=BICEINVERSIONES
Santiago, 24 de marzo de 2016
Superintendencia de Valores y Seguros
Av. Libertador Bernardo O’Higgins 1449,
Santiago
Ref.: Market Vectors Rare Earth/Strategic Metals ETF
De mi consideración:
Con relación al vehículo de inversión colectiva Market Vectors Rare
Earth/Strategic Metals ETF perteneciente a Market Vectors ETF Trust,
inscrito en el Registro de Valores Extranjeros de la Superintendencia de Valores y
Seguros, por medio de la presente informo que, con fecha 18 de marzo de 2016,
se ha publicado un Supplement a su Prospecto, de fecha 1 de mayo de 2015, así
como una versión revisada de su Summary Prospectu, de fecha 1 de mayo de
2016 y un Supplement a su Statements of Additional Information, de fecha 1 de
mayo de 2016, correspondiente a la versión modificada y actualizada al 27 de
enero de 2016.
Los documentos que se remiten dan cuenta de modificaciones adoptadas
por el índice de referencia del fondo, Rare/Earth/Strategic Metals Index, el cual
actualmente podrá incorporar en su composición A-shares emitidas por
compañías listadas en Shanghai que se transen a través de Shanghai-Hong Kong
Stock Connect.
Los documentos mencionados también se encuentran disponibles en los
siguientes web links:
Teatinos 280
Teléfono (56-2) 2692 2800
biceinversiones.cl Santiago, Chile – C.P. 560145
= BICEINVERSIONES
e Van Eck Associates Corporation:
http: //www.vaneck.com/library/equity-etfs-literature/
e US Securities and Exchange Commission:
+ Supplements:
https://www.sec.gov/Archives/edgar/data/1137360/000093041316006075/c8
4289 497.htm
e Summary Prospectus:
https://www.sec.gov/Archives/edgar/data/1137360/000093041316006076/c8
4288_497k.htm
Sin otro particular, le saluda atentamente,
ll
po
Ce cstián Gaete A
b Gerente General
£ BICE Inversiones Corredores de Bolsa S.A.
Teatinos 280
Teléfono (56-2) 2692 2800
biceinversiones.cl Santiago, Chile – C.P. 560145
22/3016 https /hwwesec.govArchives/edg ar/data/1137360/000093041316006075/084289_497:him
4971 084289 497 htm :
== $
Var ck
SUPPLEMENT DATED MARCH 18, 2016 TO THE PROSPECTUS OF
MARKET VECTORS ETF TRUST
! Dated May 1, 2015
This Supplement updates certain information contained in the above-dated Prospectus for Market Vectors ETF Trust
(the “Trust”) regarding Market Vectors Rare Earth/Strategic Metals ETF (the “Fund”), a series ofthe Trust. You may
obtain copies ofthe Fund’s Prospectus free of charge, upon request, by calling tollftee 1.800.826.2333 or by visiting
the Van Eck website at www.vaneck.com. –
The first paragraph under the “Principal Investment Strategies” section ofthe Prospectus is hereby deleted and
replaced with the following:
The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark
index. The Rare Earth/Strategic Metals Index is comprised of companies primarily engaged in a variety of
activities that ara related to the producing, refining and recycling of rare earth and strategic metals and
Minerals. Such companies may include mícro-, small- and medium-capitalization companies and foreign and
’emerging market issuers. The Rare Earth/Strategic Metals Index includes companies that generate at least
50% of their revenues from (or, in certain circumstances, at least 50% of their assets related to) rare
earth/strategic metals or have mining projects with the potential to generate at least 50%. of their revenues
from rare earth/strategic metals when developed. Rare earth/strategic metals are industrial metals that are
typically mined as by-products :or secondary metals in operations focused on precious metals and base
metals. Compared to base metals, they have more specialized uses and are often more difficult to.extract.
Currently, approximately 43 elements; in the periodic table are considered rare earth/strategic metals. Rare
earth metals (or rare earth elements), a subset of strategic metals, are a collection of chiemical elements that
are crucial to many of the world’s most advanced technologies, such as cellular phones, high performance
batteries, flat screen televisions, green energy technológy, and are expected to be critical to the future of
hybrid and electric cars, high-tech military applications and superconductors and fiber-optic communication
systems. The Rare Earth/Strategic Metals index may include A-shares issued by Shanghai-listed companies
trading vía Shanghai-Hong Kong Stock Connect (“Stock Connect”). As of December 31, 2015, the Rare
Earth/Strategic Metals Index included 20 securities of companies with a market capitalization range of
between approximately $45 million and $1.9 billion and a weighted average market capitalization of $523
million. As of December 31, 2014, approximately 24% of the Fund’s investments consisted of securities of
Chinese issuers. These amounts are subject to change. The Fund’s 80% investment policy is non-
fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to
shareholders. : :
The section captioned “Principal Risks of investing in the Fund” is revised by deleting the “Index Tracking Risk” and
replacing it with the following; :
Index Tracking Risk. The Fund’s retum may not match the retum of the Rare Earti/Strategic Metals Index
fora number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the
Rare Earth/Strategic Metals index and incurs costs associated with buying ¡and selling securities, especially
when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Rare
Earth/Strategic Metals Index and ralsing cash to
ve
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meet redemptions or deploying cash with newly created Creation Units (defined hereín). The Fund also bears
the costs and risks associated with buying and selling securities while such costs and risks are not factored
into the retum ofthe Rare Earth/Strategic Metals Index. in addition, the Fund may not be able to invest in
certaín securities included in the Rare Earth/Strategic: Metals Index, or invest in them in the exact
proportions in which they are represented in the Rare Earth/Strategic Metals Index, due to legal restrictions
or limitations imposed by the govemments of certain countries (including the availability of China A-shares
through Stock Connect), a lack of liquidity on stock exchanges in which such securities trade, potential
adverse tax consequences or other regulatory reasons. The Fund is expected to value certain ofits
investments based on fair value prices. To the extent the Fund calculates its net asset valus ((NAV”) based
on fair value prices and the value of the Rare EartivStrategic Metals index is based on securities’ closing
prices on local foreign markets (e, the value ofthe Rare Earth/Strategic Metals Index is not based on fair
value prices), the Fund’s ability to track the Rare Earth/Strategic Metals Index may be adversely affected.
