UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER: 811-10325
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MARKET VECTORS ETF TRUST |
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(Exact name of registrant as specified in its charter) |
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335 Madison Avenue - 19th Floor, New York, N.Y. |
10017 |
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(Address of principal executive offices) |
(Zip Code) |
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John J. Crimmins |
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Treasurer & Chief Financial Officer |
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Market Vectors ETF Trust |
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335 Madison Avenue - 19th Floor |
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New York, N.Y. 10017 |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: (212)293-2000 |
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Date of fiscal year end: September 30, |
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Date of reporting period: December 31, 2012 |
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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.
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ITEM 1. Schedules of Investments. |
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BANK AND BROKERAGE ETF |
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SCHEDULES OF INVESTMENTS |
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December 31, 2012 (unaudited) |
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Number
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Value |
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COMMON STOCKS: 97.3% |
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Brazil: 3.0% |
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48,059 |
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Banco Bradesco S.A. (ADR) |
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$ |
834,785 |
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24,615 |
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Banco Santander S.A. (ADR) |
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178,951 |
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1,013,736 |
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Canada: 17.2% |
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16,859 |
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Bank of Montreal (USD) |
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1,033,457 |
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25,096 |
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Bank of Nova Scotia (USD) † |
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1,452,557 |
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26,745 |
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Royal Bank of Canada (USD) |
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1,612,724 |
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19,560 |
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Toronto-Dominion Bank (USD) |
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1,649,495 |
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5,748,233 |
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Germany: 3.1% |
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23,118 |
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Deutsche Bank AG (USD) |
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1,023,896 |
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India: 0.2% |
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1,936 |
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ICICI Bank Ltd. (ADR) |
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84,429 |
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Japan: 5.1% |
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315,461 |
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Mitsubishi UFJ Financial Group, Inc. (ADR) |
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1,709,799 |
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Netherlands: 2.5% |
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87,354 |
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ING Groep N.V. (ADR) * |
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828,989 |
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Spain: 9.2% |
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141,616 |
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Banco Bilbao Vizcaya Argentaria S.A. (ADR) |
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1,334,023 |
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211,255 |
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Banco Santander S.A. (ADR) † |
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1,725,953 |
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3,059,976 |
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Switzerland: 6.4% |
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30,438 |
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Credit Suisse Group AG (ADR) |
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747,557 |
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88,395 |
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UBS AG (USD) |
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1,391,337 |
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2,138,894 |
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United Kingdom: 12.4% |
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68,981 |
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Barclays Plc (ADR) |
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1,194,751 |
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55,506 |
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HSBC Holdings Plc (ADR) |
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2,945,703 |
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4,140,454 |
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United States: 38.2% |
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162,517 |
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Bank of America Corp. |
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1,885,197 |
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28,079 |
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Charles Schwab Corp. |
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403,214 |
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42,893 |
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Citigroup, Inc. |
