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^th Floor, New York, N.Y.		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

335 Madison Avenue - 19^th Floor

New York, N.Y. 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212)293-2000

Date of fiscal year end: December 31,
Date of reporting period: March 31, 2015

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.

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Argentina: 0.1%
	138,711	Cresud S.A.C.I.F. y A (ADR) *	$	1,908,663
Australia: 2.2%
	5,783,600	Incitec Pivot Ltd. #		17,918,045
	795,733	Nufarm Ltd. #		4,027,402
	2,043,547	Treasury Wine Estates Ltd. #		7,964,002
				29,909,449
Brazil: 0.2%
	2,188,600	All America Latina Logistica SA		2,718,545
Canada: 10.4%
	515,430	Agrium, Inc. (USD) †		53,743,886
	2,710,010	Potash Corp. of Saskatchewan, Inc. (USD) †		87,397,822
				141,141,708
Chile: 0.3%
	221,237	Sociedad Quimica y Minera de Chile SA (ADR)		4,037,575
China / Hong Kong: 2.9%
	5,872,000	China BlueChemical Ltd. #		2,240,832
	11,270,000	Goldin Financial Holdings Ltd * †		35,613,726
	7,870,000	Sinofert Holdings Ltd. * #		1,595,624
				39,450,182
Germany: 1.9%
	772,175	K+S AG #		25,129,792
Indonesia: 1.0%
	1,411,676	Astra Agro Lestari Tbk PT #		2,620,276
	32,342,700	Charoen Pokphand Indonesia Tbk PT #		8,765,159
	12,539,510	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		1,655,991
				13,041,426
Israel: 1.2%
	2,279,931	Israel Chemicals Ltd. #		16,203,292
Japan: 6.7%
	4,614,130	Kubota Corp. #		72,904,294
	794,000	Nippon Meat Packers, Inc. † #		18,298,177
				91,202,471
Malaysia: 2.9%
	5,887,100	Felda Global Ventures Holdings Bhd #		3,444,687
	12,833,455	IOI Corp. Bhd #		15,904,679
	1,861,670	Kuala Lumpur Kepong Bhd #		11,466,126
	2,231,900	PPB Group Bhd #		9,266,629
				40,082,121
Netherlands: 0.9%
	395,582	OCI N.V. * #		12,227,964
Norway: 3.7%
	1,177,324	Marine Harvest ASA (ADR)		13,413,252
	718,169	Yara International ASA #		36,448,153
				49,861,405
Russia: 1.3%
	574,751	PhosAgro OAO (GDR) * # Reg S		6,492,463
	815,984	Uralkali OJSC (GDR) # Reg S		10,866,634
				17,359,097
Singapore: 4.1%
	2,201,400	First Resources Ltd. #		3,029,582
	24,744,645	Golden Agri-Resources Ltd. #		7,661,081
	1,775,020	Indofood Agri Resources Ltd. #		955,597
	18,633,851	Wilmar International Ltd. #		44,257,386
				55,903,646
South Africa: 0.3%
	393,680	Tongaat Hulett Ltd. #		4,376,143
Switzerland: 8.1%
	1,637,276	Syngenta AG (ADR) †		111,023,686
Taiwan: 0.4%
	3,337,000	Taiwan Fertilizer Co. Ltd. #		5,782,167
Thailand: 1.1%
	22,213,636	Charoen Pokphand Foods (NVDR) #		15,354,067
Turkey: 0.1%
	59,808	Turk Traktor ve Ziraat Makineleri AS † #		1,779,856
Ukraine: 0.1%
	196,454	Kernel Holding SA * #		1,905,587
United Kingdom: 2.2%
	3,584,475	CNH Industrial NV (USD) †		29,249,316
United States: 48.0%
	214,012	AGCO Corp.		10,195,532
	90,368	Andersons, Inc.		3,738,524
	1,790,118	Archer-Daniels-Midland Co.		84,851,593
	94,326	Balchem Corp.		5,223,774
	482,674	Bunge Ltd.		39,753,031
	156,770	CF Industries Holdings, Inc.		44,472,514
	1,053,147	Deere & Co.		92,350,460
	394,424	FMC Corp.		22,580,774
	111,962	IDEXX Laboratories, Inc. *		17,295,890
	14,003	Lindsay Corp.		1,067,729
	928,923	Monsanto Co.		104,540,994
	1,203,468	Mosaic Co.		55,431,736
	107,683	Neogen Corp. *		5,032,027
	291,034	Pilgrim’s Pride Corp. †		6,574,458
	187,146	Toro Co.		13,122,678
	421,249	Tractor Supply Co.		35,831,440
	1,174,146	Tyson Foods, Inc.		44,969,792
	1,475,228	Zoetis, Inc.		68,288,304
				655,321,250
Total Common Stocks (Cost: $1,411,763,845)				1,364,969,408
MONEY MARKET FUND: 0.0% (Cost: $614,941)
	614,941	Dreyfus Government Cash Management Fund		614,941
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $1,412,378,786)				1,365,584,349

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.3%
Repurchase Agreements: 7.3%
	$23,665,171	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $23,665,263; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $24,138,475 including accrued interest)		23,665,171

	23,665,171	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $23,665,243; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $24,138,529 including accrued interest)		23,665,171

	23,665,171	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $23,665,270; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $24,138,474 including accrued interest)		23,665,171

	4,981,854	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $4,981,871; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $5,081,491 including accrued interest)		4,981,854

	23,665,171	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $23,665,250; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $24,138,524 including accrued interest)		23,665,171

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $99,642,538)				99,642,538
Total Investments: 107.4% (Cost: $1,512,021,324)				1,465,226,887
Liabilities in excess of other assets: (7.4)%				(100,914,405	)
NET ASSETS: 100.0%			$	1,364,312,482

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 $96,155,757.
#	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 $370,541,687 which represents 27.2% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.6	%	$	35,831,440
Consumer Staples		25.7			350,225,819
Financials		2.8			37,522,389
Health Care		6.6			90,616,221
Industrials		16.4			223,388,410
Materials		45.9			627,385,129
Money Market Fund		0.0			614,941
		100.0	%	$	1,365,584,349

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	1,908,663	$	—	$	—	$	1,908,663
Australia		—		29,909,449		—		29,909,449
Brazil		2,718,545		—		—		2,718,545
Canada		141,141,708		—		—		141,141,708
Chile		4,037,575		—		—		4,037,575
China / Hong Kong		35,613,726		3,836,456		—		39,450,182
Germany		—		25,129,792		—		25,129,792
Indonesia		—		13,041,426		—		13,041,426
Israel		—		16,203,292		—		16,203,292
Japan		—		91,202,471		—		91,202,471
Malaysia		—		40,082,121		—		40,082,121
Netherlands		—		12,227,964		—		12,227,964
Norway		13,413,252		36,448,153		—		49,861,405
Russia		—		17,359,097		—		17,359,097
Singapore		—		55,903,646		—		55,903,646
South Africa		—		4,376,143		—		4,376,143
Switzerland		111,023,686		—		—		111,023,686
Taiwan		—		5,782,167		—		5,782,167
Thailand		—		15,354,067		—		15,354,067
Turkey		—		1,779,856		—		1,779,856
Ukraine		—		1,905,587		—		1,905,587
United Kingdom		29,249,316		—		—		29,249,316
United States		655,321,250		—		—		655,321,250
Money Market Fund		614,941		—		—		614,941
Repurchase Agreements		—		99,642,538		—		99,642,538
Total	$	995,042,662	$	470,184,225	$	—	$	1,465,226,887

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $13,235,737. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2014	$	1,352,155
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in and/or out of level 3		(1,352,155	)
Balance as of March 31, 2015	$	—

Transfers from Level 3 to Level 1 resulted primarily from resumed trading.

See Notes to Schedules of Investments

COAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.5%
Australia: 10.2%
	2,257,814	Aurizon Holdings Ltd. #	$	8,335,473
	650,582	New Hope Corp. Ltd. #		1,205,501
	923,778	Whitehaven Coal Ltd. * #		1,000,440
				10,541,414
Canada: 4.5%
	187,042	Westshore Terminals Investment Corp.		4,612,177
China / Hong Kong: 18.7%
	8,519,095	China Coal Energy Co. Ltd. #		4,699,716
	3,393,408	China Shenhua Energy Co. Ltd. #		8,655,116
	9,546,067	Fushan International Energy Group Ltd. #		1,944,319
	2,161,307	Hidili Industry International Development Ltd. * #		164,189
	459,965	Yanzhou Coal Mining Co. Ltd. (ADR)		3,845,307
				19,308,647
Indonesia: 15.7%
	62,604,115	Adaro Energy Tbk PT #		4,537,028
	86,025,100	Bumi Resources Tbk PT * #		512,670
	1,547,952	Indo Tambangraya Megah Tbk PT #		1,995,394
	2,615,800	Tambang Batubara Bukit Asam Tbk PT #		2,144,663
	4,199,400	United Tractors Tbk PT #		6,988,479
				16,178,234
Philippines: 4.6%
	1,279,670	Semirara Mining and Power Corp. #		4,779,652
Poland: 2.9%
	206,823	Jastrzebska Spolka Weglowa SA * #		941,696
	90,540	Lubelski Wegiel Bogdanka SA #		2,001,378
				2,943,074
Russia: 0.3%
	495,472	Raspadskaya OAO (USD) * #		356,808
South Africa: 4.3%
	532,689	Exxaro Resources Ltd. #		4,403,138
Thailand: 5.2%
	5,873,400	Banpu PCL (NVDR) #		5,320,316
United States: 33.1%
	82,017	Alliance Holdings GP LP		4,239,459
	143,788	Alliance Resource Partners LP		4,806,833
	633,258	Alpha Natural Resources, Inc. *		633,195
	714,711	Arch Coal, Inc. *		714,639
	128,986	Cloud Peak Energy, Inc. *		750,698
	249,980	Consol Energy, Inc.		6,971,942
	29,758	FreightCar America, Inc.		935,294
	161,787	Joy Global, Inc.		6,338,815
	359,054	Natural Resource Partners LP		2,434,386
	645,458	Peabody Energy Corp.		3,175,653
	205,055	SunCoke Energy, Inc.		3,063,522
				34,064,436
Total Common Stocks (Cost: $180,025,575)				102,507,896
MONEY MARKET FUND: 0.1% (Cost: $72,977)
	72,977	Dreyfus Government Cash Management Fund		72,977
Total Investments: 99.6% (Cost: $180,098,552)				102,580,873
Other assets less liabilities: 0.4%				402,417
NET ASSETS: 100.0%			$	102,983,290

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

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $59,985,976 which represents 58.2% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Energy		67.3	%	$	68,991,313
Industrials		26.5			27,210,238
Materials		6.1			6,306,345
Money Market Fund		0.1			72,977
		100.0	%	$	102,580,873

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	10,541,414	$	—	$	10,541,414
Canada		4,612,177		—		—		4,612,177
China / Hong Kong		3,845,307		15,463,340		—		19,308,647
Indonesia		—		16,178,234		—		16,178,234
Philippines		—		4,779,652		—		4,779,652
Poland		—		2,943,074		—		2,943,074
Russia		—		356,808		—		356,808
South Africa		—		4,403,138		—		4,403,138
Thailand		—		5,320,316		—		5,320,316
United States		34,064,436		—		—		34,064,436
Money Market Fund		72,977		—		—		72,977
Total	$	42,594,897	$	59,985,976	$	—	$	102,580,873

There were no transfers between levels during the period ended March 31, 2015.

