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•
Daily and historical fund pricing, fund returns, portfolio holdings and characteristics, and distribution history.
   
•
Investor guides and fund fact sheets.
   
•
Regulatory documents including a prospectus and copies of shareholder reports.
 
Guggenheim Funds Distributors, LLC is constantly updating and expanding shareholder information services on each Fund’s website, in an ongoing effort to provide you with the most current information about how your Fund’s assets are managed, and the results of our efforts. It is just one more small way we are working to keep you better informed about your investment.
 
Contents
    
     
Dear Shareholder
3
  
     
Economic and Market Overview
4
  
     
Management Discussion of Fund Performance
6
  
     
Performance Report and Fund Profile
14
  
     
About Shareholders’ Fund Expenses
20
  
     
Schedule of Investments
21
  
     
Statement of Assets and Liabilities
36
  
     
Statement of Operations
38
  
     
Statements of Changes in Net Assets
40
  
     
Financial Highlights
43
  
     
Notes to Financial Statements
49
  
     
Supplemental Information
55
  
     
Trust Information
59
  
     
About the Trust Adviser
Back Cover
  

 
 
 

February 28, 2015
 
DEAR SHAREHOLDER
 
Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for several of our exchange-traded funds (“ETFs” or “Funds”). This report covers performance of the Funds for the semiannual fiscal period ended February 28, 2015.
 
The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global diversified financial services firm.
 
Guggenheim Funds Distributors, LLC, the distributor of the Funds, is committed to providing investors with innovative investment solutions. We have built on the investment management strengths of Guggenheim Investments and worked with a diverse group of index providers to create some of the most distinctive ETFs available.
 
To learn more about economic and market conditions over the last year and the objective and performance of each ETF, we encourage you to read the Economic and Market Overview section of the report, which follows this letter, and the Management Discussion of Fund Performance for each ETF, which begins on page 6.
 
Sincerely,
 
 
Donald Cacciapaglia
President, Chief Executive Officer and Trustee
Claymore Exchange-Traded Fund Trust 2
 
March 31, 2015
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 3

 
 
 

ECONOMIC AND MARKET OVERVIEW
February 28, 2015
 
The U.S. continued to enjoy a self-sustaining economic expansion for the six months ended February 28, 2015, although winter weather is likely to distort first-quarter economic data. Job gains have continued to be strong, as the U.S. added 260,000 jobs per month on average in 2014. Employment levels have entered an expansion phase, which typically coincides with an acceleration in economic activity. Lower energy prices are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.
 
Nonetheless, a harsh winter in much of the U.S. has weighed on home sales, and news of port strikes and weak economic reports began to spook investors as the first quarter of 2015 progressed. A similar economic soft patch in early 2014 proved temporary, however, and the economy quickly regained momentum upon the arrival of the spring thaw. This year, an improving labor market, subdued mortgage rates, and tight housing inventory all continue to point to fairly stable appreciation in the housing market which is key to the ongoing recovery.
 
In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and the continued depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term. Lower oil prices and oversupply reflect weak global demand, particularly in Europe and Asia. With the OPEC oil cartel unlikely to cut production, and the U.S. rig count not being cut enough to curb production, oil prices are likely to range between $40 and $50 a barrel for the next year and may take several years to recover back to a $70 range.
 
Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, stocks could face a more challenging environment in the near term, and the perception of weakness in the economy could be the catalyst for interest rates to fall. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.
 
Against this backdrop, the U.S. central bank appears ready to raise its key rate, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the U.S. Federal Reserve (Fed) may not hike until much later in the year. The Fed for now appears to be focused on wage growth, which is key for sustaining the expansion but also an indicator of inflationary pressure. Wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.
 
The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.
 
For the six months ended February 28, 2015, the Standard & Poor’s 500® (“S&P 500”) Index returned 6.12%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index returned -1.26%. The return of the MSCI Emerging Markets Index was -8.30%.
 
In the bond market, the Barclays U.S. Aggregate Bond Index posted a 2.25% return for the period, while the Barclays U.S. Corporate High Yield Index returned -0.08%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index was 0.01% for the six-month period.
 
The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.
 
4 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

February 28, 2015
 
Index Definitions
All indices described below are unmanaged and reflect no expenses. It is not possible to invest directly in any index.
 
The Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
 
The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”).
 
The Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.
 
The Dow Jones Global Utilities Index includes those companies in the Dow Jones Global Index associated with generating and distributing electricity through the burning of fossil fuels such as coal, petroleum and natural gas, and through nuclear energy; alternative electricity companies generating and distributing electricity from a renewable source; distributors of gas to end users; and multi-utility and water companies.
 
The MSCI (Morgan Stanley Capital International) China Index is a capitalization-weighted index that measures the performance of large- and mid-cap securities in the Chinese equity markets and includes representation across China H shares, B shares, Red chips and P chips.
 
The MSCI EAFE Index is a capitalization weighted measure of stock markets in Europe, Australasia and the Far East.
 
The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.
 
The MSCI World Index measures performance from a diverse range of global stock markets, including the U.S., Canada, Europe, Australia, New Zealand, and the Far East.
 
The Standard and Poor’s 500 Index (S&P 500®) is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity and industry group representation.
 
The Standard & Poor’s Global BMI (Broad Market Index), which comprises the S&P Developed BMI and S&P Emerging BMI, is a comprehensive, rules-based index measuring global stock market performance.
 
The FTSE EPRA/NAREIT Global Real Estate Index is an unmanaged portfolio of approximately 423 constituents from 37 countries, including both developed and emerging markets.
 
Industry Sectors
Comments about industry sectors in these fund commentaries are based on Bloomberg industry classifications.
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 5

 
 
 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE
February 28, 2015
 
YAO Guggenheim China All-Cap ETF
 
Fund Overview
The Guggenheim China All-Cap ETF, NYSE Arca ticker: YAO (the “Fund”) seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the AlphaShares China All-Cap Index (the “Index”).
 
The Index is designed to measure and monitor the performance of the investable universe of publicly-traded companies based in mainland China. The Index was created by AlphaShares, LLC (“AlphaShares”) and is maintained by Standard & Poor’s. The Index includes equity securities of companies of all capitalizations, as defined by AlphaShares, subject to certain minimum capitalization requirements. The Fund will invest at least 80% of its total assets in common stock, American depositary receipts (“ADRs”), American depositary shares (“ADSs”), global depositary receipts (“GDRs”), and international depositary receipts (“IDRs”) that comprise the Index and depositary receipts or shares representing common stocks included in the Index (or underlying securities representing ADRs, ADSs, GDRs, and IDRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
 
Fund Performance
All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. This report discusses the semiannual fiscal period ended February 28, 2015.
 
On a market price basis, the Fund generated a total return of 2.00%, which included a decrease in market price over the period to $28.43 as of February 28, 2015, from $28.52 as of August 31, 2014. On an NAV basis, the Fund generated a total return of 1.72%, which included a decrease in NAV over the period to $28.39 as of February 28, 2015, from $28.56 as of August 31, 2014. At the end of the period, the Fund’s shares were trading at a market price premium to NAV, which is to be expected from time to time. NAV performance data reflects fees and expenses of the Fund.
 
For comparison, the Index returned 1.43% and the MSCI China Index returned 5.93% for the same period.
 
The Fund made an annual income distribution of $0.6450 per share on December 31, 2014, to shareholders of record on December 29, 2014.
 
Performance Attribution
For the six-month period ended February 28, 2015, the financial sector contributed most to the Fund’s return, followed by the industrial sector. The energy sector detracted most from return, followed by the communications sector.
 
Positions that contributed most to the Fund’s return included China Life Insurance Co. Ltd., which offers a wide range of life, accident, and health insurance products and services; Hanergy Thin Film Power Group Ltd., which offers equipment and end-to-end manufacturing lines for the mass production of thin film silicon solar modules; and Bank of China Ltd., which provides a complete range of banking and other financial services to individual and corporation customers worldwide (3.2%, 1.1%, and 3.9%, respectively, of the Fund’s long-term investments at period end).
 
Positions that detracted most from the Fund’s return included CNOOC Ltd., ADR, a producer of oil and natural gas; Alibaba Group Holdings Ltd., ADR, which operates as a holding company that provides internet infrastructure, e-commerce, online financial, and internet content services through its subsidiaries; and PetroChina Co. Ltd., which explores, develops, and produces crude oil and natural gas (2.3%, 3.1%, and 2.4%, respectively, of the Fund’s long-term investments at period end).
 
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued
February 28, 2015
 
CQQQ Guggenheim China Technology ETF
 
Fund Overview
The Guggenheim China Technology ETF, NYSE Arca ticker: CQQQ (the “Fund”) seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the AlphaShares China Technology Index (the “Index”).
 
The Index is designed to measure and monitor the performance of the universe of publicly-traded companies which are based in mainland China, Hong Kong, or Macau, are in the Information Technology Sector, as defined by Standard & Poor’s Global Industry Classification Standard, and are open to foreign investment. The Index was created by AlphaShares, LLC (“AlphaShares”) and is maintained by Standard & Poor’s. The Index includes equity securities of companies of all categories of market capitalizations, as defined by AlphaShares (subject to certain minimum capitalization requirements).
 
The Index may include Hong Kong-listed securities, including China H-shares and Red Chips. China H-shares are issued by companies incorporated in mainland China and listed on the Hong Kong Stock Exchange. Red Chip shares are issued by companies with controlling Chinese shareholders that are incorporated outside mainland China and listed on the Hong Kong Stock Exchange. The Index may also include N-shares, which are issued by companies based in mainland China and listed on the NYSE Arca, Inc. or NASDAQ Stock Market. The Index does not include China A-Shares (which are subject to substantial restrictions on foreign investment) or China B-Shares (which offer a generally smaller market and limited liquidity), each of which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
 
The Fund will invest at least 80% of its total assets in common stock, American depositary receipts (“ADRs”), American depositary shares (“ADSs”), global depositary receipts (“GDRs”), and international depositary receipts (“IDRs”) that comprise the Index and depositary receipts or shares representing common stocks included in the Index (or underlying securities representing ADRs, ADSs, GDRs, and IDRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
 
Fund Performance
All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. This report discusses the semiannual fiscal period ended February 28, 2015.
 
On a market price basis, the Fund generated a total return of -4.53%, which included a decrease in market price over the period to $35.81 as of February 28, 2015, from $37.88 as of August 31, 2014. On an NAV basis, the Fund generated a total return of -5.04%, which included a decrease in NAV over the period to $35.80 as of February 28, 2015, from $38.09 as of August 31, 2014. At the end of the period, the Fund’s shares were trading at a market price premium to NAV, which is to be expected from time to time. NAV performance data reflects fees and expenses of the Fund.
 
For comparison, the Index returned -5.15% and the MSCI China Index returned 5.93% for the same period.
 
The Fund made an annual income distribution of $0.3450 per share on December 31, 2014, to shareholders of record on December 29, 2014.
 
Performance Attribution
For the six-month period ended February 28, 2015, the technology sector contributed most to the Fund’s return, followed by the industrial sector. The communications sector and energy sector detracted most from the Fund’s return.
 
Positions that contributed most to the Fund’s return included Hanergy Thin Film Power Group Ltd., which offers equipment and end-to-end manufacturing lines for the mass production of thin film silicon solar modules; NetEase, Inc., ADR, a Chinese internet company; and Tencent Holdings Ltd., which provides Internet, mobile and telecommunication value-added services in China (6.6%, 5.8%, and 12.0%, respectively, of the Fund’s long-term investments at period end).
 
Positions that detracted most from the Fund’s return included Qihoo 360 Technology Company Ltd., ADR, an Internet security service provider; Alibaba Group Holdings Ltd., ADR, which operates as a holding company that provides internet infrastructure, e-commerce, online financial, and internet content services through its subsidiaries; and GCL-Poly Energy Holdings Ltd., which provides power and heat via cogeneration, incineration and wind power (3.1%, 6.1%, and 2.7%, respectively, of the Fund’s long-term investments at period end).
 
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued
February 28, 2015
 
EMRE Guggenheim Emerging Markets Real Estate ETF
 
Fund Overview
The Guggenheim Emerging Markets Real Estate ETF, NYSE Arca ticker: EMRE (the “Fund”) seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the AlphaShares Emerging Markets Real Estate Index (the “Index”). EMRE invests in publicly-traded emerging markets real estate securities that seek to benefit from the growth of the real estate industry across nearly two dozen emerging market countries and the income typically generated by real estate investments.
 
The Index is designed to measure and monitor the performance of the investable universe of publicly-traded companies and real estate investment trusts (REITs) deriving a majority of their revenues from real estate development, management, and/or ownership of property in the countries of the S&P BMI Emerging Markets Index. The S&P Emerging BMI captures all companies domiciled in the emerging markets within the S&P Global BMI with a float-adjusted market capitalization of at least $100 million and a minimum annual trading liquidity of $50 million. The index is segmented by country/region, size (large, mid, and small), style (value and growth), and GICS (sectors/industry groups).
 
