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Wide MOAT Monthly – January 2014

The Difference is Morningstar

Market Vectors® Wide Moat ETF (MOAT) provides investors access to Morningstar's wide moat equity research by seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus IndexSM (Bloomberg ticker: MWMFTR).

Morningstar Wide Moat Focus Index Review
In the fourth quarter of 2013, Morningstar replaced eight companies in the index — the top end of its historical average quarterly turnover of 6-8 companies. Latest Index Reconstitution PDF »

Morningstar Wide Moat Focus Index
Index Additions as of December 20, 2013
Added Constituents Ticker Price/Fair Value
Baxter International Inc BAX 0.83
International Business Machines Corp IBM 0.83
Compass Minerals International, Inc. CMP 0.88
Eli Lilly and Company LLY 0.90
McDonald’s Corporation MCD 0.90
Intuitive Surgical, Inc. ISRG 0.91
Schlumberger NV SLB 0.91
Accenture PLC Class A ACN 0.91
Index Deletions as of December 20, 2013
Removed Constituents Ticker Reason for Removal
Franklin Resources Inc. BEN Price/Fair Value
Bank of New York Mellon Corp.  BK Price/Fair Value
CSX Corp CSX Price/Fair Value
General Electric Co GE Price/Fair Value
Allergan, Inc. AGN Price/Fair Value
Covidien PLC COV Price/Fair Value
ITC Holdings Corp ITC Price/Fair Value
Medtronic, Inc. MDT Price/Fair Value

Source: Morningstar. Data as of 12/20/13.
View MOAT's full list of current constituents » Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any security.


Quarterly Index Performance Review


Index results were driven by health care company Allergan, Inc. and industrials giant General Electric Co. The main detractor from index performance was Weight Watchers International followed by Exelon Corporation and C.H. Robinson Worldwide, Inc.

Wide Moat Investing: A Look at Batting Average »
View current Fund holdings and Index constituents »


Top Five Contributors to Index Performance: 9/23/2013 – 12/20/2013
Constituents Ticker Avg. Index Weight % Total
Return %
Contribution to Return %
Allergan, Inc. AGN 5.15 17.54 0.89
General Electric Co GE 5.32 13.59 0.69
Sysco Corporation SYY 5.00 13.81 0.67
Bank of New York Mellon Corp. BK 5.07 12.34 0.61
Franklin Resources Inc. BEN 5.41 10.92 0.58
Bottom Five Contributors to Index Performance: 9/23/2013 – 12/20/2013
Constituents Ticker Avg. Index Weight % Total
Return %
Contribution to Return %
Weight Watchers International WTW 4.69 -14.15 -0.70
Exelon Corporation EXC 4.65 -9.40 -0.47
C.H. Robinson Worldwide, Inc. CHRW 4.85 -7.70 -0.41
The Western Union Company WU 4.68 -8.05 -0.40
Kinder Morgan Inc. KMI 4.82 -1.16 -0.07

Source: Morningstar. Data as of 12/31/2013. View MOAT's full list of current constituents »
Past performance is no guarantee of future results. Not intended as a recommendation to buy or sell any security. Date range based on index rebalance dates.

Performance History (%) as of December 31, 2013
Share Price
MWMFTR (Index) 4.62 7.34 31.46 31.46 25.21
S&P® 500 Index
2.53 10.51 32.39 32.39 22.03

MOAT gross expenses are 1.04% and net expenses are 0.49%. Expenses are capped contractually until at least 2/1/2014. Cap excludes certain expenses, such as interest.

*Based on MOAT inception date of 4/24/2012.

Performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Net asset value (NAV) per share is calculated by subtracting total liabilities from the total assets, then dividing by the number of shares outstanding. Share price is the last price at which shares were traded on the Fund's primary listing exchange. Fund shares may trade at, above, or below NAV. Performance current to the most recent month end is available by calling 888.MKT.VCTR | 888.658.8287 or by visiting

Index returns assume reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested, and fees and expenses. You cannot invest directly in an index.

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Price/Fair Value is a ratio that measures the market price of a security versus an assigned fair value of that security.

An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

The Morningstar® Wide Moat Focus IndexSM was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the Market Vectors Wide Moat ETF and bears no liability with respect to that ETF or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Wide Moat Focus IndexSM is a service mark of Morningstar, Inc.

The Morningstar® Wide Moat Focus IndexSM consists of 20 companies identified as having sustainable, competitive advantages and whose stocks are the most attractively priced, according to Morningstar.

S&P® 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The value of the securities held by the Fund may fluctuate due to market and economic conditions or factors relating to specific issuers. Small- and medium-capitalization companies may be more volatile than large-capitalization companies. The Fund is subject to index tracking risk and may not be able to invest in certain securities in the exact proportions in which they are represented in the Index. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

The "Net Asset Value" (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

Investing involves substantial risk and high volatility, including possible loss of principal. Bond and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a free prospectus and summary prospectus, which contain this and other information, call 888.MKT.VCTR | 888.658.8287. Please read the prospectus and summary prospectus carefully before investing.

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