See Notes to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Austria: 0.9%
	42,740	Verbund - Oesterreichische Elektrizis AG † #	$	713,454
Brazil: 1.3%
	172,043	Cosan Ltd. (Class A) (USD)		1,089,032
Canada: 1.7%
	43,285	Canadian Solar, Inc. (USD) *		1,445,286
China / Hong Kong: 11.5%
	3,249,000	China Longyuan Power Group Corp. Ltd. #		3,531,104
	337,600	Dongfang Electric Corp. Machinery Co. Ltd. #		651,389
	10,933,000	GCL-Poly Energy Holdings Ltd. * #		2,894,374
	30,572	JinkoSolar Holding Co. Ltd. (ADR) * †		783,866
	71,299	Trina Solar Ltd. (ADR) * †		862,005
	438,800	Xinjiang Goldwind Science & Technology Co. Ltd. #		824,495
				9,547,233
Denmark: 10.1%
	203,043	Vestas Wind Systems A/S † #		8,362,802
Germany: 1.5%
	62,822	Nordex SE * #		1,266,639
Italy: 3.4%
	1,505,819	Enel Green Power SpA #		2,804,574
Japan: 3.4%
	115,004	Kurita Water Industries Ltd. #		2,778,631
Spain: 5.2%
	204,988	EDP Renovaveis SA #		1,407,298
	227,820	Gamesa Corp. Tecnologica SA * #		2,865,724
				4,273,022
United States: 61.0%
	119,096	Covanta Holding Corp.		2,671,323
	114,957	Cree, Inc. * †		4,079,824
	122,207	Eaton Corp. Plc		8,302,744
	45,191	EnerSys, Inc.		2,903,070
	76,748	First Solar, Inc. *		4,588,763
	33,002	Green Plains Renewable Energy, Inc.		942,207
	36,878	Itron, Inc. *		1,346,416
	174,067	Plug Power, Inc. * †		450,834
	46,555	Polypore International, Inc. *		2,742,089
	29,658	Power Integrations, Inc.		1,544,589
	61,150	Solarcity Corp. * †		3,135,772
	276,173	SunEdison, Inc. * †		6,628,152
	54,366	Sunpower Corp. * †		1,702,199
	43,013	Tesla Motors, Inc. * †		8,119,564
	41,813	Veeco Instruments, Inc. *		1,277,387
				50,434,933
Total Common Stocks (Cost: $84,007,014)				82,715,606

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 29.2%
Repurchase Agreements: 29.2%
	$5,734,335	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $5,734,357; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $5,849,022 including accrued interest)		5,734,335

	5,734,335	Repurchase agreement dated 3/31/15 with Daiwa Capital Markets America, 0.18%, due 4/1/15, proceeds $5,734,364; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 2/15/16 to 3/1/48, valued at $5,849,022 including accrued interest)		5,734,335

	5,734,335	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $5,734,353; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $5,849,035 including accrued interest)		5,734,335

	5,734,335	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $5,734,359; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $5,849,022 including accrued interest)		5,734,335

	1,207,152	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $1,207,156; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $1,231,295 including accrued interest)		1,207,152

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $24,144,492)				24,144,492
Total Investments: 129.2% (Cost: $108,151,506)				106,860,098
Liabilities in excess of other assets: (29.2)%				(24,122,506	)
NET ASSETS: 100.0%			$	82,737,592

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 $23,272,275.
#	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 $28,100,484 which represents 34.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		9.8	%	$	8,119,564
Energy		2.5			2,031,239
Industrials		44.7			36,955,512
Information Technology		32.8			27,152,861
Utilities		10.2			8,456,430
		100.0	%	$	82,715,606

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	713,454	$	—	$	713,454
Brazil		1,089,032		—		—		1,089,032
Canada		1,445,286		—		—		1,445,286
China / Hong Kong		1,645,871		7,901,362		—		9,547,233
Denmark		—		8,362,802		—		8,362,802
Germany		—		1,266,639		—		1,266,639
Italy		—		2,804,574		—		2,804,574
Japan		—		2,778,631		—		2,778,631
Spain		—		4,273,022		—		4,273,022
United States		50,434,933		—		—		50,434,933
Repurchase Agreements		—		24,144,492		—		24,144,492
Total	$	54,615,122	$	52,244,976	$	—	$	106,860,098

There were no transfers between levels during the period ended March 31, 2015.

See Notes to Schedules of Investments

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Australia: 7.2%
	32,567,494	Newcrest Mining Ltd. * #	$	329,451,715
	45,047,763	Northern Star Resources Ltd. ‡ #		78,111,007
	22,910,340	OceanaGold Corp. (LDR) ‡ † #		43,362,912
				450,925,634
Canada: 55.2%
	10,891,150	Agnico-Eagle Mines Ltd. (USD) ‡		304,298,731
	9,684,348	Alamos Gold, Inc. (USD) ‡ †		56,750,279
	19,004,150	AuRico Gold, Inc. (USD) ‡		52,641,495
	70,043,875	B2GOLD Corp. (USD) ‡ * †		106,466,690
	37,067,743	Barrick Gold Corp. (USD)		406,262,463
	17,980,105	Centerra Gold, Inc. ‡		87,735,530
	12,840,939	Detour Gold Corp. ‡ *		108,993,363
	54,489,812	Eldorado Gold Corp. (USD) ‡ †		250,108,237
	8,941,997	First Majestic Silver Corp. (USD) ‡ * †		48,376,204
	6,506,751	Franco-Nevada Corp. (USD) †		315,837,694
	25,893,868	Goldcorp, Inc. (USD)		469,196,888
	29,730,052	IAMGOLD Corp. (USD) ‡ * †		55,595,197
	87,035,047	Kinross Gold Corp. (USD) ‡ *		194,958,505
	38,681,251	New Gold, Inc. (USD) ‡ *		131,129,441
	6,300,443	Osisko Gold Royalties Ltd. ‡		83,276,286
	11,531,052	Pan American Silver Corp. (USD) ‡ †		101,127,326
	12,284,801	Primero Mining Corp. (USD) ‡ * †		42,136,867
	4,985,600	Rio Alto Mining Ltd. *		12,281,936
	22,325,785	Semafo, Inc. ‡ *		67,338,728
	16,385,860	Silver Wheaton Corp. (USD) †		311,659,057
	71,304,839	Yamana Gold, Inc. (USD) ‡ †		255,984,372
				3,462,155,289
China / Hong Kong: 3.7%
	2,014,308,000	G-Resources Group Ltd. ‡ * #		58,882,730
	66,518,500	Zhaojin Mining Industry Co. Ltd. ‡ † #		35,416,390
	444,368,000	Zijin Mining Group Ltd. ‡ † #		140,686,128
				234,985,248
Peru: 3.4%
	20,959,451	Cia de Minas Buenaventura SA (ADR) ‡		212,319,239
South Africa: 11.7%
	30,866,962	AngloGold Ashanti Ltd. (ADR) ‡ *		288,297,425
	59,160,793	Gold Fields Ltd. (ADR) ‡		237,234,780
	33,160,894	Harmony Gold Mining Co. Ltd. (ADR) ‡ * †		57,699,956
	17,357,471	Sibanye Gold Ltd. (ADR) ‡		148,059,228
				731,291,389
United Kingdom: 6.2%
	87,607,140	Cenatamin Plc ‡ † #		74,578,311
	4,522,943	Randgold Resources Ltd. (ADR) †		313,304,262
				387,882,573
United States: 12.7%
	22,115,562	Alacer Gold Corp. (CAD) ‡		47,845,748
	7,858,223	Coeur d’Alene Mines Corp. ‡ *		37,012,230
	28,089,687	Hecla Mining Co. ‡		83,707,267
	15,884,154	Newmont Mining Corp.		344,844,983
	4,511,321	Royal Gold, Inc. ‡		284,709,468
				798,119,696
Total Common Stocks (Cost: $9,827,011,365)				6,277,679,068
MONEY MARKET FUND: 0.0% (Cost: $417,039)
	417,039	Dreyfus Government Cash Management Fund		417,039
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $9,827,428,404)				6,278,096,107

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.7%
Repurchase Agreements: 3.7%
	$54,736,710	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $54,736,923; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $55,831,445 including accrued interest)		54,736,710

	54,736,710	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $54,736,877; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $55,831,571 including accrued interest)		54,736,710

	54,736,710	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $54,736,938; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $55,831,444 including accrued interest)		54,736,710

	11,522,974	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $11,523,012; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $11,753,434 including accrued interest)		11,522,974

	54,736,710	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $54,736,892; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $55,831,559 including accrued interest)		54,736,710

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $230,469,814)				230,469,814
Total Investments: 103.8% (Cost: $10,057,898,218)				6,508,565,921
Liabilities in excess of other assets: (3.8)%				(235,710,941	)
NET ASSETS: 100.0%			$	6,272,854,980

ADR	American Depositary Receipt
CAD	Canadian Dollar
LDR	Local Depositary Receipt
USD	United States Dollar

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $217,395,482.
#	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 $760,489,193 which represents 12.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gold		90.7	%	$	5,695,796,984
Silver		9.3			581,882,084
Money Market Fund		0.0			417,039
		100.0	%	$	6,278,096,107

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2015 is set forth below:

Affiliates	Value 12/31/14			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 03/31/15
Agnico-Eagle Mines Ltd.	$	—	(a)	$	66,178,407	$	(41,722,008	)	$	(30,139,207	)	$	826,106	$	304,298,731
Alacer Gold Corp.		35,854,750			11,780,056		(1,979,395	)		156,853			—		47,845,748
Alamos Gold, Inc.		55,054,167			15,378,222		(2,447,644	)		202,803			—		56,750,279
AngloGold Ashanti Ltd.		213,905,978			82,259,396		(12,579,659	)		1,185,892			—		288,297,425
AuRico Gold, Inc.		49,623,717			16,603,436		(2,362,045	)		(136,103	)		350,176		52,641,495
B2GOLD Corp.		90,268,950			31,803,090		(4,600,605	)		(45,221	)		—		106,466,690
Cenatamin Plc		64,162,567			20,304,509		(3,206,538	)		510,528			—		74,578,311
Centerra Gold, Inc.		74,741,382			23,512,801		(3,631,836	)		(377,152	)		463,108		87,735,530
Cia de Minas Buenaventura SA		159,759,741			56,658,772		(9,093,801	)		591,825			—		212,319,239
Coeur d’Alene Mines Corp.		32,050,319			11,312,562		(1,660,472	)		27,760			—		37,012,230
Detour Gold Corp.		78,405,696			36,569,840		(4,457,337	)		472,911			—		108,993,363
Eldorado Gold Corp.		235,952,883			97,699,542		(10,571,633	)		(463,114	)		297,522		250,108,237
First Majestic Silver Corp.		35,768,464			13,156,516		(2,072,661	)		136,615			—		48,376,204
Gold Fields Ltd.		212,936,056			74,779,105		(10,305,293	)		(489,705	)		780,985		237,234,780
G-Resources Group Ltd.		38,016,881			14,477,589		(2,442,468	)		425,947			—		58,882,730
Harmony Gold Mining Co. Ltd.		49,971,160			20,634,860		(2,643,779	)		118,919			—		57,699,956
Hecla Mining Co.		62,161,127			22,605,611		(3,543,914	)		251,465			65,197		83,707,267
IAMGOLD Corp.		61,699,863			19,951,644		(2,468,724	)		(185,964	)		—		55,595,197
Kinross Gold Corp.		195,679,481			63,984,339		(8,876,753	)		(585,402	)		—		194,958,505
New Gold, Inc.		131,532,502			39,928,618		(5,706,169	)		(309,488	)		—		131,129,441
Northern Star Resources Ltd.		—			85,154,102		(2,020,431	)		117,823			708,815		78,111,007
OceanaGold Corp.		30,704,143			11,305,085		(1,803,831	)		66,366			736,194		43,362,912
Osisko Gold Royalties Ltd.		—			87,415,517		(2,120,681	)		5,573			113,565		83,276,286
Pan American Silver Corp.		84,506,674			29,923,072		(4,450,688	)		(180,609	)		1,155,480		101,127,326
Primero Mining Corp.		37,245,005			11,978,877		(1,722,581	)		(55,087	)		—		42,136,867
Rio Alto Mining Ltd.		48,992,680			11,084,553		(50,773,457	)		188,499			—		—	(b)
Royal Gold, Inc.		231,210,200			71,942,994		(12,209,288	)		(45,154	)		999,439		284,709,468
Semafo, Inc.		43,279,325			20,645,299		(2,702,068	)		329,889			—		67,338,728
Sibanye Gold Ltd.		103,070,198			44,496,475		(6,455,039	)		2,773,938			2,772,744		148,059,228
Yamana Gold, Inc.		214,666,726			84,593,462		(10,997,810	)		(478,641	)		922,668		255,984,372
Zhaojin Mining Industry Co. Ltd.		26,600,864			9,472,846		(1,514,921	)		93,311			—		35,416,390
Zijin Mining Group Ltd.		100,106,563			32,883,379		(5,560,481	)		688,180			—		140,686,128
	$	2,797,928,062		$	1,240,474,576	$	(238,704,010	)	$	(25,145,750	)	$	10,191,999	$	3,774,840,070

(a)	Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.
(b)	Security held by the Fund, however not classified as an affiliate at the end of the reporting period.