A substantial portion of the Index may consist of the securities of Chinese issuers. The Index may include Hong Kong listed securities, including China H-shares (which are issued by companies incorporated in mainland China), Red Chip shares (which are issued by companies with controlling Chinese shareholders that are incorporated outside mainland China), and N-Shares (which are issued by companies based in mainland China and listed on the NYSE Arca or NASDAQ). The Index will not include China A-Shares or China B-Shares, each of which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
 
The Fund will invest at least 80% of its total assets in common stocks, American depositary receipts (“ADRs”), American depositary shares (“ADSs”), global depositary receipts (“GDRs”), and international depositary receipts (“IDRs”) that comprise the Index and depositary receipts representing common stocks included in the Index (or underlying securities representing the ADRs, ADSs, GDRs, and IDRs included in the Index).
 
Fund Performance
All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. This report discusses the abbreviated semiannual fiscal period beginning at the Fund’s inception of September 29, 2014, through February 28, 2015.
 
On a market price basis, the Fund generated a total return of -0.07%, which included a decrease in market price over the period to $24.61 on February 28, 2015, from $25.00 at inception. On an NAV basis, the Fund generated a total return of 1.80%, which included an increase in NAV over the period to $25.07 on February 28, 2015, from $24.99 at inception. At the end of the period the Fund’s shares were trading at a market price discount to NAV, which is to be expected from time to time. NAV performance data reflects fees and expenses of the Fund.
 
For comparison, the Index returned 5.45% since inception. There were a number of factors that contributed to the underperformance of the NAV return vs. the Index. These factors included complexities with investing the initial proceeds of the fund, the relatively small asset size of the fund and the lack of liquidity of certain securities held within the Index. The FTSE EPRA/NAREIT Global Real Estate Index returned 11.21 % since inception.
 
The Fund made its first quarterly income distribution of $0.3580 per share on December 31, 2014, to shareholders of record on December 29, 2014.
 
Performance Attribution
For the abbreviated semiannual fiscal period ended February 28, 2015, the financial sector composed 96% of the Fund and accounted for most of the Fund’s performance. The industrial sector was a small detractor.
 
Positions that contributed most to the Fund’s return included China Resources Land Ltd., which through its subsidiaries develops and invests in properties; China Overseas Land & Investment Ltd., which through its subsidiaries develops and invests in properties, constructs buildings, and invests in treasury securities and infrastructure projects; and China Vanke Co. Ltd., a property development company (3.4%, 5.1%, and 2.0%, respectively, of the Fund’s long-term investments at period end).
 
Positions that detracted most from the Fund’s return included BR Malls Participacoes SA, a service provider for Brazilian shopping malls; Fibra Uno Administracios SA De CV, a real estate investment trust focusing on Mexican properties; and BR Properties SA, a Brazilian real estate acquirer, manager, and developer (2.1%, 3.5%, and 0.6%, respectively, of the Fund’s long-term investments at period end).
 
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued
February 28, 2015
 
TAN Guggenheim Solar ETF
 
Fund Overview
The Guggenheim Solar ETF, NYSE Arca ticker: TAN (the “Fund”) seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the MAC Global Solar Energy Index (the “Index”).
 
As of February 28, 2015, the Index is comprised of approximately 26 securities selected based on the relative importance of solar power within the company’s business model, as determined by MAC Indexing LLC (the “Index Provider”). As of such date, the median market capitalization of securities included in the Index was $400 million. The Index is designed to track companies within the following business segments of the solar energy industry: companies that produce solar power equipment and products for end users; companies that produce fabrication products (such as the equipment used by solar cell and module producers to manufacture solar power equipment) or services (such as companies specializing in the solar cell manufacturing or the provision of consulting services to solar cell and module producers) for solar power equipment producers; companies that supply raw materials or components to solar power equipment producers or integrators; companies that derive a significant portion of their business (as defined in the Fund prospectus under “Index Methodology”) from solar power system sales, distribution, installation, integration, or financing; and companies that specialize in selling electricity derived from solar power. The Index is generally comprised of equity securities, including American depositary receipts (“ADRs”), and global depositary receipts (“GDRs”), traded in developed markets, as defined by the Index Provider. While the equity securities comprising the Index are traded in developed markets, the issuers of such securities may be located in emerging markets. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. The Fund will invest at least 90% of its total assets in common stock, ADRs and GDRs that comprise the Index and depositary receipts representing common stocks included in the Index (or underlying securities representing ADRs and GDRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Fund will concentrate its investments (i.e., hold 25% or more of its assets) in a particular industry or group of industries to the extent the Index is so concentrated.
 
Fund Performance
All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. This report discusses the semiannual fiscal period ended February 28, 2015.
 
On a market price basis, the Fund generated a total return of -7.25%, which included a decrease in market price over the period to $39.50 as of February 28, 2015, from $43.39 as of August 31, 2014. On an NAV basis, the Fund generated a total return of -7.86%, which included a decrease in NAV over the period to $39.42 as of February 28, 2015, from $43.58 as of August 31, 2014. At the end of the period, the Fund’s shares were trading at a market price premium to NAV, which is to be expected from time to time. NAV performance data reflects fees and expenses of the Fund.
 
For comparison, the Index returned -8.84% and the MSCI World Index returned 2.14% for the same period.
 
The Fund made an annual income distribution of $0.6400 per share on December 31, 2014, to shareholders of record on December 29, 2014.
 
Performance Attribution
The Fund’s holdings are mostly in the energy, technology, and industrial sectors. The technology sector contributed most to the Fund’s return for the six-month period ended February 28, 2015, followed by the utilities sector. The energy sector detracted most from return, followed by the industrial sector.
 
Positions that contributed most to the Fund’s return included Hanergy Thin Film Power Group Ltd., which offers equipment and end-to-end manufacturing lines for the mass production of thin film silicon solar modules; Advanced Energy Industries, Inc., which develops power and control technologies for the manufacture of semiconductors, flat panel displays, data storage products, solar cells, and architectural glass; and TerraForm Power, Inc., an owner and operator of technological advanced solar installations (15.6%, 3.2%, and 3.7%, respectively, of the Fund’s long-term investments at period end).
 
Positions that detracted most from the Fund’s return included GT Advanced Technologies, Inc., a provider of crystal growth equipment (not held at period end); GCL-Poly Energy Holdings Ltd., which provides power and heat via cogeneration, incineration, and wind power (5.6% of the Fund’s long-term investments at period end); and Shunfeng International Clean Energy Ltd., which develops and operates solar power plants (3.0% of the Fund’s long-term investments at period end).
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 9

 
 
 

MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued
February 28, 2015
 
CGW Guggenheim S&P Global Water Index ETF
 
Fund Overview
The Guggenheim S&P Global Water Index ETF, NYSE Arca ticker: CGW (the “Fund”), seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the S&P Global Water Index (the “Index”).
 
The Index is comprised of approximately 50 equity securities selected, based on investment and other criteria, from a universe of companies listed on global developed market exchanges. Standard & Poor’s Financial Services LLC, a division of McGraw Hill Financial (“S&P”), generally defines “developed markets” as the capital markets of those countries with high levels of per capita income and strict market regulation resulting in greater transparency. The universe of companies includes all companies classified by Standard & Poor’s Global Industry Classifications as being associated (in a manner representing a major component of such companies’ business) with the global demand for water, including water utilities, infrastructure, equipment, instruments, and materials. Total market capitalization and float-adjusted market capitalization of securities in the Index must be at least $250 million and $100 million, respectively, at the time of each reconstitution, which includes small-, mid-, and large-capitalization securities as defined by S&P. The companies in the universe are selected using criteria as identified by S&P. The Fund will invest at least 90% of its total assets in common stock and American depositary receipts (“ADRs”) that comprise the Index and depositary receipts representing common stocks included in the Index (or underlying securities representing ADRs included in the Index). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index. The Fund will concentrate its investments (i.e., hold 25% or more of its assets) in a particular industry or group of industries to the extent the Index is so concentrated.
 
Fund Performance
All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. This report discusses the semiannual fiscal period ended February 28, 2015.
 
On a market price basis, the Fund generated a total return of -0.64%, which included a decrease in market price over the period to $28.39 as of February 28, 2015, from $29.08 as of August 31, 2014. On an NAV basis, the Fund generated a total return of -0.44%, which included a decrease in NAV over the period to $28.39 as of February 28, 2015, from $29.02 as of August 31, 2014. At the end of the period, shares of the Fund at NAV were trading equal with the shares at market price, which is to be expected from time to time. NAV performance data reflects fees and expenses of the Fund.
 
For comparison, the Index returned -0.18%, the MSCI World Index returned 2.14%, and the Dow Jones Global Utilities Index returned -2.14% for the same period.
 
The Fund made an annual income distribution of $0.4980 per share on December 31, 2014, to shareholders of record on December 29, 2014.
 
Performance Attribution
For the six-month period ended February 28, 2015, the Fund was invested mostly in the utilities, industrial and basic materials sectors. The utilities sector contributed to performance, while the industrials sector and basic materials detracted.
 
Positions that contributed most to the Fund’s return included Danaher Corp., which makes and markets products and services for the medical, industrial, and commercial sectors; American Water Works Co., Inc., which provides drinking water, wastewater, and other water-related services in multiple U.S. states and Ontario, Canada; and Geberit AG, a Swiss manufacturer and supplier of water supply pipes and fittings, installation systems, and drainage and flushing systems for the commercial and residential construction markets (5.5%, 5.8%, and 7.7%, respectively, of the Fund’s long-term investments at period end).
 
Positions that detracted most from the Fund’s return included Cia de Saneamento Basico do Estado de Sao Paulo, ADR, a Brazilian company that collects, treats, and distributes water; Alfa Laval AB, a Swedish company that provides equipment and systems for heating, cooling, separation, and transportation of various foods, chemicals, and liquids; and Rotork PLC, an actuator manufacturer and flow control company that operates in markets where the flow of gases or liquids needs to be controlled (1.2%, 3.6%, and 1.9%, respectively, of the Fund’s long-term investments at period end).
 
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued
February 28, 2015
 
GHII Guggenheim S&P High Income Infrastructure ETF
 
Fund Overview
The Guggenheim S&P High Income Infrastructure ETF, NYSE Arca ticker: GHII (the “Fund”) seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the S&P High Income Infrastructure Index (the “Index”). The Fund, using a “passive” or “indexing” investment approach, seeks to replicate, before the Fund’s fees and expenses, the performance of the Index.
 
The Index is designed to measure and monitor the performance of 50 high-yielding global equity securities of companies that engage in various infrastructure-related sub-industries. Index constituents must meet size, listing, and liquidity requirements and also be part of the S&P Global BMI Index, which is a rules-based index that measures global stock market performance.
 
The Fund will invest at least 80% of its total assets in common stocks, American depositary receipts (“ADRs”), American depositary shares (“ADSs”), global depositary receipts (“GDRs”) and international depositary receipts (“IDRs”) that comprise the Index and depositary receipts representing common stocks included in the Index (or underlying securities representing the ADRs, ADSs, GDRs and IDRs included in the Index).
 
Fund Performance
All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. This report discusses the abbreviated semiannual fiscal period beginning at the Fund’s inception of February 11, 2015, through February 28, 2015.
 
On a market price basis, the Fund generated a total return of 1.16%, which included an increase in market price over the period to $25.34 on February 28, 2015, from $25.05 at inception. On an NAV basis, the Fund generated a total return of 0.84%, which included an increase in NAV over the period to $25.26 on February 28, 2015, from $25.05 at inception. At the end of the period the Fund’s shares were trading at a market price premium to NAV, which is to be expected from time to time. NAV performance data reflects fees and expenses of the Fund.
 
For comparison, the Index returned 1.29% since inception, and the S&P Global BMI Index returned 2.88% for the same period.
 
Performance Attribution
For the abbreviated semiannual fiscal period ended February 28, 2015, the industrial sector contributed most to the Fund’s performance, followed by the utilities sector. The energy sector contributed least, followed by the consumer, non-cyclical sector. No sector detracted.
 
Positions that contributed most to the Fund’s return included Hutchison Port Holdings Trust, the first publicly traded container port business trust that is affiliated with Hutchison Port Holdings and a subsidiary of Hutchison Whampoa Ltd.; Williams Cos., Inc., a leading energy infrastructure company in North America; and E.ON SE, a European holding company based in Düsseldorf, North Rhine-Westphalia, Germany that runs one of the world’s largest investor-owned electric utility service providers (4.0%, 4.9%, and 1.9%, respectively, of the Fund’s long-term investments at period end).
 
Positions that detracted most from the Fund’s return included Centrica PLC, a British multinational utility company; TransCanada Corp., a leading energy infrastructure company in North America; and Contact Energy Ltd., a New Zealand electricity generator, natural gas wholesaler, and retailer of energy products (1.8%, 3.1%, and 1.2%, respectively, of the Fund’s long-term investments at period end).
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 11

 
 
 

February 28, 2015
 
Risks and Other Considerations
The views expressed in this report reflect those of the portfolio managers and Guggenheim Funds Investment Advisors, LLC only through the report period as stated on the cover. These views are subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any kind. The material may also contain forward looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.
 
