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)

335 Madison Avenue - 19^thFloor, 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:	September 30
Date of reporting period:	December 31, 2014

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.

BIOTECH ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Ireland: 2.2%
	230,658	Alkermes Plc (USD) *	$	13,507,332
Netherlands: 2.9%
	769,970	Qiagen NV (USD) * †		18,063,496
United States: 94.9%
	167,685	Alexion Pharmaceuticals, Inc. *		31,026,756
	490,285	Amgen, Inc.		78,097,498
	134,364	Biogen Idec, Inc. *		45,609,860
	315,733	BioMarin Pharmaceutical, Inc. *		28,542,263
	596,232	Celgene Corp. *		66,694,512
	147,277	Cepheid, Inc. *		7,973,577
	124,046	Charles River Laboratories International, Inc. *		7,894,287
	131,647	Covance, Inc. *		13,670,224
	168,606	Cubist Pharmaceuticals, Inc. *		16,970,194
	882,862	Gilead Sciences, Inc. *		83,218,572
	156,979	Illumina, Inc. *		28,975,184
	346,714	Incyte Corp. *		25,348,261
	28,750	Intercept Pharmaceuticals, Inc. * †		4,485,000
	246,868	Isis Pharmaceuticals, Inc. * †		15,241,630
	202,093	Medivation, Inc. *		20,130,484
	129,589	Myriad Genetics, Inc. * †		4,413,801
	198,534	NPS Pharmaceuticals, Inc. *		7,101,561
	137,362	Pharmacyclics, Inc. * †		16,793,878
	55,875	Puma Biotechnology, Inc. * †		10,575,461
	68,332	Regeneron Pharmaceuticals, Inc. *		28,033,203
	117,290	Seattle Genetics, Inc. * †		3,768,528
	134,752	United Therapeutics Corp. *		17,449,037
	246,683	Vertex Pharmaceuticals, Inc. *		29,305,940
				591,319,711
Total Common Stocks (Cost: $527,025,498)				622,890,539

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.9%
Repurchase Agreements: 5.9%
	$8,635,453	Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $8,635,491; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $8,808,162 including accrued interest)		8,635,453

	8,635,453	Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $8,635,482; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $8,808,182 including accrued interest)		8,635,453

	7,056,418	Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $7,056,457; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $7,197,555 including accrued interest)		7,056,418

	8,635,453	Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $8,635,491; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $8,808,162 including accrued interest)		8,635,453

	3,396,946	Repurchase agreement dated 12/31/14 with Morgan Stanley & Co. LLC , 0.08%, due 1/2/15, proceeds $3,396,961; (collateralized by various U.S. government and agency obligations, 2.32% to 9.50%, due 7/1/15 to 12/1/44, valued at $3,464,885 including accrued interest)		3,396,946

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $36,359,723)				36,359,723
Total Investments: 105.9% (Cost: $563,385,221)				659,250,262
Liabilities in excess of other assets: (5.9)%				(36,559,227	)
NET ASSETS: 100.0%			$	622,691,035

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $35,476,146.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Biotechnology		87.3	%	$	543,711,887
Health Care		1.7			10,575,461
Life Sciences Tools & Services		11.0			68,603,191
		100.0	%	$	622,890,539

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	622,890,539	$	—	$	—	$	622,890,539
Repurchase Agreements		—		36,359,723		—		36,359,723
Total	$	622,890,539	$	36,359,723	$	—	$	659,250,262

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

There were no transfers between levels during the period ended December 31, 2014.

See Notes to Schedules of Investments

ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 2.9%
	15,972	Progressive Waste Solutions Ltd. (USD)	$	480,438
United States: 97.0%
	16,920	ABM Industries, Inc.		484,758
	24,127	Advanced Emissions Solutions, Inc. *		549,854
	24,102	Calgon Carbon Corp. *		500,840
	11,602	Cantel Medical Corp.		501,903
	20,879	Ceco Environmental Corp.		324,460
	7,147	Clarcor, Inc.		476,276
	9,728	Clean Harbors, Inc. * †		467,430
	22,194	Covanta Holding Corp.		488,490
	26,156	Darling International, Inc. *		474,993
	12,386	Donaldson Company, Inc.		478,471
	64,399	Energy Recovery, Inc. * †		339,383
	33,346	Layne Christensen Co. * †		318,121
	51,336	Newpark Resources, Inc. *		489,745
	57,812	Nuverra Environmental Solutions * †		320,857
	266,498	Rentech, Inc. *		335,787
	40,458	Republic Services, Inc.		1,628,434
	21,852	Schnitzer Steel Industries, Inc.		492,981
	12,328	Stericycle, Inc. *		1,615,954
	7,240	Steris Corp. †		469,514
	6,656	Tennant Co.		480,364
	8,587	Tenneco, Inc. *		486,110
	18,184	Tetra Tech, Inc.		485,513
	12,379	US Ecology, Inc.		496,645
	36,964	Waste Connections, Inc.		1,626,046
	32,061	Waste Management, Inc.		1,645,371
				15,978,300
Total Common Stocks (Cost: $15,171,422)				16,458,738
MONEY MARKET FUND: 0.3% (Cost: $46,614)
	46,614	Dreyfus Government Cash Management Fund		46,614
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $15,218,036)				16,505,352

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.8%
Repurchase Agreements: 9.8%
	$1,000,000	Repurchase agreement dated 12/31/14 with 0.08%, Mizuho Securities USA, Inc. due 1/2/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $1,020,000 including accrued interest)		1,000,000

	618,859	Repurchase agreement dated 12/31/14 with 0.08%, RBC Capital Markets, LLC due 1/2/15, proceeds $618,862; (collateralized by various U.S. government and agency obligations, 0.00% to 5.00%, due 5/1/15 to 12/20/44, valued at $631,236 including accrued interest)		618,859

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $1,618,859)				1,618,859
Total Investments: 110.0% (Cost: $16,836,895)				18,124,211
Liabilities in excess of other assets: (10.0)%				(1,647,210	)
NET ASSETS: 100.0%			$	16,477,001

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,557,347.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.9	%	$	486,110
Consumer Staples		2.9			474,993
Energy		4.9			810,602
Health Care		5.9			971,417
Industrials		71.7			11,836,154
Materials		11.4			1,879,462
Money Market Fund		0.3			46,614
		100.0	%	$	16,505,352

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	16,458,738	$	—	$	—	$	16,458,738
Money Market Fund		46,614		—		—		46,614
Repurchase Agreements		—		1,618,859		—		1,618,859
Total	$	16,505,352	$	1,618,859	$	—	$	18,124,211


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

There were no transfers between levels during the period ended December 31, 2014.

See Notes to Schedules of Investments

GAMING ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.2%
Australia: 10.8%
	135,590	Aristocrat Leisure Ltd. #	$	721,776
	111,039	Crown Ltd. #		1,144,694
	155,484	Echo Entertainment Group Ltd. #		478,409
	201,397	TABCORP Holdings Ltd. #		681,484
	328,434	Tatts Group Ltd. #		925,928
				3,952,291
Canada: 2.1%
	31,648	Amaya, Inc. *		780,100
China / Hong Kong: 26.6%
	480,240	Galaxy Entertainment Group Ltd. #		2,668,488
	596,000	Macau Legend Development Ltd. * #		222,137
	54,433	Melco Crown Entertainment Ltd. (ADR)		1,382,598
	148,400	Melco International Development Ltd. #		324,857
	249,700	MGM China Holdings Ltd. #		630,455
	499,600	Sands China Ltd. #		2,432,063
	524,000	SJM Holdings Ltd. #		828,368
	434,800	Wynn Macau Ltd. #		1,212,997
				9,701,963
Greece: 1.5%
	28,984	Intralot SA * #		38,052
	48,629	OPAP SA #		521,123
				559,175
Ireland: 1.9%
	8,323	Paddy Power Plc #		685,405
Italy: 1.3%
	21,444	GTECH S.p.A. #		478,820
Japan: 3.6%
	16,879	Sankyo Co. Ltd. #		578,459
	57,300	Sega Sammy Holdings, Inc. #		732,403
				1,310,862
Malaysia: 7.1%
	204,917	Berjaya Sports Toto Bhd #		205,358
	466,738	Genting Bhd #		1,182,355
	864,398	Genting Malaysia Bhd #		1,003,757
	259,800	Magnum Bhd #		202,261
				2,593,731
New Zealand: 1.1%
	135,213	Sky City Entertainment Group Ltd. #		409,319
Singapore: 3.9%
	1,736,400	Genting Singapore Plc #		1,407,382
South Africa: 1.0%
	31,044	Sun International Ltd. #		343,221
South Korea: 3.0%
	30,056	Kangwon Land, Inc. #		828,436
	11,689	Paradise Co. Ltd. #		249,165
				1,077,601
Sweden: 0.8%
	8,252	Betsson AB #		288,605
United Kingdom: 7.7%
	20,534	Betfair Group Plc #		501,519
	189,092	Bwin.Party Digital Entertainment Plc #		344,740
	182,057	Ladbrokes Plc #		311,593
	57,900	Playtech Ltd. #		618,094
	183,476	William Hill Plc #		1,031,398
				2,807,344
United States: 25.8%
	19,770	Boyd Gaming Corp. *		252,661
	15,479	Global Cash Access Holdings, Inc. *		110,675
	61,378	International Game Technology		1,058,770
	54,461	Las Vegas Sands Corp.		3,167,452
	85,144	MGM Mirage *		1,820,379
	11,527	Penn National Gaming, Inc. *		158,266
	10,757	Pinnacle Entertainment, Inc. *		239,343
	12,678	Scientific Games Corp. * †		161,391
	16,440	Wynn Resorts Ltd.		2,445,614
				9,414,551
Total Common Stocks (Cost: $38,716,986)				35,810,370
REAL ESTATE INVESTMENT TRUST: 1.7% (Cost: $819,427)
United States: 1.7%
	20,839	Gaming and Leisure Properties, Inc.		611,416
RIGHTS: 0.0% (Cost: $0)
Italy: 0.0%
	20,119	GTECH S.p.A. Rights (EUR 19.17, expiring 01/09/15) * #		0
MONEY MARKET FUND: 0.2% (Cost: $90,886)
	90,886	Dreyfus Government Cash Management Fund		90,886
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $39,627,299)				36,512,672

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.5% (Cost: $162,606)
Repurchase Agreement: 0.5%
	162,606	Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $162,606; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $165,858 including accrued interest)		162,606

Total Investments: 100.6% (Cost: $39,789,905)				36,675,278
Liabilities in excess of other assets: (0.6)%				(209,885	)
NET ASSETS: 100.0%			$	36,465,393

ADR	American Depositary Receipt

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $153,320.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $24,233,121 which represents 66.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Casino Hotels		61.5	%	$	22,453,403
Casino Services		13.4			4,893,480
Commercial Services - Finance		0.3			110,675
Computer Software		1.7			618,094
Diversified Operations		1.5			527,118
Gambling (Non-Hotel)		14.7			5,379,247
Internet Gambling		1.8			633,345
Lottery Services		4.5			1,648,158
Racetracks		0.4			158,266
Money Market Fund		0.2			90,886
		100.0	%	$	36,512,672

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	3,952,291	$	—	$	3,952,291
Canada		780,100		—		—		780,100
China / Hong Kong		1,382,598		8,319,365		—		9,701,963
Greece		—		559,175		—		559,175
Ireland		—		685,405		—		685,405
Italy		—		478,820		—		478,820
Japan		—		1,310,862		—		1,310,862
Malaysia		—		2,593,731		—		2,593,731
New Zealand		—		409,319		—		409,319
Singapore		—		1,407,382		—		1,407,382
South Africa		—		343,221		—		343,221
South Korea		—		1,077,601		—		1,077,601
Sweden		—		288,605		—		288,605
United Kingdom		—		2,807,344		—		2,807,344
United States		9,414,551		—		—		9,414,551
Real Estate Investment Trust*		611,416		—		—		611,416
Rights*		—		0		—		0
Money Market Fund		90,886		—		—		90,886
Repurchase Agreement		—		162,606		—		162,606
Total	$	12,279,551	$	24,395,727	$	—	$	36,675,278