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	450,925,634	$	—	$	450,925,634
Canada		3,462,155,289		—		—		3,462,155,289
China / Hong Kong		—		234,985,248		—		234,985,248
Peru		212,319,239		—		—		212,319,239
South Africa		731,291,389		—		—		731,291,389
United Kingdom		313,304,262		74,578,311		—		387,882,573
United States		798,119,696		—		—		798,119,696
Money Market Fund		417,039		—		—		417,039
Repurchase Agreements		—		230,469,814		—		230,469,814
Total	$	5,517,606,914	$	990,959,007	$	—	$	6,508,565,921

There were no transfers between levels during the period ended March 31, 2015.

See Notes to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.6%
Australia: 15.3%
	57,726,358	Beadell Resources Ltd. ‡ † #	$	11,315,987
	34,013,300	Evolution Mining Ltd. † #		21,929,952
	17,797,077	Kingsgate Consolidated Ltd. ‡ * † #		9,289,657
	16,730,250	Medusa Mining Ltd. ‡ * † #		11,980,150
	42,819,406	Northern Star Resources Ltd. ‡ † #		74,247,125
	22,328,343	OceanaGold Corp. (CAD) ‡		42,488,201
	42,402,989	Perseus Mining Ltd. (CAD) ‡ *		9,374,526
	29,264,921	Regis Resources Ltd. ‡ * † #		29,133,976
	35,198,494	Resolute Mining Ltd. ‡ * #		8,222,553
	53,675,229	Saracen Mineral Holdings Ltd. ‡ * #		17,177,733
	42,358,890	Silver Lake Resources Ltd. ‡ * † #		6,403,865
	15,721,495	Troy Resources Ltd. ‡ * † #		5,344,333
				246,908,058
Canada: 59.8%
	7,224,392	Alamos Gold, Inc. (USD) ‡ †		42,334,937
	10,296,237	Argonaut Gold, Inc. ‡ *		14,308,233
	14,227,888	Asanko Gold, Inc. ‡ *		20,221,238
	16,920,746	AuRico Gold, Inc. (USD) ‡		46,870,466
	3,322,261	Bear Creek Mining Corp. *		3,069,124
	7,788,179	Centerra Gold, Inc.		38,003,116
	7,098,828	Continental Gold Ltd. ‡ * †		10,817,796
	7,456,382	Dundee Precious Metals, Inc. ‡ *		16,013,706
	8,677,047	Endeavour Silver Corp. (USD) ‡ * †		16,486,389
	9,252,819	First Majestic Silver Corp. (USD) ‡ * †		50,057,751
	7,997,002	Fortuna Silver Mines Inc (USD) ‡ *		30,708,488
	11,598,341	Gabriel Resources Ltd. *		3,479,960
	11,875,090	Great Panther Silver Ltd. (USD) ‡ *		6,887,552
	6,882,269	Guyana Goldfields, Inc. * †		16,030,552
	30,763,391	IAMGOLD Corp. (USD) ‡ * †		57,527,541
	4,539,403	Kirkland Lake Gold, Inc. ‡ * †		19,498,107
	37,054,922	Lake Shore Gold Corp. ‡ *		30,135,468
	3,410,107	MAG Silver Corp. * †		21,109,545
	16,680,630	McEwen Mining, Inc. (USD) ‡ * †		17,014,243
	15,991,769	Novagold Resources, Inc. (USD) ‡ * †		47,335,636
	6,595,231	Osisko Gold Royalties Ltd. ‡		87,172,655
	12,084,704	Premier Gold Mines Ltd. ‡ *		23,377,438
	7,155,794	Pretium Resources, Inc. (USD) ‡ * †		36,065,202
	10,642,468	Primero Mining Corp. (USD) ‡ *		36,503,665
	2,070,735	Rio Alto Mining Ltd. *		5,101,218
	100,049,786	Romarco Minerals, Inc. ‡ *		33,968,739
	24,409,180	Rubicon Minerals Corp. (USD) ‡ *		23,186,280
	8,598,710	Sandstorm Gold Ltd. (USD) ‡ * †		28,203,769
	2,747,727	Seabridge Gold, Inc. (USD) ‡ * †		15,085,021
	18,803,786	Semafo, Inc. ‡ *		56,715,722
	6,871,218	Silver Standard Resources, Inc. (USD) ‡ *		31,126,618
	14,540,225	Silvercorp Metals, Inc. (USD) ‡ †		17,157,466
	3,539,254	Sulliden Mining Capital, Inc. ‡ *		698,629
	25,500,205	Teranga Gold Corp. ‡ *		12,886,010
	12,343,083	Timmins Gold Corp. ‡ *		8,478,865
	51,736,218	Torex Gold Resources, Inc. ‡ *		42,892,245
				966,529,390
Cayman Islands: 1.0%
	32,885,729	Endeavour Mining Corp. (CAD) ‡ *		15,319,842
China / Hong Kong: 3.7%
	18,859,887	China Gold International Resources Corp. Ltd. (CAD) *		22,039,189
	252,868,000	China Precious Metal Resources Holdings Co. Ltd. ‡ * † #		20,819,451
	44,720,000	China Silver Group Ltd. #		14,390,328
	19,287,400	Real Gold Mining Ltd. * # §		3,205,849
				60,454,817
South Africa: 3.4%
	2,997,056	DRDGOLD Ltd. (ADR) ‡ †		5,184,907
	28,727,602	Harmony Gold Mining Co. Ltd. (ADR) ‡ * †		49,986,027
				55,170,934
Turkey: 2.1%
	3,185,794	Koza Altin Isletmeleri AS #		34,501,004
United Kingdom: 4.2%
	72,732,589	Cenatamin Plc ‡ † #		61,915,886
	8,331,529	Highland Gold Mining Ltd. #		4,539,203
	38,603,767	Patagonia Gold Plc *		1,432,683
				67,887,772
United States: 10.1%
	14,635,265	Alacer Gold Corp. (CAD) ‡		31,662,555
	6,902,183	Coeur d’Alene Mines Corp. ‡ * †		32,509,282
	3,420,321	Gold Resource Corp. ‡ †		10,910,824
	25,444,919	Hecla Mining Co. ‡		75,825,859
	13,083,598	Midway Gold Corp. ‡ * †		4,186,751
	8,005,121	Paramount Gold and Silver Corp. ‡ * †		8,085,172
				163,180,443
Total Common Stocks (Cost: $2,075,645,638)				1,609,952,260
MONEY MARKET FUND: 0.5% (Cost: $8,022,969)
	8,022,969	Dreyfus Government Cash Management Fund		8,022,969
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $2,083,668,607)				1,617,975,229

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 9.3%
Repurchase Agreements: 9.3%
	$35,825,412	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $35,825,551; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $36,541,921 including accrued interest)		35,825,412

	35,825,412	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $35,825,521; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $36,542,004 including accrued interest)		35,825,412

	35,825,412	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $35,825,561; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $36,541,920 including accrued interest)		35,825,412

	7,541,759	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $7,541,784; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $7,692,594 including accrued interest)		7,541,759

	35,825,412	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $35,825,531; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $36,541,995 including accrued interest)		35,825,412

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $150,843,407)				150,843,407
Total Investments: 109.4% (Cost: $2,234,512,014)				1,768,818,636
Liabilities in excess of other assets: (9.4)%				(152,151,683	)
NET ASSETS: 100.0%			$	1,616,666,953

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $135,266,561.
#	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 $334,417,052 which represents 20.7% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $3,205,849 which represents 0.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Metals & Mining		0.3	%	$	5,101,218
Gold		42.1			680,711,159
Materials		48.7			788,381,300
Precious Metals & Minerals		1.8			28,600,685
Silver		6.6			107,157,898
Money Market Fund		0.5			8,022,969
		100.0	%	$	1,617,975,229

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2015 is set forth below:

Affiliates	Value 12/31/14			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 03/31/15
Alacer Gold Corp.	$	30,975,520		$	5,769,817	$	(6,664,222	)	$	(580,741	)	$	—	$	31,662,555
Alamos Gold, Inc.		52,094,504			8,860,293		(7,758,880	)		(2,062,958	)		—		42,334,937
Allied Nevada Gold Corp.		6,202,778			1,000,254		(1,000,076	)		(28,088,934	)		—		—
Argonaut Gold, Inc.		15,455,253			3,329,945		(1,554,144	)		(3,627,782	)		—		14,308,233
Asanko Gold, Inc.		17,401,087			5,552,314		(623,832	)		(220,964	)		—		20,221,238
AuRico Gold, Inc.		58,337,962			10,626,263		(11,259,194	)		(2,435,942	)		384,485		46,870,466
Beadell Resources Ltd.		8,822,317			2,502,291		(368,650	)		(339,610	)		434,263		11,315,987
Cenatamin Plc		80,951,255			13,300,164		(23,702,264	)		(3,718,810	)		—		61,915,886
China Precious Metal Resources Holdings Co. Ltd.		—	(a)		2,926,302		(691,685	)		(397,186	)		—		20,819,451
Coeur d’Alene Mines Corp.		33,543,936			5,861,942		(3,964,602	)		(173,467	)		—		32,509,282
Continental Gold Ltd.		11,300,658			2,160,986		(1,809,546	)		(2,566,487	)		—		10,817,796
DRDGOLD Ltd.		5,192,261			1,038,374		(1,431,387	)		(1,664,568	)		—		5,184,907
Dundee Precious Metals, Inc.		—	(a)		4,905,796		(425,296	)		(291,941	)		—		16,013,706
Endeavour Mining Corp.		11,464,177			2,243,464		(1,513,875	)		(1,187,155	)		—		15,319,842
Endeavour Silver Corp.		16,274,609			3,271,075		(534,519	)		(546,046	)		—		16,486,389
First Majestic Silver Corp.		48,717,167			9,327,457		(11,246,678	)		(283,339	)		—		50,057,751
Fortuna Silver Mines Inc		31,743,506			5,775,796		(950,034	)		(92,650	)		—		30,708,488
Gold Resource Corp.		12,415,889			2,050,246		(2,516,978	)		(1,966,125	)		120,250		10,910,824
Great Panther Silver Ltd.		6,415,211			1,164,466		(210,978	)		(149,871	)		—		6,887,552
Harmony Gold Mining Co. Ltd.		47,284,787			10,934,340		(1,888,161	)		(131,039	)		—		49,986,027
Hecla Mining Co.		75,112,771			13,003,131		(18,478,689	)		1,502,768			73,794		75,825,859
IAMGOLD Corp.		84,036,193			14,121,748		(11,126,738	)		(4,643,784	)		—		57,527,541
Kingsgate Consolidated Ltd.		8,402,461			1,572,048		(326,367	)		(135,459	)		—		9,289,657
Kirkland Lake Gold, Inc.		10,691,953			4,078,973		(955,806	)		13,083			—		19,498,107
Lake Shore Gold Corp.		21,023,120			5,488,192		(869,447	)		(29,348	)		—		30,135,468
McEwen Mining, Inc.		15,121,820			3,992,059		(471,706	)		(417,761	)		—		17,014,243
Medusa Mining Ltd.		6,717,260			2,837,688		(288,804	)		(303,646	)		—		11,980,150
Midway Gold Corp.		8,325,992			1,313,122		(235,720	)		(87,007	)		—		4,186,751
Northern Star Resources Ltd.		47,886,864			10,023,939		(5,864,235	)		1,065,046			644,243		74,247,125
Novagold Resources, Inc.		—			8,978,042		(7,184,681	)		(1,020,394	)		—		47,335,636
OceanaGold Corp.		38,366,189			6,952,382		(6,395,211	)		(1,828,386	)		832,882		42,488,201
Osisko Gold Royalties Ltd.		—			89,374,762		(181,262	)		(506	)		113,452		87,172,655
Paramount Gold and Silver Corp.		10,774,185			1,827,947		(4,327,175	)		(1,446,503	)		—		—	(b)
Perseus Mining Ltd.		7,266,429			1,887,736		(323,154	)		(196,519	)		—		9,374,526
Premier Gold Mines Ltd.		17,606,006			3,383,498		(977,368	)		(192,393	)		—		23,377,438
Pretium Resources, Inc.		42,922,393			14,787,640		(14,033,716	)		(2,387,036	)		—		36,065,202
Primero Mining Corp.		34,708,865			7,557,586		(970,120	)		(612,788	)		—		36,503,665
Regis Resources Ltd.		49,556,231			7,745,999		(7,659,685	)		(3,966,247	)		—		29,133,976
Resolute Mining Ltd.		—			1,813,808		(250,072	)		(164,598	)		—		8,222,553
Rio Alto Mining Ltd.		54,084,299			7,787,369		(57,922,198	)		(44,702	)		—		—	(b)
Romarco Minerals, Inc.		17,003,244			25,723,755		(398,777	)		(17,388	)		—		33,968,739
Rubicon Minerals Corp.		22,806,787			4,127,289		(2,828,307	)		(1,469,783	)		—		23,186,280
Sandstorm Gold Ltd.		25,036,203			5,469,266		(802,324	)		(492,212	)		—		28,203,769
Saracen Mineral Holdings Ltd.		10,229,869			2,267,630		(1,304,987	)		881			—		17,177,733
Seabridge Gold, Inc.		21,592,909			3,821,716		(3,678,903	)		(1,594,752	)		—		15,085,021
Semafo, Inc.		42,813,604			8,530,177		(1,760,104	)		(117,076	)		—		56,715,722
Silver Lake Resources Ltd.		5,853,241			1,246,990		(193,721	)		(316,913	)		—		6,403,865
Silver Standard Resources, Inc.		26,700,369			9,305,182		(914,643	)		(161,724	)		—		31,126,618
Silvercorp Metals, Inc.		16,413,426			3,290,881		(532,240	)		(566,905	)		44,458		17,157,466
Sulliden Mining Capital, Inc.		1,283,390			—		—			—			—		698,629
Tanzanian Royalty Exploration Corp.		4,856,646			556,257		(4,297,671	)		(14,311,347	)		—		—
Teranga Gold Corp.		8,191,876			2,515,662		(334,322	)		(54,113	)		—		12,886,010
Timmins Gold Corp.		9,526,798			2,604,609		(263,214	)		(194,432	)		—		8,478,865
Torex Gold Resources, Inc.		50,726,173			9,100,672		(3,340,425	)		(2,737,931	)		—		42,892,245
Troy Resources Ltd.		4,469,637			1,640,524		(169,901	)		(152,831	)		—		5,344,333
	$	1,294,700,080		$	391,329,864	$	(239,776,694	)	$	(87,608,321	)	$	2,647,827	$	1,413,035,365

(a)	Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.
(b)	Security held by the Fund, however not classified as an affiliate at the end of the reporting period.

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	51,862,727	$	195,045,331	$	—	$	246,908,058
Canada		966,529,390		—		—		966,529,390
Cayman Islands		15,319,842		—		—		15,319,842
China / Hong Kong		22,039,189		35,209,779		3,205,849		60,454,817
South Africa		55,170,934		—		—		55,170,934
Turkey		—		34,501,004		—		34,501,004
United Kingdom		1,432,683		66,455,089		—		67,887,772
United States		163,180,443		—		—		163,180,443
Money Market Fund		8,022,969		—		—		8,022,969
Repurchase Agreements		—		150,843,407		—		150,843,407
Total	$	1,283,558,177	$	482,054,610	$	3,205,849	$	1,768,818,636

During the period ended March 31, 2015, transfers of securities from Level 2 to Level 1 were $2,579,149. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2014	$	3,039,646
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		166,203
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2015	$	3,205,849

