0.2%
	10,450	GP Investments Ltd. (BDR) (BRL) *		22,372

Brazil: 28.1%
	3,300	Abril Educacao S.A.		55,509
	11,350	Aliansce Shopping Centers S.A.		123,060
	8,545	American Banknote S.A.		159,962
	5,300	Arezzo Industria e Comercio S.A.		95,582
	4,850	Autometal S.A.		45,456
	10,671	B2W Cia Global Do Varejo *		56,059
	21,850	Brasil Brokers Participacoes S.A.		76,956
	9,400	Brasil Insurance Participacoes e Administracao S.A.		88,331
	34,397	Brookfield Incorporacoes S.A.		67,021
	10,772	Brookfield Incorporacoes S.A. Rights (BRL 3.60, expiring 10/18/12) *		4,570
	21	Contax Participacoes S.A. Rights (BRL 0.00, expiring 10/02/12) * #		—
	8,400	Equatorial Energia S.A.		74,169
	10,450	Estacio Participacoes S.A.		175,262
	11,950	Eternit S.A.		57,768
	36,450	Even Construtora e Incorporadora S.A.		140,424
	8,500	EZ Tec Empreendimentos e Participacoes S.A.		105,577
	12,200	Fleury S.A.		145,937
	34,186	Gafisa S.A. (ADR) * †		149,393
	20,713	Gol Linhas Aereas Inteligentes S.A. (ADR) * †		118,893
	12,450	Grendene S.A.		84,443
	32,300	HRT Participacoes em Petroleo S.A. *		70,901
	3,000	Iguatemi Empresa de Shopping Centers S.A.		76,670
	28,450	Inpar S.A. *		16,841
	6,400	International Meal Co. Holdings S.A.		59,983
	9,650	Iochpe Maxion S.A.		126,620
	14,350	JHSF Participacoes S.A.		53,797
	10,100	Julio Simoes Logistica S.A.		54,753
	1,584	Kroton Educacional S.A. * #		1,833
	14,669	Kroton Educacional S.A. *		251,086
	32,300	LLX Logistica S.A. *		45,887
	3,760	LPS Brasil Consultoria de Imoveis S.A.		67,679
	6,850	Magazine Luiza S.A.		41,358
	29,150	Magnesita Refratarios S.A.		107,843
	6,400	Mahle-Metal Leve SA Industria e Comercio		79,240
	13,850	Mills Estruturas e Servicos de Engenharia S.A.		200,175
	6,800	Minerva S.A.		37,702
	10,300	OSX Brasil S.A. *		63,154
	20,700	Paranapanema S.A. *		26,242
	3,900	Positivo Informatica S.A. *		9,792
	16,400	QGEP Participacoes S.A.		97,886
	41,500	Refinaria de Petroleos de Manguinhos S.A. *		15,763
	17,400	Restoque Comercio e Confeccoes de Roupas S.A.		78,535
	26,350	Rossi Residencial S.A.		65,379
	7,850	SLC Agricola S.A.		84,221
	4,150	Sonae Sierra Brasil S.A.		66,122
	4,600	T4F Entretenimento S.A.		31,994
	5,350	Technos S.A.		57,478
	14,850	Tecnisa S.A.		69,223
	3,150	Tegma Gestao Logistica S.A.		52,007
	5,100	UNICASA Industria de Moveis S.A. *		27,799
	150,400	Vanguarda Agro S.A. *		27,450

