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: March 31, 2011

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

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Argentina: 0.2%
	490,799	Cresud S.A.C.I.F. y S.A. (ADR)	$	8,883,462
Australia: 0.8%
	4,389,714	Elders Ltd. * † #		2,291,583
	1,940,630	GrainCorp. Ltd. #		15,271,231
	2,562,141	Nufarm Ltd. * #		13,684,648
				31,247,462
Brazil: 5.0%
	8,537,546	Brasil Foods S.A. (ADR) †		162,981,753
	1,706,130	Cosan Ltd. (Class A) (USD)		22,009,077
				184,990,830
Canada: 10.0%
	1,370,368	Maple Leaf Foods, Inc.		17,384,057
	5,273,865	Potash Corp. of Saskatchewan, Inc. (USD)		310,788,865
	3,636,709	Viterra, Inc.		43,965,765
				372,138,687
Chile: 1.8%
	1,177,936	Sociedad Quimica y Minera de Chile S.A. (ADR)		65,092,743
China / Hong Kong: 2.9%
	32,678,000	Chaoda Modern Agriculture Holdings Ltd. † #		20,311,409
	39,528,100	China Agri-Industries Holdings Ltd. † #		44,282,510
	17,304,000	China BlueChemical Ltd. #		14,154,813
	68,722,000	Sinofert Holdings Ltd. * † #		29,541,704
				108,290,436
Indonesia: 1.6%
	15,408,876	Astra Agro Lestari Tbk PT #		40,107,441
	66,765,510	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		17,429,327
				57,536,768
Ireland: 0.5%
	2,872,561	Glanbia Plc		17,732,563
Japan: 3.2%
	12,572,000	Kubota Corp. #		118,731,358
Malaysia: 5.3%
	65,666,055	IOI Corp. Bhd #		124,787,337
	10,445,770	Kuala Lumpur Kepong Bhd #		73,072,033
				197,859,370
Netherlands: 3.0%
	2,333,170	CNH Global N.V. (USD) *		113,275,404
Norway: 3.8%
	2,826,327	Yara International ASA #		143,131,098
Singapore: 8.5%
	14,366,000	First Resources Ltd. #		15,030,335
	118,784,745	Golden Agri-Resources Ltd. #		64,955,984
	4,714,418	Golden Agri-Resources Ltd. Warrants (SGD 0.54, expiring 07/23/12) *		635,820
	14,177,520	Indofood Agri Resources Ltd. * #		25,044,114
	20,830,087	Olam International Ltd. † #		46,250,577
	38,402,751	Wilmar International Ltd. † #		166,087,435
				318,004,265
Switzerland: 7.5%
	860,038	Syngenta A.G. #		280,909,020
United Kingdom: 1.1%
	4,577,503	Tate & Lyle Plc #		42,339,250
United States: 44.8%
	923,849	AGCO Corp. *		50,783,980
	1,542,912	Agrium, Inc.		142,349,061
	181,018	Andersons, Inc.		8,819,197
	4,499,639	Archer-Daniels-Midland Co.		162,032,000
	1,417,777	Bunge Ltd.		102,547,810
	697,678	CF Industries Holdings, Inc.		95,435,374

AGRIBUSINESS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	443,276	Chiquita Brands International, Inc. *		6,799,854
	745,544	Corn Products International, Inc.		38,634,090
	1,142,241	Darling International, Inc. *		17,556,244
	3,238,865	Deere & Co.		313,813,630
	735,142	Intrepid Potash, Inc. *		25,597,644
	122,744	Lindsay Corp. †		9,699,231
	4,226,624	Monsanto Co.		305,415,850
	3,769,243	Mosaic Co.		296,827,886
	1,624,565	Smithfield Foods, Inc. *		39,087,034
	3,008,823	Tyson Foods, Inc.		57,739,313
				1,673,138,198
Total Common Stocks (Cost: $3,265,220,259)				3,733,300,914
MONEY MARKET FUND: 0.0% (Cost: $57,672)
	57,672	Dreyfus Government Cash Management Fund		57,672
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $3,265,277,931)				3,733,358,586
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.7%
	2,069,636	Bank of New York Institutional Cash Reserve Series (a) #		525,170
	62,237,000	Bank of New York Overnight Government Fund		62,237,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $64,306,636)				62,762,170
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		899,987
Total Investments: 101.7% (Cost: $3,329,584,567)				3,797,020,743
Liabilities in excess of other assets: (1.7)%				(61,699,407	)
NET ASSETS: 100.0%			$	3,735,321,336

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 March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $60,179,819.
#	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 $1,298,838,364 which represents 34.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Agricultural Chemicals	44.0	%	$	1,644,151,315
Agricultural Operations	23.8			889,297,445
Alternative Waste Technology	0.5			17,556,244
Chemicals - Diversified	2.1			78,777,391
Food - Dairy Products	0.5			17,732,563
Food - Meat Products	7.4			277,192,157
Food - Miscellaneous / Diversified	1.2			45,433,944
Food - Wholesale / Distribution	1.2			46,250,577
Machinery - Farm	16.3			606,303,603
Retail - Miscellaneous / Diversified	0.1			2,291,583
Sugar	1.7			64,348,327
Transport - Services	1.2			43,965,765
Money Market Fund	0.0			57,672
	100.0	%	$	3,733,358,586

AGRIBUSINESS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Argentina	$	8,883,462	$	—	$	—	$	8,883,462
Australia		—		31,247,462		—		31,247,462
Brazil		184,990,830		—		—		184,990,830
Canada		372,138,687		—		—		372,138,687
Chile		65,092,743		—		—		65,092,743
China / Hong Kong		—		108,290,436		—		108,290,436
Indonesia		—		57,536,768		—		57,536,768
Ireland		17,732,563		—		—		17,732,563
Japan		—		118,731,358		—		118,731,358
Malaysia		—		197,859,370		—		197,859,370
Netherlands		113,275,404		—		—		113,275,404
Norway		—		143,131,098		—		143,131,098
Singapore		635,820		317,368,445		—		318,004,265
Switzerland		—		280,909,020		—		280,909,020
United Kingdom		—		42,339,250		—		42,339,250
United States		1,673,138,198		—		—		1,673,138,198
Money Market Funds		62,294,672		525,170		—		62,819,842
Capital Support Agreement		—		—		899,987		899,987
Total	$	2,498,182,379	$	1,297,938,377	$	899,987	$	3,797,020,743

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$   873,111
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	26,876
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 3/31/11	$   899,987

See Notes to Schedules of Investments

COAL ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 98.3%
Australia: 6.8%
	989,963	Aquila Resources Ltd. * #	$	9,554,891
	71,976	Coal & Allied Industries Ltd. #		8,885,001
	4,651,608	Cockatoo Coal Ltd. * † #		2,360,954
	288,133	Gloucester Coal Ltd. * #		3,277,203
	857,675	Macarthur Coal Ltd. #		10,283,453
	1,350,243	New Hope Corp. Ltd. #		6,950,275
	92,942	Riversdale Mining Ltd. * † #		1,591,710
	1,434,245	White Energy Co. Ltd. * † #		4,600,736
	1,291,502	Whitehaven Coal Ltd. #		8,942,295
				56,446,518
Canada: 2.6%
	461,297	SouthGobi Energy Resources Ltd. (HKD) * #		6,715,495
	1,225,391	Western Canadian Coal Corp. * †		14,940,259
				21,655,754
China / Hong Kong: 18.4%
	23,319,095	China Coal Energy Co. Ltd. #		31,696,350
	14,213,408	China Shenhua Energy Co. Ltd. #		66,902,149
	17,308,067	Fushan International Energy Group Ltd. #		12,463,088
	5,677,307	Hidili Industry International Development Ltd. #		5,009,860
	113,561	Puda Coal, Inc. (USD) * †		1,391,122
	9,983,961	Yanzhou Coal Mining Co. Ltd. #		36,200,976
				153,663,545
Indonesia: 10.8%
	105,736,715	Adaro Energy Tbk PT #		26,647,246
	101,634,500	Bumi Resources Tbk PT #		39,002,336
	8,259,000	Indika Energy Tbk PT #		3,744,692
	1,759,552	Indo Tambangraya Megah PT #		9,333,961
	4,760,000	Tambang Batubara Bukit Asam Tbk PT #		11,465,719
				90,193,954
	Japan: 0.2%
	859,000	Nippon Coke & Engineering Co. Ltd. † #		1,720,058
Philippines: 0.5%
	808,132	Semirara Mining Corp. #		4,224,673
Singapore: 0.9%
	3,632,200	Straits Asia Resources Ltd. #		7,224,179
South Africa: 2.9%
	1,001,686	Exxaro Resources Ltd. #		24,473,178
United States: 55.2%
	661,269	Alpha Natural Resources, Inc. * †		39,259,541
	924,798	Arch Coal, Inc.		33,329,720
	689,445	Bucyrus International, Inc.		63,049,745
	354,953	Cloud Peak Energy, Inc. *		7,663,435
	1,257,557	Consol Energy, Inc.		67,442,782
	70,406	FreightCar America, Inc. *		2,288,899
	348,253	Headwaters Inc. *		2,054,693
	1,034,071	International Coal Group, Inc. *		11,685,002
	163,879	James River Coal Co. * †		3,960,955
	682,306	Joy Global, Inc.		67,418,656
	568,298	Massey Energy Co.		38,848,851
	535,227	Patriot Coal Corp. *		13,824,913
	960,245	Peabody Energy Corp.		69,099,230
	296,273	Walter Energy, Inc.		40,124,252
				460,050,674
Total Common Stocks (Cost: $689,485,962)				819,652,533
MONEY MARKET FUND: 1.4% (Cost: $11,705,227)
	11,705,227	Dreyfus Government Cash Management Fund		11,705,227
Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $701,191,189)				831,357,760