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1,696,847 |
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11,323 |
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Goldman Sachs Group, Inc. |
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1,444,362 |
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56,746 |
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JPMorgan Chase & Co. |
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2,495,122 |
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35,805 |
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Morgan Stanley |
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684,592 |
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45,459 |
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U.S. Bancorp |
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1,451,960 |
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78,584 |
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Wells Fargo & Co. |
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2,686,001 |
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12,747,295 |
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Total Common Stocks |
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32,495,701 |
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PREFERRED STOCK: 2.8% |
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Brazil: 2.8% |
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57,339 |
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Itau Unibanco Holding S.A. (ADR) |
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943,800 |
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MONEY MARKET FUND: 1.8% |
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600,278 |
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Dreyfus Government Cash Management Fund |
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600,278 |
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Total Investments Before Collateral for
Securities Loaned: 101.9% |
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34,039,779 |
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SHORT-TERM INVESTMENT HELD AS COLLATERAL
FOR SECURITIES LOANED: 5.6% |
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1,860,225 |
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Bank of New York Overnight Government Fund |
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1,860,225 |
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Total Investments: 107.5% |
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35,900,004 |
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Liabilities in excess of other assets: (7.5)% |
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(2,493,266 |
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NET ASSETS: 100.0% |
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$ |
33,406,738 |
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ADR |
American Depositary Receipt |
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USD |
United States Dollar |
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* |
Non-income producing |
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† |
Security fully or partially on loan. Total market value of securities on loan is $1,807,896. |
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Summary of Investments |
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%
of |
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Value |
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Commercial Banking Institution |
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31.9 |
% |
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$ |
10,850,174 |
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Diversified Banking Institution |
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50.6 |
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17,219,163 |
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Finance - Investment Banker / Broker |
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1.2 |
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403,214 |
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Life & Health Insurance |
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2.4 |
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828,989 |
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Super - Regional Banks |
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12.1 |
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4,137,961 |
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Money Market Fund |
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1.8 |
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600,278 |
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100.0 |
% |
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$ |
34,039,779 |
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The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:
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Level
1 |
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Level
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Level
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Value |
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Common Stocks* |
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$ |
32,495,701 |
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$ |
— |
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$ |
— |
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$ |
32,495,701 |
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Preferred Stock* |
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943,800 |
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— |
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— |
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943,800 |
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Money Market Funds |
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2,460,503 |
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— |
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— |
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2,460,503 |
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Total |
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$ |
35,900,004 |
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$ |
— |
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$ |
— |
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$ |
35,900,004 |
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* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Schedules of Investments