				3,889,785

Canada: 24.3%
	19,728	Alamos Gold, Inc.		383,483
	14,619	Argonaut Gold, Inc. *		151,528
	74,010	AURCANA Corp. *		89,586
	59,409	B2Gold Corp. *		238,095
	11,038	Bear Creek Mining Corp. *		41,655
	6,156	C&C Energia Ltd. *		40,013
	99,634	Canacol Energy Ltd. *		48,646
	56,409	Capstone Mining Corp. *		145,742
	16,946	Colossus Minerals, Inc. *		96,701
	13,942	Continental Gold Ltd. *		124,940
	14,346	Endeavour Silver Corp. (USD) *		143,173
	13,661	Exeter Resource Corp. (USD) *		22,677
	18,411	First Majestic Silver Corp. (USD) *		426,583
	20,619	Fortuna Silver Mines, Inc. *		109,272
	42,782	Gran Tierra Energy, Inc. (USD) *		221,183
	22,418	Great Panther Silver Ltd. (USD) *		51,561
	7,702	MAG Silver Corp. * †		94,326
	25,713	McEwen Mining, Inc. (USD) *		118,023
	16,584	Parex Resources, Inc. *		81,478
	25,683	Rio Alto Mining Ltd. *		136,370
	12,655	Sandstorm Gold Ltd. *		162,580
	26,988	Scorpio Mining Corp. *		31,021
	13,291	Silver Standard Resources, Inc. (USD) *		213,055
	38,810	Sulliden Gold Corp Ltd. *		46,978
	68,693	Torex Gold Resources, Inc. *		148,133

				3,366,802

Chile: 10.6%
	25,339	Administradora de Fondos de Pensiones Provida S.A.		155,971
	43,228	AFP Habitat S.A.		66,167
	86,564	AquaChile S.A. *		59,391
	48,279	Besalco S.A.		86,665
	420,341	Cia Sud Americana de Vapores S.A. *		42,030
	47,707	Cruz Blanca Salud S.A.		52,757
	23,826	Empresas Hites S.A.		14,599
	375,730	Empresas Iansa S.A.		28,119
	56,529	Inversiones Aguas Metropolitanas S.A.		102,337
	393,728	Masisa S.A.		39,510
	3,978,732	Norte Grande S.A.		39,984
	79,451	Parque Arauco S.A.		163,818
	128,756	Ripley Corp. S.A.		121,924
	55,294	Salfacorp S.A.		131,605
	760,857	Sociedad Matriz SAAM S.A. *		81,804
	57,688	Sonda S.A.		173,301
	50,921	Vina Concha y Toro S.A.		106,374

				1,466,356

Colombia: 0.9%
	288,151	Fabricato S.A. *		14,890
	14,415	Petrominerales Ltd. (CAD)		116,716

				131,606

Luxembourg: 0.9%
	11,895	Adecoagro S.A. (USD) *		119,664

Mexico: 12.2%
	100,212	Alsea S.A.B de C.V. * †		155,864
	113,250	Axtel S.A.B. de C.V. *		28,155
	86,800	Bolsa Mexicana de Valores S.A.B. de C.V. †		179,645
	11,200	Cia Minera Autlan S.A.B de C.V.		12,573
	216,150	Consorcio ARA S.A.B. de C.V. *		67,674
	70,950	Corp GEO S.A.B de C.V. *		87,091
	2,419	Desarrolladora Homex S.A.B. de C.V. (ADR) *		32,995
	16,085	Empresas ICA S.A.B. de C.V. (ADR) *		124,498
	15,000	Gruma, S.A. de C.V. (Class B) *		42,418
	119,800	Grupo Aeromexico S.A.B. de C.V. *		185,213
	27,750	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. †		62,521
	3,171	Grupo Aeroportuario del Pacifico S.A.B. de C.V. (ADR)		137,304
	21,950	Grupo Famsa S.A.B. de C.V. *		24,215
	9,950	Grupo Simec S.A.B de C.V. *		40,081
	21,750	Industrias CH S.A.B. de C.V. *		129,773
	475,300	TV Azteca S.A. de C.V.		327,901
	71,400	Urbi Desarrollos Urbanos S.A.B. de C.V. *		43,711

				1,681,632

Panama: 0.8%
	4,830	Banco Latinoamericano de Comercio Exterior S.A. (USD)		106,695

Peru: 0.7%
	104,166	Ferreyros S.A.		94,241

Puerto Rico: 2.9%
	6,638	Oriental Financial Group, Inc.		69,832
	16,417	Popular, Inc. *		286,148
	2,124	Triple-S Management Corp. *		44,392

