MAY 31, 2012

Fund Description

Fund Details
FUND TICKER
KOL KOL.IV TCOAL 160.31 Available 0.59% 0.59% NYSE Arca 01/10/08

The Coal ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Stowe Coal Index (SM). The Index provides exposure to publicly traded companies worldwide that derive greater than 50% of their revenues from the coal industry. As such, the Fund is subject to the risks of investing in this sector.

INTRADAY NAV (IIV) INDEX TICKER NET ASSETS ($M) OPTIONS GROSS EXPENSE RATIO

Performance History (%)

AS OF MAY 31, 2012 INDEX (TCOAL)
NAV

NET EXPENSE RATIO 1M

-21.23%

LIFE*
-9.10%

3M
-29.79%

YTD
-23.20%

1YR
-48.23%

3YR*
3.21%

5YR*
--

EXCHANGE COMMENCEMENT DATE

-9.79%

-21.21%

-29.72%

-23.35%

-48.66%

2.32%

--

Expenses are capped contractually until 5/1/2013. Cap Excludes certain expenses, such as interest.

FUND
SHARE PRICE -9.86% -21.39% -29.51% -23.19% -48.79% 2.03% --

AS OF MARCH 31, 2012 INDEX (TCOAL)

NAV

LIFE*
-3.90%

1M
-9.77%

3M
-1.31%

YTD
-1.31%

1YR
-35.12%

3YR*
34.18%

5 YR*
--

-4.58%

-9.39%

-1.17%

-1.17%

-35.44%

33.37%

--

FUND
SHARE PRICE -4.70% -9.28% -1.15% -1.15% -36.20% 33.93% -* Annualized

Index returns assume the 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.

The 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 investors 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 Funds primary listing exchange. Fund shares may trade at, above or below NAV. Performance current to the most recent month end available by calling 888.MKT.VCTR or by visiting vaneck.com/etf.

FUND TICKER KOL

888.MKT.VCTR

VANECK.COM/KOL

MAY 31, 2012

Fund Data
No. of Securities Currency Price/Earnings Ratio Price/Book Ratio Dividend Yield Avg. Weighted Market Cap ($M) 52 Week High/Low
33 USD 9.18 1.25 3.22 10,624.0 50.62/24.43

Fund Holdings (weight in %)

Consol Energy Inc. China Shenhua Energy Co. Ltd. China Coal Energy Co. Ltd. Peabody Energy Corp. Joy Global Inc. Walter Energy, Inc. CNX US 1088 HK 1898 HK BTU US JOY US WLT US EXX SJ 1171 HK ADRO IJ ITMG IJ BUMI IJ ANR US PTBA IJ ACI US WHC AU 639 HK CLD US NHC AU 975 HK SAR SP
9.18% 8.66% 8.30% 8.07% 7.57% 5.12% 5.01% 4.52% 4.50% 3.53% 3.47% 3.47% 3.19% 2.88% 2.72% 2.46% 2.34% 2.29% 2.26% 1.73% 91.26% 8.74% 100.00%

Fund Domicile Breakdown

United States China Indonesia Australia South Africa Mongolia Singapore Philippines Japan
40.7% 24.7% 15.8% 7.9% 5.0% 2.3% 1.7% 1.5% 0.5%

Exxaro Resources Ltd. Yanzhou Coal Mining Co. Ltd. Adaro Energy Indo Tambangraya Megah Bumi Resources Alpha Natural Resources Inc. Tambang Batubara Bukit Asam Arch Coal Inc. Whitehaven Coal Ltd.

Fund Market Capitalization

Large (>5.0 B) Medium (1.0 - 5.0 B) Small (< 1.0 B)
55.8% 38.2% 6.0%

Shougang Fushan Resources Group Ltd. Cloud Peak Energy Inc. New Hope Corp. Ltd. Mongolian Mining Corp. Sakari Resources Ltd.

Subtotal Top 20 Remaining Constituents Total

For a complete listing of Constituents, please visit vaneck.com/KOL These are not recommendations to buy or sell any security.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 888.MKT.VCTR or visit vaneck.com/etf. Please read the prospectus and summary prospectus carefully before investing.
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.

The Fund is subject to various risks including those associated with making investments in companies engaged in the coal business such as changes in exchange rates, interest rates, government regulations, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business. Additional risks include worldwide energy price fluctuations, natural disasters, environmental damage claims and risks related to foreign investments. The Stowe Coal Index (SM) is a trademark of Stowe Global Indexes LLC and is licensed for use by Van Eck Associates Corporation in connection with Market Vectors Coal ETF (KOL). Market Vectors Coal ETF is not sponsored, endorsed, sold or promoted by Stowe Global Indexes LLC and Stowe Global Indexes LLC makes no representation regarding the advisability of investing in the product(s). The Stowe Coal Index (SM) is calculated and maintained by Standard & Poors Custom Indices. Van Ecks Market Vectors Coal ETF is not sponsored, endorsed, sold or promoted by Standard & Poors Custom Indices, and Standard & Poors Custom Indices makes no representation regarding the advisability of investing in such product(s). Van Eck Securities Corporation, Distributor
NOT FDIC INSURED - NO BANK GUARANTEED - MAY LOSE MONEY

FUND TICKER KOL

888.MKT.VCTR

VANECK.COM/KOL