This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. An investment in the various Guggenheim ETFs is subject to certain risks and other considerations. Below are some general risks and considerations associated with investing in a Fund, which may cause you to lose money, including the entire principal that you invest. Please refer to each individual ETF prospectus for a more detailed discussion of Fund-specific risks and considerations.
 
Investment Risk. An investment in a Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.
 
Equity Risk. The value of the securities held by each Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by each Fund participate, or factors relating to specific companies in which such Fund invests.
 
Foreign Investment Risk. A Fund’s investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, greater market volatility than U.S. securities and less complete financial information than for U.S. issuers. In addition, adverse political, economic, or social developments could undermine the value of such Fund’s investments or prevent such Fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the U.S. Finally, the value of the currency of the country in which a Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.
 
Emerging Markets Risk. Investment in securities of issuers based in developing or “emerging market” countries entails all of the risks of investing in securities of non-U.S. issuers, as previously described, but to a heightened degree.
 
Micro-, Small, and Medium-Sized Company Risk. Investing in securities of these companies involves greater risk as their stocks may be more volatile and less liquid than investing in more established companies. These stocks may have returns that vary, sometimes significantly, from the overall stock market. Micro-cap companies may be newly formed, less developed, and there may be less available information about the company.
 
Replication Management Risk. The Funds are not “actively” managed. Therefore, a Fund would not necessarily sell a security because the stock’s issuer was in financial trouble unless that stock is removed from such Fund’s Index.
 
Non-Correlation Risk. A Fund’s return may not match the return of such Fund’s index for a number of reasons. For example, the Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. A Fund may not be fully invested at times, either as a result of cash flows into such Fund or reserves of cash held by a Fund to meet redemptions and expenses. If a Fund utilizes a sampling approach or futures or other derivative positions, its return may not correlate as well with the return on the Index, as would be the case if it purchased all of the securities in the Index with the same weightings as the Index.
 
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.
 
Non-Diversified Fund Risk. Certain Funds are considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.
 
Concentration Risk. If the Index concentrates in an industry or group of industries, the Fund’s investments will be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.
 
China Investment Risk (YAO and CQQQ). Investing in securities of Chinese companies involves additional risks, including, but not limited to: the economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others; the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership; and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China.
 
Guggenheim Emerging Markets Real Estate ETF may not be suitable for all investors. Investments in the real estate industry, including REITS, subjects the Fund to the same risks as direct investments in real estate, which are particularly sensitive to economic downturns. Investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political, or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). Investments in Chinese companies may also involve additional risks. Investments in small- or medium-sized companies may involve greater risk than investing in larger, more established companies. Investments in securities of smaller issuers can be more volatile than that of larger issuers. Investments in micro-cap stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable and their shares tend to be more volatile and their markets less liquid than companies with larger market capitalizations.
 
12 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

February 28, 2015
 
Recent Market Developments Risk. Global and domestic financial markets have experienced periods of unprecedented turmoil. Recently, markets have witnessed more stabilized economic activity as expectations for an economic recovery increased. However, risks to a robust resumption of growth persist. Continuing uncertainty as to the status of the euro and the European Monetary Union has created significant volatility in currency and financial markets generally. A return to unfavorable economic conditions or sustained economic slowdown could adversely impact the Funds’ portfolios. Financial market conditions, as well as various social and political tensions in the U.S. and around the world, have contributed to increased market volatility and may have long-term effects on the U.S. and worldwide financial markets and cause further economic uncertainties or deterioration in the U.S. and worldwide. The Investment Adviser does not know how long the financial markets will continue to be affected by these events and cannot predict the effects of these or similar events in the future on the U.S. and global economies and securities markets.
 
There is no assurance that the requirements of the NYSE Arca necessary to maintain the listing of the Funds will continue to be met or will remain unchanged.
 
In addition to the risks described, there are certain other risks related to investing in the Funds. These risks are described further in each Fund’s Prospectus and Statement of Additional Information and at guggenheiminvestments.com.
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 13

 
 
 

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)
February 28, 2015
 
YAO Guggenheim China All-Cap ETF
 
Fund Statistics
      
Share Price
  
$
28.43
Net Asset Value
  
$
28.39
Premium to NAV
    
0.14%
Net Assets ($000)
  
$
51,102
 
AVERAGE ANNUAL TOTAL RETURNS FOR
THE PERIOD ENDED FEBRUARY 28, 2015
 
Six
      
Since
 
Month
One
Three
Five
Inception
 
(non-annualized)
Year
Year
Year
(10/19/09)
Guggenheim China All-Cap ETF
          
NAV
1.72%
12.38%
5.77%
5.56%
4.47%
Market
2.00%
13.77%
6.08%
5.61%
4.49%
AlphaShares China
          
All Cap
          
Index
1.43%
12.48%
6.31%
6.22%
5.12%
MSCI China
          
Index
5.93%
19.04%
7.10%
5.80%
4.54%
 
Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. NAV performance data reflects fees and expenses of the Fund. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit guggenheiminvestments.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
 
Since inception returns assume a purchase of the Fund at the initial share price of $24.82 per share for share price returns or initial net asset value (NAV) of $24.82 per share for NAV returns. Returns for periods of less than one year are not annualized.
 
The MSCI China Index is a capitalization-weighted index that measures the performance of large- and mid-cap securities in the Chinese equity markets and includes representation across China H shares, B shares, Red chips and P chips.
 
The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.
 
The Fund’s annual operating expense ratio of 0.70% is expressed as a unitary fee and covers all expenses of the Fund, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.
 
Holdings Diversification
  
(Market Exposure as % of Net Assets)
  
Investments:
  
Financial
35.5%
Communications
24.0%
Energy
10.0%
Consumer, Non-cyclical
8.2%
Consumer, Cyclical
6.0%
Industrial
5.9%
Technology
3.6%
Other
6.8%
Total Investments
100.0%
Other Instruments:
  
Investments of Collateral for Securities Loaned
4.9%
Total Investments
104.9%
Other Assets & Liabilities, net
-4.9%
Net Assets
100.0%

Ten Largest Holdings
  
(% of Total Net Assets)
  
Tencent Holdings Ltd.
5.8%
China Mobile Ltd.
5.6%
Industrial & Commercial Bank of China Ltd. — Class H
5.0%
China Construction Bank Corp. — Class H
5.0%
Baidu, Inc. ADR
4.3%
Bank of China Ltd. — Class H
3.9%
China Life Insurance Company Ltd. — Class H
3.2%
Alibaba Group Holdings Ltd. ADR
3.1%
Ping An Insurance Group Company of China Ltd. — Class H
2.6%
PetroChina Company Ltd. — Class H
2.4%
Top Ten Total
40.9%

“Ten Largest Holdings” exclude any temporary cash or derivative investments.

14 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
February 28, 2015
 
CQQQ Guggenheim China Technology ETF
 
Fund Statistics
      
Share Price
  
$
35.81
Net Asset Value
  
$
35.80
Premium to NAV
    
0.03%
Net Assets ($000)
  
$
69,818
 
AVERAGE ANNUAL TOTAL RETURNS FOR
THE PERIOD ENDED FEBRUARY 28, 2015
 
Six
      
Since
 
Month
One
Three
Five
Inception
 
(non-annualized)
Year
Year
Year
(12/08/09)
Guggenheim China Technology ETF
          
NAV
-5.04%
-3.27%
14.51%
8.39%
8.49%
Market
-4.53%
-3.02%
14.89%
8.23%
8.49%
AlphaShares China
          
Technology
          
Index
-5.15%
-3.17%
14.91%
8.61%
8.78%
MSCI China
          
Index
5.93%
19.04%
7.10%
5.80%
3.65%
 
Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. NAV performance data reflects fees and expenses of the Fund. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit guggenheiminvestments.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
 
Since inception returns assume a purchase of the Fund at the initial share price of $25.06 per share for share price returns or initial net asset value (NAV) of $25.06 per share for NAV returns. Returns for periods of less than one year are not annualized.
 
The MSCI China Index is a capitalization-weighted index that measures the performance of large- and mid-cap securities in the Chinese equity markets and includes representation across China H shares, B shares, Red chips, and P chips.
 
The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.
 
The Fund’s annual operating expense ratio of 0.70% is expressed as a unitary fee and covers all expenses of the Fund, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.
 
Holdings Diversification
  
(Market Exposure as % of Net Assets)
  
Investments:
  
Communications
49.1%
Technology
32.1%
Industrial
9.5%
Energy
5.4%
Basic Materials
1.3%
Consumer, Cyclical
1.2%
Consumer, Non-cyclical
1.0%
Diversified
0.2%
Total Long-Term Investments
99.8%
Other Instruments:
  
Investments of Collateral for Securities Loaned
19.2%
Total Investments
119.0%
Other Assets & Liabilities, net
-19.0%
Net Assets
100.0%

Ten Largest Holdings
  
(% of Total Net Assets)
  
Tencent Holdings Ltd.
12.0%
Baidu, Inc. ADR
7.9%
Lenovo Group Ltd.
7.7%
Hanergy Thin Film Power Group Ltd.
6.6%
Alibaba Group Holding Ltd. ADR
6.1%
NetEase, Inc. ADR
5.8%
AAC Technologies Holdings, Inc.
4.8%
Qihoo 360 Technology Company Ltd. ADR
3.1%
Semiconductor Manufacturing International Corp.
2.7%
GCL-Poly Energy Holdings Ltd.
2.7%
Top Ten Total
59.4%

“Ten Largest Holdings” exclude any temporary cash or derivative investments.

CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 15

 
 
 

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
February 28, 2015
 
EMRE Guggenheim Emerging Markets Real Estate ETF
 
       
Fund Statistics
      
Share Price
  
$
24.61
Net Asset Value
  
$
25.07
Discount to NAV
    
-1.83%
Net Assets ($000)
  
$
2,507
 
TOTAL RETURN FOR THE PERIOD ENDED FEBRUARY 28, 2015
 
Since
 
Inception
 
(09/29/14)
 
(non-annualized)
Guggenheim Emerging Market Real Estate ETF
  
NAV
1.80%
Market
-0.07%
AlphaShares Emerging
  
Markets Real Estate
  
Index
5.45%
FTSE EPRA/NAREIT Global Real Estate Index
11.21%
 
Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. NAV performance data reflects fees and expenses of the Fund. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit guggenheiminvestments.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
 
Since inception returns assume a purchase of the Fund at the initial share price of $24.99 per share for share price returns or initial net asset value (NAV) of $24.99 per share for NAV returns. Returns for periods of less than one year are not annualized.
 
FTSE EPRA/NAREIT Global Real Estate Index is an unmanaged portfolio of approximately 423 constituents from 37 countries, including both developed and emerging markets.
 
The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.
 
The Fund’s annual operating expense ratio of 0.65% is expressed as a unitary fee and covers all expenses of the Fund, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.
 
Holdings Diversification
  
(Market Exposure as % of Net Assets)
  
Investments:
  
Financial
95.0%
Industrial
1.5%
Consumer, Cyclical
1.3%
Exchange Traded Funds
1.1%
Diversified
0.8%
Total Long-Term Investments
99.7%
Other Instruments:
  
Investments of Collateral for Securities Loaned
4.7%
Rights
0.0%*
Total Other Instruments
4.7%
Total Investments
104.4%
Other Assets & Liabilities, net
-4.4%
Net Assets
100.0%
*Amount is less than 0.1%
  

Ten Largest Holdings
  
(% of Total Net Assets)
  
Emaar Properties PJSC
5.3%
China Overseas Land & Investment Ltd.
5.1%
Fibra Uno Administracion S.A. de CV, REIT
3.5%
China Resources Land Ltd.
3.4%
Growthpoint Properties Ltd., REIT
3.1%
Ayala Land, Inc.
3.0%
SM Prime Holdings Inc.
2.7%
BR Malls Participacoes S.A.
2.1%
Country Garden Holdings Company Ltd.
2.0%
Aldar Properties PJSC
2.0%
Top Ten Total
32.2%

“Ten Largest Holdings” exclude any temporary cash or derivative investments.

    Distribution  
Month
   per Share  
December 2014
  
$
0.3580
  
Total
  
$
0.3580
  

16 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
February 28, 2015
 
TAN Guggenheim Solar ETF

Fund Statistics
      
Share Price
  
$
39.50
Net Asset Value
  
$
39.42
Premium to NAV
    
0.20%
Net Assets ($000)
  
$
356,642
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2015
 
Six
      
Since
 
Month
One
Three
Five
Inception
 
(non-annualized)
Year
Year
Year
(04/15/08)
Guggenheim Solar ETF
          
NAV
-7.86%
-14.13%
15.02%
-9.12%
-21.30%
Market
-7.25%
-13.83%
15.43%
-8.99%
-21.28%
MAC Global
          
Solar Energy
          
Index
-8.84%
-15.77%
12.05%
-11.47%
-22.32%
MSCI World
          
Index
2.14%
7.87%
13.26%
11.69%
5.20%
 
Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. NAV performance data reflects fees and expenses of the Fund. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit guggenheiminvestments.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
 
Since inception returns assume a purchase of the Fund at the initial share price of $251.30* per share for share price returns or initial net asset value (NAV) of $251.30* per share for NAV returns. Returns for periods of less than one year are not annualized.
 