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

During the period ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $354,452. 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 ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Capital Goods: 9.8%
	763,997	Emerson Electric Co.	$	47,161,535
	1,873,172	General Electric Co.		47,335,056
				94,496,591
Consumer Durables & Apparel: 5.1%
	321,919	Polaris Industries, Inc.		48,687,030
Diversified Financials: 4.8%
	831,080	Franklin Resources, Inc.		46,016,900
Energy: 35.9%
	429,184	Core Laboratories NV		51,648,003
	533,577	Exxon Mobil Corp.		49,329,194
	749,136	National Oilwell Varco, Inc.		49,090,882
	1,051,459	ONEOK, Inc.		52,352,144
	568,293	Schlumberger Ltd.		48,537,905
	1,336,018	Spectra Energy Corp.		48,497,453
	1,049,578	Williams Companies, Inc.		47,168,035
				346,623,616
Health Care Equipment & Services: 4.9%
	650,526	Baxter International, Inc.		47,677,050
Media: 4.9%
	1,384,886	Discovery Communications, Inc. *		47,709,323
Pharmaceuticals, Biotechnology: 4.8%
	181,397	Actavis Plc *		46,693,402
Retailing: 5.0%
	154,703	Amazon.com, Inc. *		48,012,076
Software & Services: 14.8%
	857,208	eBay, Inc. *		48,106,513
	294,566	International Business Machines Corp.		47,260,169
	2,651,753	The Western Union Co. †		47,492,896
				142,859,578
Technology Hardware & Equipment: 5.1%
	661,849	Qualcomm, Inc.		49,195,236
Utilities: 5.1%
	1,318,319	Exelon Corp.		48,883,268
Total Common Stocks (Cost: $1,007,224,260)				966,854,070

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.4%
Repurchase Agreements: 1.4%
	$3,194,553	Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $3,194,567; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $3,258,444 including accrued interest)		3,194,553

	672,510	Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.06%, due 1/2/15, proceeds $672,512; (collateralized by various U.S. government and agency obligations, 2.13% to 9.00%, due 11/15/18 to 2/15/38, valued at $685,960 including accrued interest)		672,510

	3,194,553	Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $3,194,564; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $3,258,452 including accrued interest)		3,194,553

	3,194,553	Repurchase agreement dated 12/31/14 with JP Morgan Securities, LLC, 0.10%, due 1/2/15, proceeds $3,194,571; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 8/1/16 to 1/1/45, valued at $3,258,448 including accrued interest)		3,194,553

	3,194,553	Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $3,194,567; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $3,258,444 including accrued interest)		3,194,553

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $13,450,722)				13,450,722
Total Investments: 101.6% (Cost: $1,020,674,982)				980,304,792
Liabilities in excess of other assets: (1.6)%				(15,904,818	)
NET ASSETS: 100.0%			$	964,399,974

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $13,020,570.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		14.9	%	$	144,408,429
Energy		35.8			346,623,616
Financials		4.8			46,016,900
Health Care		9.8			94,370,452
Industrials		9.8			94,496,591
Information Technology		19.9			192,054,814
Utilities		5.0			48,883,268
		100.0	%	$	966,854,070

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	966,854,070	$	—	$	—	$	966,854,070
Repurchase Agreements		—		13,450,722		—		13,450,722
Total	$	966,854,070	$	13,450,722	$	—	$	980,304,792

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

There were no transfers between levels during the period ended December 31, 2014.

See Notes to Schedules of Investments

PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Denmark: 4.7%
	357,439	Novo-Nordisk AS (ADR)	$	15,126,818
France: 5.0%
	356,814	Sanofi SA (ADR)		16,274,287
Ireland: 6.5%
	34,130	Endo International Plc (USD) *		2,461,456
	36,697	Perrigo Co. Plc (USD)		6,134,271
	58,857	Shire Plc (ADR)		12,509,467
				21,105,194
Israel: 4.1%
	231,113	Teva Pharmaceutical Industries Ltd. (ADR)		13,291,309
Switzerland: 9.1%
	315,947	Novartis AG (ADR)		29,275,649
United Kingdom: 9.3%
	200,016	AstraZeneca Plc (ADR)		14,077,126
	376,260	GlaxoSmithKline Plc (ADR)		16,081,352
				30,158,478
United States: 61.3%
	331,917	Abbott Laboratories		14,942,903
	242,138	AbbVie, Inc.		15,845,511
	56,902	Actavis Plc *		14,647,144
	70,097	Allergan, Inc.		14,901,921
	248,435	Bristol-Myers Squibb Co.		14,665,118
	207,281	Eli Lilly & Co.		14,300,316
	40,294	Hospira, Inc. *		2,468,007
	285,519	Johnson & Johnson		29,856,722
	25,068	Mallinckrodt Plc *		2,482,484
	58,201	McKesson Corp.		12,081,364
	272,816	Merck & Co., Inc.		15,493,221
	102,374	Mylan, Inc. *		5,770,822
	681,400	Pfizer, Inc.		21,225,610
	12,101	Salix Pharmaceuticals Ltd. *		1,390,889
	90,168	Valeant Pharmaceuticals International, Inc. *		12,903,942
	130,676	Zoetis, Inc.		5,622,988
				198,598,962
Total Common Stocks (Cost: $305,955,983)				323,830,697
MONEY MARKET FUND: 0.1% (Cost: $397,079)
	397,079	Dreyfus Government Cash Management Fund		397,079
Total Investments: 100.1% (Cost: $306,353,062)				324,227,776
Liabilities in excess of other assets: (0.1)%				(430,320	)
NET ASSETS: 100.0%			$	323,797,456

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing

Summary of Investments by Sector (unaudited)	% of Investments			Value
Health Care		4.5	%	$	14,563,848
Health Care Equipment		4.6			14,942,903
Pharmaceuticals		90.8			294,323,946
Money Market Fund		0.1			397,079
		100.0	%	$	324,227,776

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	323,830,697	$	—	$	—	$	323,830,697
Money Market Fund		397,079		—		—		397,079
Total	$	324,227,776	$	—	$	—	$	324,227,776

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

There were no transfers between levels during the period ended December 31, 2014.

See Notes to Schedules of Investments

RETAIL ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
United States: 99.9%
	41,144	Amazon.com, Inc. *	$	12,769,040
	45,555	AmerisourceBergen Corp.		4,107,239
	6,141	AutoZone, Inc. *		3,801,955
	36,796	Bed Bath & Beyond, Inc. *		2,802,751
	60,575	Best Buy Co., Inc.		2,361,213
	69,628	Cardinal Health, Inc.		5,621,068
	57,886	Costco Wholesale Corp.		8,205,340
	137,775	CVS Caremark Corp.		13,269,110
	68,952	Dollar General Corp. *		4,874,906
	136,400	Home Depot, Inc.		14,317,908
	40,491	Kohl’s Corp.		2,471,571
	102,393	Kroger Co.		6,574,655
	57,694	L Brands, Inc.		4,993,416
	125,177	Lowe’s Cos., Inc.		8,612,178
	83,272	MACY’S, Inc.		5,475,134
	35,044	McKesson Corp.		7,274,434
	41,753	Ross Stores, Inc.		3,935,638
	129,739	Staples, Inc.		2,350,871
	135,126	Sysco Corp.		5,363,151
	100,470	Target Corp.		7,626,678
	77,385	The Gap, Inc.		3,258,682
	113,500	TJX Cos., Inc.		7,783,830
	118,965	Walgreens Boots Alliance, Inc.		9,065,133
	219,413	Wal-Mart Stores, Inc.		18,843,188
	82,709	Whole Foods Market, Inc.		4,170,188
Total Common Stocks (Cost: $157,855,837)				169,929,277
MONEY MARKET FUND: 0.0% (Cost: $5,803)
	5,803	Dreyfus Government Cash Management Fund		5,803
Total Investments: 99.9% (Cost: $157,861,640)				169,935,080
Other assets less liabilities: 0.1%				98,385
NET ASSETS: 100.0%			$	170,033,465

*	Non-income producing

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		51.5	%	$	87,435,771
Consumer Staples		38.5			65,490,765
Health Care		10.0			17,002,741
Money Market Fund		0.0			5,803
		100.0	%	$	169,935,080

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	169,929,277	$	—	$	—	$	169,929,277
Money Market Fund		5,803		—		—		5,803
Total	$	169,935,080	$	—	$	—	$	169,935,080

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

There were no transfers between levels during the period ended December 31, 2014.

See Notes to Schedules of Investments

SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Bermuda: 1.5%
	421,632	Marvell Technology Group Ltd. (USD)	$	6,113,664
Netherlands: 9.3%
	200,973	ASML Holding NV (USD)		21,670,919
	211,228	NXP Semiconductors NV (USD) *		16,137,819
				37,808,738
Singapore: 4.1%
	162,768	Avago Technologies Ltd. (USD)		16,372,833
Taiwan: 14.7%
	2,663,102	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) †		59,600,223
United Kingdom: 4.6%
	397,535	ARM Holdings Plc (ADR)		18,405,871
United States: 65.9%
	635,426	Advanced Micro Devices, Inc. * †		1,696,587
	258,272	Altera Corp.		9,540,568
	282,433	Analog Devices, Inc.		15,680,680
	762,359	Applied Materials, Inc.		18,997,986
	424,039	Broadcom Corp.		18,373,610
	65,607	Cree, Inc. * †		2,113,858
	2,205,328	Intel Corp.		80,031,353
	121,398	KLA-Tencor Corp.		8,536,707
	137,685	Lam Research Corp.		10,923,928
	177,814	Linear Technology Corp.		8,108,318
	193,408	Maxim Integrated Products, Inc.		6,163,913
	169,886	Microchip Technology, Inc.		7,663,557
	579,648	Micron Technology, Inc. *		20,293,477
	387,324	NVIDIA Corp.		7,765,846
	397,089	ON Semiconductor Corp. *		4,022,512
	185,709	Skyworks Solutions, Inc.		13,502,901
	138,547	Teradyne, Inc.		2,741,845
	375,626	Texas Instruments, Inc.		20,082,844
	245,813	Xilinx, Inc.		10,641,245
				266,881,735
Total Common Stocks (Cost: $418,572,872)				405,183,064
MONEY MARKET FUND: 0.0% (Cost: $60,346)
	60,346	Dreyfus Government Cash Management Fund		60,346
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $418,633,218)				405,243,410

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.1%
Repurchase Agreements: 6.1%
	$5,854,299	Repurchase agreement dated 12/31/14 with BNP Paribas Securities Corp., 0.07%, due 1/2/15, proceeds $5,854,322; (collateralized by various U.S. government and agency obligations, 2.13% to 6.00%, due 8/15/21 to 12/20/44, valued at $5,971,385 including accrued interest)		5,854,299

	5,854,299	Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $5,854,325; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $5,971,385 including accrued interest)		5,854,299

	1,232,429	Repurchase agreement dated 12/31/14 with Credit Agricole CIB, 0.06%, due 1/2/15, proceeds $1,232,433; (collateralized by various U.S. government and agency obligations, 2.13% to 9.00%, due 11/15/18 to 2/15/38, valued at $1,257,078 including accrued interest)		1,232,429

	5,854,299	Repurchase agreement dated 12/31/14 with HSBC Securities USA, Inc., 0.06%, due 1/2/15, proceeds $5,854,319; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/32, valued at $5,971,399 including accrued interest)		5,854,299

	5,854,299	Repurchase agreement dated 12/31/14 with Mizuho Securities USA, Inc., 0.08%, due 1/2/15, proceeds $5,854,325; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/16 to 12/20/44, valued at $5,971,385 including accrued interest)		5,854,299

Total Short-term Investments Held as Collateral for Securities Loaned (Cost: $24,649,625)				24,649,625
Total Investments: 106.2% (Cost: $443,282,843)				429,893,035
Liabilities in excess of other assets: (6.2)%				(24,974,618	)
NET ASSETS: 100.0%			$	404,918,417

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 $24,110,206.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Semiconductor Equipment		15.5	%	$	62,871,385
Semiconductors		84.5			342,311,679
Money Market Fund		0.0			60,346
		100.0	%	$	405,243,410

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	405,183,064	$	—	$	—	$	405,183,064
Money Market Fund		60,346		—		—		60,346
Repurchase Agreements		—		24,649,625		—		24,649,625
Total	$	405,243,410	$	24,649,625	$	—	$	429,893,035

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

There were no transfers between levels during the period ended December 31, 2014.

