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)

666 Third Avenue, New York, N.Y.		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

666 Third Avenue

New York, N.Y. 10017

(Name and address of agent for service)

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

Date of fiscal year end:	December 31,
Date of reporting period:	September 30, 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

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Australia: 2.7%
	5,039,251	Incitec Pivot Ltd. #	$	13,896,324
	660,329	Nufarm Ltd. #		3,794,966
	1,822,129	Treasury Wine Estates Ltd. #		8,447,442
				26,138,732
Brazil: 0.1%
	703,484	Rumo Logistica Operadora Multimodal SA *		1,061,776
Canada: 8.2%
	410,457	Agrium, Inc. (USD) †		36,735,902
	2,008,539	Potash Corp. of Saskatchewan, Inc. (USD)		41,275,476
				78,011,378
Chile: 0.3%
	189,144	Sociedad Quimica y Minera de Chile SA (ADR)		2,750,154
China / Hong Kong: 2.9%
	4,456,000	China BlueChemical Ltd. #		1,196,463
	16,145,000	China Huishan Dairy Holdings Co. Ltd. † #		5,833,632
	9,588,000	Goldin Financial Holdings Ltd. * † #		20,532,443
				27,562,538
Denmark: 0.5%
	142,332	Bakkafrost P/F (NOK) #		4,540,552
Germany: 2.6%
	733,599	K+S AG #		24,589,408
Indonesia: 0.6%
	1,207,876	Astra Agro Lestari Tbk PT #		1,498,452
	27,652,900	Charoen Pokphand Indonesia Tbk PT #		3,786,501
				5,284,953
Israel: 1.1%
	1,954,843	Israel Chemicals Ltd. (USD)		10,008,796
Japan: 6.6%
	3,580,130	Kubota Corp. #		49,353,530
	646,000	Nippon Meat Packers, Inc. #		13,204,869
				62,558,399
Malaysia: 2.7%
	6,171,900	Felda Global Ventures Holdings Bhd #		2,108,168
	10,909,855	IOI Corp. Bhd #		10,097,278
	1,427,270	Kuala Lumpur Kepong Bhd #		7,050,451
	1,911,900	PPB Group Bhd #		6,715,187
				25,971,084
Netherlands: 1.1%
	418,759	OCI NV * #		10,730,990
Norway: 3.6%
	1,035,015	Marine Harvest ASA (ADR) †		13,072,239
	527,150	Yara International ASA #		20,987,993
				34,060,232
Russia: 1.5%
	491,402	PhosAgro OAO (GDR) # Reg S		6,798,855
	517,628	Uralkali OJSC (GDR) #		7,690,012
				14,488,867
Singapore: 2.1%
	1,884,800	First Resources Ltd. † #		2,173,950
	21,475,345	Golden Agri-Resources Ltd. #		4,995,755
	7,042,751	Wilmar International Ltd. #		12,753,595
				19,923,300
South Africa: 0.3%
	331,411	Tongaat Hulett Ltd. #		2,592,902
Switzerland: 8.0%
	1,192,395	Syngenta AG (ADR)		76,050,953

Taiwan: 0.4%
	2,924,000	Taiwan Fertilizer Co. Ltd. #		3,652,583
Thailand: 1.1%
	18,993,336	Charoen Pokphand Foods (NVDR) #		10,853,713
Ukraine: 0.2%
	167,979	Kernel Holding SA #		1,992,541
United Kingdom: 2.1%
	3,077,858	CNH Industrial NV (USD) †		20,067,634
United States: 51.4%
	143,613	AGCO Corp.		6,696,674
	75,133	Andersons, Inc.		2,559,030
	1,667,311	Archer-Daniels-Midland Co.		69,110,041
	73,575	Balchem Corp.		4,471,153
	452,080	Bunge Ltd.		33,137,464
	660,982	CF Industries Holdings, Inc.		29,678,092
	836,473	Deere & Co.		61,899,002
	337,969	FMC Corp.		11,460,529
	197,457	IDEXX Laboratories, Inc. *		14,661,182
	878,568	Monsanto Co.		74,976,993
	852,870	Mosaic Co.		26,532,786
	94,256	Neogen Corp. *		4,240,577
	248,799	Pilgrim’s Pride Corp. †		5,170,043
	153,338	Toro Co.		10,816,463
	390,424	Tractor Supply Co.		32,920,552
	979,863	Tyson Foods, Inc.		42,232,095
	1,397,887	Zoetis, Inc.		57,564,987
				488,127,663
Total Common Stocks (Cost: $1,162,972,809)				951,019,148
MONEY MARKET FUND: 0.0% (Cost: $265,338)
	265,338	Dreyfus Government Cash Management Fund		265,338
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $1,163,238,147)				951,284,486

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 8.6%
Repurchase Agreements: 8.6%
$	19,422,452	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $19,422,511; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $19,810,925 including accrued interest)	$	19,422,452
	19,422,452	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $19,422,517; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $19,810,901 including accrued interest)		19,422,452
	19,422,452	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.10%, due 10/1/15, proceeds $19,422,506; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/15/15 to 7/15/37, valued at $19,810,908 including accrued interest)		19,422,452
	19,422,452	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $19,422,528; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $19,810,901 including accrued interest)		19,422,452
	4,088,749	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $4,088,759; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $4,170,538 including accrued interest)		4,088,749
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $81,778,557)				81,778,557
Total Investments: 108.7% (Cost: $1,245,016,704)				1,033,063,043
Liabilities in excess of other assets: (8.7)%				(82,617,866	)
NET ASSETS: 100.0%			$	950,445,177

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NOK	Norwegian Krone
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 $79,837,015.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $261,868,555 which represents 27.6% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		3.5	%	$	32,920,552
Consumer Staples		27.7			263,925,900
Financials		2.2			20,532,443
Health Care		8.0			76,466,746
Industrials		15.8			149,895,079
Materials		42.8			407,278,428
Money Market Fund		0.0			265,338
		100.0	%	$	951,284,486

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	26,138,732	$	—	$	26,138,732
Brazil		1,061,776		—		—		1,061,776
Canada		78,011,378		—		—		78,011,378
Chile		2,750,154		—		—		2,750,154
China / Hong Kong		—		27,562,538		—		27,562,538
Denmark		—		4,540,552		—		4,540,552
Germany		—		24,589,408		—		24,589,408
Indonesia		—		5,284,953		—		5,284,953
Israel		10,008,796		—		—		10,008,796
Japan		—		62,558,399		—		62,558,399
Malaysia		—		25,971,084		—		25,971,084
Netherlands		—		10,730,990		—		10,730,990
Norway		13,072,239		20,987,993		—		34,060,232
Russia		—		14,488,867		—		14,488,867
Singapore		—		19,923,300		—		19,923,300
South Africa		—		2,592,902		—		2,592,902
Switzerland		76,050,953		—		—		76,050,953
Taiwan		—		3,652,583		—		3,652,583
Thailand		—		10,853,713		—		10,853,713
Ukraine		—		1,992,541		—		1,992,541
United Kingdom		20,067,634		—		—		20,067,634
United States		488,127,663		—		—		488,127,663
Money Market Fund		265,338		—		—		265,338
Repurchase Agreements		—		81,778,557		—		81,778,557
Total	$	689,415,931	$	343,647,112	$	—	$	1,033,063,043

During the period ended September 30, 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 September 30, 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 September 30, 2015	$	—

Transfers from Level 3 to Level 1 resulted primarily from security resuming trading activity.

See Notes to Schedules of Investments

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Australia: 11.2%
	1,316,886	Aurizon Holdings Ltd. #	$	4,654,676
	608,320	New Hope Corp. Ltd. #		756,142
	869,642	Whitehaven Coal Ltd. * #		552,195
				5,963,013
Canada: 11.4%
	603,471	Teck Cominco Ltd. (USD)		2,896,661
	167,992	Westshore Terminals Investment Corp.		3,182,663
				6,079,324
China / Hong Kong: 19.0%
	6,608,095	China Coal Energy Co. Ltd. #		2,681,704
	2,700,408	China Shenhua Energy Co. Ltd. #		4,147,520
	9,396,067	Fushan International Energy Group Ltd. #		1,169,295
	467,783	Yanzhou Coal Mining Co. Ltd. (ADR)		2,067,601
				10,066,120
Indonesia: 15.0%
	61,614,215	Adaro Energy Tbk PT #		2,259,531
	1,523,552	Indo Tambangraya Megah Tbk PT #		1,032,029
	2,574,300	Tambang Batubara Bukit Asam Tbk PT #		991,434
	3,063,500	United Tractors Tbk PT #		3,667,350
				7,950,344
Philippines: 5.3%
	963,230	Semirara Mining and Power Corp. #		2,806,387
Poland: 2.6%
	91,728	Lubelski Wegiel Bogdanka SA #		1,369,267
South Africa: 3.8%
	524,266	Exxaro Resources Ltd. #		1,998,401
Thailand: 6.6%
	6,406,300	Banpu PCL (NVDR) #		3,533,709
United States: 24.8%
	75,255	Alliance Holdings GP LP		2,329,895
	107,633	Alliance Resource Partners LP		2,395,911
	157,544	Cloud Peak Energy, Inc. *		414,341
	201,728	Consol Energy, Inc.		1,976,934
	34,208	FreightCar America, Inc.		587,009
	144,633	Joy Global, Inc.		2,159,371
	351,246	Natural Resource Partners LP		892,165
	718,097	Peabody Energy Corp.		990,974
	181,048	SunCoke Energy, Inc.		1,408,553
				13,155,153
Total Common Stocks (Cost: $140,242,322)				52,921,718
MONEY MARKET FUND: 0.3% (Cost: $140,709)
	140,709	Dreyfus Government Cash Management Fund		140,709
Total Investments: 100.0% (Cost: $140,383,031)				53,062,427
Other assets less liabilities: 0.0%				24,194
NET ASSETS: 100.0%			$	53,086,621

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

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $31,619,640 which represents 59.6% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments		Value
Energy	62.6	%	$	33,196,140
Industrials	26.8			14,251,069
Materials	10.3			5,474,509
Money Market Fund	0.3			140,709
	100.0	%	$	53,062,427

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	5,963,013	$	—	$	5,963,013
Canada		6,079,324		—		—		6,079,324
China / Hong Kong		2,067,601		7,998,519		—		10,066,120
Indonesia		—		7,950,344		—		7,950,344
Philippines		—		2,806,387		—		2,806,387
Poland		—		1,369,267		—		1,369,267
South Africa		—		1,998,401		—		1,998,401
Thailand		—		3,533,709		—		3,533,709
United States		13,155,153		—		—		13,155,153
Money Market Fund		140,709		—		—		140,709
Total	$	21,442,787	$	31,619,640	$	—	$	53,062,427

There were no transfers between levels during the period ended September 30, 2015.

