UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number: 811-22125
 
 
JAVELIN EXCHANGE-TRADED TRUST
 
(Exact name of registrant as specified in charter)
 
 
33 Witherspoon Street, Suite 210
Princeton, NJ 04101
 
(Address of principal executive offices) (Zip code)
 
 
Brinton W. Frith
President
33 Witherspoon Street, Suite 210
Princeton, NJ 04101
 
(Name and address of agent for service)
 
Registrant’s telephone number, including area code: 1-609-356-0800
 
Date of fiscal year end:  December 31
 
Date of reporting period: September 30, 2009
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 ( § § 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C.  § 3507.
 
ITEM 1.  SCHEDULE OF INVESTMENTS.
 
JETS Dow Jones Islamic Market International Index Fund
Schedule of Investments
September 30, 2009 (Unaudited)

Number
of shares
     
Value
 
   
Common Stocks - 99.2%
 
   
Consumer Discretionary - 3.0%
 
   
Auto Components - 0.4%
 
  688  
Denso Corp.  
  $ 20,286  
               
     
Household Durables - 0.9%
 
  2,770  
Panasonic Corp., ADR  
    40,442  
               
     
Media - 0.2%
 
  374  
Reed Elsevier Plc, ADR  
    11,250  
               
     
Specialty Retail - 1.1%
 
  650  
Hennes & Mauritz AB  
    36,391  
  280  
Inditex S.A.  
    16,048  
            52,439  
               
     
Textiles, Apparel & Luxury Goods - 0.4%
 
  694  
Compagnie Financiere Richemont S.A.  
    19,583  
               
     
Total Consumer Discretionary
    144,000  
               
     
Consumer Staples - 1.9%
 
     
Household Products - 1.2%
 
  692  
Kao Corp.  
    17,158  
  800  
Reckitt Benckiser Group Plc  
    39,127  
            56,285  
               
     
Personal Products - 0.7%
 
  316  
L'Oreal S.A.  
    31,386  
               
     
Total Consumer Staples
    87,671  
               
     
Energy - 29.7%
 
     
Oil, Gas & Consumable Fuels - 29.7%
 
  5,306  
BG Group Plc  
    92,244  
  3,867  
BP Plc, ADR  
    205,840  
  524  
Cameco Corp.  
    14,567  
  704  
Canadian Natural Resources Ltd.  
    47,302  
  196  
CNOOC Ltd., ADR  
    26,544  
  990  
EnCana Corp.  
    57,034  
  1,926  
ENI SpA, ADR  
    96,011  
  4,690  
Gazprom OAO, ADR  
    109,043  
  344  
Imperial Oil Ltd.  
    13,082  
  570  
Lukoil OAO, ADR  
    30,894  
  1,168  
Origin Energy Ltd.  
    16,823  
  2,355  
Petroleo Brasileiro S.A., ADR  
    108,095  
  1,304  
Reliance Industries Ltd., GDR  (a)
    120,098  
  3,464  
Rosneft Oil Co., GDR  
    26,049  
  570  
Sasol Ltd., ADR  
    21,728  
  1,420  
StatoilHydro ASA, ADR  
    32,007  
  2,687  
Suncor Energy Inc.  
    92,863  
  4,750  
Surgutneftegaz, ADR  
    40,660  
  1,336  
Talisman Energy Inc.  
    23,166  
  3,075  
Total S.A., ADR  
    182,225  
  1,064  
Tullow Oil Plc  
    19,195  
  610  
Woodside Petroleum Ltd.  
    28,064  
            1,403,534  
               
     
Total Energy
    1,403,534  

   
Health Care - 18.0%
 
   
Biotechnology - 0.5%
 
  794  
CSL Ltd.  
    23,447  
               
     
Health Care Equipment & Supplies - 0.3%
 
  562  
Cie Generale d'Optique Essilor International S.A., ADR  
    15,944  
               
     
Pharmaceuticals - 17.2%
 
  610  
Astellas Pharma Inc.  
    25,140  
  2,152  
AstraZeneca Plc, ADR  
    96,732  
  864  
Daiichi Sankyo Co. Ltd.  
    17,881  
  3,680  
GlaxoSmithKline Plc, ADR  
    145,397  
  3,470  
Novartis AG, ADR  
    174,819  
  620  
Novo Nordisk A/S, ADR  
    39,029  
  1,005  
Roche Holding AG  
    162,230  
  3,030  
Sanofi-Aventis S.A., ADR  
    111,958  
  922  
Takeda Pharmaceutical Co. Ltd.  
    38,513  
            811,699  
               