The Morgan Stanley Capital International (MSCI) World Index measures performance from a diverse range of global stock markets, including the U.S., Canada, Europe, Australia, New Zealand, and the Far East.
 
The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.
 
Per the most recent prospectus, the Fund’s annualized gross operating expense ratio, gross of any fee waivers or expense reimbursements, was 0.76%. In the Financial Highlights section of this Semi-Annual Report, the Fund’s annualized net operating expense ratio was 0.70% while the Fund’s annualized gross operating expense ratio, gross of any fee waivers or expense reimbursements, was 0.75%. There is a contractual fee waiver currently in place for this Fund through December 31, 2017, to the extent necessary in keeping the Fund’s operating expense ratio from exceeding 0.65% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.65%. Without this expense cap, actual returns would be lower.
 
Holdings Diversification
  
(Market Exposure as % of Net Assets)
  
Investments:
  
Technology
40.5%
Energy
32.2%
Industrial
21.5%
Other
4.9%
Total Long-Term Investments
99.1%
Other Investments:
  
Investments of Collateral for Securities Loaned
45.4%
Total Investments
144.5%
Other Assets & Liabilities, net
-44.5%
Net Assets
100.0%

Ten Largest Holdings
  
(% of Total Net Assets)
  
Hanergy Thin Film Power Group Ltd.
15.5%
SunEdison, Inc.
8.8%
First Solar, Inc.
8.8%
SolarCity Corp.
5.7%
GCL-Poly Energy Holdings Ltd.
5.6%
SunPower Corp. — Class A
5.6%
Canadian Solar, Inc.
4.3%
Trina Solar Ltd. ADR
3.9%
TerraForm Power, Inc. — Class A
3.6%
Xinyi Solar Holdings Ltd.
3.5%
Top Ten Total
65.3%
 
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
 
* Reflects 1 for 10 reverse stock split that occurred on February 15, 2012.
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 17

 
 
 

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
February 28, 2015
 
CGW Guggenheim S&P Global Water Index ETF

Fund Statistics
      
Share Price
  
$
28.39
Net Asset Value
  
$
28.39
Premium to NAV
    
0.0%
Net Assets ($000)
  
$
348,650
 
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2015
 
Six
      
Since
 
Month
One
Three
Five
Inception
 
(non-annualized)
Year
Year
Year
(05/14/07)
Guggenheim S&P Global
          
Water Index ETF
          
NAV
-0.44%
-0.13%
13.04%
12.11%
4.32%
Market
-0.64%
-0.16%
13.29%
12.19%
4.32%
S&P Global
          
Water
          
Index
-0.18%
0.57%
13.94%
12.99%
5.36%
MSCI World
          
Index
2.14%
7.87%
13.26%
11.69%
3.54%
Dow Jones
          
Global Utilities
          
Index
-2.14%
6.67%
7.22%
4.03%
-1.49%
 
Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. NAV performance data reflects fees and expenses of the Fund. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit guggenheiminvestments.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
 
Since inception returns assume a purchase of the Fund at the initial share price of $24.78 per share for share price returns or initial net asset value (NAV) of $24.78 per share for NAV returns. Returns for periods of less than one year are not annualized.
 
The Morgan Stanley Capital International (MSCI) World Index measures performance from a diverse range of global stock markets, including the U.S., Canada, Europe, Australia, New Zealand, and the Far East. The Dow Jones Global Utilities Index consists of companies that provide electrical, water, natural gas, and telephone utilities. The index is quoted in USD.
 
The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.
 
Per the most recent prospectus, the Fund’s annualized gross operating expense ratio, gross of any fee waivers or expense reimbursements, was 0.65%. In the Financial Highlights section of this Semiannual Report, the Fund’s annualized net operating expense ratio was 0.64% while the Fund’s annualized gross operating expense ratio, gross of any fee waivers or expense reimbursements, was 0.64%. There is a contractual fee waiver currently in place for this Fund through December 31, 2017 to the extent necessary in keeping the Fund’s operating expense ratio from exceeding 0.65% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.65%. Without this expense cap, actual returns would be lower.
 
Holdings Diversification
  
(Market Exposure as % of Net Assets)
  
Investments:
  
Industrial
61.4%
Utilities
36.0%
Basic Materials
2.3%
Energy
0.0%
Total Investments
99.7%
Other Instruments:
  
Investments of Collateral for Securities Loaned
0.7%
Total Investments
100.4%
Other Assets & Liabilities, net
-0.4%
Net Assets
100.0%

Ten Largest Holdings
  
(% of Total Net Assets)
  
Geberit AG
7.7%
Pentair plc
7.3%
United Utilities Group plc
6.0%
American Water Works Company, Inc.
5.8%
Danaher Corp.
5.5%
Veolia Environnement S.A.
5.4%
Severn Trent plc
4.5%
Xylem, Inc.
3.7%
Alfa Laval AB
3.6%
Suez Environnement Co.
3.6%
Top Ten Total
53.1%
 
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
 
18 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
February 28, 2015
 
GHII Guggenheim S&P High Income Infrastructure ETF
 
Fund Statistics
      
Share Price
  
$
25.34
Net Asset Value
  
$
25.26
Premium to NAV
    
0.32%
Net Assets ($000)
  
$
2,526

TOTAL RETURN FOR THE PERIOD ENDED FEBRUARY 28, 2015
 
Since
 
Inception
 
(02/11/15)
 
(non-annualized)
Guggenheim S&P High Income Infrastructure ETF
  
NAV
0.84%
Market
1.16%
S&P High Income Infrastructure Index
1.29%
S&P Global BMI Index
2.88%
 
Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. NAV performance data reflects fees and expenses of the Fund. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit guggenheiminvestments.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
 
Since inception returns assume a purchase of the Fund at the initial share price of $25.05 per share for share price returns or initial net asset value (NAV) of $25.05 per share for NAV returns. Returns for periods of less than one year are not annualized.
 
The S&P High Income Infrastructure Index is designed to serve as a benchmark for yield-seeking equity investors looking for infrastructure exposure. The index is composed of the 50 highest-dividend-paying companies within the S&P Global BMI that operate in the energy, transportation, and utilities sectors.
 
The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.
 
The Fund’s annual operating expense ratio of 0.45% is expressed as a unitary fee and covers all expenses of the Fund, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.
 
Holdings Diversification
  
(Market Exposure as % of Net Assets)
  
Investments:
  
Utilities
47.8%
Consumer, Non-cyclical
26.9%
Energy
18.3%
Industrial
6.4%
Total Common Stocks
99.4%
Other Instruments:
  
Preferred Stocks
0.4%
Total Investments
99.8%
Other Assets & Liabilities, net
0.2%
Net Assets
100.0%

Ten Largest Holdings
  
(% of Total Net Assets)
  
Sydney Airport
5.0%
Williams Companies, Inc.
4.9%
Jiangsu Expressway Company Ltd. — Class H
4.9%
Transurban Group
4.5%
Atlantia SpA
4.4%
Zhejiang Expressway Company Ltd. — Class H
4.3%
Hutchison Port Holdings Trust
4.0%
Abertis Infraestructuras S.A.
4.0%
Kinder Morgan, Inc.
3.9%
Pembina Pipeline Corp.
3.8%
Top Ten Total
43.7%
 
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 19

 
 
 

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)
February 28, 2015
 
All funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur advisory fees and other Fund expenses which are deducted from a Fund’s gross income and reduce the investment return of the Fund.
 
A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
 
The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning August 31, 2014 and ending February 28, 2015.
 
The following tables illustrate a Fund’s costs in two ways:
 
Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”
 
Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
 
The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.
 
                             
Expenses
  
                 
Beginning
    
Ending
    
Paid
  
     
Expense
    
Fund
    
Account Value
    
Account Value
    
During
  
     
Ratio1
    
Return
   August 31, 2014   February 28, 2015    
Period2
  
Table 1. Based on actual Fund return3
                                
Guggenheim China All-Cap ETF
    
0.70
%
  
1.72
%
$
1,000.00
  
$
1,017.16
  
$
3.50
  
Guggenheim China Technology ETF
    
0.70
%
  
(5.04)
%
  
1,000.00
    
949.56
    
3.38
  
Guggenheim Emerging Markets Real Estate ETF4
    
0.65
%
  
1.80
%
  
1,000.00
    
1,017.97
    
2.75
  
Guggenheim Solar ETF
    
0.70
%
  
(7.86)
%
  
1,000.00
    
921.41
    
3.33
  
Guggenheim S&P Global Water Index ETF
    
0.64
%
  
(0.44)
%
  
1,000.00
    
995.64
    
3.17
  
Guggenheim S&P High Income Infrastructure ETF5
    
0.45
%
  
0.84
%
  
1,000.00
    
1,012.42
    
0.22
  
Table 2. Based on hypothetical 5% return (before expenses)
                                
Guggenheim China All-Cap ETF
    
0.70
%
  
5.00
%
$
1,000.00
  
$
1,021.32
  
$
3.51
  
Guggenheim China Technology ETF
    
0.70
%
  
5.00
%
  
1,000.00
    
1,021.32
    
3.51
  
Guggenheim Emerging Markets Real Estate ETF
    
0.65
%
  
5.00
%
  
1,000.00
    
1,018.23
    
3.31
  
Guggenheim Solar ETF
    
0.70
%
  
5.00
%
  
1,000.00
    
1,021.32
    
3.51
  
Guggenheim S&P Global Water Index ETF
    
0.64
%
  
5.00
%
  
1,000.00
    
1,021.62
    
3.21
  
Guggenheim S&P High Income Infrastructure ETF
    
0.45
%
  
5.00
%
  
1,000.00
    
1,002.24
    
2.29
  
 
1
Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
   
2
Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
   
3
Actual cumulative return at net asset value for the period August 31, 2014 to February 28, 2015.
   
4
Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 75/365 (to reflect the period). Actual cumulative return at net asset value for the period September 29, 2014 to February 28, 2015.
   
5
Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 18/365 (to reflect the period). Actual cumulative return at net asset value for the period February 11, 2015 to February 28, 2015.
 
20 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited)
February 28, 2015
 
YAO Guggenheim China All-Cap ETF
 
     
Shares
    
Value
  
COMMON STOCKS† - 100.0%
              
Financial - 35.5%
              
Industrial & Commercial Bank of China Ltd. — Class H
    
3,534,973
  
$
2,579,855
  
China Construction Bank Corp. — Class H
    
3,078,978
    
2,560,704
  
Bank of China Ltd. — Class H
    
3,498,965
    
2,012,183
  
China Life Insurance Company Ltd. — Class H
    
379,995
    
1,629,156
  
Ping An Insurance Group Company of China Ltd. — Class H
    
120,000
    
1,334,545
  
Bank of Communications Company Ltd. — Class H
    
1,052,993
    
908,332
  
China Overseas Land & Investment Ltd.
    
203,995
    
622,077
  
Agricultural Bank of China Ltd. — Class H
    
1,219,982
    
605,630
  
China Merchants Bank Company Ltd. — Class H
    
233,993
    
534,034
  
China Pacific Insurance Group Company Ltd. — Class H
    
98,600
    
514,902
  
PICC Property & Casualty Company Ltd. — Class H
    
221,995
    
475,738
  
China Minsheng Banking Corporation Ltd. — Class H
    
326,990
    
395,064
  
China Resources Land Ltd.
    
121,999
    
324,053
  
China CITIC Bank Corporation Ltd. — Class H
    
399,993
    
303,265
  
China Cinda Asset Management Company Ltd. — Class H*
    
588,000
    
289,623
  
People’s Insurance Company Group of China Ltd. — Class H
    
366,000
    
189,242
  
China Taiping Insurance Holdings Company Ltd.*
    
52,000
    
181,034
  
Haitong Securities Company Ltd. — Class H1
    
75,600
    
180,338
  
Huishang Bank Corporation Ltd. — Class H
    
398,000
    
177,050
  
China Vanke Company Ltd. — Class H*
    
66,696
    
153,078
  
New China Life Insurance Company Ltd. — Class H††
    
26,500
    
152,567
  
CITIC Securities Company Ltd. — Class H
    
43,001
    
152,477
  
Country Garden Holdings Company Ltd.
    
381,873
    
152,149
  
Shimao Property Holdings Ltd.
    
63,499
    
134,769
  
Sino-Ocean Land Holdings Ltd.
    
193,493
    
120,755
  
China Everbright Ltd.
    