See Notes to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.7%
Austria: 0.8%
	44,689	Verbund - Oesterreichische Elektrizis AG †	$	592,124
Brazil: 0.8%
	215,888	Cosan Ltd. (Class A) (USD)		623,916
Canada: 1.2%
	54,311	Canadian Solar, Inc. (USD) * †		902,649
China / Hong Kong: 12.9%
	4,073,000	China Longyuan Power Group Corp. Ltd. #		4,405,280
	430,200	Dongfang Electric Corp. Machinery Co. Ltd. #		443,466
	13,730,000	GCL-Poly Energy Holdings Ltd. * #		2,659,705
	38,279	JinkoSolar Holding Co. Ltd. (ADR) * †		839,841
	88,252	Trina Solar Ltd. (ADR) * †		791,620
	577,000	Xinjiang Goldwind Science & Technology Co. Ltd. #		1,002,990
				10,142,902
Denmark: 10.2%
	153,679	Vestas Wind Systems A/S #		7,982,569
Germany: 3.4%
	78,762	Nordex SE * #		2,149,742
	12,522	SMA Solar Technology AG * † #		541,641
				2,691,383
Italy: 4.5%
	1,890,127	Enel Green Power SpA #		3,570,284
Japan: 3.8%
	141,904	Kurita Water Industries Ltd. #		3,017,829
Philippines: 1.6%
	10,893,300	Energy Development Corp. #		1,283,959
Spain: 7.1%
	256,025	EDP Renovaveis SA #		1,680,783
	279,392	Gamesa Corp. Tecnologica SA #		3,874,480
				5,555,263
United States: 53.4%
	152,109	Covanta Holding Corp.		2,654,302
	132,738	Cree, Inc. * †		3,216,242
	148,120	Eaton Corp. Plc		7,598,556
	59,644	EnerSys, Inc.		3,195,726
	97,114	First Solar, Inc. *		4,151,624
	42,544	Green Plains Renewable Energy, Inc.		827,906
	49,622	Itron, Inc. *		1,583,438
	36,954	Power Integrations, Inc.		1,558,350
	79,400	Solarcity Corp. * †		3,391,174
	401,922	SunEdison, Inc. * †		2,885,800
	74,819	Sunpower Corp. * †		1,499,373
	33,298	Tesla Motors, Inc. * †		8,271,223
	52,920	Veeco Instruments, Inc. *		1,085,389
				41,919,103
Total Common Stocks (Cost: $93,542,955)				78,281,981
MONEY MARKET FUND: 0.3% (Cost: $234,596)
	234,596	Dreyfus Government Cash Management Fund		234,596
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $93,777,551)
				78,516,577

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 26.7%
Repurchase Agreements: 26.7%
$	4,981,922	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $4,981,937; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $5,081,567 including accrued interest)	$	4,981,922
	4,981,922	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $4,981,939; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $5,081,560 including accrued interest)		4,981,922
	4,981,922	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.10%, due 10/1/15, proceeds $4,981,936; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/15/15 to 7/15/37, valued at $5,081,562 including accrued interest)		4,981,922
	4,981,922	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $4,981,941; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $5,081,560 including accrued interest)		4,981,922
	1,048,781	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $1,048,784; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $1,069,760 including accrued interest)		1,048,781
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $20,976,469)				20,976,469
Total Investments: 126.7% (Cost: $114,754,020)				99,493,046
Liabilities in excess of other assets: (26.7)%				(20,985,617	)
NET ASSETS: 100.0%			$	78,507,429

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 $21,082,429.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $32,612,728 which represents 41.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		10.5	%	$	8,271,223
Energy		1.8			1,451,822
Industrials		45.0			35,310,834
Information Technology		27.7			21,715,672
Utilities		14.7			11,532,430
Money Market Fund		0.3			234,596
		100.0	%	$	78,516,577

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	592,124	$	—	$	—	$	592,124
Brazil		623,916		—		—		623,916
Canada		902,649		—		—		902,649
China / Hong Kong		1,631,461		8,511,441		—		10,142,902
Denmark		—		7,982,569		—		7,982,569
Germany		—		2,691,383		—		2,691,383
Italy		—		3,570,284		—		3,570,284
Japan		—		3,017,829		—		3,017,829
Philippines		—		1,283,959		—		1,283,959
Spain		—		5,555,263		—		5,555,263
United States		41,919,103		—		—		41,919,103
Money Market Fund		234,596		—		—		234,596
Repurchase Agreements		—		20,976,469		—		20,976,469
Total	$	45,903,849	$	53,589,197	$	—	$	99,493,046

During the period ended September 30, 2015, transfers of securities from Level 2 to Level 1 were $ 867,504. 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

GOLD MINERS ETF

SCHEDULES OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 10.0%
	100,267,893	Evolution Mining Ltd. ‡ #	$	89,359,137
	28,494,643	Newcrest Mining Ltd. * #		256,544,875
	41,930,776	Northern Star Resources Ltd. ‡ † #		79,476,440
	21,207,300	OceanaGold Corp. ‡ † #		32,185,728
				457,566,180
Canada: 52.0%
	9,913,524	Agnico-Eagle Mines Ltd. (USD) †		251,010,428
	17,870,871	Alamos Gold, Inc. (USD) ‡		65,943,514
	64,744,679	B2GOLD Corp. (USD) ‡ * †		67,981,913
	38,605,617	Barrick Gold Corp. (USD)		245,531,724
	16,533,256	Centerra Gold, Inc. ‡		92,981,838
	11,930,732	Detour Gold Corp. ‡ *		126,631,100
	50,083,878	Eldorado Gold Corp. (USD) ‡		161,270,087
	5,450,511	Franco-Nevada Corp. (USD) †		239,931,494
	27,518,570	Goldcorp, Inc. (USD)		344,532,496
	27,355,615	IAMGOLD Corp. (USD) ‡ * †		44,589,653
	80,115,957	Kinross Gold Corp. (USD) ‡ *		137,799,446
	35,581,169	New Gold, Inc. (USD) ‡ *		80,769,254
	6,593,189	Osisko Gold Royalties Ltd. ‡		69,339,871
	10,598,698	Pan American Silver Corp. (USD) ‡ †		67,301,732
	20,554,324	Semafo, Inc. ‡ *		44,306,703
	18,865,665	Silver Wheaton Corp. (USD)		226,576,637
	66,151,231	Yamana Gold, Inc. (USD) ‡		112,457,093
				2,378,954,983
China / Hong Kong: 4.1%
	1,856,472,000	G-Resources Group Ltd. ‡ #		48,353,957
	61,114,500	Zhaojin Mining Industry Co. Ltd. ‡ † #		32,113,641
	403,322,000	Zijin Mining Group Ltd. ‡ † #		105,808,164
				186,275,762
Peru: 2.3%
	17,836,969	Cia de Minas Buenaventura SA (ADR) ‡		106,308,335
South Africa: 9.6%
	26,777,587	AngloGold Ashanti Ltd. (ADR) ‡ *		219,308,438
	54,384,011	Gold Fields Ltd. (ADR) ‡		144,661,469
	15,984,874	Sibanye Gold Ltd. (ADR) ‡		74,169,815
				438,139,722
United Kingdom: 6.5%
	80,523,337	Cenatamin Plc ‡ #		74,371,155
	3,803,282	Randgold Resources Ltd. (ADR)		224,735,933
				299,107,088
United States: 15.5%
	20,336,476	Alacer Gold Corp. (CAD) ‡ *		45,657,338
	26,391,278	Hecla Mining Co. ‡		51,990,818
	17,536,690	Newmont Mining Corp.		281,814,608
	4,464,939	Royal Gold, Inc. ‡		209,762,834
	15,655,820	Tahoe Resources, Inc. ‡ †		121,176,047
				710,401,645
Total Common Stocks (Cost: $8,531,324,065)				4,576,753,715
MONEY MARKET FUND: 0.0% (Cost: $1,859,569)
	1,859,569	Dreyfus Government Cash Management Fund		1,859,569
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $8,533,183,634)				4,578,613,284

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.9%
Repurchase Agreements: 0.9%
$	9,708,278	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $9,708,308; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $9,902,456 including accrued interest)	$	9,708,278
	9,708,278	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $9,708,310; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $9,902,444 including accrued interest)		9,708,278
	9,708,278	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.10%, due 10/1/15, proceeds $9,708,305; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/15/15 to 7/15/37, valued at $9,902,447 including accrued interest)		9,708,278
	9,708,278	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $9,708,316; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $9,902,444 including accrued interest)		9,708,278
	2,043,744	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $2,043,749; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $2,084,626 including accrued interest)		2,043,744
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $40,876,856)				40,876,856
Total Investments: 100.9% (Cost: $8,574,060,490)				4,619,490,140
Liabilities in excess of other assets: (0.9)%				(40,230,063	)
NET ASSETS: 100.0%			$	4,579,260,077


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 $38,732,683.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $718,213,097 which represents 15.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gold		89.8	%	$	4,109,708,481
Precious Metals & Minerals		2.6			121,176,047
Silver		7.6			345,869,187
Money Market Fund		0.0			1,859,569
		100.0	%	$	4,578,613,284

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2015 is set forth below:

Affiliates	Value 12/31/14		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/15
Alacer Gold Corp.	$	35,854,750	$	24,183,988	$	(17,917,985	)	$	(826,223	)	$	—	$	45,657,338
Alamos Gold, Inc.		55,054,167		139,026,103		(75,513,641	)		(66,357,245	)		5,737,374		65,943,514
AngloGold Ashanti Ltd.		213,905,978		136,263,692		(105,729,582	)		(112,426,220	)		—		219,308,438
AuRico Gold, Inc.		49,623,717		24,089,509		(66,753,222	)		(32,125,022	)		584,927		—
B2GOLD Corp.		90,268,950		56,668,819		(37,757,972	)		(10,217,978	)		—		67,981,913
Cenatamin Plc		64,162,567		41,558,999		(30,305,981	)		3,758,269			2,324,941		74,371,155
Centerra Gold, Inc.		74,741,382		48,677,808		(35,205,787	)		(1,006,787	)		1,538,738		92,981,838
Cia de Minas Buenaventura SA		159,759,741		95,002,102		(76,867,908	)		(70,958,626	)		—		106,308,335
Coeur d’Alene Mines Corp.		32,050,319		27,745,493		(38,447,592	)		(75,688,680	)		—		—
Detour Gold Corp.		78,405,696		71,796,072		(47,581,143	)		4,274,572			—		126,631,100
Eldorado Gold Corp.		235,952,883		149,208,164		(83,133,784	)		(70,859,153	)		699,165		161,270,087
Evolution Mining Ltd.		—		102,573,632		(7,221,371	)		(601,703	)		458,518		89,359,137
First Majestic Silver Corp.		35,768,464		20,770,256		(39,371,806	)		(70,732,304	)		—		—
Gold Fields Ltd.		212,936,056		120,118,537		(75,843,458	)		(50,161,725	)		1,069,268		144,661,469
G-Resources Group Ltd.		38,016,881		30,024,267		(23,388,328	)		2,387,311			1,183,885		48,353,957
Harmony Gold Mining Co. Ltd.		49,971,160		28,587,216		(41,144,163	)		(120,337,650	)		—		—
Hecla Mining Co.		62,161,127		41,323,561		(28,228,956	)		(10,163,105	)		189,112		51,990,818
IAMGOLD Corp.		61,699,863		34,019,986		(21,751,137	)		(21,006,398	)		—		44,589,653
Kinross Gold Corp.		195,679,481		108,665,076		(69,223,406	)		(140,768,821	)		—		137,799,446
New Gold, Inc.		131,532,502		65,719,583		(41,818,685	)		(33,023,624	)		—		80,769,254
Northern Star Resources Ltd.		—		104,394,688		(26,767,231	)		(714,681	)		1,534,483		79,476,440
OceanaGold Corp.		30,704,143		22,954,687		(16,700,184	)		(128,302	)		881,456		32,185,728
Osisko Gold Royalties Ltd.		—		110,380,473		(20,880,538	)		(765,067	)		436,224		69,339,871
Pan American Silver Corp.		84,506,674		52,695,968		(36,080,949	)		(13,217,935	)		2,385,871		67,301,732
Primero Mining Corp.		37,245,005		20,375,987		(43,282,112	)		(41,180,820	)		—		—
Rio Alto Mining Ltd.		48,992,680		11,084,553		(54,953,721	)		546,229			—		—
Royal Gold, Inc.		231,210,200		132,519,757		(75,823,544	)		(4,074,625	)		2,966,948		209,762,834
Semafo, Inc.		43,279,325		35,177,516		(22,549,760	)		(2,755,605	)		—		44,306,703
Sibanye Gold Ltd.		103,070,198		69,887,732		(44,910,959	)		2,900,742			—		74,169,815
Tahoe Resources, Inc.		—		227,014,585		(27,091,087	)		(2,478,563	)		902,157		121,176,047
Yamana Gold, Inc.		214,666,726		130,895,479		(80,440,959	)		(104,004,635	)		3,036,251		112,457,093
Zhaojin Mining Industry Co. Ltd.		26,600,864		19,117,028		(14,287,580	)		(1,004,267	)		508,313		32,113,641
Zijin Mining Group Ltd.		100,106,563		67,379,442		(55,346,372	)		6,362,833			5,528,150		105,808,164
	$	2,797,928,062	$	2,369,900,758	$	(1,482,320,903	)	$	(1,037,355,808	)	$	31,965,781	$	2,506,075,520