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BIOTECH ETF |
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SCHEDULE OF INVESTMENTS |
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December 31, 2012 (unaudited) |
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Number
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Value |
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COMMON STOCKS: 100.0% |
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Netherlands: 3.6% |
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289,001 |
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Qiagen N.V. (USD) * † |
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$ |
5,245,368 |
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United States: 96.4% |
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49,605 |
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Acorda Therapeutics, Inc. * |
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1,233,180 |
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79,849 |
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Alexion Pharmaceuticals, Inc. * |
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7,490,635 |
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236,868 |
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Amgen, Inc. |
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20,446,446 |
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201,666 |
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Ariad Pharmaceuticals, Inc. * |
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3,867,954 |
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73,033 |
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Biogen Idec, Inc. * |
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10,711,750 |
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136,166 |
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BioMarin Pharmaceutical, Inc. * |
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6,706,175 |
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130,568 |
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Celgene Corp. * |
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10,278,313 |
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82,737 |
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Cepheid, Inc. * |
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2,797,338 |
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59,976 |
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Charles River Laboratories International, Inc. * |
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2,247,301 |
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81,178 |
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Cubist Pharmaceuticals, Inc. * |
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3,414,347 |
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190,624 |
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Dendreon Corp. * † |
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1,006,495 |
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212,906 |
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Exelixis, Inc. * † |
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972,980 |
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231,533 |
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Gilead Sciences, Inc. * |
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17,006,099 |
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128,362 |
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Illumina, Inc. * † |
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7,135,644 |
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143,884 |
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Incyte Corp. * † |
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2,389,913 |
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134,212 |
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Life Technologies Corp. * |
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6,587,125 |
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89,899 |
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Medivation, Inc. * |
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4,599,233 |
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101,581 |
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Myriad Genetics, Inc. * |
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2,768,082 |
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83,259 |
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Onyx Pharmaceuticals, Inc. * |
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6,288,552 |
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68,623 |
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Pharmacyclics, Inc. * |
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3,973,272 |
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41,447 |
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Regeneron Pharmaceuticals, Inc. * |
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7,090,338 |
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123,094 |
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Seattle Genetics, Inc. * † |
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2,855,781 |
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55,710 |
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United Therapeutics Corp. * |
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2,976,028 |
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161,691 |
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Vertex Pharmaceuticals, Inc. * |
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6,781,320 |
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141,624,301 |
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Total Common Stocks |
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146,869,669 |
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MONEY MARKET FUND: 0.4% |
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598,879 |
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Dreyfus Government Cash Management Fund |
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598,879 |
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Total Investments Before Collateral for
Securities Loaned: 100.4% |
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147,468,548 |
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SHORT-TERM INVESTMENT HELD AS COLLATERAL
FOR SECURITIES LOANED: 8.5% |