See Notes to Schedules of Investments

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.3%
Argentina: 0.1%
	2,724	YPF SA (ADR)	$	74,774
Australia: 3.7%
	58,451	Alumina Ltd. #		71,345
	11,445	Bega Cheese Ltd. #		41,887
	75,872	BHP Billiton Ltd. #		1,768,897
	13,363	BlueScope Steel Ltd. #		42,484
	1,908	Caltex Australia Ltd. #		50,790
	40,223	Fortescue Metals Group Ltd. † #		59,722
	15,236	GrainCorp. Ltd. #		109,190
	9,894	Iluka Resources Ltd. #		63,969
	42,339	Newcrest Mining Ltd. * #		428,300
	16,533	Oil Search Ltd. #		90,480
	15,566	Origin Energy Ltd. #		133,831
	13,786	Santos Ltd. #		74,799
	10,016	Woodside Petroleum Ltd. #		263,201
				3,198,895
Austria: 0.3%
	197	Mayr-Melnhof Karton AG		20,311
	2,035	OMV AG #		55,758
	2,794	Verbund - Oesterreichische Elektrizis AG † #		46,640
	2,569	Voestalpine AG #		93,865
				216,574
Bermuda: 0.1%
	4,091	Nabors Industries Ltd. (USD)		55,842
				55,842
Brazil: 0.7%
	14,466	Cia de Saneamento Basico do Estado de Sao Paulo (ADR) †		78,406
	17,058	Cia Siderurgica Nacional SA (ADR) †		28,657
	5,350	Fibria Celulose SA *		75,661
	21,134	Gerdau SA (ADR) †		67,629
	21,040	Petroleo Brasileiro SA (ADR) †		126,450
	4,000	SLC Agricola SA		21,914
	34,988	Vale SA (ADR) †		197,682
				596,399
Canada: 11.8%
	11,927	Agnico-Eagle Mines Ltd. (USD)		333,240
	11,993	Agrium, Inc. (USD) †		1,250,510
	4,777	ARC Resources Ltd. †		82,075
	51,091	B2Gold Corp. *		76,243
	64,599	Barrick Gold Corp. (USD)		708,005
	9,357	Cameco Corp. (USD)		130,343
	15,437	Canadian Natural Resources Ltd. (USD)		474,070
	1,611	Canadian Solar, Inc. (USD) *		53,791
	1,852	Canfor Corp. *		37,069
	9,366	Detour Gold Corp. *		79,498
	4,722	Dominion Diamond Corp. *		80,682
	1,530	Domtar Corp. (USD)		70,717
	39,746	Eldorado Gold Corp. (USD)		182,434
	12,042	Enbridge, Inc. (USD)		584,037
	11,687	EnCana Corp. (USD)		130,310
	14,197	First Quantum Minerals Ltd.		172,068
	45,126	Goldcorp, Inc. (USD)		817,683
	4,172	Husky Energy, Inc.		85,153
	3,594	Imperial Oil Ltd. (USD)		143,329
	63,484	Kinross Gold Corp. (USD) *		142,204
	14,772	Lundin Mining Corp. *		59,601
	12,026	New Gold, Inc. *		40,356
	8,411	Pan American Silver Corp. (USD)		73,764
	69,303	Potash Corp. of Saskatchewan, Inc. (USD)		2,235,022
	2,271	Resolute Forest Products (USD) *		39,175
	22,392	Silver Wheaton Corp. (USD)		425,896
	20,416	Suncor Energy, Inc. (USD)		597,168
	13,475	Talisman Energy, Inc. (USD)		103,488
	11,033	Teck Cominco Ltd. (USD)		151,483
	2,385	Tourmaline Oil Corp. *		72,181
	10,017	TransCanada Corp. (USD)		427,926
	54,690	Turquoise Hill Resources Ltd. *		170,569
	1,624	West Fraser Timber Co. Ltd.		83,091
	52,011	Yamana Gold, Inc. (USD)		186,719
				10,299,900
Chile: 0.2%
	116,554	Aguas Andinas SA #		68,326
	31,807	Empresas CMPC SA		87,329
	15,662	Inversiones Aguas Metropolitanas SA		25,252
				180,907
China / Hong Kong: 2.3%
	3,730	Aluminum Corp of China Ltd. (ADR) *		46,550
	26,100	Angang New Steel Co. Ltd. #		19,206
	183,714	China Agri-Industries Holdings Ltd. #		71,163
	58,200	China Coal Energy Co. Ltd. #		32,107
	32,200	China Gas Holdings Ltd. #		52,685
	22,000	China Hongqiao Group Ltd. #		13,178
	197,200	China Modern Dairy Holdings Ltd. * #		65,638
	31,100	China Molybdenum Co. Ltd. (Class H) † #		21,939
	26,100	China Oilfield Services Ltd. (Class H) #		43,458
	361,227	China Petroleum & Chemical Corp. #		287,852
	47,991	China Shenhua Energy Co. Ltd. #		122,404
	227,279	CNOOC Ltd. #		320,748
	14,400	Dongfang Electric Corp. Machinery Co. Ltd. † #		27,784
	44,100	Fosun International Ltd. #		85,322
	50,100	Huaneng Power International, Inc. #		59,500
	14,500	Inner Mongolia Yitai Coal Co. (USD) #		21,182
	32,500	Jiangxi Copper Co. Ltd. (Class H) #		60,401
	45,400	Kunlun Energy Co. Ltd. #		44,093
	51,400	Lee & Man Paper Manufacturing Ltd. #		24,859
	40,000	Maanshan Iron and Steel Co. Ltd. (Class H) * #		11,514
	40,157	Nine Dragons Paper Holdings Ltd. #		25,109
	75,300	Noble Group Ltd. (SGD) #		50,463
	297,840	PetroChina Co. Ltd. (Class-H) #		330,734
	14,000	Tianjin Capital Environmental Protection Group Co. Ltd. #		10,892
	28,000	Yanzhou Coal Mining Co. Ltd. † #		23,775
	49,200	Zhaojin Mining Industry Co. Ltd. † #		26,195
	323,861	Zijin Mining Group Ltd. † #		102,534
				2,001,285
Denmark: 0.4%
	9,485	Vestas Wind Systems A/S † #		390,662
Finland: 0.3%
	1,812	Neste Oil OYJ #		47,491
	6,878	Outokumpu OYJ * #		54,599
	13,671	Stora Enso OYJ (R Shares) #		140,402
				242,492
France: 2.8%
	157	Eramet SA * #		14,335
	14,635	Suez Environnement Co. #		251,671
	1,607	Technip SA #		97,091
	33,618	Total SA #		1,669,107
	20,231	Veolia Environnement SA #		382,196
				2,414,400
Germany: 0.6%
	797	Aurubis AG #		44,961
	1,186	BayWa AG #		46,345
	165	KWS Saat AG		48,112
	2,636	Nordex SE * #		53,148
	909	Salzgitter AG † #		26,325
	10,303	ThyssenKrupp AG #		269,421
				488,312
Hungary: 0.0%
	739	MOL Hungarian Oil & Gas Plc #		32,030
India: 0.4%
	11,181	Reliance Industries Ltd. (GDR) * # 144A		295,193
	1,544	Vedanta Resources Plc (GBP) #		11,416
				306,609
Indonesia: 0.1%
	26,244	Astra Agro Lestari Tbk PT #		48,713
	49,354	International Nickel Indonesia Tbk PT #		12,193
	233,400	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		30,823
				91,729
Ireland: 0.2%
	5,470	Smurfit Kappa Group Plc #		153,975
Italy: 0.8%
	38,013	ENI SpA #		657,169
	3,555	Saipem SpA * † #		36,119
				693,288
Japan: 3.3%
	9,100	Calbee, Inc. #		395,083
	10,000	Daido Steel Co. #		44,763
	3,300	Daio Paper Corp. #		28,275
	7,100	Dowa Holdings Co. Ltd. #		60,645
	5,117	Hitachi Metals Ltd. #		78,433
	15,300	Inpex Holdings, Inc. #		168,602
	13,664	JFE Holdings, Inc. #		301,632
	35,300	JX Holdings, Inc. #		135,834
	81,235	Kobe Steel Ltd. #		149,844
	4,765	Kurita Water Industries Ltd. #		115,128
	30,829	Mitsubishi Materials Corp. #		103,602
	2,800	Nippon Paper Industries #		42,080
	224,900	Nippon Steel Corp. #		565,537
	23,114	Nippon Suisan Kaisha Ltd. #		70,131
	22,350	Nisshin Seifun Group, Inc. #		263,085
	23,976	OJI Paper Co. Ltd. #		98,107
	6,370	Rengo Co. Ltd. † #		26,974
	3,983	Sumitomo Forestry Co. Ltd. #		43,494
	12,923	Sumitomo Metal Mining Ltd. #		188,895
	4,400	TonenGeneral Sekiyu K.K. #		37,949
				2,918,093
Luxembourg: 0.5%
	7,434	Adecoagro SA (USD) *		75,975
	24,018	ArcelorMittal † #		225,089
	3,337	Tenaris SA (ADR)		93,436
	1,114	Ternium SA (ADR)		20,130
				414,630
Malaysia: 0.6%
	16,051	Genting Plantation Bhd		43,947
	237,094	IOI Corp. Bhd #		293,834
	33,878	Kuala Lumpur Kepong Bhd #		208,656
	3,400	Petronas Dagangan Bhd #		18,367
				564,804
Mexico: 0.7%
	15,850	Gruma, SAB de CV		201,935
	90,214	Grupo Mexico, SAB de CV		266,777
	6,832	Industrias Penoles, SAB de CV		118,789
				587,501
Netherlands: 1.3%
	612	Core Laboratories NV (USD) †		63,948
	34,681	Royal Dutch Shell Plc (GBP) #		1,081,126
				1,145,074
Norway: 1.7%
	25,339	Marine Harvest ASA #		290,177
	32,284	Norsk Hydro ASA #		169,624
	5,227	SeaDrill Ltd. #		48,923
	14,874	Statoil ASA † #		262,882
	14,872	Yara International ASA #		754,776
				1,526,382
Peru: 0.1%
	10,243	Cia de Minas Buenaventura SA (ADR)		103,762
Philippines: 0.0%
	34,100	Manila Water Co., Inc.		20,674
	17,100	Nickel Asia Corp #		9,159
				29,833
Poland: 0.2%
	3,215	KGHM Polska Miedz SA #		101,554
	4,353	Polski Koncern Naftowy Orlen SA #		67,918
	23,351	Polskie Gornictwo Naftowe I Gazownictwo SA #		33,822
				203,294
Portugal: 0.1%
	4,454	Galp Energia, SGPS, SA #		48,111
	3,316	Portucel-Empresa Productora de Pasta e Papel SA #		14,805
				62,916
Russia: 1.7%
	11,598	JSC MMC Norilsk Nickel (ADR) #		206,740
	7,334	Lukoil (ADR) #		338,965
	2,641	Magnitogorsk Iron & Steel Works (GDR) # Reg S		8,720
	1,116	Novatek OAO (GDR) # Reg S		83,302
	1,984	Novolipetsk Steel (GDR) Reg S		26,486
	83,657	OAO Gazprom (ADR) #		393,797
	6,808	PhosAgro OAO (GDR) * # Reg S		76,904
	10,270	Polymetal International (GBP) #		87,601
	14,981	Rosneft Oil Co. (GDR) # Reg S		64,263
	4,159	Severstal OAO (GDR) # Reg S		46,752
	13,635	Surgutneftegas OJSC (ADR) #		83,633
	3,439	Tatneft (ADR) #		102,022
				1,519,185
Singapore: 0.8%
	535,619	Golden Agri-Resources Ltd. #		165,831
	45,781	Olam International Ltd. #		66,103
	208,364	Wilmar International Ltd. #		494,887
				726,821
South Africa: 1.5%
	2,362	African Rainbow Minerals Ltd. #		19,231
	2,992	Anglo American Platinum Ltd. * #		73,323
	22,301	AngloGold Ashanti Ltd. (ADR) * †		208,291
	825	Assore Ltd. † #		9,029
	3,210	Astral Foods Ltd. #		47,615
	39,318	Gold Fields Ltd. (ADR)		157,665
	30,507	Impala Platinum Holdings Ltd. * #		147,673
	1,371	Kumba Iron Ore Ltd. † #		17,623
	24,292	Lonmin Plc (GBP) * #		42,275
	8,816	Mondi Plc (GBP) #		169,543
	19,185	Northern Platinum Ltd. * #		72,595
	11,142	Sappi Ltd. * †		44,996
	7,175	Sasol Ltd. #		242,509
	39,872	Sibanye Gold Ltd. † #		85,112
				1,337,480
South Korea: 1.2%
	1,681	Hyundai Steel Co. #		110,339
	299	Korea Zinc Co. Ltd. #		114,329
	1,896	POSCO #		414,405
	876	SK Energy Co. Ltd. * #		75,147
	345	SK Holdings Co. Ltd. #		52,790
	589	S-Oil Corp. #		34,067
	2,253	Woongjin Coway Co. Ltd. #		185,433
	18	Young Poong Corp.		20,151
				1,006,661
Spain: 0.5%
	3,094	Acerinox SA #		51,982
	9,457	Gamesa Corp. Tecnologica SA * #		118,959
	1,409	Pescanova SA * # §		—
	14,018	Repsol YPF SA #		260,647
				431,588
Sweden: 0.7%
	4,184	BillerudKorsnas AB #		67,297
	6,466	Boliden AB #		127,912
	1,223	Holmen AB (B Shares) #		41,201
	3,342	Lundin Petroleum AB * † #		45,665
	4,229	SSAB AB (B Shares) * † #		18,775
	14,819	Svenska Cellulosa AB (B Shares) #		340,054
				640,904
Switzerland: 4.0%
	156,340	Glencore Xstrata Plc (GBP) #		660,517
	7,770	Syngenta AG #		2,641,050
	4,814	Transocean, Inc. (USD) †		70,621
	10,938	Weatherford International Plc (USD) *		134,537
				3,506,725
Taiwan: 0.3%
	294,172	China Steel Corp. #		244,207
	24,420	Formosa Petrochemical Corp. #		53,436
				297,643
Thailand: 0.2%
	19,600	PTT Exploration & Production PCL (NVDR) #		65,631
	12,100	PTT PCL (NVDR) #		120,030
				185,661
Turkey: 0.1%
	42,201	Eregli Demir ve Celik Fabrikalari TAS #		65,647
	1,734	Tupras-Turkiye Petrol Rafinerileri AS * #		41,118
				106,765
United Kingdom: 7.7%
	32,867	Anglo American Plc #		491,232
	9,090	Antofagasta Plc #		98,411
	48,082	BG Group Plc #		590,584
	257,335	BP Plc #		1,669,326
	72,017	Centrica Plc #		269,565
	77,916	CNH Industrial NV (USD)		635,795
	22,252	DS Smith Plc #		113,705
	3,312	ENSCO Plc CL A (USD)		69,784
	8,904	Evraz Plc #		24,737
	6,653	Kazakhmys Plc * #		21,147
	3,420	Noble Corp Plc (USD) †		48,838
	16,894	Pennon Group Plc #		206,500
	21,036	Petra Diamonds Ltd. * #		56,738
	3,569	Petrofac Ltd. #		50,282
	21,863	Polyus Gold International Ltd. #		60,820
	5,096	Randgold Resources Ltd. (ADR)		353,000
	29,318	Rio Tinto Plc #		1,209,880
	10,087	Severn Trent Plc #		307,706
	12,831	Tullow Oil Plc #		53,830
	28,863	United Utilities Group Plc #		399,393
				6,731,273
United States: 48.3%
	6,713	AGCO Corp.		319,807
	28,896	Alcoa, Inc.		373,336
	2,568	Allegheny Technologies, Inc.		77,066
	1,618	American States Water Co.		64,542
	7,162	Anadarko Petroleum Corp.		593,085
	2,228	Andersons, Inc.		92,172
	5,326	Apache Corp.		321,318
	7,485	Aqua America, Inc.		197,230
	52,925	Archer-Daniels-Midland Co.		2,508,645
	6,142	Baker Hughes, Inc.		390,508
	12,103	Bunge Ltd.		996,803
	5,840	Cabot Oil & Gas Corp.		172,455
	2,738	Cameron International Corp. *		123,539
	1,243	Carpenter Technology Corp.		48,328
	3,997	CF Industries Holdings, Inc.		1,133,869
	3,113	Cheniere Energy, Inc. *		240,946
	7,313	Chesapeake Energy Corp. †		103,552
	26,577	Chevron Corp.		2,790,053
	1,238	Cimarex Energy Co.		142,481
	1,684	Concho Resources, Inc. *		195,209
	17,407	ConocoPhillips		1,083,760
	3,255	Consol Energy, Inc.		90,782
	1,210	Continental Resources, Inc. *		52,841
	4,725	Cree, Inc. *		167,690
	13,744	Darling International, Inc. *		192,553
	28,327	Deere & Co.		2,483,995
	5,462	Devon Energy Corp.		329,413
	950	Diamond Offshore Drilling, Inc. †		25,450
	7,752	EOG Resources, Inc.		710,781
	2,147	EQT Corp.		177,922
	59,292	Exxon Mobil Corp.		5,039,820
	3,184	First Solar, Inc. *		190,371
	3,271	FMC Technologies, Inc. *		121,060
	24,584	Freeport-McMoRan Copper & Gold, Inc.		465,867
	7,850	Graphic Packaging Holding Co.		114,139
	12,010	Halliburton Co.		526,999
	1,522	Helmerich & Payne, Inc.		103,603
	3,434	Hess Corp.		233,066
	2,772	HollyFrontier Corp.		111,628
	5,966	Ingredion, Inc.		464,274
	10,150	International Paper Co.		563,223
	1,620	Itron, Inc. *		59,146
	1,376	Joy Global, Inc.		53,912
	24,087	Kinder Morgan, Inc.		1,013,099
	1,003	Lindsay Corp.		76,479
	3,417	Louisiana-Pacific Corp. *		56,415
	9,540	Marathon Oil Corp.		249,089
	4,019	MeadWestvaco Corp.		200,427
	40,325	Monsanto Co.		4,538,175
	25,947	Mosaic Co.		1,195,119
	2,358	Murphy Oil Corp.		109,883
	5,794	National Oilwell Varco, Inc.		289,642
	27,669	Newmont Mining Corp.		600,694
	5,467	Noble Energy, Inc.		267,336
	7,543	Nucor Corp.		358,519
	10,892	Occidental Petroleum Corp.		795,116
	1,408	Oceaneering International, Inc.		75,933
	2,946	ONEOK, Inc.		142,115
	1,562	Ormat Technologies, Inc.		59,387
	2,362	Packaging Corp. of America		184,685
	7,682	Phillips 66		603,805
	5,201	Pilgrim’s Pride Corp. †		117,491
	2,106	Pioneer Natural Resources Co.		344,352
	2,283	QEP Resources, Inc.		47,601
	2,344	Range Resources Corp.		121,982
	1,834	Reliance Steel & Aluminum Co.		112,021
	3,359	Rock-Tenn Co. (Class A)		216,655
	1,542	Royal Gold, Inc.		97,316
	18,027	Schlumberger Ltd.		1,504,173
	733	Schweitzer-Mauduit International, Inc.		33,806
	23	Seaboard Corp. *		95,036
	4,810	Southern Copper Corp. †		140,356
	5,435	Southwestern Energy Co. * †		126,038
	9,486	Spectra Energy Corp.		343,109
	5,710	Steel Dynamics, Inc.		114,771
	6,685	Stillwater Mining Co. *		86,370
	2,170	Sunpower Corp. * †		67,943
	1,765	Tesoro Corp.		161,127
	11,364	Tractor Supply Co.		966,622
	24,379	Tyson Foods, Inc.		933,716
	3,444	United States Steel Corp. †		84,034
	7,278	Valero Energy Corp.		463,026
	12,603	Weyerhaeuser Co.		417,789
	2,359	Whiting Petroleum Corp. *		72,893
	9,514	Williams Companies, Inc.		481,313
	1,190	Worthington Industries, Inc.		31,666
				42,244,363
Total Common Stocks (Cost: $101,023,525)				87,729,431
MONEY MARKET FUND: 0.1% (Cost: $43,071)
	43,071	Dreyfus Government Cash Management Fund		43,071

Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $101,066,596)				87,772,502

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.7%
Repurchase Agreements: 4.7%
	$1,000,000	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $1,020,000 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $1,020,002 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $1,020,000 including accrued interest)		1,000,000

	118,790	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $118,790; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $121,166 including accrued interest)		118,790

	1,000,000	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $1,020,002 including accrued interest)		1,000,000

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $4,118,790)				4,118,790
Total Investments: 105.1% (Cost: $105,185,386)				91,891,292
Liabilities in excess of other assets: (5.1)%				(4,460,855	)
NET ASSETS: 100.0%			$	87,430,437

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global 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 $3,916,015.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $31,451,062 which represents 36.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $295,193, or 0.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.4	%	$	1,195,549
Consumer Staples		10.0			8,795,443
Energy		40.4			35,461,413
Financials		0.5			417,789
Industrials		5.1			4,436,159
Information Technology		0.6			538,941
Materials		39.2			34,394,464
Utilities		2.8			2,489,673
Money Market Fund		0.0			43,071
		100.0	%	$	87,772,502

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	74,774	$	—	$	—	$	74,774
Australia		—		3,198,895		—		3,198,895
Austria		20,311		196,263		—		216,574
Bermuda		55,842		—		—		55,842
Brazil		596,399		—		—		596,399
Canada		10,299,900		—		—		10,299,900
Chile		112,581		68,326		—		180,907
China / Hong Kong		46,550		1,954,735		—		2,001,285
Denmark		—		390,662		—		390,662
Finland		—		242,492		—		242,492
France		—		2,414,400		—		2,414,400
Germany		48,112		440,200		—		488,312
Hungary		—		32,030		—		32,030
India		—		306,609		—		306,609
Indonesia		—		91,729		—		91,729
Ireland		—		153,975		—		153,975
Italy		—		693,288		—		693,288
Japan		—		2,918,093		—		2,918,093
Luxembourg		189,541		225,089		—		414,630
Malaysia		43,947		520,857		—		564,804
Mexico		587,501		—		—		587,501
Netherlands		63,948		1,081,126		—		1,145,074
Norway		—		1,526,382		—		1,526,382
Peru		103,762		—		—		103,762
Philippines		20,674		9,159		—		29,833
Poland		—		203,294		—		203,294
Portugal		—		62,916		—		62,916
Russia		26,486		1,492,699		—		1,519,185
Singapore		—		726,821		—		726,821
South Africa		410,952		926,528		—		1,337,480
South Korea		20,151		986,510		—		1,006,661
Spain		—		431,588		—		431,588
Sweden		—		640,904		—		640,904
Switzerland		205,158		3,301,567		—		3,506,725
Taiwan		—		297,643		—		297,643
Thailand		—		185,661		—		185,661
Turkey		—		106,765		—		106,765
United Kingdom		1,107,417		5,623,856		—		6,731,273
United States		42,244,363		—		—		42,244,363
Money Market Fund		43,071		—		—		43,071
Repurchase Agreements		—		4,118,790		—		4,118,790
Total	$	56,321,440	$	35,569,852	$	—	$	91,891,292

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $ 244,334 and transfers from Level 2 to Level 1 were $ 197,301. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

	Common Stocks
	China/Hong Kong			Spain
Balance as of December 31, 2014	$	10,727		$	—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		—			—
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		(10,727	)		—
Balance as of March 31, 2015	$	—		$	—

Transfers from Level 3 to Level 1 resulted primarily from resumed trading.

See Notes to Schedules of Investments

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Bermuda: 5.4%
	2,205,370	Nabors Industries Ltd. (USD)	$	30,103,300
	3,280,453	Seadrill Ltd. (USD) †		30,672,235
				60,775,535
Luxembourg: 3.9%
	1,597,862	Tenaris SA (ADR)		44,740,136
Netherlands: 2.4%
	255,819	Core Laboratories NV (USD) †		26,730,527
Switzerland: 7.3%
	2,427,228	Transocean, Inc. (USD) †		35,607,435
	3,787,825	Weatherford International Plc (USD) *		46,590,247
				82,197,682
United Kingdom: 5.7%
	1,945,113	ENSCO Plc CL A (USD)		40,983,531
	1,688,589	Noble Corp Plc (USD) †		24,113,051
				65,096,582
United States: 75.3%
	1,354,052	Baker Hughes, Inc.		86,090,626
	1,242,569	Cameron International Corp. *		56,064,713
	94,064	CARBO Ceramics, Inc. †		2,869,893
	615,083	Diamond Offshore Drilling, Inc. †		16,478,074
	575,991	Dresser-Rand Group, Inc. *		46,280,877
	1,190,571	FMC Technologies, Inc. *		44,063,033
	2,993,566	Halliburton Co.		131,357,676
	773,083	Helmerich & Payne, Inc. †		52,623,760
	1,466,046	McDermott International, Inc. * †		5,629,617
	1,449,162	National Oilwell Varco, Inc.		72,443,608
	635,288	Oceaneering International, Inc.		34,261,082
	252,196	Oil States International, Inc. *		10,029,835
	1,042,711	Patterson-UTI Energy, Inc.		19,576,899
	860,463	Rowan Companies Plc		15,238,800
	2,734,702	Schlumberger Ltd.		228,183,535
	1,189,323	Superior Energy Services, Inc.		26,569,476
	279,434	Tidewater, Inc. †		5,348,367
				853,109,871
Total Common Stocks (Cost: $1,626,385,738)				1,132,650,333
MONEY MARKET FUND: 0.0% (Cost: $116,478)
	116,478	Dreyfus Government Cash Management Fund		116,478
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $1,626,502,216)				1,132,766,811

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 11.4%
Repurchase Agreements: 11.4%
	$30,552,173	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $30,552,292; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $31,163,217 including accrued interest)		30,552,173

	30,552,173	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $30,552,266; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $31,163,287 including accrued interest)		30,552,173

	30,552,173	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $30,552,300; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $31,163,216 including accrued interest)		30,552,173

	6,431,672	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $6,431,693; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $6,560,305 including accrued interest)		6,431,672

	30,552,173	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $30,552,275; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $31,163,280 including accrued interest)		30,552,173

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $128,640,364)				128,640,364
Total Investments: 111.4% (Cost: $1,755,142,580)				1,261,407,175
Liabilities in excess of other assets: (11.4)%				(128,733,370	)
NET ASSETS: 100.0%			$	1,132,673,805

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 $124,334,079.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Oil & Gas Drilling		23.4	%	$	265,397,085
Oil & Gas Equipment & Services		76.6			867,253,248
Money Market Fund		0.0			116,478
		100.0	%	$	1,132,766,811

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,132,650,333	$	—	$	—	$	1,132,650,333
Money Market Fund		116,478		—		—		116,478
Repurchase Agreements		—		128,640,364		—		128,640,364
Total	$	1,132,766,811	$	128,640,364	$	—	$	1,261,407,175

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

There were no transfers between levels during the period ended March 31, 2015.

See Notes to Schedules of Investments

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.6%
Australia: 16.8%
	8,496,367	Alkane Resources Ltd. *	$	1,882,332
	794,821	Iluka Resources Ltd. #		5,138,832
	71,980,940	Lynas Corp. Ltd. * † #		2,353,345
				9,374,509
Canada: 3.2%
	1,063,946	5N Plus, Inc. *		1,806,146
Chile: 5.3%
	388,196	Molibdenos y Metales SA #		2,958,340
China / Hong Kong: 17.2%
	6,284,474	China Molybdenum Co. Ltd. (Class H) † #		4,433,373
	15,930,497	China Rare Earth Holdings Ltd. * † #		2,540,056
	56,502,964	North Mining Shares Co. Ltd. * † #		2,626,733
				9,600,162
France: 6.4%
	39,325	Eramet SA * † #		3,590,558
Ireland: 4.1%
	42,956,486	Kenmare Resources Plc (GBP) *		2,327,567
Japan: 11.0%
	138,592	OSAKA Titanium Technologies Co. † #		2,935,556
	435,047	Toho Titanium Co. Ltd. * † #		3,196,943
				6,132,499
Mexico: 3.0%
	1,737,932	Cia Minera Autlan SAB de CV *		1,667,858
South Africa: 5.6%
	284,663	Assore Ltd. † #		3,115,374
United Kingdom: 2.5%
	94,571,361	Rare Earth Minerals Plc *		1,410,932
United States: 22.5%
	3,580,863	Molycorp, Inc. * †		1,379,707
	88,320	RTI International Metals, Inc. *		3,171,571
	2,372,711	Thompson Creek Metals Co., Inc. *		3,131,979
	242,665	Tronox Ltd.		4,933,379
				12,616,636
Total Common Stocks (Cost: $98,604,293)				54,600,581
PREFERRED STOCKS: 2.5%
Brazil: 2.5% (Cost: $3,138,720)
	639,423	Cia de Ferro Ligas da Bahia		1,384,440
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $101,743,013)				55,985,021

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 19.3%
Repurchase Agreements: 19.3%
	$2,560,179	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $2,560,189; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $2,611,383 including accrued interest)		2,560,179