44,000
    
107,795
  
Evergrande Real Estate Group Ltd.1
    
228,994
    
100,982
  
Longfor Properties Company Ltd.
    
67,499
    
88,775
  
Sunac China Holdings Ltd.
    
95,000
    
87,951
  
Chongqing Rural Commercial Bank Company Ltd. — Class H
    
126,994
    
79,090
  
Shanghai Industrial Holdings Ltd.
    
25,000
    
75,753
  
Far East Horizon Ltd.
    
78,000
    
72,715
  
SOHO China Ltd.
    
96,999
    
69,415
  
Yuexiu Property Company Ltd.
    
343,992
    
69,194
  
Bank of Chongqing Company Ltd. — Class H
    
79,500
    
65,605
  
Guangzhou R&F Properties Company Ltd. — Class H
    
51,200
    
59,548
  
Harbin Bank Company Ltd. — Class H2
    
155,000
    
57,160
  
Poly Property Group Company Ltd.
    
98,999
    
48,252
  
Agile Property Holdings Ltd.
    
76,000
    
45,176
  
China South City Holdings Ltd.1
    
136,000
    
42,963
  
KWG Property Holding Ltd.
    
65,815
    
42,771
  
Franshion Properties China Ltd.
    
139,998
    
41,158
  
Shui On Land Ltd.
    
174,493
    
40,499
  
Renhe Commercial Holdings Company Ltd.*
    
837,991
  
 
37,818
  
Greentown China Holdings Ltd.1
    
40,500
    
35,772
  
Shenzhen Investment Ltd.
    
111,999
    
35,381
  
Guotai Junan International Holdings Ltd.
    
40,000
    
30,224
  
Hopson Development Holdings Ltd.*,1
    
36,000
    
29,755
  
E-House China Holdings Ltd. ADR
    
3,783
    
26,746
  
China Overseas Grand Oceans Group Ltd.1
    
45,000
    
23,151
  
Kaisa Group Holdings Ltd.1
    
113,999
    
22,931
  
Yanlord Land Group Ltd.
    
32,200
    
22,846
  
Total Financial
          
18,142,046
  
               
Communications - 24.0%
              
Tencent Holdings Ltd.
    
170,500
    
2,987,699
  
China Mobile Ltd.
    
209,999
    
2,853,980
  
Baidu, Inc. ADR*
    
10,798
    
2,200,093
  
Alibaba Group Holdings Ltd. ADR*
    
18,867
    
1,605,959
  
China Telecom Corporation Ltd. — Class H
    
701,981
    
454,383
  
China Unicom Hong Kong Ltd.
    
231,995
    
390,674
  
Vipshop Holdings Ltd. ADR*
    
14,046
    
343,424
  
Ctrip.com International Ltd. ADR*
    
6,564
    
297,808
  
Qihoo 360 Technology Company Ltd. ADR*,1
    
4,082
    
186,670
  
SINA Corp.*
    
3,352
    
124,426
  
Youku Tudou, Inc. ADR*,1
    
6,707
    
109,928
  
Sohu.com, Inc.*
    
1,542
    
81,140
  
Bitauto Holdings Ltd. ADR*
    
1,230
    
78,043
  
YY, Inc. ADR*,1
    
1,454
    
76,611
  
ZTE Corp. — Class H
    
31,840
    
70,943
  
SouFun Holdings Ltd. ADR1
    
10,190
    
69,700
  
China Communications Services Corp. Ltd. — Class H
    
139,993
    
64,261
  
21Vianet Group, Inc. ADR*,1
    
2,361
    
40,845
  
51job, Inc. ADR*
    
1,120
    
39,760
  
BYD Electronic International Company Ltd.
    
31,500
    
35,174
  
Autohome, Inc. ADR*
    
849
    
32,423
  
58.com, Inc. ADR*
    
748
    
31,177
  
TCL Communication Technology Holdings Ltd.1
    
31,000
    
29,379
  
E-Commerce China Dangdang, Inc. — Class A ADR*,1
    
3,138
    
28,964
  
Coolpad Group Ltd.
    
132,000
    
24,850
  
CITIC Telecom International Holdings Ltd.
    
69,000
    
24,022
  
Leju Holdings Ltd. ADR*,1
    
199
    
1,891
  
Total Communications
          
12,284,227
  
               
Energy - 10.0%
              
PetroChina Company Ltd. — Class H
    
1,075,986
    
1,248,653
  
CNOOC Ltd .
    
818,990
    
1,176,405
  
China Petroleum & Chemical Corp. — Class H
    
1,301,183
    
1,090,548
  

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 21

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
YAO Guggenheim China All-Cap ETF continued
 
     
Shares
    
Value
  
COMMON STOCKS† - 100.0% (continued)
              
Energy - 10.0% (continued)
              
China Shenhua Energy Company Ltd. — Class H
    
173,496
  
$
454,129
  
China Longyuan Power Group Corporation Ltd. — Class H
    
170,998
    
183,446
  
Kunlun Energy Company Ltd.
    
159,994
    
157,406
  
China Oilfield Services Ltd. — Class H
    
91,999
    
139,740
  
GCL-Poly Energy Holdings Ltd.
    
532,995
    
127,829
  
China Coal Energy Company Ltd. — Class H
    
206,993
    
111,564
  
Yanzhou Coal Mining Company Ltd. — Class H1
    
97,999
    
80,871
  
Sinopec Engineering Group Company Ltd. — Class H
    
59,500
    
48,257
  
Beijing Jingneng Clean Energy Co. Ltd. — Class H
    
114,000
    
47,038
  
Xinyi Solar Holdings Ltd.
    
158,000
    
46,857
  
Trina Solar Ltd. ADR*,1
    
4,438
    
46,466
  
Sinopec Kantons Holdings Ltd.1
    
52,000
    
38,688
  
Shougang Fushan Resources Group Ltd.
    
196,000
    
38,414
  
United Energy Group Ltd.*
    
197,994
    
28,338
  
CIMC Enric Holdings Ltd.
    
32,000
    
23,684
  
China Suntien Green Energy Corporation Ltd. — Class H
    
90,000
    
17,523
  
Total Energy
          
5,105,856
  
               
Consumer, Non-cyclical - 8.2%
              
Hengan International Group Company Ltd.
    
40,501
    
464,520
  
Want Want China Holdings Ltd.
    
351,993
    
388,055
  
China Mengniu Dairy Company Ltd.
    
62,999
    
284,312
  
Tingyi Cayman Islands Holding Corp.
    
95,999
    
241,376
  
WH Group Ltd.*,2
    
356,000
    
197,384
  
Sinopharm Group Company Ltd. — Class H
    
50,801
    
177,842
  
Sihuan Pharmaceutical Holdings Group Ltd.
    
288,988
    
172,153
  
WuXi PharmaTech Cayman, Inc. ADR*
    
3,628
    
144,939
  
Sino Biopharmaceutical Ltd.
    
151,995
    
144,441
  
New Oriental Education & Technology Group ADR*
    
6,668
    
127,759
  
Mindray Medical International Ltd. ADR
    
4,500
    
127,170
  
COSCO Pacific Ltd.
    
86,000
    
123,975
  
Tsingtao Brewery Company Ltd. — Class H
    
18,000
    
113,843
  
China Medical System Holdings Ltd.
    
62,495
    
103,467
  
Luye Pharma Group Ltd.*
    
76,000
    
89,176
  
Zhejiang Expressway Company Ltd. — Class H
    
71,999
    
88,566
  
CSPC Pharmaceutical Group Ltd.
    
108,000
    
88,289
  
China Conch Venture Holdings Ltd.
    
42,000
    
84,807
  
Shandong Weigao Group Medical Polymer Company
              
   Ltd. — Class H
    
96,001
    
79,099
  
Jiangsu Expressway Company Ltd. — Class H
    
62,000
    
76,506
  
Uni-President China Holdings Ltd.
    
92,000
    
72,362
  
Shenzhen International Holdings Ltd.
    
50,749
    
70,933
  
TAL Education Group ADR*
    
1,984
    
60,948
  
Shanghai Fosun Pharmaceutical Group Company
              
   Ltd. — Class H
    
17,000
    
56,554
  
China Huishan Dairy Holdings Company Ltd.
    
291,000
  
 
50,279
  
Lijun International Pharmaceutical Holding Company Ltd.
    
114,000
    
48,508
  
China Agri-Industries Holdings Ltd.
    
111,999
    
45,057
  
China Modern Dairy Holdings Ltd.*
    
119,989
    
43,475
  
Tong Ren Tang Technologies Company Ltd. — Class H
    
34,000
    
41,911
  
Guangzhou Baiyunshan Pharmaceutical Holdings
              
   Company Ltd. — Class H
    
12,000
    
40,230
  
CP Pokphand Company Ltd.
    
341,993
    
40,128
  
China Shengmu Organic Milk Ltd.*,2
    
113,000
    
34,095
  
Phoenix Healthcare Group Company Ltd.
    
19,500
    
32,988
  
China Yurun Food Group Ltd.*
    
78,000
    
29,871
  
Hua Han Bio-Pharmaceutical Holdings Ltd.
    
131,200
    
28,759
  
Shenzhen Expressway Company Ltd. — Class H
    
38,000
    
28,223
  
Vinda International Holdings Ltd.
    
15,000
    
25,492
  
Tibet 5100 Water Resources Holdings Ltd.
    
74,000
    
24,999
  
Fu Shou Yuan International Group Ltd.
    
54,000
    
23,256
  
China Shineway Pharmaceutical Group Ltd.
    
15,000
    
22,861
  
Wumart Stores, Inc. — Class H
    
29,000
    
21,090
  
China Animal Healthcare Ltd.
    
36,000
    
20,378
  
Total Consumer, Non-cyclical
          
4,180,076
  
               
Consumer, Cyclical - 6.0%
              
Great Wall Motor Company Ltd. — Class H
    
52,500
    
334,410
  
Belle International Holdings Ltd.
    
239,993
    
259,629
  
Dongfeng Motor Group Company Ltd. — Class H
    
146,000
    
232,306
  
Brilliance China Automotive Holdings Ltd.
    
103,996
    
204,091
  
Haier Electronics Group Company Ltd.
    
58,000
    
152,938
  
Byd Company Ltd. — Class H
    
30,500
    
132,926
  
China Resources Enterprise Ltd.
    
60,000
    
125,176
  
Geely Automobile Holdings Ltd.
    
259,993
    
116,328
  
Shenzhou International Group Holdings Ltd.
    
27,999
    
110,834
  
Guangzhou Automobile Group Company Ltd. — Class H
    
111,999
    
107,443
  
Weichai Power Company Ltd. — Class H
    
25,400
    
103,167
  
Sun Art Retail Group Ltd.1
    
110,999
    
99,614
  
Air China Ltd. — Class H
    
103,999
    
92,260
  
ANTA Sports Products Ltd.
    
41,000
    
82,471
  
GOME Electrical Appliances Holding Ltd.
    
592,991
    
80,284
  
Minth Group Ltd.
    
34,000
    
71,372
  
Skyworth Digital Holdings Ltd.
    
95,999
    
68,452
  
Shanghai Pharmaceuticals Holding Company Ltd. — Class H
    
32,600
    
68,097
  
Xinyi Glass Holdings Ltd.1
    
119,999
    
64,212
  
China Eastern Airlines Corporation Ltd. — Class H*
    
94,000
    
44,846
  
China Southern Airlines Company Ltd. — Class H
    
88,000
    
43,912
  
Digital China Holdings Ltd.
    
45,000
    
43,808
  
Homeinns Hotel Group*
    
1,539
    
41,107
  

See notes to financial statements.
22 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
YAO Guggenheim China All-Cap ETF continued
 
     
Shares
    
Value
  
COMMON STOCKS† - 100.0% (continued)
              
Consumer, Cyclical - 6.0% (continued)
              
China Travel International Investment Hong Kong Ltd.
    
121,999
  
$
38,383
  
REXLot Holdings Ltd.1
    
474,993
    
37,360
  
Golden Eagle Retail Group Ltd.1
    
27,000
    
32,725
  
China Lodging Group Ltd. ADR*
    
1,427
    
30,253
  
Zhongsheng Group Holdings Ltd.
    
33,500
    
28,854
  
China Dongxiang Group Company Ltd.
    
169,000
    
28,328
  
Baoxin Auto Group Ltd.
    
41,500
    
27,612
  
Intime Retail Group Company Ltd.
    
50,000
    
27,465
  
Dah Chong Hong Holdings Ltd.
    
45,000
    
26,923
  
China ZhengTong Auto Services Holdings Ltd.
    
49,500
    
26,041
  
Li Ning Company Ltd.*
    
59,000
    
23,355
  
Shanghai Jin Jiang International Hotels Group Co.
              
   Ltd. — Class H
    
70,000
    
20,940
  
Bosideng International Holdings Ltd.
    
167,999
    
19,063
  
Ajisen China Holdings Ltd.
    