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	457,566,180	$	—	$	457,566,180
Canada		2,378,954,983		—		—		2,378,954,983
China / Hong Kong		—		186,275,762		—		186,275,762
Peru		106,308,335		—		—		106,308,335
South Africa		438,139,722		—		—		438,139,722
United Kingdom		224,735,933		74,371,155		—		299,107,088
United States		710,401,645		—		—		710,401,645
Money Market Fund		1,859,569		—		—		1,859,569
Repurchase Agreements		—		40,876,856		—		40,876,856
Total	$	3,860,400,187	$	759,089,953	$	—	$	4,619,490,140

There were no transfers between levels during the period ended September 30, 2015.

See Notes to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 16.7%
	55,696,822	Beadell Resources Ltd. ‡ † #	$	5,526,486
	61,536,055	Evolution Mining Ltd. #		54,841,172
	14,586,419	Kingsgate Consolidated Ltd. ‡ * † #		7,425,154
	34,180,859	Northern Star Resources Ltd. ‡ #		64,787,091
	17,535,751	OceanaGold Corp. (CAD) ‡ †		25,505,120
	27,700,861	Regis Resources Ltd. ‡ † #		35,051,969
	25,498,430	Resolute Mining Ltd. * #		5,593,509
	41,009,361	Saracen Mineral Holdings Ltd. ‡ * † #		14,539,089
				213,269,590
Canada: 60.1%
	16,834,050	Alamos Gold, Inc. (USD) ‡		62,117,644
	7,569,299	Argonaut Gold, Inc. *		7,678,263
	10,644,374	Asanko Gold, Inc. ‡ * †		15,481,860
	8,843,276	Centerra Gold, Inc.		49,733,946
	6,884,699	Continental Gold, Inc. ‡ * †		8,473,002
	6,111,237	Dundee Precious Metals, Inc. * †		9,936,971
	6,960,054	Endeavour Silver Corp. (USD) ‡ * †		10,788,084
	7,879,674	First Majestic Silver Corp. (USD) ‡ * †		25,214,957
	7,546,475	Fortuna Silver Mines, Inc. (USD) ‡ *		16,451,315
	6,688,267	Guyana Goldfields, Inc. *		17,859,324
	25,235,777	IAMGOLD Corp. (USD) ‡ * †		41,134,316
	4,637,668	Kirkland Lake Gold, Inc. ‡ *		19,198,223
	29,802,450	Lake Shore Gold Corp. ‡ *		24,896,505
	2,596,363	MAG Silver Corp. * †		18,397,440
	13,768,402	McEwen Mining, Inc. (USD) ‡ †		12,043,221
	11,917,770	Novagold Resources, Inc. (USD) * †		43,023,150
	5,091,337	Osisko Gold Royalties Ltd. ‡ †		53,545,052
	8,854,698	Pan American Silver Corp. (USD) ‡		56,227,332
	10,617,841	Premier Gold Mines Ltd. ‡ * †		17,819,156
	6,400,771	Pretium Resources, Inc. (USD) ‡ * †		38,724,665
	7,678,108	Primero Mining Corp. (USD) *		17,889,992
	66,344,042	Romarco Minerals, Inc. ‡ *		23,257,776
	21,902,241	Rubicon Minerals Corp. (USD) ‡ *		16,433,251
	7,623,700	Sandstorm Gold Ltd. (USD) ‡ * †		20,355,279
	2,672,939	Seabridge Gold, Inc. (USD) ‡ * †		15,503,046
	16,760,033	Semafo, Inc. ‡ *		36,127,766
	5,511,588	Silver Standard Resources, Inc. (USD) ‡ * †		35,935,554
	11,022,327	Silvercorp Metals, Inc. ‡ †		6,988,124
	3,539,254	Sulliden Mining Capital, Inc. ‡ *		488,373
	20,899,888	Teranga Gold Corp. ‡ *		8,417,945
	43,570,540	Torex Gold Resources, Inc. ‡ * †		40,622,939
				770,764,471
Cayman Islands: 0.9%
	28,502,039	Endeavour Mining Corp. (CAD) ‡ *		11,692,490
China / Hong Kong: 6.4%
	18,132,827	China Gold International Resources Corp. Ltd. (CAD) * †		25,697,301
	248,126,000	China Precious Metal Resources Holdings Co. Ltd. ‡ * † #		9,826,911
	68,224,000	China Silver Group Ltd. ‡ #		16,793,014
	1,135,911,000	G-Resources Group Ltd. #		29,586,113
	19,287,400	Real Gold Mining Ltd. * # §		—
				81,903,339
South Africa: 1.2%
	25,515,394	Harmony Gold Mining Co. Ltd. (ADR) ‡ *		15,385,783
Turkey: 1.6%
	2,872,736	Koza Altin Isletmeleri AS † #		20,848,087
United Kingdom: 4.9%
	60,460,444	Cenatamin Plc ‡ #		55,841,117
	8,279,147	Highland Gold Mining Ltd. #		6,534,867
	38,603,767	Patagonia Gold Plc #		804,090
				63,180,074
United States: 8.1%
	14,188,005	Alacer Gold Corp. (CAD) ‡ * †		31,853,431
	7,716,942	Coeur d’Alene Mines Corp. ‡ * †		21,761,776
	3,572,778	Gold Resource Corp. ‡ †		9,039,128
	20,957,500	Hecla Mining Co. ‡ †		41,286,275
	71,691	Paramount Gold Nevada Corp. * †		82,445
				104,023,055
Total Common Stocks (Cost: $1,781,453,325)				1,281,066,889

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.8%
Repurchase Agreements: 5.8%
$	17,795,058	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $17,795,112; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $18,150,982 including accrued interest)	$	17,795,058
	17,795,058	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $17,795,117; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $18,150,959 including accrued interest)		17,795,058
	17,795,058	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.10%, due 10/1/15, proceeds $17,795,107; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/15/15 to 7/15/37, valued at $18,150,966 including accrued interest)		17,795,058
	17,795,058	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $17,795,127; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $18,150,959 including accrued interest)		17,795,058
	3,746,170	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $3,746,179; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $3,821,106 including accrued interest)		3,746,170
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $74,926,402)				74,926,402
Total Investments: 105.7% (Cost: $1,856,379,727)				1,355,993,291
Liabilities in excess of other assets: (5.7)%				(73,579,088	)
NET ASSETS: 100.0%			$	1,282,414,203

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 $69,974,755.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $327,998,669 which represents 25.6% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $ which represents 0.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gold		39.8	%	$	509,741,668
Materials		53.0			678,670,068
Precious Metals & Minerals		0.8			10,741,061
Silver		6.4			81,914,092
		100.0	%	$	1,281,066,889

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2015 is set forth below:

Affiliates	Value 12/31/14			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/15
Alacer Gold Corp.	$	30,975,520		$	13,476,266	$	(15,085,899	)	$	(82,708	)	$	—	$	—	(b)
(b)Alamos Gold, Inc.		52,094,504			111,631,614		(57,488,519	)		(14,798,350	)		4,275,190		62,117,644
Allied Nevada Gold Corp.		6,202,778			1,000,254		(1,000,076	)		(28,088,934	)		—		—
Argonaut Gold, Inc.		15,455,253			4,405,924		(6,743,287	)		(12,174,627	)		—		—	(b)
Asanko Gold, Inc.		17,401,087			7,995,262		(8,484,375	)		(2,214,643	)		—		15,481,860
AuRico Gold, Inc.		58,337,962			10,931,870		(63,000,919	)		(6,166,827	)		607,291		—
Beadell Resources Ltd.		8,822,317			3,808,389		(2,149,585	)		(1,971,053	)		434,263		5,526,486
Cenatamin Plc		80,951,255			20,488,679		(42,529,880	)		(2,650,979	)		1,895,700		55,841,117
China Precious Metal Resources Holdings Co. Ltd.		—	(a)		5,815,728		(6,097,792	)		(2,137,599	)		—		9,826,911
China Silver Group Ltd.		—	(a)		25,719,854		(6,884,019	)		2,290,107			277,469		16,793,014
Coeur d’Alene Mines Corp.		33,543,936			13,983,031		(14,816,297	)		(2,649,862	)		—		21,761,776
Continental Gold Ltd.		11,300,658			2,187,538		(15,365,866	)		(11,365,090	)		—		—
Continental Gold, Inc.		—			15,405,257		(2,968,467	)		252,967			—		8,473,002
DRDGOLD Ltd.		5,192,261			1,949,181		(6,639,659	)		(6,305,775	)		—		—
Endeavour Mining Corp.		11,464,177			3,774,758		(5,075,491	)		(1,887,436	)		—		11,692,490
Endeavour Silver Corp.		16,274,609			4,702,434		(5,376,873	)		(5,464,877	)		—		10,788,084
First Majestic Silver Corp.		48,717,167			12,682,478		(22,211,190	)		(1,154,395	)		—		25,214,957
Fortuna Silver Mines, Inc.		31,743,506			8,641,667		(6,122,197	)		(977,644	)		—		16,451,315
Gold Resource Corp.		12,415,889			4,230,606		(4,428,255	)		(2,274,247	)		310,722		9,039,128
Great Panther Silver Ltd.		6,415,211			1,178,718		(4,375,030	)		(8,824,585	)		—		—
Harmony Gold Mining Co. Ltd.		47,284,787			14,040,019		(10,807,086	)		(3,809,274	)		—		15,385,783
Hecla Mining Co.		75,112,771			18,450,207		(38,004,495	)		1,404,812			181,015		41,286,275
IAMGOLD Corp.		84,036,193			19,419,876		(28,440,214	)		(8,405,361	)		—		41,134,316
Kingsgate Consolidated Ltd.		8,402,461			2,426,492		(3,010,598	)		(1,237,157	)		—		7,425,154
Kirkland Lake Gold, Inc.		10,691,953			9,235,969		(5,993,443	)		1,033,350			—		19,198,223
Lake Shore Gold Corp.		21,023,120			8,638,527		(11,291,738	)		1,578,561			—		24,896,505
McEwen Mining, Inc.		15,121,820			5,500,430		(4,652,669	)		(3,959,558	)		63,925		12,043,221
Medusa Mining Ltd.		6,717,260			3,371,047		(6,835,381	)		(18,704,742	)		—		—
Midway Gold Corp.		8,325,992			1,320,460		(1,098,946	)		(11,196,134	)		—		—
Northern Star Resources Ltd.		47,886,864			18,008,156		(29,002,816	)		8,758,746			1,310,354		64,787,091
OceanaGold Corp.		38,366,189			11,165,144		(20,293,791	)		(3,527,889	)		949,827		25,505,120
Osisko Gold Royalties Ltd.		—			110,264,760		(42,512,116	)		174,667			364,679		53,545,052
Pan American Silver Corp.		—			84,743,463		(4,323,796	)		(1,559,536	)		382,857		56,227,332
Paramount Gold and Silver Corp.		10,774,185			1,839,139		(4,531,870	)		(1,428,645	)		712,041		—
Perseus Mining Ltd.		7,266,429			2,831,930		(10,993,114	)		(7,052,078	)		—		—
Premier Gold Mines Ltd.		17,606,006			6,414,242		(6,791,103	)		(1,227,498	)		—		17,819,156
Pretium Resources, Inc.		42,922,393			20,670,145		(24,072,718	)		(2,791,509	)		—		—	(b)
Primero Mining Corp.		34,708,865			10,292,066		(15,464,273	)		(6,163,118	)		—		—	(b)
Regis Resources Ltd.		49,556,231			14,510,529		(14,899,253	)		(6,979,372	)		1,162,771		35,051,969
Rio Alto Mining Ltd.		54,084,299			7,787,369		(63,615,488	)		870,671			—		—
Romarco Minerals, Inc.		17,003,244			29,952,699		(16,546,548	)		(9,865,722	)		—		23,257,776
Rubicon Minerals Corp.		22,806,787			6,271,651		(7,814,811	)		(2,238,522	)		—		16,433,251
Sandstorm Gold Ltd.		25,036,203			8,056,823		(6,594,772	)		(2,797,052	)		—		20,355,279
Saracen Mineral Holdings Ltd.		10,229,869			3,869,961		(7,268,111	)		567,813			—		14,539,089
Seabridge Gold, Inc.		21,592,909			6,955,347		(6,841,834	)		(2,952,703	)		—		15,503,046
Semafo, Inc.		42,813,604			13,426,254		(12,371,675	)		293,755			—		36,127,766
Silver Lake Resources Ltd.		5,853,241			1,259,031		(5,116,450	)		(13,500,851	)		—		—
Silver Standard Resources, Inc.		26,700,369			13,599,902		(13,203,438	)		493,363			—		35,935,554
Silvercorp Metals, Inc.		16,413,426			4,346,816		(5,676,761	)		(6,813,236	)		96,459		6,988,124
Sulliden Mining Capital, Inc.		1,283,390			—		—			—			—		488,373
Tanzanian Royalty Exploration Corp.		4,856,646			556,257		(4,297,671	)		(14,311,347	)		—		—
Teranga Gold Corp.		8,191,876			3,685,294		(4,194,255	)		(170,290	)		—		8,417,945
Timmins Gold Corp.		9,526,798			8,209,718		(5,617,140	)		(17,747,388	)		—		—
Torex Gold Resources, Inc.		50,726,173			14,295,543		(14,862,643	)		(7,584,957	)		—		40,622,939
Troy Resources Ltd.		4,469,637			3,714,325		(6,223,745	)		(9,773,194	)		—		—
	$	1,294,700,080		$	763,139,099	$	(760,108,438	)	$	(259,267,952	)	$	13,024,563	$	901,982,123

	(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 September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	25,505,120	$	187,764,470	$	—	$	213,269,590
Canada		770,764,471		—		—		770,764,471
Cayman Islands		11,692,490		—		—		11,692,490
China / Hong Kong		25,697,301		56,206,038		0		81,903,339
South Africa		15,385,783		—		—		15,385,783
Turkey		—		20,848,087		—		20,848,087
United Kingdom		—		63,180,074		—		63,180,074
United States		104,023,055		—		—		104,023,055
Repurchase Agreements		—		74,926,402		—		74,926,402
Total	$	953,068,220	$	402,925,071	$	0	$	1,355,993,291

There were no transfers between levels during the period September 30, 2015.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2015:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2014	$	3,039,646
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(3,039,646	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2015	$	0