	2,560,179	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $2,560,187; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $2,611,389 including accrued interest)		2,560,179

	2,560,179	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $2,560,190; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $2,611,383 including accrued interest)		2,560,179

	538,951	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $538,953; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $549,730 including accrued interest)		538,951

	2,560,179	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $2,560,188; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $2,611,388 including accrued interest)		2,560,179

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $10,779,667)				10,779,667
Total Investments: 119.4% (Cost: $112,522,680)				66,764,688
Liabilities in excess of other assets: (19.4)%				(10,849,876	)
NET ASSETS: 100.0%			$	55,914,812

GBP	British Pound

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $9,274,329.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $32,889,110 which represents 58.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Commodity Chemicals		8.8	%	$	4,933,379
Diversified Metals & Mining		76.6			42,899,934
Electronic Components		3.2			1,806,146
Gold		3.4			1,882,332
Materials		2.5			1,410,932
Steel		5.5			3,052,298
		100.0	%	$	55,985,021

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,882,332	$	7,492,177	$	—	$	9,374,509
Canada		1,806,146		—		—		1,806,146
Chile		—		2,958,340		—		2,958,340
China / Hong Kong		—		9,600,162		—		9,600,162
France		—		3,590,558		—		3,590,558
Ireland		2,327,567		—		—		2,327,567
Japan		—		6,132,499		—		6,132,499
Mexico		1,667,858		—		—		1,667,858
South Africa		—		3,115,374		—		3,115,374
United Kingdom		1,410,932		—		—		1,410,932
United States		12,616,636		—		—		12,616,636
Preferred Stocks		1,384,440		—		—		1,384,440
Repurchase Agreements		—		10,779,667		—		10,779,667
Total	$	23,095,911	$	43,668,777	$	—	$	66,764,688

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $3,379,243 and transfers from Level 2 to Level 1 were $4,333,913. 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

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Canada: 4.6%
	33,587	Canadian Solar, Inc. (USD) *	$	1,121,470
China / Hong Kong: 38.4%
	475,000	China Singyes Solar Technologies Holdings Ltd. † #		648,542
	5,692,000	GCL-Poly Energy Holdings Ltd. * † #		1,506,885
	2,226,000	Hanergy Thin Film Power Group Ltd. * † #		2,004,280
	55,516	JA Solar Holdings Co. Ltd. (ADR) * †		530,733
	22,744	JinkoSolar Holding Co. Ltd. (ADR) * †		583,156
	91,589	Renesola Ltd. (ADR) * †		134,636
	1,738,000	Shunfeng International Clean Energy Ltd. * † #		1,307,619
	95,808	Trina Solar Ltd. (ADR) * †		1,158,319
	4,546,000	United Photovoltaics Group Ltd. * #		504,794
	2,458,000	Xinyi Solar Holdings Ltd. † #		761,856
	151,185	Yingli Green Energy Holding Co. Ltd. (ADR) * †		279,692
				9,420,512
Germany: 1.1%
	22,047	SMA Solar Technology AG * † #		281,264
Norway: 1.5%
	1,256,302	Renewable Energy Corp. AS * #		364,160
Singapore: 1.5%
	29,112	REC Solar ASA (NOK) * #		365,899
South Korea: 0.3%
	52,990	Woongjin Energy Co. Ltd. * #		81,246
Switzerland: 1.8%
	70,318	Meyer Burger Technology AG * † #		445,484
Taiwan: 16.3%
	404,000	Danen Technology Corp. * #		135,230
	531,000	E-Ton Solar Tech Co. Ltd. * #		310,635
	31,500	Giga Solar Materials Corp. #		532,405
	470,688	Gintech Energy Corp. * #		324,438
	311,322	Green Energy Technology, Inc. * #		188,558
	408,000	Motech Industries, Inc. #		551,710
	801,306	Neo Solar Power Corp. #		707,734
	669,000	Sino-American Silicon Products, Inc. #		1,009,950
	395,301	Solartech Energy Corp. * #		248,218
				4,008,878
United States: 34.5%
	27,732	Advanced Energy Industries, Inc. *		711,603
	28,128	First Solar, Inc. *		1,681,773
	30,971	SolarCity Corp. * †		1,588,193
	82,152	SunEdison, Inc. * †		1,971,648
	36,501	Sunpower Corp. * †		1,142,846
	37,849	TerraForm Power, Inc.		1,381,867
				8,477,930
Total Common Stocks (Cost: $22,569,963)				24,566,843
MONEY MARKET FUND: 0.1% (Cost: $13,326)
	13,326	Dreyfus Government Cash Management Fund		13,326
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $22,583,289)				24,580,169

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 28.1%
Repurchase Agreements: 28.1%
	$1,642,369	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $1,642,375; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $1,675,216 including accrued interest)		1,642,369

	1,642,369	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $1,642,374; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $1,675,220 including accrued interest)		1,642,369

	1,642,369	Repurchase agreement dated 3/31/15 with JP Morgan Securities LLC, 0.14%, due 4/1/15, proceeds $1,642,375; (collateralized by various U.S. government and agency obligations, 0.00% to 5.39%, due 4/1/25 to 4/1/45, valued at $1,675,226 including accrued interest)		1,642,369

	1,642,369	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $1,642,376; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $1,675,216 including accrued interest)		1,642,369

	345,739	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $345,740; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $352,654 including accrued interest)		345,739

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $6,915,215)				6,915,215
Total Investments: 128.2% (Cost: $29,498,504)				31,495,384
Liabilities in excess of other assets: (28.2)%				(6,936,166	)
NET ASSETS: 100.0%			$	24,559,218

ADR	American Depositary Receipt
NOK	Norwegian Krone
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,670,204.
#	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 $12,280,907 which represents 50.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Construction & Engineering		2.6	%	$	648,542
Electrical Components & Equipment		6.5			1,588,193
Industrial Machinery		1.8			445,484
Information Technology		13.5			3,311,899
Semiconductor Equipment		29.8			7,330,068
Semiconductors		40.1			9,860,790
Utilities		5.6			1,381,867
Money Market Fund		0.1			13,326
		100.0	%	$	24,580,169

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	1,121,470	$	—	$	—	$	1,121,470
China / Hong Kong		2,686,536		6,733,976		—		9,420,512
Germany		—		281,264		—		281,264
Norway		—		364,160		—		364,160
Singapore		—		365,899		—		365,899
South Korea		—		81,246		—		81,246
Switzerland		—		445,484		—		445,484
Taiwan		—		4,008,878		—		4,008,878
United States		8,477,930		—		—		8,477,930
Money Market Fund		13,326		—		—		13,326
Repurchase Agreements		—		6,915,215		—		6,915,215
Total	$	12,299,262	$	19,196,122	$	—	$	31,495,384

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $ 1,690,018. 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

STEEL ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Brazil: 18.4%
	1,127,901	Cia Siderurgica Nacional SA (ADR) †	$	1,894,874
	815,451	Gerdau SA (ADR) †		2,609,443
	1,180,925	Vale SA (ADR) †		6,672,226
				11,176,543
India: 4.7%
	229,183	Sesa Sterlite Ltd. (ADR)		2,841,869
Luxembourg: 16.5%
	375,016	ArcelorMittal (USD) †		3,532,651
	132,918	Tenaris SA (ADR)		3,721,704
	152,870	Ternium SA (ADR)		2,762,361
				10,016,716
Russia: 0.7%
	338,381	Mechel OAO (ADR) *		419,592
South Korea: 7.0%
	78,532	POSCO (ADR)		4,292,559
United Kingdom: 13.3%
	195,908	Rio Tinto Plc (ADR) †		8,110,591
United States: 39.6%
	19,151	A.M. Castle & Co. * †		69,901
	144,519	AK Steel Holding Corp. * †		646,000
	91,382	Allegheny Technologies, Inc.		2,742,374
	42,748	Carpenter Technology Corp.		1,662,042
	124,599	Cliffs Natural Resources, Inc. †		599,321
	95,452	Commercial Metals Co.		1,545,368
	25,157	Gibraltar Industries, Inc. *		412,826
	8,759	Handy & Harman Ltd. *		359,645
	8,422	LB Foster Co.		399,877
	71,844	Nucor Corp.		3,414,745
	47,832	Reliance Steel & Aluminum Co.		2,921,579
	21,773	Schnitzer Steel Industries, Inc. †		345,320
	141,140	Steel Dynamics, Inc.		2,836,914
	53,902	SunCoke Energy, Inc.		805,296
	36,357	TimkenSteel Corp.		962,370
	118,997	United States Steel Corp. †		2,903,527
	55,300	Worthington Industries, Inc.		1,471,533
				24,098,638
Total Common Stocks (Cost: $124,366,227)				60,956,508

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 29.8%
Repurchase Agreements: 29.8%
	$4,306,507	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $4,306,524; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $4,392,637 including accrued interest)		4,306,507

	4,306,507	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $4,306,520; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $4,392,647 including accrued interest)		4,306,507

	4,306,507	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $4,306,525; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $4,392,637 including accrued interest)		4,306,507

	906,579	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $906,582; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $924,711 including accrued interest)		906,579

	4,306,507	Repurchase agreement dated 3/31/15 with Royal Bank of Scotland PLC, 0.12%, due 4/1/15, proceeds $4,306,521; (collateralized by various U.S. government and agency obligations, 0.25% to 8.00%, due 7/31/15 to 2/15/44, valued at $4,392,646 including accrued interest)		4,306,507

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $18,132,607)				18,132,607
Total Investments: 130.0% (Cost: $142,498,834)				79,089,115
Liabilities in excess of other assets: (30.0)%				(18,252,011	)
NET ASSETS: 100.0%			$	60,837,104

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 $16,994,875.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		6.1	%	$	3,721,704
Industrials		1.3			812,703
Materials		92.6			56,422,101
		100.0	%	$	60,956,508

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	60,956,508	$	—	$	—	$	60,956,508
Repurchase Agreements		—		18,132,607		—		18,132,607
Total	$	60,956,508	$	18,132,607	$	—	$	79,089,115

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

There were no transfers between levels during the period ended March 31, 2015.

