UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTEREDMANAGEMENT INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

335 Madison Avenue - 19th Floor, New York, N.Y.	10017
(Address of principal executive offices)	(Zip Code)

Bruce J. SmithChief Financial OfficerMarket Vectors ETF Trust335 Madison Avenue - 19th FloorNew York, N.Y. 10017(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 293-2000

Date of fiscal year end: December 31

     Date of reporting period: September 30, 2010

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Argentina: 0.2%
	298,460	Cresud S.A.C.I.F. y S.A. (ADR)	$	4,787,298
Australia: 0.8%
	2,669,501	Elders Ltd. * † #		1,502,137
	1,180,147	GrainCorp. Ltd. #		8,312,637
	1,557,749	Nufarm Ltd. #		5,452,219
				15,266,993
Brazil: 4.7%
	5,191,864	Brasil Foods S.A. (ADR) †		80,629,648
	1,037,543	Cosan Ltd. (Class A) (USD)		12,025,123
				92,654,771
Canada: 9.1%
	752,642	Maple Leaf Foods, Inc.		8,833,465
	1,034,742	Potash Corp. of Saskatchewan, Inc. (USD)		149,044,238
	2,211,292	Viterra, Inc. *		19,357,023
				177,234,726
Chile: 3.9%
	1,566,205	Sociedad Quimica y Minera de Chile S.A. (ADR)		75,553,729
China / Hong Kong: 4.2%
	19,924,000	Chaoda Modern Agriculture Holdings Ltd. #		16,571,128
	24,016,100	China Agri-Industries Holdings Ltd. † #		34,063,623
	10,520,000	China BlueChemical Ltd. #		7,621,276
	41,806,000	Sinofert Holdings Ltd. * #		24,041,105
				82,297,132
Indonesia: 1.6%
	9,368,876	PT Astra Agro Lestari Tbk #		21,745,780
	8,117,202	PT Perusahaan Perkebunan London Sumatra Indonesia Tbk #		8,962,277
				30,708,057
Ireland: 0.4%
	1,746,866	Glanbia Plc		8,125,091
Japan: 3.6%
	7,651,000	Kubota Corp. #		70,122,208
Malaysia: 5.4%
	39,745,955	IOI Corp. Bhd #		70,410,996
	6,352,970	Kuala Lumpur Kepong Bhd #		34,979,798
				105,390,794
Netherlands: 3.4%
	1,416,294	CNH Global N.V. (USD) *		51,893,012
	208,966	Nutreco Holding N.V. #		15,312,769
				67,205,781
Norway: 4.1%
	1,735,189	Yara International ASA #		79,197,956
Singapore: 11.6%
	4,714,418	Golden Agri-Resources Ltd. Warrant (SGD 0.54, expiring 7/23/12) *		376,336
	72,227,745	Golden Agri-Resources Ltd. #		31,311,155
	8,608,520	Indofood Agri Resources Ltd. * † #		14,772,976
	12,604,087	Olam International Ltd. #		31,224,310
	32,672,751	Wilmar International Ltd. #		148,972,965
				226,657,742
Switzerland: 4.6%
	355,699	Syngenta A.G. #		89,000,621
United Kingdom: 1.0%
	2,772,939	Tate & Lyle Plc #		20,410,451
United States: 41.4%
	553,632	AGCO Corp. *		21,597,184
	936,591	Agrium, Inc.		70,234,959

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

	109,490	Andersons, Inc.		4,149,671
	2,731,824	Archer-Daniels-Midland Co.		87,199,822
	834,763	Bunge Ltd.		49,384,579
	423,002	CF Industries Holdings, Inc.		40,396,691
	267,186	Chiquita Brands International, Inc. *		3,537,543
	447,840	Corn Products International, Inc.		16,794,000
	490,665	Darling International, Inc. *		4,180,466
	2,297,064	Deere & Co.		160,289,126
	1,157,886	Del Monte Foods Co.		15,179,886
	446,911	Intrepid Potash, Inc. * †		11,650,970
	74,321	Lindsay Corp.		3,219,586
	2,730,967	Monsanto Co.		130,895,248
	2,471,703	Mosaic Co.		145,237,268
	987,919	Smithfield Foods, Inc. *		16,626,677
	1,829,463	Tyson Foods, Inc.		29,307,997
				809,881,673
Total Common Stocks
(Cost: $1,871,990,577)				1,954,495,023
MONEY MARKET FUND: 0.0%
(Cost: $135,411)
	135,411	Dreyfus Government Cash Management Fund		135,411
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $1,872,125,988)				1,954,630,434
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.8%
	2,069,636	Bank of New York Institutional Cash Reserve Series B (a) #		447,559
	15,555,000	Bank of New York Overnight Government Fund		15,555,000
Total Short-Term Investments held as Collateral for Securities Loaned
(Cost: $17,624,636)				16,002,559
OTHER: 0.0%
(Cost: $0)
	0	Capital Support Agreement (a) #		785,210
Total Investments: 100.8%
(Cost: $1,889,750,624)				1,971,418,203
Liabilities in excess of other assets: (0.8)%				(15,731,964)
NET ASSETS: 100.0%			$	1,955,686,239

ADR	American Depositary Receipt
SGD	Singapore Dollar
USD	United States Dollar

(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of September 30, 2010.
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $16,768,348.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $735,221,156 which represents 37.6% of net assets.

The aggregate cost of investments owned for Federal income tax purposes is $1,923,811,244 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$225,817,323
Gross Unrealized Depreciation	(178,210,364	)
Net Unrealized Appreciation	$47,606,959

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

		Contracts to Deliver	In Exchange for		Maturity Dates		Unrealized Appreciation / (Depreciation)
	USD	3,127,279	MYR	1,011,115	10/01/10	$	1,965
	USD	780,421	MYR	252,809	10/05/10		(88)
Net unrealized appreciation on forward foreign currency contracts						$	1,877

Currency type abbreviations:
MYR	Malaysian Ringgit
USD	United States Dollar

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Agricultural Chemicals	38.2	%	$	747,320,333
Agricultural Operations	27.4			536,001,041
Alternative Waste Technology	0.2			4,180,466
Chemicals - Diversified	4.2			81,005,948
Food - Canned	0.8			15,179,886
Food - Dairy Products	0.4			8,125,091
Food - Meat Products	6.9			135,397,787
Food - Miscellaneous / Diversified	1.8			35,644,311
Food - Wholesale / Distribution	1.6			31,224,310
Machinery - Farm	15.7			307,121,116
Retail - Miscellaneous / Diversified	0.1			1,502,137
Sugar	1.7			32,435,574
Transport - Services	1.0			19,357,023
Money Market Fund	0.0			135,411
	100.0	%	$	1,954,630,434

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Argentina	$	4,787,298	$	—	$	—	$	4,787,298
Australia		—		15,266,993		—		15,266,993
Brazil		92,654,771		—		—		92,654,771
Canada		177,234,726		—		—		177,234,726
Chile		75,553,729		—		—		75,553,729
China / Hong Kong		—		82,297,132		—		82,297,132
Indonesia		—		30,708,057		—		30,708,057
Ireland		8,125,091		—		—		8,125,091
Japan		—		70,122,208		—		70,122,208
Malaysia		—		105,390,794		—		105,390,794
Netherlands		51,893,012		15,312,769		—		67,205,781
Norway		—		79,197,956		—		79,197,956
Singapore		376,336		226,281,406		—		226,657,742
Switzerland		—		89,000,621		—		89,000,621
United Kingdom		—		20,410,451		—		20,410,451
United States		809,881,673		—		—		809,881,673
Money Market Fund		15,690,411		447,559		—		16,137,970
Capital Support Agreement		—		—		785,210		785,210
Total	$	1,236,197,048	$	734,435,946	$	785,210	$	1,971,418,203
Other Financial Instruments, net*	$	—	$	1,877	$	—	$	1,877
* Other financial instruments include forward foreign currency contracts

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

Balance as of 12/31/09	$      804,550
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	(19,340	)
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 9/30/10	$      785,210

