SMB - Short Municipal Index ETF | Snapshot- Van Eck Global

Ticker:- SMB;true;LMT1TR;
Ticker Group:- ETFFI_MI;false;;
Media Center: Municipal Income Bond ETFs

Sequestration and the Great Rotation: The Impact on Munis (03:43)
Jim Colby

Muni Health Check - 4Q'12 (6:38)
Jim Colby
Making News

The Bond Buyer: Some Steering Clear of Puerto Rico, Others Riding Out the Storm

04/10/13: Examining the question of whether investors should exit Puerto Rican debt ahead of the commonwealth’s proposed fiscal remedies, The Bond Buyer consults MV’s James Colby. "Whether or not we feel that these credits are at risk for further downgrades, we would only consider an outright sale or removal if we felt a monetary default might occur, putting shareholders' interest at risk."
  View article >>

The Bond Buyer: February Muni Bond Volume Tumbles

02/28/13: James Ramage interviews MV's James Colby, who was surprised by the decline in muni issuance in February, considering interest rate levels. Colby expects that refundings should increase: "Why wait, if it’s producing cost savings and can get done reasonably efficiently? Do your refundings; get those deals off the books and save taxpayers money prior to the end of the fiscal year."
  View article >>

InvestmentNews: Colby on the Impact of Migratory Patterns on Munis

02/17/13: Investment News pics up Colby’s MUNI NATION post about population migration in the U.S.: "My concern is for the economic health — no, survival — of state and local governments that issue tax-exempt debt securities in order to meet the public needs of their inhabitants. The Forbes article points to migratory population shifts that I believe will have very real consequences for certain states (NJ, IL, NY, MI, ME, CT, WI)."
  View article >>

ETF Trends: Muni Bond ETFs January Rebound

02/14/13: MV's James Colby writes about the "political ripples of the fiscal cliff and inauguration finally reaching the edge of the pond, the markets appear to be once again fully engaged in the dissection of domestic economic releases, earnings and European monetary drama." He summarizes January: New flows into municipals, along with cash from calls, maturities and coupon payments are again positive, overwhelming a meager January supply: a formula that is prevalent in most years, coined the January Effect.

View article >>
Other MV ETFs

PRB
Pre-Refunded Municipal Index ETF

ITM
Intermediate Municipal Index ETF

MLN
Long Municipal Index ETF

HYD
High-Yield Municipal Index ETF
How to Purchase

Learn more

Short Municipal Index ETF SMB

Full Name: Market Vectors^®
Short Municipal Index ETF (SMB)
Management Style: Sampling
Underlying Index: The Barclays AMT-Free Short Continuous Municipal Index (LMT1TR)
Index Description: LMT1TR is a market value weighted index designed to replicate the price movements of short-duration bonds with a nominal maturity of 1-6 years.
Fund Ticker
SMB

Exchange
NYSE Arca

Index Total Return Ticker
LMT1TR

Index Provider
Barclays

Total Net Assets
$214.0M

Shares Outstanding
12,050,000

Number of Holdings
287

Commencement Date
02/22/2008
as of 05/20/13

30-Day SEC Yield¹
0.83%

Distribution Frequency
Monthly

Gross Expense Ratio²
0.20%

Net Expense Ratio²
0.20%

Options
Expected

Management Team »

SMB Fact Sheet

Morningstar™ Ratings³ as of 04/30/13

Category	Overall	3 Year	5 Year
Muni National Short	of 142 Funds	of 142 Funds	of 114 Funds

Key Points

Tax-Free Yield
Income generally exempt from federal taxes and the Alternative Minimum Tax (AMT)

Targeted Interest Rate Risk
Designed to track an index of short-duration municipal

Quality
Investment-grade index constituents with high overall credit quality
Yields as of 05/20/13

30-Day SEC Yield¹
0.83%

Distribution Yield¹
1.35%

12-Month Yield¹
1.45%

Taxable Equivalent 30-Day SEC Yields^1a

Federal Tax Rate of 15%
0.97%

Federal Tax Rate of 25%
1.10%

Federal Tax Rate of 28%
1.15%

Federal Tax Rate of 33%
1.23%

Federal Tax Rate of 39.6%
1.37%

^1/1a See Important Disclosure for definitions.
Fees & Expenses²

Management Fee
0.20%

Other Expenses
--

Acquired Fund Fees and Expenses
--

Gross Expense Ratio
0.20%

Fee Waivers and
Expense Reimbursement
--

Net Expense Ratio
0.20%

²The Investment Management Agreement between Market Vectors ETF Trust (the “Trust”) and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
Trading Information

Fund Ticker
SMB

Index Total Return Ticker
LMT1TR

NAV
SMBNV

Intraday NAV (IIV)⁵
SMBIV

Shares Outstanding
12,050,000

Estimated Cash
SMBEU

Total Cash
SMBTC

CUSIP
57060U803

ISIN
US57060U8036

⁵See IIV Details. Source: Bloomberg
Fundamentals⁴ as of 05/15/13

Yield to Worst
0.91%

Yield to Maturity
0.95%

Effective Duration (yrs)
3.11

Modified Duration (yrs)
3.09

Duration to Worst (yrs)
3.11

Spread Duration (yrs)
3.09

Years to Maturity
4.45

Coupon
4.81%

⁴ See Important Disclosure for definitions.

