BRF - Market Vectors Brazil Small-Cap ETF

Ticker:- BRF;false;MVBRF;
Ticker Group:- ETFEQ_INTL;false;;
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Brazil Small-Cap ETF BRF

Full Name: Market Vectors^®
Brazil Small-Cap ETF (BRF^®)
Management Style: Replication
Underlying Index: Market Vectors^®Brazil Small-Cap Index (MVBRFTR)
Index Description: MVBRFTR is a rules-based, modified market capitalization-weighted, float adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed in Brazil or that generate the majority of their revenues in Brazil.
Fund Ticker
BRF

Exchange
NYSE Arca

Index Total Return Ticker
MVBRFTR

Index Provider
Market Vectors Index Solutions

Total Net Assets
$418.0M

Shares Outstanding
10,500,000

Number of Holdings
74

Commencement Date
05/12/2009
as of 05/23/13

30-Day SEC Yield¹
1.99%

Distribution Frequency
Annually

Gross Expense Ratio²
0.64%

Net Expense Ratio²
0.60%

Options
Available

Management Team »

Foreign Investor Information »

BRF Fact Sheet

Portfolio Composition (%) as of 05/23/13

% of Net Assets

Stocks
100.24

Bonds
0.00

Other
0.00

Cash
-0.24

Total
100.00

Download All Holdings All Holdings (%) as of 05/23/13

Total Holdings: 74

	Holding Name	Ticker	Shares	Market Value (US$)	% of Net Assets
	Estacio Participacoes SA	ESTC3 BZ	2,378,640	19,866,101	4.75
	Anhanguera Educacional Participacoes SA	AEDU3 BZ	2,877,200	18,715,023	4.48
	Sul America SA	SULA11 BZ	1,800,568	13,029,413	3.12
	Mills Estruturas e Servicos de	MILS3 BZ	750,500	13,026,647	3.12
	NII Holdings Inc	NIHD US	1,494,517	11,851,520	2.84
	Cia de Saneamento de Minas Gerais-COPAS	CSMG3 BZ	543,650	11,695,685	2.80
	PDG Realty SA Empreendimentos e Partici	PDGR3 BZ	9,563,000	11,689,280	2.80
	Qualicorp SA	QUAL3 BZ	1,245,450	11,600,451	2.78
	Diagnosticos da America SA	DASA3 BZ	1,907,900	10,987,389	2.63
	Odontoprev SA	ODPV3 BZ	2,167,300	10,509,348	2.51
	Marcopolo SA	POMO4 BZ	1,493,100	9,735,107	2.33
	Equatorial Energia SA	EQTL3 BZ	938,422	9,669,650	2.31
	Even Construtora e Incorporadora SA	EVEN3 BZ	2,054,750	9,373,337	2.24
	American Banknote SA	VLID3 BZ	475,650	8,397,859	2.01
	Marfrig Alimentos SA	MRFG3 BZ	2,172,700	7,808,016	1.87
	Grendene SA	GRND3 BZ	697,100	7,368,929	1.76
	Ez Tec Empreendimentos e Participacoes	EZTC3 BZ	476,250	7,325,357	1.75
	aliansce shopping centers	ALSC3 BZ	648,250	7,289,940	1.74
	Gafisa SA	GFA US	1,906,010	7,185,658	1.72
	Iochpe-Maxion SA	MYPK3 BZ	580,550	7,011,165	1.68
	Marisa Lojas SA	AMAR3 BZ	446,950	6,846,568	1.64
	Fleury SA	FLRY3 BZ	681,050	6,723,090	1.61
	Brazil Pharma SA	BPHA3 BZ	1,062,500	6,691,114	1.60
	Randon Participacoes SA	RAPT4 BZ	1,035,650	6,623,299	1.58
	Sao Martinho SA	SMTO3 BZ	440,000	6,342,110	1.52
	Sao Paulo Alpargatas SA	ALPA4 BZ	848,691	6,304,246	1.51
	Light SA	LIGT3 BZ	642,900	6,274,851	1.50
	santos brasil participacoes	STBP11 BZ	393,950	6,065,511	1.45
	Magnesita Refratarios SA	MAGG3 BZ	1,624,265	5,884,694	1.41
	Gol Linhas Aereas Inteligentes SA	GOL US	1,087,869	5,809,220	1.39
	Brasil Insurance Participacoes e Admini	BRIN3 BZ	529,700	5,745,628	1.37
	Arezzo Industria E Comercio	ARZZ3 BZ	295,700	5,732,553	1.37
	QGEP Participacoes SA	QGEP3 BZ	911,800	5,684,122	1.36
	Iguatemi Empresa de Shopping Centers SA	IGTA3 BZ	411,600	5,393,414	1.29
	LPS Brasil Consultoria de Imoveis SA	LPSB3 BZ	539,922	5,224,040	1.25
	Helbor Empreendimentos SA	HBOR3 BZ	1,003,355	4,920,499	1.18
	Cia Energetica do Ceara	COCE5 BZ	209,550	4,826,067	1.15
	International Meal Co Holdings SA	IMCH3 BZ	382,050	4,752,158	1.14
	Banco Panamericano SA	BPNM4 BZ	1,462,213	4,732,844	1.13
	Mahle-Metal Leve SA Industria e Comerci	LEVE3 BZ	356,900	4,636,515	1.11
	Rossi Residencial SA	RSID3 BZ	2,374,092	4,434,192	1.06
	Restoque Comercio e Confeccoes de Roupa	LLIS3 BZ	973,650	4,408,263	1.05
	SLC Agricola SA	SLCE3 BZ	440,150	4,054,480	0.97
	Minerva SA/Brazil	BEEF3 BZ	760,900	3,884,022	0.93
	Tecnisa SA	TCSA3 BZ	793,000	3,861,768	0.92
	Contax Participacoes SA	CTAX4 BZ	1,534,350	3,837,571	0.92