				400,372

United Kingdom: 1.0%
	7,154	APR Energy Plc		96,520
	80,369	Patagonia Gold Plc *		38,934

				135,454

United States: 7.5%
	1,175	Apco Oil and Gas International, Inc. †		18,906
	14,700	BPZ Resources, Inc. * †		42,042
	4,329	First Cash Financial Services, Inc. *		199,177
	6,172	Fresh Del Monte Produce, Inc.		158,003
	7,817	Gold Resource Corp. †		167,675
	5,928	Harvest Natural Resources, Inc. *		52,878
	19,354	International Minerals Corp. (CHF) *		111,123
	13,753	Jaguar Mining, Inc. *		16,504
	26,823	NII Holdings, Inc. * †		210,561
	3,984	Superior Industries International, Inc.		68,087

				1,044,956

Total Common Stocks (Cost: $13,522,442)				12,733,631


PREFERRED STOCKS: 7.9%
Brazil: 7.2%
	17,200	Anhanguera Educacional Participacoes S.A.		285,924
	8,243	Banco ABC Brasil S.A.		49,200
	7,600	Banco Daycoval S.A.		40,863
	10,150	Banco Industrial e Comercial S.A.		35,598
	21,387	Banco Panamericano S.A.		53,593
	3,800	Centrais Eletricas de Santa Catarina S.A.		64,481
	7,200	Cia de Ferro Ligas da Bahia		37,647
	3,800	Cia Energetica do Ceara		68,418
	5,550	Contax Participacoes S.A.		52,290
	278	Kroton Educacional S.A. * #		556
	26,800	Marcopolo S.A.		156,656
	18,550	Randon Implementos e Participacoes S.A.		107,699
	2,850	Saraiva S.A. Livreiros Editores		32,334
	2,185	Telecomunicacoes Brasileiras S.A. *		5,702

				990,961

Chile: 0.7%
	43,411	Coca-Cola Embonor S.A.		102,069

Total Preferred Stocks (Cost: $1,079,488)				1,093,030

MONEY MARKET FUND: 0.6% (Cost: $84,181)
	84,181	Dreyfus Government Cash Management Fund		84,181

Total Investments Before Collateral for Securities Loaned: 100.6% (Cost: $14,686,111)				13,910,842

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 8.1% (Cost: $1,113,598)
	1,113,598	Bank of New York Overnight Government Fund		1,113,598

Total Investments: 108.7% (Cost: $15,799,709)				15,024,440
Liabilities in excess of other assets: (8.7)%				(1,200,909	)

NET ASSETS: 100.0%			$	13,823,531


ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
USD	United States Dollar


*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,069,569.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $168,462 which represents 1.2% of net assets.


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

Basic Materials	26.1	%	$	3,631,844
Communications	4.8			660,712
Consumer, Cyclical	15.8			2,196,931
Consumer, Non-cyclical	16.2			2,253,826
Energy	6.0			833,862
Financial	15.2			2,110,177
Government	0.8			106,695
Industrial	10.3			1,435,650
Technology	1.2			173,301
Utilities	3.0			423,663
Money Market Fund	0.6			84,181

	100.0	%	$	13,910,842

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Argentina	$	107,623	$	—	$	—	$	107,623
Australia		—		166,073		—		166,073
Bermuda		22,372		—		—		22,372
Brazil		3,887,952		1,833		—		3,889,785
Canada		3,366,802		—		—		3,366,802
Chile		1,466,356		—		—		1,466,356
Colombia		131,606		—		—		131,606
Luxembourg		119,664		—		—		119,664
Mexico		1,681,632		—		—		1,681,632
Panama		106,695		—		—		106,695
Peru		94,241		—		—		94,241
Puerto Rico		400,372		—		—		400,372
United Kingdom		135,454		—		—		135,454
United States		1,044,956		—		—		1,044,956
Preferred Stocks
Brazil		990,405		556		—		990,961
Chile		102,069		—		—		102,069
Money Market Funds		1,197,779		—		—		1,197,779


Total	$	14,855,978	$	168,462	$	—	$	15,024,440

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to Level 1 were $150,058. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