See Notes to Schedules of Investments

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.5%
Argentina: 0.1%
	2,303	Cresud S.A.C.I.F. y A (ADR) *	$	22,523
	2,705	YPF SA (ADR)		41,197
				63,720
Australia: 3.8%
	60,462	Alumina Ltd. #		48,126
	10,675	Bega Cheese Ltd. † #		35,612
	78,482	BHP Billiton Ltd. #		1,240,187
	13,823	BlueScope Steel Ltd. #		35,232
	3,789	Caltex Australia Ltd. #		83,683
	41,608	Fortescue Metals Group Ltd. † #		53,740
	14,211	GrainCorp. Ltd. #		90,778
	10,234	Iluka Resources Ltd. #		44,983
	47,919	Newcrest Mining Ltd. * #		431,428
	16,415	Oil Search Ltd. #		83,387
	15,573	Origin Energy Ltd. #		67,311
	14,069	Santos Ltd. † #		39,833
	5,521	Select Harvests Ltd. #		43,282
	130,134	South32 Ltd. * #		125,849
	9,944	Woodside Petroleum Ltd. #		203,620
				2,627,051
Austria: 0.3%
	1,975	OMV AG #		48,007
	4,415	Verbund - Oesterreichische Elektrizis AG †		58,498
	2,657	Voestalpine AG #		91,260
				197,765
Bermuda: 0.1%
	4,096	Nabors Industries Ltd. (USD)		38,707
Brazil: 0.6%
	11,819	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		45,858
	16,966	Cia Siderurgica Nacional SA (ADR) †		16,259
	4,750	Fibria Celulose SA		64,177
	21,861	Gerdau SA (ADR)		29,950
	20,890	Petroleo Brasileiro SA (ADR) * †		90,872
	3,800	SLC Agricola SA		17,082
	36,979	Vale SA (ADR) †		155,312
				419,510
Canada: 10.9%
	13,646	Agnico-Eagle Mines Ltd. (USD)		345,517
	11,113	Agrium, Inc. (USD) †		994,613
	16,040	Alamos Gold, Inc.		59,102
	4,806	ARC Resources Ltd. †		63,234
	58,157	B2Gold Corp. * †		61,163
	73,113	Barrick Gold Corp. (USD)		464,999
	9,679	Cameco Corp. (USD)		117,793
	15,358	Canadian Natural Resources Ltd. (USD)		298,713
	1,445	Canadian Solar, Inc. (USD) *		24,016
	1,614	Canfor Corp. *		19,153
	9,949	Centerra Gold, Inc.		55,952
	10,716	Detour Gold Corp. *		113,738
	5,351	Dominion Diamond Corp.		56,914
	1,353	Domtar Corp. (USD)		48,370
	44,984	Eldorado Gold Corp. (USD)		144,848
	12,024	Enbridge, Inc. (USD)		446,451
	11,800	EnCana Corp. (USD)		75,992
	16,849	First Quantum Minerals Ltd.		61,454
	52,116	Goldcorp, Inc. (USD)		652,492
	4,144	Husky Energy, Inc.		64,322
	3,569	Imperial Oil Ltd. (USD)		112,816
	71,959	Kinross Gold Corp. (USD) *		123,769
	15,308	Lundin Mining Corp. *		43,046
	12,450	New Gold, Inc. * †		27,951
	9,519	Pan American Silver Corp. (USD)		60,446
	64,980	Potash Corp. of Saskatchewan, Inc. (USD)		1,335,339
	2,043	Resolute Forest Products (USD) *		16,977
	25,379	Silver Wheaton Corp. (USD)		304,802
	20,291	Suncor Energy, Inc. (USD)		542,176
	11,368	Teck Cominco Ltd. (USD)		54,566
	2,592	Tourmaline Oil Corp. *		60,068
	9,950	TransCanada Corp. (USD) †		314,221
	61,899	Turquoise Hill Resources Ltd. *		157,437
	1,469	West Fraser Timber Co. Ltd.		46,458
	59,420	Yamana Gold, Inc. (USD)		101,014
				7,469,922
Chile: 0.3%
	110,565	Aguas Andinas SA		57,380
	9,403	Antofagasta Plc (GBP) #		71,319
	31,830	Empresas CMPC SA		81,730
	14,857	Inversiones Aguas Metropolitanas SA		20,483
				230,912
China / Hong Kong: 2.1%
	3,858	Aluminum Corp of China Ltd. (ADR) †		29,938
	27,100	Angang New Steel Co. Ltd. #		10,958
	171,714	China Agri-Industries Holdings Ltd. * #		59,093
	58,000	China Coal Energy Co. Ltd. #		23,538
	31,000	China Gas Holdings Ltd. #		42,759
	32,700	China Hongqiao Group Ltd. #		15,396
	222,600	China Modern Dairy Holdings Ltd. #		68,177
	29,900	China Molybdenum Co. Ltd. (Class H) #		14,622
	25,100	China Oilfield Services Ltd. (Class H) #		25,300
	357,627	China Petroleum & Chemical Corp. #		219,062
	47,691	China Shenhua Energy Co. Ltd. #		73,248
	225,679	CNOOC Ltd. #		232,365
	11,800	Dongfang Electric Corp. Machinery Co. Ltd. #		12,164
	52,800	Fosun International Ltd. #		91,170
	48,300	Huaneng Power International, Inc. #		52,298
	31,300	Jiangxi Copper Co. Ltd. (Class H) #		38,165
	47,800	Kunlun Energy Co. Ltd. #		34,346
	36,400	Lee & Man Paper Manufacturing Ltd. #		18,472
	42,800	Maanshan Iron and Steel Co. Ltd. (Class H) * † #		9,295
	36,557	Nine Dragons Paper Holdings Ltd. #		19,067
	296,440	PetroChina Co. Ltd. (Class-H) #		206,442
	11,400	Tianjin Capital Environmental Protection Group Co. Ltd. #		6,772
	25,000	Yanzhou Coal Mining Co. Ltd. #		11,126
	54,900	Zhaojin Mining Industry Co. Ltd. † #		28,848
	361,461	Zijin Mining Group Ltd. #		94,826
				1,437,447
Denmark: 0.6%
	7,749	Vestas Wind Systems A/S #		402,507
Finland: 0.2%
	1,799	Neste Oil OYJ † #		41,361
	7,521	Outokumpu Oyj * † #		17,349
	12,260	Stora Enso Oyj (R Shares) #		92,670
				151,380
France: 3.2%
	156	Eramet SA * † #		5,750
	12,331	Suez Environnement Co. #		221,352
	1,636	Technip SA #		77,342
	33,884	Total SA † #		1,522,631
	16,723	Veolia Environnement SA #		380,995
				2,208,070
Germany: 0.6%
	825	Aurubis AG #		52,454
	1,014	BayWa AG #		32,637
	149	KWS Saat AG #		49,617
	2,154	Nordex SE * #		58,792
	941	Salzgitter AG #		23,350
	10,657	ThyssenKrupp AG #		187,072
				403,922
Hungary: 0.1%
	895	MOL Hungarian Oil & Gas Plc #		38,996
India: 0.4%
	11,101	Reliance Industries Ltd. (GDR) # Reg S 144A		288,747
	1,567	Vedanta Resources Plc (GBP) #		10,107
				298,854
Indonesia: 0.1%
	24,544	Astra Agro Lestari Tbk PT #		30,448
	217,700	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		20,657
				51,105
Ireland: 0.2%
	5,051	Smurfit Kappa Group Plc #		135,732
Italy: 0.9%
	37,743	ENI SpA #		593,099
	3,530	Saipem SpA * † #		28,276
				621,375
Japan: 3.5%
	8,600	Calbee, Inc. #		278,761
	9,600	Daido Steel Co. † #		30,484
	2,100	Daio Paper Corp. † #		17,319
	7,900	Dowa Holdings Co. Ltd. #		59,965
	4,917	Hitachi Metals Ltd. #		57,196
	3,300	Hokuetsu Kishu Paper Co. Ltd. #		17,959
	15,200	Inpex Holdings, Inc. #		136,126
	14,164	JFE Holdings, Inc. #		186,340
	35,000	JX Holdings, Inc. #		126,593
	89,035	Kobe Steel Ltd. #		96,700
	3,865	Kurita Water Industries Ltd. #		82,196
	32,629	Mitsubishi Materials Corp. #		99,306
	2,500	Nippon Paper Industries #		38,225
	23,210	Nippon Steel Corp. #		423,656
	21,614	Nippon Suisan Kaisha Ltd. #		64,628
	20,850	Nisshin Seifun Group, Inc. #		303,695
	20,976	OJI Paper Co. Ltd. #		90,183
	5,170	Rengo Co. Ltd. #		20,017
	3,583	Sumitomo Forestry Co. Ltd. #		40,201
	13,323	Sumitomo Metal Mining Ltd. #		151,599
	4,200	TonenGeneral Sekiyu KK #		40,770
				2,361,919
Luxembourg: 0.4%
	8,003	Adecoagro SA (USD) *		63,704
	24,844	ArcelorMittal #		128,705
	3,314	Tenaris SA (ADR)		79,901
	1,177	Ternium SA (ADR)		14,465
				286,775
Malaysia: 0.6%
	16,951	Genting Plantation Bhd #		38,140
	221,194	IOI Corp. Bhd #		204,719
	32,378	Kuala Lumpur Kepong Bhd #		159,941
	4,200	Petronas Dagangan Bhd #		20,896
				423,696
Mexico: 0.8%
	15,450	Gruma, SAB de CV		214,062
	104,714	Grupo Mexico, SAB de CV		252,845
	7,737	Industrias Penoles, SA de CV		105,202
				572,109
Netherlands: 1.3%
	597	Core Laboratories NV (USD)		59,581
	34,434	Royal Dutch Shell Plc (GBP) #		815,277
				874,858
Norway: 1.8%
	26,621	Marine Harvest ASA #		338,005
	33,395	Norsk Hydro ASA #		111,138
	4,913	SeaDrill Ltd. #		28,637
	14,768	Statoil ASA #		214,880
	13,701	Yara International ASA #		545,493
				1,238,153
Peru: 0.3%
	11,593	Cia de Minas Buenaventura SA (ADR)		69,094
	4,543	Southern Copper Corp. (USD) †		121,389
				190,483
Philippines: 0.0%
	44,600	Nickel Asia Corp. #		6,122
Poland: 0.3%
	3,326	KGHM Polska Miedz SA #		71,801
	4,322	Polski Koncern Naftowy Orlen SA † #		75,413
	23,185	Polskie Gornictwo Naftowe I Gazownictwo SA #		39,831
				187,045
Portugal: 0.1%
	5,844	Galp Energia, SGPS, SA #		57,608
	3,965	Portucel-Empresa Productora de Pasta e Papel SA #		13,768
				71,376
Russia: 2.1%
	6,632	Evraz Plc (GBP) * #		7,335
	6,804	Lukoil (ADR) #		231,747
	2,732	Magnitogorsk Iron & Steel Works (GDR) Reg S		11,024
	16,254	MMC Norilsk Nickel PJSC (ADR) #		233,553
	980	Novatek OAO (GDR) # Reg S		90,919
	2,052	Novolipetsk Steel (GDR) #		23,523
	84,723	OAO Gazprom (ADR) #		341,803
	6,350	PhosAgro OAO (GDR) # Reg S		87,856
	12,680	Polymetal International (GBP) #		109,271
	14,874	Rosneft Oil Co. (GDR) # Reg S		55,049
	4,302	Severstal OAO (GDR) # Reg S		45,649
	13,538	Surgutneftegas OJSC (ADR) #		69,275
	3,363	Tatneft (ADR) #		94,308
				1,401,312
Singapore: 0.8%
	539,519	Golden Agri-Resources Ltd. #		125,507
	36,900	Olam International Ltd. #		52,568
	194,364	Wilmar International Ltd. #		351,970
				530,045
South Africa: 1.6%
	2,444	African Rainbow Minerals Ltd. #		9,193
	3,724	Anglo American Platinum Ltd. * #		61,839
	25,241	AngloGold Ashanti Ltd. (ADR) *		206,724
	2,994	Astral Foods Ltd. #		37,732
	43,533	Gold Fields Ltd. (ADR)		115,798
	34,528	Impala Platinum Holdings Ltd. * † #		96,112
	1,339	Kumba Iron Ore Ltd. † #		7,632
	7,906	Mondi Plc (GBP) #		165,922
	21,714	Northern Platinum Ltd. * † #		42,496
	30,900	Petra Diamonds Ltd. (GBP) * #		39,455
	10,024	Sappi Ltd. * #		30,853
	7,124	Sasol Ltd. #		200,017
	40,615	Sibanye Gold Ltd. #		46,274
				1,060,047
South Korea: 1.1%
	1,860	Hyundai Steel Co. #		81,075
	337	Korea Zinc Co. Ltd. #		132,521
	1,962	POSCO #		277,417
	869	SK Energy Co. Ltd. * #		72,377
	585	S-Oil Corp. #		31,129
	1,840	Woongjin Coway Co. Ltd. #		130,201
	21	Young Poong Corp. #		23,951
				748,671
Spain: 0.4%
	3,200	Acerinox SA #		28,582
	7,726	Gamesa Corp. Tecnologica SA #		107,141
	1,409	Pescanova SA * # §		—
	14,543	Repsol YPF SA #		169,443
				305,166
Sweden: 0.9%
	4,328	BillerudKorsnas AB #		62,189
	6,689	Boliden AB #		104,524
	1,097	Holmen AB (B Shares) #		30,702
	3,012	Lundin Petroleum AB * #		38,793
	4,315	SSAB AB (B Shares) * † #		13,015
	13,290	Svenska Cellulosa AB (B Shares) #		371,124
				620,347
Switzerland: 3.9%
	155,227	Glencore Xstrata Plc (GBP) * #		215,750
	7,248	Syngenta AG #		2,316,395
	4,796	Transocean, Inc. (USD) †		61,964
	10,881	Weatherford International Plc (USD) *		92,271
				2,686,380
Taiwan: 0.3%
	304,172	China Steel Corp. #		177,756
	24,420	Formosa Petrochemical Corp. #		58,275
				236,031
Thailand: 0.2%
	19,500	PTT Exploration & Production PCL (NVDR) #		37,772
	12,000	PTT PCL (NVDR) #		79,689
				117,461
Turkey: 0.1%
	43,653	Eregli Demir ve Celik Fabrikalari TAS #		53,843
	1,722	Tupras-Turkiye Petrol Rafinerileri AS * #		42,173
				96,016
United Kingdom: 8.1%
	33,998	Anglo American Plc #		284,365
	47,739	BG Group Plc #		689,588
	255,504	BP Plc #		1,297,981
	71,504	Centrica Plc #		248,735
	77,328	CNH Industrial NV (USD)		504,179
	19,955	DS Smith Plc #		119,366
	3,309	Ensco Plc CL A (USD)		46,591
	6,445	Kazakhmys Plc * † #		8,277
	3,396	Noble Corp Plc (USD) †		37,050
	14,228	Pennon Group Plc #		167,578
	3,592	Petrofac Ltd. #		41,889
	24,745	Polyus Gold International Ltd.		72,154
	5,768	Randgold Resources Ltd. (ADR)		340,831
	30,327	Rio Tinto Plc #		1,018,912
	8,241	Severn Trent Plc #		272,973
	12,740	Tullow Oil Plc #		32,791
	23,581	United Utilities Group Plc #		330,948
				5,514,208
United States: 47.4%
	5,833	AGCO Corp.		271,993
	32,032	Alcoa, Inc.		309,429
	2,671	Allegheny Technologies, Inc.		37,875
	1,288	American States Water Co.		53,323
	7,130	Anadarko Petroleum Corp.		430,581
	2,048	Andersons, Inc.		69,755
	5,305	Apache Corp.		207,744
	6,114	Aqua America, Inc.		161,838
	47,391	Archer-Daniels-Midland Co.		1,964,357
	6,117	Baker Hughes, Inc.		318,329
	11,195	Bunge Ltd.		820,593
	5,808	Cabot Oil & Gas Corp.		126,963
	2,688	Cameron International Corp. *		164,828
	1,212	Carpenter Technology Corp.		36,081
	18,137	CF Industries Holdings, Inc.		814,351
	3,320	Cheniere Energy, Inc. *		160,356
	7,258	Chesapeake Energy Corp. †		53,201
	26,409	Chevron Corp.		2,083,142
	1,326	Cimarex Energy Co.		135,888
	1,688	Concho Resources, Inc. *		165,930
	17,311	ConocoPhillips		830,236
	3,214	Consol Energy, Inc. †		31,497
	1,152	Continental Resources, Inc. *		33,373
	3,572	Cree, Inc. *		86,550
	12,857	Darling International, Inc. *		144,513
	24,263	Deere & Co.		1,795,462
	5,422	Devon Energy Corp.		201,102
	905	Diamond Offshore Drilling, Inc.		15,657
	7,707	EOG Resources, Inc.		561,070
	2,139	EQT Corp.		138,543
	58,516	Exxon Mobil Corp.		4,350,665
	2,617	First Solar, Inc. *		111,877
	3,221	FMC Technologies, Inc. *		99,851
	25,439	Freeport-McMoRan Copper & Gold, Inc.		246,504
	7,076	Graphic Packaging Holding Co.		90,502
	11,996	Halliburton Co.		424,059
	1,512	Helmerich & Payne, Inc. †		71,457
	3,384	Hess Corp.		169,403
	2,646	HollyFrontier Corp.		129,231
	5,554	Ingredion, Inc.		484,920
	8,993	International Paper Co.		339,845
	1,319	Itron, Inc. *		42,089
	25,225	Kinder Morgan, Inc.		698,228
	891	Lindsay Corp. †		60,401
	3,071	Louisiana-Pacific Corp. *		43,731
	9,504	Marathon Oil Corp.		146,362
	36,409	Monsanto Co.		3,107,144
	26,240	Mosaic Co.		816,326
	2,279	Murphy Oil Corp.		55,152
	5,387	National Oilwell Varco, Inc.		202,821
	33,212	Newmont Mining Corp.		533,717
	5,966	Noble Energy, Inc.		180,054
	7,816	Nucor Corp.		293,491
	10,722	Occidental Petroleum Corp.		709,260
	1,373	Oceaneering International, Inc.		53,931
	2,936	ONEOK, Inc.		94,539
	1,192	Ormat Technologies, Inc.		40,564
	2,104	Packaging Corp. of America		126,577
	6,720	Phillips 66		516,365
	5,053	Pilgrim’s Pride Corp. †		105,001
	2,095	Pioneer Natural Resources Co.		254,836
	2,377	Range Resources Corp.		76,349
	1,797	Reliance Steel & Aluminum Co.		97,056
	1,594	Royal Gold, Inc.		74,886
	17,760	Schlumberger Ltd.		1,224,907
	656	Schweitzer-Mauduit International, Inc.		22,553
	21	Seaboard Corp. *		64,659
	5,395	Southwestern Energy Co. *		68,463
	9,422	Spectra Energy Corp.		247,516
	5,920	Steel Dynamics, Inc.		101,706
	7,590	Stillwater Mining Co. *		78,405
	1,887	Sunpower Corp. * †		37,815
	1,728	Tesoro Corp.		168,031
	10,570	Tractor Supply Co.		891,262
	23,687	Tyson Foods, Inc.		1,020,910
	3,577	United States Steel Corp. †		37,272
	6,977	Valero Energy Corp.		419,318
	5,637	WestRock Co.		289,967
	11,069	Weyerhaeuser Co.		302,626
	2,865	Whiting Petroleum Corp. *		43,749
	9,575	Williams Companies, Inc.		352,839
	1,151	Worthington Industries, Inc.		30,478
				32,474,230
Total Common Stocks (Cost: $99,181,669)				68,799,425
RIGHTS: 0.0% (Cost: $0)
China / Hong Kong: 0.0%
	5,443	Fosun International Ltd. Rights (HKD 13.42, expiring 10/19/15 ) * #		—
MONEY MARKET FUND: 0.0% (Cost: $12,020)
	12,020	Dreyfus Government Cash Management Fund		12,020
Total Investments Before Collateral for Securities Loaned: 100.5% (Cost: $99,193,689)				68,811,445