See Note to Schedules of Investments

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.4%
Australia: 10.3%
	377,636	Aquila Resources Ltd. * † #	$	2,998,644
	824,515	Centennial Coal Co. Ltd. #		4,927,971
	31,846	Coal & Allied Industries Ltd. #		3,218,885
	379,527	Macarthur Coal Ltd. #		4,300,993
	597,495	New Hope Corp. Ltd. #		2,927,645
	395,135	Riversdale Mining Ltd. * † #		4,012,464
	587,134	White Energy Co. Ltd. * † #		2,213,519
	571,507	Whitehaven Coal Ltd. #		3,424,723
				28,024,844
Canada: 1.1%
	531,637	Western Canadian Coal Corp. *		3,042,072
China / Hong Kong: 23.6%
	13,363,095	China Coal Energy Co. Ltd. #		21,998,653
	5,308,908	China Shenhua Energy Co. Ltd. #		21,850,858
	7,664,067	Fushan International Energy Group Ltd. #		5,176,635
	2,512,307	Hidili Industry International Development Ltd. #		2,456,687
	5,269,961	Yanzhou Coal Mining Co. Ltd. #		12,844,396
				64,327,229
Indonesia: 11.8%
	46,636,715	Adaro Energy Tbk PT #		10,575,043
	50,651,000	Bumi Resources Tbk PT #		12,038,596
	3,653,500	Indika Energy Tbk PT #		1,360,803
	775,552	Indo Tambangraya Megah PT #		3,618,931
	2,104,000	Tambang Batubara Bukit Asam Tbk PT #		4,585,193
				32,178,566
Japan: 0.2%
	382,000	Nippon Coke & Engineering Co. Ltd. #		561,668
Mongolia: 0.7%
	204,347	SouthGobi Energy Resources Ltd. (HKD) * #		2,040,346
Philippines: 0.4%
	357,651	Semirara Mining Corp. #		1,059,079
Singapore: 1.0%
	1,603,200	Straits Asia Resources Ltd. #		2,682,183
South Africa: 2.8%
	443,259	Exxaro Resources Ltd. #		7,637,264
United States: 47.5%
	283,280	Alpha Natural Resources, Inc. *		11,656,972
	461,039	Arch Coal, Inc.		12,314,352
	168,381	Bucyrus International, Inc.		11,677,222
	82,226	Cloud Peak Energy, Inc. *		1,500,625
	583,474	Consol Energy, Inc.		21,565,199
	31,149	FreightCar America, Inc.		766,265
	46,772	Fuel Tech, Inc. *		293,260
	457,408	International Coal Group, Inc. *		2,433,411
	72,275	James River Coal Co. *		1,266,981
	307,547	Joy Global, Inc.		21,626,705
	266,522	Massey Energy Co.		8,267,512
	208,988	Patriot Coal Corp. *		2,384,553
	433,794	Peabody Energy Corp.		21,260,244
	150,346	Walter Energy, Inc.		12,221,626
				129,234,927
Total Common Stocks (Cost: $272,017,687)				270,788,178
MONEY MARKET FUND: 0.1% (Cost: $184,800)
	184,800	Dreyfus Government Cash Management Fund		184,800
Total Investments Before Collateral for Securities Loaned: 99.5% (Cost: $272,202,487)				270,972,978

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.9%
	187,251	Bank of New York Institutional Cash Reserve Series B (a) #		40,493
	2,338,000	Bank of New York Overnight Government Fund		2,338,000
Total Short-Term Investments held as Collateral for Securities Loaned (Cost: $2,525,251)				2,378,493
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		71,042
Total Investments: 100.4% (Cost: $274,727,738)				273,422,513
Liabilities in excess of other assets: (0.4)%				(1,140,412	)
NET ASSETS: 100.0%			$	272,282,101

HKD Hong Kong Dollar

(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of September 30, 2010.
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $2,383,707.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $138,622,714 which represents 50.9% of net assets.

The aggregate cost of investments owned for Federal income tax purposes is $277,302,817 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$	29,643,035
Gross Unrealized Depreciation		(33,523,339	)
Net Unrealized Depreciation	$	(3,880,304	)

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

	Contracts to Deliver		In Exchange for		Maturity Dates		Net Unrealized Depreciation
AUD		1,233,136	USD	1,186,524	10/06/10	$	(6,568	)

Currency type abbreviations:

AUD	Australian Dollar
USD	United States Dollar

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Coal	85.9	%	$	232,864,413
Diversified Minerals	1.3			3,560,312
Machinery - Construction & Mining	12.3			33,303,927
Miscellaneous Manufacturing	0.3			766,265
Pollution Control	0.1			293,261
Money Market Fund	0.1			184,800
	100.0	%	$	270,972,978

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	—	$	28,024,844		$	—	$	28,024,844
Canada		3,042,072		—			—		3,042,072
China / Hong Kong		—		64,327,229			—		64,327,229
Indonesia		—		32,178,566			—		32,178,566
Japan		—		561,668			—		561,668
Mongolia		—		2,040,346			—		2,040,346
Philippines		—		1,059,079			—		1,059,079
Singapore		—		2,682,183			—		2,682,183
South Africa		—		7,637,264			—		7,637,264
United States		129,234,927		—			—		129,234,927
Money Market Fund		2,522,800		40,493			—		2,563,293
Capital Support Agreement		—		—			71,042		71,042
Total	$	134,799,799	$	138,551,672		$	71,042	$	273,422,513
Other Financial Instruments, net*	$	—	$	(6,568	)	$	—	$	(6,568	)
* Other financial instruments include forward foreign currency contracts

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

Balance as of 12/31/09	$	72,792
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		(1,750	)
Net purchases (sales)		-
Transfers in and/or out of level 3		-
Balance as of 9/30/10	$	71,042

See Note to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Austria: 3.9%
	157,274	Verbund - Oesterreichische Elektrizis A.G. #	$	5,649,642
Brazil: 3.3%
	417,415	Cosan Ltd. (Class A) (USD)		4,837,840
China / Hong Kong: 17.4%
	2,264,000	China High Speed Transmission Equipment Group Co. Ltd. #		4,902,586
	4,561,000	China Longyuan Power Group Corp. Ltd. * † #		4,512,772
	858,384	Dongfang Electric Corp. Machinery Co. Ltd. † #		4,016,487
	333,861	Suntech Power Holdings Co. Ltd. (ADR) * †		3,218,420
	170,440	Trina Solar Ltd. (ADR) * †		5,143,879
	247,716	Yingli Green Energy Holding Co. Ltd. (ADR) *		3,428,389
				25,222,533
Denmark: 9.7%
	371,729	Vestas Wind Systems A/S * #		14,027,906
Germany: 3.8%
	24,535	SMA Solar Technology A.G. † #		2,715,781
	228,431	Solarworld A.G. † #		2,869,041
				5,584,822
Japan: 4.7%
	245,804	Kurita Water Industries Ltd. #		6,830,794
Norway: 2.9%
	1,235,961	Renewable Energy Corp. A.S. * † #		4,217,605
Portugal: 2.2%
	562,230	EDP Renovaveis S.A. * #		3,187,395
Spain: 6.6%
	464,019	Gamesa Corp. Tecnologica S.A. * #		3,254,297
	1,887,874	Iberdrola Renovables S.A. #		6,290,980
				9,545,277
Taiwan: 3.0%
	877,029	Gintech Energy Corp. #		2,467,437
	830,000	Neo Solar Power Corp. * #		1,888,714
				4,356,151
United States: 42.3%
	105,453	American Superconductor Corp. * †		3,279,588
	313,074	Covanta Holding Corp.		4,930,915
	195,030	Cree, Inc. *		10,588,179
	123,943	EnerSys, Inc. *		3,094,857
	99,457	First Solar, Inc. * †		14,654,989
	42,450	Fuel Systems Solutions, Inc. *		1,660,220
	182,080	International Rectifier Corp. *		3,840,067
	92,714	Itron, Inc. *		5,676,878
	522,794	MEMC Electronic Materials, Inc. *		6,231,704
	168,553	Power-One, Inc. * †		1,532,147
	164,563	Sunpower Corp. * †		2,369,707
	104,053	Veeco Instruments, Inc. * †		3,628,328
				61,487,579
Total Common Stocks (Cost: $182,876,015)				144,947,544
MONEY MARKET FUND: 0.4% (Cost: $544,104)
	544,104	Dreyfus Government Cash Management Fund		544,104
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $183,420,119)				145,491,648
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 27.2%
	1,089,236	Bank of New York Institutional Cash Reserve Series B (a) #		235,547
	39,207,000	Bank of New York Overnight Government Fund		39,207,000
Total Short-Term Investments held as Collateral for Securities Loaned				39,442,547

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

(Cost: $40,296,236)
OTHER: 0.3% (Cost: $0)
	0	Capital Support Agreement (a) #		413,251
Total Investments: 127.7% (Cost: $223,716,355)				185,347,446
Liabilities in excess of other assets: (27.7)%				(40,205,904	)
NET ASSETS: 100.0%			$	145,141,542

ADR	American Depositary Receipt
USD	United States Dollar

(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of September 30, 2010.
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $39,074,800.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $67,480,235 which represents 46.5% of net assets.