     
Total Health Care
    851,090  
               
     
Industrials - 8.2%
 
     
Construction & Engineering - 0.4%
 
  548  
Larsen & Toubro Ltd., GDR  
    19,125  
               
     
Electrical Equipment - 2.9%
 
  3,078  
ABB Ltd., ADR  
    61,683  
  270  
Alstom S.A.  
    19,682  
  344  
Schneider Electric S.A.  
    34,826  
  276  
Vestas Wind Systems A/S  (b)
    19,929  
            136,120  
               
     
Industrial Conglomerates - 3.3%
 
  1,290  
Koninklijke Philips Electronics NV  
    31,424  
  1,333  
Siemens AG, ADR  
    123,916  
            155,340  
               
     
Machinery - 1.0%
 
  254  
Fanuc Ltd.  
    22,837  
  1,316  
Komatsu Ltd.  
    24,722  
            47,559  
               
     
Road & Rail - 0.6%
 
  616  
Canadian National Railway Co.  
    30,178  
               
     
Total Industrials
    388,322  
               
     
Information Technology - 14.7%
 
     
Communications Equipment - 3.8%
 
  6,674  
Nokia OYJ, ADR  
    97,574  
  630  
Research In Motion Ltd.  (b)
    42,556  
  3,984  
Telefonaktiebolaget LM Ericsson, ADR  
    39,920  
            180,050  

   
Electronic Equipment, Instruments & Components - 2.1%
 
  682   FUJIFILM Holdings Corp.      20,490  
  4,880  
HON HAI Precision Industry Co. Ltd., GDR  
    40,016  
  246  
Kyocera Corp., ADR  
    22,573  
  300   
SECOM Co. Ltd.  
    15,145  
            98,224  
               
     
IT Services - 0.8%
 
  752  
Infosys Technologies Ltd., ADR  
    36,464  
               
     
Office Electronics - 1.3%
 
  1,540  
Canon Inc., ADR  
    61,585  
               
     
Semiconductors & Semiconductor Equipment - 5.5%
 
  385  
Samsung Electronics Co. Ltd., GDR
    131,285  
  11,853  
Taiwan Semiconductor Manufacturing Co. Ltd., ADR  
    129,909  
            261,194  
               
     
Software - 1.2%
 
  1,162  
SAP AG, ADR  
    56,787  
               
     
Total Information Technology
    694,304  
               
     
Materials - 17.7%
 
     
Chemicals - 4.5%
 
  346  
Air Liquide S.A.  
    39,322  
  1,224  
BASF SE  
    64,784  
  164  
K&S AG  
    8,939  
  390  
Potash Corp. of Saskatchewan Inc.  
    35,233  
  542  
Shin-Etsu Chemical Co. Ltd.  
    33,415  
  626  
Syngenta AG, ADR  
    28,765  
            210,458  
               
     
Metals & Mining - 13.2%
 
  212  
Agnico-Eagle Mines Ltd.  
    14,384  
  3,598  
Anglo American Plc, ADR  
    57,136  
  470  
AngloGold Ashanti Ltd., ADR  
    19,157  
  1,224  
ArcelorMittal  
    45,459  
  1,156  
Barrick Gold Corp.  
    43,812  
  2,468  
BHP Billiton Ltd., ADR  
    162,913  
  1,707  
BHP Billiton Plc, ADR  
    94,056  
  472  
Cia Siderurgica Nacional S.A., ADR  
    14,443  
  980  
Goldcorp Inc.  
    39,563  
  792  
Impala Platinum Holdings Ltd.  
    18,291  
  932  
Kinross Gold Corp.  
    20,224  
  638  
Newcrest Mining Ltd.  
    17,962  
  370  
POSCO, ADR  
    38,458  
  1,668  
Vale S.A., ADR  
    38,581  
            624,439  
               