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.0%
Repurchase Agreements: 4.0%
$	1,000,000	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,020,000 including accrued interest)	$	1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
	765,826	Repurchase agreement dated 9/30/15 with Merrill Lynch, Pierce, Fenner and Smith, Inc., 0.13%, due 10/1/15, proceeds $765,829; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 10/20/41 to 5/20/45, valued at $781,143 including accrued interest)		765,826
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,765,826)				2,765,826
Total Investments: 104.5% (Cost: $101,959,515)				71,577,271
Liabilities in excess of other assets: (4.5)%				(3,076,814	)
NET ASSETS: 100.0%			$	68,500,457

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
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 $2,703,552.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $25,616,478 which represents 37.4% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $ 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 $288,747, or 0.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.6	%	$	1,061,664
Consumer Staples		11.2			7,694,010
Consumer, Non-cyclical		0.0			0
Energy		41.0			28,232,515
Financials		0.5			325,149
Industrials		5.0			3,425,414
Information Technology		0.4			302,347
Materials		37.2			25,602,744
Utilities		3.1			2,155,582
Money Market Fund		0.0			12,020
		100.0	%	$	68,811,445

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	63,720	$	—	$	—	$	63,720
Australia		—		2,627,051		—		2,627,051
Austria		58,498		139,267		—		197,765
Bermuda		38,707		—		—		38,707
Brazil		419,510		—		—		419,510
Canada		7,469,922		—		—		7,469,922
Chile		159,593		71,319		—		230,912
China / Hong Kong		29,938		1,407,509		—		1,437,447
Denmark		—		402,507		—		402,507
Finland		—		151,380		—		151,380
France		—		2,208,070		—		2,208,070
Germany		—		403,922		—		403,922
Hungary		—		38,996		—		38,996
India		—		298,854		—		298,854
Indonesia		—		51,105		—		51,105
Ireland		—		135,732		—		135,732
Italy		—		621,375		—		621,375
Japan		—		2,361,919		—		2,361,919
Luxembourg		158,070		128,705		—		286,775
Malaysia		—		423,696		—		423,696
Mexico		572,109		—		—		572,109
Netherlands		59,581		815,277		—		874,858
Norway		—		1,238,153		—		1,238,153
Peru		190,483		—		—		190,483
Philippines		—		6,122		—		6,122
Poland		—		187,045		—		187,045
Portugal		—		71,376		—		71,376
Russia		11,024		1,390,288		—		1,401,312
Singapore		—		530,045		—		530,045
South Africa		322,522		737,525		—		1,060,047
South Korea		—		748,671		—		748,671
Spain		—		305,166		0		305,166
Sweden		—		620,347		—		620,347
Switzerland		154,235		2,532,145		—		2,686,380
Taiwan		—		236,031		—		236,031
Thailand		—		117,461		—		117,461
Turkey		—		96,016		—		96,016
United Kingdom		1,000,805		4,513,403		—		5,514,208
United States		32,474,230		—		—		32,474,230
Rights
China / Hong Kong		—		—		—		—
Money Market Fund		12,020		—		—		12,020
Repurchase Agreements		—		2,765,826		—		2,765,826
Total	$	43,194,967	$	28,382,304	$	0	$	71,577,271

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $265,090 and transfers of securities from Level 2 to Level 1 were $181,924. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2015:

	Common Stocks
	China/Hong Kong			Spain
Balance as of December 31, 2014	$	10,727		$	0
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		—			—
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		(10,727	)		—
Balance as of September 30, 2015	$	—		$	0

Transfers from Level 3 to Level 1 resulted primarily from security resuming trading.

See Notes to Schedules of Investments

OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 4.7%
	5,740	Caltex Australia Ltd. #	$	126,773
Finland: 3.7%
	4,345	Neste Oil OYJ #		99,897
India: 6.7%
	6,941	Reliance Industries Ltd. (GDR) # Reg S 144A		180,542
Japan: 14.4%
	21,000	Cosmo Oil Co Ltd. *		27,834
	4,100	Idemitsu Kosan Co. Ltd. #		62,910
	41,800	JX Holdings, Inc. #		151,189
	6,600	Showa Shell Sekiyu KK #		52,113
	10,000	TonenGeneral Sekiyu KK #		97,071
				391,117
Poland: 4.2%
	6,575	Polski Koncern Naftowy Orlen SA #		114,725
Portugal: 4.4%
	12,223	Galp Energia, SGPS, SA #		120,490
South Korea: 7.4%
	1,495	SK Energy Co. Ltd. * #		124,516
	1,412	S-Oil Corp. #		75,135
				199,651
Taiwan: 4.8%
	54,000	Formosa Petrochemical Corp. #		128,863
Thailand: 3.3%
	360,200	IRPC PCL (NVDR) #		37,454
	35,300	Thai Oil PCL (NVDR) #		51,460
				88,914
Turkey: 3.8%
	4,159	Tupras-Turkiye Petrol Rafinerileri AS * #		101,856
United States: 42.5%
	2,208	Calumet Specialty Products Partners LP		53,610
	2,934	HollyFrontier Corp.		143,297
	4,072	Marathon Petroleum Corp.		188,656
	1,731	Northern Tier Energy LP		39,467
	1,715	PBF Energy, Inc.		48,415
	2,738	Phillips 66		210,388
	1,577	Tesoro Corp.		153,348
	3,583	Valero Energy Corp.		215,338
	2,203	Western Refining, Inc.		97,196
				1,149,715
Total Common Stocks (Cost: $2,883,683)				2,702,543
MONEY MARKET FUND: 0.0% (Cost: $1,186)
	1,186	Dreyfus Government Cash Management Fund		1,186
Total Investments: 99.9% (Cost: $2,884,869)				2,703,729
Other assets less liabilities: 0.1%				3,019
NET ASSETS: 100.0%			$	2,706,748

GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,552,828 which represents 57.4% 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 $180,542, or 6.7% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Energy		100.0	%	$	2,702,543
Money Market Fund		0.0			1,186
		100.0	%	$	2,703,729

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	126,773	$	—	$	126,773
Finland		—		99,897		—		99,897
India		—		180,542		—		180,542
Japan		—		391,117		—		391,117
Poland		—		114,725		—		114,725
Portugal		—		120,490		—		120,490
South Korea		—		199,651		—		199,651
Taiwan		—		128,863		—		128,863
Thailand		—		88,914		—		88,914
Turkey		—		101,856		—		101,856
United States		1,149,715		—		—		1,149,715
Money Market Fund		1,186		—		—		1,186
Total	$	1,150,901	$	1,552,828	$	—	$	2,703,729

There were no transfers between levels during the period ended September 30, 2015.

See Notes to Schedules of Investments

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Bermuda: 6.0%
	3,726,626	Nabors Industries Ltd. (USD)	$	35,216,616
	4,471,609	Seadrill Ltd. (USD) †		26,382,493
				61,599,109
Luxembourg: 4.6%
	1,965,244	Tenaris SA (ADR)		47,382,033
Netherlands: 3.3%
	338,648	Core Laboratories NV (USD) †		33,797,070
Switzerland: 7.7%
	2,914,708	Transocean, Inc. (USD) †		37,658,027
	5,015,922	Weatherford International Plc (USD) *		42,535,019
				80,193,046
United Kingdom: 5.7%
	2,473,875	Ensco Plc CL A (USD)		34,832,160
	2,227,578	Noble Corp Plc (USD) †		24,302,876
				59,135,036
United States: 72.6%
	1,619,514	Baker Hughes, Inc.		84,279,509
	848,866	Cameron International Corp. *		52,052,463
	87,040	CARBO Ceramics, Inc. †		1,652,890
	835,191	Diamond Offshore Drilling, Inc. †		14,448,804
	1,525,957	FMC Technologies, Inc. *		47,304,667
	3,671,668	Halliburton Co.		129,793,464
	919,580	Helmerich & Payne, Inc. †		43,459,351
	1,977,560	McDermott International, Inc. *		8,503,508
	1,432,462	National Oilwell Varco, Inc.		53,932,194
	836,356	Oceaneering International, Inc.		32,852,064
	386,179	Oil States International, Inc. *		10,090,857
	1,412,322	Patterson-UTI Energy, Inc.		18,557,911
	1,099,875	Rowan Companies Plc		17,762,981
	2,986,464	Schlumberger Ltd.		205,976,422
	1,660,069	Superior Energy Services, Inc.		20,966,671
	248,457	Tidewater, Inc. †		3,264,725
	463,997	US Silica Holdings, Inc. †		6,537,718
				751,436,199
Total Common Stocks (Cost: $1,754,678,964)				1,033,542,493
MONEY MARKET FUND: 0.1% (Cost: $493,098)
	493,098	Dreyfus Government Cash Management Fund		493,098
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $1,755,172,062)				1,034,035,591

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 11.0%
Repurchase Agreements: 11.0%
$	27,049,718	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $27,049,801; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $27,590,746 including accrued interest)	$	27,049,718
	27,049,718	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $27,049,808; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $27,590,712 including accrued interest)		27,049,718
	27,049,718	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.10%, due 10/1/15, proceeds $27,049,793; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/15/15 to 7/15/37, valued at $27,590,723 including accrued interest)		27,049,718
	27,049,718	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $27,049,823; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $27,590,712 including accrued interest)		27,049,718
	5,694,423	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $5,694,437; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $5,808,330 including accrued interest)		5,694,423
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $113,893,295)				113,893,295
Total Investments: 111.0% (Cost: $1,869,065,357)				1,147,928,886
Liabilities in excess of other assets: (11.0)%				(113,457,297	)
NET ASSETS: 100.0%			$	1,034,471,589

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 $112,504,052.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		0.7	%	$	6,537,718
Oil & Gas Drilling		24.4			252,621,219
Oil & Gas Equipment & Services		74.9			774,383,556
Money Market Fund		0.0			493,098
		100.0	%	$	1,034,035,591

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,033,542,493	$	—	$	—	$	1,033,542,493
Money Market Fund		493,098		—		—		493,098
Repurchase Agreements		—		113,893,295		—		113,893,295
Total	$	1,034,035,591	$	113,893,295	$	—	$	1,147,928,886

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

There were no transfers between levels during the year ended September 30, 2015.

