= BICEINVERSIONES
Santiago, 21 de abril de 2016
Superintendencia de Valores y Seguros
Av. Libertador Bernardo O’Higgins 1449
Santiago
Ref.: Market Vectors
Morningstar Wide Moat ETF
De mi consideración:
Con relación al vehículos de inversión colectiva Market Vectors
Morningstar Wide Moat ETF, perteneciente a Market Vectors ETF, inscrito en
el Registro de Valores Extranjeros de la Superintendencia de Valores y Seguros,
por medio de la presente informo que, con fecha 13 de abril de 2016, se ha
publicado un Supplement correspondiente a su Prospecto y Summary Prospectus,
de fecha 1 de febrero de 2016.
El documento que se adjunta da cuenta de diversas modificaciones
relativas a las estrategias de inversión y riesgos asociados a la participación en el
fondo, derivadas de cambios en la elaboración de su benchmark o índice de
referencia.
El mencionado Supplement también se encuentra disponible en el
siguiente web link:
Teatinos 280
Teléfono (56-2) 2692 2800
biceinversiones.cl Santiago, Chile – C.P. 560145
=BICEINVERSIONES
e US Securities and Exchange Commission:
https: / /www.sec.gov/Archives/edgar/data/1137360/0000930413160064
11/c84653_497.htm
Sin otro particular, le saluda atentamente,
¡A Gaete Prieto 4H
Gerente General
BICE Inversiones Corredores de Bolsa S.A.
Teatinos 280
Teléfono (56-2) 2692 2800
biceinversiones.cl Santiago, Chile – C.P. 560145
19:4/2016 hitps-lhwwwsec:govárchives/edgaridata/1137380/000003041316006411/084653_497.htm
4971 c34653 497. htm – e A
‘areck
SUPPLEMENT DATED APRIL 13, 2016 TO THE PROSPECTUS AND SUMMARY PROSPECTUS OF
MARKET VECTORS ETF TRUST
Dated February 1, 2016 (as supplemented)
This Supplement updates certain information contained in the above-dated Prospectus and Summary Prospectus for
Market Vectors ETF Trust (the “Trust”) regarding Market Vectors Momingstar Wide Moat ETF (the “Fund”), a series of
the Trust. You may obtain copies. ofthe Fund’s Prospectus free of charge, upon request, by calling toll-fhee
1.800.826.2333 or by visiting the Van Eck website. at www.vaneck.com.
Effective June 20, 2016, Momingstar will implement several changes to its Wide Moat Focus Index construction
rules. Accordingly, effective June 20, 2016, the Fund’s disclosure is modified as follows:
The first paragraph-under the “Principal Investment Strategies” section of the Prospectus and Summary Prospectus is
hereby deleted and replaced with the following:
The Fund normally invests at least 80% ofits total assets in securities. that comprise the Funds benchmark
index. The Wide Moat Focus Index is comprised of securities issued by companies that Momingstar, Inc.
(‘Momingstar”) determines. to have. sustainable.competitive advantages based on a proprietary methodology
that considers quantitative and qualitative factors (wide moat companies”). Wide moat companies are:
selected from:the universe of companies: represented in the Momingstar? US Market index9M_ a broad
market index representing 97% .of U.S. market capitalization. The Wide Moat Focus Index targets a select
group of wide moat companies: those that according to Momingstar’s, equity research tear are attractively
priced as of each Wide Moat Focus Index review, Out of the companies in the Momingstar US Market Index
that Momingstar determines are wide moát companies, effective June 20, 2016, Momingstar selects at least
40 companies to’be included:in the Wide Moat Focus Index as determined by the ratio of Momingstar’s:
estimate of fair value of the issuer’s common stock to the price. Momingstar’s equity research fair value
estimates are calculated using a standardized, proprietary valuation model. Wide moat companies may
include medium-capitalization companies. As of December 31, 2015; the Wide Moat Focus Index included
20 securities of companies with a market capitalization range of approximately $5.5 billion: to $322.1 billion
and a weighted average market capitalization of $65.2 billion. 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” of the Prospectus and Summary Prospectus is
revised by deleting in.its entirety “issuer-Specific Changes Risk.”
The section captioned “Additional Information About the Funds” Investment Strategies and Risks” of the Prospectus is
revised by deleting in its entirety “Issuer-Specific Changes Risk.”