30,000
    
18,297
  
Total Consumer, Cyclical
          
3,065,282
  
               
Industrial - 5.9%
              
China Communications Construction Company
              
   Ltd. — Class H
    
224,993
    
275,025
  
AAC Technologies Holdings, Inc.
    
37,482
    
248,174
  
Anhui Conch Cement Company Ltd. — Class H
    
67,000
    
227,640
  
China Everbright International Ltd.
    
137,999
    
192,529
  
China Railway Group Ltd. — Class H
    
203,993
    
165,710
  
China National Building Material Company Ltd. — Class H
    
145,998
    
142,883
  
Yangzijiang Shipbuilding Holdings Ltd.
    
143,100
    
128,886
  
China State Construction International Holdings Ltd.
    
85,999
    
122,421
  
China Railway Construction Corporation Ltd. — Class H
    
86,999
    
106,232
  
Shanghai Electric Group Company Ltd. — Class H
    
149,998
    
89,162
  
AviChina Industry & Technology Company Ltd. — Class H
    
119,999
    
78,138
  
Beijing Capital International Airport Company Ltd. — Class H
    
78,000
    
73,520
  
Haitian International Holdings Ltd.
    
32,000
    
69,236
  
China COSCO Holdings Company Ltd. — Class H
    
130,499
    
64,951
  
China Shanshui Cement Group Ltd.1
    
105,999
    
58,771
  
China Shipping Container Lines Company Ltd. — Class H*
    
188,994
    
58,730
  
China International Marine Containers Group Co.
              
   Ltd. — Class H
    
30,400
    
57,621
  
Lee & Man Paper Manufacturing Ltd.
    
108,999
    
56,218
  
Sunny Optical Technology Group Company Ltd.
    
34,000
    
56,203
  
Sinotrans Ltd. — Class H
    
79,000
    
52,256
  
China Resources Cement Holdings Ltd.
    
88,000
    
52,196
  
BBMG Corp. — Class H
    
59,000
    
51,655
  
Tech Pro Technology Development Ltd.*
    
64,000
    
48,853
  
Zoomlion Heavy Industry Science and Technology
              
   Company Ltd. — Class H1
    
72,399
    
46,490
  
China Shipping Development Co. Ltd. — Class H
    
66,000
    
45,104
  
Metallurgical Corporation of China Ltd. — Class H
    
137,999
  
 
43,951
  
China Machinery Engineering Corp. — Class H
    
43,000
    
37,370
  
SITC International Holdings Company Ltd.
    
64,000
    
36,640
  
Guangshen Railway Company Ltd. — Class H
    
72,000
    
36,485
  
China Zhongwang Holdings Ltd.1
    
82,799
    
35,765
  
China High Speed Transmission Equipment Group Co. Ltd.
    
53,000
    
34,853
  
Dongfang Electric Corporation Ltd. — Class H
    
17,200
    
34,775
  
Xinjiang Goldwind Science & Technology
              
   Company Ltd. — Class H
    
21,400
    
31,291
  
China Singyes Solar Technologies Holdings Ltd.1
    
23,000
    
30,665
  
Kingboard Laminates Holdings Ltd.
    
64,000
    
27,893
  
CT Environmental Group Ltd.
    
26,000
    
26,149
  
China Lesso Group Holdings Ltd.
    
54,000
    
26,111
  
China Rongsheng Heavy Industries Group Holdings Ltd.*
    
249,494
    
24,449
  
Harbin Electric Company Ltd. — Class H
    
34,000
    
23,191
  
SIIC Environment Holdings Ltd.*
    
195,200
    
19,088
  
NVC Lighting Holding Ltd.†††,3
    
115,999
    
—
  
Total Industrial
          
3,037,280
  
               
Technology - 3.6%
              
Hanergy Thin Film Power Group Ltd.1
    
990,000
    
576,987
  
Lenovo Group Ltd.
    
321,995
    
496,562
  
NetEase, Inc. ADR
    
3,720
    
372,149
  
Semiconductor Manufacturing International Corp.*
    
1,490,983
    
130,730
  
Kingsoft Corporation Ltd.1
    
31,000
    
71,230
  
TravelSky Technology Ltd. — Class H
    
47,000
    
50,603
  
Shunfeng International Clean Energy Ltd.*
    
52,000
    
34,799
  
Ju Teng International Holdings Ltd.
    
52,000
    
30,709
  
Perfect World Company Ltd. ADR1
    
1,484
    
27,795
  
Shanda Games Ltd. ADR*
    
4,748
    
26,589
  
NetDragon Websoft, Inc.
    
14,500
    
24,642
  
Total Technology
          
1,842,795
  
               
Utilities - 3.2%
              
China Resources Power Holdings Company Ltd.
    
89,999
    
238,474
  
Huaneng Power International, Inc. — Class H
    
177,994
    
223,771
  
Beijing Enterprises Holdings Ltd.
    
26,000
    
193,102
  
Guangdong Investment Ltd.
    
145,998
    
188,064
  
China Gas Holdings Ltd.
    
115,999
    
180,383
  
Beijing Enterprises Water Group Ltd.
    
229,993
    
142,940
  
China Resources Gas Group Ltd.
    
42,000
    
103,870
  
Datang International Power Generation
              
   Company Ltd. — Class H††
    
165,996
    
83,047
  
Huadian Power International Corporation Ltd. — Class H1
    
88,000
    
73,982
  
China Power International Development Ltd.
    
126,999
    
65,993
  

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 23

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
YAO Guggenheim China All-Cap ETF continued
 
     
Shares
    
Value
  
COMMON STOCKS† - 100.0% (continued)
              
Utilities - 3.2% (continued)
              
Huaneng Renewables Corporation Ltd. — Class H
    
177,992
  
$
61,737
  
Huadian Fuxin Energy Corporation Ltd. — Class H
    
108,000
    
51,525
  
China Oil & Gas Group Ltd.
    
199,993
    
27,335
  
Total Utilities
          
1,634,223
  
               
Basic Materials - 2.8%
              
CITIC Ltd.
    
278,000
    
488,219
  
Jiangxi Copper Company Ltd. — Class H
    
69,999
    
119,501
  
Aluminum Corporation of China Ltd. — Class H*,1
    
197,994
    
95,992
  
Zijin Mining Group Company Ltd. — Class H1
    
295,992
    
87,781
  
Huabao International Holdings Ltd.
    
98,999
    
75,059
  
Sinopec Shanghai Petrochemical Company Ltd. — Class H
    
175,998
    
60,138
  
Nine Dragons Paper Holdings Ltd.
    
83,999
    
54,480
  
Kingboard Chemical Holdings Ltd.
    
30,800
    
53,217
  
China Molybdenum Co. Ltd. — Class H
    
66,000
    
44,168
  
Hunan Nonferrous Metal Corporation Ltd. — Class H*
    
82,000
    
42,927
  
Angang Steel Company Ltd. — Class H
    
54,000
    
40,942
  
Sinopec Yizheng Chemical Fibre Company Ltd. — Class H
    
106,000
    
38,270
  
Yingde Gases Group Company Ltd.
    
51,500
    
37,187
  
China BlueChemical Ltd. — Class H
    
89,999
    
36,206
  
China Hongqiao Group Ltd.1
    
50,000
    
33,718
  
Maanshan Iron & Steel Company Ltd. — Class H
    
100,000
    
27,980
  
Zhaojin Mining Industry Company Ltd. — Class H1
    
44,500
    
26,968
  
North Mining Shares Company Ltd. — Class C*
    
550,000
    
25,530
  
Dongyue Group Ltd.
    
60,000
    
21,043
  
China Lumena New Materials Corp.*,†††,3
    
261,994
    
—
  
Total Basic Materials
          
1,409,326
  
               
Diversified - 0.8%
              
China Merchants Holdings International Company Ltd.
    
92,000
    
349,948
  
Carnival Group International Holdings Ltd.*
    
380,000
    
61,737
  
Total Diversified
    
 
    
411,685
  
Total Common Stocks
              
(Cost $47,910,729)
          
51,112,796
  
               
SECURITIES LENDING COLLATERAL†,4 - 4.9%
              
BNY Mellon Separately Managed Cash Collateral
              
Account, 0.0738%
    
2,487,249
    
2,487,249
  
Total Securities Lending Collateral
              
(Cost $2,487,249)
          
2,487,249
  
Total Investments - 104.9%
              
(Cost $50,397,978)
        
$
53,600,045
  
Other Assets & Liabilities, net - (4.9)%
          
(2,497,824
)
Total Net Assets - 100.0%
        
$
51,102,221
  
 
*
  
Non-income producing security.
     
†
  
Value determined based on Level 1 inputs, unless otherwise noted —See Note 4.
     
††
  
Value determined based on Level 2 inputs —See Note 4.
     
†††
  
Value determined based on Level 3 inputs —See Note 4.
     
1
  
All or portion of this security is on loan at February 28, 2015 — See Note 2.
     
2
  
Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $288,639 (cost $275,681), or 0.6% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
     
3
  
Security was fair valued by the Valuation Committee at February 28, 2015. The total market value of fair valued securities amounts to $0 (cost $110,302) or less than 0.1% of total net assets.
     
4
  
Securities lending collateral — See Note 2.
     
ADR   American Depositary Receipt

Country Diversification
 
% of Long-Term
Country
Investments
China
99.5%
Singapore
0.3%
United States
0.2%
Total Long-Term Investments
100.0%
   
Currency Denomination
 
% of Long-Term
Currency
Investments
Hong Kong Dollar
87.2%
United States Dollar
12.5%
Singapore Dollar
0.3%
Total Long-Term Investments
100.0%

See notes to financial statements.
24 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
CQQQ Guggenheim China Technology ETF
 
     
Shares
    
Value
  
COMMON STOCKS† - 99.8%
              
Communications - 49.1%
              
Tencent Holdings Ltd.
    
476,315
  
$
8,346,543
  
Baidu, Inc. ADR*
    
27,149
    
5,531,608
  
Alibaba Group Holding Ltd. ADR*
    
50,179
    
4,271,236
  
Qihoo 360 Technology Company Ltd. ADR*,1
    
47,787
    
2,185,300
  
SINA Corp.*
    
48,976
    
1,817,989
  
Youku Tudou, Inc. ADR*
    
97,997
    
1,606,171
  
Sohu.com, Inc.*
    
22,533
    
1,185,686
  
Bitauto Holdings Ltd. ADR*
    
17,958
    
1,139,435
  
YY, Inc. ADR*,1
    
21,239
    
1,119,083
  
ZTE Corp. — Class H
    
466,619
    
1,039,679
  
SouFun Holdings Ltd. ADR1
    
148,883
    
1,018,360
  
21Vianet Group, Inc. ADR*,1
    
34,593
    
598,459
  
BYD Electronic International Company Ltd.
    
469,000
    
523,701
  
Autohome, Inc. ADR*
    
12,435
    
474,893
  
58.com, Inc. ADR*
    
10,960
    
456,813
  
TCL Communication Technology Holdings Ltd.1
    
463,016
    
438,810
  
Coolpad Group Ltd.
    
1,980,076
    
372,759
  
Suncorp Technologies Ltd.*
    
7,620,000
    
299,673
  
China Fiber Optic Network System Group Ltd.
    
830,000
    
221,535
  
China All Access Holdings Ltd.
    
562,029
    
203,638
  
Comba Telecom Systems Holdings Ltd.1
    
686,378
    
200,016
  
Synertone Communication Corp.
    
2,248,000
    
200,004
  
Renren, Inc. ADR*,1
    
70,772
    
181,884
  
Phoenix New Media Ltd. ADR*
    
24,541
    
180,131
  
V1 Group Ltd.*
    
2,208,000
    
176,516
  
Weibo Corp ADR*,1
    
12,561
    
167,564
  
China Public Procurement Ltd.*,1
    
5,892,000
    
140,549
  
Pacific Online Ltd.
    
305,000
    
114,049
  
Total Communications
          
34,212,084
  
               
Technology - 32.1%
              
Lenovo Group Ltd.
    
3,476,081
    
5,360,607
  
Hanergy Thin Film Power Group Ltd.*,1
    
7,852,262
    
4,576,423
  
NetEase, Inc. ADR
    
40,228
    
4,024,408
  
Semiconductor Manufacturing International Corp.*
    
21,787,375
    
1,910,323
  
Kingsoft Corporation Ltd.1
    
457,022
    
1,050,118
  
TravelSky Technology Ltd. — Class H
    
691,032
    
744,009
  
Shunfeng International Clean Energy Ltd.*
    
768,000
    
513,951
  
PAX Global Technology Ltd.*
    
481,000
    
438,488
  
Perfect World Company Ltd. ADR
    
21,729
    
406,984
  
Ju Teng International Holdings Ltd.
    
666,030
    
393,326
  
Shanda Games Ltd. ADR*
    
69,579
    
389,642
  
Kingdee International Software Group Company Ltd.*
    
1,130,040
    
371,558
  
NetDragon Websoft, Inc.1
    
197,012
  
 
334,812
  
Chinasoft International Ltd.*,1
    
864,008
    
269,604
  
Boyaa Interactive International Ltd.
    