COAL ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.8%
	187,251	Bank of New York Institutional Cash Reserve Series (a) #		47,515
	56,590,000	Bank of New York Overnight Government Fund		56,590,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $56,777,251)				56,637,515
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		81,426
Total Investments: 106.5% (Cost: $757,968,440)				888,076,701
Liabilities in excess of other assets: (6.5)%				(54,511,451	)
NET ASSETS: 100.0%			$	833,565,250

HKD	Hong Kong 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 March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $52,702,190.
#	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 $343,399,419 which represents 41.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Coal	81.0	%	$	673,565,591
Diversified Minerals	1.4			11,274,949
Energy - Alternate Sources	0.2			2,054,693
Machinery - Construction & Mining	15.7			130,468,401
Miscellaneous Manufacturing	0.3			2,288,899
Money Market Fund	1.4			11,705,227
	100.0	%	$	831,357,760

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1QuotedPrices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	—	$	56,446,518	$	—	$	56,446,518
Canada		14,940,259		6,715,495		—		21,655,754
China / Hong Kong		1,391,122		152,272,423		—		153,663,545
Indonesia		—		90,193,954		—		90,193,954
Japan		—		1,720,058		—		1,720,058
Philippines		—		4,224,673		—		4,224,673
Singapore		—		7,224,179		—		7,224,179
South Africa		—		24,473,178		—		24,473,178
United States		460,050,674		—		—		460,050,674
Money Market Funds		68,295,227		47,515		—		68,342,742
Capital Support Agreement		—		—		81,426		81,426
Total	$	544,677,282	$	343,317,993	$	81,426	$	888,076,701

COAL ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$	78,994
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		2,432
Net purchases (sales)		-
Transfers in and/or out of level 3		-
Balance as of 3/31/11	$	81,426

See Notes to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Austria: 4.5%
	161,674	Verbund - Oesterreichische Elektrizis A.G. † #	$	7,188,882
Brazil: 3.1%
	377,674	Cosan Ltd. (Class A) (USD)		4,871,995
China / Hong Kong: 14.1%
	2,624,000	China High Speed Transmission Equipment Group Co. Ltd. #		4,197,597
	4,283,000	China Longyuan Power Group Corp. Ltd. † #		4,601,316
	782,984	Dongfang Electric Corp. Machinery Co. Ltd. #		2,666,657
	298,536	Suntech Power Holdings Co. Ltd. (ADR) * †		2,943,565
	159,286	Trina Solar Ltd. (ADR) * †		4,797,694
	250,310	Yingli Green Energy Holding Co. Ltd. (ADR) *		3,228,999
				22,435,828
Denmark: 10.4%
	378,940	Vestas Wind Systems A/S * #		16,470,352
Germany: 3.8%
	21,740	SMA Solar Technology A.G. † #		2,738,794
	203,492	Solarworld A.G. † #		3,311,661
				6,050,455
Italy: 5.0%
	2,873,813	Enel Green Power SpA *		7,985,170
Japan: 4.3%
	232,004	Kurita Water Industries Ltd. † #		6,883,319
Norway: 2.5%
	1,115,403	Renewable Energy Corp. A.S. * † #		3,917,103
Spain: 9.8%
	493,131	EDP Renovaveis S.A. * #		3,544,105
	434,230	Gamesa Corp. Tecnologica S.A. * #		4,513,506
	1,727,128	Iberdrola Renovables S.A. †		7,463,195
				15,520,806
Taiwan: 2.6%
	765,029	Gintech Energy Corp. #		2,429,407
	707,000	Neo Solar Power Corp. * #		1,773,216
				4,202,623
United States: 39.8%
	105,598	American Superconductor Corp. * †		2,626,222
	282,995	Covanta Holding Corp.		4,833,555
	211,525	Cree, Inc. *		9,763,994
	104,027	EnerSys, Inc. *		4,135,073
	100,519	First Solar, Inc. * †		16,167,476
	150,899	International Rectifier Corp. *		4,988,721
	87,317	Itron, Inc. *		4,928,171
	479,550	MEMC Electronic Materials, Inc. *		6,214,968
	136,697	Sunpower Corp. * †		2,342,987
	97,007	Tesla Motors Inc. * †		2,687,094
	89,595	Veeco Instruments, Inc. * †		4,555,010
				63,243,271
Total Common Stocks (Cost: $175,463,390)				158,769,804
MONEY MARKET FUND: 0.3% (Cost: $451,320)
	451,320	Dreyfus Government Cash Management Fund		451,320
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $175,914,710)				159,221,124
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 29.1%
	1,089,236	Bank of New York Institutional Cash Reserve Series (a) #		276,394
	46,046,000	Bank of New York Overnight Government Fund		46,046,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $47,135,236)				46,322,394

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

OTHER: 0.3% (Cost: $0)
	0	Capital Support Agreement (a) #		473,657
Total Investments: 129.6% (Cost: $223,049,946)				206,017,175
Liabilities in excess of other assets: (29.6)%				(47,042,758	)
NET ASSETS: 100.0%			$	158,974,417

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 March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $45,634,974.
#	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 $64,985,966 which represents 40.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Auto-Cars/Light Trucks	1.7	%	$	2,687,094
Batteries / Battery System	2.6			4,135,073
Electric - Integrated	4.5			7,188,882
Electronic Component - Semiconductors	17.7			28,196,447
Electronic Measure Instrument	3.1			4,928,171
Energy - Alternate Sources	33.7			53,595,134
Power Conversion / Supply Equipment	24.5			39,102,457
Semiconductor Equipment	2.9			4,555,010
Sugar	3.1			4,871,995
Superconductor Products & Systems	1.6			2,626,222
Water Treatment Systems	4.3			6,883,319
Money Market Fund	0.3			451,320
	100.0	%	$	159,221,124

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Austria	$	—	$	7,188,882	$	—	$	7,188,882
Brazil		4,871,995		—		—		4,871,995
China / Hong Kong		10,970,258		11,465,570		—		22,435,828
Denmark		—		16,470,352		—		16,470,352
Germany		—		6,050,455		—		6,050,455
Italy		7,985,170		—		—		7,985,170
Japan		—		6,883,319		—		6,883,319
Norway		—		3,917,103		—		3,917,103
Spain		7,463,195		8,057,611		—		15,520,806
Taiwan		—		4,202,623		—		4,202,623
United States		63,243,271		—		—		63,243,271
Money Market Funds		46,497,320		276,394		—		46,773,714
Capital Support Agreement		—		—		473,657		473,657
Total	$	141,031,209	$	64,512,309	$	473,657	$	206,017,175

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$	459,512
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		14,145
Net purchases (sales)		-
Transfers in and/or out of level 3		-
Balance as of 3/31/11	$	473,657