See Notes to Schedules of Investments

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.7%
Australia: 16.7%
	8,782,821	Alkane Resources Ltd. * #	$	1,452,138
	601,770	Iluka Resources Ltd. #		2,645,043
	65,026,790	Lynas Corp. Ltd. * † #		1,466,260
				5,563,441
Canada: 2.7%
	1,021,255	5N Plus, Inc. *		914,079
Chile: 6.9%
	390,161	Molibdenos y Metales SA *		2,320,822
China / Hong Kong: 22.5%
	5,516,474	China Molybdenum Co. Ltd. (Class H) #		2,697,735
	19,515,895	China Rare Earth Holdings Ltd. * #		1,597,541
	19,804,000	CITIC Dameng Holdings Ltd. * † #		1,647,301
	132,872,964	North Mining Shares Co. Ltd. * #		1,565,508
				7,508,085
France: 4.5%
	41,105	Eramet SA * † #		1,514,976
Indonesia: 3.3%
	74,052,200	SMR Utama Tbk PT *		1,106,992
Ireland: 4.0%
	45,176,201	Kenmare Resources Plc (GBP) * #		1,323,107
Japan: 14.5%
	93,892	OSAKA Titanium Technologies Co. † #		2,469,505
	197,747	Toho Titanium Co. Ltd. * † #		2,361,977
				4,831,482
Mexico: 4.1%
	2,270,412	Cia Minera Autlan SAB de CV *		1,357,150
South Africa: 4.5%
	280,208	Assore Ltd. † #		1,507,675
United Kingdom: 4.3%
	97,759,909	Rare Earth Minerals Plc * #		1,438,022
United States: 7.7%
	3,091,191	Thompson Creek Metals Co., Inc. *		1,350,541
	279,345	Tronox Ltd. †		1,220,738
				2,571,279
Total Common Stocks (Cost: $75,676,003)				31,957,110
PREFERRED STOCKS: 4.7%
Brazil: 4.7% (Cost: $3,012,086)
	807,823	Cia de Ferro Ligas da Bahia		1,547,907
Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $78,688,089)				33,505,017

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 11.5%
Repurchase Agreements: 11.5%
$	848,167	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $848,170; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $865,131 including accrued interest)	$	848,167
	1,000,000	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,848,167)				3,848,167
Total Investments: 111.9% (Cost: $82,536,256)				37,353,184
Liabilities in excess of other assets: (11.9)%				(3,960,294	)
NET ASSETS: 100.0%			$	33,392,890

GBP	British Pound

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,589,639.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $23,686,788 which represents 70.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Commodity Chemicals		3.7	%	$	1,220,738
Diversified Metals & Mining		68.1			22,820,690
Electronic Components		2.7			914,079
Gold		4.3			1,452,138
Materials		12.5			4,192,315
Steel		8.7			2,905,057
		100.0	%	$	33,505,017

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	5,563,441	$	—	$	5,563,441
Canada		914,079		—		—		914,079
Chile		2,320,822		—		—		2,320,822
China / Hong Kong		—		7,508,085		—		7,508,085
France		—		1,514,976		—		1,514,976
Indonesia		1,106,992		—		—		1,106,992
Ireland		—		1,323,107		—		1,323,107
Japan		—		4,831,482		—		4,831,482
Mexico		1,357,150		—		—		1,357,150
South Africa		—		1,507,675		—		1,507,675
United Kingdom		—		1,438,022		—		1,438,022
United States		2,571,279		—		—		2,571,279
Preferred Stocks		1,547,907		—		—		1,547,907
Repurchase Agreements		—		2,848,167		—		3,848,167
Total	$	9,818,229	$	26,534,955	$	—	$	37,353,184

There were no transfers between levels during the year ended September 30, 2015.

See Notes to Schedules of Investments

SOLAR ENERGY ETF

SCHEDULES OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 4.2%
	39,269	Canadian Solar, Inc. (USD) * †	$	652,651
China / Hong Kong: 32.1%
	463,000	China Singyes Solar Technologies Holdings Ltd. #		314,423
	5,939,000	GCL-Poly Energy Holdings Ltd. * † #		1,150,473
	1,942,000	Hanergy Thin Film Power Group Ltd. *# §		12,529
	48,450	JA Solar Holdings Co. Ltd. (ADR) * †		377,910
	25,708	JinkoSolar Holding Co. Ltd. (ADR) * †		564,034
	2,268,000	Shunfeng International Clean Energy Ltd. * #		579,772
	83,502	Trina Solar Ltd. (ADR) * †		749,013
	3,106,000	United Photovoltaics Group Ltd. * #		298,543
	2,790,000	Xinyi Solar Holdings Ltd. #		957,503
				5,004,200
Germany: 5.5%
	19,860	SMA Solar Technology AG * † #		859,047
Israel: 2.8%
	19,084	SolarEdge Technologies, Inc. (USD) * †		437,405
Switzerland: 3.4%
	81,772	Meyer Burger Technology AG * † #		523,408
Taiwan: 17.1%
	519,000	E-Ton Solar Tech Co. Ltd. * #		175,292
	31,500	Giga Solar Materials Corp. #		485,627
	507,601	Gintech Energy Corp. * #		234,105
	322	Green Energy Technology, Inc. * #		125
	418,000	Motech Industries, Inc. * #		462,763
	785,306	Neo Solar Power Corp. #		443,288
	655,000	Sino-American Silicon Products, Inc. #		684,018
	386,301	Solartech Energy Corp. #		183,828
				2,669,046
United States: 34.8%
	25,941	Advanced Energy Industries, Inc. *		682,248
	28,054	First Solar, Inc. *		1,199,308
	2,097,120	Renewable Energy Corp. AS (NOK) * † #		367,115
	24,870	SolarCity Corp. * †		1,062,198
	111,957	SunEdison, Inc. *		803,851
	35,192	Sunpower Corp. * †		705,248
	43,239	TerraForm Power, Inc.		614,859
				5,434,827
Total Common Stocks (Cost: $21,561,927)				15,580,584
MONEY MARKET FUND: 0.5% (Cost: $82,430)
	82,430	Dreyfus Government Cash Management Fund		82,430
Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $21,644,357)				15,663,014

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 27.6%
Repurchase Agreements: 27.6%
$	1,023,872	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $1,023,875; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $1,044,351 including accrued interest)	$	1,023,872
	1,023,872	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,023,875; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,044,349 including accrued interest)		1,023,872
	1,023,872	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.10%, due 10/1/15, proceeds $1,023,875; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/15/15 to 7/15/37, valued at $1,044,350 including accrued interest)		1,023,872
	1,023,872	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $1,023,876; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $1,044,349 including accrued interest)		1,023,872
	215,543	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $215,544; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $219,855 including accrued interest)		215,543
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $4,311,031)				4,311,031
Total Investments: 128.0% (Cost: $25,955,388)				19,974,045
Liabilities in excess of other assets: (28.0)%				(4,367,782	)
NET ASSETS: 100.0%			$	15,606,263

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 $4,297,798.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $7,731,859 which represents 49.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $12,529 which represents 0.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Construction & Engineering		2.0	%	$	314,423
Electrical Components & Equipment		6.8			1,062,198
Industrial Machinery		3.3			523,408
Information Technology		6.6			1,029,706
Semiconductor Equipment		35.9			5,622,892
Semiconductors		41.0			6,413,098
Utilities		3.9			614,859
Money Market Fund		0.5			82,430
		100.0	%	$	15,663,014

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	652,651	$	—	$	—	$	652,651
China / Hong Kong		1,690,957		3,313,243		—		5,004,200
Germany		—		859,047		—		859,047
Israel		437,405		—		—		437,405
Switzerland		—		523,408		—		523,408
Taiwan		—		2,669,046		—		2,669,046
United States		5,067,712		367,115		—		5,434,827
Money Market Fund		82,430		—		—		82,430
Repurchase Agreements		—		4,311,031		—		4,311,031
Total	$	7,931,155	$	12,042,890	$	—	$	19,974,045

During the period ended September 30, 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

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Brazil: 18.8%
	1,503,919	Cia Siderurgica Nacional SA (ADR) †	$	1,441,206
	1,593,690	Gerdau SA (ADR)		2,183,355
	1,368,629	Vale SA (ADR) †		5,748,242
				9,372,803
India: 4.4%
	429,181	Vedanta Ltd. (ADR)		2,223,158
Luxembourg: 16.7%
	437,587	ArcelorMittal (USD) †		2,253,573
	154,045	Tenaris SA (ADR)		3,714,025
	190,481	Ternium SA (ADR)		2,341,011
				8,308,609
South Korea: 6.4%
	91,014	POSCO (ADR)		3,187,310
United Kingdom: 13.8%
	202,687	Rio Tinto Plc (ADR) †		6,854,874
United States: 40.1%
	192,754	AK Steel Holding Corp. * †		464,537
	147,473	Allegheny Technologies, Inc.		2,091,167
	53,697	Carpenter Technology Corp.		1,598,560
	166,273	Cliffs Natural Resources, Inc. †		405,706
	125,300	Commercial Metals Co.		1,697,815
	33,582	Gibraltar Industries, Inc. *		616,230
	11,278	LB Foster Co.		138,494
	83,407	Nucor Corp.		3,131,933
	11,923	Olympic Steel, Inc.		118,634
	43,735	Reliance Steel & Aluminum Co.		2,362,127
	29,081	Schnitzer Steel Industries, Inc.		393,757
	137,942	Steel Dynamics, Inc.		2,369,844
	70,745	SunCoke Energy, Inc.		550,396
	48,254	TimkenSteel Corp.		488,330
	158,518	United States Steel Corp. †		1,651,758
	70,829	Worthington Industries, Inc.		1,875,552
				19,954,840
Total Common Stocks (Cost: $131,045,256)				49,901,594
MONEY MARKET FUND: 0.5% (Cost: $247,187)
	247,187	Dreyfus Government Cash Management Fund		247,187
Total Investments Before Collateral for Securities Loaned: 100.7% (Cost: $131,292,443)				50,148,781

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 20.4%
Repurchase Agreements: 20.4%
$	2,412,781	Repurchase agreement dated 9/30/15 with BNP Paribas Securities Corp., 0.11%, due 10/1/15, proceeds $2,412,788; (collateralized by various U.S. government and agency obligations, 0.25% to 7.50%, due 8/1/16 to 10/1/45, valued at $2,461,040 including accrued interest)	$	2,412,781
	2,412,781	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $2,412,789; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $2,461,037 including accrued interest)		2,412,781
	2,412,781	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.10%, due 10/1/15, proceeds $2,412,788; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/15/15 to 7/15/37, valued at $2,461,038 including accrued interest)		2,412,781
	2,412,781	Repurchase agreement dated 9/30/15 with Mizuho Securities USA, Inc., 0.14%, due 10/1/15, proceeds $2,412,790; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 10/9/19 to 10/1/45, valued at $2,461,037 including accrued interest)		2,412,781
	507,927	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $507,928; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $518,087 including accrued interest)		507,927
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $10,159,051)				10,159,051
Total Investments: 121.1% (Cost: $141,451,494)				60,307,832
Liabilities in excess of other assets: (21.1)%				(10,522,099	)
NET ASSETS: 100.0%			$	49,785,733


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 $9,712,353.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		7.4	%	$	3,714,025
Industrials		1.5			754,724
Materials		90.6			45,432,845
Money Market Fund		0.5			247,187
		100.0	%	$	50,148,781

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	49,901,594	$	—	$	—	$	49,901,594
Money Market Fund		247,187		—		—		247,187
Repurchase Agreements		—		10,159,051		—		10,159,051
Total	$	50,148,781	$	10,159,051	$	—	$	60,307,832

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

There were no transfers between levels during the period ended September 30, 2015.