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12,463,501 |
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Bank of New York Overnight Government Fund |
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12,463,501 |
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Total Investments: 108.9% |
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159,932,049 |
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Liabilities in excess of other assets: (8.9)% |
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(13,010,893 |
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NET ASSETS: 100.0% |
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$ |
146,921,156 |
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USD |
United States Dollar |
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* |
Non-income producing |
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† |
Security fully or partially on loan. Total market value of securities on loan is $12,135,214. |
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Summary of Investments |
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%
of |
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Value |
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Diagnostic Equipment |
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1.9 |
% |
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$ |
2,797,338 |
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Diagnostic Kits |
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3.6 |
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5,245,368 |
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Medical - Biomedical / Genetics |
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79.5 |
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117,259,731 |
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Medical - Drugs |
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3.1 |
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4,599,233 |
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Therapeutics |
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11.5 |
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16,967,999 |
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Money Market Fund |
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0.4 |
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|
598,879 |
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100.0 |
% |
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$ |
147,468,548 |
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The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:
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Level
1 |
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Level
2 |
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Level
3 |
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Value |
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Common Stocks* |
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$ |
146,869,669 |
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$ |
— |
|
$ |
— |
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$ |
146,869,669 |
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Money Market Funds |
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|
13,062,380 |
|
|
— |
|
|
— |
|
|
13,062,380 |
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|
|
|
|
|
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Total |
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$ |
159,932,049 |
|
$ |
— |
|
$ |
— |
|
$ |
159,932,049 |
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* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Schedules of Investments
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ENVIRONMENTAL SERVICES ETF |
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SCHEDULE OF INVESTMENTS |
|
December 31, 2012 (unaudited) |
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Number |
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Value |
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||
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COMMON STOCKS: 100.0% |
|
|
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|
|||
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Canada: 4.1% |
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|
|
|
|||
|
|
39,142 |
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Progressive Waste Solutions Ltd. (USD) |
|
$ |
845,467 |
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France: 10.1% |
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|
|||
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|
169,741 |
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Veolia Environnement S.A. (ADR) |
|
|
2,077,630 |
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|
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United States: 85.8% |
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|
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|
|||
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|
24,226 |
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ADA-ES, Inc. * † |
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|
408,935 |
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|
59,572 |
|
Calgon Carbon Corp. * |
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|
844,731 |
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|
92,311 |
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Casella Waste Systems, Inc. * |
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|
404,322 |
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|
16,152 |
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Clean Harbors, Inc. * |
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|
888,522 |
|
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|
46,410 |
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Covanta Holding Corp. |
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|
854,872 |
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|
|
53,962 |
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Darling International, Inc. * |
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|
865,550 |
|
|
|
99,587 |
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Fuel Tech, Inc. * |
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|
418,265 |
|
|
|
121,784 |
|
Hudson Technologies, Inc. * |
|
|
443,294 |
|
|
|
35,171 |
|
Layne Christensen Co. * |
|
|
853,600 |
|
|
|
203,178 |
|
Metalico, Inc. * |
|
|
398,229 |
|
|
|
108,270 |
|
Newpark Resources, Inc. * |
|
|
849,919 |
|
|
|
323,977 |
|
Rentech, Inc. |
|
|
852,060 |
|
|
|
68,390 |