See Notes to Schedules of Investments

GOLD MINERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Canada: 64.0%
	4,296,555	Agnico-Eagle Mines Ltd. (USD)	$	285,076,424
	6,026,447	Aurizon Mines Ltd. (USD) *		42,365,922
	19,184,343	Barrick Gold Corp. (USD)		995,859,245
	18,012,432	Eldorado Gold Corp. (USD)		292,882,144
	5,162,392	Gammon Gold, Inc. (USD) * †		53,946,996
	15,445,111	Goldcorp, Inc. (USD)		769,166,528
	16,802,492	Great Basin Gold Ltd. (USD) * †		44,358,579
	13,853,497	IAMGOLD Corp. (USD)		305,054,004
	21,781,893	Kinross Gold Corp. (USD)		343,064,815
	2,965,140	Minefinders Corp. (USD) * †		39,050,894
	7,214,916	Nevsun Resources Ltd. (USD) *		40,764,275
	14,833,057	New Gold, Inc. (USD) *		173,695,097
	10,814,513	Northgate Minerals Corp. (USD) * †		29,199,185
	4,006,424	Pan American Silver Corp. (USD)		148,758,523
	1,535,141	Seabridge Gold, Inc. (USD) * †		48,848,187
	7,945,446	Silver Wheaton Corp. (USD) †		344,514,539
	3,497,614	Tanzanian Royalty Exploration Corp. (USD) * †		22,139,897
	23,178,116	Yamana Gold, Inc. (USD)		285,322,608
				4,264,067,862
Peru: 4.2%
	6,476,841	Cia de Minas Buenaventura S.A. (ADR) *		278,309,858
South Africa: 13.3%
	7,377,802	AngloGold Ashanti Ltd. (ADR)		353,765,606
	16,747,680	Gold Fields Ltd. (ADR)		292,414,493
	15,968,811	Harmony Gold Mining Co. Ltd. (ADR) †		237,456,220
				883,636,319
United Kingdom: 5.5%
	3,385,565	Randgold Resources Ltd. (ADR) *		276,058,970
	2,965,306	Silver Standard Resources, Inc. (USD) *		93,051,302
				369,110,272
United States: 13.0%
	3,326,893	Coeur d’Alene Mines Corp. *		115,709,338
	9,609,277	Golden Star Resources Ltd. *		28,539,553
	10,376,323	Hecla Mining Co. * †		94,217,013
	9,476,683	Newmont Mining Corp.		517,237,358
	1,999,775	Royal Gold, Inc.		104,788,210
	2,302,834	Vista Gold Corp. * †		9,211,336
				869,702,808
Total Common Stocks (Cost: $5,983,595,056)				6,664,827,119
MONEY MARKET FUNDS: 0.0%
	6,000	Blackrock Federal Fund		6,000
	3,751,862	Dreyfus Government Cash Management Fund		3,751,862
Total Money Market Funds (Cost: $3,757,862)				3,757,862
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $5,987,352,918)				6,668,584,981
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.9%
	2,984,133	Bank of New York Institutional Cash Reserve Series (a) #		757,224
	125,206,000	Bank of New York Overnight Government Fund		125,206,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $128,190,133)				125,963,224
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		1,297,659

GOLD MINERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Total Investments: 101.9% (Cost: $6,115,543,051)		6,795,845,864
Liabilities in excess of other assets: (1.9)%		(129,939,054	)
NET ASSETS: 100.0%	$	6,665,906,810

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 March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $124,162,453.
#	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 $2,054,883 which represents 0.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Gold Mining	87.4	%	$	5,829,525,510
Precious Metals	2.3			154,760,232
Silver Mining	10.2			680,541,377
Money Market Funds	0.1			3,757,862
	100.0	%	$	6,668,584,981

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Canada	$	4,264,067,862	$	—	$	—	$	4,264,067,862
Peru		278,309,858		—		—		278,309,858
South Africa		883,636,319		—		—		883,636,319
United Kingdom		369,110,272		—		—		369,110,272
United States		869,702,808		—		—		869,702,808
Money Market Funds		128,963,862		757,224		—		129,721,086
Capital Support Agreement		—		—		1,297,659		1,297,659
Total	$	6,793,790,981	$	757,224	$	1,297,659	$	6,795,845,864

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$  1,258,907
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	38,752
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 3/31/11	$  1,297,659

See Notes to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Australia: 12.3%
	12,072,243	CGA Mining Ltd. (CAD) *	$	37,479,490
	33,749,582	Integra Mining Ltd. * † #		16,262,678
	5,238,538	Kingsgate Consolidated Ltd. #		47,104,906
	6,737,425	Medusa Mining Ltd. #		48,807,052
	9,492,976	OceanaGold Corp. (CAD) * †		26,153,869
	17,337,619	Perseus Mining Ltd. * † #		55,419,911
	12,894,697	Resolute Mining Ltd. * † #		16,604,214
	13,199,297	St. Barbara Ltd. * † #		29,728,005
				277,560,125
Canada: 65.2%
	4,971,135	Alamos Gold, Inc.		78,393,432
	6,573,166	Aurizon Mines Ltd. *		46,084,803
	10,786,602	B2Gold Corp. * †		33,044,538
	6,872,531	Banro Corp. * †		17,521,333
	3,841,307	Colossus Minerals, Inc. *		32,262,635
	8,977,565	Crocodile Gold Corp. *		8,121,570
	2,736,775	Detour Gold Corp. *		86,260,109
	4,094,003	Dundee Precious Metals, Inc. *		36,657,688
	3,002,849	East Asia Minerals Corp. *		18,089,638
	2,940,526	Endeavour Silver Corp. (USD) * †		28,875,965
	5,861,883	European Goldfields Ltd. *		73,759,391
	3,461,932	Exeter Resource Corp. (USD) *		18,486,717
	3,508,700	Extorre Gold Mines Ltd. *		20,740,195
	4,401,635	First Majestic Silver Corp. *		93,259,005
	6,378,986	Fronteer Gold, Inc. (USD) * †		96,131,319
	1,347,500	Gabriel Resources Ltd. *		10,001,491
	5,810,471	Gammon Gold, Inc. (USD) * †		60,719,422
	8,868,249	Gran Colombia Gold Corp. *		16,045,354
	18,516,936	Great Basin Gold Ltd. * †		48,540,927
	2,651,378	Greystar Resources Ltd. * †		7,468,287
	3,130,709	Guyana Goldfields, Inc. *		30,317,429
	2,946,334	International Tower Hill Mines Ltd. * †		29,470,912
	10,249,828	Jinshan Gold Mines, Inc. * †		58,058,651
	2,426,695	Kirkland Lake Gold, Inc. *		33,752,951
	14,563,715	Lake Shore Gold Corp. * †		61,234,227
	5,764,758	Medoro Resources Ltd. * †		11,022,822
	3,370,157	Minefinders Corp. (USD) * †		44,384,968
	8,390,530	Nevsun Resources Ltd. *		47,440,673
	12,548,611	Northgate Minerals Corp. (USD) * †		33,881,250
	3,908,818	Premier Gold Mines Ltd. *		28,891,700
	2,701,013	Rainy River Resources Ltd. *		29,432,781
	20,536,821	Romarco Minerals, Inc. * †		46,868,921
	6,747,133	Rubicon Minerals Corp. *		34,819,437
	12,450,036	San Gold Corp. * †		32,764,937
	6,821,218	Silvercorp Metals, Inc.		98,943,599
	4,716,950	Timmins Gold Corp. *		12,171,210
				1,463,920,287
China / Hong Kong: 2.2%
	12,176,000	Lingbao Gold Co. Ltd. (Class H) #		10,028,696
	18,419,500	Real Gold Mining Ltd. * † #		26,120,469
	227,390,000	Sino Prosper State Gold Resources Holdings Ltd. * #		12,820,601
				48,969,766
South Africa: 0.1%
	514,527	DRDGOLD Ltd. (ADR) †		2,726,993
United Kingdom: 6.3%
	5,792,909	Avocet Mining Plc * #		22,775,636
	4,627,841	Highland Gold Mining Ltd. * #		12,643,349
	3,369,056	Silver Standard Resources, Inc. (USD) * †		105,720,977
				141,139,962
United States: 14.3%
	11,713,461	Alacer Gold Corp. (CAD) * †		107,290,607
	3,488,078	Allied Nevada Gold Corp. *		123,757,007

JUNIOR GOLD MINERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	11,038,593	Golden Star Resources Ltd. *		32,784,621
	3,305,950	Jaguar Mining, Inc. * †		17,257,059
	4,465,077	U.S. Gold Corp. * †		39,426,630
				320,515,924
Total Common Stocks (Cost: $1,892,476,538)				2,254,833,057
Total Investments Before Collateral for Securities Loaned: 100.4% (Cost: $1,892,476,539)				2,254,833,057
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.8% (Cost: $129,906,000)
	129,906,000	Bank of New York Overnight Government Fund		129,906,000
Total Investments: 106.2% (Cost: $2,022,382,539)				2,384,739,057
Liabilities in excess of other assets: (6.2)%				(138,578,165	)
NET ASSETS: 100.0%			$	2,246,160,892

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $124,701,824.
#	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 $298,315,517 which represents 13.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Diversified Minerals	6.5	%	$	147,213,434
Gold Mining	74.4			1,677,832,646
Metal - Diversified	0.8			18,089,638
Precious Metals	3.8			84,897,793
Silver Mining	14.5			326,799,546
	100.0	%	$	2,254,833,057

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	63,633,359	$	213,926,766	$	—	$	277,560,125
Canada		1,463,920,287		—		—		1,463,920,287
China / Hong Kong		—		48,969,766		—		48,969,766
South Africa		2,726,993		—		—		2,726,993
United Kingdom		105,720,977		35,418,985		—		141,139,962
United States		320,515,924		—		—		320,515,924
Money Market Funds		129,906,000		—		—		129,906,000
Total	$	2,086,423,540	$	298,315,517	$	—	$	2,384,739,057