See Notes to Schedules of Investments

MSCI EMERGING MARKETS QUALITY ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.7%
Brazil: 6.7%
	22,784	Ambev SA	$	140,139
	4,800	BB Seguridade Participacoes SA		58,072
	950	CETIP SA		11,508
	3,650	Cielo SA		57,217
	1,200	Estacio Participacoes SA		10,753
	500	Lojas Renner SA		14,384
	150	M Dias Branco SA		5,135
	600	Natura Cosmeticos SA		7,189
	500	Porto Seguro SA		5,718
	2,100	Souza Cruz SA		15,263
	550	Totvs SA		7,242
	650	Tractebel Energia SA		8,272
	500	Via Varejo SA *		3,907
				344,799
Chile: 0.1%
	534	Cia Cervecerias Unidas SA #		5,063
China / Hong Kong: 18.3%
	4,000	AAC Technologies Holdings, Inc. #		21,272
	4,000	ANTA Sports Products Ltd. #		7,031
	19,000	Belle International Holdings Ltd. #		21,341
	16,000	Brilliance China Automotive Holdings Ltd. #		25,617
	5,000	China Medical System Holdings Ltd. #		8,237
	21,500	China Mobile Ltd. #		251,818
	16,000	China Overseas Land & Investment Ltd. #		47,330
	12,500	China Shenhua Energy Co. Ltd. #		36,885
	3,400	Chongqing Changan Automobile Co. Ltd.		7,699
	12,000	Dongfeng Motor Group Co. Ltd. #		16,785
	20,000	Geely Automobile Holdings Ltd. #		6,323
	5,000	Great Wall Motor Co. Ltd. #		28,282
	10,000	Guangdong Investment Ltd.		13,024
	5,000	Haier Electronics Group Co. Ltd. #		11,828
	2,000	Haitian International Holdings Ltd. #		4,192
	48,000	Hanergy Thin Film Power Group Ltd. †		17,393
	2,500	Hengan International Group Co. Ltd. #		26,065
	2,000	Kingsoft Corp. Ltd. † #		3,931
	32,000	Lenovo Group Ltd. † #		41,779
	2,000	Shenzhou International Group Holdings Ltd. #		6,591
	17,000	Sihuan Pharmaceutical Holdings Group Ltd. #		11,307
	12,000	Sino Biopharmaceutical Ltd. #		10,813
	5,000	Sinopec Engineering Group Co. Ltd. #		3,365
	9,500	Sun Art Retail Group Ltd. #		9,417
	15,800	Tencent Holdings Ltd. #		228,603
	2,000	Tsingtao Brewery Co. Ltd. #		13,490
	32,000	Want Want China Holdings Ltd. † #		42,057
	2,000	Zhuzhou CSR Times Electric Co. Ltd.		11,670
				934,145
Colombia: 0.3%
	19,210	Ecopetrol SA		16,813
Egypt: 0.6%
	4,197	Commercial International Bank Egypt SAE #		28,637
Greece: 0.2%
	825	OPAP SA #		8,841
India: 11.7%
	85	ACC Ltd. #		1,877
	2,752	Ambuja Cements Ltd. #		9,950
	1,602	Asian Paints Ltd. #		18,989
	512	Aurobindo Pharma Ltd. #		9,190
	458	Bajaj Auto Ltd. #		17,611
	1,227	Cipla Ltd. #		12,138
	2,943	Coal India Ltd. #		17,829
	2,955	Dabur India Ltd. #		10,906
	202	Divi’s Laboratories Ltd. #		5,513
	528	Dr. Reddy’s Laboratories Ltd. #		26,992
	55	GlaxoSmithKline Consumer Healthcare Ltd.		5,110
	462	Godrej Consumer Products Ltd.		7,120
	1,391	HCL Technologies Ltd. #		35,130
	232	Hero MotoCorp Ltd. #		11,384
	4,433	Hindustan Unilever Ltd. #		53,274
	4,588	Infosys Ltd. #		142,355
	12,956	ITC Ltd. #		75,473
	125	Nestle India Ltd.		12,644
	2,985	Oil and Natural Gas Corp. Ltd. #		16,064
	432	Oil India Ltd. #		3,927
	3,957	Sun Pharmaceuticals Industries Ltd. #		51,711
	18	Tata Consultancy Services Ltd. #		729
	362	Tech Mahindra Ltd. #		14,841
	2,943	Wipro Ltd. #		25,568
	2,304	Zee Entertainment Enterprises Ltd. #		13,840
				600,165
Indonesia: 8.2%
	1,800	Astra Agro Lestari Tbk PT #		3,517
	81,300	Astra International Tbk PT #		48,486
	58,500	Bank Central Asia Tbk PT #		62,053
	39,400	Bank Mandiri Persero Tbk PT #		34,264
	28,100	Bank Negara Indonesia Persero Tbk PT #		13,769
	52,600	Bank Rakyat Indonesia Tbk PT #		49,443
	32,300	Bumi Serpong Damai PT #		4,688
	32,000	Charoen Pokphand Indonesia Tbk PT #		9,740
	1,800	Gudang Garam Tbk PT #		8,818
	1,800	Indo Tambangraya Megah Tbk PT #		2,220
	7,000	Indocement Tunggal Prakarsa Tbk PT #		14,124
	4,700	Indofood Cbp Sukses Makmur Tbk PT #		4,956
	101,900	Kalbe Farma Tbk PT #		15,023
	21,400	Media Nusantara Citra Tbk PT #		4,374
	56,700	Perusahaan Gas Negara Tbk PT #		27,438
	14,700	Semen Gresik Persero Tbk PT #		19,191
	24,700	Surya Citra Media Tbk PT #		6,970
	4,100	Tambang Batubara Bukit Asam Tbk PT #		4,107
	230,700	Telekomunikasi Indonesia Persero Tbk PT #		53,022
	8,700	Unilever Indonesia Tbk PT #		22,566
	6,700	United Tractors Tbk PT #		9,357
				418,126
Malaysia: 2.2%
	3,179	Berjaya Sports Toto Bhd #		3,186
	650	British American Tobacco Malaysia Bhd #		12,039
	14,800	DiGi.com Bhd #		26,071
	13,000	IOI Corp. Bhd #		17,841
	8,300	Maxis Bhd #		16,209
	10,100	Petronas Chemicals Group Bhd #		15,708
	1,000	Petronas Dagangan Bhd #		4,901
	2,700	Petronas Gas Bhd		17,112
				113,067
Mexico: 2.7%
	4,600	Compartamos, SAB de CV		9,253
	3,000	Genomma Lab Internacional, SAV de CV *		5,711
	2,700	Grupo Carso, SAB de CV		13,297
	9,600	Grupo Financiero Inbursa, SAB de CV		24,802
	2,550	Grupo Lala, SAB de CV		4,918
	6,850	Kimberly-Clark de Mexico, SAB de CV		14,913
	1,050	Promotora y Operadora de Infraestructura, SAB de CV *		12,637
	23,900	Wal-Mart de Mexico, SAB de CV		51,433
				136,964
Philippines: 1.2%
	14,400	DMCI Holdings, Inc. #		5,036
	1,850	Jollibee Foods Corp. #		8,844
	46,000	Megaworld Corp. #		4,753
	420	Philippine Long Distance Telephone Co. #		27,104
	3,470	Universal Robina Corp. #		15,129
				60,866
Poland: 1.1%
	342	Eurocash SA #		3,648
	5	LPP SA #		10,115
	106	NG2 SA #		3,973
	266	Powszechny Zaklad Ubezpieczen SA #		36,185
				53,921
Qatar: 0.8%
	214	Gulf International Services QSC #		5,725
	676	Industries Qatar QSC #		30,785
	120	Qatar Electricity & Water Co. QSC #		6,081
				42,591
Russia: 2.8%
	7,235	Alrosa AO (USD) * #		7,444
	1,230	Magnit OAO (GDR) Reg S		55,587
	446	MegaFon OAO (GDR) # Reg S		6,078
	2,323	Mobile TeleSystems OJSC (ADR)		16,679
	5,541	Moscow Exchange (USD) #		5,410
	393	Novatek OAO (GDR) # Reg S		30,605
	5,815	Tatneft OAO (USD) * #		22,033
				143,836
South Africa: 11.9%
	404	African Rainbow Minerals Ltd. #		4,137
	160	Assore Ltd. #		2,053
	1,165	Bidvest Group Ltd. #		30,455
	1,284	Coronation Fund Managers Ltd. #		12,706
	1,368	Discovery Ltd. #		13,097
	14,467	FirstRand Ltd. #		62,886
	932	Foschini Group Ltd. #		10,699
	351	Kumba Iron Ore Ltd. #		7,258
	4,822	Life Healthcare Group Holdings Ltd. #		17,812
	471	Massmart Holdings Ltd. #		5,772
	1,387	Mr. Price Group Ltd. #		28,055
	7,213	MTN Group Ltd. #		137,198
	3,600	Netcare Ltd. #		11,764
	997	Pick n Pay Stores Ltd. #		4,509
	3,127	RMB Holdings Ltd. #		17,267
	8,284	Sanlam Ltd. #		49,843
	2,502	Sasol Ltd. #		93,374
	2,021	Shoprite Holdings Ltd. #		29,247
	969	Spar Group Ltd. #		13,454
	591	Tiger Brands Ltd. #		18,729
	2,250	Truworths International Ltd. #		14,940
	1,981	Vodacom Group Ltd. #		21,919
				607,174
South Korea: 11.3%
	12	Amorepacific Corp. #		24,226
	360	Cheil Worldwide, Inc. *		5,633
	159	Dongbu Insurance Co. Ltd. #		7,940
	162	Halla Visteon Climate Control Corp. #		7,137
	55	Hyundai Glovis Co. Ltd. #		14,554
	266	Hyundai Mobis Co. Ltd. #		56,910
	62	Hyundai Wia Corp. #		9,912
	454	Kangwon Land, Inc. #		12,514
	101	KEPCO Plant Service & Engineering Co. Ltd. #		7,320
	395	KT&G Corp. #		27,426
	37	LG Household & Health Care Ltd.		20,972
	157	NAVER Corp. #		100,548
	59	NCsoft Corp. #		9,676
	211	Samsung Electronics Co. Ltd. #		253,674
	237	Woongjin Coway Co. Ltd. #		18,072
				576,514
Spain: 0.1%
	714	Cemex Latam Holdings SA (COP) *		4,807
Taiwan: 13.0%
	1,099	Advantech Co. Ltd. #		8,068
	3,000	Asustek Computer, Inc. #		32,733
	2,010	Chicony Electronics Co. Ltd. #		5,597
	8,000	Delta Electronics, Inc. #		47,274
	1,040	Eclat Textile Co. Ltd. #		10,452
	6,000	Far EasTone Telecommunications Co. Ltd. #		13,823
	1,000	Giant Manufacturing Co. Ltd. #		8,837
	10,000	Inotera Memories, Inc. * #		15,690
	1,000	Largan Precision Co. Ltd. #		74,856
	6,000	MediaTek, Inc. #		87,225
	1,050	Merida Industry Co. Ltd. #		7,090
	3,000	Novatek Microelectronics Corp. Ltd. #		16,764
	1,000	Phison Electronics Corp. #		6,861
	3,000	President Chain Store Corp. #		23,171
	2,000	Radiant Opto-Electronics Corp. #		6,368
	1,000	Simplo Technology Co. Ltd. #		4,928
	1,090	Standard Foods Corp. #		2,415
	8,000	Taiwan Mobile Co. Ltd. #		26,416
	60,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		264,328
	1,000	Transcend Information, Inc. #		3,103
				665,999
Thailand: 1.3%
	5,500	Advanced Info Service PCL (NVDR) #		41,707
	5,700	BEC World PCL (NVDR) #		8,822
	1,600	Bumrungrad Hospital PCL (NVDR) #		6,827
	2,200	Delta Electronics Thailand PCL (NVDR) #		4,696
	14,812	Home Product Center PCL (NVDR) #		3,707
				65,759
Turkey: 0.8%
	1,256	BIM Birlesik Magazalar AS #		26,823
	249	Ford Otomotiv Sanayi AS #		3,457
	533	Tupras-Turkiye Petrol Rafinerileri AS #		12,593
				42,873
United States: 0.4%
	649	Southern Copper Corp.		18,302
Total Common Stocks (Cost: $4,781,300)				4,889,262
PREFERRED STOCKS: 2.3%
Brazil: 1.4%
	550	AES Tiete SA		3,749
	3,250	Cia Energetica de Minas Gerais		16,065
	14,100	Itausa - Investimentos Itau SA		49,808
				69,622
Chile: 0.2%
	379	Sociedad Quimica y Minera de Chile SA #		9,182
South Korea: 0.7%
	39	Samsung Electronics Co. Ltd. #		36,682
Total Preferred Stocks (Cost: $127,131)				115,486
PARTICIPATORY NOTE: 2.2% (Cost: $101,929)
Luxembourg: 2.2%
	2,753	Merrill Lynch Intl & Co. Tata Consultancy Services Ltd., 01/08/19 (USD)		111,471
MONEY MARKET FUND: 0.6% (Cost: $33,758)
	33,758	Dreyfus Government Cash Management Fund		33,758
Total Investments Before Collateral for Securities Loaned: 100.8% (Cost: $5,044,118)				5,149,977

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.9% (Cost: $96,305)
Repurchase Agreement: 1.9%
	$96,305	Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $96,305; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $98,231 including accrued interest)		96,305