The aggregate cost of investments owned for Federal income tax purposes is $226,008,383 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$15,358,177
Gross Unrealized Depreciation	(56,019,114	)
Net Unrealized Depreciation	$(40,660,937	)

Summary of Investments by Sector Excluding Collateral For Securities Loaned (unaudited)	% of Investments		Value
Automobile / Truck Parts & Equipment	1.1	%	$	1,660,220
Batteries / Battery System	2.1			3,094,857
Electronic Component - Semiconductors	19.1			27,746,596
Electronic Measure Instrument	3.9			5,676,878
Energy - Alternate Sources	33.5			48,726,722
Power Conversion / Supply Equipment	27.1			39,465,721
Semiconductor Equipment	2.5			3,628,328
Sugar	3.3			4,837,840
Superconductor Products & Systems	2.3			3,279,588
Water Treatment Systems	4.7			6,830,794
Money Market Fund	0.4			544,104
	100.0	%	$	145,491,648

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Austria	$	—	$	5,649,642	$	—	$	5,649,642
Brazil		4,837,840		—		—		4,837,840
China / Hong Kong		11,790,688		13,431,845		—		25,222,533
Denmark		—		14,027,906		—		14,027,906
Germany		—		5,584,822		—		5,584,822
Japan		—		6,830,794		—		6,830,794
Norway		—		4,217,605		—		4,217,605
Portugal		—		3,187,395		—		3,187,395
Spain		—		9,545,277		—		9,545,277
Taiwan		—		4,356,151		—		4,356,151
United States		61,487,579		—		—		61,487,579
Money Market Fund		39,751,104		235,547		—		39,986,651
Capital Support Agreement		—		—		413,251		413,251
Total	$	117,867,211	$	67,066,984	$	413,251	$	185,347,446

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

Balance as of 12/31/09	$	423,430
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		(10,179	)
Net purchases (sales)		-
Transfers in and/or out of level 3		-
Balance as of 9/30/10	$	413,251

See Note to Schedules of Investments

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 60.5%
	4,818,564	Agnico-Eagle Mines Ltd. (USD)	$	342,262,601
	6,477,639	Aurizon Mines Ltd. (USD) *		44,954,815
	25,938,946	Barrick Gold Corp. (USD)		1,200,713,810
	16,345,775	Eldorado Gold Corp. (USD)		302,233,380
	5,615,076	Gammon Gold, Inc. (USD) *		39,361,683
	19,511,278	Goldcorp, Inc. (USD)		849,130,819
	14,127,225	Great Basin Gold Ltd. (USD) * †		34,611,701
	15,080,581	IAMGOLD Corp. (USD)		267,077,090
	20,494,056	Kinross Gold Corp. (USD)		385,083,312
	2,675,956	Minefinders Corp. (USD) * †		26,251,128
	15,884,769	New Gold, Inc. (USD) *		106,904,495
	11,772,407	Northgate Minerals Corp. (USD) *		35,670,393
	4,335,587	Pan American Silver Corp. (USD)		128,290,019
	13,067,407	Silver Wheaton Corp. (USD) *		348,246,397
	3,706,409	Tanzanian Royalty Exploration Corp. (USD) * †		26,723,209
	30,051,885	Yamana Gold, Inc. (USD) †		342,591,489
				4,480,106,341
Peru: 4.8%
	7,849,448	Cia de Minas Buenaventura S.A. (ADR) *		354,638,060
South Africa: 13.0%
	9,547,083	AngloGold Ashanti Ltd. (ADR)		441,457,118
	21,176,746	Gold Fields Ltd. (ADR)		323,368,911
	17,390,436	Harmony Gold Mining Co. Ltd. (ADR) †		196,338,023
				961,164,052
United Kingdom: 5.4%
	3,331,262	Randgold Resources Ltd. (ADR)		337,989,842
	3,193,724	Silver Standard Resources, Inc. (USD) *		63,810,606
				401,800,448
United States: 16.2%
	3,621,890	Coeur d’Alene Mines Corp. *		72,148,049
	10,469,155	Golden Star Resources Ltd. *		51,717,626
	10,390,125	Hecla Mining Co. * †		65,665,590
	7,812,877	Nevsun Resources Ltd. * †		38,283,097
	12,957,534	Newmont Mining Corp.		813,862,711
	2,178,618	Royal Gold, Inc.		108,582,321
	1,644,278	Seabridge Gold, Inc. * †		47,157,893
	1,889,992	Vista Gold Corp. * †		4,857,279
				1,202,274,566
Total Common Stocks (Cost: $6,536,572,946)				7,399,983,467
MONEY MARKET FUND: 0.1% (Cost: $9,325,116)
	9,325,116	Dreyfus Government Cash Management Fund		9,325,116
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $6,545,898,062)				7,409,308,583
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.0%
	2,984,133	Bank of New York Institutional Cash Reserve Series B (a) #		645,319
	144,795,000	Bank of New York Overnight Government Fund		144,795,000
Total Short-Term Investments held as Collateral for Securities Loaned (Cost: $147,779,133)				145,440,319
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		1,132,165
Total Investments: 102.0% (Cost: $6,693,677,195)				7,555,881,067

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Liabilities in excess of other assets: (2.0)%		(150,585,143	)
NET ASSETS: 100.0%	$	7,405,295,924

ADR   American Depositary Receipt

USD   United States Dollar

(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of September 30, 2010.
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $128,103,232.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,777,484 which represents 0.0% of net assets.

The aggregate cost of investments owned for Federal income tax purposes is $6,706,413,097 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$884,773,310
Gross Unrealized Depreciation	(35,305,340	)
Net Unrealized Appreciation	$849,467,970

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Gold Mining	90.4	%	$	6,695,571,679
Precious Metals	1.3			98,399,177
Silver Mining	8.2			606,012,611
Money Market Fund	0.1			9,325,116
	100.0	%	$	7,409,308,583

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Canada	$	4,480,106,341	$	—	$	—	$	4,480,106,341
Peru		354,638,060		—		—		354,638,060
South Africa		961,164,052		—		—		961,164,052
United Kingdom		401,800,448		—		—		401,800,448
United States		1,202,274,566		—		—		1,202,274,566
Money Market Fund		154,120,116		645,319		—		154,765,435
Capital Support Agreement		—		—		1,132,165		1,132,165
Total	$	7,554,103,583	$	645,319	$	1,132,165	$	7,555,881,067

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

Balance as of 12/31/09	$      1,160,052
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	(27,887	)
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 9/30/10	$      1,132,165

See Note to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.6%
Australia: 16.0%
	7,808,209	Andean Resources Ltd. (CAD) *	$	47,571,581
	8,231,297	Avoca Resources Ltd. * † #		23,913,409
	8,021,613	CGA Mining Ltd. (CAD) * †		21,425,374
	2,416,658	Dominion Mining Ltd. † #		5,563,723
	2,530,870	Kingsgate Consolidated Ltd. #		28,462,538
	3,683,166	Medusa Mining Ltd. * † #		17,505,975
	5,520,037	OceanaGold Corp. (CAD) * †		20,393,762
	11,557,113	Perseus Mining Ltd. * #		32,391,430
	8,164,587	Resolute Mining Ltd. * #		10,710,050
	53,013,083	St. Barbara Ltd. * #		19,945,422
				227,883,264
Canada: 59.9%
	3,276,109	Alamos Gold, Inc.		56,014,965
	4,335,202	Aurizon Mines Ltd. *		30,004,322
	6,658,962	B2Gold Corp. * †		12,463,038
	2,181,257	Colossus Minerals, Inc. * †		17,052,865
	5,271,066	Crocodile Gold Corp. *		5,497,919
	1,785,863	Detour Gold Corp. *		51,738,410
	2,741,922	Dundee Precious Metals, Inc. *		16,838,825
	1,878,756	East Asia Minerals Corp. *		10,091,091
	1,469,887	Endeavour Silver Corp. (USD) *		5,938,343
	3,897,187	European Goldfields Ltd. *		41,408,918
	2,009,729	Exeter Resource Corp. (USD) *		13,043,141
	2,098,197	Extorre Gold Mines Ltd. *		9,203,964
	2,576,556	First Majestic Silver Corp. *		17,732,110
	3,097,341	Fronteer Gold, Inc. (USD) *		22,238,908
	7,513,406	Gabriel Resources Ltd. *		43,651,508
	3,872,728	Gammon Gold, Inc. (USD) *		27,147,823
	3,539,484	Gold Wheaton Gold Corp. *		10,902,929
	9,453,341	Great Basin Gold Ltd. * †		23,037,825
	1,775,606	Greystar Resources Ltd. *		7,183,082
	1,964,397	Guyana Goldfields, Inc. *		19,991,524
	1,455,747	International Tower Hill Mines Ltd. * †		9,152,964
	2,977,278	Jinshan Gold Mines, Inc. *		13,727,665
	1,740,570	Kirkland Lake Gold, Inc. *		14,710,476
	5,778,469	Lake Shore Gold Corp. *		20,278,295
	1,864,370	Minefinders Corp. (USD) * †		18,289,470
	5,531,767	Nevsun Resources Ltd. *		27,015,794
	8,374,055	Northgate Minerals Corp. (USD) *		25,373,387
	4,935,146	Novagold Resources, Inc. (USD) * †		43,133,176
	2,567,282	Premier Gold Mines Ltd. *		14,189,686
	1,586,731	Rainy River Resources Ltd. *		13,224,692
	13,409,511	Romarco Minerals, Inc. *		29,411,122
	4,501,262	Rubicon Minerals Corp. *		18,560,548
	8,318,614	San Gold Corp. *		26,516,418
	7,745,003	Semafo, Inc. *		73,384,441
	4,573,780	Silvercorp Metals, Inc.		37,719,139
	3,689,612	Terrane Metals Corp. *		5,323,026
	2,386,372	Ventana Gold Corp. *		24,309,195
				855,501,004
China / Hong Kong: 1.8%
	8,160,000	Lingbao Gold Co. Ltd. (Class H) #		4,427,786
	12,276,000	Real Gold Mining Ltd. * † #		21,600,080
				26,027,866
South Africa: 0.1%
	364,770	DRDGOLD Ltd. (ADR) †		1,893,156
United Kingdom: 4.4%
	3,801,116	Avocet Mining Plc * #		10,114,499
	3,098,673	Highland Gold Mining Ltd. * #		7,781,292
	2,248,936	Silver Standard Resources, Inc. (USD) *		44,933,741
				62,829,532

