CHLC - Renminbi Bond ETF | Snapshot- Van Eck Global

Ticker:- CHLC;true;MVCHLC;
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Renminbi Bond ETF CHLC

Full Name: Market Vectors^®
Renminbi Bond ETF (CHLC)
Management Style: Sampling
Underlying Index: Market Vectors Renminbi Bond Index (MVCHLC)
Index Description: MVCHLC is designed to track the performance of Chinese Renminbi-denominated bonds that are investable to market participants outside of Mainland China.
Fund Ticker
CHLC

Exchange
NYSE Arca

Index Total Return Ticker
MVCHLC

Index Provider
Market Vectors Index Solutions

Total Net Assets
$5.3M

Shares Outstanding
200,000

Number of Holdings
26

Commencement Date
10/11/2011
as of 05/24/13

30-Day SEC Yield¹
2.07%

Distribution Frequency
Monthly

Gross Expense Ratio²
3.32%

Net Expense Ratio²
0.39%

Options
Expected

Management Team »

Foreign Investor Information »

CHLC Fact Sheet

Key Points

Potential for Currency Appreciation
China’s currency is widely considered undervalued given China’s strong economic growth

Investment Grade Credit Quality
Index includes only investment grade bonds or bonds from parent companies with investment grade ratings

Alternative for Accessing RMB Exposure
Fund seeks to hold primarily RMB bonds
Yields as of 05/24/13

30-Day SEC Yield¹
2.07%

Distribution Yield¹
2.25%

12-Month Yield¹
2.12%

¹ See Important Disclosure for definitions.
Fees & Expenses²

Management Fee
0.35%

Other Expenses
2.97%

Acquired Fund Fees and Expenses
--

Gross Expense Ratio
3.32%

Fee Waivers and
Expense Reimbursement
(2.93)%

Net Expense Ratio
0.39%

²Expenses for CHLC are capped contractually at 0.39% until 09/01/13. Cap excludes certain expenses, such as interest. See Important Disclosure for more information.
Trading Information

Fund Ticker
CHLC

Index Total Return Ticker
MVCHLC

NAV
CHLCNV

Intraday NAV (IIV)⁵
CHLCIV

Shares Outstanding
200,000

Estimated Cash
CHLCEU

Total Cash
CHLCTC

CUSIP
57060U282

ISIN
US57060U2823

⁵See IIV Details. Source: Bloomberg
Fundamentals⁴ as of 05/23/13

Yield to Worst
2.57%

Yield to Maturity
2.62%

Effective Duration (yrs)
1.99

Modified Duration (yrs)
2.00

Years to Maturity
2.29

Coupon
2.53%

⁴ See Important Disclosure for definitions.

Prices as of 05/24/13

Ticker	NAV/ Last Price	Avg. 30-Day Trading Volume	Daily Change NAV/ Last Price	YTD Change NAV/ Last Price	Premium/ Discount	Prem/Discount Distribution Charts	NAV & Prem/Discount History	NAV Price Chart
CHLC	$26.66 $26.11	1,947 754	$0.02 / +0.1% $-0.17 / -0.7%	+ 3.7% + 3.0%	$-0.55 -2.06%

View All Indices » View All ETFs » Performance History: Average Annual Total Returns* (%)

Month End as of 04/30/13
Quarter End as of 03/31/13

	1 MO*	3 MO*	YTD*	1 YR	3 YR	5 YR	10 YR	LIFE 10/11/11
CHLC (NAV)	1.23	1.85	3.11	5.61	--	--	--	5.97
CHLC (Share Price)	0.51	1.53	2.29	2.71	--	--	--	4.50
MVCHLC (Index)	1.23	2.04	3.12	6.36	--	--	--	5.92
Performance Differential (NAV - Index)	0.00	-0.19	-0.01	-0.75	--	--	--	0.05
After Tax Held	--	--	--	4.75	--	--	--	5.21
After Tax Sold	--	--	--	3.27	--	--	--	4.27

	1 MO*	3 MO*	YTD*	1 YR	3 YR	5 YR	10 YR	LIFE 10/11/11
CHLC (NAV)	0.48	1.86	1.86	4.38	--	--	--	5.43
CHLC (Share Price)	0.06	1.77	1.77	2.71	--	--	--	4.39
MVCHLC (Index)	0.61	1.87	1.87	5.21	--	--	--	5.39
Performance Differential (NAV - Index)	0.00	-0.19	-0.01	-0.75	--	--	--	0.05
After Tax Held	--	--	--	3.55	--	--	--	4.69
After Tax Sold	--	--	--	2.59	--	--	--	3.88

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "Net Asset Value" (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