Total Investments: 102.7% (Cost: $5,140,423)				5,246,282
Liabilities in excess of other assets: (2.7)%				(139,953	)
NET ASSETS: 100.0%			$	5,106,329

ADR	American Depositary Receipt
COP	Colombian Peso
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $89,668.
#	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 $4,222,798 which represents 82.7% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		9.8	%	$	504,402
Consumer Staples		16.5			850,194
Energy		5.2			267,076
Financials		11.8			609,432
Health Care		3.7			193,038
Industrials		2.8			142,668
Information Technology		32.7			1,686,602
Materials		2.6			133,022
Telecommunication Services		12.4			638,044
Utilities		1.8			91,741
Money Market Fund		0.7			33,758
		100.0	%	$	5,149,977

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	344,799	$	—	$	—	$	344,799
Chile		—		5,063		—		5,063
China / Hong Kong		49,786		884,359		—		934,145
Colombia		16,813		—		—		16,813
Egypt		—		28,637		—		28,637
Greece		—		8,841		—		8,841
India		24,874		575,291		—		600,165
Indonesia		—		418,126		—		418,126
Malaysia		17,112		95,955		—		113,067
Mexico		136,964		—		—		136,964
Philippines		—		60,866		—		60,866
Poland		—		53,921		—		53,921
Qatar		—		42,591		—		42,591
Russia		72,266		71,570		—		143,836
South Africa		—		607,174		—		607,174
South Korea		26,605		549,909		—		576,514
Spain		4,807		—		—		4,807
Taiwan		—		665,999		—		665,999
Thailand		—		65,759		—		65,759
Turkey		—		42,873		—		42,873
United States		18,302		—		—		18,302
Preferred Stocks
Brazil		69,622		—		—		69,622
Chile		—		9,182		—		9,182
South Korea		—		36,682		—		36,682
Participatory Note*		111,471		—		—		111,471
Money Market Fund		33,758		—		—		33,758
Repurchase Agreement		—		96,305		—		96,305
Total	$	927,179	$	4,319,103	$	—	$	5,246,282

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

During the period ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $84,211 and transfers from Level 2 to Level 1 were $260,388. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Schedules of Investments

MSCI EMERGING MARKETS QUALITY DIVIDEND ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.9%
Brazil: 5.1%
	3,850	BB Seguridade Participacoes SA #	$	46,579
	9,950	BM&F Bovespa SA		36,870
	4,850	CCR SA		28,116
	1,150	CETIP SA		13,930
	1,900	Cia de Saneamento Basico do Estado de Sao Paulo		12,158
	3,900	Cielo SA		61,136
	1,650	Duratex SA		4,984
	950	Natura Cosmeticos SA		11,383
	1,300	Odontoprev SA		4,822
	600	Porto Seguro SA		6,862
	900	Tractebel Energia SA		11,454
	500	Transmissora Alianca de Energia Eletrica SA		3,544
				241,838
Chile: 0.5%
	130,533	Banco de Chile #		15,137
	652	Entel Chile SA		6,550
				21,687
China / Hong Kong: 36.8%
	119,000	Agricultural Bank of China Ltd. #		59,851
	6,000	ANTA Sports Products Ltd. #		10,547
	438,000	Bank of China Ltd. #		245,830
	14,000	China Communications Services Corp. Ltd. #		6,546
	335,000	China Construction Bank Corp. #		273,615
	34,400	China Minsheng Banking Corp. Ltd. #		44,971
	20,500	China Mobile Ltd. #		240,105
	140,000	China Petroleum & Chemical Corp. #		113,375
	18,500	China Shenhua Energy Co. Ltd. #		54,590
	7,300	China Vanke Co. Ltd. * #		16,194
	99,000	CNOOC Ltd. #		133,861
	10,000	COSCO Pacific Ltd. #		14,162
	27,733	Country Garden Holdings Co. Ltd. #		11,066
	5,600	Guangzhou R&F Properties Co. Ltd. † #		6,818
	378,000	Industrial & Commercial Bank of China Ltd. #		276,006
	7,000	Intime Retail Group Co. Ltd. #		5,062
	6,000	Jiangsu Expressway Co. Ltd. #		7,144
	7,000	Jiangxi Copper Co. Ltd. (Class H) #		11,948
	8,000	Lee & Man Paper Manufacturing Ltd. #		4,467
	116,000	PetroChina Co. Ltd. (Class H) #		128,767
	20,000	PICC Property & Casualty Co. Ltd. #		38,594
	7,500	Shimao Property Holdings Ltd. #		16,609
	18,500	Sino-Ocean Land Holdings Ltd. #		10,431
	6,500	Sinopec Engineering Group Co. Ltd. #		4,375
	10,000	Soho China Ltd. #		7,053
	37,240	Yuexiu Property Co. Ltd. #		7,126
				1,749,113
Colombia: 0.6%
	27,217	Ecopetrol SA		23,821
	4,511	Isagen SA ESP		5,628
				29,449
Czech Republic: 0.4%
	84	Komercni Banka AS #		17,279
Hungary: 0.2%
	231	MOL Hungarian Oil & Gas Plc #		10,163
India: 1.3%
	2,482	Cairn India Ltd. #		9,458
	2,787	Coal India Ltd. #		16,884
	9,097	NTPC Ltd. #		20,684
	663	Oil India Ltd. #		6,027
	1,634	Rural Electrification Corp. Ltd. #		8,624
				61,677
Indonesia: 1.2%
	79,400	Adaro Energy Tbk PT #		6,625
	2,200	Indo Tambangraya Megah Tbk PT #		2,713
	8,100	Indocement Tunggal Prakarsa Tbk PT #		16,344
	60,200	Perusahaan Gas Negara Tbk PT #		29,132
	4,400	Tambang Batubara Bukit Asam Tbk PT #		4,407
				59,221
Malaysia: 4.7%
	6,000	Alliance Financial Group Bhd #		8,063
	10,800	AMMB Holdings Bhd #		20,282
	14,200	Axiata Group Bhd #		28,581
	700	British American Tobacco Malaysia Bhd #		12,965
	17,200	DiGi.com Bhd #		30,299
	7,000	Felda Global Ventures Holdings Bhd #		4,351
	16,000	IOI Corp. Bhd #		21,958
	2,300	Lafarge Malaysia Bhd		6,420
	25,250	Malayan Banking Bhd #		66,125
	6,072	Telekom Malaysia Bhd #		11,920
	3,200	UMW Holdings Bhd #		10,046
				221,010
Mexico: 0.8%
	10,100	Grupo Financiero Santander Mexico, SAB de CV		21,132
	8,450	Kimberly-Clark de Mexico, SAB de CV		18,397
				39,529
Philippines: 0.2%
	8,100	Aboitiz Power Corp. #		7,704
Poland: 2.7%
	180	Bank Handlowy w Warszawie SA #		5,391
	724	Bank Pekao SA #		36,268
	1,142	Energa SA #		7,403
	4,641	Polska Grupa Energetyczna SA #		24,459
	310	Powszechny Zaklad Ubezpieczen SA #		42,170
	2,920	Synthos SA #		3,368
	5,800	Tauron Polska Energia SA #		8,175
				127,234
Qatar: 2.1%
	834	Industries Qatar QSC #		37,980
	152	Qatar Electricity & Water Co. QSC #		7,703
	965	Qatar National Bank SAQ #		56,060
				101,743
Russia: 7.8%
	65,293	Gazprom OAO (USD) * #		141,721
	2,815	Lukoil OAO (USD) * #		103,091
	513	MegaFon OAO (GDR) # Reg S		6,991
	306	MMC Norilsk Nickel OJSC (USD) * #		40,999
	2,850	Mobile TeleSystems OJSC (ADR)		20,463
	7,542	Moscow Exchange (USD) #		7,364
	6,288	Rosneft OAO (USD) * #		20,283
	7,812	Tatneft OAO (USD) * #		29,600
				370,512
South Africa: 16.0%
	598	African Rainbow Minerals Ltd. #		6,123
	1,871	Barclays Africa Group Ltd. #		29,254
	1,254	Coronation Fund Managers Ltd. #		12,409
	790	Exxaro Resources Ltd. #		7,050
	17,105	FirstRand Ltd. #		74,353
	1,102	Foschini Group Ltd. #		12,650
	1,032	Imperial Holdings Ltd. #		16,429
	355	Kumba Iron Ore Ltd. #		7,341
	5,628	MMI Holdings Ltd. #		14,598
	9,176	MTN Group Ltd. #		174,536
	3,285	Nampak Ltd. #		12,346
	1,102	Nedbank Group Ltd. #		23,598
	3,005	PPC Ltd. #		7,132
	3,894	RMB Holdings Ltd. #		21,503
	10,158	Sanlam Ltd. #		61,118
	3,051	Sasol Ltd. #		113,862
	908	Spar Group Ltd. #		12,607
	6,695	Standard Bank Group Ltd. #		82,507
	2,098	Truworths International Ltd. #		13,931
	2,052	Vodacom Group Ltd. #		22,704
	5,130	Woolworths Holdings Ltd. #		34,018
				760,069
South Korea: 1.2%
	606	KT&G Corp. #		42,077
	53	SK Telecom Co. Ltd. #		12,963
				55,040
Taiwan: 11.3%
	35,000	Advanced Semiconductor Engineering, Inc. #		41,567
	12,240	Asia Cement Corp. #		15,073
	4,000	Asustek Computer, Inc. #		43,644
	9,000	Cheng Shin Rubber Industry Co. Ltd. #		21,124
	3,015	Chicony Electronics Co. Ltd. #		8,396
	3,000	China Motor Corp. #		2,650
	21,000	Chunghwa Telecom Co. Ltd. #		62,245
	10,000	Delta Electronics, Inc. #		59,092
	17,340	Far Eastern New Century Corp. #		17,150
	9,000	Far EasTone Telecommunications Co. Ltd. #		20,734
	13,000	Inventec Corp. #		8,694
	12,060	Lite-On Technology Corp. #		13,777
	3,000	Novatek Microelectronics Corp. Ltd. #		16,764
	1,000	Phison Electronics Corp. #		6,862
	15,000	Quanta Computer, Inc. #		37,367
	2,000	Radiant Opto-Electronics Corp. #		6,368
	3,000	Realtek Semiconductor Corp. #		9,962
	4,000	Ruentex Development Co. Ltd. #		6,322
	3,000	Ruentex Industries Ltd. #		6,291
	2,000	Simplo Technology Co. Ltd. #		9,857
	7,000	Synnex Technology International Corp. #		10,138
	18,000	Taiwan Cement Corp. #		24,607
	9,000	Taiwan Mobile Co. Ltd. #		29,717
	10,000	Teco Electric and Machinery Co. Ltd. #		9,456
	1,000	Transcend Information, Inc. #		3,103
	12,260	Wistron Corp. #		11,045
	8,000	WPG Holdings Ltd. #		9,288
	48,000	Yuanta Financial Holding Co. Ltd. #		23,281
				534,574
Thailand: 4.1%
	5,700	Advanced Info Service PCL (NVDR) #		43,224
	1,400	Bangkok Bank PCL #		8,318
	1,700	Bangkok Bank PCL (NVDR) #		9,985
	5,400	BEC World PCL (NVDR) #		8,357
	2,800	Delta Electronics Thailand PCL (NVDR) #		5,977
	2,800	Glow Energy PCL (NVDR) #		7,529
	19,300	Krung Thai Bank PCL (NVDR) #		13,241
	7,700	PTT Exploration & Production PCL (NVDR) #		26,075
	9,200	PTT Global Chemical PCL (NVDR) #		14,275
	5,500	PTT PCL (NVDR) #		53,879
	4,500	Thai Oil PCL (NVDR) #		5,726
				196,586
Turkey: 0.3%
	1,305	Arcelik AS #		8,344
	690	Tofas Turk Otomobil Fabrikasi AS #		4,696
				13,040
United Arab Emirates: 0.6%
	5,452	Dubai Islamic Bank #		10,011
	4,303	First Gulf Bank PJSC #		19,765
				29,776
Total Common Stocks (Cost: $4,875,659)				4,647,244
PREFERRED STOCKS: 2.3%
Brazil: 1.9%
	4,150	Cia Energetica de Minas Gerais		20,514
	550	Cia Paranaense de Energia		7,428
	17,600	Itausa - Investimentos Itau SA		62,171
				90,113
Russia: 0.4%
	38,237	Surgutneftegas OJSC (USD) * #		18,421
Total Preferred Stocks (Cost: $135,325)				108,534
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $5,010,984)				4,755,778

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.1% (Cost: $6,552)
Repurchase Agreement: 0.1%
	$6,552	Repurchase agreement dated 12/31/14 with Citigroup Global Markets, Inc., 0.08%, due 1/2/15, proceeds $6,552; (collateralized by various U.S. government and agency obligations, 1.38% to 8.00%, due 12/15/17 to 7/15/51, valued at $6,683 including accrued interest)		6,552