The section of the Prospectus captioned “Momingstar? Wide Moat Fócus IndexSM: ¡s hereby deleted and replaced
with the following:
The Wide Moat Focus Index is a tules-based index intended to offer:expostre to companies that the index
Provider determines have sustainable competitive advantages based on a proprietary methodology that
considers quantitative and qualitative factors (Wide moat companies”). Wide moat companies are selected
from the universe of companies represented in the Momingstar? US. Market indexSM a broad market index
representing 97% of U.S. market capitalization. The Wide Moat Focus Index targets a select group ofwide
moat companies: those that according to Momingstar’s equity research team are attractively priced as of
each Wide Moat Focus index review. Out of the.companies in the Momingstar US Market index that the
“https /iwwsec:goWArchiveslodgai/date/1137360/000099041316005411/684653497,htin Lo : : Ha
Y
19/4/2016 Hips //wsec.g o dArchives/edg aridata!1137360/000003041316006411/084653 497.htm
determines- are wide moat companies, effective June 20, 2016, the Index Provider selects at least 40
companies to be included in the Wide Moat Focus Index as determined by the ratio ofthe index Provder’s
estimate of fair value of the issuer’s common stock:ta the price. The Index Provider’s equity research team’s:
. fair velue sctimaigs are calculated using:a ‘standardizad, propiietary valuation model.
A selection committee, comprising members of Momingstar’s equity: rascarch team, makes the final
determination. of whether a company js a wide moat company. Only those companies with one or more of the
identifable competitivo advantages, as determined by the. Index Providers equity research team and agreed
to by the selection committee, are wide moat companies. The quantitative factors used to identify
competitive advantages include historical and projected retums on invested capital relative to cost of capital.
The qualitative factors used to identify competitive advantages include customerswitching cost (i.e., the.
costs of customers switching to competitors), internal cost advantages, intangible assets. (e.g., intellectual
property and brands), network effects (i.e., whether products orsenices become. more valuable as the
number of customers gróws) and efficient scale (i.e., whether the company effectively serves a limited market
that potential rivals have little incentive to enter into).
The Index Provider’s equity research.team uses a standardized, proprietary valuation model to assign fair
values ta potential Wide Moat Focus Index constituents’ common stock. The Index Provider’s equity
research team: estimates the issuer’s future free cash fiows and then calculates an enterprise value using
weighted average.costs of capital as the discount rate. The Index Providers equity research team then
assigns each issuer’s. common stock a fair value by adjusting:the enterprise value to account for net debt
and other adjustments,
A buffer rule is applied to the current Wide. Moat Focus Index constituents. Those that are ranked in the top
150% of stocks representing the lowest .cument market price/fajr value price eligible for inclusion in. the Wide
Moat Focus Index will remain in the Wide Moat Focus Index at the time of reconstitution and those that fall
outside of the top 150% are excluded from the Index. The maximum weight.ofan individual sector ín the
Wide Moat Focus Index is capped at 10% more than. its corresponding weight in the Momingstar US Market
Index at the time of reconstitution, or 40%, whichever is: higher.
xxAs of December 31, 2015, the Wide Moat Focus Index included 20 securities-of companies with a market
capitalization range of approximately $5.5 billion: to $322.1 billion and a weighted average market
capitalization of $65.2 billion. These amounts are subject to change.
The Wide Moat Focus index employs a staggered rebalance methodology. The Wide Moat Focus Index:is
divided into: two equally-weighted sub-portfolios, and. each is reconstituted: and rebalanced semi-annually on
altermnating quarters. Each sub-portfolio will-contain-40 equally-weighted securities at its. semi-annual
reconstitution and weights will vary with market prices until the: next reconstitution date. Due to the staggered
rebálance methodology, constituents ahd weightings may vary between sub-portfolios. Each sib-portfalio is
reweighted to 50%. of the total Wide Moat Focus. Index every six months. Adjustments tó one sub-portfolio
are performed after the close of business on the third Friday of March and September and adjustments to the
other sub-portfolió are performed after the close of business on the third Friday of June and
2
PEREA RAR AAA AÑ
hitps/wesec.gowArchives/edgar/data!1137360/000093041316006411/c84653_497.htn 3%
19/2016 Hitps:/iwwsec.goArchivesladgarídata/1137360/000089041316006411/064653 497.htm.
December, and:all adjustments are effective on the following Monday. ifthe Monday is a market holiday,
reconstitutión and rebalancing occurs. on.the Tuesday immediately: following: .
Rebalancing data, including constituent weights and. related information, is. posted:on the dex Provider’s
website at the end of each quarter-end month. Target weights of the constituents are not otherwise adjusted
between quarters except in the event:of certain types of corporate:actions,
Please retain this supplementfor future reference,
. , :
eones : io . Li EROS ARUNA
htips://wwsec.gowArchives/exdgar/data/1137360/000093041316006411/c84653 497.htm
Alá
Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=349ca43c656d5b6a374736bb41db67c3VFdwQmVFNXFRVEJOUkVFeFRXcGplazEzUFQwPQ==&secuencia=-1&t=1682366909