For tex efficiency purposes, the Fund máy sell certain securities to realize losses causing it to deviate from
the performance of the Rare Earth/Strategic Metals Index. In light of the factors discussed above, the Fund’s
retum may deviate significantly from the retum ofthe Rare Earth/Strategic Metals Index.
The section captioned “Principal Risks of Investing in the Fund” is revised by adding the following after the “Special
Risk Considerations of Investing in Chinese Issuers”;
Risks of Investing through Stock.Connect. The Fund may invest in A-shares listed and traded on the
Shanghai Stock Exchange through:Stock Connect, or on such other stock exchanges in the People’s
Republic of China (‘PRC”) which participate in Stock Connect rom time to time or in the future. Trading
through Stock Connect is subject to a number of restrictions that may affect the Fund’s. investments and
retums, For example, trading through Stock Connect is subject to aggregate investment quotas that limit
total purchases and sales through Stock Connect:as well as daily quotas that limit the maximum dally net
purchases on any particular day, each of which may restrict or preclude the Fund’s ability to invest in Stock
Connect A-shares. In addition, investments made through Stock Connect are subject to trading, clearance.
and settlement procedures that are úntested in the PRC, which could pose risks to the Fund, Moreover,
Stock Connect A-shares generally may not be sold, purchased or.otherwise transferred other than ihrough
Stock Connect in accordance with applicable rules. Á primary feature of Stock Connect is the application of
the home markef’s laws and rules applicable to investors in A-shares. Therefore, the Fund’s investments in
Stock Connect A-shares are generally subject to PRO securities regulations and listing rules, among other
restrictions. Finally, uncertainties in: PRO tax rules goveming taxation of income and gains from investments
in Stock Connect A-shares could result. in unexpected tax liabilities for the Fund. The withholding tax
treatment of dividends and capital gains payable to overseas investors currently is: unsettled.
The Stock Connect program is a pilot program in ¡ts initial stages. Further developmenís are likely and there
can be no assurance as to the program’s continued existence or whether future developments regarding the
prograrn may restrict or adversely affect the Fund’s investments or retums. In addition, the application and
interpretation of the laws and regulations of Hong Kong and the PRC, and the.rules, policies or guidelines
published or applied by relevant regulators and
e si ILLIA om PEER dira
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exchanges in respect of the Stock Connect Program are uncertaín, and they may have a detrimental efect on.
the Fund’s investments and refums.
The section captioned “Additional Information About the Funds’ investment Strategies and Risks” is. rosed by
deleting the “index Tracking Risk” and. replacing it with the following:
Index Tracking Risk. Each Fund’s retum may nof match the retum ofits Index for a number of reasons. For
example, a Fund incurs a number of operating expenses not applicable to its Index and incurs costs
associated with buying and selling securities, especially when rebalancing the Fund’s securities holdings to
reflect changes ín the composition ofits index and, to the extent the Fund creates and redeems Creation
Units in cash, raising cash to meet redemptions or deploying cash in connection with newiy created Creation
Units. A Fund also bears the costs and risks associated with buying and selling securities while such costs
and risks are not factored into the retum ofits Index. A Fund may not be fully invested at times, elther as a
Moreover, a Fund may be delayed in purchasing or selling securities included in its Index. Any issues á Fund
encounters with regard to currency convertibility (including the cost of borrowing funds, if any) and repatriation
may also increase the index tracking risk. For tax efficiency purposes, a Fund may sell certain securities to
realize losses causing it to deviate from the performance ofits Index.
Each Fund is expected to fair value certain of the foreign securities it holds except those securities primarily
traded on exchanges that close at the same time the Fund calculates ¡ts NAV. To the extent a Fund
Revenue Code may also impact a Fúnd’s ability to replicate the performance ofits Index. In addition, ¡fa.
Fund utilizes depositary receipts and other derivativa. instruments, its retum may not corelate as well with its
Index as would be the case ifthe, Fund purchased all the securities in’its Index directly. Actions taken in:
response to proposed corporate actions could result in increased tracking error. in light of the factors
discussed above, each Fund’s retum may deviate significantly from the retum ofits Index.