See Notes to Schedules of Investments

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Canada: 20.9%
	56,751	ARC Resources Ltd. †	$	975,051
	66,123	Athabasca Oil Corp. *		109,639
	28,628	Baytex Energy Corp. (USD) †		452,322
	20,339	Birchcliff Energy Ltd. *		108,882
	25,755	Bonavista Energy Corp. †		129,741
	132,506	Cenovus Energy, Inc. (USD)		2,236,701
	65,288	Crescent Point Energy Corp. (USD) †		1,458,534
	141,888	EnCana Corp. (USD)		1,582,051
	37,134	Enerplus Corp. (USD) †		376,539
	53,296	Husky Energy, Inc.		1,087,802
	32,783	Lightstream Resources Ltd.		23,037
	24,657	MEG Energy Corp. *		398,328
	10,041	Paramount Resources Ltd. *		247,358
	83,987	Pengrowth Energy Corp. (USD)		251,121
	78,889	Penn West Petroleum Ltd. (USD) †		130,167
	23,060	Peyto Exploration & Development Corp. †		618,332
	20,763	PrairieSky Royalty Ltd. †		489,853
	39,737	Surge Energy, Inc. †		91,616
	138,456	Talisman Energy, Inc. (USD)		1,063,342
	29,000	Tourmaline Oil Corp. *		877,671
	42,538	Whitecap Resources, Inc. †		482,310
				13,190,397
United States: 79.5%
	62,166	Anadarko Petroleum Corp.		5,147,967
	10,435	Antero Resources Corp. * †		368,564
	49,672	Apache Corp.		2,996,712
	7,038	Bonanza Creek Energy, Inc. *		173,557
	38,088	BreitBurn Energy Partners LP †		208,722
	46,257	Cabot Oil & Gas Corp.		1,365,969
	40,389	California Resources Corp.		307,360
	6,460	Carrizo Oil & Gas, Inc. *		320,739
	85,262	Chesapeake Energy Corp. †		1,207,310
	12,496	Cimarex Energy Co.		1,438,165
	11,701	Concho Resources, Inc. *		1,356,380
	12,088	Continental Resources, Inc. *		527,883
	38,639	Denbury Resources, Inc. †		281,678
	65,325	Devon Energy Corp.		3,939,751
	6,169	Diamondback Energy, Inc. *		474,026
	8,435	Energen Corp.		556,710
	49,958	EOG Resources, Inc.		4,580,649
	19,424	EQT Corp.		1,609,667
	28,177	EXCO Resources, Inc. †		51,564
	12,533	Gulfport Energy Corp. *		575,390
	49,472	Halcon Resources Corp. * †		76,187
	40,259	Hess Corp.		2,732,378
	12,357	Laredo Petroleum, Inc. * †		161,135
	11,747	Legacy Reserves LP †		118,880
	36,961	Linn Energy, LLC †		408,789
	23,211	LinnCo, LLC †		222,129
	103,595	Marathon Oil Corp.		2,704,866
	10,668	Matador Resources Co. *		233,843
	17,476	Memorial Resource Development Corp. *		310,024
	10,347	National Fuel Gas Co. †		624,235
	18,214	Newfield Exploration Co. *		639,129
	38,411	Noble Energy, Inc.		1,878,298
	5,403	Northern Oil and Gas, Inc. * †		41,657
	13,110	Oasis Petroleum, Inc. * †		186,424
	66,544	Occidental Petroleum Corp.		4,857,712
	16,139	Pioneer Natural Resources Co.		2,638,888
	25,360	QEP Resources, Inc.		528,756
	20,435	Range Resources Corp.		1,063,437
	6,671	Rosetta Resources, Inc. *		113,540
	8,527	SM Energy Co.		440,675
	47,904	Southwestern Energy Co. * †		1,110,894
	16,566	Ultra Petroleum Corp. * †		258,927
	4,678	Unit Corp. *		130,890
	15,116	Vanguard Natural Resources, LLC †		211,322
	24,130	Whiting Petroleum Corp. *		745,617
	25,034	WPX Energy, Inc. *		273,622
				50,201,017
Total Common Stocks (Cost: $85,036,361)				63,391,414

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 14.8%
Repurchase Agreements: 14.8%
	$2,223,365	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $2,223,374; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $2,267,832 including accrued interest)		2,223,365

	2,223,365	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $2,223,372; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $2,267,838 including accrued interest)		2,223,365

	2,223,365	Repurchase agreement dated 3/31/15 with JP Morgan Securities LLC, 0.14%, due 4/1/15, proceeds $2,223,374; (collateralized by various U.S. government and agency obligations, 0.00% to 5.39%, due 4/1/25 to 4/1/45, valued at $2,267,845 including accrued interest)		2,223,365

	2,223,365	Repurchase agreement dated 3/31/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, due 4/1/15, proceeds $2,223,374; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 6/1/15 to 4/1/45, valued at $2,267,832 including accrued interest)		2,223,365

	468,047	Repurchase agreement dated 3/31/15 with Morgan Stanley & Co. LLC , 0.12%, due 4/1/15, proceeds $468,049; (collateralized by various U.S. government and agency obligations, 2.00% to 9.00%, due 11/1/15 to 3/1/45, valued at $477,408 including accrued interest)		468,047

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $9,361,507)				9,361,507
Total Investments: 115.2% (Cost: $94,397,868)				72,752,921
Liabilities in excess of other assets: (15.2)%				(9,579,673	)
NET ASSETS: 100.0%			$	63,173,248

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $9,034,372.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		14.0	%	$	8,897,255
Gas Utilities		1.0			624,235
Integrated Oil & Gas		17.2			10,914,593
Oil & Gas Exploration & Production		67.8			42,955,331
		100.0	%	$	63,391,414

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	63,391,414	$	—	$	—	$	63,391,414
Repurchase Agreements		—		9,361,507		—		9,361,507
Total	$	63,391,414	$	9,361,507	$	—	$	72,752,921

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

There were no transfers between levels during the period ended March 31, 2015.

See Notes to Schedules of Investments

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 0.1%
	17,875	Energy Resources of Australia Ltd. *	$	17,070
	166,016	Paladin Energy Ltd. (CAD) *		47,190
				64,260
Canada: 1.3%
	46,777	Cameco Corp. (USD)		651,604
	51,111	Denison Mines Corp. *		40,760
	11,086	Uranium Energy Corp. (USD) * †		16,629
				708,993
Czech Republic: 0.9%
	21,432	CEZ AS #		523,446
Finland: 1.8%
	49,547	Fortum OYJ #		1,036,812
France: 3.2%
	29,203	Alstom SA * #		897,566
	39,519	Electricite de France SA #		946,496
				1,844,062
India: 1.4%
	29,625	Larsen & Toubro Ltd. (GDR) # Reg S		822,517
Japan: 21.7%
	42,400	Chugoku Electric Power Co., Inc. #		552,743
	508,000	Hitachi Ltd. #		3,469,855
	25,200	Hokkaido Electric Power Co., Inc. * #		198,185
	27,900	Hokuriku Electric Power Co. #		369,217
	168,714	IHI Corp. #		788,927
	31,974	JGC Corp. #		634,977
	140,205	Kajima Corp. #		650,075
	113,400	Kansai Electric Power Co., Inc. * #		1,080,892
	63,000	Kyushu Electric Power Co., Inc. * #		610,440
	448,106	Mitsubishi Heavy Industries Ltd. #		2,465,808
	29,600	Shikoku Electric Power Co., Inc. * #		364,341
	5,300	Taihei Dengyo Kaisha Ltd. #		38,216
	66,800	Tohoku Electric Power Co., Inc. #		758,806
	106,700	Tokyo Electric Power Co., Inc. * #		403,888
	3,800	Toshiba Plant Systems & Services Corp. #		52,360
	14,000	Toyo Engineering Corp. #		36,537
				12,475,267
Netherlands: 1.0%
	12,048	Chicago Bridge & Iron Co. NV (USD) †		593,484
South Korea: 2.6%
	5,639	Doosan Heavy Industries & Construction Co. Ltd. #		143,518
	1,320	KEPCO Engineering & Construction Co., Inc. #		57,389
	63,083	Korea Electric Power Corp. (ADR) *		1,293,201
				1,494,108
United Kingdom: 2.4%
	42,844	AMEC Plc #		573,533
	48,682	Babcock International Group Plc #		710,694
	53,974	Serco Group Plc † #		109,626
				1,393,853
United States: 63.5%
	26,420	Ameren Corp.		1,114,924
	26,250	AMETEK, Inc.		1,379,175
	52,693	Dominion Resources, Inc.		3,734,353
	18,357	DTE Energy Co.		1,481,226
	60,025	Duke Energy Corp.		4,608,719
	14,795	Entergy Corp.		1,146,465
	76,500	Exelon Corp. †		2,571,165
	33,558	FirstEnergy Corp.		1,176,543
	12,343	Flowserve Corp.		697,256
	45,506	NextEra Energy, Inc.		4,734,899
	38,590	PG&E Corp.		2,047,971
	10,572	Pinnacle West Capital Corp.		673,965
	77,940	PPL Corp.		2,623,460
	59,172	Public Service Enterprise Group, Inc.		2,480,490
	3,918	SPX Corp.		332,638
	89,235	The Southern Co.		3,951,326
	50,393	Xcel Energy, Inc.		1,754,180
				36,508,755
Total Common Stocks (Cost: $55,512,022)				57,465,557
RIGHTS: 0.0% (Cost: $62,574)
United Kingdom: 0.0%
	53,974	Serco Group Plc Rights (GBP 0.37, expiring 05/16/15) *		32,851
CLOSED-END FUND: 0.1% (Cost: $38,705)
	8,070	Uranium Participation Corp. *		35,874
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $55,613,301)				57,534,282

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.0%
Repurchase Agreements: 5.0%
	$1,000,000	Repurchase agreement dated 3/31/15 with Citigroup Global Markets, Inc., 0.14%, due 4/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 11.00%, due 8/15/16 to 2/15/55, valued at $1,020,000 including accrued interest)		1,000,000

	1,000,000	Repurchase agreement dated 3/31/15 with HSBC Securities USA, Inc., 0.11%, due 4/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 4/15/15 to 7/15/32, valued at $1,020,002 including accrued interest)		1,000,000

	903,803	Repurchase agreement dated 3/31/15 with Mizuho Securities USA, Inc., 0.15%, due 4/1/15, proceeds $903,807; (collateralized by various U.S. government and agency obligations, 2.00% to 5.00%, due 5/1/44 to 4/1/45, valued at $921,879 including accrued interest)		903,803

Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,903,803)				2,903,803
Total Investments: 105.0% (Cost: $58,517,104)				60,438,085
Liabilities in excess of other assets: (5.0)%				(2,903,380	)
NET ASSETS: 100.0%			$	57,534,705

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,845,094.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $18,296,864 which represents 31.8% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Energy	2.3	%	$	1,346,786
Financials	0.1			35,874
Industrials	18.2			10,443,614
Information Technology	6.0			3,469,855
Utilities	73.4			42,238,153
	100.0	%	$	57,534,282

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	64,260	$	—	$	—	$	64,260
Canada		708,993		—		—		708,993
Czech Republic		—		523,446		—		523,446
Finland		—		1,036,812		—		1,036,812
France		—		1,844,062		—		1,844,062
India		—		822,517		—		822,517
Japan		—		12,475,267		—		12,475,267
Netherlands		593,484		—		—		593,484
South Korea		1,293,201		200,907		—		1,494,108
United Kingdom		—		1,393,853		—		1,393,853
United States		36,508,755		—		—		36,508,755
Closed-End Fund		35,874		—		—		35,874
Rights		32,851		—		—		32,851
Repurchase Agreements		—		2,903,803		—		2,903,803
Total	$	39,237,418	$	21,200,667	$	—	$	60,438,085

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $ 137,822 and transfers from Level 2 to Level 1 were $21,845. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2015 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. 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 March 31, 2015, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF	$	1,601,979,266	$	201,966,563	$	(338,718,942	)	$	(136,752,379	)
Coal ETF		184,537,951		1,168,446		(83,125,524	)		(81,957,078	)
Global Alternative Energy ETF		129,266,083		11,628,349		(34,034,334	)		(22,405,985	)
Gold Miners ETF		10,204,827,799		28,110,792		(3,724,372,670	)		(3,696,261,878	)
Junior Gold Miners ETF		2,406,745,667		65,213,061		(703,140,092	)		(637,927,031	)
Natural Resources ETF		106,820,178		9,202,443		(24,131,329	)		(14,928,886	)
Oil Services ETF		1,844,633,629		—		(583,226,454	)		(583,226,454	)
Rare Earth / Strategic Metals ETF		139,732,393		2,275,415		(75,243,120	)		(72,967,705	)
Solar Energy ETF		35,682,158		4,677,631		(8,864,405	)		(4,186,774	)
Steel ETF		163,737,713		152,906		(84,801,504	)		(84,648,598	)
Unconventional Oil & Gas ETF		98,148,233		226,604		(25,621,916	)		(25,395,312	)
Uranium+Nuclear Energy ETF		58,846,202		4,421,854		(2,829,971	)		1,591,883

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: May 26, 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: May 26, 2015

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

Date: May 26, 2015