Total Investments: 100.3% (Cost: $5,017,536)				4,762,330
Liabilities in excess of other assets: (0.3)%				(16,538	)
NET ASSETS: 100.0%			$	4,745,792

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,136.
#	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 $4,367,995 which represents 92.0% 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.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		3.2	%	$	154,145
Consumer Staples		2.6			123,738
Energy		21.7			1,030,399
Financials		39.8			1,894,734
Health Care		0.1			4,822
Industrials		2.5			118,383
Information Technology		7.6			363,037
Materials		3.7			175,427
Telecommunication Services		15.1			717,578
Utilities		3.7			173,515
		100.0	%	$	4,755,778

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	195,259	$	46,579	$	—	$	241,838
Chile		6,550		15,137		—		21,687
China / Hong Kong		—		1,749,113		—		1,749,113
Colombia		29,449		—		—		29,449
Czech Republic		—		17,279		—		17,279
Hungary		—		10,163		—		10,163
India		—		61,677		—		61,677
Indonesia		—		59,221		—		59,221
Malaysia		6,420		214,590		—		221,010
Mexico		39,529		—		—		39,529
Philippines		—		7,704		—		7,704
Poland		—		127,234		—		127,234
Qatar		—		101,743		—		101,743
Russia		20,463		350,049		—		370,512
South Africa		—		760,069		—		760,069
South Korea		—		55,040		—		55,040
Taiwan		—		534,574		—		534,574
Thailand		—		196,586		—		196,586
Turkey		—		13,040		—		13,040
United Arab Emirates		—		29,776		—		29,776
Preferred Stocks
Brazil		90,113		—		—		90,113
Russia		—		18,421		—		18,421
Repurchase Agreement		—		6,552		—		6,552
Total	$	387,783	$	4,374,547	$	—	$	4,762,330

During the period ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $68,315. 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 Financial Statements.

