MARKET VECTORS US LISTED SEMICONDUCTOR 2

This benchmark index is a rules-based index intended to track the overall performance of 25 of the largest U.S. listed, publicly traded semiconductor companies.

MARKET VECTORS SEMICONDUCTOR ETF

The Semiconductor HOLding Company Depositary ReceiptS or HOLDRS trust was formed under the depositary trust agreement, dated as of April 24, 2000 among The Bank of New York, as trustee, Merrill Lynch, Pierce, Fenner & Smith Incorporated, other depositors and the owners of the Semiconductor HOLDRS, and was amended on November 22, 2000. The trust is not a registered investment company under the Investment Company Act of 1940. The trust currently holds shares of common stock issued by a group of specified companies that were, at the time of the initial offering, generally considered to be involved in various aspects of the semiconductor business. Companies involved in the semiconductor industry develop, manufacture and market integrated circuitry and other products made from semiconductors, which allow for increased speed and functionality in components for computers and other electronic devices. The number of shares of each company`s common stock currently held by the trust with respect to each round-lot of Semiconductor HOLDRS is specified under Highlights of Semiconductor HOLDRS -- The Semiconductor HOLDRS. This group of common stocks, and the securities of any company that may be added to Semiconductor HOLDRS, are collectively referred to in this prospectus as the underlying securities. There are currently 20 companies included in Semiconductor HOLDRS, which may change as a result of reconstitution events, distributions of securities by underlying issuers or other events. The Semiconductor HOLDRS are separate from the underlying securities that are represented by the Semiconductor HOLDRS. On February 14, 2004 there were 40,049,000 Semiconductor HOLDRS outstanding.

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