SEMI-ANNUAL REPORT June 30, 2011 (unaudited) MARKET VECTORS INTERNATIONAL ETFs AFK BRF PEK COLX EGPT Africa Index Brazil ETF Small-Cap ETF China ETF Colombia ETF Egypt Index ETF GERJ MES SCIF IDX LATM Germany Gulf States India Indonesia Latin America Small-Cap ETF Index ETF Small-Cap Index ETF Index ETF Small-Cap Index ETF PLND RSX RSXJ VNM Poland Russia Russia Vietnam ETF ETF Small-Cap ETF ETF MARKET VECTORS SPECIALTY ETFs EVX BJK Environmental Gaming Services ETF ETF MARKET VECTORS INTERNATIONAL/SPECIALTY ETFs Management Discussion 1 Fund Review Africa Index ETF (AFK) 3 Brazil Small-Cap Index ETF (BRF) 6 China ETF (PEK) 9 Colombia ETF (COLX) 12 Egypt Index ETF (EGPT) 15 Germany Small-Cap ETF (GERJ) 18 Gulf States Index ETF (MES) 21 India Small-Cap Index ETF (SCIF) 24 Indonesia Index ETF (IDX) 27 Latin America Small-Cap Index ETF (LATM) 31 Poland ETF (PLND) 34 Russia ETF (RSX) 37 Russia Small-Cap ETF (RSXJ) 41 Vietnam ETF (VNM) 44 Environmental Services ETF (EVX) 47 Gaming ETF (BJK) 50 Performance Comparison Africa Index ETF (AFK) 5 Brazil Small-Cap Index ETF (BRF) 8 China ETF (PEK) 11 Colombia ETF (COLX) 14 Egypt Index ETF (EGPT) 17 Germany Small-Cap ETF (GERJ) 20 Gulf States Index ETF (MES) 23 India Small-Cap Index ETF (SCIF) 26 Indonesia Index ETF (IDX) 30 Latin America Small-Cap Index ETF (LATM) 33 Poland ETF (PLND) 36 Russia ETF (RSX) 40 Russia Small-Cap ETF (RSXJ) 43 Vietnam ETF (VNM) 46 Environmental Services ETF (EVX) 49 Gaming ETF (BJK) 52 Explanation of Expenses 54 Schedule of Investments Africa Index ETF (AFK) 56 Brazil Small-Cap Index ETF (BRF) 58 China ETF (PEK) 60 Colombia ETF (COLX) 61 Egypt Index ETF (EGPT) 62 Germany Small-Cap ETF (GERJ) 63 Gulf States Index ETF (MES) 65 India Small-Cap Index ETF (SCIF) 67 Indonesia Index ETF (IDX) 69 Latin America Small-Cap Index ETF (LATM) 71 Poland ETF (PLND) 74 Russia ETF (RSX) 75 Russia Small-Cap ETF (RSXJ) 77 Vietnam ETF (VNM) 79 Environmental Services ETF (EVX) 81 Gaming ETF (BJK) 83 Statements of Assets and Liabilities 86 Statements of Operations 90 Statements of Changes in Net Assets 94 Financial Highlights Africa Index ETF (AFK) 101 Brazil Small-Cap Index ETF (BRF) 101 China ETF (PEK) 102 Colombia ETF (COLX) 102 Egypt Index ETF (EGPT) 103 Germany Small-Cap ETF (GERJ) 103 Gulf States Index ETF (MES) 104 India Small-Cap Index ETF (SCIF) 104 Indonesia Index ETF (IDX) 105 Latin America Small-Cap Index ETF (LATM) 105 Poland ETF (PLND) 106 Russia ETF (RSX) 106 Russia Small-Cap ETF (RSXJ) 107 Vietnam ETF (VNM) 107 Environmental Services ETF (EVX) 108 Gaming ETF (BJK) 108 Notes to Financial Statements 109 Approval of Investment Management Agreement 117 The information contained in these shareholder letters represent the opinions of Van Eck Global and may differ from other persons. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’ performance, and the views of Van Eck Global are as of June 30, 2011, and are subject to change. MARKET VECTORS INTERNATIONAL/SPECIALTY ETFs Dear Shareholder: This semi-annual report for the international and specialty equity funds of the Market Vectors ETF Trust (the “Trust”) covers a period of high volatility in the equity markets. Global equities broadly were resilient during the semi-annual period despite a deluge of unfavorable news, including the development of a soft patch in the U.S. economy, ongoing sovereign debt crises in Europe and the looming expiration of the Federal Reserve Board’s quantitative easing program, known as QE2, at the end of June 2011. Additional challenges came from exogenous shocks, such as political turmoil in the Middle East and North Africa, which heightened volatility in the energy sector. Also, the impact of the devastating earthquake and tsunami in Japan reverberated across the international equity markets, leading to supply chain disruptions in global industrial and technology sectors. Despite a backdrop of negative sentiment driven by these conditions, corporate earnings momentum generally remained positive, supporting moderate gains for developed market equities. In contrast, emerging market equities generally were weaker, beset by heightened inflationary pressures with concomitant tighter monetary policy. As conditions shifted markedly within the financial markets during the six months ended June 30, 2011, Van Eck Global continued to enhance the array of exchange-traded funds we offer our shareholders. During the semi-annual period, three new equity investment opportunities in the Market Vectors ETF family commenced operations — Colombia