See Notes to Schedules of Investments

MSCI INTERNATIONAL QUALITY ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.6%
Australia: 5.4%
	3,029	BHP Billiton Ltd. #	$	71,785
	1,939	BHP Billiton Plc (GBP) #		41,573
	1,504	Brambles Ltd. #		12,987
	64	Cochlear Ltd. #		4,047
	639	CSL Ltd. #		44,994
	60	Flight Centre Travel Group Ltd. #		1,592
	1,897	Fortescue Metals Group Ltd. #		4,175
	121	Ramsay Health Care Ltd. #		5,623
	79	REA Group Ltd. #		2,903
	346	Seek Ltd. #		4,836
	5,007	Telstra Corp. Ltd. #		24,366
	289	TPG Telecom Ltd. #		1,585
	1,428	Woolworths Ltd. #		35,570
				256,036
Belgium: 0.2%
	163	Belgacom SA #		5,914
	77	Colruyt SA #		3,580
				9,494
Brazil: 2.0%
	5,768	Ambev SA		35,478
	1,200	BB Seguridade Participacoes SA		14,518
	850	CCR SA		4,928
	250	CETIP SA		3,028
	950	Cielo SA		14,892
	300	Estacio Participacoes SA		2,688
	150	Lojas Renner SA		4,315
	50	M Dias Branco SA		1,712
	150	Natura Cosmeticos SA		1,797
	100	Porto Seguro SA		1,144
	550	Souza Cruz SA		3,997
	150	Totvs SA		1,975
	150	Tractebel Energia SA		1,909
	150	Via Varejo SA *		1,172
	270	WEG SA		3,108
				96,661
Canada: 3.5%
	413	Alimentation Couche Tard, Inc.		17,362
	847	Canadian National Railway Co.		58,517
	449	Canadian Oil Sands Ltd.		4,039
	271	CI Financial Corp.		7,555
	174	Dollarama, Inc.		8,923
	114	Gildan Activewear, Inc.		6,466
	293	Imperial Oil Ltd.		12,661
	82	Metro, Inc.		6,605
	782	Potash Corp of Saskatchewan, Inc.		27,729
	230	Restaurant Brands International, Inc. *		9,035
	243	Saputo, Inc.		7,326
				166,218
Chile: 0.0%
	136	Cia Cervecerias Unidas SA #		1,289
China / Hong Kong: 8.6%
	1,000	AAC Technologies Holdings, Inc. #		5,318
	1,000	America Movil, SAB de CV #		1,758
	1,000	Anhui Conch Cement Co. Ltd. #		3,702
	5,000	Belle International Holdings Ltd. #		5,616
	4,000	Brilliance China Automotive Holdings Ltd. #		6,404
	1,000	Cheung Kong Infrastructure Holdings Ltd. #		7,354
	2,000	China Communications Services Corp. Ltd. #		935
	1,000	China Medical System Holdings Ltd. #		1,647
	6,000	China Mobile Ltd. #		70,275
	4,000	China Overseas Land & Investment Ltd. #		11,833
	3,000	China Shenhua Energy Co. Ltd. #		8,853
	900	Chongqing Changan Automobile Co. Ltd.		2,038
	16,000	CNOOC Ltd. #		21,634
	2,000	Dongfeng Motor Group Co. Ltd. #		2,798
	3,000	Galaxy Entertainment Group Ltd. #		16,670
	5,000	Geely Automobile Holdings Ltd. #		1,581
	1,500	Great Wall Motor Co. Ltd. #		8,484
	2,000	Guangdong Investment Ltd.		2,605
	1,000	Haier Electronics Group Co. Ltd. #		2,366
	1,000	Haitian International Holdings Ltd. #		2,096
	12,000	Hanergy Thin Film Power Group Ltd. †		4,348
	700	Hang Seng Bank Ltd. #		11,634
	500	Hengan International Group Co. Ltd. #		5,213
	1,200	Hong Kong Exchanges and Clearing Ltd. #		26,491
	1,000	Kingsoft Corp. Ltd. † #		1,965
	8,000	Lenovo Group Ltd. † #		10,445
	1,500	Power Assets Holdings Ltd. #		14,502
	3,200	Sands China Ltd. #		15,578
	1,000	Shenzhou International Group Holdings Ltd. #		3,295
	4,000	Sihuan Pharmaceutical Holdings Group Ltd. #		2,661
	4,000	Sino Biopharmaceutical Ltd. #		3,604
	1,000	Sinopec Engineering Group Co. Ltd. #		673
	3,000	SJM Holdings Ltd. #		4,743
	2,500	Sun Art Retail Group Ltd. #		2,478
	6,600	Tencent Holdings Ltd. #		95,492
	8,000	Want Want China Holdings Ltd. † #		10,514
	2,000	Wynn Macau Ltd. #		5,580
	2,000	Yangzijiang Shipbuilding Holdings Ltd. (SGD) #		1,812
	500	Zhuzhou CSR Times Electric Co. Ltd.		2,918
				407,913
Colombia: 0.1%
	4,930	Ecopetrol SA		4,315
Denmark: 3.6%
	164	Coloplast AS #		13,726
	2,993	Novo Nordisk AS #		126,618
	277	Novozymes AS #		11,661
	162	Pandora AS #		13,133
	21	Tryg AS #		2,347
	25	William Demant Holding AS *		1,902
				169,387
Egypt: 0.2%
	1,066	Commercial International Bank Egypt SAE #		7,273
Finland: 0.8%
	149	Elisa OYJ #		4,067
	463	Kone OYJ #		21,079
	138	Orion Oyj #		4,292
	160	Wartsila OYJ Abp #		7,161
				36,599
France: 2.2%
	255	Bureau Veritas SA #		5,650
	118	Dassault Systemes #		7,196
	190	Essilor International SA #		21,189
	254	Legrand SA #		13,324
	245	L’Oreal SA #		41,006
	179	Publicis Groupe SA #		12,837
	31	Societe BIC SA		4,121
				105,323
Germany: 2.7%
	103	Beiersdorf AG #		8,363
	103	Continental AG #		21,725
	115	Henkel AG & Co. KGaA #		11,140
	59	Hugo Boss AG #		7,218
	969	SAP SE #		67,664
	254	TUI AG (GBP) *		4,083
	144	United Internet AG #		6,486
				126,679
Greece: 0.0%
	210	OPAP SA #		2,250
India: 4.0%
	22	ACC Ltd. #		486
	694	Ambuja Cements Ltd. #		2,509
	405	Asian Paints Ltd. #		4,801
	137	Aurobindo Pharma Ltd. #		2,459
	116	Bajaj Auto Ltd. #		4,460
	312	Cipla Ltd. #		3,086
	743	Coal India Ltd. #		4,501
	749	Dabur India Ltd. #		2,764
	51	Divi’s Laboratories Ltd. #		1,392
	135	Dr. Reddy’s Laboratories Ltd. #		6,901
	280	GAIL India Ltd. #		1,965
	14	GlaxoSmithKline Consumer Healthcare Ltd.		1,301
	119	Godrej Consumer Products Ltd.		1,834
	352	HCL Technologies Ltd. #		8,890
	59	Hero MotoCorp Ltd. #		2,895
	1,119	Hindustan Unilever Ltd. #		13,448
	1,158	Infosys Ltd. #		35,930
	3,272	ITC Ltd. #		19,061
	32	Nestle India Ltd.		3,237
	758	Oil and Natural Gas Corp. Ltd. #		4,079
	111	Oil India Ltd. #		1,009
	1,002	Sun Pharmaceuticals Industries Ltd. #		13,094
	699	Tata Consultancy Services Ltd. #		28,303
	722	Tata Motors Ltd. #		5,648
	91	Tech Mahindra Ltd. #		3,731
	745	Wipro Ltd. #		6,472
	582	Zee Entertainment Enterprises Ltd #		3,496
				187,752
Indonesia: 2.2%
	400	Astra Agro Lestari Tbk PT #		782
	21,000	Astra International Tbk PT #		12,524
	14,800	Bank Central Asia Tbk PT #		15,699
	10,000	Bank Mandiri Persero Tbk PT #		8,696
	7,200	Bank Negara Indonesia Persero Tbk PT #		3,528
	13,400	Bank Rakyat Indonesia Tbk PT #		12,596
	8,300	Bumi Serpong Damai PT #		1,205
	8,100	Charoen Pokphand Indonesia Tbk PT #		2,466
	500	Gudang Garam Tbk PT #		2,449
	500	Indo Tambangraya Megah Tbk PT #		617
	1,800	Indocement Tunggal Prakarsa Tbk PT #		3,632
	1,200	Indofood Cbp Sukses Makmur Tbk PT #		1,265
	25,700	Kalbe Farma Tbk PT #		3,789
	5,400	Media Nusantara Citra Tbk PT #		1,104
	14,500	Perusahaan Gas Negara Tbk PT #		7,017
	3,700	Semen Gresik Persero Tbk PT #		4,830
	6,300	Surya Citra Media Tbk PT #		1,778
	1,000	Tambang Batubara Bukit Asam Tbk PT #		1,002
	58,700	Telekomunikasi Indonesia Persero Tbk PT #		13,491
	2,200	Unilever Indonesia Tbk PT #		5,706
	1,700	United Tractors Tbk PT #		2,374
				106,550
Ireland: 1.4%
	168	Kerry Group Plc #		11,606
	752	Shire Plc (GBP) #		53,339
				64,945
Japan: 2.7%
	100	Calbee, Inc. #		3,441
	100	Colopl, Inc. #		2,245
	100	Daito Trust Construction Co. Ltd. #		11,333
	600	Fuji Heavy Industries Ltd. #		21,211
	200	Japan Airlines Co. Ltd. #		5,924
	1,100	Japan Tobacco, Inc. #		30,246
	400	JGC Corp. #		8,227
	200	Kakaku.com, Inc. #		2,859
	100	Lawson, Inc. #		6,037
	200	M3, Inc. #		3,343
	600	Mitsubishi Motors Corp. #		5,476
	50	Nitori Holdings Co. Ltd. #		2,684
	100	Oracle Corp. #		4,071
	100	Park24 Co. Ltd. #		1,471
	100	Sanrio Co. Ltd. #		2,468
	100	Sysmex Corp. #		4,434
	100	Trend Micro, Inc. * #		2,761
	200	USS Co. Ltd. #		3,070
	1,600	Yahoo Japan Corp. #		5,729
				127,030
Luxembourg: 0.2%
	45	RTL Group SA #		4,291
	436	Tenaris SA #		6,588
				10,879
Malaysia: 0.6%
	841	Berjaya Sports Toto Bhd #		843
	200	British American Tobacco Malaysia Bhd #		3,704
	3,800	DiGi.com Bhd #		6,694
	3,400	IOI Corp. Bhd #		4,666
	2,200	Maxis Bhd #		4,296
	2,500	Petronas Chemicals Group Bhd #		3,888
	200	Petronas Dagangan Bhd #		980
	700	Petronas Gas Bhd		4,436
				29,507
Mexico: 1.8%
	30,850	America Movil, SAB de CV		34,325
	400	Arca Continental, SAB de CV		2,533
	1,200	Compartamos, SAB de CV		2,414
	150	El Puerto de Liverpool, SAB de CV		1,505
	750	Genomma Lab Internacional, SAB de CV *		1,428
	200	Grupo Aeroportuario del Sureste, SAB de CV		2,646
	700	Grupo Carso, SAB de CV		3,447
	2,450	Grupo Financiero Inbursa, SAB de CV		6,330
	650	Grupo Lala, SAB de CV		1,254
	3,450	Grupo Mexico, SAB de CV		10,022
	1,800	Kimberly-Clark de Mexico, SAB de CV		3,919
	250	Promotora y Operadora de Infraestructura, SAB de CV *		3,009
	6,050	Wal-Mart de Mexico, SAB de CV		13,020
				85,852
New Zealand: 0.1%
	411	Ryman Healthcare Ltd. #		2,732
Norway: 0.1%
	212	Gjensidige Forsikring ASA #		3,439
Philippines: 0.3%
	3,720	DMCI Holdings, Inc. #		1,301
	470	Jollibee Foods Corp. #		2,247
	12,000	Megaworld Corp. #		1,240
	110	Philippine Long Distance Telephone Co. #		7,099
	890	Universal Robina Corp. #		3,880
				15,767
Poland: 0.3%
	88	Eurocash SA #		939
	1	LPP SA #		2,023
	27	NG2 SA #		1,012
	68	Powszechny Zaklad Ubezpieczen SA #		9,250
				13,224
Portugal: 0.1%
	300	Jeronimo Martins, SGPS SA #		3,006
Qatar: 0.4%
	55	Gulf International Services QSC #		1,471
	171	Industries Qatar QSC #		7,787
	31	Qatar Electricity & Water Co. QSC #		1,571
	161	Qatar National Bank SAQ #		9,353
				20,182
Russia: 0.8%
	1,879	Alrosa AO (USD) * #		1,933
	315	Magnit OAO (GDR) # Reg S		14,236
	115	MegaFon OAO (GDR) # Reg S		1,567
	605	Mobile TeleSystems OJSC (ADR)		4,344
	1,391	Moscow Exchange (USD) #		1,358
	101	Novatek OAO (GDR) # Reg S		7,865
	1,476	Tatneft OAO (USD) * #		5,593
				36,896
Singapore: 0.9%
	1,000	Keppel Corp. Ltd. #		6,663
	1,000	Sembcorp Industries Ltd. #		3,348
	1,000	Sembcorp Marine Ltd. #		2,453
	1,000	Singapore Exchange Ltd. #		5,877
	2,000	Singapore Technologies Engineering Ltd. #		5,117
	7,000	Singapore Telecommunications Ltd. #		20,540
				43,998
South Africa: 3.3%
	103	African Rainbow Minerals Ltd. #		1,055
	41	Assore Ltd. #		526
	299	Bidvest Group Ltd. #		7,816
	326	Coronation Fund Managers Ltd. #		3,226
	346	Discovery Ltd. #		3,312
	3,665	FirstRand Ltd. #		15,931
	237	Foschini Group Ltd. #		2,721
	168	Imperial Holdings Ltd. #		2,674
	90	Kumba Iron Ore Ltd. #		1,861
	1,237	Life Healthcare Group Holdings Ltd. #		4,569
	121	Massmart Holdings Ltd. #		1,483
	350	Mr. Price Group Ltd. #		7,079
	1,843	MTN Group Ltd. #		35,055
	936	Netcare Ltd. #		3,059
	258	Pick n Pay Stores Ltd. #		1,167
	244	Resilient Property Income Fund Ltd.		1,771
	791	RMB Holdings Ltd. #		4,368
	2,101	Sanlam Ltd. #		12,641
	634	Sasol Ltd. #		23,661
	513	Shoprite Holdings Ltd. #		7,424
	244	Spar Group Ltd. #		3,388
	151	Tiger Brands Ltd. #		4,785
	567	Truworths International Ltd. #		3,765
	505	Vodacom Group Ltd. #		5,588
				158,925
South Korea: 4.8%
	91	Cheil Worldwide, Inc. *		1,424
	40	Dongbu Insurance Co. Ltd. #		1,998
	41	Halla Visteon Climate Control Corp. #		1,806
	14	Hyundai Glovis Co. Ltd. #		3,705
	68	Hyundai Mobis Co. Ltd. #		14,548
	16	Hyundai Wia Corp. #		2,558
	114	Kangwon Land, Inc. #		3,142
	25	KEPCO Plant Service & Engineering Co. Ltd. #		1,812
	247	Kia Motors Corp. #		11,736
	7	Korea Zinc Co. Ltd. #		2,559
	100	KT&G Corp. #		6,943
	10	LG Household & Health Care Ltd.		5,668
	40	NAVER Corp. #		25,617
	15	NCsoft Corp. #		2,460
	17	S-1 Corp. #		1,097
	114	Samsung Electronics Co. Ltd. #		137,056
	61	Woongjin Coway Co. Ltd. #		4,651
				228,780
Spain: 0.9%
	179	Cemex Latam Holdings SA (COP) *		1,205
	1,416	Inditex SA #		40,392
	257	Zardoya Otis SA #		2,850
				44,447
Sweden: 2.9%
	331	Alfa Laval AB #		6,233
	300	Assa Abloy AB #		15,779
	805	Atlas Copco AB #		22,306
	468	Atlas Copco AB #		11,930
	326	Elekta AB		3,319
	1,408	Hennes & Mauritz AB #		58,251
	122	ICA Gruppen AB † #		4,731
	294	Investment AB Kinnevik #		9,521
	356	Skanska AB #		7,612
				139,682
Switzerland: 14.9%
	1,997	ABB Ltd. #		42,276
	140	Actelion Ltd. #		16,126
	1	Chocoladefabriken Lindt & Sprungli AG #		4,947
	528	Cie Financiere Richemont SA #		46,838
	10	EMS-Chemie Holding AG #		4,050
	52	Geberit AG #		17,601
	72	Kuehne + Nagel International AG #		9,786
	3,095	Nestle SA #		225,754
	25	Partners Group Holding AG #		7,277
	848	Roche Holding AG #		229,886
	50	Schindler Holding AG - Participation Certificate #		7,222
	23	Schindler Holding AG - Registered Shares #		3,299
	7	SGS SA #		14,302
	23	Swisscom AG #		12,076
	91	Syngenta AG #		29,287
	34	The Swatch Group AG - Bearer Shares #		15,113
	55	The Swatch Group AG - Registered Shares #		4,749
	259	Wolseley Plc (GBP) #		14,814
				705,403
Taiwan: 4.3%
	1,000	Asustek Computer, Inc. #		10,911
	1,000	Catcher Technology Co. Ltd. #		7,722
	2,000	Cheng Shin Rubber Industry Co. Ltd. #		4,694
	1,005	Chicony Electronics Co. Ltd. #		2,799
	2,000	Delta Electronics, Inc. #		11,818
	2,000	Far EasTone Telecommunications Co. Ltd. #		4,607
	3,000	Inotera Memories, Inc. * #		4,707
	1,000	MediaTek, Inc. #		14,537
	1,000	Novatek Microelectronics Corp. Ltd. #		5,588
	1,000	President Chain Store Corp. #		7,724
	1,000	Ruentex Development Co. Ltd. #		1,581
	1,000	Ruentex Industries Ltd. #		2,097
	2,000	Taiwan Mobile Co. Ltd. #		6,604
	27,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		118,948
				204,337
Thailand: 0.5%
	1,400	Advanced Info Service PCL (NVDR) #		10,616
	1,400	BEC World PCL (NVDR) #		2,167
	400	Bumrungrad Hospital PCL (NVDR) #		1,707
	600	Delta Electronics Thailand PCL (NVDR) #		1,281
	3,798	Home Product Center PCL (NVDR) #		951
	1,500	Siam Commercial Bank PCL (NVDR) #		8,262
				24,984
Turkey: 0.4%
	317	BIM Birlesik Magazalar AS #		6,770
	65	Ford Otomotiv Sanayi AS #		903
	127	Tofas Turk Otomobil Fabrikasi AS #		864
	140	Tupras-Turkiye Petrol Rafinerileri AS #		3,308
	534	Turk Telekomunikasyon AS #		1,659
	789	Turkcell Iletisim Hizmetleri AS * #		4,808
				18,312
United Kingdom: 22.3%
	1,130	Aberdeen Asset Management Plc #		7,554
	289	Admiral Group Plc #		5,931
	300	Aggreko Plc #		6,999
	405	AMEC Plc #		5,351
	1,218	AstraZeneca Plc #		86,064
	4,110	BAE Systems Plc #		30,070
	2,086	British American Tobacco Plc #		113,089
	405	Bunzl Plc #		11,076
	588	Burberry Group Plc #		14,925
	660	Capita Plc #		11,071
	4,874	Centrica Plc #		21,120
	1,256	Cobham Plc #		6,308
	2,215	Compass Group Plc #		37,877
	179	Croda International Plc #		7,391
	2,959	Diageo Plc #		84,802
	182	EasyJet Plc #		4,712
	350	Hargreaves Lansdown Plc #		5,479
	559	ICAP Plc #		3,916
	369	IMI Plc #		7,222
	1,025	Imperial Tobacco Group Plc #		45,139
	859	Indivior Plc *		2,001
	191	Intertek Group Plc #		6,916
	4,706	ITV Plc #		15,704
	216	Johnson Matthey Plc #		11,369
	1,572	Marks & Spencer Group Plc #		11,645
	736	Meggitt Plc #		5,923
	138	Next Plc #		14,642
	294	Petrofac Ltd. #		3,204
	859	Reckitt Benckiser Group Plc #		69,603
	1,001	Reed Elsevier NV #		23,904
	1,704	Reed Elsevier Plc #		29,120
	409	Rio Tinto Ltd. (AUD) #		19,220
	1,263	Rio Tinto Plc #		58,245
	1,779	Rolls-Royce Holdings Plc #		23,909
	132	Schroders Plc #		5,489
	854	Smith & Nephew Plc #		15,406
	440	Smiths Group Plc #		7,485
	302	Sports Direct International Plc * #		3,324
	512	Tate & Lyle Plc #		4,799
	7,481	Tesco Plc #		21,821
	1,344	The Sage Group Plc #		9,711
	215	The Weir Group Plc #		6,168
	2,153	Unilever NV (LDR) #		84,220
	1,698	Unilever Plc #		69,015
	190	Whitbread Plc #		14,067
	869	William Hill Plc #		4,885
				1,057,891
United States: 0.1%
	168	Southern Copper Corp.		4,738
Total Common Stocks (Cost: $4,893,840)				4,728,695
PREFERRED STOCKS: 1.3%
Brazil: 0.4%
	150	AES Tiete SA		1,022
	850	Cia Energetica de Minas Gerais		4,202
	3,550	Itausa - Investimentos Itau SA		12,540
				17,764
Chile: 0.0%
	98	Sociedad Quimica y Minera de Chile SA #		2,374
Germany: 0.5%
	91	Fuchs Petrolub AG #		3,624
	175	Henkel AG & Co. KGaA #		18,851
				22,475
South Korea: 0.4%
	21	Samsung Electronics Co. Ltd. #		19,752
Total Preferred Stocks (Cost: $66,976)				62,365
MONEY MARKET FUND: 0.4% (Cost: $21,642)
	21,642	Dreyfus Government Cash Management Fund		21,642
Total Investments Before Collateral for Securities Loaned: 101.3% (Cost: $4,982,458)				4,812,702

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.7% (Cost: $30,167)
Repurchase Agreement: 0.7%
	$30,167	Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $30,167; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $30,770 including accrued interest)		30,167

Total Investments: 102.0% (Cost: $5,012,625)				4,842,869
Liabilities in excess of other assets: (2.0)%				(93,480	)
NET ASSETS: 100.0%			$	4,749,389

ADR	American Depositary Receipt
AUD	Australian Dollar
COP	Colombian Peso
GBP	British Pound
GDR	Global Depositary Receipt
LDR	Local Depositary Receipt
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $28,119.
#	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 $4,362,957 which represents 91.9% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		13.5	%	$	648,167
Consumer Services		0.2			9,035
Consumer Staples		23.7			1,142,353
Energy		2.6			122,696
Financials		6.0			288,938
Health Care		14.3			688,437
Industrials		10.7			515,276
Information Technology		14.3			689,679
Materials		7.1			340,230
Telecommunication Services		5.8			280,511
Utilities		1.4			65,738
Money Market Fund		0.4			21,642
		100.0	%	$	4,812,702