See Notes to Schedules of Investments

URANIUM+NUCLEAR ENERGY ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.8%
Australia: 8.3%
	1,049,884	Energy Resources of Australia Ltd. † #	$	8,655,676
	2,049,773	Paladin Energy Ltd. * #		7,673,100
				16,328,776
Canada: 23.5%
	471,383	Cameco Corp. (USD) †		14,160,345
	3,104,608	Denison Mines Corp. * †		7,372,546
	1,138,774	Forsys Metals Corp. *		2,224,282
	665,887	Fronteer Development Group, Inc. *		10,035,367
	1,548,062	Hathor Exploration Ltd. *		2,864,571
	2,893,131	Uex Corp. * †		3,509,529
	1,628,221	Uranium One, Inc. †		6,360,565
				46,527,205
France: 13.1%
	199,638	Areva S.A. †		8,881,652
	411,263	Electricite de France S.A. † #		17,066,877
				25,948,529
Japan: 18.7%
	1,909,514	IHI Corp. #		4,670,949
	337,374	JGC Corp. #		7,901,538
	1,371,805	Kajima Corp. † #		3,849,246
	4,143,306	Mitsubishi Heavy Industries Ltd. #		19,106,440
	126,400	Toshiba Plant Systems & Services Corp. #		1,431,992
				36,960,165
South Africa: 1.5%
	3,367,917	First Uranium Corp. (CAD) * †		2,977,547
United States: 30.7%
	562,675	Constellation Energy Group, Inc.		17,516,073
	1,262,605	EnergySolutions, Inc.		7,525,126
	409,434	Exelon Corp.		16,885,058
	993,727	Uranium Energy Corp. * †		3,964,971
	1,317,669	Uranium Resources Inc. * †		2,740,752
	260,800	US Ecology, Inc.		4,545,744
	1,730,275	USEC, Inc. *		7,613,210
				60,790,934
Total Common Stocks (Cost: $197,320,004)				189,533,156
CLOSED-END FUND: 3.9% (Cost: $7,973,441)
	1,135,923	Uranium Participation Corp. * †		7,660,401
Total Investments Before Collateral for Securities Loaned: 99.7% (Cost: $205,293,445)				197,193,557
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 18.9%
	258,247	Bank of New York Institutional Cash Reserve Series (a) #		65,530
	37,244,000	Bank of New York Overnight Government Fund		37,244,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $37,502,247)				37,309,530
OTHER: 0.0% (Cost: $0)
	0	Capital Support Agreement (a) #		112,299
Total Investments: 118.6% (Cost: $242,795,692)				234,615,386
Liabilities in excess of other assets: (18.6)%				(36,872,695)
NET ASSETS: 100.0%			$	197,742,691
CAD Canadian Dollar

URANIUM+NUCLEAR ENERGY ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

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 March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $35,844,827.
#	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 $70,533,647 which represents 35.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Building & Construction	2.0	%	$	3,849,246
Diversified Minerals	5.1			10,035,367
Electric - Integrated	26.1			51,468,008
Energy - Alternate Sources	4.5			8,881,652
Engineering / R&D Services	4.7			9,333,530
Hazardous Waste Disposal	6.1			12,070,870
Machinery - General Industry	12.1			23,777,389
Metal - Diversified	1.5			2,977,547
Non-Ferrous Metals	34.0			67,139,547
Closed-End Fund	3.9			7,660,401
	100.0	%	$	197,193,557

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	—	$	16,328,776	$	—	$	16,328,776
Canada		46,527,205		—		—		46,527,205
France		8,881,652		17,066,877		—		25,948,529
Japan		—		36,960,165		—		36,960,165
South Africa		2,977,547		—		—		2,977,547
United States		60,790,934		—		—		60,790,934
Closed-End Fund		7,660,401		—		—		7,660,401
Money Market Funds		37,244,000		65,530		—		37,309,530
Capital Support Agreement		—		—		112,299		112,299
Total	$	164,081,739	$	70,421,348	$	112,299	$	234,615,386

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$  108,946
Realized gain (loss)	-
Change in unrealized appreciation (depreciation)	3,353
Net purchases (sales)	-
Transfers in and/or out of level 3	-
Balance as of 3/31/11	$  112,299

See Notes to Schedules of Investments

RARE EARTH / STRATEGIC METALS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 97.9%
Australia: 22.6%
	8,613,557	Arafura Resources Ltd. * † #	$	11,155,852
	3,260,046	Galaxy Resources Ltd. * #		4,387,727
	3,303,300	Iluka Resources Ltd. #		45,437,840
	11,672,811	International Ferro Metals Ltd. (GBP) * #		5,007,025
	16,628,223	Lynas Corp. Ltd. * † #		38,725,794
				104,714,238
Canada: 21.1%
	2,520,287	Avalon Rare Metals, Inc. * †		20,260,750
	2,224,817	Neo Material Technologies, Inc. *		21,339,031
	1,519,484	Quest Rare Minerals Ltd. *		9,372,299
	1,187,524	Rare Element Resources Ltd. (USD) * †		15,639,691
	2,482,833	Thompson Creek Metals Co. Inc. * †		31,011,484
				97,623,255
China / Hong Kong: 15.5%
	778,319	5N Plus, Inc. (CAD) *		7,417,134
	22,110,000	China Molybdenum Co. Ltd. (Class H) † #		19,273,722
	31,310,000	China Rare Earth Holdings Ltd. * † #		13,746,351
	47,770,000	Hunan Non-Ferrous Metal Corp. Ltd. * #		18,108,639
	380,470,000	North Mining Shares Co. Ltd. * #		13,457,716
				72,003,562
Ireland: 6.4%
	42,006,407	Kenmare Resources PLC (GBP) #		29,899,458
Japan: 9.4%
	85,200	Daiichi Kigenso Kagaku-Kogyo Co. Ltd. † #		3,273,011
	335,800	OSAKA Titanium Technologies Co. † #		23,159,270
	660,400	Toho Titanium Co. Ltd. * † #		16,957,374
				43,389,655
Mexico: 4.4%
	6,678,900	Cia Minera Autlan S.A.B de C.V. *		20,248,864
United States: 18.5%
	1,935,219	General Moly, Inc. * †		10,411,478
	447,181	Molycorp, Inc. * †		26,839,804
	666,250	RTI International Metals, Inc. *		20,753,688
	1,480,717	Titanium Metals Corp. *		27,511,722
				85,516,692
Total Common Stocks (Cost: $394,866,165)				453,395,724
PREFERRED STOCK: 1.9%
Brazil: 1.9%
	1,177,550	Cia de Ferro Ligas da Bahia		9,185,867
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $404,201,045)				462,581,591
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 20.4% (Cost: $94,385,000)
	94,385,000	Bank of New York Overnight Government Fund		94,385,000
Total Investments: 120.2% (Cost: $498,586,045)				556,966,591
Liabilities in excess of other assets: (20.2)%				(93,784,519)
NET ASSETS: 100.0%			$	463,182,072

CAD	Canadian Dollar
GBP	British Pound
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $87,954,577.
#	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 $242,589,779 which represents 52.4% of net assets.

RARE EARTH / STRATEGIC METALS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Advanced Materials / Products	4.6	%	$	21,339,031
Chemicals	0.7			3,273,011
Diversified Minerals	26.8			124,143,604
Metal - Diversified	25.7			118,690,814
Metal - Iron	6.4			29,434,731
Metal Processors & Fabricator	4.5			20,753,688
Mining	1.1			5,007,025
Non-Ferrous Metals	30.2			139,939,687
	100.0	%	$	462,581,591

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Australia	$	—	$	104,714,238	$	—	$	104,714,238
Canada		97,623,255		—		—		97,623,255
China / Hong Kong		7,417,134		64,586,428		—		72,003,562
Ireland		—		29,899,458		—		29,899,458
Japan		—		43,389,655		—		43,389,655
Mexico		20,248,864		—		—		20,248,864
United States		85,516,692		—		—		85,516,692
Preferred Stock:
Brazil		9,185,867		—		—		9,185,867
Money Market Fund		94,385,000		—		—		94,385,000
Total	$	314,376,812	$	242,589,779	$	—	$	556,966,591