	Brasil Brokers Participacoes SA	BBRK3 BZ	1,126,500	3,822,472	0.91
	Abril Educacao SA	ABRE11 BZ	175,300	3,805,559	0.91
	Eletropaulo Metropolitana Eletricidade	ELPL4 BZ	868,550	3,738,109	0.89
	Beadell Resources Ltd	BDR AU	5,753,050	3,480,706	0.83
	Banco ABC Brasil SA	ABCB4 BZ	473,117	3,469,872	0.83
	Sonae Sierra Brasil SA	SSBR3 BZ	233,900	3,345,105	0.80
	Paranapanema SA	PMAM3 BZ	1,124,600	3,266,165	0.78
	B2W Cia Global Do Varejo	BTOW3 BZ	551,400	3,237,900	0.77
	Technos SA	TECN3 BZ	300,500	3,063,403	0.73
	Saraiva SA Livreiros Editores	SLED4 BZ	172,500	2,847,378	0.68
	Autometal SA	AUTM3 BZ	268,400	2,663,987	0.64
	JHSF Participacoes SA	JHSF3 BZ	799,400	2,657,827	0.64
	Ferbasa-Ferro Ligas DA Bahia	FESA4 BZ	398,500	2,657,641	0.64
	Brookfield Incorporacoes SA	BISA3 BZ	2,829,858	2,615,050	0.63
	Tegma Gestao Logistica	TGMA3 BZ	183,500	2,512,162	0.60
	HRT Participacoes em Petroleo SA	HRTP3 BZ	1,806,700	2,429,251	0.58
	Brasil Ecodiesel Industria e Comercio d	VAGR3 BZ	1,293,179	2,402,679	0.57
	MMX Mineracao e Metalicos SA	MMXM3 BZ	2,165,684	2,202,480	0.53
	GP Investments Ltd	GPIV11 BZ	832,340	1,908,654	0.46
	LLX Logistica SA	LLXL3 BZ	1,866,000	1,760,851	0.42
	Magazine Luiza SA	MGLU3 BZ	380,500	1,599,951	0.38
	Colossus Minerals Inc	CSI CN	947,663	1,454,473	0.35
	Banco Industrial e Comercial SA	BICB4 BZ	472,750	1,227,382	0.29
	OSX Brasil SA	OSXB3 BZ	767,250	1,144,169	0.27
	Mirabela Nickel Ltd	MBN AU	6,715,149	1,042,722	0.25
	Positivo Informatica SA	POSI3 BZ	219,800	542,717	0.13
	Telecomunicacoes Brasileiras SA	TELB4 BZ	120,560	255,238	0.06
	Other/Cash			-994,604	-0.24
Total (%)					99.98

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Important Disclosure

¹30-Day SEC Yield is calculated daily, 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 12-Month yield is calculated by summing any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months.

²BRF 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 acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of the Fund’s average daily net assets per year until at least May 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.

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.

⁴IIV 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.

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.

The Fund is subject to elevated risks, including those associated with investments in derivatives and foreign securities. In particular, Brazilian investments are subject to elevated risks, which include, among others, actions taken by the Brazilian government, inflation, high interest rates, currency risk, less reliable financial information, higher transactional costs, taxation, political instability and other risks associated with foreign investments. In addition, companies with small capitalizations are subject to elevated risks, which include, among others, greater volatility, lower trading volume and less liquidity than larger companies. Investors should be willing to accept a high degree of volatility and the potential of significant loss. The Fund may loan its securities, which may subject it to additional credit and counterparty risk. Please refer to the prospectus for complete risk information.

Market Vectors Brazil 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 Index Solutions GmbH does not sponsor, endorse or promote Market Vectors Brazil ETF and makes no representation regarding the advisability of investing in the Fund.

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 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 “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.

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

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Brazil Small-Cap ETF BRF

as of 05/23/13

Portfolio Composition (%) as of 05/23/13

Download All Holdings All Holdings (%) as of 05/23/13

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