POLAND ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


Number of Shares			Value

COMMON STOCKS: 100.0%
Basic Materials: 10.7%
	48,961	KGHM Polska Miedz S.A. #	$	2,335,900
	621,728	Synthos S.A. #		1,108,762

				3,444,662

Communications: 10.1%
	105,832	Cyfrowy Polsat S.A. * #		484,855
	408,289	Netia S.A. * #		783,176
	300,114	Telekomunikacja Polska S.A.		1,541,064
	197,475	TVN S.A. #		427,413

				3,236,508

Consumer, Non-cyclical: 4.4%
	83,520	Jeronimo Martins, SGPS, S.A. (EUR) #		1,395,901

Energy: 20.4%
	79,666	Grupa Lotos S.A. * #		782,588
	50,207	Jastrzebska Spolka Weglowa S.A. #		1,433,926
	23,084	Lubelski Wegiel Bogdanka S.A. #		869,766
	141,783	Polski Koncern Naftowy Orlen S.A. * #		2,014,455
	1,120,993	Polskie Gornictwo Naftowe I Gazownictwo S.A. * #		1,424,962

				6,525,697

Financial: 38.1%
	42,632	Bank Handlowy w Warszawie S.A. #		1,172,136
	538,289	Bank Millennium S.A. * #		650,978
	42,114	Bank Pekao S.A. #		2,077,700
	14,592	BRE Bank S.A. * #		1,440,578
	1,403,620	Get Bank S.A. * #		751,465
	420,627	Getin Holding S.A. * #		262,764
	300,114	Globe Trade Centre S.A. * #		698,246
	220,766	PKO Bank Polski S.A. #		2,453,704
	22,519	Powszechny Zaklad Ubezpieczen S.A. #		2,533,172
	15,790	Warsaw Stock Exchange #		180,238

				12,220,981

Industrial: 0.5%
	659,772	Polimex-Mostostal S.A. * #		169,525

Technology: 4.0%
	91,110	Asseco Poland S.A. #		1,270,486

Utilities: 11.8%
	120,990	Enea S.A. #		617,563
	303,140	Polska Grupa Energetyczna S.A. #		1,750,600
	921,302	Tauron Polska Energia S.A. #		1,408,273

				3,776,436

Total Common Stocks (Cost: $39,834,587)				32,040,196

MONEY MARKET FUND: 0.0% (Cost: $1,070)
	1,070	Dreyfus Government Cash Management Fund		1,070

Total Investments: 100.0% (Cost: $39,835,657)				32,041,266
Other assets less liabilities: 0.0%				7,471

NET ASSETS: 100.0%			$	32,048,737


EUR	Euro

*	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 $30,499,132 which represents 95.2% of net assets.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	—	$	3,444,662	$	—	$	3,444,662
Communications		1,541,064		1,695,444		—		3,236,508
Consumer, Non-cyclical		—		1,395,901		—		1,395,901
Energy		—		6,525,697		—		6,525,697
Financial		—		12,220,981		—		12,220,981
Industrial		—		169,525		—		169,525
Technology		—		1,270,486		—		1,270,486
Utilities		—		3,776,436		—		3,776,436
Money Market Fund		1,070		—		—		1,070


Total	$	1,542,134	$	30,499,132	$	—	$	32,041,266

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to Level 1 were $1,541,064. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

RUSSIA ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


Number of Shares			Value

COMMON STOCKS: 94.6%
Basic Materials: 20.6%
	4,145,191	Evraz Plc #	$	16,551,868
	7,689,081	JSC MMC Norilsk Nickel (ADR) † #		123,042,281
	1,330,043	Magnitogorsk Iron & Steel Works (GDR) * † # Reg S		6,156,534
	1,243,145	Mechel OAO (ADR)		8,751,741
	992,720	Novolipetsk Steel (GDR) † # Reg S		19,748,885
	1,846,338	Petropavlovsk Plc #		12,219,911
	2,157,176	Polymetal International #		37,859,973
	4,358,898	Polyus Gold International Ltd. *		15,256,481
	1,944,564	Severstal OAO (GDR) † # Reg S		24,395,347
	18,468,000	United Company RUSAL Plc (HKD) * † #		10,637,785
	2,492,896	Uralkali OJSC (GDR) † #		103,460,890