|
Republic Services, Inc. |
|
|
2,005,879 |
|
|
|
18,119 |
|
Shaw Group, Inc. * |
|
|
844,527 |
|
|
|
22,101 |
|
Stericycle, Inc. * |
|
|
2,061,360 |
|
|
|
32,089 |
|
Tetra Tech, Inc. * |
|
|
848,754 |
|
|
|
37,404 |
|
US Ecology, Inc. |
|
|
880,490 |
|
|
|
25,326 |
|
Waste Connections, Inc. |
|
|
855,766 |
|
|
|
59,935 |
|
Waste Management, Inc. |
|
|
2,022,207 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
17,601,282 |
|
|
|
|
|
|
|
|||
|
Total Common
Stocks |
|
|
20,524,379 |
|
|||
|
|
|
|
|
|
|||
|
MONEY MARKET
FUND: 0.1% |
|
|
|
|
|||
|
|
13,428 |
|
Dreyfus Government Cash Management Fund |
|
|
13,428 |
|
|
|
|
||||||
|
Total
Investments Before Collateral for Securities Loaned: 100.1% |
|
|
20,537,807 |
|
|||
|
|
|
||||||
|
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.4% |
|
|
|
|
|||
|
|
84,810 |
|
Bank of New York Overnight Government Fund |
|
|
84,810 |
|
|
|
|
|
|
|
|||
|
Total
Investments: 100.5% |
|
|
20,622,617 |
|
|||
|
Liabilities in excess of other assets: (0.5)% |
|
|
(97,043 |
) |
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
20,525,574 |
|
|||
|
|
|
||||||
|
|
|
|
ADR |
American Depositary Receipt |
|
USD |
United States Dollar |
|
|
|
|
* |
Non-income producing |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $83,011. |
|
|
|
|
|
|
|
|
|
|
|
Summary of
Investments |
|
|
% of |
|
Value |
|
||
|
|
|
|
|
|||||
|
Agricultural Chemicals |
|
4.2 |
% |
|
$ |
852,060 |
|
|
|
Alternative Waste Technology |
|
8.3 |
|
|
|
1,710,281 |
|
|
|
Building & Construction |
|
4.2 |
|
|
|
853,600 |
|
|
|
Engineering / R&D Services |
|
4.1 |
|
|
|
844,527 |
|
|
|
Environment Consulting & Engineering |
|
4.1 |
|
|
|
848,754 |
|
|
|
Hazardous Waste Disposal |
|
18.7 |
|
|
|
3,830,372 |
|
|
|
Non - Hazardous Waste Disposal |
|
34.0 |
|
|
|
6,988,513 |
|
|
|
Oil - Field Services |
|
4.1 |
|
|
|
849,919 |
|
|
|
Pollution Control |
|
6.2 |
|
|
|
1,270,494 |
|
|
|
Recycling |
|
1.9 |
|
|
|
398,229 |
|
|
|
Water |
|
10.1 |
|
|
|
2,077,630 |
|
|
|
Money Market Fund |
|
0.1 |
|
|
|
13,428 |
|
|
|
|
|
|
|
|||||
|
|
|
100.0 |
% |
|
$ |
20,537,807 |
|
|
|
|
|
|
|
|||||
The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
|
||||||||
|
Common Stocks* |
|
$ |
20,524,379 |
|
$ |
— |
|
$ |
— |
|
$ |
20,524,379 |
|
|
Money Market Funds |
|
|
98,238 |
|
|
— |
|
|
— |
|
|
98,238 |
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
20,622,617 |
|
$ |
— |
|
$ |
— |
|
$ |
20,622,617 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Schedules of Investments
|
|
|
GAMING ETF |
|
SCHEDULE OF INVESTMENTS |
|
December 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
|
COMMON STOCKS: 100.0% |
|
|
|
|
|||
|
Australia: 11.1% |
|
|
|
|
|||
|
|
224,353 |
|
Aristocrat Leisure Ltd. # |
|
$ |
741,655 |
|
|
|
173,153 |
|
Crown Ltd. # |
|
|
1,934,686 |
|
|
|
328,388 |
|
Echo Entertainment Group Ltd. # |
|
|
1,185,740 |
|
|
|
335,556 |
|
Tabcorp Holdings Ltd. # |
|
|
1,071,512 |
|
|
|
576,254 |
|
Tatts Group Ltd. # |
|
|
1,814,630 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,748,223 |
|
|
|
|
|
|
|
|||
|
China / Hong Kong: 25.2% |
|
|
|
|
|||
|
|
1,029,240 |
|
Galaxy Entertainment Group Ltd. * # |
|
|
4,127,028 |
|
|
|
80,852 |
|
Melco Crown Entertainment Ltd. (ADR) * † |
|
|
1,361,548 |
|
|
|
357,000 |
|
Melco International Development Ltd. # |
|
|
423,846 |
|
|
|
382,000 |
|
MGM China Holdings Ltd. # |
|
|
703,580 |
|
|
|
1,096,400 |
|
Sands China Ltd. # |
|
|
4,901,637 |
|
|
|
837,000 |
|
SJM Holdings Ltd. # |
|
|
1,975,371 |
|
|
|
664,000 |
|
Wynn Macau Ltd. * # |
|
|
1,828,444 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
15,321,454 |
|
|
|
|
|
|
|
|||
|
Greece: 1.3% |
|
|
|
|
|||
|
|
40,695 |
|
Intralot S.A. # |
|
|
103,587 |
|
|
|
97,707 |
|
OPAP S.A. # |
|
|
699,795 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
803,382 |
|
|
|
|
|
|
|
|||
|
Ireland: 2.6% |
|
|
|
|
|||
|
|
19,057 |
|
Paddy Power Plc # |
|
|
1,568,145 |
|
|
|
|
|
|
|
|||
|
Italy: 0.8% |
|
|
|
|
|||
|
|
22,062 |
|
Lottomatica S.p.A. # |
|
|
503,495 |
|
|
|
|
|
|
|
|||
|
Japan: 3.8% |
|
|
|
|
|||
|
|
22,779 |
|
Sankyo Co. Ltd. # |
|
|
905,647 |
|
|
|
81,500 |
|
Sega Sammy Holdings, Inc. # |
|
|
1,378,370 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,284,017 |
|
|
|
|
|
|
|
|||
|
Malaysia: 9.2% |
|
|
|
|
|||
|
|
302,651 |
|
Berjaya Sports Toto Bhd # |
|
|
441,188 |
|
|
|
1,020,238 |
|
Genting Bhd # |
|
|
3,084,353 |
|
|
|
1,438,698 |
|
Genting Malaysia Bhd # |
|
|
1,679,556 |
|
|
|
335,200 |
|
Multi-Purpose Holdings Bhd # |
|
|
384,621 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,589,718 |
|
|
|
|
|
|
|
|||
|
New Zealand: 1.2% |
|
|
|
|
|||
|
|
232,106 |
|
Sky City Entertainment Group Ltd. # |
|
|
727,665 |
|
|
|
|
|
|
|
|||
|
Singapore: 5.1% |
|
|
|
|
|||
|
|
2,680,000 |
|
Genting Singapore Plc # |
|
|
3,079,067 |
|
|
|
|
|
|
|
|||
|
South Africa: 0.9% |
|
|
|
|
|||
|
|
46,174 |
|
Sun International Ltd. |
|
|
517,011 |
|
|
|
|
|
|
|
|||
|
South Korea: 2.7% |
|
|
|
|
|||
|
|
50,856 |
|
Kangwon Land, Inc. # |
|
|
1,389,932 |
|
|
|
17,461 |
|
Paradise Co. Ltd. # |
|
|
282,490 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,672,422 |
|
|
|
|
|
|
|
|||
|
Sweden: 0.5% |
|
|
|
|
|||
|
|
9,365 |
|
Betsson A.B. # |
|
|
289,639 |
|
|
|
|
|
|
|
|||
|
United Kingdom: 8.5% |
|
|
|
|
|||
|
|
283,839 |
|
Bwin.Party Digital Entertainment Plc # |
|
|
516,842 |
|
|
|
160,008 |
|
IG Group Holdings Plc # |
|
|
1,178,380 |
|
|
|
402,932 |
|
Ladbrokes Plc # |
|
|
1,309,326 |
|
|
|
58,353 |
|
Playtech Ltd. # |
|
|
404,939 |
|
|
|
312,994 |
|
William Hill Plc # |
|
|
1,784,540 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,194,027 |
|
|
|
|
|
|
|
|||
|
United States: 27.1% |
|
|
|
|
|||
|
|
18,192 |
|
Bally Technologies, Inc. * |
|
|
813,364 |
|
|
|
25,334 |
|
Boyd Gaming Corp. * † |
|
|
168,218 |
|
|
|
27,400 |
|
Global Cash Access Holdings, Inc. * |
|
|
214,816 |
|
|
|
121,648 |
|
International Game Technology |
|
|
1,723,752 |
|
|
|
104,512 |
|
Las Vegas Sands Corp. |
|
|
4,824,274 |
|
|
|
169,966 |
|
MGM Mirage * |
|
|
1,978,404 |
|
|
|
26,645 |
|
Penn National Gaming, Inc. * |
|
|
1,308,536 |
|
|
|
26,128 |
|
Pinnacle Entertainment, Inc. * |
|
|
413,606 |
|
|
|
22,169 |
|
Scientific Games Corp. * |
|
|
192,205 |
|
|
|
25,326 |
|
SHFL Entertainment, Inc. * |
|
|
367,227 |
|
|
|
23,206 |
|
WMS Industries, Inc. * |
|
|
406,105 |
|
|
|
36,325 |
|
Wynn Resorts Ltd. |
|
|
4,086,199 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,496,706 |
|
|
|
|
|
|
|
|||
|
Total Common
Stocks |
|
|
60,794,971 |
|
|||
|
|
|
||||||
|
MONEY MARKET
FUND: 0.0% |
|
|
|
|
|||
|
|
42,143 |
|
Dreyfus Government Cash Management Fund |
|
|
42,143 |
|
|