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	256,036	$	—	$	256,036
Belgium		—		9,494		—		9,494
Brazil		96,661		—		—		96,661
Canada		166,218		—		—		166,218
Chile		—		1,289		—		1,289
China / Hong Kong		11,909		396,004		—		407,913
Colombia		4,315		—		—		4,315
Denmark		1,902		167,485		—		169,387
Egypt		—		7,273		—		7,273
Finland		—		36,599		—		36,599
France		4,121		101,202		—		105,323
Germany		4,083		122,596		—		126,679
Greece		—		2,250		—		2,250
India		6,372		181,380		—		187,752
Indonesia		—		106,550		—		106,550
Ireland		—		64,945		—		64,945
Japan		—		127,030		—		127,030
Luxembourg		—		10,879		—		10,879
Malaysia		4,436		25,071		—		29,507
Mexico		85,852		—		—		85,852
New Zealand		—		2,732		—		2,732
Norway		—		3,439		—		3,439
Philippines		—		15,767		—		15,767
Poland		—		13,224		—		13,224
Portugal		—		3,006		—		3,006
Qatar		—		20,182		—		20,182
Russia		4,344		32,552		—		36,896
Singapore		—		43,998		—		43,998
South Africa		1,771		157,154		—		158,925
South Korea		7,092		221,688		—		228,780
Spain		1,205		43,242		—		44,447
Sweden		3,319		136,363		—		139,682
Switzerland		—		705,403		—		705,403
Taiwan		—		204,337		—		204,337
Thailand		—		24,984		—		24,984
Turkey		—		18,312		—		18,312
United Kingdom		2,001		1,055,890		—		1,057,891
United States		4,738		—		—		4,738
Preferred Stocks
Brazil		17,764		—		—		17,764
Chile		—		2,374		—		2,374
Germany		—		22,475		—		22,475
South Korea		—		19,752		—		19,752
Money Market Fund		21,642		—		—		21,642
Repurchase Agreement		—		30,167		—		30,167
Total	$	449,745	$	4,393,124	$	—	$	4,842,869

During the period ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $37,033 and transfers from Level 2 to Level 1 were $25,938. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Schedules of Investments

MSCI INTERNATIONAL QUALITY ETF

SCHEDULE OF INVESTMENTS

December 31, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 8.9%
	1,264	Amcor Ltd. #	$	13,940
	203	ASX Ltd. #		6,071
	2,887	Australia & New Zealand Banking Group Ltd. #		75,299
	470	Bendigo and Adelaide Bank Ltd. #		4,899
	3,363	BHP Billiton Ltd. #		79,700
	2,212	BHP Billiton Plc (GBP) #		47,426
	60	Cochlear Ltd. #		3,794
	1,630	Fortescue Metals Group Ltd. #		3,587
	2,452	Insurance Australia Group Ltd. #		12,480
	106	Leighton Holdings Ltd. #		1,935
	575	Lend Lease Group #		7,677
	399	Sonic Healthcare Ltd. #		6,017
	1,347	Suncorp Group Ltd. #		15,425
	1,503	Tatts Group Ltd. #		4,237
	4,561	Telstra Corp. Ltd. #		22,196
	714	Toll Holdings Ltd. #		3,409
	1,177	Wesfarmers Ltd. #		39,946
	777	Woodside Petroleum Ltd. #		24,088
	1,319	Woolworths Ltd. #		32,855
	220	WorleyParsons Ltd. #		1,806
				406,787
Austria: 0.1%
	154	OMV AG #		4,089
Belgium: 0.1%
	159	Belgacom SA #		5,769
Brazil: 0.8%
	1,900	BM&FBOVESPA SA		7,040
	900	CCR SA		5,217
	200	CETIP SA		2,423
	350	Cia de Saneamento Basico do Estado de Sao Paulo		2,240
	750	Cielo SA		11,757
	300	Duratex SA		906
	250	EcoRodovias Infraestrutura e Logistica SA		1,003
	200	Natura Cosmeticos SA		2,396
	250	Odontoprev SA		927
	100	Porto Seguro SA		1,144
	150	Tractebel Energia SA		1,909
	100	Transmissora Alianca de Energia Eletrica SA		709
				37,671
Canada: 11.8%
	677	Bank of Montreal		48,034
	1,275	Bank of Nova Scotia		72,994
	290	BCE, Inc.		13,340
	416	Canadian Imperial Bank of Commerce		35,859
	508	Canadian Oil Sands Ltd.		4,570
	793	Cenovus Energy, Inc.		16,411
	238	CI Financial Corp.		6,635
	314	Great-West Lifeco, Inc.		9,106
	361	Husky Energy, Inc.		8,571
	106	IGM Financial, Inc.		4,238
	868	Potash Corp of Saskatchewan, Inc.		30,778
	389	Power Corp. of Canada		10,667
	261	Power Financial Corp.		8,153
	379	Rogers Communications, Inc. †		14,780
	1,510	Royal Bank of Canada		104,608
	414	Shaw Communications, Inc.		11,206
	213	TELUS Corp.		7,704
	1,929	Toronto-Dominion Bank		92,449
	741	TransCanada Corp. †		36,530
	112	Vermilion Energy, Inc. †		5,512
				542,145
Chile: 0.2%
	24,782	Banco de Chile #		2,874
	69,072	Banco Santander Chile		3,452
	124	Entel Chile SA		1,246
				7,572
China / Hong Kong: 10.7%
	23,000	Agricultural Bank of China Ltd. #		11,568
	1,000	ANTA Sports Products Ltd. #		1,758
	83,000	Bank of China Ltd. #		46,584
	4,000	BOC Hong Kong Holdings Ltd. #		13,328
	9,000	China CITIC Bank Corp. Ltd. #		7,175
	5,000	China Communications Construction Co. Ltd. #		5,988
	2,000	China Communications Services Corp. Ltd. #		935
	76,000	China Construction Bank Corp. #		62,074
	5,000	China Merchants Bank Co. Ltd. #		12,480
	6,600	China Minsheng Banking Corp. Ltd. #		8,628
	6,500	China Mobile Ltd. #		76,131
	26,000	China Petroleum & Chemical Corp. #		21,055
	3,500	China Shenhua Energy Co. Ltd. #		10,328
	1,400	China Vanke Co. Ltd. * #		3,106
	3,000	Chongqing Rural Commercial Bank Co. Ltd. #		1,861
	2,000	CLP Holdings Ltd. #		17,318
	19,000	CNOOC Ltd. #		25,691
	1,200	Guangzhou R&F Properties Co. Ltd. † #		1,461
	800	Hang Seng Bank Ltd. #		13,296
	2,360	HKT Trust and HKT Ltd.		3,074
	77,000	Industrial & Commercial Bank of China Ltd. #		56,223
	1,500	Intime Retail Group Co. Ltd. #		1,085
	2,000	Jiangsu Expressway Co. Ltd. #		2,381
	1,000	Jiangxi Copper Co. Ltd. (Class H) #		1,707
	6,000	Li & Fung Ltd.		5,617
	2,000	NWS Holdings Ltd. #		3,668
	4,000	PCCW Ltd. #		2,723
	22,000	PetroChina Co. Ltd. (Class H) #		24,421
	4,000	PICC Property & Casualty Co. Ltd. #		7,719
	1,500	Power Assets Holdings Ltd. #		14,502
	1,500	Shimao Property Holdings Ltd. #		3,322
	4,000	Sino Land Co. Ltd. #		6,421
	3,500	Sino-Ocean Land Holdings Ltd. #		1,973
	1,000	Sinopec Engineering Group Co. Ltd. #		673
	2,000	SJM Holdings Ltd. #		3,162
	2,000	Soho China Ltd. #		1,411
	1,600	Wynn Macau Ltd. #		4,464
	2,000	Yangzijiang Shipbuilding Holdings Ltd. (SGD) #		1,812
	1,000	Yue Yuen Industrial Holdings Ltd. #		3,596
				490,719
Colombia: 0.1%
	5,167	Ecopetrol SA		4,522
	856	Isagen SA ESP		1,068
				5,590
Czech Republic: 0.1%
	16	Komercni Banka AS #		3,291
Denmark: 0.2%
	850	TDC AS #		6,484
	22	Tryg AS #		2,458
				8,942
Finland: 1.3%
	149	Elisa OYJ #		4,067
	465	Fortum OYJ #		10,096
	118	Metso OYJ #		3,533
	134	Neste Oil OYJ #		3,264
	119	Nokian Renkaat OYJ #		2,903
	105	Orion Oyj #		3,266
	468	Sampo Oyj #		21,909
	557	UPM-Kymmene OYJ #		9,128
				58,166
France: 7.9%
	1,902	AXA SA #		43,828
	176	Bouygues SA #		6,355
	59	Casino Guichard Perrachon SA #		5,426
	180	CNP Assurances #		3,191
	161	Eutelsat Communications SA #		5,207
	292	Rexel SA #		5,232
	1,245	Sanofi #		113,507
	161	SCOR SE #		4,878
	2,242	Total SA #		114,862
	512	Vinci SA #		27,957
	1,271	Vivendi SA #		31,636
				362,079
Germany: 6.7%
	478	Allianz SE #		79,169
	41	Axel Springer SE #		2,473
	962	BASF SE #		80,693
	1,008	Daimler AG #		83,719
	63	Hannover Rueck SE #		5,683
	181	Muenchener Rueckversicherungs Gesellschaft AG in Muenchen #		36,044
	229	ProSiebenSat.1 Media AG #		9,568
	259	TUI AG #		4,294
	215	TUI AG (GBP) *		3,456
				305,099
Hungary: 0.0%
	44	MOL Hungarian Oil & Gas Plc #		1,936
India: 0.2%
	471	Cairn India Ltd. #		1,795
	529	Coal India Ltd. #		3,205
	1,727	NTPC Ltd. #		3,927
	126	Oil India Ltd. #		1,145
				10,072
Indonesia: 0.2%
	15,100	Adaro Energy Tbk PT #		1,260
	400	Indo Tambangraya Megah Tbk PT #		493
	11,400	Perusahaan Gas Negara Tbk PT #		5,517
				7,270
Israel: 0.1%
	466	Israel Chemicals Ltd. #		3,361
Italy: 1.4%
	2,664	ENI SpA #		46,664
	2,125	Snam SpA #		10,517
	1,579	Terna Rete Elettrica Nazionale SpA #		7,172
				64,353
Japan: 2.0%
	1,200	Canon, Inc. #		38,104
	700	Daiichi Sankyo Co. Ltd. #		9,779
	300	Eisai Co. Ltd. #		11,591
	1,600	NTT DoCoMo, Inc. #		23,279
	600	Sekisui House Ltd. #		7,887
				90,640
Luxembourg: 0.2%
	318	SES SA (LDR) #		11,410
Malaysia: 1.0%
	1,100	Alliance Financial Group Bhd #		1,478
	100	British American Tobacco Malaysia Bhd #		1,852
	5,278	CIMB Group Holdings Bhd #		8,377
	3,300	DiGi.com Bhd #		5,813
	1,300	Felda Global Ventures Holdings Bhd #		808
	3,000	IOI Corp. Bhd #		4,117
	400	Lafarge Malaysia Bhd		1,117
	4,803	Malayan Banking Bhd #		12,578
	2,000	Maxis Bhd #		3,906
	1,151	Telekom Malaysia Bhd #		2,260
	600	UMW Holdings Bhd #		1,884
				44,190
Mexico: 0.2%
	1,900	Grupo Financiero Santander Mexico, SAB de CV		3,975
	1,600	Kimberly-Clark de Mexico, SAB de CV		3,483
				7,458
Netherlands: 5.5%
	1,910	Aegon NV #		14,356
	4,129	Royal Dutch Shell Plc (GBP) #		137,854
	2,556	Royal Dutch Shell Plc (GBP) #		88,349
	316	Wolters Kluwer NV #		9,643
				250,202
New Zealand: 0.1%
	384	Contact Energy Ltd. #		1,911
	720	Fletcher Building Ltd. #		4,648
				6,559
Norway: 1.2%
	209	Gjensidige Forsikring ASA #		3,390
	854	Orkla ASA #		5,779
	1,169	Statoil ASA #		20,460
	786	Telenor ASA #		15,805
	188	Yara International ASA #		8,322
				53,756
Philippines: 0.0%
	1,500	Aboitiz Power Corp. #		1,427
Poland: 0.5%
	34	Bank Handlowy w Warszawie SA #		1,018
	137	Bank Pekao SA #		6,863
	217	Energa SA #		1,407
	881	Polska Grupa Energetyczna SA #		4,643
	59	Powszechny Zaklad Ubezpieczen SA #		8,026
	554	Synthos SA #		639
	1,101	Tauron Polska Energia SA #		1,552
				24,148
Portugal: 0.2%
	2,425	EDP - Energias de Portugal SA #		9,403
Qatar: 0.2%
	160	Industries Qatar QSC #		7,286
	29	Qatar Electricity & Water Co. QSC #		1,470
				8,756
Russia: 1.4%
	12,396	Gazprom OAO (USD) * #		26,906
	534	Lukoil OAO (USD) * #		19,556
	97	MegaFon OAO (GDR) # Reg S		1,322
	58	MMC Norilsk Nickel OJSC (USD) * #		7,771
	541	Mobile TeleSystems OJSC (ADR)		3,884
	1,432	Moscow Exchange (USD) #		1,398
	1,483	Tatneft OAO (USD) * #		5,619
				66,456
Singapore: 1.8%
	2,000	DBS Group Holdings Ltd. #		30,952
	2,000	Keppel Corp. Ltd. #		13,326
	1,000	Keppel Land Ltd. #		2,575
	1,000	Singapore Exchange Ltd. #		5,877
	2,000	Singapore Technologies Engineering Ltd. #		5,117
	8,000	Singapore Telecommunications Ltd. #		23,474
	1,000	StarHub Ltd. #		3,123
				84,444
South Africa: 2.9%
	113	African Rainbow Minerals Ltd. #		1,157
	355	Barclays Africa Group Ltd. #		5,551
	238	Coronation Fund Managers Ltd. #		2,355
	150	Exxaro Resources Ltd. #		1,339
	3,247	FirstRand Ltd. #		14,114
	209	Foschini Group Ltd. #		2,399
	196	Imperial Holdings Ltd. #		3,120
	254	Investec Ltd. #		2,129
	578	Investec PLC (GBP) #		4,845
	67	Kumba Iron Ore Ltd. #		1,386
	1,069	MMI Holdings Ltd. #		2,773
	1,742	MTN Group Ltd. #		33,134
	624	Nampak Ltd. #		2,345
	209	Nedbank Group Ltd. #		4,475
	571	PPC Ltd. #		1,355
	739	RMB Holdings Ltd. #		4,081
	579	Sasol Ltd. #		21,608
	1,271	Standard Bank Group Ltd. #		15,663
	398	Truworths International Ltd. #		2,643
	390	Vodacom Group Ltd. #		4,315
				130,787
South Korea: 0.2%
	115	KT&G Corp. #		7,985
	10	SK Telecom Co. Ltd. #		2,446
				10,431
Spain: 1.1%
	213	Enagas SA #		6,718
	367	Gas Natural SDG SA #		9,219
	968	Mapfre SA #		3,272
	113	Red Electrica Corp. SA #		9,961
	1,061	Repsol YPF SA #		19,863
				49,033
Sweden: 1.7%
	252	Electrolux AB #		7,333
	994	Hennes & Mauritz AB #		41,123
	172	Industrivarden AB #		2,973
	328	Securitas AB #		3,951
	398	Skanska AB #		8,510
	2,494	TeliaSonera AB #		15,968
				79,858
Switzerland: 2.1%
	60	Swiss Prime Site AG #		4,403
	369	Swiss Re AG #		30,929
	24	Swisscom AG #		12,601
	156	Zurich Insurance Group AG #		48,777
				96,710
Taiwan: 1.8%
	2,040	Asia Cement Corp. #		2,512
	1,000	Asustek Computer, Inc. #		10,911
	2,000	Cheng Shin Rubber Industry Co. Ltd. #		4,694
	1,005	Chicony Electronics Co. Ltd. #		2,799
	1,000	China Motor Corp. #		883
	4,000	Chunghwa Telecom Co. Ltd. #		11,856
	3,060	Far Eastern New Century Corp. #		3,027
	2,000	Far EasTone Telecommunications Co. Ltd. #		4,608
	2,000	Inventec Corp. #		1,338
	2,010	Lite-On Technology Corp. #		2,296
	1,000	Novatek Microelectronics Corp. Ltd. #		5,588
	3,000	Quanta Computer, Inc. #		7,473
	1,000	Ruentex Development Co. Ltd. #		1,581
	1,000	Ruentex Industries Ltd. #		2,097
	1,000	Synnex Technology International Corp. #		1,448
	3,000	Taiwan Cement Corp. #		4,101
	2,000	Taiwan Mobile Co. Ltd. #		6,604
	2,000	Teco Electric and Machinery Co. Ltd. #		1,891
	2,040	Wistron Corp. #		1,838
	1,000	WPG Holdings Ltd. #		1,161
	9,000	Yuanta Financial Holding Co. Ltd. #		4,365
				83,071
Thailand: 0.7%
	1,100	Advanced Info Service PCL (NVDR) #		8,342
	1,000	BEC World PCL (NVDR) #		1,548
	500	Glow Energy PCL (NVDR) #		1,344
	3,700	Krung Thai Bank PCL (NVDR) #		2,538
	1,500	PTT Exploration & Production PCL (NVDR) #		5,080
	1,700	PTT Global Chemical PCL (NVDR) #		2,638
	1,000	PTT PCL (NVDR) #		9,796
	900	Thai Oil PCL (NVDR) #		1,145
				32,431
Turkey: 0.0%
	131	Tofas Turk Otomobil Fabrikasi AS #		891
United Arab Emirates: 0.1%
	826	First Gulf Bank PJSC #		3,794
United Kingdom: 24.3%
	963	Aberdeen Asset Management Plc #		6,437
	203	Admiral Group Plc #		4,166
	406	AMEC Plc #		5,364
	1,463	Anglo American Plc #		27,083
	413	Antofagasta Plc #		4,814
	1,322	AstraZeneca Plc #		93,413
	3,305	BAE Systems Plc #		24,180
	19,293	BP Plc #		122,515
	1,952	British American Tobacco Plc #		105,825
	5,256	Centrica Plc #		22,776
	5,079	GlaxoSmithKline PCL #		109,008
	20,054	HSBC Holdings Plc #		189,584
	577	ICAP Plc #		4,042
	1,002	Imperial Tobacco Group Plc #		44,126
	446	Inmarsat Plc #		5,532
	1,302	J Sainsbury Plc #		4,974
	6,218	Legal & General Group Plc #		24,019
	1,712	Marks & Spencer Group Plc #		12,682
	3,949	National Grid Plc #		56,057
	5,137	Old Mutual Plc #		15,146
	858	Pearson Plc #		15,852
	737	Rexam Plc #		5,191
	1,333	Rio Tinto Plc #		61,473
	251	Severn Trent Plc #		7,832
	1,021	SSE Plc #		25,808
	2,504	Standard Life Plc #		15,517
	489	Tate & Lyle Plc #		4,584
	27,752	Vodafone Group Plc #		95,191
				1,113,191
Total Common Stocks (Cost: $5,015,528)				4,583,957
PREFERRED STOCKS: 0.5%
Brazil: 0.4%
	100	AES Tiete SA		682
	800	Cia Energetica de Minas Gerais		3,955
	100	Cia Paranaense de Energia		1,351
	3,350	Itausa - Investimentos Itau SA		11,834
				17,822
Russia: 0.1%
	7,259	Surgutneftegas OJSC (USD) * #		3,497
Total Preferred Stocks (Cost: $26,460)				21,319
RIGHTS: 0.0% (Cost: $562)
Spain: 0.0%
	1,073	Repsol SA Rights (EUR 0.47, expiring 01/13/15) * #		593
MONEY MARKET FUND: 1.2% (Cost: $53,995)
	53,995	Dreyfus Government Cash Management Fund		53,995
Total Investments Before Collateral for Securities Loaned: 101.7% (Cost: $5,096,545)				4,659,864

