Market Vectors Gulf States Index ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the Dow Jones GCC Titans 40 Index (DJMES or the Index) by investing in a portfolio of securities that generally replicates DJMES. DJMES, calculated and maintained by Dow Jones Indexes, is a rules-based, modified capitalization-weighted, float-adjusted index consisting of publicly traded companies that are headquartered in countries belonging to the Gulf Cooperation Council (GCC) or that generate the majority of their revenues in these countries. The Fund is focused exclusively on GCC countries, including Kuwait, the United Arab Emirates, Qatar, Oman and Bahrain. The Index comprises a diversified group of 40 companies. The Fund’s investment advisor is Van Eck Associates Corporation.