				378,081,696

Communications: 12.9%
	646,786	CTC Media, Inc. (USD)		5,892,221
	693,241	Mail.ru Group Ltd. (GDR) † # Reg S		23,218,768
	4,222,446	Mobile TeleSystems OJSC (ADR)		73,977,254
	15,334,401	Rostelecom OJSC (USD)		66,014,474
	1,917,866	Sistema JSFC (GDR) † # Reg S		39,157,929
	2,338,236	VimpelCom Ltd. (ADR)		27,825,008

				236,085,654

Consumer, Non-cyclical: 7.1%
	432,889	Global Ports Investments Plc (GDR) # Reg S		6,217,439
	2,591,303	Magnit OAO (GDR) † # Reg S		88,250,522
	445,988	O’Key Group S.A. (GDR) † # Reg S		4,272,367
	768,572	Pharmstandard (GDR) * † Reg S		10,913,722
	960,498	X5 Retail Group N.V. (GDR) * † # Reg S		20,247,719

				129,901,769

Energy: 37.1%
	1,042,069	Alliance Oil Co. Ltd. (SDR) * † #		8,257,264
	438,214	Eurasia Drilling Co. Ltd. (GDR) † # Reg S		14,482,694
	2,412,331	Lukoil (ADR) † #		149,104,307
	902,609	Novatek OAO (GDR) # Reg S		107,156,363
	14,281,269	OAO Gazprom (ADR) #		143,924,915
	1,731,421	Raspadskaya OAO (USD) *		4,694,464
	12,950,979	Rosneft Oil Co. (GDR) * † #		87,335,859
	8,906,786	Surgutneftegas OJSC (ADR) #		80,720,367
	2,008,290	Tatneft (ADR) † #		83,537,668

				679,213,901

Financial: 10.1%
	1,878,921	LSR Group (GDR) † # Reg S		8,758,092
	10,812,051	Sberbank of Russia (ADR) † #		127,400,959
	14,451,877	VTB Bank OJSC (GDR) † # Reg S		48,351,688

				184,510,739

Industrial: 1.4%
	789,621	Globaltrans Investment Plc (GDR) † Reg S		16,408,324
	597,895	OAO TMK (GDR) * # Reg S		9,112,489

				25,520,813

Utilities: 5.4%
	146,824,404	E.ON Russia JSC (USD)		12,884,282
	2,934,147,871	Federal Grid Co. Unified Energy System JSC (USD) *		21,897,546
	228,171,941	IDGC Holding JSC (USD) *		17,294,977
	17,236,180,515	Inter Rao Ues OAO (USD) *		14,840,351
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) * # §		130,783
	66,181,007	Mosenergo OAO (USD)		2,943,334
	10,915,543	RusHydro OAO (ADR) † #		29,128,050

				99,119,323

Total Common Stocks (Cost: $1,973,761,076)				1,732,433,895

PREFERRED STOCKS: 5.3%
Energy: 4.0%
	17,238	AK Transneft OAO (USD)		31,499,058
	62,338,880	Surgutneftegas OJSC (USD)		41,855,197

				73,354,255

Financial: 1.3%
	11,087,476	Sberbank of Russia (USD) †		23,591,798

Total Preferred Stocks (Cost: $106,194,994)				96,946,053

MONEY MARKET FUND: 0.1% (Cost: $490,647)
	490,647	Dreyfus Government Cash Management Fund		490,647


Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $2,080,446,717)				1,829,870,595

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 16.4% (Cost: $300,479,817)
	300,479,817	Bank of New York Overnight Government Fund		300,479,817

Total Investments: 116.4% (Cost: $2,380,926,534)				2,130,350,412
Liabilities in excess of other assets: (16.4)%				(299,519,602	)