337,000
    
243,773
  
Changyou.com Ltd. ADR*,1
    
8,616
    
241,334
  
Cheetah Mobile Inc ADR*,1
    
9,942
    
191,384
  
Tian Ge Interactive Holdings Ltd.
    
431,000
    
191,174
  
China Mobile Games & Entertainment Group Ltd.*,1
    
9,142
    
163,185
  
TPV Technology Ltd.
    
680,031
    
157,832
  
NQ Mobile, Inc. ADR*,1
    
37,918
    
154,326
  
Shanghai Fudan Microelectronics Group Company Ltd. — Class H
    
182,000
    
141,978
  
China ITS Holdings Company Ltd.
    
861,000
    
118,790
  
Total Technology
          
22,388,029
  
               
Industrial - 9.5%
              
AAC Technologies Holdings, Inc.
    
506,506
    
3,353,652
  
Sunny Optical Technology Group Company Ltd.
    
504,000
    
833,128
  
Truly International Holdings Ltd.1
    
1,060,037
    
431,918
  
Hi Sun Technology China Ltd.*
    
1,344,048
    
353,539
  
Kingboard Laminates Holdings Ltd.
    
803,033
    
349,980
  
Wasion Group Holdings Ltd.
    
346,014
    
343,094
  
Tongda Group Holdings Ltd.
    
2,230,000
    
313,418
  
GCL New Energy Holdings Ltd.*
    
2,062,000
    
204,726
  
Yingli Green Energy Holding Company Ltd. ADR*,1
    
95,923
    
200,479
  
China Aerospace International Holdings Ltd.
    
1,400,054
    
189,551
  
Kingwell Group Ltd.*
    
1,172,000
    
75,560
  
Total Industrial
          
6,649,045
  
               
Energy - 5.4%
              
GCL-Poly Energy Holdings Ltd.*
    
7,806,163
    
1,872,163
  
Xinyi Solar Holdings Ltd.1
    
2,304,000
    
683,287
  
Trina Solar Ltd. ADR*,1
    
65,037
    
680,937
  
JinkoSolar Holding Company Ltd. ADR*,1
    
14,862
    
325,329
  
JA Solar Holdings Company Ltd. ADR*,1
    
27,504
    
233,509
  
Total Energy
          
3,795,225
  
Basic Materials - 1.3%
              
Kingboard Chemical Holdings Ltd.
    
455,816
    
787,567
  
Landing International Development Ltd.*
    
4,585,000
    
147,208
  
Total Basic Materials
          
934,775
  
               
Consumer, Cyclical - 1.2%
              
Digital China Holdings Ltd.
    
675,033
    
657,151
  
VST Holdings Ltd.
    
544,000
    
179,569
  
Total Consumer, Cyclical
          
836,720
  

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 25
 
 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
CQQQ Guggenheim China Technology ETF continued
 
     
Shares
    
Value
  
COMMON STOCKS† - 99.8% (continued)
              
Consumer, Non-cyclical - 1.0%
              
China Innovationpay Group Ltd.*
    
3,168,000
  
$
269,601
  
HC International, Inc.*
    
262,000
    
185,130
  
Goldpac Group Ltd.
    
240,000
    
144,208
  
Anxin-China Holdings Ltd.
    
1,844,054
    
116,510
  
Total Consumer, Non-cyclical
          
715,449
  
Diversified - 0.2%
              
Beijing Development HK Ltd.*
    
556,000
    
172,060
  
Total Common Stocks
              
(Cost $64,343,299)
          
69,703,387
  
               
SECURITIES LENDING COLLATERAL†,2 - 19.2%
              
BNY Mellon Separately Managed Cash
   
 
    
 
  
Collateral Account, 0.0738%    
13,380,610
    
13,380,610
  
Total Securities Lending Collateral
              
(Cost $13,380,610)
          
13,380,610
  
Total Investments - 119.0%
              
(Cost $77,723,909)
        
$
83,083,997
  
Other Assets & Liabilities, net - (19.0)%
          
(13,266,149
)
Total Net Assets - 100.0%
        
$
69,817,848
  
 
*
  
Non-income producing security.
     
†
  
Value determined based on Level 1 inputs – See Note 4.
     
1
  
All or portion of this security is on loan at February 28, 2015 – See Note 2.
     
2
  
Securities lending collateral – See Note 2.
     
ADR   American Depositary Receipt

Country Diversification
     
% of Long-Term
Country
    
Investments
China
    
100.0
%

Currency Denomination
     
% of Long-Term
Currency
    
Investments
Hong Kong Dollar
    
58.5
%
United States Dollar
    
41.5
%
Total Long-Term Investments
    
100.0
%

See notes to financial statements.
26 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 
 
SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
EMRE Guggenheim Emerging Markets Real Estate ETF

     
Shares
    
Value
  
COMMON STOCKS† - 98.6%
              
Cayman Islands - 16.7%
              
China Resources Land Ltd.
    
32,000
  
$
84,998
  
Country Garden Holdings Company Ltd.
    
128,000
    
50,999
  
Shimao Property Holdings Ltd.
    
22,500
    
47,754
  
Evergrande Real Estate Group Ltd.
    
76,000
    
33,515
  
Sunac China Holdings Ltd.††
    
32,000
    
29,626
  
Longfor Properties Company Ltd.
    
22,500
    
29,592
  
SOHO China Ltd.
    
34,000
    
24,331
  
KWG Property Holding Ltd.
    
25,000
    
16,247
  
Agile Property Holdings Ltd.1
    
26,000
    
15,455
  
Greentown China Holdings Ltd.1
    
16,000
    
14,132
  
Shui On Land Ltd.
    
60,500
    
14,042
  
E-House China Holdings Ltd. ADR
    
1,305
    
9,226
  
Kaisa Group Holdings Ltd.1
    
45,000
    
9,052
  
Renhe Commercial Holdings Company Ltd.
    
198,000
    
8,936
  
Colour Life Services Group Company Ltd.
    
8,000
    
6,911
  
Glorious Property Holdings Ltd.††
    
42,000
    
5,145
  
Wuzhou International Holdings Ltd.
    
26,000
    
4,425
  
Logan Property Holdings Company Ltd.
    
14,000
    
4,423
  
Hydoo International Holding Ltd.
    
20,000
    
3,739
  
Fantasia Holdings Group Company Ltd.
    
30,000
    
3,288
  
Yuzhou Properties Company Ltd.
    
14,000
    
3,285
  
Total Cayman Islands
          
419,121
  
               
China - 13.4%
              
China Overseas Land & Investment Ltd.
    
42,000
    
128,078
  
China Vanke Company Ltd. — Class H*
    
21,000
    
48,198
  
Sino-Ocean Land Holdings Ltd.
    
66,000
    
41,189
  
Yuexiu Property Company Ltd.
    
120,000
    
24,138
  
Guangzhou R&F Properties Company Ltd. — Class H
    
17,200
    
20,005
  
Poly Property Group Company Ltd.
    
36,000
    
17,546
  
China South City Holdings Ltd.
    
50,000
    
15,795
  
Franshion Properties China Ltd.
    
42,000
    
12,347
  
Shenzhen Investment Ltd.
    
38,000
    
12,004
  
Beijing Capital Land Ltd. — Class H
    
18,000
    
9,237
  
China Overseas Grand Oceans Group Ltd.
    
14,000
    
7,203
  
Total China
          
335,740
  
               
South Africa - 12.5%
              
Growthpoint Properties Ltd., REIT1
    
30,113
    
76,697
  
Redefine Properties Ltd., REIT
    
49,264
    
50,055
  
Resilient Property Income Fund Ltd.
    
5,007
    
40,282
  
Hyprop Investments Ltd.
    
3,220
  
 
30,755
  
Capital Property Fund, REIT
    
23,393
    
28,345
  
Attacq Ltd.*
    
11,739
    
23,220
  
Vukile Property Fund Ltd., REIT
    
7,865
    
13,303
  
Emira Property Fund, REIT
    
7,434
    
11,706
  
Acucap Properties Ltd., REIT
    
2,208
    
10,791
  
S.A. Corporate Real Estate Fund Nominees Pty Ltd., REIT
    
24,043
    
10,523
  
Fountainhead Property Trust, REIT
    
8,595
    
6,904
  
Arrowhead Properties Ltd. — Class A, REIT
    
6,200
    
5,215
  
Arrowhead Properties Ltd. — Class B, REIT
    
6,113
    
5,193
  
Total South Africa
          
312,989
  
               
United Arab Emirates - 8.1%
              
Emaar Properties PJSC
    
64,593
    
132,782
  
Aldar Properties PJSC
    
70,369
    
50,390
  
Deyaar Development PJSC*
    
34,677
    
7,308
  
Union Properties PJSC
    
22,528
    
6,625
  
Eshraq Properties Company PJSC*
    
26,547
    
5,999
  
Total United Arab Emirates
          
203,104
  
               
Philippines – 7.9%
              
Ayala Land, Inc.
    
92,900
    
76,381
  
SM Prime Holdings Inc.
    
153,600
    
68,839
  
Megaworld Corp.
    
217,000
    
26,922
  
Robinsons Land Corp.
    
25,800
    
16,385
  
Vista Land & Lifescapes, Inc.
    
54,400
    
8,822
  
Belle Corp.
    
400
    
39
  
Total Philippines
          
197,388
  
               
Mexico - 7.1%
              
Fibra Uno Administracion S.A. de CV, REIT
    
31,700
    
88,897
  
Mexico Real Estate Management S.A. de CV, REIT
    
12,800
    
22,018
  
PLA Administradora Industrial S de RL de CV, REIT
    
8,200
    
17,654
  
Concentradora Fibra Hotelera Mexicana S.A. de CV, REIT*
    
7,700
    
11,525
  
Corporation Inmobiliaria Vesta SAB de CV
    
5,414
    
10,396
  
Prologis Property Mexico S.A. de CV, REIT
    
5,170
    
9,927
  
Concentradora Fibra Danhos S.A. de CV, REIT
    
3,578
    
8,722
  
Fibra Shop Portafolios Inmobiliarios SAPI de CV, REIT
    
6,053
    
7,635
  
Asesor de Activos Prisma SAPI de CV, REIT
    
4,200
    
4,770
  
Total Mexico
          
181,544
  

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 27

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
EMRE Guggenheim Emerging Markets Real Estate ETF continued

     
Shares
    
Value
  
COMMON STOCKS† - 98.6% (continued)
              
Indonesia - 6.2%
              
Lippo Karawaci Tbk PT
    
355,200
  
$
32,428
  
Bumi Serpong Damai Tbk PT
    
146,700
    
25,197
  
Summarecon Agung Tbk PT
    
154,100
    
21,640
  
Ciputra Development Tbk PT
    
180,400
    
20,727
  
Pakuwon Jati Tbk PT
    
409,500
    
17,426
  
Alam Sutera Realty Tbk PT
    
167,700
    
8,693
  
Kawasan Industri Jababeka Tbk PT
    
280,600
    
7,859
  
Modernland Realty Tbk PT
    
150,000
    
6,789
  
Lippo Cikarang Tbk PT*
    
6,600
    
6,089
  
Intiland Development Tbk PT
    
103,300
    
4,715
  
Sentul City Tbk PT*
    
376,800
    
4,227
  
Total Indonesia
          
155,790
  
               
Thailand - 5.1%
              
Central Pattana PCL
    
22,800
    
31,030
  
Land & Houses PCL
    
56,900
    
18,304
  
Pruksa Real Estate PCL
    
11,700
    
11,581
  
Hemaraj Land and Development PCL
    
78,200
    
10,691
  
Bangkok Land PCL
    
193,200
    
10,159
  
Quality Houses PCL
    
66,100
    
8,383
  
Supalai PCL
    
10,600
    
7,738
  
LPN Development PCL
    
9,500
    
5,789
  
Sansiri PCL
    
88,800
    
5,493
  
WHA Corporation PCL
    
4,600
    
5,122
  
TICON Industrial Connection PCL — Class F
    
8,800
    
4,845
  
Natural Park PCL*
    
2,858,600
    
4,421
  
Country Group Development PCL*
    
57,600
    
2,868
  
Total Thailand
          
126,424
  
               
Brazil - 4.7%
              
BR Malls Participacoes S.A.
    
8,936
    
52,847
  
Multiplan Empreendimentos Imobiliarios S.A.
    
1,438
    
27,434
  
BR Properties S.A.
    
3,702
    
15,006
  
Iguatemi Empresa de Shopping Centers S.A.
    
1,144
    
10,902
  
Aliansce Shopping Centers S.A.
    
1,306
    
7,445
  
LPS Brasil Consultoria de Imoveis S.A.
    