|
|
|
|
|
|||
|
Total
Investments Before Collateral for Securities Loaned: 100.0% |
|
|
60,837,114 |
|
|||
|
|
|
||||||
|
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.4% |
|
|
|
|
|||
|
|
1,434,764 |
|
Bank of New York Overnight Government Fund |
|
|
1,434,764 |
|
|
|
|
|
|
|
|||
|
Total
Investments: 102.4% |
|
|
62,271,878 |
|
|||
|
Liabilities in excess of other assets: (2.4)% |
|
|
(1,459,887 |
) |
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
60,811,991 |
|
|||
|
|
|
||||||
|
|
|
|
ADR |
American Depositary Receipt |
|
|
|
|
* |
Non-income producing |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $1,392,251. |
|
# |
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $42,419,706 which represents 69.8% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
Summary of
Investments |
|
|
% of |
|
Value |
|
||
|
|
|
|
|
|||||
|
Casino Hotels |
|
60.0 |
% |
|
$ |
36,473,646 |
|
|
|
Casino Services |
|
8.3 |
|
|
|
5,026,340 |
|
|
|
Commercial Services - Finance |
|
0.4 |
|
|
|
214,816 |
|
|
|
Computer Software |
|
0.7 |
|
|
|
404,939 |
|
|
|
Diversified Operations |
|
1.3 |
|
|
|
808,467 |
|
|
|
Finance - Other Services |
|
1.9 |
|
|
|
1,178,380 |
|
|
|
Gambling (Non-Hotel) |
|
16.3 |
|
|
|
9,925,991 |
|
|
|
Internet Gambling |
|
1.3 |
|
|
|
806,481 |
|
|
|
Leisure & Recreation Products |
|
2.9 |
|
|
|
1,784,475 |
|
|
|
Lottery Services |
|
4.7 |
|
|
|
2,862,900 |
|
|
|
Racetracks |
|
2.1 |
|
|
|
1,308,536 |
|
|
|
Money Market Fund |
|
0.1 |
|
|
|
42,143 |
|
|
|
|
|
|
|
|||||
|
|
|
100.0 |
% |
|
$ |
60,837,114 |
|
|
|
|
|
|
|
|||||
The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
|
||||||||
|
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
$ |
— |
|
$ |
6,748,223 |
|
$ |
— |
|
$ |
6,748,223 |
|
|
China / Hong Kong |
|
|
1,361,548 |
|
|
13,959,906 |
|
|
— |
|
|
15,321,454 |
|
|
Greece |
|
|
— |
|
|
803,382 |
|
|
— |
|
|
803,382 |
|
|
Ireland |
|
|
— |
|
|
1,568,145 |
|
|
— |
|
|
1,568,145 |
|
|
Italy |
|
|
— |
|
|
503,495 |
|
|
— |
|
|
503,495 |
|
|
Japan |
|
|
— |
|
|
2,284,017 |
|
|
— |
|
|
2,284,017 |
|
|
Malaysia |
|
|
— |
|
|
5,589,718 |
|
|
— |
|
|
5,589,718 |
|
|
New Zealand |
|
|
— |
|
|
727,665 |
|
|
— |
|
|
727,665 |
|
|
Singapore |
|
|
— |
|
|
3,079,067 |
|
|
— |
|
|
3,079,067 |
|
|
South Africa |
|
|
517,011 |
|
|
— |
|
|
— |
|
|
517,011 |
|
|
South Korea |
|
|
— |
|
|
1,672,422 |
|
|
— |
|
|
1,672,422 |
|
|
Sweden |
|
|
— |
|
|
289,639 |
|
|
— |
|
|
289,639 |
|
|
United Kingdom |
|
|
— |
|
|
5,194,027 |
|
|
— |
|
|
5,194,027 |
|
|
United States |
|
|
16,496,706 |
|
|
— |
|
|
— |
|
|
16,496,706 |
|
|
Money Market Funds |
|
|
1,476,907 |
|
|
— |
|
|
— |
|
|
1,476,907 |
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
19,852,172 |
|
$ |
42,419,706 |
|
$ |
— |
|
$ |
62,271,878 |
|
|
|
|
|
|
|
|
||||||||
During the period ended December 31, 2012, transfers of securities from Level 1 to Level 2 were $374,407. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
|
|
|
MORNINGSTAR WIDE MOAT RESEARCH ETF |
|
SCHEDULE OF INVESTMENTS |
|
December 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
|
of Shares |
|
|
|
Value |
|
|
|
COMMON STOCKS: 100.0% |
|
|
|
|
|||
|
Basic Materials: 9.8% |
|
|
|
|
|||
|
|
74,571 |
|
Compass Minerals International, Inc. |
|
$ |
5,571,199 |
|
|
|
109,202 |
|
Vulcan Materials Co. |
|
|
5,683,964 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,255,163 |
|
|
|
|
|
|
|
|||
|
Communications: 10.0% |
|
|
|
|
|||
|
|
285,899 |
|
Cisco Systems, Inc. |
|
|
5,617,915 |
|
|
|
152,860 |
|
John Wiley & Sons, Inc. |
|
|
5,950,840 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,568,755 |
|
|
|
|
|
|
|
|||
|
Consumer, Non-cyclical: 19.9% |
|
|
|
|
|||
|
|
104,280 |
|
Express Scripts Holding Co. * |
|
|
5,631,120 |
|
|
|
159,471 |
|
St Jude Medical, Inc. |
|
|
5,763,282 |
|
|
|
425,931 |
|
The Western Union Co. |
|
|
5,796,921 |
|
|
|
109,247 |
|
Weight Watchers International, Inc. |
|
|
5,720,173 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
22,911,496 |
|
|
|
|
|
|
|
|||
|
Energy: 5.1% |
|
|
|
|
|||
|
|
86,059 |
|
National Oilwell Varco, Inc. |
|
|
5,882,133 |
|
|
|
|
|
|
|
|||
|
Financial: 20.4% |
|
|
|
|
|||
|
|
228,025 |
|
Bank of New York Mellon Corp. |
|
|
5,860,242 |
|
|
|
63,100 |
|
Berkshire Hathaway, Inc. * |
|
|
5,660,070 |
|
|
|
118,686 |
|
Northern Trust Corp. |
|
|
5,953,290 |
|
|
|
261,159 |
|
The St. Joe Co. * |
|
|
6,027,550 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,501,152 |
|
|
|
|
|
|
|
|||
|
Industrial: 10.0% |
|
|
|
|
|||
|
|
148,086 |
|
Expeditors International of Washington, Inc. |
|
|
5,856,801 |
|
|
|
60,859 |
|
Martin Marietta Materials, Inc. |
|
|
5,737,786 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,594,587 |
|
|
|
|
|
|
|
|||
|
Technology: 19.9% |
|
|
|
|
|||
|
|
507,974 |
|
Applied Materials, Inc. |
|
|
5,811,223 |
|
|
|
275,433 |
|
Intel Corp. |
|
|
5,682,183 |
|
|
|
208,174 |
|
Microsoft Corp. |
|
|
5,564,491 |
|
|
|
178,538 |
|
Oracle Corp. |
|
|
5,948,886 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,006,783 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Utilities: 4.9% |
|
|
|
|
|||
|
|
190,150 |
|
Exelon Corp. |
|
|
5,655,061 |
|
|
|
|
|
|
|
|||
|
Total Common Stocks |
|
|
115,375,130 |
|
|||
|
|
|
|
|
|
|||
|
MONEY MARKET FUND: 0.5% |
|
|
|
|
|||
|
|
641,558 |
|
Dreyfus Government Cash Management Fund |
|
|
641,558 |
|
|
|
|
|
|
|
|||
|
Total Investments: 100.5% |
|
|
116,016,688 |
|
|||
|
Liabilities in excess of other assets: (0.5)% |
|
|
(623,920 |
) |
|||
|
|
|
|
|
|
|||
|
NET ASSETS: 100.0% |
|
$ |
115,392,768 |
|
|||
|
|
|
||||||
|
|
|
|
* |
Non-income producing |
|
|
|
|
The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||
|
|
|
|
|
|
|
||||||||
|
Common Stocks* |
|
$ |
115,375,130 |
|
$ |
— |
|
$ |
— |
|
$ |
115,375,130 |
|
|
Money Market Fund |
|
|
641,558 |
|
|
— |
|
|
— |
|
|
641,558 |
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
116,016,688 |
|
$ |
— |
|
$ |
— |
|
$ |
116,016,688 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and industry sector breakouts. |
See Notes to Schedules of Investments
|
|
|
PHARMACEUTICAL ETF |
|
SCHEDULE OF INVESTMENTS |
|
December 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Number |
|
|
|
|
|
|
|
|
of Shares |
|
|
|
Value |
|
|
|
COMMON STOCKS: 100.0% |
|
|
|
|
|||
|
Canada: 4.2% |
|
|
|
|
|||
|
|
115,781 |
|
Valeant Pharmaceuticals International, Inc. (USD) * |
|
$ |
6,920,230 |
|
|
|
|
|
|
|
|||
|
Denmark: 4.6% |
|
|
|
|
|||
|
|
46,048 |
|
Novo-Nordisk A.S. (ADR) |
|
|
7,515,494 |
|
|
|
|
|
|
|
|||
|
France: 5.6% |
|
|
|
|
|||
|
|
194,056 |
|
Sanofi S.A. (ADR) |
|
|
9,194,373 |
|
|
|
|
|
|
|
|||
|
Ireland: 6.2% |
