MES - Market Vectors Gulf States Index ETF

Ticker:- MES;false;DJMES;
Ticker Group:- ETFEQ_INTL;false;;
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Gulf States Index ETF MES

Full Name: Market Vectors^®
Gulf States Index ETF (MES)
Management Style: Replication
Underlying Index: Dow Jones GCC Titans 40 Index^SM (DJMEST)
Index Description: DJMEST is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors exposure to the Gulf States.
Fund Ticker
MES

Exchange
NYSE Arca

Index Total Return Ticker
DJMEST

Index Provider
Dow Jones

Total Net Assets
$12.3M

Shares Outstanding
500,000

Number of Holdings
43

Commencement Date
07/22/2008
as of 05/20/13

30-Day SEC Yield¹
2.08%

Distribution Frequency
Annually

Gross Expense Ratio²
3.19%

Net Expense Ratio²
0.99%

Options
Expected

Management Team »

Foreign Investor Information »

MES Fact Sheet

Portfolio Composition (%) as of 05/17/13

% of Net Assets

Stocks
100.18

Bonds
0.07

Other
0.00

Cash
-0.25

Total
100.00

Download All Holdings All Holdings (%) as of 05/17/13

Total Holdings: 43

	Holding Name	Ticker	Shares	Market Value (US$)	% of Net Assets
	National Bank of Kuwait	NBK KK	268,965	909,933	7.50
	Emaar Properties PJSC	EMAAR UH	575,277	909,082	7.49
	Kuwait Finance House	KFIN KK	304,029	838,996	6.92
	Mobile Telecommunications Co KSC	ZAIN KK	325,000	804,186	6.63
	National Bank of Abu Dhabi PJSC	NBAD UH	207,292	698,549	5.76
	Qatar National Bank SAQ	QNBK QD	16,171	628,884	5.18
	First Gulf Bank PJSC	FGB UH	144,435	603,718	4.98
	Abu Dhabi Commercial Bank PJSC	ADCB UH	387,937	529,912	4.37
	DP World Ltd	DPW DU	31,968	500,189	4.12
	Masraf Al Rayan	MARK QD	70,773	499,558	4.12
	Qatar Telecom Q-Tel QSC	QTEL QD	13,568	439,354	3.62
	Gulf Bank KSC	GBK KK	262,775	363,374	3.00
	Ahli United Bank/Bahrain	AUB BI	540,899	353,259	2.91
	Agility	AGLTY KK	110,000	269,973	2.23
	BankMuscat SAOG	BKMB OM	141,328	238,548	1.97
	Mabanee Co SAKC	MABANEE KK	55,000	219,116	1.81
	Vodafone Qatar	VFQS QD	81,404	211,506	1.74
	Burgan Bank	BURG KK	98,503	203,099	1.67
	DNO International ASA	DNO NO	112,326	198,769	1.64
	Boubyan Petrochemicals Co	BPCC KK	80,000	195,702	1.61
	Qatar Electricity & Water Co	QEWS QD	4,815	190,002	1.57
	Boubyan Bank KSC	BOUBYAN KK	78,750	178,883	1.47
	Qatar Islamic Bank	QIBK QD	9,556	177,997	1.47
	Commercial Bank of Qatar	CBQK QD	9,054	169,170	1.39
	Kuwait Projects Co Holdings K.S.C	KPROJ KK	102,734	163,555	1.35
	National Industries Group Holding	NIND KK	185,000	159,584	1.32
	Aldar Properties PJSC	ALDAR UH	314,687	146,253	1.21
	Air Arabia	AIRARABI UH	440,371	133,664	1.10
	Qatar Fuel Co	QFLS QD	1,877	133,160	1.10
	Barwa Real Estate Co	BRES QD	18,734	125,701	1.04
	Doha Bank QSC	DHBK QD	9,454	123,337	1.02
	Qatar Gas Transport Co Nakilat	QGTS QD	25,607	117,593	0.97
	Dubai Financial Market	DFM UH	308,129	115,576	0.95
	Qatar Navigation	QNNS QD	5,514	105,405	0.87
	Dana Gas PJSC	DANA UH	622,806	100,406	0.83
	Dubai Islamic Bank PJSC	DIB UH	109,729	94,996	0.78
	Arabtec Holding Co	ARTC UH	133,014	87,229	0.72
	Qatar International Islamic Bank	QIIK QD	5,830	83,918	0.69
	Omani Qatari Telecommunications Co SAOG	NWRS OM	56,412	70,039	0.58
	Renaissance Services SAOG	RNSS OM	38,028	61,224	0.50
	BankMuscat SAOG	OM0000004602	20,696	5,737	0.05
	BankMuscat SAOG	OM0000003802	841	2,648	0.02
	Other/Cash			-29,844	-0.25
Total (%)					100.02

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.

²MES 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 0.98% 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 a high degree of risk, including those associated with less reliable financial information, higher costs, taxation, decreased liquidity, less stringent reporting, and foreign currency risks. Special risks particular to Gulf investments include expropriation, political instability, economic impacts of armed conflict, civil war and severe social instability, less developed capital markets, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, politically controlled access to trading markets, unsettled securities laws, and trade barriers. Investors should be willing to accept a high degree of volatility and the potential of significant loss.

The Dow Jones GCC Titans 40 Index^SM is calculated and maintained by Dow Jones Indexes. Van Eck's Market Vectors Gulf States Index ETF is not sponsored, endorsed, sold or promoted by Dow Jones Indexes and Dow Jones Indexes makes no representation regarding the advisability of investing in such product(s).

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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Gulf States Index ETF MES

as of 05/20/13

Portfolio Composition (%) as of 05/17/13

Download All Holdings All Holdings (%) as of 05/17/13

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