Prices as of 05/20/13

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
SMB	$17.76 $17.77	89,412 147,917	$0.00 / +0.0% $-0.03 / -0.2%	+ 0.8% + 1.0%	$0.01 0.06%

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 02/22/08
SMB (NAV)	0.23	0.50	1.03	1.83	2.86	3.74	--	3.61
SMB (Share Price)	0.28	0.50	1.43	1.77	2.89	3.80	--	3.66
LMT1TR (Index)	0.32	0.64	1.00	2.20	3.37	4.28	--	4.16
Performance Differential (NAV - Index)	-0.09	-0.14	0.03	-0.37	-0.51	-0.54	--	-0.55
After Tax Held	--	--	--	1.82	--	3.72	--	3.59
After Tax Sold	--	--	--	1.69	--	3.37	--	3.27

	1 MO*	3 MO*	YTD*	1 YR	3 YR	5 YR	10 YR	LIFE 02/22/08
SMB (NAV)	0.05	0.80	0.80	1.98	2.98	3.66	--	3.62
SMB (Share Price)	0.22	1.14	1.14	1.97	2.94	3.62	--	3.67
LMT1TR (Index)	0.02	0.67	0.67	2.42	3.45	4.21	--	4.17
Performance Differential (NAV - Index)	-0.09	-0.14	0.03	-0.37	-0.51	-0.54	--	-0.55
After Tax Held	--	--	--	1.96	--	3.64	--	3.60
After Tax Sold	--	--	--	1.79	--	3.32	--	3.28

*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: 280

	Holding Name	Coupon	Maturity	Composite Rating	State	Currency	% of Net Assets
	State of Illinois	5.000	08/01/2017	A-	IL	USD	2.97
	City of Rochester MN	4.000	11/15/2038	AA	MN	USD	1.63
	New York State Urban Development Corp	5.000	12/15/2018	AA+	NY	USD	1.60
	Michigan Finance Authority	5.000	07/01/2018	AAA	MI	USD	1.49
	Commonwealth of Pennsylvania	5.000	07/01/2017	AA	PA	USD	1.45
	Gwinnett County School District	4.500	10/01/2017	AAA	GA	USD	1.32
	State of Texas	5.000	10/01/2018	AA+	TX	USD	1.31
	State of North Carolina	5.000	03/01/2016	AA-	NC	USD	1.25
	Alabama Public School & College Authori	5.000	05/01/2016	AA	AL	USD	1.14
	State of New York	3.000	02/01/2016	AA	NY	USD	1.05
Top 10 Total (%)							15.21

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.

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

State
% of Net Assets

NY
17.4

IL
11.4

CA
10.7

TX
6.1

FL
5.5

PR
4.7

NJ
4.3

PA
3.5

MI
3.4

NC
3.4

WA
3.1

GA
2.9

KY
2.6

MN
2.5

AZ
2.0

CT
1.6

UT
1.4

CO
1.4

VA
1.4

AL
1.4

Other
9.0

Total
99.7
Currency Exposure (%)
as of 04/30/13

U.S. Dollar
99.99

Other
0.02

Total
100.01
Sector Weightings (%) as of 04/30/13

Sector
% of Net Assets

Government
100.0

Other
0.0

Total
100.0

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

Composite Rating		% of Net Assets
Investment Grade	AAA	10.33
	AA	50.78
	A	32.76
	BBB	5.67
Total Investment Grade		99.54
Not rated		0.46

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: 4.47 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.

^1aTaxable equivalent yields (TEY) are used by investors to compare yields on taxable and tax-exempt securities after accounting for federal income taxes. TEY represents the yield a taxable bond investment would have to earn in order to match, after deducting federal income taxes, the yield available on a tax-exempt municipal bond investment. TEY = Tax-Free Municipal Bond Yield/(1 -Tax Rate).

³Morningstar Ratings: ©2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

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.

Municipal bonds are subject to risks related to litigation, legislation, political changes, local business or economic conditions, conditions in underlying sectors, bankruptcy or other changes in the financial condition of the issuer, and/or the discontinuance of the taxation supporting the project or assets or the inability to collect revenues for the project or from the assets. Bonds and bond funds will decrease in value as interest rates rise. Municipal bonds are also subject to credit risk, interest rate risk, call risk, lease obligations and tax risk. The market for municipal bonds may be less liquid than for taxable bonds. There is no guarantee that the Fund’s income will be exempt from federal or state income taxes or the alternative minimum tax. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax. For a more complete description of these and other risks, please refer to each Fund’s prospectus.

A portion of the Funds’ dividends may be subject to federal, state, or local income taxes or may be subject to the federal alternative minimum tax.

The Barclays Short Continuous Municipal Index is calculated and maintained by Barclays Inc. Barclays Inc. does not sponsor, endorse, or promote the Funds and bears no liability with respect to any such Funds or security.

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.

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: Municipal Income Bond ETFs

Making News

Other MV ETFs

How to Purchase

Short Municipal Index ETF SMB

as of 05/20/13

Morningstar™ Ratings3 as of 04/30/13

Key Points

Yields as of 05/20/13

Fees & Expenses2

Trading Information

Fundamentals4 as of 05/15/13

Prices as of 05/20/13

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

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

Geographical 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

Morningstar™ Ratings³ as of 04/30/13

Fees & Expenses²

Fundamentals⁴ as of 05/15/13

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