|
|
|
|
|||
|
|
201,386 |
|
Elan Corp. Plc (ADR) * |
|
|
2,056,151 |
|
|
|
77,128 |
|
Shire Plc (ADR) |
|
|
7,109,659 |
|
|
|
79,700 |
|
Warner Chilcott Plc (USD) |
|
|
959,588 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,125,398 |
|
|
|
|
|
|
|
|||
|
Israel: 4.3% |
|
|
|
|
|||
|
|
190,774 |
|
Teva Pharmaceutical Industries Ltd. (ADR) |
|
|
7,123,501 |
|
|
|
|
|
|
|
|||
|
Switzerland: 7.7% |
|
|
|
|
|||
|
|
200,672 |
|
Novartis A.G. (ADR) |
|
|
12,702,538 |
|
|
|
|
|
|
|
|||
|
United Kingdom: 9.9% |
|
|
|
|
|||
|
|
153,985 |
|
AstraZeneca Plc (ADR) |
|
|
7,278,871 |
|
|
|
206,660 |
|
GlaxoSmithKline Plc (ADR) |
|
|
8,983,510 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,262,381 |
|
|
|
|
|
|
|
|||
|
United States: 57.5% |
|
|
|
|
|||
|
|
133,194 |
|
Abbott Laboratories |
|
|
8,724,207 |
|
|
|
80,671 |
|
Allergan, Inc. |
|
|
7,399,951 |
|
|
|
226,735 |
|
Bristol-Myers Squibb Co. |
|
|
7,389,294 |
|
|
|
153,671 |
|
Eli Lilly & Co. |
|
|
7,579,054 |
|
|
|
47,149 |
|
Endo Pharmaceuticals Holdings, Inc. * |
|
|
1,238,604 |
|
|
|
96,738 |
|
Forest Laboratories, Inc. * |
|
|
3,416,786 |
|
|
|
68,276 |
|
Hospira, Inc. * |
|
|
2,132,942 |
|
|
|
233,519 |
|
Johnson & Johnson |
|
|
16,369,682 |
|
|
|
256,170 |
|
Merck & Co., Inc. |
|
|
10,487,600 |
|
|
|
166,723 |
|
Mylan, Inc. * |
|
|
4,581,548 |
|
|
|
35,951 |
|
Perrigo Co. |
|
|
3,739,983 |
|
|
|
620,403 |
|
Pfizer, Inc. |
|
|
15,559,707 |
|
|
|
23,547 |
|
Salix Pharmaceuticals Ltd. * |
|
|
953,183 |
|
|
|
21,789 |
|
The Medicines Co. * |
|
|
522,282 |
|
|
|
51,738 |
|
Watson Pharmaceuticals, Inc. * |
|
|
4,449,468 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
94,544,291 |
|
|
|
|
|
|
|
|||
|
Total Common Stocks |
|
|
164,388,206 |
|
|||
|
|
|
|
|
|
|||
|
MONEY MARKET FUND: 3.2% |
|
|
|
|
|||
|
|
5,234,741 |
|
Dreyfus Government Cash Management Fund |
|
|
5,234,741 |
|
|
|
|
|
|
|
|||
|
Total Investments: 103.2% |
|
|
169,622,947 |
|
|||
|
Liabilities in excess of other assets: (3.2)% |
|
|
(5,237,802 |
) |
|||
|
|
|
|
|
|
|||
|
NET ASSETS: 100.0% |
|
$ |
164,385,145 |
|
|||
|
|
|
||||||
|
|
|
|
ADR |
American Depositary Receipt |
|
USD |
United States Dollar |
|
|
|
|
* |
Non-income producing |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments |
|
|
%
of |
|
|
Value |
|
|
|
|
|
|
|
|
||||
|
Medical - Biomedical / Genetics |
|
0.3 |
% |
|
$ |
522,282 |
|
|
|
Medical - Drugs |
|
83.0 |
|
|
|
140,878,894 |
|
|
|
Medical - Generic Drugs |
|
11.7 |
|
|
|
19,894,500 |
|
|
|
Medical Products |
|
1.3 |
|
|
|
2,132,942 |
|
|
|
Therapeutics |
|
0.6 |
|
|
|
959,588 |
|
|
|
Money Market Fund |
|
3.1 |
|
|
|
5,234,741 |
|
|
|
|
|
|
|
|||||
|
|
|
100.0 |
% |
|
$ |
169,622,947 |
|
|
|
|
|
|
|
|||||
The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Value |
|
||||
|
|
|
|
|
|
|
||||||||
|
Common Stocks* |
|
$ |
164,388,206 |
|
$ |
— |
|
$ |
— |
|
$ |
164,388,206 |
|
|
Money Market Fund |
|
|
5,234,741 |
|
|
— |
|
|
— |
|
|
5,234,741 |
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
169,622,947 |
|
$ |
— |
|
$ |
— |
|
$ |
169,622,947 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Schedules of Investments
|
|
|
RETAIL ETF |
|
SCHEDULE OF INVESTMENTS |
|
December 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
|
COMMON STOCKS: 100.0% |
|
|
|
|
|||
|
United States: 100.0% |
|
|
|
|
|||
|
|
11,851 |
|
Amazon.com, Inc. * |
|
$ |
2,976,260 |
|
|
|
17,091 |
|
AmerisourceBergen Corp. |
|
|
737,989 |
|
|
|
2,594 |
|
AutoZone, Inc. * |
|
|
919,391 |
|
|
|
16,300 |
|
Bed Bath & Beyond, Inc. * |
|
|
911,333 |
|
|
|
19,582 |
|
Best Buy Co., Inc. |
|
|
232,047 |
|
|
|
24,413 |
|
Cardinal Health, Inc. |
|
|
1,005,327 |
|
|
|
17,383 |
|
Costco Wholesale Corp. |
|
|
1,716,919 |
|
|
|
40,772 |
|
CVS Caremark Corp. |
|
|
1,971,326 |
|
|
|
17,593 |
|
Dollar General Corp. * |
|
|
775,675 |
|
|
|
48,410 |
|
Home Depot, Inc. |
|
|
2,994,158 |
|
|
|
10,127 |
|
JC Penney Co., Inc. † |
|
|
199,603 |
|
|
|
14,671 |
|
Kohl’s Corp. |
|
|
630,560 |
|
|
|
35,729 |
|
Kroger Co. |
|
|
929,669 |
|
|
|
48,908 |
|
Lowe’s Cos., Inc. |
|
|
1,737,212 |
|
|
|
17,759 |
|
Ltd Brands, Inc. |
|
|
835,739 |
|
|
|
28,980 |
|
Macy’s, Inc. |
|
|
1,130,800 |
|
|
|
15,712 |
|
McKesson Corp. |
|
|
1,523,436 |
|
|
|
48,912 |
|
Staples, Inc. |
|
|
557,597 |
|
|
|
43,095 |
|
Sysco Corp. |
|
|
1,364,388 |
|
|
|
28,058 |
|
Target Corp. |
|
|
1,660,192 |
|
|
|
24,604 |
|
The Gap, Inc. |
|
|
763,708 |
|
|
|
35,912 |
|
TJX Cos., Inc. |
|
|
1,524,464 |
|
|
|
41,689 |
|
Walgreen Co. |
|
|
1,542,910 |
|
|
|
56,889 |
|
Wal-Mart Stores, Inc. |
|
|
3,881,536 |
|
|
|
13,466 |
|
Whole Foods Market, Inc. |
|
|
1,229,850 |
|
|
|
|
|
|
|
|||
|
Total Common Stocks |
|
|
|
|
|||
|
(Cost: $34,943,251) |
|
|
33,752,089 |
|
|||
|
|
|
||||||
|
MONEY MARKET FUND: 0.1% |
|
|
|
|
|||
|
(Cost: $38,687) |
|
|
|
|
|||
|
|
38,687 |
|
Dreyfus Government Cash Management Fund |
|
|
38,687 |
|
|
|
|
|
|
|
|||
|
Total Investments Before Collateral for Securities Loaned: 100.1% |
|
|
|
|
|||
|
(Cost: $34,981,938) |
|
|
33,790,776 |
|
|||
|
|
|
||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% |
|
|
|
|
|||
|
(Cost: $187,183) |
|
|
|
|
|||
|
|
187,183 |
|
Bank of New York Overnight Government Fund |
|
|
187,183 |
|
|
|
|
|
|
|
|||
|
Total Investments: 100.7% |
|
|
|
|
|||
|
(Cost: $35,169,121) |
|
|
33,977,959 |
|
|||
|
Liabilities in excess of other assets: (0.7)% |
|
|
(222,085 |
) |
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
33,755,874 |
|
|||
|
|
|
||||||
|
|
|
|
* |
Non-income producing |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $182,491. |
|
|
|
|
|
|
|
|
|
|
Summary of
Investments |
|
% of |
|
Value |
|
||
|
|
|
|
|||||
|
E-Commerce / Products |
|
8.8 |
% |
|
$ |
2,976,260 |
|
|
Food - Retail |
|
6.4 |
|
|
|
2,159,519 |
|
|
Food - Wholesale / Distribution |
|
4.0 |
|
|
|
1,364,388 |
|
|
Medical - Wholesale Drug Distributors |
|
9.7 |
|
|
|
3,266,752 |
|
|
Retail - Apparel / Shoes |
|
4.7 |
|
|
|
1,599,447 |
|
|
Retail - Auto Parts |
|
2.7 |
|
|
|
919,391 |
|
|
Retail - Bedding |
|
2.7 |
|
|
|
911,333 |
|
|
Retail - Building Products |
|
14.0 |
|
|
|
4,731,370 |
|
|
Retail - Consumer Electronics |
|
0.7 |
|
|
|
232,047 |
|
|
Retail - Discount |
|
23.8 |
|
|
|
8,034,322 |
|
|
Retail - Drug Store |
|
10.4 |
|
|
|
3,514,236 |
|
|
Retail - Major Department Store |
|
5.1 |
|
|
|
1,724,067 |
|
|
Retail - Office Supplies |
|
1.7 |
|
|
|
557,597 |
|
|
Retail - Regional Department Store |
|
5.2 |
|
|
|
1,761,360 |
|
|
Money Market Fund |
|
0.1 |
|
|
|
38,687 |
|
|
|
|
|
|
||||
|
|
|
100.0 |
% |
|
$ |
33,790,776 |
|
|
|
|
|
|
||||
The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
|
||||||||
|
Common Stocks* |