ETF, Germany Small-Cap ETF and Russia Small-Cap ETF. Investors also added significantly to the Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) as a diversification to fixed income portfolios. While absolute returns of several of the equity funds of the Trust were disappointing during the semi- annual period, each of the Market Vectors ETF Trust international and specialty equity funds met its objective of tracking, as closely as possible, before fees and expenses, the performance of its benchmark index. Since the first ETF within the Market Vectors ETF Trust was introduced in May 2006, total assets under management in the 26 equity funds of the Trust grew to more than $21.7 billion as of June 30, 2011. Even during a challenging period such as the six months ended June 30, 2011, total assets under management in the 26 equity funds of the Trust grew by more than 14%. Clearly, our shareholders recognize that the market continues to be filled with new investment opportunity, even as economic indicators remain mixed. We believe such demand also serves as testament to our shareholders’ confidence in the potential diversification benefits ETFs can provide to an investment portfolio over the long term. The continued enthusiasm for ETFs in general, and for Market Vectors ETFs in particular, further demonstrates the persistent interest in these types of investment vehicles on the part of individual investors and financial professionals alike. These products have enabled investors of all types to find new and exciting sector allocation solutions as well as innovative ways to trade, hedge or invest in specialized segments of the market that have remained largely untapped to date. On the following pages, you will find a brief review of each of the Trust’s international and specialty equity funds as well as their performance for the six-month period ended June 30, 2011. You will, of course, also find the financial statements and portfolio information for each. 1 MARKET VECTORS INTERNATIONAL/SPECIALTY ETFs We value your ongoing confidence in us and look forward to helping you meet your investment goals in the future. Jan F. van Eck Trustee and President Market Vectors ETF Trust July 20, 2011 Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. 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. 2 MARKET VECTORS AFRICA INDEX ETF Market Vectors Africa Index ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones Africa Titans 50 IndexSM 1 (DJAFKT). As of June 30, 2011, DJAFKT represented 51 publicly traded companies. Fund Review For the six months ended June 30, 2011 (the “period”), the Fund declined 6.60%, while DJAFKT fell 6.20%.2 The Fund offers investors convenient pure play access to Africa, a continent with abundant natural resources, strengthening capital markets and an improving economic and political environment. Importantly, Africa has also become a growing exporter to China. During the period, Africa’s equity markets lagged both the emerging equity markets and the developed international equity markets overall. The largest economy on the continent — and the nation where the Fund has its greatest weighting — is South Africa. South Africa’s equity market struggled during the period, as the nation’s economy failed to generate the necessary growth to diminish a 25% unemployment rate. While South Africa increased its non-farm labor force by 47,000 in the first quarter of 2011, its National Treasury calculates that the country will need a 7% annual growth rate over the next decade to meet the government’s goal of creating five million jobs and bringing down unemployment to 15% by 2020. The economy expanded 4.8% in the first quarter of 2011 year-over-year. On the positive side, South Africa got a vote of confidence early in the period from independent ratings firm Fitch in the form of a ratings upgrade due to the strength the country showed coming out of the economic downturn. The Fund was also impacted, of course, by Egypt, the third heaviest African weighting in the Fund at June 30, 2011. Headline-making political unrest in Egypt led its equity market to close for several weeks during the period and to generate double-digit declines for the period overall. While the International Monetary Fund (IMF) acknowledges that economic growth has been recovering more gradually in the region’s middle-income countries, including South Africa, it continued to state even in late June 2011 that sub- Saharan Africa’s recovery from the crisis-induced slowdown is well under way.