See Notes to Schedules of Investments

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Argentina: 0.1%
	9,332	Cresud S.A.C.I.F. y S.A. (ADR)	$	168,909
Australia: 4.2%
	84,510	Alumina Ltd. #		215,362
	19,314	Aquarius Platinum Ltd. #		107,616
	114,561	BHP Billiton Ltd. #		5,497,576
	61,876	BlueScope Steel Ltd. #		126,345
	388	Coal & Allied Industries Ltd. #		47,896
	29,938	Equinox Minerals Ltd. (CAD) *		176,658
	42,758	Fortescue Metals Group Ltd. #		283,261
	49,793	GrainCorp. Ltd. #		391,832
	14,285	Iluka Resources Ltd. #		196,494
	37,455	Newcrest Mining Ltd. #		1,542,637
	45,258	OneSteel Ltd. #		114,110
	22,246	Origin Energy Ltd. #		373,293
	5,765	Origin Energy Ltd. Rights (AUD 3.20, expiring 04/06/11) *		19,078
	110,549	OZ Minerals Ltd. #		182,516
	27,807	Santos Ltd. #		447,015
	18,868	Woodside Petroleum Ltd. #		913,273
	6,562	WorleyParsons Ltd. #		210,190
				10,845,152
Austria: 0.3%
	712	Mayr-Melnhof Karton A.G. #		83,161
	4,704	OMV A.G. #		212,947
	5,715	Verbund - Oesterreichische Elektrizis A.G. † #		254,119
	3,849	Voestalpine A.G. #		181,123
				731,350
Bermuda: 0.1%
	9,101	Nabors Industries Ltd. (USD) *		276,488
Brazil: 2.0%
	6,525	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		383,278
	6,150	Cia de Saneamento de Minas Gerais-COPA S.A.		103,587
	27,337	Cia Siderurgica Nacional S.A. (ADR)		455,434
	18,650	Fibria Celulose S.A. *		302,894
	24,497	Gerdau S.A. (ADR) †		306,212
	47,960	Petroleo Brasileiro S.A. (ADR)		1,939,023
	12,200	SLC Agricola S.A.		169,866
	45,580	Vale S.A. (ADR)		1,520,093
				5,180,387
Canada: 13.4%
	8,287	Agnico-Eagle Mines Ltd. (USD)		549,842
	48,996	Barrick Gold Corp. (USD)		2,543,382
	13,464	Cameco Corp. (USD)		404,459
	34,788	Canadian Natural Resources Ltd. (USD)		1,719,571
	7,896	Canfor Corp. *		120,134
	7,754	Centerra Gold, Inc.		138,699
	4,097	Detour Gold Corp. *		129,133
	4,062	Domtar Corp. (USD)		372,810
	26,901	Eldorado Gold Corp. (USD)		437,410
	12,258	Enbridge, Inc. (USD)		753,254
	23,420	EnCana Corp. (USD)		808,693
	6,670	European Goldfields Ltd. *		83,928
	2,942	First Quantum Minerals Ltd.		379,322
	11,453	Gabriel Resources Ltd. *		85,007
	39,175	Goldcorp, Inc. (USD)		1,950,915
	8,216	Husky Energy, Inc. †		248,824
	18,379	IAMGOLD Corp.		403,762
	8,089	Imperial Oil Ltd. (USD) †		413,105
	2,476	Inmet Mining Corp.		173,466
	14,750	Ivanhoe Mines Ltd. *		403,189
	55,633	Kinross Gold Corp. (USD)		876,220
	17,471	Lundin Mining Corp. *		144,581
	16,733	Nexen, Inc. (USD)		416,986

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	14,802	Osisko Mining Corp. *	212,424
	8,516	Pacific Rubiales Energy Corp.	235,498
	5,290	Pan American Silver Corp. (USD) †	196,418
	214,485	Potash Corp. of Saskatchewan, Inc. (USD)	12,639,601
	13,360	Semafo, Inc. *	127,591
	17,311	Silver Wheaton Corp. (USD) †	750,605
	49,938	Suncor Energy, Inc. (USD)	2,239,220
	32,438	Talisman Energy, Inc. (USD)	801,219
	16,533	Teck Cominco Ltd. (USD)	876,580
	7,036	TransAlta Corp.	147,845
	22,240	TransCanada Corp. (USD) †	901,387
	15,684	Uranium One, Inc. †	61,269
	93,311	Viterra, Inc.	1,128,077
	2,923	West Fraser Timber Co. Ltd.	181,585
	36,384	Yamana Gold, Inc. (USD)	447,887
			34,503,898
Chile: 0.3%
	2,521	Cap S.A.	121,544
	11,747	Empresas CMPC S.A.	567,553
	49,717	Inversiones Aguas Metropolitanas S.A.	75,434
			764,531
China / Hong Kong: 2.8%
	5,385	Aluminum Corp of China Ltd. (ADR) * †	127,463
	37,200	Angang New Steel Co. Ltd. #	50,929
	669,668	Chaoda Modern Agriculture Holdings Ltd. #	416,240
	400,742	China Agri-Industries Holdings Ltd. #	448,943
	130,652	China Coal Energy Co. Ltd. #	177,588
	45,100	China Molybdenum Co. Ltd. (Class H) #	39,315
	49,600	China Oilfield Services Ltd. (Class H) #	112,020
	533,683	China Petroleum & Chemical Corp. #	532,914
	107,991	China Shenhua Energy Co. Ltd. #	508,311
	506,079	CNOOC Ltd. #	1,278,931
	39,000	Dongfang Electric Corp. Machinery Co. Ltd. #	132,825
	47,800	Fosun International Ltd. #	36,676
	112,500	Huaneng Power International, Inc. #	65,829
	14,200	Inner Mongolia Yitai Coal Co. (USD) #	99,797
	18,635	JA Solar Holdings Co. Ltd. (ADR) * †	130,445
	47,600	Jiangxi Copper Co. Ltd. (Class H) #	158,560
	69,600	Kunlun Energy Co. Ltd. #	110,855
	171,100	Lee & Man Paper Manufacturing Ltd. #	116,914
	60,000	Maanshan Iron and Steel Co. Ltd. (Class H) #	32,447
	149,657	Nine Dragons Paper Holdings Ltd. #	179,093
	670,940	PetroChina Co. Ltd. (Class H) #	1,020,670
	55,100	Shandong Chenming Paper Holdings Ltd. (Class B) #	45,952
	24,286	Sino-Forest Corp. (CAD) *	631,648
	14,373	Suntech Power Holdings Co. Ltd. (ADR) * †	141,718
	9,044	Trina Solar Ltd. (ADR) * †	272,405
	62,000	Yanzhou Coal Mining Co. Ltd. #	224,807
	21,300	Zhaojin Mining Industry Co. Ltd. † #	95,183
	196,641	Zijin Mining Group Ltd. #	156,728
			7,345,206
Denmark: 0.4%
	23,335	Vestas Wind Systems A/S * #	1,014,239
Finland: 0.4%
	4,070	Neste Oil Oyj #	83,975
	3,818	Outokumpu Oyj † #	66,187
	2,889	Rautaruukki Oyj #	69,257
	60,520	Stora Enso Oyj (R Shares) * #	721,454
			940,873
France: 2.9%
	341	Eramet S.A. #	126,199
	32,223	Suez Environnement Co. #	668,308
	3,478	Technip S.A. #	371,315
	74,696	Total S.A. #	4,557,597
	57,178	Veolia Environnement S.A. #	1,783,197
			7,506,616

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Germany: 0.3%
	3,366	BayWa A.G. #	152,578
	1,303	Salzgitter A.G. #	102,727
	9,599	Solarworld A.G. † #	156,216
	11,372	ThyssenKrupp A.G. #	463,501
			875,022
Hungary: 0.1%
	1,501	MOL Hungarian Oil & Gas NyRt * #	192,258
India: 0.5%
	25,502	Reliance Industries Ltd. (GDR) * #	1,211,804
	6,884	Sterlite Industries India Ltd. (ADR)	106,289
			1,318,093
Indonesia: 0.4%
	570,500	Adaro Energy Tbk PT #	143,775
	80,244	Astra Agro Lestari Tbk PT #	208,865
	2,411,500	Bakrie Sumatera Plantations Tbk PT #	99,567
	660,500	Bumi Resources Tbk PT #	253,467
	71,954	International Nickel Indonesia Tbk PT #	39,373
	747,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #	195,006
			940,053
Ireland: 0.1%
	11,784	Smurfit Kappa Group Plc * #	150,013
Italy: 1.0%
	88,771	ENI S.p.A. #	2,181,131
	8,010	Saipem S.p.A. #	426,095
			2,607,226
Japan: 1.8%
	5,717	Hitachi Metals Ltd. #	72,357
	68	Inpex Holdings, Inc. #	516,323
	15,364	JFE Holdings, Inc. #	451,479
	70,000	JX Holdings, Inc. #	472,003
	84,435	Kobe Steel Ltd. #	219,400
	11,865	Kurita Water Industries Ltd. #	352,022
	39,129	Mitsubishi Materials Corp. #	133,017
	9,900	Nippon Paper Group, Inc. #	211,681
	182,473	Nippon Steel Corp. #	585,859
	59,414	Nippon Suisan Kaisha Ltd. † #	165,687
	88,376	OJI Paper Co. Ltd. #	421,244
	22,170	Rengo Co. Ltd. #	145,264
	13,983	Sumitomo Forestry Co. Ltd. #	127,182
	118,301	Sumitomo Metal Industries Ltd. #	265,420
	17,823	Sumitomo Metal Mining Ltd. #	307,502
	8,300	TonenGeneral Sekiyu K.K. #	102,880
			4,549,320
Luxembourg: 0.7%
	31,527	ArcelorMittal #	1,141,353
	4,127	Evraz Group S.A. (GDR) * † # Reg S	163,918
	7,510	Tenaris S.A. (ADR) †	371,445
	2,600	Ternium S.A. (ADR)	93,444
			1,770,160
Malaysia: 1.0%
	57,051	Genting Plantation Bhd #	150,519
	771,994	IOI Corp. Bhd #	1,467,045
	100,078	Kuala Lumpur Kepong Bhd #	700,083
	320,000	Kulim Malaysia Bhd #	352,024
	38,400	Kulim Malaysia Bhd Warrants (MYR 3.85, expiring 02/27/16) *	12,425
			2,682,096
Mexico: 0.3%
	35,900	Gruma, S.A. de C.V. (Class B) *	75,314
	128,153	Grupo Mexico, S.A.B. de C.V.	480,012
	6,087	Industrias Penoles, S.A. de C.V.	223,676
			779,002
Netherlands: 1.6%
	6,565	CNH Global N.V. (USD) *	318,731

