Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the performance of the Amex Steel Index (STEEL) by investing in common shares and American depository shares (ADRs) of large, mid and small-cap companies reflected in the Index. STEEL, calculated by the Amex, is a modified market capitalization-weighted index consisting of common stocks and ADRs of publicly traded companies that are primarily involved in a variety of activities related to steel production, including the operation of mills, manufacturing steel, the fabrication of steel shapes or products, or the extradition and reduction of iron ore. STEEL includes common stocks and ADRs of selected companies with market capitalizations greater than $100 million and a daily average traded volume of at least $1 million over the past three months. The Fund is passively managed, and may not hold each STEEL component in the same weighting as STEEL. The Fund\'s investment advisor is Van Eck Associates Corporation.
* Trading Characteristics Definitions Spread : The average dollar difference between the best bid and best offer across all exchanges for the specified time period, weighted by volume. *Spread : Is the monthly average of the daily spread. % Spread : The average spread amount divided by the average bid-ask midpoint, weighted by volume. Share Volume : Composite Volume - total number of shares traded on all exchanges and Nasdaq. Dollar Volume : Dollar amount of shares traded on each exchange for the specified symbol, based on the stocks average price for the time period specified.