NET ASSETS: 100.0%			$	1,830,830,810


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
SDR	Special Drawing Rights
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $260,829,412.
#	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 $1,432,839,716 which represents 78.3% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $130,783 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.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	24,008,222	$	354,073,474	$	—	$	378,081,696
Communications		173,708,957		62,376,697		—		236,085,654
Consumer, Non-cyclical		10,913,722		118,988,047		—		129,901,769
Energy		4,694,464		674,519,437		—		679,213,901
Financial		—		184,510,739		—		184,510,739
Industrial		16,408,324		9,112,489		—		25,520,813
Utilities		69,860,490		29,128,050		130,783		99,119,323
Preferred Stocks*		96,946,053		—		—		96,946,053
Money Market Funds		300,970,464		—		—		300,970,464


Total	$	697,510,696	$	1,432,708,933	$	130,783	$	2,130,350,412

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

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $54,411,840 and transfers from Level 2 to Level 1 were $199,521,315. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2012:


	Common Stocks

	Utilities

Balance as of 12/31/11	$	117,735
Realized gain (loss)		—
Change in unrealized appreciation		13,048
Purchases		—
Sales		—
Transfers in and/or out of level 3		—

Balance as of 09/30/2012	$	130,783

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2012:


	Fair Value 9/30/12	Valuation Technique	Unobservable input (1)	%	Impact to Valuation from an Increase in Input (2)

Common Stocks
Utilities	$130,783	Periodic observable quotes
		Market comparable companies	Discount for lack of market	50%	Decrease

(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.
(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

See Notes to Schedules of Investments

RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


	Number
	of Shares		Value

COMMON STOCKS: 91.4%
Basic Materials: 12.6%
	6,744	Acron JSC (USD)	$	301,142
	218,426	High River Gold Mines Ltd. (CAD) *		315,224
	138,655	Highland Gold Mining Ltd. #		258,635
	1,236,000	IRC Ltd. (HKD) * #		79,280
	90,701	Petropavlovsk Plc #		600,301

				1,554,582

Communications: 4.5%
	60,852	CTC Media, Inc. (USD)		554,362

Consumer, Cyclical: 5.1%
	450,401	Aeroflot - Russian Airlines OJSC (USD)		628,276

Consumer, Non-cyclical: 15.9%
	62,308	Central European Distribution Corp. (USD) *		177,578
	160,281	ITE Group Plc #		533,910
	41,970	O’Key Group S.A. (GDR) # Reg S		402,054
	40,398	Pharmacy Chain 36.6 OAO (USD) *		46,612
	55,917	Pharmstandard (GDR) * Reg S		794,021

				1,954,175

Energy: 17.9%
	91,287	Alliance Oil Co. Ltd. (SDR) * † #		723,350
	95,730	Exillon Energy Plc * #		212,872
	142,166	Heritage Oil Ltd. * #		444,440
	147,594	Intergra Group (GDR) * Reg S		190,396
	162,383	Raspadskaya OAO (USD) *		440,275
	110,934	RusPetro Plc * #		191,139

				2,202,472

Financial: 18.5%
	81,270	Etalon Group Ltd. (GDR) * Reg S		510,376
	170,885	LSR Group (GDR) † # Reg S		796,535
	246,200	PIK Group (GDR) * † # Reg S		545,177
	286,608	Raven Russia Ltd.		312,631
	50,511	Vostok Nafta Investment Ltd. (SDR) #		121,986

				2,286,705

Industrial: 12.3%
	45,709	Globaltrans Investment Plc (GDR) Reg S		949,833
	35,331	Hydraulic Machines and Systems Group Plc (GDR) † Reg S		169,589
	58,747	Novorossiysk Commercial Sea Port (GDR) † # Reg S		398,613

				1,518,035

Utilities: 4.6%
	6,200,000	Mosenergo OAO (USD)		275,739
	22,826,100	OGK-2 OAO (USD)		288,453

				564,192

Total Common Stocks (Cost: $12,221,822)				11,262,799

PREFERRED STOCK: 8.6% (Cost: $920,105)
Energy: 8.6%
	578	AK Transneft OAO (USD)		1,056,181