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	8,818	Nutreco Holding N.V. † #	647,607
	85,746	Royal Dutch Shell Plc (GBP) #	3,111,360
			4,077,698
Norway: 2.0%
	13,113	Cermaq ASA * #	231,376
	628,478	Marine Harvest ASA #	779,831
	31,146	Norsk Hydro ASA #	255,266
	68,835	Renewable Energy Corp. A.S. * † #	241,737
	9,425	SeaDrill Ltd. #	340,660
	33,469	Statoil ASA #	926,703
	46,706	Yara International ASA #	2,365,289
			5,140,862
Papua N.Guinea: 0.1%
	34,305	Oil Search Ltd. (AUD) #	252,601
Peru: 0.2%
	10,549	Cia de Minas Buenaventura S.A. (ADR) *	453,291
	7,638	Hochschild Mining Plc (GBP) #	78,814
			532,105
Philippines: 0.0%
	91,900	Manila Water Co. Inc. #	38,506
Poland: 0.2%
	4,657	KGHM Polska Miedz S.A. #	295,399
	9,860	Polski Koncern Naftowy Orlen S.A. * #	182,827
	51,044	Polskie Gornictwo Naftowe I Gazownictwo S.A. #	67,671
			545,897
Portugal: 0.1%
	8,788	Galp Energia, SGPS, S.A. #	188,061
	18,629	Portucel-Empresa Productora de Pasta e Papel S.A. #	65,483
			253,544
Russia: 2.8%
	27,551	JSC MMC Norilsk Nickel (ADR) #	729,353
	13,568	Lukoil (ADR)	971,422
	3,932	Magnitogorsk Iron & Steel Works (GDR) # Reg S	57,457
	4,689	Mechel OAO (ADR)	144,374
	4,664	Novatek OAO (GDR) # Reg S	647,544
	2,883	Novolipetsk Steel (GDR) #	126,649
	94,123	OAO Gazprom (ADR) #	3,046,835
	6,310	Polymetal (GDR) * Reg S	119,259
	6,360	Polyus Gold Co. (ADR) †	223,363
	51,913	Rosneft Oil Co. (GDR) * #	474,008
	6,064	Severstal (GDR) # Reg S	118,888
	31,136	Surgutneftegaz (ADR) † #	338,460
	7,669	Tatneft (ADR) # Reg S	338,991
			7,336,603
Singapore: 1.6%
	1,566,319	Golden Agri-Resources Ltd. #	856,522
	36,354	Golden Agri-Resources Ltd. Warrants (SGD 0.54, expiring 07/23/12) *	4,903
	67,050	Hyflux Ltd. † #	114,894
	411,965	Olam International Ltd. #	914,716
	539,664	Wilmar International Ltd. #	2,333,984
			4,225,019
South Africa: 1.8%
	3,265	African Rainbow Minerals Ltd. #	107,622
	2,549	Anglo Platinum Ltd. #	262,243
	18,695	AngloGold Ashanti Ltd. (ADR)	896,425
	3,985	ArcelorMittal South Africa Ltd. #	52,974
	10,579	Astral Foods Ltd. #	192,953
	5,401	Exxaro Resources Ltd. #	131,957
	34,559	Gold Fields Ltd. (ADR)	603,400
	17,884	Harmony Gold Mining Co. Ltd. (ADR)	265,935
	24,265	Impala Platinum Holdings Ltd. #	701,667
	2,649	Kumba Iron Ore Ltd. #	187,290
	6,569	Northern Platinum Ltd. #	42,683
	53,081	Sappi Ltd. * † #	281,167
	14,959	Sasol Ltd. #	866,207

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

			4,592,523
South Korea: 0.9%
	1,928	Hyundai Steel Co. #	245,769
	471	Korea Zinc Co. Ltd. #	171,281
	2,436	POSCO #	1,117,696
	1,959	SK Energy Co. Ltd. #	376,557
	1,018	SK Holdings Co. Ltd. #	152,935
	1,310	S-Oil Corp. #	181,186
	6,042	Woongjin Coway Co. Ltd. #	208,495
			2,453,919
Spain: 0.5%
	3,621	Acerinox S.A. #	71,550
	22,436	Gamesa Corp. Tecnologica S.A. * #	233,206
	25,505	Repsol YPF S.A. #	875,337
			1,180,093
Sweden: 0.5%
	9,336	Boliden AB #	200,970
	3,991	Holmen AB (B Shares) † #	137,939
	2,376	SSAB AB (B Shares) * #	32,899
	59,588	Svenska Cellulosa AB (B Shares) #	959,436
			1,331,244
Switzerland: 3.7%
	8,024	Noble Corp. (USD)	366,055
	23,752	Syngenta A.G. #	7,757,972
	10,149	Transocean, Inc. (USD) *	791,115
	23,583	Weatherford International Ltd. (USD) *	532,976
			9,448,118
Taiwan: 0.2%
	364,085	China Steel Corp. #	435,219
	52,420	Formosa Petrochemical Corp. #	171,902
			607,121
Turkey: 0.1%
	28,261	Eregli Demir ve Celik Fabrikalari T.A.S. * #	75,721
	8,957	Eregli Demir ve Celik Fabrikalari TAS *	22,511
	3,903	Tupras-Turkiye Petrol Rafinerileri A.S. #	114,529
			212,761
United Kingdom: 8.1%
	9,595	Acergy S.A. (NOK) #	242,113
	10,594	African Minerals Ltd. *	84,993
	45,056	Anglo American Plc #	2,313,405
	13,242	Antofagasta Plc #	288,436
	107,687	BG Group Plc #	2,671,297
	597,837	BP Plc #	4,388,936
	44,513	Cairn Energy Plc * #	329,558
	163,927	Centrica Plc #	854,182
	4,561	ENSCO International Plc (ADR)	263,808
	7,232	Kazakhmys Plc #	161,384
	7,479	Lonmin Plc #	204,005
	36,293	Mondi Plc #	348,561
	43,537	Northumbrian Water Group Plc	231,834
	40,891	Pennon Group Plc #	409,687
	7,916	Petrofac Ltd. #	189,015
	7,875	Petropavlovsk Plc #	125,933
	4,466	Randgold Resources Ltd. (ADR) *	364,158
	52,099	Rio Tinto Plc #	3,680,439
	27,162	Severn Trent Plc #	635,745
	28,246	Tullow Oil Plc #	654,928
	78,078	United Utilities Group Plc #	739,817
	3,507	Vedanta Resources Plc #	133,561
	66,408	Xstrata Plc #	1,548,195
			20,863,990
United States: 42.7%
	23,705	AGCO Corp. *	1,303,064
	39,670	Agrium, Inc.	3,659,954
	36,275	Alcoa, Inc.	640,254

