Fund Description: Market Vectors Pharmaceutical ETF, formerly Merrill Lynch Pharmaceutical HOLDRS Trust Depositary Receipts, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Market Vectors ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Market Vectors Pharmaceutical ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors US Listed Pharmaceutical 25 Index. INDEX DESCRIPTION: The Market Vectors US Listed Pharmaceutical 25 Index is comprised of common stocks and depositary receipts of U.S. exchange-listed companies in the pharmaceutical sector. These companies may include foreign companies that are listed on a U.S. exchange. Companies are considered to be in the pharmaceutical sector if they derive most of their revenues from pharmaceuticals, which includes pharmaceutical research and development as well as production, marketing and sales of pharmaceuticals. Of the largest 50 stocks in the pharmaceutical sector by full market capitalization, the top 25 by free-float market capitalization (e.g., includes only shares that are readily available for trading in the market) and three month average daily trading volume are included in the Index. As of November 4, 2011, the Index included 25 securities. FUND STRATEGY: The Fund normally invests at least 80% of its total assets in securities that comprise the Index. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index. The Fund's Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index before fees and expenses will be 95% or better. A figure of 100% would indicate perfect correlation. The Fund will concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. As of the date of this Prospectus, the Fund is concentrated in the pharmaceutical sector. The Adviser anticipates that, generally, the Fund will hold all of the securities that comprise the Index in proportion to their weightings in the Index. However, under various circumstances, it may not be possible or practicable to purchase all of those securities in those weightings. In these circumstances, the Fund may purchase a sample of securities in the Index. The Fund may invest its remaining assets in securities not included in the Index, money market instruments, including repurchase agreements or other funds which invest exclusively in money market instruments, convertible securities and structured notes. FUND MANAGEMENT: Van Eck Associates Corporation serves as the adviser to the Fund and subject to the supervision of the Board of Trustees, will be responsible for the day-to-day investment management of the Fund.