THHY - Treasury-Hedged High Yield Bond ETF

Ticker:- THHY;true;MVTHHY;
Ticker Group:- ETFFI_CB;false;;
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ETF Daily News: Market Vectors Launches THHY

03/22/13: "THHY is the latest addition to Market Vectors' innovative family of high-yield bond ETFs," reports ETF Daily News. Noting THHY's potential in rising interest rate environments, MV's Fran Rodilosso, Fixed Income Portfolio Manager, is quoted: "I believe it is not a question of if, but rather when, we will begin to see rising interest rates."

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ETF Daily News: Buying Fallen Angels for Higher Yields

03/10/13: JT of ETF Base highlights ANGL, and reports: "What Van Eck discovered is that companies that fit the falling angel mold usually have qualities that make them preferable to junk issuers. Most importantly, falling angels are more likely [to] have much longer-dated debt that insulates the company from risk at reissue."

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01/03/13: S. Bojinov writes, "it’s likely that the hunt for meaningful yield will remain a dominant theme in 2013.” He interviews MV’s Fran Rodilosso about ANGL, which “warrants a closer look from anyone looking to enhance their portfolio’s yield without incurring handfuls of volatility." ANGL has a singular focus to capture the fallen-angel niche in the high-yield corporate bond market.

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02/27/13: Seeking Alpha reports on how investors are taking a look at senior bank loan ETFs as a way to seek higher yield. SA highlights FLTR as an investment grade floating rate ETF that may be suitable for investors "interested in the floating rate aspect as protection against rising rates but wary about speculative grade debt."
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Treasury-Hedged High Yield Bond ETF THHY

Full Name: Market Vectors^®
Treasury-Hedged High Yield Bond ETF (THHY)
Management Style: Sampling
Underlying Index: The Market Vectors^® US Treasury-Hedged High Yield Bond Index (MVTHHY)
Index Description: MVTHHY is designed to provide exposure to below investment grade corporate bonds, denominated in U.S. dollars; that are, through the use of Treasury notes, hedged against rising interest rates.
Fund Ticker
THHY

Exchange
NYSE Arca

Index Total Return Ticker
MVTHHY

Index Provider
Market Vectors Index Solutions

Total Net Assets
$10.2M

Shares Outstanding
400,000

Number of Holdings
60

Commencement Date
03/21/2013
as of 05/24/13

30-Day SEC Yield¹
2.60%

Distribution Frequency
Monthly

Gross Expense Ratio²
1.51%

Net Expense Ratio²
1.45%

Options
Expected

Management Team »

Foreign Investor Information »

THHY Fact Sheet

Key Points

Combines the more liquid portion of the high-yield bond universe with short positions in 5-Year U.S. Treasury Notes

Offers income potential during low-interest rate environments

Presents significant risk of loss in "risk-off" environment: when U.S. Treasuries rally and high-yield
bonds decline
Yields as of 05/24/13

30-Day SEC Yield¹
2.60%

Distribution Yield¹
2.88%

12-Month Yield¹
--

¹ See Important Disclosure for definitions.
Fees & Expenses²

Management Fee
0.45%

Other Expenses
0.11%

Short Interest Expense and Cost to Borrow
0.95%

Acquired Fund Fees and Expenses
--

Gross Expense Ratio
1.51%

Fee Waivers and
Expense Reimbursement
(0.06)%

Net Expense Ratio
1.45%

²Expenses for the Fund are capped contractually at 0.50% until 09/01/2014. Cap excludes certain expenses, such as interest and costs to borrow on securities sold short. See Important Disclosure for more information.
Trading Information

Fund Ticker
THHY

Index Total Return Ticker
MVTHHY

NAV
THHYNV

Intraday NAV (IIV)⁵
THHYIV

Shares Outstanding
400,000

Estimated Cash
THHYEU

Total Cash
THHYTC

CUSIP
57061R775

ISIN
US57061R7750

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

Yield to Worst
3.77%

Yield to Maturity
4.34%

Effective Duration (yrs)
-0.02

Modified Duration (yrs)
-0.08

Duration to Worst (yrs)
-0.43

Spread Duration (yrs)
-0.35

Years to Maturity
6.71

Coupon
6.87%

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
THHY	$25.42 $25.70	5,614 2,300	$-0.02 / -0.1% $0.00 / +0.0%	n/a n/a	$0.28 1.10%