The section captioned “Additional Information: About the Funds” Investment Strategies and Risks” is revised by adding
the following as the last risk factor of that section:
Risks of Investing through Stock Connect, (Market Vectors Rare Earth/Strategic Metals ETF only.) The
Fund may invest in A-shares listed and traded on the Shanghai Stock Exchange through Stock Connect, or
on such other stock exchanges in the PRC which participate in Stock Connect from time to time or in the
future, Trading through Stock Connect is subject to a number
3
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of restrictions that may affect the Fund’s investments and retums. For example, trading through Stock
Connect is subject to.aggregate investment quotas that limit total purchases and sales through Stock
Connect as well as daily quotas that limit the maximum daily net purchases on any particular day, each of
which may restrict or preclude the Fund’s abllity to invest in Stock Connect A-shares. In addition,
investments made through Stock Connect are subject to trading, clearance and setilement procedures that
are untested in the PRC, which coutd pose risks to the Fund. Moreover, Stock Connect A-shares generally
may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with
applicable rules. A primary feature of Stock Connect is the application of the home markef’s laws and rules
applicable to Investors in A-shares; Therefore, the Fund’s investments in Stock Connect A-shares are
generally subject to PRO securities regulations and listing rules, among other restrictions. Finally,
uncertainties in PRC tax rules goveming taxation of income and gains from investments in Stock Connect A-
shares could result in unexpected tax. liabllities for the Fund. The withholding tax treatment of dividends and
capital gains payable to overseas investors currently is unsettied.
The Stock Connect program is a pilot program in its initial stages. Further developments are likely and there
can be no assurance as to the progranYs continued existence or whether future developments regarding the
program may restrict or adversely affect the Fund’s investments or retums. In addition, the application and
interpretation of the laws and regulations. of Hong Kong and the PRC, and the rules, policies or guidelines
published or applied by relevant regulators and exchanges in respect of the Stock Corinect program are
uncertain, and they may have a detrimental effect on the Fund’s investments and retums.
The section of the Prospectus entitled “Market VectorsÚ Global Rare Earth/Strategic Metals Index” ¡s. hereby deleted
and replaced with the following:
The Rare Earth/Strategic Metals Index:is a rules based, modified capitalization weighted, float adjusted index
intended to give investors.a means of tracking the overall performance of companies involved in the rare earth;
and strategic metals segment. To be eligible for thie Rare Earth/Strategic Metals Index, companies must 0)
generate at least 50% of their revenues from (or, in certain circumstances, have át least 50% of their asséts
related to) rare earth/strategic metals :or (ii) with mining projects that have the potential to generate at least
50% of their revenues from rare earthvstrategic metals. The Rare Earth/Strategic Metals. Index includes
“Refiners,” “Recyclers” and “Producers” of rare earth/strategic metals and minerals.
To be eligible for the Rare Earth/Strategic Metals Index, stocks must have a market capitalization of greater
than $150 million as of the end of the month prior to the month in which a rebalancing.date occurs and may
include Shanghai-listed companies trading va Shanghai-Hong Kong Stock Conhect.
As of December 31, 2015, the Rare Earth/Strategic Metals Index included 20 secunities of companies with a
market capitalization range of between approximately $45 million and $1.9 billion:ánd a weighted average
market capitalization of $523 million. These amounis are subject to change.
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The Rare Earth/Strategic Metals index is the exclusive property of MVIS (a wholly owned subsidiary of the
Adviser), which has contracted with Solactive AG to maintain and calculáte the Rare Earth/Strátegic Metals
Index, Solactive AG uses its best efforts to ensure that the Rare Earth/Strategic Metals Index is calculated
correctly. Irespective of its obligations to ards MVIS, Solactive AG has no obligation to point out errors in
the Rare Earth/Strategic Metals Index to third parties. Market Véctors Rare EartivStrategic Metals ETF is
not sponsored, endorsed, sold or promoted by MVIS and MVIS makes rio representation regarding the
advisability of investing in the Market Vectors Rare Earth/Strategie Metals ETE.
The Rare Earth/Strategic Metals Index is reconstituted and rebalanced quarterly,
Please rotaín this supplement for future reference.
5
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Var ck
SUPPLEMENT DATED MARCH 18, 2016 TO THE
STATEMENT OF ADDITIONAL INFORMATION:OF
MARKET VECTORS ETF TRUST
Dated May 1, 2015, asamended and restated on January 27, 2016
This Supplement updates certain information contained in the above-dated Statement of Additional Information for
Market Vectors ETF Trust (the “Trust”) regarding Market Vectors Rare Earth/Strategic Metals ETF (the “Fund”, a
series of the Trust. You may obtain copies, of the Fund’s Statement of Additional Information free. of charge, upon
request, by calling toll-free 1.800,826.2333 or by vsiting the Van Eck website at www.vaneck.com.
