SEC Division of Investment Management staff letter: Market Vectors ETF Trust, et al.

1095 Avenue of the Americas
New York, NY 10036-6797 Dechert +1 212 698 3500 Main +1 212 698 3599 Fax LLP www.dechert.com STUART STRAUSS stuart.strauss@dechert.com +1 212 698 3529 Direct +1 212 698 0452 Fax March 19,2012 Elizabeth G. Ostennan, Esq.

Associate Director, Office of the Associate Director (Exemptive Applications and Special

Projects)

Division of Investment Management

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re: Request of Market Vectors ETF Trust for No-Action Relief Dear Ms. Ostennan:
SUMMARY OF REQUEST FOR RELIEF
We are writing on behalf of Market Vectors ETF Trust ("Trust") and Market Vectors Bank and Brokerage ETF ("Bank and Brokerage ETF"), Market Vectors Biotech ETF ("Biotech ETF"), Market Vectors Oil Services ETF ("Oil Services ETF"), Market Vectors Pharmaceutical ETF ("Pharmaceutical ETF"), Market Vectors Retail ETF ("Retail ETF") and Market Vectors Semiconductor ETF ("Semiconductor ETF"), each a separate investment portfolio of the Trust (each a "Fund" and, collectively, the "Funds" and, together with the Trust, "Applicants"). Applicants hereby seek your assurance that you will not recommend that the Securities and Exchange Commission ("Commission") take any enforcement action against the Funds or the Trust under Sections 2(a)(32), 5(a)(1), 17(a), 22(d) and 22(e) of the Investment Company Act of 1940, as amended ("1940 Act"), and Rule 22c-l under the 1940 Act as a result of the Funds' exchange offers described herein (collectively, the "Offer").) This letter is divided into six parts. Part I includes a description of the Offer, Part II is a description of the Trust and the Funds, Part III is a description of the HOLDRS Trusts (as defined 1 This letter has been prepared to confinn the oral no-action relief provided by Elizabeth G. Ostennan, Esq. to Stuart M. Strauss, Esq. and Allison M. Fumai, Esq. of Dechert LLP on November 9, 2011. In addition, we have not requested, and we are not receiving, any assurances other than those expressly requested in this letter. 16793183.15 US Austin Boston Charlotte Hartford Los Angeles New York Orange County Philadelphia Princeton San Francisco Silicon Valley Washington DC EUROPE Brussels Dublin Frankfurt London Luxembourg Moscow Munich Paris ASIA Beijing Hong Kong