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

3,369	Allegheny Technologies, Inc. †	228,149
3,799	Allied Nevada Gold Corp. *	134,789
3,832	Alpha Natural Resources, Inc. * †	227,506
15,784	Anadarko Petroleum Corp.	1,293,025
4,645	Andersons, Inc.	226,304
12,174	Apache Corp.	1,593,820
15,805	Aqua America, Inc.	361,776
160,011	Archer-Daniels-Midland Co.	5,761,996
13,813	Baker Hughes, Inc.	1,014,289
2,591	Bucyrus International, Inc.	236,947
36,378	Bunge Ltd.	2,631,221
3,317	Cabot Oil & Gas Corp.	175,701
7,785	Cameron International Corp. *	444,523
17,901	CF Industries Holdings, Inc.	2,448,678
20,917	Chesapeake Energy Corp.	701,138
63,851	Chevron Corp.	6,859,513
2,720	Cimarex Energy Co.	313,453
4,624	Cliffs Natural Resources, Inc.	454,447
4,382	Coeur d’Alene Mines Corp. *	152,406
3,277	Concho Resources, Inc. *	351,622
45,473	ConocoPhillips	3,631,474
7,196	Consol Energy, Inc.	385,921
1,463	Continental Resources, Inc. *	104,561
19,129	Corn Products International, Inc.	991,265
29,314	Darling International, Inc. *	450,556
105,713	Deere & Co.	10,242,533
12,755	Denbury Resources, Inc. *	311,222
13,582	Devon Energy Corp.	1,246,420
2,211	Diamond Offshore Drilling, Inc. †	171,795
22,416	El Paso Corp.	403,488
8,089	EOG Resources, Inc.	958,627
4,745	EQT Corp.	236,775
157,718	Exxon Mobil Corp.	13,268,815
6,199	First Solar, Inc. * †	997,047
3,821	FMC Technologies, Inc. *	361,008
32,309	Freeport-McMoRan Copper & Gold, Inc.	1,794,765
7,812	Graphic Packaging Holding Co. *	42,341
29,051	Halliburton Co.	1,447,902
13,696	Hecla Mining Co. *	124,360
3,382	Helmerich & Payne, Inc.	232,310
9,559	Hess Corp.	814,522
43,458	International Paper Co.	1,311,562
4,641	Itron, Inc. *	261,938
3,333	Joy Global, Inc.	329,334
3,149	Lindsay Corp. †	248,834
22,592	Marathon Oil Corp.	1,204,380
7,425	McDermott International, Inc. *	188,521
16,639	MeadWestvaco Corp.	504,661
134,752	Monsanto Co.	9,737,179
40,329	Mosaic Co.	3,175,909
6,134	Murphy Oil Corp.	450,358
15,880	Nalco Holding Co.	433,683
13,393	National Oilwell Varco, Inc.	1,061,663
4,273	Newfield Exploration Co. *	324,791
24,203	Newmont Mining Corp.	1,321,000
5,590	Noble Energy, Inc.	540,273
10,783	Nucor Corp. †	496,234
25,854	Occidental Petroleum Corp.	2,701,484
2,290	Ormat Technologies, Inc. †	58,006
10,115	Packaging Corp. of America	292,222
8,606	Peabody Energy Corp.	619,288
9,620	Petrohawk Energy Corp. *	236,075
19,368	Pilgrim’s Pride Corp. *	149,327
3,704	Pioneer Natural Resources Co.	377,512
4,456	Plains Exploration & Production Co. *	161,441
5,631	Pride International, Inc. *	241,851
5,608	QEP Resources, Inc.	227,348
5,105	Range Resources Corp.	298,438
2,549	Reliance Steel & Aluminum Co.	147,281

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

	3,893	Rock-Tenn Co. (Class A) †		269,980
	43,289	Schlumberger Ltd.		4,037,132
	82	Seaboard Corp.		197,866
	41,684	Smithfield Foods, Inc. *		1,002,917
	9,247	Smurfit-Stone Container Corp. *		357,397
	5,803	Southern Copper Corp.		233,687
	11,061	Southwestern Energy Co. *		475,291
	20,631	Spectra Energy Corp. †		560,751
	7,439	Steel Dynamics, Inc.		139,630
	11,215	Sunpower Corp. * †		192,225
	10,692	Temple-Inland, Inc.		250,193
	18,280	Tractor Supply Co.		1,094,241
	74,877	Tyson Foods, Inc.		1,436,890
	4,853	Ultra Petroleum Corp. *		239,010
	4,907	United States Steel Corp.		264,684
	18,097	Valero Energy Corp.		539,653
	53,088	Weyerhaeuser Co.		1,305,965
	3,757	Whiting Petroleum Corp. *		275,952
	18,646	Williams Companies, Inc.		581,382
				109,987,721
Total Common Stocks (Cost: $208,604,133)				258,221,217
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $208,604,133)				258,221,217
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.1% (Cost: $8,043,000)
	8,043,000	Bank of New York Overnight Government Fund		8,043,000
Total Investments: 103.3% (Cost: $216,647,133)				266,264,217
Liabilities in excess of other assets: (3.3)%				(8,424,412	)
NET ASSETS: 100.0%			$	257,839,805

ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
MYR	Malaysian Ringgit
NOK	Norwegian Krone
SGD	Singapore Dollar
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $7,812,746.
#	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 $97,818,710 which represents 37.9% 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.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Agriculture	30.2			77,926,520
Alternative Energy Sources	1.8			4,684,597
Base/Industrial Metals	12.9			33,411,880
Basic Materials	1.1			2,852,276
Consumer, Non-cyclical	0.2			534,315
Energy	40.6			104,896,405
Forest Products	4.2			10,876,531
Industrial	0.3			636,685
Precious Metals	6.3			16,213,767
Utilities	0.3			810,401
Water	2.1			5,377,840
	100.0	%	$	258,221,217

RVE HARD ASSETS PRODUCERS ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1QuotedPrices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Argentina	$	168,909	$	—	$	—	$	168,909
Australia		195,736		10,649,416		—		10,845,152
Austria		—		731,350		—		731,350
Bermuda		276,488		—		—		276,488
Brazil		5,180,387		—		—		5,180,387
Canada		34,503,898		—		—		34,503,898
Chile		764,531		—		—		764,531
China / Hong Kong		1,303,679		6,041,527		—		7,345,206
Denmark		—		1,014,239		—		1,014,239
Finland		—		940,873		—		940,873
France		—		7,506,616		—		7,506,616
Germany		—		875,022		—		875,022
Hungary		—		192,258		—		192,258
India		106,289		1,211,804		—		1,318,093
Indonesia		—		940,053		—		940,053
Ireland		—		150,013		—		150,013
Italy		—		2,607,226		—		2,607,226
Japan		—		4,549,320		—		4,549,320
Luxembourg		464,889		1,305,271		—		1,770,160
Malaysia		12,425		2,669,671		—		2,682,096
Mexico		779,002		—		—		779,002
Netherlands		318,731		3,758,967		—		4,077,698
Norway		—		5,140,862		—		5,140,862
Papua N.Guinea		—		252,601		—		252,601
Peru		453,291		78,814		—		532,105
Philippines		—		38,506		—		38,506
Poland		—		545,897		—		545,897
Portugal		—		253,544		—		253,544
Russia		1,458,418		5,878,185		—		7,336,603
Singapore		4,903		4,220,116		—		4,225,019
South Africa		1,765,760		2,826,763		—		4,592,523
South Korea		—		2,453,919		—		2,453,919
Spain		—		1,180,093		—		1,180,093
Sweden		—		1,331,244		—		1,331,244
Switzerland		1,690,146		7,757,972		—		9,448,118
Taiwan		—		607,121		—		607,121
Turkey		22,511		190,250		—		212,761
United Kingdom		944,793		19,919,197		—		20,863,990
United States		109,987,721		—		—		109,987,721
Money Market Fund		8,043,000		—		—		8,043,000
Total	$	168,445,507	$	97,818,710	$	—	$	266,264,217

