Market Vectors Pharmaceutical ETF (the Fund) is a non-diversified investment company. The Fund's investment objective is to seek to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors United States Listed Pharmaceutical 25 Index. The Index is a rules-based index intended to track the overall performance of 25 of the largest United States listed, publicly traded pharmaceutical companies. The Fund normally invests at least 80% of its total assets in securities that comprise the Fund�s index. The Fund�s investment advisor is Van Eck Associates Corporation.