View All Holdings » Top 10 Holdings (%) as of 04/30/13

Total Holdings: 26

	Holding Name	Coupon	Maturity	Composite Rating	Country^†	Currency	% of Net Assets
	BSH Bosch und Siemens Hausgerate GmbH	2.375	09/29/2014	NR	Germany	CNY	9.21
	HKCG Finance Ltd	1.400	04/11/2016	A+	Hong Kong	CNY	8.84
	China Government Bond	2.560	06/29/2017	AA-	China	CNY	7.87
	Volkswagen International Finance NV	2.150	05/23/2016	A-	Netherlands	CNY	6.14
	China Power International Development L	3.200	12/23/2015	NR	Hong Kong	CNY	5.36
	China Development Bank Corp	2.700	11/11/2013	NR	China	CNY	5.21
	Industrial & Commercial Bank of China A	6.000	11/04/2021	NR	Hong Kong	CNY	3.43
	Global Logistic Properties Ltd	3.375	05/11/2016	BBB	Singapore	CNY	3.14
	Shanghai Baosteel Group Corp	3.500	12/01/2014	A-	China	CNY	3.14
	HSBC Bank PLC	2.875	04/30/2015	AA-	United Kingdom	CNY	3.12
Top 10 Total (%)							55.46

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 04/30/13

Domicile
% of Net Assets

CHINA
61.5

GERMANY
9.2

NETHERLANDS
6.1

UNITED STATES
4.6

SINGAPORE
3.1

UNITED KINGDOM
3.1

MALAYSIA
3.1

LUXEMBOURG
3.1

BRITISH VIRGIN
3.1

Other
3.0

Total
99.9
Currency Exposure (%)
as of 04/30/13

China Renminbi
96.98

Other
3.02

Total
100.00
Sector Weightings (%) as of 04/30/13

Sector
% of Net Assets

Financial
33.4

Consumer, Cyclical
19.9

Utilities
15.8

Government
15.5

Basic Materials
6.2

Communications
3.1

Consumer, Non-cyclical
3.0

Other
3.0

Total
99.9

Credit Quality (%) as of 04/30/13

Composite Rating		% of Net Assets
Investment Grade	AA	18.65
	A	22.74
	BBB	9.35
Total Investment Grade		50.74
Not rated		49.26

Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion.

Maturity (%) as of 04/30/13

Average Portfolio Maturity: 2.33 Years

Important Disclosure

¹30-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The Distribution Yield is the annual yield an investor would receive if the most recent fund distribution stayed the same going forward. The yield represents a single distribution from the fund and does not represent the total return of the fund. The yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

²CHLC Fees & Expenses: Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.39% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

⁴These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases.Years to Maturity is the length of time until a fixed-income investment returns its original investment. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

⁵IIV is an abbreviation for An ETF's intraday indicative value; it is an estimated fair value of its holdings based on the most recent prices of its underlying securities and other assets. Intraday values are typically updated every 15 seconds and should closely approximate the net asset value (NAV) of an ETF throughout the trading day. ETF intraday values are calculated by an exchange (e.g., the NYSE Arca) and are distributed through quote services.

⁶The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

Investments in China-related securities are subject to elevated risks which include adverse market, political, regulatory, and geographic events affecting China and the surrounding region. Investments in mainland China and its offshore market in Hong Kong are subject to local customs, duties and rights of ownership, which might change at any time should policy makers deem them in China’s best interest. As the Fund invests in securities denominated in Chinese renminbi, changes in currency exchange rates may negatively impact the Fund’s return. The Fund may also be subject to financial sector risk, credit risk, interest rate risk, sovereign debt risk, liquidity risk and tax risk. Investors should be willing to accept a high degree of volatility and the potential of significant loss.

Market Vectors Renminbi Bond Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Renminbi Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

Investments in emerging markets securities are subject to elevated risks which include, among others, expropriation, confiscatory taxation, issues with repatriation of investment income, limitations of foreign ownership, political instability, armed conflict and social instability. Investors should be willing to accept a high degree of volatility and the potential of significant loss. For a more complete description of these and other risks, please refer to the Fund’s prospectus and summary prospectus. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.

Country of Risk: The International Organization for Standardization (ISO) country code of the issuer's country of risk. The assignment of an issuer's country of risk takes four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the Chief Executive Officer (CEO), Chief Financial Officer CFO), Chief Operating Officer (COO), and/or General Counsel is otherwise.

The “Net Asset Value” (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 888.MKT.VCTR or on this web page.

Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 888.MKT.VCTR or visit vaneck.com/etf. Please read the prospectus and summary prospectus carefully before investing.

Not FDIC Insured — No Bank Guarantee — May Lose Value

Media Center: International Bond ETFs

Making News

Other MV ETFs

How to Purchase

Renminbi Bond ETF CHLC

as of 05/24/13

Key Points

Yields as of 05/24/13

Fees & Expenses2

Trading Information

Fundamentals4 as of 05/23/13

Prices as of 05/24/13

View All Indices » View All ETFs » Performance History: Average Annual Total Returns* (%)

View All Holdings » Top 10 Holdings (%) as of 04/30/13

Country Weightings (%) as of 04/30/13

Currency Exposure (%) as of 04/30/13

Sector Weightings (%) as of 04/30/13

Credit Quality (%) as of 04/30/13

Maturity (%) as of 04/30/13

Contact Us

Important Disclosure

Fees & Expenses²

Fundamentals⁴ as of 05/23/13

Currency Exposure (%)
as of 04/30/13