See Notes to Schedules of Investments

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Canada: 19.8%
	59,359	ARC Resources Ltd. †	$	781,005
	66,915	Athabasca Oil Corp. * †		63,386
	30,510	Baytex Energy Corp. (USD)		97,632
	21,008	Birchcliff Energy Ltd. *		99,971
	135,110	Cenovus Energy, Inc. (USD)		2,048,268
	79,625	Crescent Point Energy Corp. (USD)		910,114
	123,809	EnCana Corp. (USD)		797,330
	38,436	Enerplus Corp. (USD) †		186,799
	55,029	Husky Energy, Inc.		854,146
	25,987	MEG Energy Corp. *		159,717
	10,494	Paramount Resources Ltd. *		77,020
	85,754	Pengrowth Energy Corp. (USD)		73,748
	24,592	Peyto Exploration & Development Corp. †		509,009
	21,519	PrairieSky Royalty Ltd. †		407,042
	38,346	Surge Energy, Inc. †		77,224
	29,921	Tourmaline Oil Corp. *		693,403
	51,204	Whitecap Resources, Inc. †		402,544
				8,238,358
United States: 80.3%
	45,456	Anadarko Petroleum Corp.		2,745,088
	14,459	Antero Resources Corp. * †		305,952
	52,136	Apache Corp.		2,041,646
	33,938	Breitburn Energy Partners LP †		68,894
	40,107	Cabot Oil & Gas Corp.		876,739
	48,972	California Resources Corp.		127,327
	6,780	Carrizo Oil & Gas, Inc. *		207,061
	70,690	Chesapeake Energy Corp. †		518,158
	13,909	Cimarex Energy Co.		1,425,394
	12,108	Concho Resources, Inc. *		1,190,216
	16,690	Continental Resources, Inc. *		483,509
	31,802	Denbury Resources, Inc. †		77,597
	63,583	Devon Energy Corp.		2,358,293
	7,647	Diamondback Energy, Inc. *		493,996
	8,518	Energen Corp.		424,708
	45,378	EOG Resources, Inc.		3,303,518
	19,884	EQT Corp.		1,287,887
	15,731	Gulfport Energy Corp. *		466,896
	38,524	Hess Corp.		1,928,511
	13,154	Laredo Petroleum, Inc. * †		124,042
	42,372	Linn Energy, LLC †		113,981
	92,142	Marathon Oil Corp.		1,418,987
	12,412	Matador Resources Co. *		257,425
	17,492	Memorial Resource Development Corp. *		307,509
	11,349	National Fuel Gas Co.		567,223
	18,532	Newfield Exploration Co. *		609,703
	51,858	Noble Energy, Inc.		1,565,074
	17,378	Oasis Petroleum, Inc. * †		150,841
	51,611	Occidental Petroleum Corp.		3,414,068
	15,863	Pioneer Natural Resources Co.		1,929,575
	19,757	QEP Resources, Inc.		247,555
	18,310	Range Resources Corp.		588,117
	9,118	SM Energy Co.		292,141
	32,250	Southwestern Energy Co. *		409,253
	12,568	Ultra Petroleum Corp. * †		80,310
	5,357	Unit Corp. *		60,320
	16,141	Vanguard Natural Resources, LLC †		122,672
	31,202	Whiting Petroleum Corp. *		476,455
	35,903	WPX Energy, Inc. *		237,678
				33,304,319
Total Common Stocks (Cost: $76,445,437)				41,542,677
MONEY MARKET FUND: 0.1% (Cost: $24,363)
	24,363	Dreyfus Government Cash Management Fund		24,363
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $76,469,800)				41,567,040

	Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 8.4%
Repurchase Agreements: 8.4%
$	1,000,000	Repurchase agreement dated 9/30/15 with Citigroup Global Markets, Inc., 0.12%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 5/15/18 to 10/1/45, valued at $1,020,000 including accrued interest)	$	1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/15 with RBC Capital Markets, LLC, 0.10%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 1.88% to 7.00%, due 4/20/25 to 5/20/65, valued at $1,020,000 including accrued interest)		1,000,000
	497,154	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $497,155; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $507,099 including accrued interest)		497,154
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,497,154)				3,497,154
Total Investments: 108.6% (Cost: $79,966,954)				45,064,194
Liabilities in excess of other assets: (8.6)%				(3,572,628	)
NET ASSETS: 100.0%			$	41,491,566

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,437,581.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		13.5	%	$	5,607,594
Gas Utilities		1.4			567,223
Integrated Oil & Gas		19.8			8,244,993
Oil & Gas Exploration & Production		65.2			27,122,867
Money Market Fund		0.1			24,363
		100.0	%	$	41,567,040

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	41,542,677	$	—	$	—	$	41,542,677
Money Market Fund		24,363		—		—		24,363
Repurchase Agreements		—		3,497,154		—		3,497,154
Total	$	41,567,040	$	3,497,154	$	—	$	45,064,194

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

There were no transfers between levels during the period ended September 30, 2015.

See Notes to Schedules of Investments

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2015 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Canada: 1.4%
	52,359	Cameco Corp. (USD) †	$	637,209
Czech Republic: 1.0%
	22,714	CEZ AS #		472,235
Finland: 2.0%
	61,261	Fortum OYJ #		905,480
France: 1.6%
	41,882	Electricite de France SA #		738,771
Japan: 18.9%
	44,900	Chugoku Electric Power Co., Inc. #		619,897
	24,800	Hokkaido Electric Power Co., Inc. * #		241,061
	28,100	Hokuriku Electric Power Co. #		378,576
	191,714	IHI Corp. #		493,458
	141,205	Kajima Corp. #		750,607
	120,200	Kansai Electric Power Co., Inc. * #		1,338,522
	62,700	Kyushu Electric Power Co., Inc. * #		685,226
	419,106	Mitsubishi Heavy Industries Ltd. #		1,877,473
	29,200	Shikoku Electric Power Co., Inc. #		476,995
	70,800	Tohoku Electric Power Co., Inc. #		961,051
	101,800	Tokyo Electric Power Co., Inc. * #		681,122
				8,503,988
Netherlands: 1.0%
	10,784	Chicago Bridge & Iron Co. NV (USD) †		427,693
South Korea: 3.0%
	66,856	Korea Electric Power Corp. (ADR)		1,369,879
United Kingdom: 3.1%
	42,259	AMEC Plc #		459,655
	53,218	Babcock International Group Plc #		737,203
	117,497	Serco Group Plc #		181,797
				1,378,655
United States: 68.0%
	27,659	Ameren Corp.		1,169,146
	24,538	AMETEK, Inc.		1,283,828
	42,546	Dominion Resources, Inc.		2,994,387
	18,423	DTE Energy Co.		1,480,657
	52,264	Duke Energy Corp.		3,759,872
	17,686	Entergy Corp.		1,151,359
	81,243	Exelon Corp.		2,412,917
	33,888	FirstEnergy Corp.		1,061,033
	12,388	Flowserve Corp.		509,642
	37,407	NextEra Energy, Inc.		3,649,053
	43,370	PG&E Corp.		2,289,936
	11,073	Pinnacle West Capital Corp.		710,222
	61,938	Public Service Enterprise Group, Inc.		2,611,306
	4,396	SPX Corp.		52,400
	4,396	SPX FLOW, Inc. *		151,354
	73,465	The Southern Co.		3,283,885
	58,533	Xcel Energy, Inc.		2,072,654
				30,643,651
Total Common Stocks (Cost: $45,955,695)				45,077,561

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.2%
Repurchase Agreements: 2.2%
$	1,000,000	Repurchase agreement dated 9/30/15 with HSBC Securities USA, Inc., 0.11%, due 10/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.63% to 6.50%, due 12/28/16 to 10/1/45, valued at $1,020,003 including accrued interest)	$	1,000,000
	106	Repurchase agreement dated 9/30/15 with Royal Bank of Scotland Plc, 0.09%, due 10/1/15, proceeds $106; (collateralized by various U.S. government and agency obligations, 0.09% to 3.63%, due 1/31/16 to 2/15/44, valued at $108 including accrued interest)		106
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,000,106)				1,000,106
Total Investments: 102.2% (Cost: $46,955,801)				46,077,667
Liabilities in excess of other assets: (2.2)%				(1,005,912	)
NET ASSETS: 100.0%			$	45,071,755

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,010,651.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,999,129 which represents 26.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		2.4	%	$	1,096,864
Industrials		14.4			6,465,455
Utilities		83.2			37,515,242
		100.0	%	$	45,077,561

The summary of inputs used to value the Fund’s investments as of September 30, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	637,209	$	—	$	—	$	637,209
Czech Republic		—		472,235		—		472,235
Finland		—		905,480		—		905,480
France		—		738,771		—		738,771
Japan		—		8,503,988		—		8,503,988
Netherlands		427,693		—		—		427,693
South Korea		1,369,879		—		—		1,369,879
United Kingdom		—		1,378,655		—		1,378,655
United States		30,643,651		—		—		30,643,651
Repurchase Agreements		—		1,000,106		—		1,000,106
Total	$	33,078,432	$	12,999,235	$	—	$	46,077,667

During the period ended September 30, 2015, transfers of securities from Level 1 to Level 2 were $ 137,882. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 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 the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

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

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The 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 September 30, 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	$	1,259,576,084	$	69,532,250	$	(296,045,291	)	$	(226,513,041	)
Coal ETF		144,132,848		30,948		(91,101,369	)		(91,070,421	)
Global Alternative Energy ETF		114,822,660		11,222,454		(26,552,068	)		(15,329,614	)
Gold Miners ETF		8,611,862,688		17,872,352		(4,010,244,900	)		(3,992,372,548	)
Junior Gold Miners ETF		1,885,362,175		52,763,855		(582,132,739	)		(529,368,884	)
Natural Resources ETF		102,226,554		4,629,284		(35,278,567	)		(30,649,283	)
Oil Refiners ETF		2,884,869		19,677		(200,817	)		(181,140	)
Oil Services ETF		1,869,065,357		—		(721,136,471	)		(721,136,471	)
Rare Earth / Strategic Metals ETF		98,814,789		1,387,616		(62,849,221	)		(61,461,605	)
Solar Energy ETF		26,346,080		647,506		(7,019,541	)		(6,372,035	)
Steel ETF		142,409,779		36,073		(82,138,020	)		(82,101,947	)
Unconventional Oil & Gas ETF		80,022,518		—		(34,958,324	)		(34,958,324	)
Uranium+Nuclear Energy ETF		47,114,697		2,583,250		(3,620,280	)		(1,037,030	)

ITEM 2. Controls and Procedures.

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

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

ITEM 3. Exhibits.

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

SIGNATURES

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

(Registrant) Market Vectors ETF Trust

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

Date: November 24, 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: November 24, 2015

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

Date: November 24, 2015