The section captioned “Taxes” of the Statement of Additional Information is revised by adding the
following after “PRC Taxation (Market Vectors.ChinaAMC A-Share ETF and Market Vectors ChinaAMC SME-
ChiNext ETF Only)”: Í
PRC Taxation (Market Vectors Rare Earth/Strategic Metals ETF Only)
The Fund’s investments in A-shares will be subject to a number of PRSC tax rules and the
application of many of those rules is at present uncertain. PRO faxes that may apply to the Fund’s
investments include withholding taxes on dividends xxand interest :eamed by the Fund, withholding
taxes on capital gains, business tax-and stamp tax. Specific rules goveming taxes on capital gains
derived by RQFIIs and QFils from the trading of PRC securities have yet to be announced. In the.
absence of specific mies, the tax treatment of the Fund’s investments in A-shares through the Sub-
Advisers RQFIL quota should be govemed by the general PRO tax provisions and provisions
applicable to RQFils. Under these: provisions, the Fund is generally subjectto a tex of 10% on any
dividends, distributions and interest it receives from ¡ts investment in PRO securities, A nonresident
enterprise is subject to withholding tax at a rate-of 10% on ¡ts capital gains. Withholding taxes on
dividends, interest and capital gains: may be taxed at a reduced rate under an applicable tax treaty,
but the application of such treaties for an RQFÍI acting on behalf of a foreign investor (L.e., the Sub-
Adviser acting on behalf of the Fund) is also uncertain and would depend on the approval of PRC tax
authorities. lt is also unclear how China’s business tex may apply to activities of an RQFII such as
the Sub-Adviser and how such application may be affected by tax treaty provisions. While lt is
unclear whether this tax will be applied to investments by an RQFIL or what the methodology for
calculating or collecting the tax will bs, the PRC’s Ministry: of Finance announced that, effective
November 17, 2014, the corporate income tax for QFlis, RQFIIS and investments through Stock
Connect, with respect to capital gains, will be temporarily lifted. The current PRO tax laws and
regulations and interpretations thereof may be revised or amended in the future, including with
respect to the possible liability of the Fund for obligations of the Sub-Advser. Any revision or
amendment in tax laws and regulations may adversely affect the Fund. ff the PRO begins applying
tax rules regarding the taxation of capital gaíns from A-share investment to ROFIls, such as the Sub-
Adviser, and/or begíns collecting capital gaíns taxes on such investments (whether for the period
described above or otherwise), the Fund could be subject to tax llability for any tax payments for
which: reserves have i
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not been made or that were not prevously withheld. The impact of any such tax liability on the
Fund’s retum could be substantial.: The Fund may also be liable to the Sub-Adviser for any tax that
is imposed on the Sub-Advser by the PRC with respect to the Fund’s investments. [f the Fund’s
direct investments in A-shares through the Sub-Adúser’s RQFII quota become subject to repatriation
restrictions, the Fund may be unable to satisfy distribution requirements applicable to RICs under
the Intemal Revenue Code, and be subject to tax at the Fund level.
Please retain this supplement for future reference.
2
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497K 1 c84288_497k.htrm
Varck
MARKET VECTORS RARE EARTH/STRATEGIC METALS ETF
Ticker: REMXS
Principal U.S. Listing Exchange: NYSE Arca, inc.
SUMMARY PROSPECTUS
MAY 1, 2015, as revised on MARCH 18, 2016
REMXSUM
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the
Fund and its risks. You can find the Fund’s prospectus and other information about the Fund enline at
http://www.vaneck.coní library/etfs!, You can also get this information at no cost by calling 800,826,2333, or by
sending an email request to infofMvaneck.com. The Fund’s prospectus and statement of additional information,
both dated May 1, 2015, as supplemented, are incorporated by reference into this summary prospectus.
INVESTMENT OBJECTIVE
Market Vectors Rare Earth/Strategic Metals ETF (the *Fund”) seeks to replicate as closely as possible, before fees
and expenses, the price and yield performance of the Market Vectors* Global Rare Earth/Strategic Metals Index (the
“Rare Earth/Strategic Metals Index”).
FUND FEES AND EXPENSES
¡The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund
(Shares”).
hareholder Fees (fees paid directly from your investment) None:
¡Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
janagement Fee 0,50%.
¡Other Expenses 0,22%
Total Annual Fund Operating Expensesia 0.72%
Fee Waivers and Expense Reimbursemente -0.14%
[Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursementia 0.58%
9% Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent
necessary to preventihe operating expenses otfthe Fund (excluding acquired fund fees and.expenses, interest expense,
ofiering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.57% ofthe Fund’s average daily
net assets per year until atleast May 1, 2016. During such time, the pense limitation is expected to continue until the
Fund’s Board of Trustees aots to discontinue ali ora portion of such expense limitatiori.
FXPENSE EXAMPLE
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
Junds. This example does not take into account brokerage commissions that you pay when purchasing or selling
Shares of the Fund.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end ofihose periods. The example also assumes that your investment has a 5% annual retum and that
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the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:
YEAR EXPENSES
4 $ 59
8 $ 216
5 $ 387
ho $ 981
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PORTFOLIO TURNOVER
The Fund will pay transaction costs, such as commissions, when it purchases and selís securities (or “tums over” its
portfolio). A higher portfolio tumover will cause the Fund to incur additional transaction costs and may result in higher
taxes when Fund Shares are held in a taxable account. These costs, which are nat reflected ín annual fund operating
expenses or in:the example, may afeot the Fund’s performance. During the most recent fiscal year, the Funds
portfolio tumover rate was 37% of the average value ofits portfolio.
PRINCIPAL INVESTMENT STRATEGIES
“The Fund normally invests at least 80% ofits total assets in securities that comprise the Fund’s benchmark index.