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

United States: 17.4%
	2,300,634	Allied Nevada Gold Corp. * †		60,966,801
	3,967,653	Anatolia Minerals Development Ltd. (CAD) * †		25,836,060
	2,578,272	Coeur d’Alene Mines Corp. * †		51,359,178
	7,372,748	Golden Star Resources Ltd. * †		36,421,375
	7,319,623	Hecla Mining Co. *		46,260,018
	2,203,067	Jaguar Mining, Inc. *		14,319,936
	2,623,856	U.S. Gold Corp. * †		13,040,564
				248,203,932
Total Common Stocks (Cost: $1,134,996,813)				1,422,338,754
MONEY MARKET FUND: 0.2%
(Cost: $2,640,046)
	2,640,046	Dreyfus Government Cash Management Fund		2,640,046
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $1,137,636,859)				1,424,978,800
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.9%
(Cost: $97,834,000)
	97,834,000	Bank of New York Overnight Government Fund		97,834,000
Total Investments: 106.7% (Cost: $1,235,470,859)				1,522,812,800
Liabilities in excess of other assets: (6.7)%				(95,771,563	)
NET ASSETS: 100.0%			$	1,427,041,237

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $93,898,008.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $182,416,204 which represents 12.8% of net assets.
The aggregate cost of investments owned for Federal income tax purposes is $1,246,581,767 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$	304,627,771
Gross Unrealized Depreciation		(28,396,738	)
Net Unrealized Appreciation	$	276,231,033

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

	Contracts to Deliver	In Exchange for			Maturity Dates		Unrealized Appreciation / (Depreciation)
AUD	90,117		USD	87,098		10/04/10	$	(114	)
CAD	803,213		USD	778,609		10/04/10		(4,364	)
CAD	1,795266		USD	1,759,028		10/05/10		199
Net unrealized depreciation on forward foreign currency contracts							$	(4,279	)

Currency type abbreviations:
AUD	Japanese Yen
CAD	Canadian Dollar
USD	United States Dollar

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Diversified Minerals	2.8	%	$	40,799,456
Gold Mining	79.3			1,129,570,087
Metal - Diversified	0.7			10,091,091
Precious Metals	6.3			89,294,768
Silver Mining	10.7			152,583,352
Money Market Fund	0.2			2,640,046
	100.0	%	$	1,424,978,800

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	89,390,717	$	138,492,547		$	—	$	227,883,264
Canada		855,501,004		—			—		855,501,004
China / Hong Kong		—		26,027,866			—		26,027,866
South Africa		1,893,156		—			—		1,893,156
United Kingdom		44,933,741		17,895,791			—		62,829,532
United States		248,203,931		—			—		248,203,931
Money Market Fund		100,474,046		—			—		100,474,046
Total	$	1,340,396,596	$	182,416,204		$	—	$	1,522,812,800
Other Financial Instruments, net*	$	—	$	(4,279	)	$	—	$	(4,279	)

* Other financial instruments include forward foreign currency contracts

See Note to Schedules of Investments

NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.6%
Australia: 12.3%
	658,070	Energy Resources of Australia Ltd. #	$	8,484,749
	4,073,225	Paladin Energy Ltd. * #		14,196,918
				22,681,667
Canada: 16.4%
	5,462,205	Denison Mines Corp. *		8,945,269
	1,300,837	Forsys Metals Corp. * †		2,536,115
	1,074,187	Fronteer Development Group, Inc. *		7,717,267
	1,761,664	Hathor Exploration Ltd. * †		2,970,882
	2,394,603	Uranium One, Inc. * †		8,099,890
				30,269,423
France: 12.5%
	19,640	Areva S.A. † #		8,266,971
	342,438	Electricite de France S.A. #		14,802,966
				23,069,937
Japan: 17.5%
	2,487,814	IHI Corp. #		4,761,858
	439,674	JGC Corp. #		7,652,460
	1,793,205	Kajima Corp. † #		4,341,203
	2,207,306	Mitsubishi Heavy Industries Ltd. † #		8,145,359
	755,276	Taihei Dengyo Kaisha Ltd. #		5,302,907
	166,100	Toshiba Plant Systems & Services Corp. #		2,220,873
				32,424,660
South Africa: 1.3%
	2,959,143	First Uranium Corp. (CAD) *		2,451,890
United States: 35.6%
	559,653	Cameco Corp. †		15,519,178
	467,075	Constellation Energy Group, Inc.		15,058,498
	1,448,538	EnergySolutions, Inc.		7,286,146
	338,321	Exelon Corp.		14,405,708
	299,529	US Ecology, Inc.		4,792,464
	1,677,219	USEC, Inc. *		8,704,767
				65,766,761
Total Common Stocks (Cost: $197,456,448)				176,664,338
CLOSED-END FUND: 4.5% (Cost: $8,832,553)
	1,307,852	Uranium Participation Corp. *		8,299,573
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $206,289,001)				184,963,911
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 17.9%
	258,247	Bank of New York Institutional Cash Reserve Series B (a) #		55,846
	33,065,000	Bank of New York Overnight Government Fund		33,065,000
Total Short-Term Investments held as Collateral for Securities Loaned (Cost: $33,323,247)				33,120,846
OTHER: 0.1%
(Cost: $0)
	0	Capital Support Agreement (a) #		97,977
Total Investments: 118.1% (Cost: $239,612,248)				218,182,734
Liabilities in excess of other assets: (18.1)%				(33,486,769	)
NET ASSETS: 100.0%			$	184,695,965
CAD   Canadian Dollar

NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions.
	This valuation represents the fair value of the CSA as of September 30, 2010.
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $31,896,309.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $78,330,087 which represents 42.4% of net assets.

The aggregate cost of investments owned for Federal income tax purposes is $245,614,377 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$      12,130,196
Gross Unrealized Depreciation	(39,561,839	)
Net Unrealized Depreciation	$      (27,431,643	)

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

	Contracts to Deliver	In Exchange for		Maturity Dates		Unrealized Appreciation / (Depreciation)
JPY	17,483,753	USD	207,670		10/01/10	$	(1,616	)
JPY	19,928,040	USD	237,351		10/04/10		(1,202	)
JPY	14,603,770	USD	174,269		10/05/10		(550	)
Net unrealized depreciation on forward foreign currency contracts						$	(3,368	)

Currency type abbreviations:
JPY	Japanese Yen
USD	United States Dollar

Summary of Investments by Sector (unaudited)	% of Investments		Value
Building & Construction	2.3	%	$	4,341,203
Diversified Minerals	4.2			7,717,267
Electric - Integrated	23.9			44,267,173
Energy - Alternate Sources	4.5			8,266,971
Engineering / R&D Services	8.2			15,176,240
Hazardous Waste Disposal	6.5			12,078,610
Machinery - General Industry	7.0			12,907,217
Metal - Diversified	1.3			2,451,890
Non-Ferrous Metals	37.6			69,457,767
Closed-End Fund	4.5			8,299,573
	100.0	%	$	184,963,911

NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	—	$	22,681,667		$	—	$	22,681,667
Canada		30,269,423		—			—		30,269,423
France		—		23,069,937			—		23,069,937
Japan		—		32,424,660			—		32,424,660
South Africa		2,451,890		—			—		2,451,890
United States		65,766,761		—			—		65,766,761
Closed-End Fund		8,299,573		—			—		8,299,573
Money Market Fund		33,065,000		55,846			—		33,120,846
Capital Support Agreement		—		—			97,977		97,977
Total	$	139,852,647	$	78,232,110		$	97,977	$	218,182,734
Other Financial Instruments, net*	$	—	$	(3,368	)	$	—	$	(3,368	)