MONEY MARKET FUND: 1.8% (Cost: $222,949)
	222,949	Dreyfus Government Cash Management Fund		222,949

Total Investments Before Collateral for Securities Loaned: 101.8% (Cost: $13,364,876)				12,541,929

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 8.8% (Cost: $1,078,248)
	1,078,248	Bank of New York Overnight Government Fund		1,078,248

Total Investments: 110.6% (Cost: $14,443,124)				13,620,177
Liabilities in excess of other assets: (10.6)%				(1,301,957	)

NET ASSETS: 100.0%			$	12,318,220


CAD	Canadian Dollar
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
SDR	Special Drawing Rights
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,022,199.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,308,292 which represents 43.1% 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.

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	616,366	$	938,216	$	—	$	1,554,582
Communications		554,362		—		—		554,362
Consumer, Cyclical		628,276		—		—		628,276
Consumer, Non-cyclical		1,018,211		935,964		—		1,954,175
Energy		630,671		1,571,801		—		2,202,472
Financial		823,007		1,463,698		—		2,286,705
Industrial		1,119,422		398,613		—		1,518,035
Utilities		564,192		—		—		564,192
Preferred Stock*		1,056,181		—		—		1,056,181
Money Market Funds		1,301,197		—		—		1,301,197


Total	$	8,311,885	$	5,308,292	$	—	$	13,620,177

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

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 2 to Level 1 were $5,523,250. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VIETNAM ETF

SCHEDULE OF INVESTMENTS

September 30, 2012 (unaudited)


	Number
	of Shares		Value

COMMON STOCKS: 97.5%
Basic Materials: 5.6%
	4	Hoa Sen Group #	$	3
	8,274,380	PetroVietnam Fertilizer & Chemical JSC #		14,488,730

				14,488,733

Consumer, Cyclical: 5.3%
	280,640	Minor International PCL Warrants (THB 11.82, expiring 05/18/13) *		35,376
	19,995,050	Minor International PCL (NVDR) #		9,985,367
	2,275,316	Parkson Holdings Bhd (MYR) #		3,581,997

				13,602,740

Consumer, Non-cyclical: 6.8%
	10,798,700	Charoen Pokphand Foods (NVDR) #		11,736,390
	14,078,896	Ocean Group JSC #		5,919,525

				17,655,915

Energy: 17.2%
	2,273,262	Oil and Natural Gas Corp. Ltd. (INR) #		12,096,628
	20,747,968	Petrovietnam Construction Co. ‡ *		4,371,130
	3,633,616	PetroVietnam Drilling & Well Services JSC #		5,848,902
	1,883,158	Premier Oil Plc * #		10,932,085
	2,071,144	Soco International Plc * #		11,059,563

				44,308,308

Financial: 43.4%
	15,437,558	Bank for Foreign Trade of Vietnam JSC		18,183,573
	13,225,766	Bao Viet Holdings #		20,545,073
	7,300,113	HAGL JSC * #		7,134,943
	9,503,000	Kim Long Securities Corp. *		3,640,124
	11,114,892	PetroVietnam Finance JSC #		4,143,272
	12,028,390	Saigon Thuong Tin Commercial JSB *		11,518,688
	60	Saigon-Hanoi Commercial Joint Stock Bank		18
	18,118,499	Tan Tao Investment Industry Corp. * #		3,895,373
	22,712,682	VietNam Joint Stock Commercial Bank for Industry and Trade *		19,140,206
	5,929,955	Vingroup JSC *		23,566,496

				111,767,766

Industrial: 16.9%
	6	Development Investment Construction Corp. #		3
	10,567,191	Gamuda Bhd (MYR) #		11,867,179
	3,649,476	Gemadept Corp. #		2,740,676
	5,175,254	Hoa Phat Group JSC *		4,782,495
	9,661,970	Kinh Bac City Development Share Holding Corp. *		2,683,238
	12,136,600	Petroleum Technical Services Corp. #		8,821,430
	3,914,110	Song Da Urban & Industrial Zone Investment & Development JSC *		4,273,005
	23,456,597	Viet Nam Construction & Import-Export JSC ‡ * #		8,520,621