The Rare Earth/Strategic Metals index is comprised of companies primarily engaged in a variety of activities that are
related to the producing, refining and recycling of rare earth and strategic metals and mínerals. Such companies may
include micro-, small- and medium-capitalization companies and foreign and emerging market issuers. The Rare
Earth/Strategic Metals Index includes companies that generate at least 50% of their revenues from (or, in certain
circumstances, at least 50% of their assets related to) rare earth/strategic metals or have mining projects with the
potential to generate at least 50% of their revenues from rare earth/strategic metals when developed. Rare
earth/strategic metals are industrial metals that are typically mined as by-products ar secondary matals in operations
focused on precious metals and base metals. Compared to.base metals, they have more specialized Uses and are
often more difficult to extract, Currently, approximately 43 elements in the periodic table are considered rare
earth/strategic metals. Rare earth metals (or rare earth elements), a.subset of strategic metals, are a collection of
chemical elements that are crucial to many of the worid’s most advanced technologies, such as cellular phones, high
performance batteries, fat soreen televsions, green energy technology, and are expected to be critical to the future of
hybrid and electric cars, high-tech military applications and superconductors and fiber-optic communication systems.
The Rare Earth/Strategic Metals Index may include A-shares issued by Shanghai-listed companies trading via
¡Shanghai-Hong Kong Stock Connect (“Stock Connect”). As of December 31, 2015, the Rare Earth/Strategic Metals
Index included 20 securities of companies with a market capitalization range of between approximately $45 million
and $1.9 billion and a weighted average market capitalization of $523 million. As of December 31, 2014,
approximately 24% ofthe Fund’s investments consisted of securities of Chinese issuers. These-amounts are subject
to change. The Fund’s 80% investment policy is non-fundamental and may be changed without shareholder approval
upon 60 days’ prior written notice to shareholders.
¡The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of
the Rare EartivStrategic Metals Index by investing in a portfolia of securities that generally replicates the Rare
Earth/Strategic Metals Índex,
The Fund may concentrate ¡ts investments in a particular industry or group of industries to the extent that the Rare
Earth/Strategic Metals Index concentrates in an Industry or group ofindustries. As of December 31, 2014, the Rare
Earth/Strategic Metals Índex was concentrated in the mining industry and the basic materials sector.
PRINCIPAL RISKS OF INVESTING IN THE FUND
Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund’s
Shares and the possibility of significant losses. An investment in the Fund involves a substantial degree of
risk. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Therefore, you should consider
carefully the following risks before investing in the Fund, each of which could significantly and adversely
afíect the value of an investment in the Fund.
Risk of Investing in Rare Earth and Strategic Metals. Rare earth/strategic metals are industrial: metals that are
Iypically mined as by-products or secondary metals in operations focused on precious metals and base metals,
Compared to base metals, they have more specialized uses and are often more difficult to extract. Currently,
approximately 43 elements in the periodico table are considered rare earth/strategic metals. Rare earth metals (or rare
garth elements), a subset of strategic: metals, are a collection of chemical elements that are crucial to many ofthe
world’s most advanced technologies. The use af strategic metals in modern technology has increásed dramatically
¡over the past years. Consequently, the demand for strategic metals has strained the supply, which has the potential
to result in a shortage of’ such materials which could adversely affect the companies in the Fund’s portfolio.
Companies involved in the various activities that are related to the producing, refining and recycling of rare
sarth/strategic metals tend to be small-, medium- and micro-capitalization companies with volatile share prices, are
highly dependent on the price of rare earth/strategic metals which may fluctuate substantially overshort periods of
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time. The value of such companies may be significantly affected by events relating to intemational, national and local
political and economic developments, energy consenation, the success of exploration projects, commodity prices,
tax and other govemment regulations, depletion of resources, and mandated expenditures for safety and pollution
control devices. The producing, refining and recycling of rare earth/strategic metals can be capital intensive and, if
companies involved in such activities are not managed well, the share prices of such companies could decline even
as prices for the underlying rare
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parth/strategio metals are rising. In addition, companies involved in the various activities that are related to the
producing, refining and recycling of rare earth/strategic metals may be at risk for environmental damage claims.
Risk of Regulatory Action and Changes in SGovernments. The producing, refining and recycling of rare
gartivstrategic metals may be significantly afíscted by regulatory action and changes in govemments. For example,
China, which produces approximately 80% of the world’s rare earth supplies, recently ended its export quota for rare
garth metals following. a World Trade Organization (WTO”) ruling. Future moves by China or other countries essential
lo the producing, refining or recycling of rare earth/strategic metals to limit exports could have a significant adverse
efect on industries around the globe and on the values of the businesses in which the Fund invests. Moreover, while
Ít is expected that China wil] consume a large percentage of the rare earth/strategic metals produced within the
country to support its growing economy, China has shown a wiflingness to food the market for rare earth/strategia
metals as it did:in the late 19905, thereby causing many operations to shut down.
Risk of investing in the Mining Industry. To the extent that tre Rare Earth/Strategic Metals index continues to be
concentrated inte mining industry, the Fund will be sensitive to changes in, and its performance may depend toa
greater extent on, the overal! condition of the mining industry. Competitiva pressures may hawe a significant efect on
the’financial condition of such companies. Mining companies are highly dependent on the price of the underlying
Metal or element, These prices may fuctuate substantially over short periods of tine so the Fund’s Share price may
he more volatile than: other types of investments. In particular, a drop in the price of rare earth/strategic metals would
particularly adversely affect the profitability of small-and medium-capitalization mining companies and their ability to
secure financing. Fúrthermore, companies that are only in the exploration stage are typically unable ta adopt speoitic
strategies Tor controlting the impact of such price changes. In addition, many early stage miners operate at a loss
ánd aré dependent on securing equity and/or debt financing, which might be more difficult to secure for an early stage
mining company than for a more established counterpart.