* Other financial instruments include forward foreign currency contracts

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

Balance as of 12/31/09	$      100,391
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	(2,414	)
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 9/30/10	$      97,977

See Note to Schedules of Investments

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Argentina: 0.2%
	4,957	Cresud S.A.C.I.F. y S.A. (ADR)	$	79,510
	4,868	Tenaris S.A. (ADR) †		187,029
				266,539
Australia: 4.5%
	52,199	Alumina Ltd. #		91,843
	12,145	Andean Resources Ltd. * #		74,325
	115,670	AWB Ltd. * #		165,905
	70,761	BHP Billiton Ltd. #		2,701,976
	38,219	BlueScope Steel Ltd. #		81,750
	252	Coal & Allied Industries Ltd. #		25,471
	26,214	Fortescue Metals Group Ltd. * #		132,530
	26,784	GrainCorp. Ltd. #		188,659
	21,088	Newcrest Mining Ltd. #		808,500
	22,237	Oil Search Ltd. #		132,653
	27,955	OneSteel Ltd. #		79,516
	18,158	Origin Energy Ltd. #		279,226
	65,746	OZ Minerals Ltd. #		92,519
	17,083	Santos Ltd. #		212,082
	10,572	Woodside Petroleum Ltd. #		449,244
	4,179	WorleyParsons Ltd. #		90,271
				5,606,470
Austria: 0.3%
	440	Mayr-Melnhof Karton A.G. #		44,647
	3,049	OMV A.G. #		114,387
	4,416	Verbund - Oesterreichische Elektrizis A.G. † #		158,633
	2,377	Voestalpine A.G. #		87,761
				405,428
Brazil: 1.9%
	3,401	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		154,780
	17,196	Cia Siderurgica Nacional S.A. (ADR)		303,853
	13,988	Gerdau S.A. (ADR)		190,377
	23,012	Petroleo Brasileiro S.A. (ADR)		834,645
	28,153	Vale S.A. (ADR)		880,344
				2,363,999
Canada: 13.1%
	4,623	Agnico-Eagle Mines Ltd. (USD)		328,372
	27,230	Barrick Gold Corp. (USD)		1,260,477
	22,461	Canadian Natural Resources Ltd. (USD)		777,151
	4,352	Centerra Gold, Inc.		70,423
	2,279	Detour Gold Corp. *		66,025
	2,564	Domtar Corp. (USD)		165,583
	15,115	Eldorado Gold Corp. (USD)		279,476
	7,868	Enbridge, Inc. (USD)		411,496
	15,160	EnCana Corp. (USD)		458,287
	1,699	First Quantum Minerals Ltd.		129,597
	20,335	Goldcorp, Inc. (USD)		884,979
	5,082	Husky Energy, Inc. †		123,948
	10,273	IAMGOLD Corp.		182,458
	5,243	Imperial Oil Ltd. (USD)		198,290
	1,550	Inmet Mining Corp.		86,607
	6,750	Ivanhoe Mines Ltd. *		158,839
	19,445	Kinross Gold Corp. (USD)		365,372
	10,825	Nexen, Inc. (USD)		217,583
	8,270	Osisko Mining Corp. *		118,103
	5,446	Pacific Rubiales Energy Corp. *		153,583
	2,953	Pan American Silver Corp. (USD)		87,379
	43,754	Potash Corp. of Saskatchewan, Inc. (USD)		6,302,326
	7,486	Semafo, Inc. *		70,930
	9,502	Silver Wheaton Corp. (USD) *		253,228
	32,211	Suncor Energy, Inc. (USD) †		1,048,468
	21,019	Talisman Energy, Inc. (USD)		367,622

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

	10,192	Teck Cominco Ltd. (USD)	419,503
	4,526	TransAlta Corp.	96,886
	14,284	TransCanada Corp. (USD)	530,222
	54,819	Viterra, Inc. *	479,870
	1,807	West Fraser Timber Co. Ltd.	66,583
	20,471	Yamana Gold, Inc. (USD) †	233,369
			16,393,035
Chile: 0.5%
	8,179	Antofagasta Plc (GBP)	159,492
	1,557	Cap S.A.	77,270
	7,268	Empresas CMPC S.A.	394,085
	25,911	Inversiones Aguas Metropolitanas S.A.	38,877
			669,724
China / Hong Kong: 3.3%
	3,326	Aluminum Corp of China Ltd. (ADR) * †	79,192
	22,800	Angang New Steel Co. Ltd. #	36,347
	374,868	Chaoda Modern Agriculture Holdings Ltd. #	311,784
	235,642	China Agri-Industries Holdings Ltd. #	334,227
	84,852	China Coal Energy Co. Ltd. #	139,686
	27,400	China Molybdenum Co. Ltd. (Class H) #	19,606
	32,400	China Oilfield Services Ltd. (Class H) #	50,461
	345,083	China Petroleum & Chemical Corp. #	304,290
	70,091	China Shenhua Energy Co. Ltd. #	288,487
	327,379	CNOOC Ltd. #	635,072
	20,200	Dongfang Electric Corp. Machinery Co. Ltd. #	94,518
	29,600	Fosun International Ltd. #	23,425
	62,800	Huaneng Power International, Inc. #	39,046
	10,023	JA Solar Holdings Co. Ltd. (ADR) *	93,515
	29,400	Jiangxi Copper Co. Ltd. (Class H) #	74,046
	44,800	Kunlun Energy Co. Ltd. #	57,668
	102,900	Lee & Man Paper Manufacturing Ltd. #	90,389
	36,000	Maanshan Iron and Steel Co. Ltd. (Class H) #	22,405
	92,057	Nine Dragons Paper Holdings Ltd. #	158,587
	434,740	PetroChina Co. Ltd. (Class H) #	505,184
	34,100	Shandong Chenming Paper Holdings Ltd. (Class B) #	27,814
	15,007	Sino-Forest Corp. (CAD) *	250,738
	7,529	Suntech Power Holdings Co. Ltd. (ADR) * †	72,580
	4,713	Trina Solar Ltd. (ADR) *	142,238
	40,000	Yanzhou Coal Mining Co. Ltd. #	97,491
	12,200	Zhaojin Mining Industry Co. Ltd. #	37,334
	110,141	Zijin Mining Group Ltd. #	93,111
			4,079,241
Denmark: 0.4%
	12,162	Vestas Wind Systems A/S * #	458,956
Finland: 0.4%
	2,638	Neste Oil Oyj #	41,343
	2,358	Outokumpu Oyj #	46,971
	1,784	Rautaruukki Oyj #	36,967
	37,443	Stora Enso Oyj (R Shares) #	371,833
			497,114
France: 3.1%
	211	Eramet S.A. #	62,502
	16,793	Suez Environnement Co. #	311,041
	2,254	Technip S.A. #	181,888
	48,420	Total S.A. #	2,505,482
	29,469	Veolia Environnement S.A. #	777,619
			3,838,532
Germany: 0.3%
	1,970	BayWa A.G. #	81,174
	805	Salzgitter A.G. #	52,171
	5,002	Solarworld A.G. † #	62,824
	7,024	ThyssenKrupp A.G. #	229,334
			425,503

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Hungary: 0.1%
	973	MOL Hungarian Oil & Gas NyRt * #	101,787
India: 1.3%
	33,723	Reliance Industries Ltd. (GDR) * #	1,508,159
	4,252	Sterlite Industries India Ltd. (ADR)	63,695
			1,571,854
Indonesia: 0.4%
	370,000	Adaro Energy Tbk PT #	83,899
	47,244	Astra Agro Lestari Tbk PT #	109,656
	1,384,500	Bakrie Sumatera Plantations Tbk PT #	52,696
	400,000	Bumi Resources Tbk PT #	95,071
	157,000	Indah Kiat Pulp and Paper Corp. Tbk PT * #	40,911
	44,454	International Nickel Indonesia Tbk PT #	24,246
	88,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #	97,162
			503,641
Ireland: 0.1%
	7,244	Smurfit Kappa Group Plc * #	73,257
Italy: 1.2%
	57,543	ENI S.p.A. #	1,245,132
	5,192	Saipem S.p.A. #	208,978
			1,454,110
Japan: 2.1%
	3,717	Hitachi Metals Ltd. #	43,760
	44	Inpex Holdings, Inc. #	206,832
	9,464	JFE Holdings, Inc. #	289,335
	45,400	JX Holdings, Inc. #	263,252
	52,335	Kobe Steel Ltd. #	122,687
	6,165	Kurita Water Industries Ltd. #	171,323
	23,729	Mitsubishi Materials Corp. * #	68,181
	6,100	Nippon Paper Group, Inc. #	152,743
	111,973	Nippon Steel Corp. #	381,001
	34,914	Nippon Suisan Kaisha Ltd. #	114,984
	54,776	OJI Paper Co. Ltd. #	242,399
	13,570	Rengo Co. Ltd. #	87,542
	8,583	Sumitomo Forestry Co. Ltd. #	60,429
	72,801	Sumitomo Metal Industries Ltd. #	183,892
	10,723	Sumitomo Metal Mining Ltd. #	163,966
	5,500	TonenGeneral Sekiyu K.K. #	50,943
			2,603,269
Kazakhstan: 0.1%
	4,467	Kazakhmys Plc (GBP) #	102,223
Luxembourg: 0.0%
	1,606	Ternium S.A. (ADR)	52,436
Malaysia: 1.0%
	33,551	Genting Plantation Bhd #	83,855
	453,594	IOI Corp. Bhd #	803,554
	58,778	Kuala Lumpur Kepong Bhd #	323,635
			1,211,044
Mexico: 0.3%
	21,100	Gruma, S.A. de C.V. (Class B) *	30,224
	79,153	Grupo Mexico, S.A.B. de C.V.	229,415
	3,462	Industrias Penoles, S.A. de C.V.	84,290
			343,929
Netherlands: 2.2%
	19,473	ArcelorMittal #	643,345
	3,857	CNH Global N.V. (USD) *	141,321
	5,181	Nutreco Holding N.V. #	379,657
	55,582	Royal Dutch Shell Plc (GBP) #	1,628,919
			2,793,242
Norway: 2.0%
	7,606	Cermaq ASA * #	84,845
	368,580	Marine Harvest ASA † #	323,482