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

Month End as of 04/30/13
Quarter End as of 12/31/12

	1 MO*	3 MO*	YTD*	1 YR	3 YR	5 YR	10 YR	LIFE 03/21/13
THHY (NAV)	1.56	--	--	--	--	--	--	1.36
THHY (Share Price)	1.04	--	--	--	--	--	--	1.12
MVTHHY (Index)	1.52	--	--	--	--	--	--	1.40
Performance Differential (NAV - Index)	0.04	--	--	--	--	--	--	-0.04
After Tax Held	--	--	--	--	--	--	--	1.36
After Tax Sold	--	--	--	--	--	--	--	0.77

	1 MO*	3 MO*	YTD*	1 YR	3 YR	5 YR	10 YR	LIFE 03/21/13
THHY (NAV)	--	--	--	--	--	--	--	--
THHY (Share Price)	--	--	--	--	--	--	--	--
MVTHHY (Index)	0.89	--	--	--	--	--	--	-0.12
Performance Differential (NAV - Index)	0.04	--	--	--	--	--	--	-0.04
After Tax Held	--	--	--	--	--	--	--	--
After Tax Sold	--	--	--	--	--	--	--	--

*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 Long Holdings (%) as of 04/30/13

Total Holdings: 60

	Holding Name	Coupon	Maturity	Composite Rating	Country^†	Currency	% of Net Assets
	Ally Financial Inc	8.000	11/01/2031	B+	U.S.	USD	4.70
	HCA Inc	6.500	02/15/2020	BB	U.S.	USD	4.04
	International Lease Finance Corp	8.750	03/15/2017	BB	U.S.	USD	3.61
	CIT Group Inc	5.500	02/15/2019	BB-	U.S.	USD	3.39
	DISH DBS Corp	7.125	02/01/2016	BB-	U.S.	USD	3.34
	First Data Corp	12.625	01/15/2021	CCC+	U.S.	USD	3.34
	CCO Holdings LLC / CCO Holdings Capital	7.250	10/30/2017	B+	U.S.	USD	3.21
	Cablevision Systems Corp	8.625	09/15/2017	B	U.S.	USD	2.37
	Sprint Nextel Corp	9.125	03/01/2017	B	U.S.	USD	2.36
	Sprint Nextel Corp	8.375	08/15/2017	B	U.S.	USD	2.34
Top 10 Total (%)							32.70

†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.

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

Total Holdings: 4

	Holding Name	Coupon	Maturity	Composite Rating	Country^†	Currency	% of Net Assets
	U.S. Treasury Note/Bond	0.750	03/31/2018	NR	U.S.	USD	-24.14
	U.S. Treasury Note/Bond	0.625	09/30/2017	NA	U.S.	USD	-24.19
	U.S. Treasury Note/Bond	0.750	06/30/2017	NA	U.S.	USD	-24.25
	U.S. Treasury Note/Bond	0.750	12/31/2017	NA	U.S.	USD	-24.28
Total (%)							-96.86

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

Composite Rating		% of Net Assets
Non-Investment Grade	BB	37.60
	B	46.57
	CCC	12.97
	CC	0.65
Total Non-Investment Grade		97.78
Not rated		2.22

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. The credit breakdown presented above includes only the aggregate of the long positions. 100% of the short positions consist entirely of 5-Year U.S. Treasury notes.

Maturity (%) as of 04/30/13

Average Portfolio Maturity: 6.76 Years

*Maturity breakdown presented above only includes the Long Portfolio of the Fund. 100% of the Short Portfolio of the Fund, consisting entirely of 5-year U.S. Treasury notes, falls within the 3-to-5 years maturity range.

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.

²THHY Fees & Expenses: “Other expenses” are based on estimated amounts for the current fiscal year. 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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.50% of the Fund’s average daily net assets per year until at least September 1, 2014. 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.

The Fund is subject to risks associated with investing in high-yield securities; which include a greater risk of loss of income and principal than funds holding higher-rated securities; concentration risk; credit risk; hedging risk; interest rate risk; and short sale risk. 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.

Market Vectors US Treasury-Hedged High Yield Bond Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (the “Index Provider”), which has contracted with Interactive Data Pricing and Reference Data, LLC. (the “Calculation Agent “) to calculate the Index. The Calculation Agent is not an adviser for or a fiduciary to any account, fund or ETF managed by Van Eck Associates Corporation. The Calculation Agent is not responsible for any direct, indirect, or consequential damages associated with indicative optimized portfolio values and/or indicative intraday values. Market Vectors Treasury-Hedged High Yield Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by the Index Provider, which makes no representation regarding the advisability of investing in the Fund.

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an Index.

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.

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: Corporate Bond ETFs

Making News

Other MV ETFs

How to Purchase

Treasury-Hedged High Yield Bond ETF THHY

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 Long Holdings (%) as of 04/30/13

View All Holdings » Short Holdings (%) 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