Risk of investing in te Basic Materials Sector. To the extent that the Rare Earth/Strategic Metals Index
gontinues to be concentrated in the basic materials sector, the Fund’will be sensitive to changes in, and its
performance will depend to a greater extent on, the overall condition of the basic materials sector. Companies
engaged in the production.and distribution of basic materials may be adversely afíected by changes in world events,
litical and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in
exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.
Special Risk Considerations of Investing in Chinese issuera. A significant portion of the Rare Earth/Strategic
Metals Index may be comprised of securities of Chinese issuers, including issuers located outside ofChina that
generate significant revenues from China, Investing in securities of Chinese companies involves certain risks arid
onsiderations not typically associated with investing in securities of U.S. issuers, including, among others, (1) the
$mall síze ofthe market for Chinese securifles and the low volume of trading, resulting ín lack of liquidity:and in price
volatility, (ii) currency devaluations and other currency exchange rate fluctuations or blockage, (ii) the nature and
extent of intervention by the Chinese govemment in the Chinese securities markets, whether such intervention will
continue and the impact of such intervention or its discontinuation, (iv) the risk of nationalization or expropriation of
assefs, (Y the risk that the Chinese goveiment may decide not to continue to support economic reform programs,
(4) limitetions oh the use of brokers, (vi) higher rates of infation, (viii) greater political, economic and social
tncertainty, (ix) market volatility caused by any potential regional or territorial conflicts or natural disasters and (x) the
físk of increased trade tarifis, embargoes ánd other trade limitations. In. addition, the economy of China differs, often
Unfavorably, from the U.S. economy in such respects as structure, general development, govemnent involvement,
wealth: distribution, rate of infíation, growth rate, interest rates, allocation af resources and capital reinvestment,
among others. The Chinese ceritral.govemment has historically exercised substantial control over virtually every
sector of the Chinese economy through administrative regulation and/or state ownership and actions. of the Chinese
central and local govemment authorities continue to have a substantial efect on economic conditions in China, In
¿ddition, previously the Chinese govemment has from time to time taken actions that influence the prices at which
Certain goods may be sold, encourage cómpanies to invest or concentrate in particular industries, induce mergers
between compañies in certain industries and induce private companies to publicly offer their securities to increase or
continue the rate of economic growib, control the rate of inflation or othenxise regulate economic expansion. The
Chinese govermment may take such actions in the future as well, potentially having a significant adverse effect on
economic conditions in China and the economic prospects for, and the market prices and liquidity of, securities
issued by Chinese issuers.
Risks of Investing through Stock Connect. The Fund may invest in A-shares listed and traded on the Shanghai
Stock Exchange through Stock Connest, or on such other stock exchanges in-the People’s Republic af China
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(PRC*) which participate in Stock Connect from time to time or in the future. Trading through Stock Connect is
subject to a number of restrictions that may affect the Fund’s investments and retums. For example, trading through
Stock Connect is subject to aggregate investment quotes that fimit total purchases and sales through Stock Connect
as well as daily quotes that, limit the maximum daily net purchases on any particular day, each of which may restrict
or preclude the Fund’s ability to invest in
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ptock Connect A-shares. In addition, investments made through Stock Connect are subject to trading, clearánce and
settlement procedures that are untested in the PRO, which could pose risks to the Fund. Morsower, Stock Connect
A-shares generally may not be sold, purchased or athenwise transferred other than through Stock Connect in
accordance with applicable rules, A primary feature of Stock Connect is the application of the home marke?’s laws
and ruíes applicable to investors in A-shares. Therefore, the Fund’s invesíments in Stock Connect A-shares are
generally subject to PRC securities regutations and fisting rules, among other restrictions. Finally, uncertainties in
PRO tax rules goveming taxation of income and gains from investments in Stock Connect A-shares cotld result in
unexpected tax liabilities for the Fund. The withholding tax treatment of dividends and capital gains payable to
overseas investors currently is unsettled,
Me Stock Connect program is a pilot program in ¡ts initial stages. Further developments are likely and there can be
ho assurance as to the program’s continued existence or whether future developments regarding the program may
estrict or adversely afísot the Fund’s investments or retums. In addition, the application and interpretation of the laws
and regulations of Hong Kong and the PRO, and the rules, policies or guidelines published or applied by relevant
regulators and exchanges in respect of the Stock Connect program: are uncertain, and they may have a detrimental
effect on the Fund’s investments and retums,
Risk of Investing in Foreign Securities. investments in the securities of foreign issuers involve risks beyond those
associated with. investments in U.S, securities. These additional risks include greater market volatility, the availability
of less reliable financial information, higher transactional and custody costs, taxation by foreign governments,
decreased market liquidity and political instabílity. Because certain foreign securities markets may be limited in size,
the activity oflarge traders may have an undue infuence on the prices of securifies that trade in such markets.