RVE HARD ASSETS PRODUCERS ETF
SCHEDULE OF INVESTMENTS
September 30, 2010 (unaudited)
	19,145	Norsk Hydro ASA #	116,520
	35,891	Renewable Energy Corp. A.S. * #	122,475
	6,159	SeaDrill Ltd. #	179,738
	21,695	Statoil ASA #	456,017
	27,464	Yara International ASA #	1,253,519
			2,536,596
Peru: 0.2%
	5,923	Cia de Minas Buenaventura S.A. (ADR) *	267,601
Philippines: 0.0%
	47,900	Manila Water Co. Inc. #	20,727
Poland: 0.2%
	2,876	KGHM Polska Miedz S.A. #	115,497
	6,392	Polski Koncern Naftowy Orlen S.A. * #	87,625
	33,088	Polskie Gornictwo Naftowe I Gazownictwo S.A. #	40,876
			243,998
Portugal: 0.1%
	5,697	Galp Energia, SGPS, S.A. #	98,684
	8,071	Portucel-Empresa Productora de Pasta e Papel S.A. #	23,878
			122,562
Russia: 2.7%
	2,549	Evraz Group S.A. (GDR) * † # Reg S	76,177
	17,018	JSC MMC Norilsk Nickel (ADR) #	290,722
	8,795	Lukoil (ADR)	501,231
	2,429	Magnitogorsk Iron & Steel Works (GDR) # Reg S	31,510
	2,896	Mechel OAO (ADR)	72,110
	3,023	Novatek OAO (GDR) # Reg S	260,342
	1,780	Novolipetsk Steel (GDR) #	64,235
	61,013	OAO Gazprom (ADR) #	1,285,365
	4,425	Petropavlovsk Plc (GBP) #	77,370
	3,553	Polymetal (GDR) * # Reg S	54,927
	3,581	Polyus Gold Co. (ADR) † #	92,091
	33,651	Rosneft Oil Co. (GDR) * #	225,122
	3,746	Severstal (GDR) * # Reg S	55,556
	20,183	Surgutneftegaz (ADR) #	193,775
	4,971	Tatneft (ADR) #	155,599
			3,436,132
Singapore: 2.0%
	920,619	Golden Agri-Resources Ltd. #	399,094
	36,354	Golden Agri-Resources Ltd. Warrants (SGD 0.54, expiring 07/23/12) *	2,902
	22,800	Hyflux Ltd. #	53,915
	238,365	Olam International Ltd. #	590,506
	317,164	Wilmar International Ltd. #	1,446,124
			2,492,541
South Africa: 1.9%
	2,017	African Rainbow Minerals Ltd. #	48,462
	1,435	Anglo Platinum Ltd. * #	135,673
	10,022	AngloGold Ashanti Ltd. (ADR)	463,417
	10,874	Aquarius Platinum Ltd. (AUD) #	59,529
	2,461	ArcelorMittal South Africa Ltd. #	29,026
	6,216	Astral Foods Ltd.	99,377
	3,501	Exxaro Resources Ltd. #	60,322
	19,501	Gold Fields Ltd. (ADR)	297,780
	10,064	Harmony Gold Mining Co. Ltd. (ADR)	113,623
	13,662	Impala Platinum Holdings Ltd. #	351,706
	1,636	Kumba Iron Ore Ltd. #	84,977
	32,841	Sappi Ltd. * #	168,591
	9,697	Sasol Ltd. #	434,288
			2,346,771
South Korea: 1.0%
	1,191	Hyundai Steel Co. #	122,308
	291	Korea Zinc Co. Ltd. #	79,907
	1,505	POSCO #	684,131
	1,270	SK Energy Co. Ltd. #	162,274

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

	660	SK Holdings Co. Ltd. #	68,564
	849	S-Oil Corp. #	52,517
	3,152	Woongjin Coway Co. Ltd. #	122,872
			1,292,573
Spain: 0.4%
	2,237	Acerinox S.A. #	39,925
	11,693	Gamesa Corp. Tecnologica S.A. * #	82,006
	16,533	Repsol YPF S.A. #	426,818
			548,749
Sweden: 0.5%
	2,469	Holmen AB (B Shares) #	76,338
	1,468	SSAB AB (B Shares) #	20,668
	36,866	Svenska Cellulosa AB (B Shares) #	562,676
			659,682
Switzerland: 2.8%
	13,956	Syngenta A.G. #	3,491,977
Taiwan: 0.2%
	225,085	China Steel Corp. #	232,823
	33,420	Formosa Petrochemical Corp. #	86,065
			318,888
Turkey: 0.1%
	17,107	Eregli Demir ve Celik Fabrikalari T.A.S. * #	60,829
	2,530	Tupras-Turkiye Petrol Rafinerileri A.S. #	68,032
			128,861
United Kingdom: 8.5%
	27,816	Anglo American Plc #	1,107,582
	69,727	BG Group Plc #	1,231,524
	387,430	BP Plc #	2,659,094
	28,848	Cairn Energy Plc * #	206,513
	106,225	Centrica Plc #	541,701
	2,938	ENSCO International Plc (ADR) †	131,417
	4,209	Lonmin Plc * #	110,776
	22,454	Mondi Plc #	182,177
	22,690	Northumbrian Water Group Plc #	119,086
	21,105	Pennon Group Plc #	193,612
	5,131	Petrofac Ltd. #	110,980
	2,510	Randgold Resources Ltd. (ADR)	254,665
	32,174	Rio Tinto Plc #	1,890,744
	14,151	Severn Trent Plc #	292,151
	18,296	Tullow Oil Plc #	367,393
	40,690	United Utilities Group Plc #	367,367
	2,166	Vedanta Resources Plc #	73,961
	40,663	Xstrata Plc #	781,343
			10,622,086
United States: 40.5%
	13,724	AGCO Corp. *	535,373
	23,219	Agrium, Inc.	1,741,193
	21,532	Alcoa, Inc.	260,752
	2,078	Allegheny Technologies, Inc.	96,523
	2,112	Allied Nevada Gold Corp. *	55,968
	2,495	Alpha Natural Resources, Inc. *	102,669
	10,204	Anadarko Petroleum Corp.	582,138
	2,714	Andersons, Inc.	102,861
	7,511	Apache Corp.	734,275
	8,195	Aqua America, Inc. †	167,178
	94,314	Archer-Daniels-Midland Co.	3,010,503
	8,888	Baker Hughes, Inc.	378,629
	21,266	Bunge Ltd.	1,258,097
	2,147	Cabot Oil & Gas Corp.	64,646
	8,287	Cameco Corp. †	229,798
	4,994	Cameron International Corp. *	214,542
	10,486	CF Industries Holdings, Inc.	1,001,413
	13,491	Chesapeake Energy Corp.	305,571