     
Total Materials
    834,897  
               
     
Telecommunication Services - 5.1%
 
     
Diversified Telecommunication Services- 0.9%
 
  1,660  
China Unicom Hong Kong Ltd., ADR  
    23,638  
  9,250  
Singapore Telecommunications Ltd.  
    21,335  
            44,973  

   
Wireless Telecommunication Services - 4.2%
 
  1,030  
America Movil S.A.B. de C.V., ADR  
    45,145  
  1,475  
China Mobile Ltd., ADR  
    72,437  
  4  
KDDI Corp.  
    22,606  
  1,414  
MTN Group Ltd.  
    22,794  
  2,150  
NTT DoCoMo Inc., ADR  
    34,099  
            197,081  
               
     
Total Telecommunication Services
    242,054  
               
     
Utilities - 0.9%
 
     
Electric Utilities - 0.9%
 
  366  
EDF S.A.  
    21,688  
  1,216  
Scottish & Southern Energy Plc  
    22,813  
            44,501  
               
     
Total Utilities
    44,501  
               
     
Total Common Stocks
       
     
(Cost $4,072,102)
    4,690,373  
     
Total Investments-99.2%
       
     
(Cost $4,072,102) (c)
  $ 4,690,373  
     
Other assets, less cash and liabilities-0.8%
    36,505  
     
Net Assets-100.0%
  $ 4,726,878  
   

 
(a) Security is exempt from registration under Rule 144A under the Securities Act of 1933.  This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.  This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted.
 
(b) Non-income producing security.
 
(c) At September 30, 2009, the aggregate cost of investments for Federal income tax purposes was $4,072,102. The net  unrealized appreciation was $618,271, which consisted of aggregate gross unrealized appreciation of $635,428
and aggregate gross unrealized depreciation of $17,157.
 
ADR
-
American Depositary Receipt
GDR
-
Global Depositary Receipt
 
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
 
 
 
Fair Value of Financial Instruments
 
The Fund has adopted Accounting Standards Codification 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows:
 
Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
 
Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs.)
 
Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.
 
In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in it entirety.
 
The following table summarizes the valuation of the Fund’s securities at September 30, 2009 using the fair value hierarchy:

   
Quoted Prices
   
Significant
             
   
in Active Markets
   
Other
   
Significant
   
 
 
   
for Identical
   
Observable
   
Unobservable
       
   
Investments
   
Inputs
   
Inputs
    Value at  
Category  
(Level 1)
   
(Level 2)
    (Level 3)     9/30/2009  
Consumer Discretionary
  $ 144,000     $ -     $ -     $ 144,000  
Consumer Staples
    87,671       -       -       87,671  
Energy
    1,403,534       -       -       1,403,534  
Health Care
    851,090       -       -       851,090  
Industrials
    388,322       -       -       388,322  
Information Technology
    694,304       -       -       694,304  
Materials
    834,897       -       -       834,897  
Telecommunication Services         
    242,054       -       -       242,054  
Utilities
    44,501       -       -       44,501  
Total
  $ 4,690,373     $ -     $ -     $ 4,690,373  
 
Susbequent Events
 
The Adviser has evaluated events and transactions for potential recognition or disclosure through November 20, 2009.  This evaluation did not result in any subsequent events that necessitated additional disclosure and/or adjustments.
 
ITEM 2. CONTROLS AND PROCEDURES.
 
(a) The registrant’s principal executive and financial officers have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”), are effective, as of a date within 90 days of the filing date of this Form N-Q, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
 
(b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
 
 
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto.
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Registrant: Javelin Exchange-Traded Trust
 
By:  /s/ Brinton W. Frith  
Brinton W. Frith
President (Principal Executive Officer)
Date:   November 20, 2009
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:  /s/ Brinton W. Frith       
Brinton W. Frith
President (Principal Executive Officer)
Date:   November 20, 2009
 
By: /s/ Brinton W. Frith   
Brinton W. Frith
Treasurer (Principal Financial Officer)
Date:   November 20, 2009
 
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