See Notes to Schedules of Investments

SOLAR ENERGY ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 1.4%
	57,034	Canadian Solar, Inc. (USD) * †	$	642,773
China / Hong Kong: 32.4%
	42,344	China Sunergy Co. Ltd. (ADR) *		174,457
	15,839	Daqo New Energy Corp. (ADR) *		204,323
	63,832	Hanwha SolarOne Co. Ltd. (ADR) *		484,485
	244,517	JA Solar Holdings Co. Ltd. (ADR) * †		1,711,619
	24,456	JinkoSolar Holding Co. Ltd. (ADR) * †		660,312
	142,351	LDK Solar Co. Ltd. (ADR) * †		1,742,376
	122,507	Renesola Ltd. (ADR) * †		1,292,449
	214,096	Suntech Power Holdings Co. Ltd. (ADR) * †		2,110,987
	138,721	Trina Solar Ltd. (ADR) * †		4,178,276
	174,699	Yingli Green Energy Holding Co. Ltd. (ADR) *		2,253,617
				14,812,901
Germany: 19.1%
	20,575	Centrotherm Photovoltaics A.G. * #		1,226,997
	14,335	Phoenix Solar A.G. #		486,601
	210,657	Q-Cells A.G. * † #		909,580
	29,622	Roth & Rau A.G. * † #		663,794
	17,339	SMA Solar Technology A.G. † #		2,184,358
	24,306	Solar Millenium A.G. * † #		634,880
	162,916	Solarworld A.G. † #		2,651,321
				8,757,531
Norway: 7.3%
	951,943	Renewable Energy Corp. A.S. * #		3,343,060
Taiwan: 12.7%
	37,000	Danen Technology Corp. * #		74,732
	568,799	Gintech Energy Corp. #		1,806,264
	299,202	Green Energy Technology, Inc. #		1,356,201
	553,626	Neo Solar Power Corp. * #		1,388,541
	410,092	Solartech Energy Corp. #		1,175,720
				5,801,458
United States: 27.0%
	96,895	Energy Conversion Devices, Inc. * †		218,983
	28,776	First Solar, Inc. * †		4,628,332
	127,221	GT Solar International, Inc. * †		1,356,176
	333,034	MEMC Electronic Materials, Inc. *		4,316,121
	107,755	Sunpower Corp. *		1,846,921
				12,366,533
Total Common Stocks (Cost: $42,841,232)				45,724,256
MONEY MARKET FUND: 0.1% (Cost: $46,523)
	46,523	Dreyfus Government Cash Management Fund		46,523
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $42,887,755)				45,770,779
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 27.5%
	100,397	Bank of New York Institutional Cash Reserve Series B (a) #		25,476
	12,552,000	Bank of New York Overnight Government Fund		12,552,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $12,652,398)				12,577,476
OTHER: 0.1% (Cost: $0)
	0	Capital Support Agreement (a) #		43,658
Total Investments: 127.6% (Cost: $55,540,153)				58,391,913
Liabilities in excess of other assets: (27.6)%				(12,628,248	)

SOLAR ENERGY ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

NET ASSETS: 100.0% $ 45,763,665

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 the conditions explained in Note 10. This valuation represents the fair value of the CSA as of March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $12,212,920.
#	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 $17,971,183 which represents 39.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Chemicals-Specialty	0.4	%	$	204,323
Electronic Component - Semiconductors	34.5			15,784,125
Energy - Alternate Sources	39.5			18,100,777
Instruments - Scientific	1.5			663,794
Power Conversion / Supply Equipment	21.3			9,744,240
Semiconductor Equipment	2.7			1,226,997
Money Market Fund	0.1			46,523
	100.0	%	$	45,770,779

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Canada	$	642,773	$	—	$	—	$	642,773
China / Hong Kong		14,812,901		—		—		14,812,901
Germany		—		8,757,531		—		8,757,531
Norway		—		3,343,060		—		3,343,060
Taiwan		—		5,801,458		—		5,801,458
United States		12,366,533		—		—		12,366,533
Money Market Funds		12,598,523		25,476		—		12,623,999
Capital Support Agreement		—		—		43,658		43,658
Total	$	40,420,730	$	17,927,525	$	43,658	$	58,391,913

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$	42,354
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		1,304
Net purchases (sales)		—
Transfers in and/or out of level 3		—
Balance as of 3/31/11	$	43,658

See Notes to Schedules of Investments

STEEL ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Brazil: 23.4%
	811,632	Cia Siderurgica Nacional S.A. (ADR)	$	13,521,789
	981,962	Gerdau S.A. (ADR) †		12,274,525
	1,133,487	Vale S.A. (ADR)		37,801,792
				63,598,106
Luxembourg: 14.5%
	754,198	ArcelorMittal (USD) †		27,264,258
	338,828	Ternium S.A. (ADR)		12,177,478
				39,441,736
Mexico: 0.8%
	262,335	Grupo Simec, S.A.B. de C.V. (ADR) * †		2,229,848
Russia: 4.4%
	389,393	Mechel OAO (ADR)		11,989,411
South Korea: 7.2%
	169,851	POSCO (ADR) †		19,412,271
United Kingdom: 14.1%
	535,567	Rio Tinto Plc (ADR)		38,089,525
United States: 35.6%
	36,336	A.M. Castle & Co. *		686,024
	174,335	AK Steel Holding Corp. †		2,751,006
	184,592	Allegheny Technologies, Inc. †		12,500,570
	69,592	Carpenter Technology Corp.		2,972,274
	126,273	Cliffs Natural Resources, Inc.		12,410,110
	181,013	Commercial Metals Co.		3,126,095
	48,067	Gibraltar Industries, Inc. *		573,439
	16,257	LB Foster Co.		700,839
	258,445	Nucor Corp. †		11,893,639
	17,235	Olympic Steel, Inc.		565,480
	210,841	Reliance Steel & Aluminum Co.		12,182,393
	44,039	Schnitzer Steel Industries, Inc.		2,862,975
	344,602	Steel Dynamics, Inc.		6,468,180
	238,675	Timken Co.		12,482,703
	215,713	United States Steel Corp. †		11,635,559
	10,881	Universal Stainless & Alloy, Inc. *		367,016
	117,308	Worthington Industries, Inc. †		2,454,083
				96,632,385
Total Common Stocks (Cost: $282,446,341)				271,393,282
MONEY MARKET FUND: 0.1% (Cost: $340,894)
	340,894	Dreyfus Government Cash Management Fund		340,894
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $282,787,235)				271,734,176
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 23.6%
	594,624	Bank of New York Institutional Cash Reserve Series B (a) #		150,886
	63,997,000	Bank of New York Overnight Government Fund		63,997,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $64,591,624)				64,147,886
OTHER: 0.1% (Cost: $0)
	0	Capital Support Agreement (a) #		258,574
Total Investments: 123.8% (Cost: $347,378,859)				336,140,636
Liabilities in excess of other assets: (23.8)%				(64,615,125	)
NET ASSETS: 100.0%			$	271,525,511

STEEL ETF

SCHEDULES OF INVESTMENTS

March 31, 2011 (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 the conditions explained in Note 10. This valuation represents the fair value of the CSA as of March 31, 2011.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $63,134,195.
#	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 $409,460 which represents 0.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments		Value
Building & Construction	0.2	%	$	573,439
Diversified Minerals	13.9			37,801,792
Metal - Diversified	14.0			38,089,525
Metal - Iron	4.6			12,410,110
Metal Processors & Fabricator	6.9			18,763,720
Metal Products - Distribution	0.5			1,251,504
Steel - Producers	55.1			149,635,606
Steel - Specialty	4.7			12,867,586
Money Market Fund	0.1			340,894
	100.0	%	$	271,734,176

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Brazil	$	63,598,106	$	—	$	—	$	63,598,106
Luxembourg		39,441,736		—		—		39,441,736
Mexico		2,229,848		—		—		2,229,848
Russia		11,989,411		—		—		11,989,411
South Korea		19,412,271		—		—		19,412,271
United Kingdom		38,089,525		—		—		38,089,525
United States		96,632,385		—		—		96,632,385
Money Market Funds		64,337,894		150,886		—		64,488,780
Capital Support Agreement		—		—		258,574		258,574
Total	$	335,731,176	$	150,886	$	258,574	$	336,140,636

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

Balance as of 12/31/10	$	250,852
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		7,722
Net purchases (sales)		—
Transfers in and/or out of level 3		—
Balance as of 3/31/11	$	258,574

See Notes to Schedules of Investments

Market Vectors ETF Trust
Note to Schedules of Investments
March 31, 2011 (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. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in the interest rates between the U.S. and foreign markets. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as level 2 or level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedules of Investments.

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).

Name Change – The Market Vectors Nuclear Energy ETF changed its name to the Market Vectors Uranium+Nuclear Energy ETF effective January 4, 2011.

Income Taxes – As of March 31, 2011, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF	$	3,357,592,001	$	512,996,910	$	(73,568,168	)	$	439,428,742
Coal ETF		760,510,938		137,814,286		(10,248,523	)		127,565,763
Global Alternative Energy ETF		229,423,198		19,152,382		(42,558,405	)		(23,406,023	)
Gold Miners ETF		6,178,736,333		794,969,186		(177,859,655	)		617,109,531
Junior Gold Miners ETF		2,246,445,228		436,171,974		(297,878,145	)		138,293,829
Uranium+Nuclear Energy ETF		260,626,427		22,643,247		(48,654,288	)		(26,011,041	)
Rare Earth / Strategic Metals ETF		511,580,648		69,933,623		(24,547,680	)		45,385,943
RVE Hard Assets Producers ETF		216,883,111		50,956,867		(1,575,761	)		49,381,106
Solar Energy ETF		56,879,471		5,846,269		(4,333,827	)		1,512,442
Steel ETF		347,472,709		10,287,524		(21,619,597	)		(11,332,073	)

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: May 26, 2011

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: May 26, 2011

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

Date: May 26, 2011