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

41,454	Chevron Corp.	3,359,847
1,734	Cimarex Energy Co.	114,756
2,856	Cliffs Natural Resources, Inc.	182,556
30,584	ConocoPhillips	1,756,439
4,655	Consol Energy, Inc.	172,049
946	Continental Resources, Inc. *	43,857
11,102	Corn Products International, Inc.	416,325
12,164	Darling International, Inc. *	103,637
62,529	Deere & Co.	4,363,274
8,232	Denbury Resources, Inc. *	130,806
8,969	Devon Energy Corp.	580,653
1,433	Diamond Offshore Drilling, Inc. †	97,114
14,515	El Paso Corp.	179,696
5,226	EOG Resources, Inc.	485,861
3,075	EQT Corp.	110,884
104,983	Exxon Mobil Corp.	6,486,900
3,218	First Solar, Inc. * †	474,172
2,474	FMC Technologies, Inc. *	168,949
9,919	Freeport-McMoRan Copper & Gold, Inc.	846,983
18,710	Halliburton Co.	618,740
2,182	Helmerich & Payne, Inc.	88,284
6,027	Hess Corp.	356,316
26,721	International Paper Co.	581,182
2,410	Itron, Inc. *	147,564
2,127	Joy Global, Inc.	149,571
1,842	Lindsay Corp. †	79,795
14,632	Marathon Oil Corp.	484,319
4,765	McDermott International, Inc. *	70,427
10,443	MeadWestvaco Corp.	254,600
79,728	Monsanto Co.	3,821,363
23,663	Mosaic Co.	1,390,438
3,954	Murphy Oil Corp.	244,832
5,882	Nabors Industries Ltd. *	106,229
8,256	Nalco Holding Co.	208,134
8,641	National Oilwell Varco, Inc.	384,265
2,755	Newfield Exploration Co. *	158,247
13,602	Newmont Mining Corp.	854,342
5,276	Noble Corp.	178,276
3,604	Noble Energy, Inc.	270,624
6,653	Nucor Corp. †	254,145
16,747	Occidental Petroleum Corp.	1,311,290
1,193	Ormat Technologies, Inc.	34,800
6,336	Packaging Corp. of America	146,805
5,550	Peabody Energy Corp.	272,005
6,234	Petrohawk Energy Corp. *	100,617
11,380	Pilgrim’s Pride Corp. *	63,956
2,392	Pioneer Natural Resources Co.	155,552
2,889	Plains Exploration & Production Co. *	77,050
3,621	Pride International, Inc. * †	106,566
3,611	QEP Resources, Inc.	108,836
3,620	Questar Corp.	63,459
3,299	Range Resources Corp.	125,791
1,566	Reliance Steel & Aluminum Co.	65,036
2,382	Rock-Tenn Co. (Class A)	118,647
28,171	Schlumberger Ltd.	1,735,615
49	Seaboard Corp.	86,779
24,490	Smithfield Foods, Inc. *	412,167
5,565	Smurfit-Stone Container Corp. *	102,229
3,584	Southern Copper Corp.	125,870
7,136	Southwestern Energy Co. *	238,628
13,361	Spectra Energy Corp.	301,291
4,572	Steel Dynamics, Inc.	64,511
5,833	Sunpower Corp. * †	83,995
6,589	Temple-Inland, Inc.	122,951
10,710	Tractor Supply Co.	424,759
6,577	Transocean, Inc. *	422,835

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

	43,989	Tyson Foods, Inc.		704,704
	3,144	Ultra Petroleum Corp. *		131,985
	3,027	United States Steel Corp. †		132,704
	11,675	Valero Energy Corp.		204,429
	15,263	Weatherford International Ltd. *		260,997
	32,749	Weyerhaeuser Co.		516,124
	12,055	Williams Companies, Inc.		230,371
				50,671,934
Total Common Stocks (Cost: $117,450,535)				125,017,011
MONEY MARKET FUND: 0.0% (Cost: $24,372)
	24,372	Dreyfus Government Cash Management Fund		24,372
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $117,474,907)				125,041,383
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.0% (Cost: $3,729,000)
	3,729,000	Bank of New York Overnight Government Fund		3,729,000
Total Investments: 102.9% (Cost: $121,203,907)				128,770,383
Liabilities in excess of other assets: (2.9)%				(3,643,937	)
NET ASSETS: 100.0%			$	125,126,446

ADR      American Depositary Receipt
AUD      Australian Dollar
CAD      Canadian Dollar
GBP      British Pound
GDR      Global Depositary Receipt
SGD      Singapore Dollar
USD      United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $3,606,930.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $51,208,014 which represents 40.9% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

The aggregate cost of investments owned for Federal income tax purposes is $121,291,092 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$	13,533,013
Gross Unrealized Depreciation		(6,053,722	)
Net Unrealized Appreciation	$	7,479,291

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

	Contracts to Deliver		In Exchange for			Maturity Dates		Unrealized Appreciation / (Depreciation)
HKD		17,234		USD	2,221		10/04/10	$	1
HKD		29,496		USD	3,802		10/05/10		2
Net unrealized appreciation on forward foreign currency contracts								$	3

Currency type abbreviations:

HKD	Hong Kong Dollar
USD	United States Dollar

RVE HARD ASSETS PRODUCERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Agriculture	29.4	%	$	36,707,568
Alternative Energy Sources	1.7			2,170,913
Base/Industrial Metals	13.7			17,131,837
Basic Materials	0.4			567,288
Energy	41.5			51,880,138
Forest Products	4.3			5,418,056
Industrial	0.1			102,229
Precious Metals	6.6			8,211,623
Utilities	0.3			331,768
Water	2.0			2,495,591
Money Market Fund	0.0			24,372
	100.0	%	$	125,041,383

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Argentina	$	266,539	$	—	$	—	$	266,539
Australia		—		5,606,470		—		5,606,470
Austria		—		405,428		—		405,428
Brazil		2,363,999		—		—		2,363,999
Canada		16,393,035		—		—		16,393,035
Chile		669,724		—		—		669,724
China / Hong Kong		638,263		3,440,978		—		4,079,241
Denmark		—		458,956		—		458,956
Finland		—		497,114		—		497,114
France		—		3,838,532		—		3,838,532
Germany		—		425,503		—		425,503
Hungary		—		101,787		—		101,787
India		63,695		1,508,159		—		1,571,854
Indonesia		—		503,641		—		503,641
Ireland		—		73,257		—		73,257
Italy		—		1,454,110		—		1,454,110
Japan		—		2,603,269		—		2,603,269
Kazakhstan		—		102,223		—		102,223
Luxembourg		52,436		—		—		52,436
Malaysia		—		1,211,044		—		1,211,044
Mexico		343,929		—		—		343,929
Netherlands		141,321		2,651,921		—		2,793,242
Norway		—		2,536,596		—		2,536,596
Peru		267,601		—		—		267,601
Philippines		—		20,727		—		20,727
Poland		—		243,998		—		243,998
Portugal		—		122,562		—		122,562
Russia		573,341		2,862,791		—		3,436,132
Singapore		2,902		2,489,639		—		2,492,541
South Africa		974,197		1,372,574		—		2,346,771
South Korea		—		1,292,573		—		1,292,573
Spain		—		548,749		—		548,749
Sweden		—		659,682		—		659,682
Switzerland		—		3,491,977		—		3,491,977
Taiwan		—		318,888		—		318,888
Turkey		—		128,861		—		128,861
United Kingdom		386,081		10,236,005		—		10,622,086
United States		50,671,934		—		—		50,671,934
Money Market Fund		3,753,372		—		—		3,753,372
Total	$	77,562,369	$	51,208,014	$	—	$	128,770,383
Other Financial Instruments, net*	$	—	$	3	$	—	$	3

* Other financial instruments include forward foreign currency contracts

See Note to Schedules of Investments

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.3%
Canada: 2.2%
	38,674	Canadian Solar, Inc. (USD) *	$	630,386
China / Hong Kong: 32.5%
	29,212	China Sunergy Co. Ltd. (ADR) * †		131,746
	163,222	JA Solar Holdings Co. Ltd. (ADR) * †		1,522,861
	7,827	JinkoSolar Holding Co. Ltd. (ADR) * †		247,412
	76,092	LDK Solar Co. Ltd. (ADR) * †		782,226
	76,608	Renesola Ltd. (ADR) *		957,600
	14,818	Solarfun Power Holdings Co. Ltd. (ADR) * †		194,857
	131,016	Suntech Power Holdings Co. Ltd. (ADR) * †		1,262,994
	93,351	Trina Solar Ltd. (ADR) *		2,817,333
	99,461	Yingli Green Energy Holding Co. Ltd. (ADR) * †		1,376,540
				9,293,569
Germany: 17.5%
	12,620	Centrotherm Photovoltaics A.G. * #		531,561
	256,519	Conergy A.G. * † #		209,872
	9,889	Phoenix Solar A.G. #		354,710
	72,378	Q-Cells A.G. * † #		405,715
	72,378	Q-Cells SE Rights (EUR 2.16, expiring 10/12/10) * †		94,858
	72,378	Q-Cells SE Rights (EUR 4.38, expiring 10/18/10) *		-
	20,435	Roth & Rau A.G. * #		486,665
	11,040	SMA Solar Technology A.G. #		1,222,019
	16,767	Solar Millenium A.G. * #		435,950
	98,695	Solarworld A.G. † #		1,239,587
				4,980,937
Norway: 7.9%
	656,718	Renewable Energy Corp. A.S. * #		2,240,991
Spain: 0.4%
	52,193	Solaria Energia y Medio Ambiente S.A. #		111,411
Taiwan: 11.6%
	221,000	Danen Technology Corp. * #		435,628
	392,799	Gintech Energy Corp. #		1,105,102
	155,202	Green Energy Technology, Inc. #		483,365
	382,626	Neo Solar Power Corp. * #		870,688
	152,080	Solartech Energy Corp. #		401,866
	34,012	Solartech Energy Corp. Rights (TWD 73.00, expiring 10/20/10) *		10,560
				3,307,209
United States: 27.2%
	61,259	Energy Conversion Devices, Inc. * †		307,520
	18,773	First Solar, Inc. * †		2,766,202
	88,401	GT Solar International, Inc. *		739,916
	242,941	MEMC Electronic Materials, Inc. *		2,895,857
	74,338	Sunpower Corp. * †		1,070,467
				7,779,962
Total Common Stocks (Cost: $27,626,968)				28,344,465
MONEY MARKET FUND: 0.6%
(Cost: $171,353)
	171,353	Dreyfus Government Cash Management Fund		171,353
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $27,798,321)				28,515,818
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 19.1%
	100,397	Bank of New York Institutional Cash Reserve Series B (a) #		21,711
	5,436,000	Bank of New York Overnight Government Fund		5,436,000
Total Short-Term Investments held as Collateral for Securities Loaned (Cost: $5,536,397)				5,457,711
OTHER: 0.1%