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6% (Cost: $26,652)
Repurchase Agreement: 0.6%
	$26,652	Repurchase agreement dated 12/31/14 with Barclays Capital, 0.05%, due 1/2/15, proceeds $26,652; (collateralized by various U.S. government and agency obligations, 1.50% to 2.13%, due 8/31/18 to 6/30/21, valued at $27,185 including accrued interest)		26,652

Total Investments: 102.3% (Cost: $5,123,197)				4,686,516
Liabilities in excess of other assets: (2.3)%				(103,851	)
NET ASSETS: 100.0%			$	4,582,665

ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
LDR	Local Depositary Receipt
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $22,230.
#	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 $3,973,337 which represents 86.7% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		5.9	%	$	272,834
Consumer Staples		5.7			264,156
Energy		18.3			851,762
Financials		32.6			1,520,834
Health Care		7.5			351,302
Industrials		2.9			136,451
Information Technology		1.8			84,713
Materials		8.7			407,778
Telecommunication Services		10.2			473,548
Utilities		5.2			242,491
Money Market Fund		1.2			53,995
		100.0	%	$	4,659,864

The summary of inputs used to value the Fund’s investments as of December 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	406,787	$	—	$	406,787
Austria		—		4,089		—		4,089
Belgium		—		5,769		—		5,769
Brazil		37,671		—		—		37,671
Canada		542,145		—		—		542,145
Chile		4,698		2,874		—		7,572
China / Hong Kong		8,691		482,028		—		490,719
Colombia		5,590		—		—		5,590
Czech Republic		—		3,291		—		3,291
Denmark		—		8,942		—		8,942
Finland		—		58,166		—		58,166
France		—		362,079		—		362,079
Germany		3,456		301,643		—		305,099
Hungary		—		1,936		—		1,936
India		—		10,072		—		10,072
Indonesia		—		7,270		—		7,270
Israel		—		3,361		—		3,361
Italy		—		64,353		—		64,353
Japan		—		90,640		—		90,640
Luxembourg		—		11,410		—		11,410
Malaysia		1,117		43,073		—		44,190
Mexico		7,458		—		—		7,458
Netherlands		—		250,202		—		250,202
New Zealand		—		6,559		—		6,559
Norway		—		53,756		—		53,756
Philippines		—		1,427		—		1,427
Poland		—		24,148		—		24,148
Portugal		—		9,403		—		9,403
Qatar		—		8,756		—		8,756
Russia		3,884		62,572		—		66,456
Singapore		—		84,444		—		84,444
South Africa		—		130,787		—		130,787
South Korea		—		10,431		—		10,431
Spain		—		49,033		—		49,033
Sweden		—		79,858		—		79,858
Switzerland		—		96,710		—		96,710
Taiwan		—		83,071		—		83,071
Thailand		—		32,431		—		32,431
Turkey		—		891		—		891
United Arab Emirates		—		3,794		—		3,794
United Kingdom		—		1,113,191		—		1,113,191
Preferred Stocks
Brazil		17,822		—		—		17,822
Russia		—		3,497		—		3,497
Rights*		—		593		—		593
Money Market Fund		53,995		—		—		53,995
Repurchase Agreement		—		26,652		—		26,652
Total	$	686,527	$	3,999,989	$	—	$	4,686,516

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

During the period ended December 31, 2014, transfers of securities from Level 1 to Level 2 were $41,504 and transfers from Level 2 to Level 1 were $2,844. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

December 31, 2014 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. Participatory Notes (“P-Notes”) are fair valued using the current market value of the underlying equity investments. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:

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

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

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

A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

Income Taxes–As of December 31, 2014, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Biotech ETF	$	563,385,221	$	108,307,738	$	(12,442,697	)	$	95,865,041
Environmental Services ETF		16,906,583		2,359,921		(1,142,293	)		1,217,628
Gaming ETF		40,413,553		2,834,174		(6,572,449	)		(3,738,275	)
Morningstar Wide Moat ETF		1,020,689,066		13,400,048		(53,784,322	)		(40,384,274	)
Pharmaceutical ETF		306,364,285		24,440,264		(6,576,773	)		17,863,491
Retail ETF		157,861,640		12,983,465		(910,025	)		12,073,440
Semiconductor ETF		443,282,843		236,387		(13,626,195	)		(13,389,808	)
MSCI Emerging Markets Quality ETF		5,155,030		445,048		(353,796	)		91,252
MSCI Emerging Markets Quality Dividend ETF		5,033,430		322,498		(593,598	)		(271,100	)
MSCI International Quality ETF		5,051,331		247,836		(456,298	)		(208,462	)
MSCI International Quality Dividend ETF		5,247,698		153,478		(714,660	)		(561,182	)

ITEM 2. Controls and Procedures.

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

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

ITEM 3. Exhibits.

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

SIGNATURES

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

(Registrant) Market Vectors ETF Trust

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

Date: February 25, 2015

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

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

Date: February 25, 2015

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

Date: February 25, 2015