Because the Fund may invest in securities denominated in foreign currencies and some of the income received by
the Fund may be in foreign currencies, changes in currency exchange rates may negatively impact the Fund’s retum.
The risks of investing in emerging market countiles are greater than risks associated with investments in foreign
developed countries.
Risk of investing in Depositary Receipts, The Fund may invest in depositary receipts which involve similar risks to
posa associated with investments in foreígn securities. Depositary receipts are receipts listed on U.S, ar foreign
changes issued by banks or trust companies that entítle the holder to all dividends and capital gains that are paid
Qut on the underiying foreign shares. Investments in depositary receipts may be less liquid than the underlying shares
ín their primary trading market and, if nat included in the Rare Earth/Strategic Metals Index, may negatively affect the
Fund’s ability to replicate the performance of the Rare Earth/Strategic Metals Index.
Risk of Investing in Emerging Market Issuers. Investments in securities of emerging market issuers are exposed
to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include
Unstable govemments, nationalization, restrictions. on foreign awnership, laws that prevent investors from getting their
money out ofa country and legal systems that do not protect property rights as well as the laws of the United States.
Market risks may include economies that concentrate in only a few industries, securities issues that are held by onty
a few imestots, limited trading capacity in local exchanges and the possibility that markets orlssues may be
manipulated hy foreign nationals who have inside information.
Risk of Investing in Small-and Medium-Capitalizafion Companies. Small- and medium-capitalization
‘ompanies may be more volatile and more likely than large-capitalization companies to have narrower product lines,
fewer financial resources, less management depth and experience and less competitive strength. in addition, these:
companies often have greater price volatílity, lower trading volume and less liquidity than larger more established
somipanies. Returns on investments in securities of smáll- and medium-capitalization companiés could trail the
fetums on investments in Securities of large-capitalization companies.
Risk of investing in Micro-Capitalization Companies. Micro-capitalization companies are subject to substantially
greater risks of (bss and price fluctuations because their eamings xxand revenues tend to be less: predictable (and
some companies may be experiencing significant losses), and their share prices tend to be more wlatile and their
markets less liquid than companies with larger market capitalizations. The shares of micro-capitalization companies
tend to trade less frequently than those of larger, more established companies, which can ‘adversely afíect the pricing
of these securities and the future ability to sell these securities.
issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatife
ttían the market as a whole and can perform diflerentiy fom the value ofthe market as a whole, especially ifthe
Fund’s portfolio is concentrated in a country, group of countries, regian, market, industry, group of industries, sector
Or asset class. The value of securities. of sraller issuers can be more volatile than that of larger issuers.
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Risk of Cash Transactions. Unlike other exchange-+raded funds (“ETFs”), the Fund expects to efect ¡ts creations
and redemptions partially for cash, rather than in-kind securities. As such, investments in Shares may he less tax-
efficient than an investment in a conventional ETF.
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Equity Securities Risk. The value of the equity securities held by the Fund may fall due to general market and
economic conditions, perceptions regarding the.markets in which the issuers of securities held by the Fund
participate, or factors relating to specific issuers in which the Furid invests, Equity securifies are subordinated to
preferred securities and debt in a company’s capital structure with respect to priority in right to a share of corporate
income, and therefore will be subject to greater dividend risk than preferred securities or debt instruments. |n addition,
while broad markef measures of equity securities have historically generated higher average retums than fixed income
secuities, equity securities have generally also experienced significantly more volatility in those retums, although
únder certain market conditions fixed income securitles may have comparable or greater price volatility.
Market Risk. The prices of the securities in the Fund are subject ta the risks associated with investing in the
securities market, including general economic conditions and sudden and unpredictable drops in value, An
invesíment in the Fund may lose money.
index Tracking Risk. The Fund’s retum may not match the retum of the Rare Earth/Strategic Metals Index for a
number of reasons. For example, the Fund incurs a humber af operating expenses not applicable to the Rare
Earth/Strategic Metals index and incurs costs associated with buying and selling securities, especially wen
febalancing the Fund’s securities holdings to reflect changes in the composition ofthe Rare Earth/Strategic Metals
Index and raising cash to meet redemptions or deploying cash with newfy created Creation Units (defined herein). The
Fund also bears the costs and risks associated with buying and selling secunities while such costs and risks are not
factored into the return of the Rare Earth/Strategic Metals Index. In addition, the Fund. may not be able to invest in
certain securities included in the Rare EartWStrategic Metals Index, or invest ín themi in the exact proportions in
which they are represented in the Rare Earth/Strategic Metals Index, due ta legal restrictions or limitations imposed
by the governments of certain countries (including the availability of China A-shares through Stock Connect), a lack of
liquidity on stock exchanges in which such securities trade, potential adverse tax consequences or other regulatory
reasons. The Fund is expected to value certain ofits investments based on faír value prices. To the.extent the Fund
¿alculates its net asset value (NAV”) based on fair value prices and the value ofthe Rare Earth/Strategic Metals
dex is based on securities’ closing prices on local foreign markets (Le., the value of thie Rare Earth/Strategic Metals
dex is not based on fair value prices), the Fund’s ability to track the Rare Earth/Strategic Metals Index may be
adversely afíected. For tax eficiency purposes, the Fund may sel) certain securities to réalize losses causing lt to
leviate from the performance of the Rare Earth/Strategic Metals index. In light oFthe factors discussed above, the
und’s retum may deviate significantly from the retum of the Rare Earth/Strategic Metals Index.