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

(Cost: $0)
	0	Capital Support Agreement (a) #		38,090
Total Investments: 119.1% (Cost: $33,334,718)				34,011,619
Liabilities in excess of other assets: (19.1)%				(5,448,703	)
NET ASSETS: 100.0%			$	28,562,916

ADR	American Depositary Receipt
EUR	Euro
TWD	Taiwan Dollar
USD	United States Dollar
(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of September 30, 2010.
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $5,357,066.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $10,594,931 which represents 37.1% of net assets.
The aggregate cost of investments owned for Federal income tax purposes is $34,495,930 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$5,275,056
Gross Unrealized Depreciation	(5,759,367	)
Net Unrealized Depreciation	$(484,311	)

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Electronic Component - Semiconductors	33.3	%	$	9,493,516
Energy - Alternate Sources	38.7			11,039,391
Instruments - Scientific	1.7			486,665
Miscellaneous Manufacturing	0.9			247,411
Power Conversion / Supply Equipment	22.9			6,545,920
Semiconductor Equipment	1.9			531,562
Money Market Fund	0.6			171,353
	100.0	%	$	28,515,818

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Canada	$	630,386	$	—	$	—	$	630,386
China / Hong Kong		9,293,569		—		—		9,293,569
Germany		94,858		4,886,079		—		4,980,937
Norway		—		2,240,991		—		2,240,991
Spain		—		111,411		—		111,411
Taiwan		10,560		3,296,649		—		3,307,209
United States		7,779,962		—		—		7,779,962
Money Market Fund		5,607,353		21,711		—		5,629,064
Capital Support Agreement		—		—		38,090		38,090
Total	$	23,416,688	$	10,556,841	$	38,090	$	34,011,619

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

Balance as of 12/31/09	$      39,028
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	(938	)
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 9/30/10	$      38,090

See Note to Schedules of Investments

STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Brazil: 22.3%
	775,111	Cia Siderurgica Nacional S.A. (ADR) †	$	13,696,211
	978,641	Gerdau S.A. (ADR)		13,319,304
	1,043,004	Vale S.A. (ADR)		32,614,735
				59,630,250
Luxembourg: 4.3%
	356,342	Ternium S.A. (ADR)		11,634,566
Mexico: 1.2%
	428,481	Grupo Simec, S.A.B. de C.V. (ADR) * †		3,127,911
Netherlands: 9.0%
	734,516	ArcelorMittal (USD) †		24,224,338
Russia: 4.6%
	489,624	Mechel OAO (ADR)		12,191,638
South Korea: 7.0%
	164,109	POSCO (ADR)		18,705,144
United Kingdom: 11.9%
	543,983	Rio Tinto Plc (ADR) †		31,948,122
United States: 39.6%
	59,296	A.M. Castle & Co. *		785,672
	284,057	AK Steel Holding Corp. †		3,922,827
	258,145	Allegheny Technologies, Inc. †		11,990,835
	113,551	Carpenter Technology Corp.		3,827,804
	190,823	Cliffs Natural Resources, Inc. †		12,197,406
	295,217	Commercial Metals Co.		4,277,694
	78,241	Gibraltar Industries, Inc. *		702,604
	26,460	LB Foster Co. *		765,752
	316,495	Nucor Corp. †		12,090,109
	28,138	Olympic Steel, Inc.		646,893
	288,999	Reliance Steel & Aluminum Co.		12,002,128
	73,893	Schnitzer Steel Industries, Inc. †		3,567,554
	826,050	Steel Dynamics, Inc.		11,655,566
	311,994	Timken Co.		11,968,090
	277,985	United States Steel Corp. †		12,186,862
	17,508	Universal Stainless & Alloy, Inc. *		429,997
	201,216	Worthington Industries, Inc. †		3,024,277
				106,042,070
Total Common Stocks
(Cost: $290,340,733)				267,504,039
MONEY MARKET FUND: 0.1%
(Cost: $255,382)
	255,382	Dreyfus Government Cash Management Fund		255,382
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $290,596,115)				267,759,421
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 25.1%
	594,624	Bank of New York Institutional Cash Reserve Series B (a) #		128,587
	66,938,000	Bank of New York Overnight Government Fund		66,938,000
Total Short-Term Investments held as Collateral for Securities Loaned
	(Cost: $67,532,624)			67,066,587
OTHER: 0.1%
(Cost: $0)
	0	Capital Support Agreement (a) #		225,598
Total Investments: 125.2%
(Cost: $358,128,739)				335,051,606
Liabilities in excess of other assets: (25.2)%				(67,416,993	)
NET ASSETS: 100.0%			$	267,634,613

STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

ADR	American Depositary Receipt
USD	United States Dollar

(a)	The Fund has entered into a Capital Support Agreement (CSA) with the Bank of New York Mellon Corporation (BNY Mellon), which provides that BNY Mellon, at no cost to the Fund, may provide capital to the Fund for a guaranteed recovery of up to 80% of the par value of the BNY Institutional Cash Reserve Series B, subject to certain conditions. This valuation represents the fair value of the CSA as of September 30, 2010.
*	Non-income producing
†	Security fully or partially on loan. Total value of securities on loan is $65,942,612.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $354,185 which represents 0.1% of net assets.

The aggregate cost of investments owned for Federal income tax purposes is $358,193,164 and unrealized appreciation (depreciation) on such investments is:

Gross Unrealized Appreciation	$10,708,736
Gross Unrealized Depreciation	(33,850,294	)
Net Unrealized Depreciation	$(23,141,558	)

Summary of Investments by Sector Excluding Collateral For Securities Loaned (unaudited)	% of Investments			Value
Building & Construction Products		0.3	%		$	702,604
Diversified Minerals		12.2				32,614,735
Metal - Diversified		11.9				31,948,121
Metal - Iron		4.6				12,197,406
Metal Processors & Fabricator		7.5				20,035,813
Metal Products - Distribution		0.5				1,432,565
Steel - Producers		58.3				156,151,963
Steel - Specialty		4.6				12,420,832
Money Market Fund		0.1				255,382
		100.0	%		$	267,759,421

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Brazil	$	59,630,250	$	—	$	—	$	59,630,250
Luxembourg		11,634,566		—		—		11,634,566
Mexico		3,127,911		—		—		3,127,911
Netherlands		24,224,338		—		—		24,224,338
Russia		12,191,638		—		—		12,191,638
South Korea		18,705,144		—		—		18,705,144
United Kingdom		31,948,122		—		—		31,948,122
United States		106,042,070		—		—		106,042,070
Money Market Fund		67,193,382		128,587		—		67,321,969
Capital Support Agreement		—		—		225,598		225,598
Total	$	334,697,421	$	128,587	$	225,598	$	335,051,606

STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

Balance as of 12/31/09	$      231,154
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	(5,556	)
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 9/30/10	$      225,598

See Note to Schedules of Investments

Market Vectors ETF Trust
Note to Schedules of Investments
September 30, 2010 (unaudited)

Security Valuation - Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. Securities for which market values are not readily available, or whose values have been affected by events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the close of the securities’ primary market, are valued using methods approved by the Board of Trustees. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedule of Investments. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends and security specific information are used to determine the fair value for these securities.

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

ITEM 2. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Market Vectors ETF Trust

By Bruce J. Smith, Chief Financial Officer, Market Vectors ETF Trust

Date: November 29, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust

Date: November 29, 2010

By Bruce J. Smith, Chief Financial Officer, Market Vectors ETF Trust

Date: November 29, 2010