				43,688,647

Utilities: 2.3%
	14,537,950	Pha Lai Thermal Power JSC * #		5,935,357

Total Common Stocks (Cost: $289,150,069)				251,447,466

CLOSED-END FUND: 2.2% (Cost: $5,624,201)
	3,553,971	VinaCapital Vietnam Opportunity Fund * #		5,705,836

Total Investments: 99.7% (Cost: $294,774,270)				257,153,302
Other assets less liabilities: 0.3%				663,757

NET ASSETS: 100.0%			$	257,817,059


INR	Indian Rupee
MYR	Malaysian Ringgit
NVDR	Non-Voting Depositary Receipt
THB	Thai Baht
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $164,958,953 which represents 64.0% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2012 is set forth below:


Affiliates	Value 12/31/11		Purchases		Sales Proceeds			Realized Loss			Dividend Income		Value 09/30/12

Petrovietnam Construction Co.	$	4,277,329	$	5,995,826	$	(792,664	)	$	(3,121,778	)	$	—	$	4,371,130
Viet Nam Construction & Import-Export JSC		6,578,529		7,560,594		(241,211	)		(2,790,436	)		—		8,520,621

	$	10,855,858	$	13,556,420	$	(1,033,875	)	$	(5,912,214	)	$	—	$	12,891,751

The summary of inputs used to value the Fund’s investments as of September 30, 2012 is as follows:


	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value

Common Stocks
Basic Materials	$	—	$	14,488,733	$	—	$	14,488,733
Consumer, Cyclical		35,376		13,567,364		—		13,602,740
Consumer, Non-cyclical		—		17,655,915		—		17,655,915
Energy		4,371,130		39,937,178		—		44,308,308
Financial		76,049,105		35,718,661		—		111,767,766
Industrial		11,738,738		31,949,909		—		43,688,647
Utilities		—		5,935,357		—		5,935,357
Closed-End Fund		—		5,705,836		—		5,705,836


Total	$	92,194,349	$	164,958,953	$	—	$	257,153,302

During the period January 1, 2012 through September 30, 2012, transfers of securities from Level 1 to Level 2 were $3 and transfer from Level 2 to Level 1 were $62,456,694. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2012 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Under procedures approved by the Funds’ Board of Trustees, the Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets. 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. 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 on 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 assumes the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

Income Taxes–As of September 30, 2012, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund		Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Africa Index ETF	$	79,937,292	$	11,187,720	$	(9,628,230	)	$	1,559,490
Brazil Small-Cap ETF		581,329,706		98,637,503		(128,390,279	)		(29,752,776	)
China ETF		7,858,055		—		—			—
Colombia ETF		3,096,000		164,963		(215,158	)		(50,195	)
Egypt Index ETF		56,982,234		7,952,248		(5,925,504	)		2,026,744
Germany Small-Cap ETF		6,041,097		297,882		(812,735	)		(514,853	)
Gulf States Index ETF		11,210,668		1,831,020		(2,512,404	)		(681,384	)
India Small-Cap Index ETF		59,933,247		4,584,713		(15,178,594	)		(10,593,881	)
Indonesia Index ETF		426,264,149		18,626,157		(54,019,590	)		(35,393,433	)
Indonesia Small-Cap ETF		3,014,320		72,825		(702,066	)		(629,241	)
Latin America Small-Cap Index ETF		16,233,928		1,751,112		(2,960,600	)		(1,209,488	)
Poland ETF		40,052,457		527,851		(8,539,042	)		(8,011,191	)
Russia ETF		2,559,740,234		77,953,051		(507,342,873	)		(429,389,822	)
Russia Small-Cap ETF		14,458,319		517,519		(1,355,661	)		(838,142	)
Vietnam ETF		327,236,177		9,332,410		(79,415,285	)		(70,082,875	)

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: November 26, 2012

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: November 26, 2012

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

Date: November 26, 2012