|
$ |
33,752,089 |
|
$ |
— |
|
$ |
— |
|
$ |
33,752,089 |
|
|
Money Market Funds |
|
|
225,870 |
|
|
— |
|
|
— |
|
|
225,870 |
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
33,977,959 |
|
$ |
— |
|
$ |
— |
|
$ |
33,977,959 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Schedules of Investments
|
|
|
SEMICONDUCTOR ETF |
|
SCHEDULE OF INVESTMENTS |
|
December 31, 2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Number |
|
|
|
Value |
|
||
|
COMMON STOCKS: 100.0% |
|
|
|
|
|||
|
Bermuda: 1.2% |
|
|
|
|
|||
|
|
472,394 |
|
Marvell Technology Group Ltd. (USD) |
|
$ |
3,429,580 |
|
|
|
|
|
|
|
|||
|
Netherlands: 5.1% |
|
|
|
|
|||
|
|
232,510 |
|
ASML Holding N.V. (USD) † |
|
|
14,975,969 |
|
|
|
|
|
|
|
|||
|
Singapore: 2.7% |
|
|
|
|
|||
|
|
251,114 |
|
Avago Technologies Ltd. (USD) |
|
|
7,950,269 |
|
|
|
|
|
|
|
|||
|
Taiwan: 14.7% |
|
|
|
|
|||
|
|
2,524,647 |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) |
|
|
43,322,943 |
|
|
|
|
|
|
|
|||
|
United Kingdom: 4.6% |
|
|
|
|
|||
|
|
360,781 |
|
ARM Holdings Plc (ADR) |
|
|
13,648,345 |
|
|
|
|
|
|
|
|||
|
United States: 71.7% |
|
|
|
|
|||
|
|
651,633 |
|
Advanced Micro Devices, Inc. * † |
|
|
1,563,919 |
|
|
|
345,193 |
|
Altera Corp. |
|
|
11,888,447 |
|
|
|
318,046 |
|
Analog Devices, Inc. |
|
|
13,377,015 |
|
|
|
1,195,550 |
|
Applied Materials, Inc. |
|
|
13,677,092 |
|
|
|
449,746 |
|
Atmel Corp. * |
|
|
2,945,836 |
|
|
|
429,000 |
|
Broadcom Corp. |
|
|
14,247,090 |
|
|
|
121,458 |
|
Cree, Inc. * † |
|
|
4,127,143 |
|
|
|
2,673,967 |
|
Intel Corp. |
|
|
55,163,939 |
|
|
|
179,305 |
|
KLA-Tencor Corp. |
|
|
8,563,607 |
|
|
|
182,656 |
|
Lam Research Corp. * |
|
|
6,599,361 |
|
|
|
226,740 |
|
Linear Technology Corp. |
|
|
7,777,182 |
|
|
|
310,838 |
|
Maxim Integrated Products, Inc. |
|
|
9,138,637 |
|
|
|
203,264 |
|
Microchip Technology, Inc. † |
|
|
6,624,374 |
|
|
|
1,062,841 |
|
Micron Technology, Inc. * |
|
|
6,749,040 |
|
|
|
639,199 |
|
NVIDIA Corp. |
|
|
7,855,756 |
|
|
|
477,895 |
|
ON Semiconductor Corp. * |
|
|
3,369,160 |
|
|
|
207,153 |
|
Skyworks Solutions, Inc. * |
|
|
4,205,206 |
|
|
|
200,257 |
|
Teradyne, Inc. * |
|
|
3,382,341 |
|
|
|
627,385 |
|
Texas Instruments, Inc. |
|
|
19,411,292 |
|
|
|
280,961 |
|
Xilinx, Inc. |
|
|
10,086,500 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
210,752,937 |
|
|
|
|
|
|
|
|||
|
Total Common Stocks |
|
|
|
|
|||
|
(Cost: $307,050,590) |
|
|
294,080,043 |
|
|||
|
|
|
||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 6.8% |
|
|
|
|
|||
|
(Cost: $19,968,647) |
|
|
|
|
|||
|
|
19,968,647 |
|
Bank of New York Overnight Government Fund |
|
|
19,968,647 |
|
|
|
|
|
|
|
|||
|
Total Investments: 106.8% |
|
|
|
|
|||
|
(Cost: $327,019,237) |
|
|
314,048,690 |
|
|||
|
Liabilities in excess of other assets: (6.8)% |
|
|
(19,892,784 |
) |
|||
|
|
|
||||||
|
NET ASSETS: 100.0% |
|
$ |
294,155,906 |
|
|||
|
|
|
||||||
|
|
|
|
ADR |
American Depositary Receipt |
|
USD |
United States Dollar |
|
|
|
|
* |
Non-income producing |
|
† |
Security fully or partially on loan. Total market value of securities on loan is $19,400,266. |
|
|
|
|
|
|
|
|
|
|
|
Summary of
Investments |
|
|
% of |
|
Value |
|
||
|
|
|
|
|
|||||
|
Electronic Component - Semiconductors |
|
56.8 |
% |
|
$ |
166,890,480 |
|
|
|
Semiconductor Component - Integrated Circuits |
|
27.2 |
|
|
|
79,991,193 |
|
|
|
Semiconductor Equipment |
|
16.0 |
|
|
|
47,198,370 |
|
|
|
|
|
|
|
|||||
|
|
|
100.0 |
% |
|
$ |
294,080,043 |
|
|
|
|
|
|
|
|||||
The summary of inputs used to value the Fund’s investments as of December 31, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
||||
|
|
|
|
|
|
|
||||||||
|
Common Stocks* |
|
$ |
294,080,043 |
|
$ |
— |
|
$ |
— |
|
$ |
294,080,043 |
|
|
Money Market Fund |
|
|
19,968,647 |
|
|
— |
|
|
— |
|
|
19,968,647 |
|
|
|
|
|
|
|
|
||||||||
|
Total |
|
$ |
314,048,690 |
|
$ |
— |
|
$ |
— |
|
$ |
314,048,690 |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Schedules of Investments
|
|
|
MARKET VECTORS ETF TRUST |
|
NOTES TO SCHEDULES OF INVESTMENTS |
|
December 31, 2012 (unaudited) |
Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets and are categorized as Level 2 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities, dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfer between levels of the fair value hierarchy assumes the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
A summary of the inputs and the levels used to value the Fund’s investments, and transfers between levels are located in the Schedules of Investments. Additionally, a table that reconciles the valuation of the Fund’s Level 3 investments that summarizes the valuation techniques and describes unobservable inputs into those Level 3 investments, if applicable, is located in the Schedules of Investments.
Income Taxes–As of December 31, 2012, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
Cost of |
|
Gross |
|
Gross |
|
Net Unrealized |
|
||||
|
|
|
|
|
|
|||||||||
|
Bank and Brokerage ETF |
|
$ |
35,168,765 |
|
$ |
841,862 |
|
$ |
(110,623 |
) |
$ |
731,239 |
|
|
Biotech ETF |
|
|
143,959,764 |
|
|
17,519,053 |
|
|
(1,546,768 |
) |
|
15,972,285 |
|
|
Environmental Services ETF |
|
|
23,854,194 |
|
|
1,827,551 |
|
|
(5,059,128 |
) |
|
(3,231,577 |
) |
|
Gaming ETF |
|
|
48,970,710 |
|
|
17,670,558 |
|
|
(4,369,390 |
) |
|
13,301,168 |
|
|
Morningstar Wide Moat Research ETF |
|
|
114,814,369 |
|
|
3,593,730 |
|
|
(2,391,411 |
) |
|
1,202,319 |
|
|
Pharmaceutical ETF |
|
|
164,703,549 |
|
|
9,351,650 |
|
|
(4,432,252 |
) |
|
4,919,398 |
|
|
Retail ETF |
|
|
35,169,121 |
|
|
26,432 |
|
|
(1,217,594 |
) |
|
(1,191,162 |
) |
|
Semiconductor ETF |
|
|
327,019,237 |
|
|
9,605,268 |
|
|
(22,575,815 |
) |
|
(12,970,547 |
) |
Subsequent Event Review— Effective February 1, 2013, the name of the Morningstar Wide Moat Research ETF changed its name to Wide Moat ETF.
|
|
|
|
ITEM 2. Controls and Procedures. |
|
|
|
|
|
(a) |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
|
|
|
|
(b) |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
|
|
|
|
ITEM 3. Exhibits. |
|
|
|
|
|
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT |
|
|
|
|
|
SIGNATURES |
|
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
|
|
|
|
|
(Registrant) Market Vectors ETF Trust |
|
|
|
|
|
By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust |
|
|
|
|
|
Date: February 27, 2013 |
|
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
|
|
|
|
|
By Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust |
|
|
|
|
|
Date: February 27, 2013 |
|
|
|
|
|
By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust |
|
|
|
|
|
Date: February 27, 2013 |
|