Premium/Discount Risk. Disruptions to creations and redemptions, the existence of extreme market volatility or
potential lack of an active trading market for Shares may result in Shares trading at a significant premium or discount
to NAV, If a shateholder purchases Shares at a time when the market price is at a premium to the NAV or sells
Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.
Replication Management Risk. An investment in the Fund involves risks similar to those of investing In any fund of
equity securities traded on an exchange, such as market fluctuations caused by such factors as economic and
political developments, changes in interest rates and perceived trends ín security prices. However, because the Fund
is not “actively” managed, unless a specific security is removed from the Rare Earth/Strategic Metals Index, the Fund
generally would mat sell a security because the security’s issuer was in financial trouble. Therefore, the Fund’s
performance could be lower than funds that may actively shift their portfolio assets to take advantage of market
opportunities orto lessen the impact of a market decline or a decline ín the value of one or more issuers.
Non-Diversiñied Risk. The Fund is classified as a “non-diversified”” investment company under the Investment.
Company Act of 1940, as amended (the “1940 Act”). Therefore, the Fund may invest a relatively high percentage of its
ássets in a smaller number oFissuers or may invest a larger proportión ofits assets in a single issuer. As a result,
fe gains and losses on a Single investment may have a greater impact on the Fund’s NAV and may make the Fund
fore volatile than more diversified funds. The Fund may be particularly vulnerable to this risk because the Rare
arth/Strategic Metals Índex is comprised of securities of a very limited number of issuers.
Concentration Risk, The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of
industries to the extent the Rare Earth/Strategic Metals Index concentrates in a particular sector or sectors or
industry or group of industries. To the extent that the Rare Earth/Strategic Metals Index continues to be concenitrated
inthe mining industry and the basic materials sector, the Fund will be subject to the risk that economic, political or
fther conditions that have 2 negative effect on that industry and sector will negatively impact the Fund to a greater
extent than if the Fund’s assets were invested in a wider variety of sectors or industries.
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PERFORMANCE l
The bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart
Shows the Fund’s average annual retums (before and after taxes). The bar chart and table provide an indication of the
fisks of investing in the Fund by showing the Fund’s performance from year to year and by showing how the Fund’s
ferage –
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annual retums for the one year and since inception periods compared with the Fund’s benchmark index and a brad
measure of market performance, Al retums assume reinvestment of dividends and distributions. The Fund’s past
performance (before and after income taxes) is not necessarily indicative of how the Fund will perform inthe future.
Updated performance information is available online at www.vaneck.com.
Annual Total Returns(%)-Calendar Years
Best Quarter: 14.37% 1Q”12
Worst Quarter: -39.31% 30 ’11
Average Annual Total Returns for the Pariods Ended December 31, 2014
Te altertax retums presented in the table below are calculated using the highest historical individual federal marginal
income tax rates and do not reflect the impact of state and local taxes, Your actual after-tax retums will depend on
your specific tax situation and may differ from those. shown below. Aftertax retums are not relevant to investors who
hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Since Inceptlon
. Past One Year (10/27/2010)
Market A O) -28.07% -21.98%
Market Vectors Rare Earth/Strategic Metals ETF (return afertaxes on distributions) -28.35% xx22,50%
Market Vectors Rare Earth/Strategíc Metals ETF (return aftertaxes on distributions -15.70% -14.82%
atid sale of Fund Shares)
Market Vectors” Global Rare Earth/Strategic Metals Index (refects no deduction far -27.76% -22.38%
fees, expenses ortaxes)
Sar:500% index (reflects no deductian for fees, expenses or taxes) 13.69% 16.66%
PORTFOLIO MANAGEMENT
Investment Adviser. Van Eck Associates Corporation.
Portfolio Managers. The following individuals are joíntly and primarily responsible for the day-to-day management of
he! Fund’s portfolio:
Name Title with Adviser Date Began Managing the Fund
Hao-Hung (Peter) Liao Porifolio Manager October 2010
George Chao Portfolio Manager October 2010
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PURCHASE AND SALE OF FUND SHARES
The Fund issues and redeems Shares at NAV only in a large specified number of Shares each called a “Creation
Unit,” or multiples thereof. A Creation Unit consists of 50,000 Shares.
Individual Shares of the Fund may only be purchased and sold in secondary market transactions through brokers,
Shares of the Fund are listed on NYSE Arca, Inc. (NYSE Arca”) and because Shares trade at market prices rather
than NAV, Shares of the Fund may trade at a price greater than or less than NAV.
TAX INFORMATION
The Fund’s distributions are taxable and will generally be taxed as ordinary income or capital gains.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
The Adviser and its related companies may pay broker-dealers or other financial intermediaries (such¡as a bank) for
the sale of the Fund Shares ánd related services, These payments may create a conflict of interest by infuencing
your broker-dealer or other intermediary or its employees or associated persons to recommend the Fund over anoíhe
investment, Ask your financial adviser or visit your financial intermediary’s website for more information.
F
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Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=4424570703d13fb49b326d20e3b97bf4VFdwQmVFNXFRWHBOUkVGNlQwUmpOVTVCUFQwPQ==&secuencia=-1&t=1682366909