1,401
    
2,969
  
Total Brazil
          
116,603
  
               
Malaysia - 4.5%
              
IOI Properties Group BHD
    
25,500
  
 
15,071
  
KLCCP Stapled Group
    
7,300
    
14,037
  
UEM Sunrise BHD
    
31,100
    
12,254
  
Sunway BHD
    
11,400
    
10,691
  
IGB Real Estate Investment Trust, REIT
    
26,600
    
9,964
  
SP Setia Bhd Group
    
10,000
    
9,684
  
Eastern & Oriental Bhd
    
14,740
    
9,202
  
Sunway Real Estate Investment Trust, REIT
    
18,100
    
8,186
  
Mah Sing Group Bhd
    
12,300
    
6,928
  
IJM Land Bhd
    
6,700
    
6,878
  
CapitaMalls Malaysia Trust, REIT
    
13,800
    
5,744
  
IGB Corporation Bhd
    
5,900
    
4,764
  
Total Malaysia
          
113,403
  
               
Taiwan, Province of China - 3.6%
              
Highwealth Construction Corp.
    
11,000
    
23,433
  
Ruentex Development Company Ltd.
    
14,000
    
20,952
  
Prince Housing & Development Corp.
    
20,000
    
8,152
  
Huaku Development Company Ltd.
    
4,000
    
7,578
  
Radium Life Tech Company Ltd.
    
12,000
    
6,267
  
Chong Hong Construction Company Ltd.
    
3,000
    
6,209
  
Kindom Construction Corp.
    
6,000
    
6,056
  
Farglory Land Development Company Ltd.
    
5,000
    
5,970
  
Hung Sheng Construction Ltd.
    
8,000
    
4,993
  
Total Taiwan, Province of China
          
89,610
  
               
Egypt - 2.0%
              
Talaat Moustafa Group
    
19,449
    
27,096
  
Palm Hills Developments SAE*
    
15,499
    
7,902
  
Medinet Nasr Housing*
    
1,682
    
7,528
  
Six of October Development & Investment*
    
4,119
    
7,212
  
Total Egypt
          
49,738
  
               
Turkey - 1.7%
              
Emlak Konut Gayrimenkul Yatirim Ortakligi AS, REIT
    
34,213
    
42,579
  

See notes to financial statements.
28 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
EMRE Guggenheim Emerging Markets Real Estate ETF continued
 
     
Shares
    
Value
  
COMMON STOCKS† - 98.6% (continued)
              
Qatar - 1.6%
              
Barwa Real Estate Co.
    
2,135
  
$
28,553
  
United Development Company QSC
    
1,789
    
11,923
  
Total Qatar
          
40,476
  
Bermuda - 1.3%
              
Carnival Group International Holdings Ltd.*
    
130,000
    
21,121
  
Wanda Hotel Development Company Ltd.*
    
28,000
    
5,488
  
Shanghai Industrial Urban Development Group Ltd.*
    
26,000
    
4,861
  
Total Bermuda
          
31,470
  
Chile - 0.9%
              
Parque Arauco S.A.
    
10,639
    
20,934
  
Morocco - 0.3%
              
Douja Promotion Groupe Addoha S.A.
    
2,087
    
6,843
  
Alliances Developpement Immobilier S.A.
    
85
    
1,245
  
Total Morocco
          
8,088
  
Russian Federation - 0.3%
              
LSR Group GDR
    
3,741
    
8,006
  
Greece - 0.3%
              
Grivalia Properties REIC, REIT
    
703
    
6,939
  
Poland - 0.2%
              
Globe Trade Centre S.A.*
    
4,515
    
5,942
  
Guernsey - 0.2%
              
Etalon Group Ltd. GDR
    
2,276
    
5,235
  
Total Common Stocks
              
(Cost $2,416,780)
          
2,471,123
  
               
RIGHTS† - 0.0%
              
WHA Corporation PCL
              
Expires 04/02/15†††
    
1,672
  
 
—
  
Total Rights
              
(Cost $–)
          
—
  
EXCHANGE-TRADED FUNDS - 1.1%
              
Market Vectors India Small-Cap Index ETF
    
575
    
28,572
  
Total Exchange-Traded Funds
              
(Cost $25,329)
          
28,572
  
SECURITIES LENDING COLLATERAL†,2 - 4.7%
              
BNY Mellon Separately Managed Cash Collateral
              
Account, 0.0886%
    
117,866
    
117,866
  
Total Securities Lending Collateral
              
(Cost $117,866)
          
117,866
  
Total Investments - 104.4%
              
(Cost $2,559,975)
        
$
2,617,561
  
Other Assets & Liabilities, net - (4.4)%
      
 
   (110,344)  
Total Net Assets - 100.0%
  
 
     $ 2,507,217  
 
*
  
Non-income producing security.
     
†
  
Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
     
††
  
Value determined based on Level 2 inputs — See Note 4.
     
†††
  
Value determined based on Level 3 inputs — See Note 4.
     
1
  
All or portion of this security is on loan at February 28, 2015 — See Note 2.
     
2
  
Securities lending collateral — See Note 2.
 
ADR
  
American Depositary Receipt
     
GDR
  
Global Depositary Receipt
 
See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 29

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
EMRE Guggenheim Emerging Markets Real Estate ETF continued
 
Country Diversification
  
     
% of Long-Term
Country
    
Investments
Cayman Islands
    
16.8
%
China
    
13.4
%
South Africa
    
12.5
%
United Arab Emirates
    
8.1
%
Philippines
    
7.9
%
Mexico
    
7.3
%
Indonesia
    
6.2
%
All Other Countries
    
27.8
%
Total Long-Term Investments
    
100.0
%

Currency Denomination
  
     
% of Long-Term
Currency
    
Investments
Hong Kong Dollar
    
31.1
%
South African Rand
    
12.5
%
United Arab Emirates Dirham
    
8.1
%
Philippine Peso
    
7.9
%
Mexican Nuevo Peso
    
7.3
%
All Other Currencies
    
33.1
%
Total Long-Term Investments
    
100.0
%

See notes to financial statements.
30 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
TAN Guggenheim Solar ETF
 
     
Shares
    
Value
  
COMMON STOCKS† - 99.1%
              
United States - 39.5%
              
SunEdison, Inc.*
    
1,413,037
  
$
31,284,639
  
First Solar, Inc.*
    
523,181
    
31,257,449
  
SolarCity Corp.*,1
    
397,401
    
20,410,515
  
SunPower Corp. — Class A*,1
    
607,637
    
19,845,425
  
TerraForm Power, Inc. — Class A
    
373,069
    
12,956,686
  
Advanced Energy Industries, Inc.*
    
426,947
    
11,365,329
  
Enphase Energy, Inc.*,1
    
585,210
    
8,064,194
  
Vivint Solar, Inc.*,1
    
681,952
    
5,503,353
  
Total United States
          
140,687,590
  
               
Cayman Islands – 27.9%
              
GCL-Poly Energy Holdings Ltd.*,1
    
82,805,348
    
19,859,318
  
Trina Solar Ltd. ADR*,1
    
1,327,631
    
13,900,297
  
Xinyi Solar Holdings Ltd.*,1
    
42,154,000
    
12,501,428
  
Shunfeng International Clean Energy Ltd.*
    
15,880,000
    
10,627,004
  
JinkoSolar Holding Company Ltd. ADR*,1
    
455,069
    
9,961,460
  
JA Solar Holdings Company Ltd. ADR*,1
    
950,999
    
8,073,982
  
China Singyes Solar Technologies Holdings Ltd.
    
5,699,245
    
7,598,552
  
Yingli Green Energy Holding Company Ltd. ADR*,1
    
3,391,753
    
7,088,764
  
Daqo New Energy Corp.*,1
    
195,936
    
4,383,088
  
Comtec Solar Systems Group Ltd.*
    
29,168,000
    
3,648,139
  
Hanwha Q CELLS Co. Ltd.*,1
    
1,754,609
    
2,017,800
  
Total Cayman Islands
          
99,659,832
  
               
Bermuda - 15.5%
              
Hanergy Thin Film Power Group Ltd.1
    
94,651,069
    
55,164,154
  
               
Canada - 5.1%
              
Canadian Solar, Inc.*,1
    
519,957
    
15,403,726
  
5N Plus, Inc.*
    
1,418,286
    
2,612,468
  
Total Canada
          
18,016,194
  
               
Switzerland - 3.1%
              
Meyer Burger Technology AG*,1
    
1,513,402
    
11,174,909
  
               
United Kingdom - 2.9%
              
Abengoa Yield plc1
    
320,160
    
10,498,046
  
               
Norway - 2.9%
              
REC Silicon ASA*,1
    
35,446,617
    
10,294,513
  
               
Germany - 1.2%
              
SMA Solar Technology AG*,1
    
315,345
    
4,233,868
  
               
British Virgin Islands - 1.0%
              
ReneSola Ltd. ADR*,1
    
2,746,210
    
3,652,459
  
Total Common Stocks
              
(Cost $372,501,851)
          
353,381,565
  
               
SECURITIES LENDING COLLATERAL†,2 - 45.4%
              
BNY Mellon Separately Managed Cash Collateral
              
Account, 0.0720%
    
162,077,661
  
 
162,077,661
  
Total Securities Lending Collateral
              
(Cost $162,077,661)
          
162,077,661
  
Total Investments - 144.5%
              
(Cost $534,579,512)
        
$
515,459,226
  
Other Assets & Liabilities, net - (44.5)%
          
(158,817,575
)
Total Net Assets - 100.0%
        
$
356,641,651
  
 
*
  
Non-income producing security.
     
†
  
Value determined based on Level 1 inputs — See Note 4.
     
1
  
All or portion of this security is on loan at February 28, 2015 — See Note 2.
     
2
  
Securities lending collateral — See Note 2.
     
ADR   American Depositary Receipt
     
 Plc   Public Limited Company
     
AG    Stock Corporation
     
ASA   Stock Company
 
Currency Denomination
     
% of Long-Term
Currency
    
Investments
United States Dollar
    
61.0
%
Hong Kong Dollar
    
31.0
%
Swiss Franc
    
3.2
%
Norwegian Krone
    
2.9
%
Euro
    
1.2
%
Canadian Dollar
    
0.7
%
Total Long-Term Investments
    
100.0
%

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 31

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
CGW Guggenheim S&P Global Water Index ETF
 
     
Shares
    
Value
  
COMMON STOCKS† - 99.7%
              
               
United States - 30.1%
              
American Water Works Company, Inc.
    
372,889
  
$
20,165,837
  
Danaher Corp.
    
218,529
    
19,073,211
  
Xylem, Inc.
    
360,429
    
12,867,315
  
IDEX Corp.
    
157,981
    
12,205,612
  
Aqua America, Inc.
    
368,791
    
9,750,834
  
Tetra Tech, Inc.
    
133,721
    
3,400,525
  
American States Water Co.
    
80,574
    
3,233,435
  
Watts Water Technologies, Inc. — Class A
    
56,122
    
3,085,588
  
Mueller Water Products, Inc. — Class A
    
315,111
    
2,886,417
  
Franklin Electric Company, Inc.
    
77,890
    
2,841,427
  
Itron, Inc.*
    
77,429
    
2,824,610
  
California Water Service Group
    
99,501
    
2,530,310
  
Lindsay Corp.
    
25,118
    
2,199,834
  
Calgon Carbon Corp.
    
104,983
    
2,165,799
  
Badger Meter, Inc.
    
28,492
    
1,663,933
  
Aegion Corp. *
    
77,770
    
1,406,859
  
Gorman-Rupp Co.
    
37,304
    
1,072,117
  
Connecticut Water Service, Inc.
    
23,106
    
857,233
  
Advanced Drainage Systems, Inc.
    
28,099
    
762,888
  
Nuverra Environmental Solutions, Inc.*,1
    
31,644
    
118,349
  
Total United States
          
105,112,133
  
               
United Kingdom - 17.7%
              
United Utilities Group plc
    
1,419,406
    
20,750,971
  
Severn Trent plc
    
496,020
    
15,568,608
  
Pennon Group plc
    
813,650
    
10,694,307
  
Halma plc
    
745,556
    
8,209,294
  
Rotork plc
    
171,185
    
6,492,036
  
Total United Kingdom
          
61,715,216
  
               
Switzerland - 9.3%
              
Geberit AG
    
74,577
    
26,715,558
  
Sulzer AG
    
46,644
    
5,702,573
  
Total Switzerland
          
32,418,131
  
               
France – 9.0%
              
Veolia Environnement S.A.
    
967,496
    
18,882,333
  
Suez Environnement Co.
    
690,354
    
12,346,777
  
Total France
          
31,229,110
  
               
Ireland - 7.2%
              
Pentair plc
    
379,923
    
25,253,482
  
               
China - 4.5%
              
China Everbright International Ltd.
    
5,693,000
    
7,942,577
  
Guangdong Investment Ltd.
    
5,972,000
    
7,692,691
  
Total China
          
15,635,268
  
               
Sweden - 3.5%
              
Alfa Laval AB1
    
616,183
  
 
12,366,878
  
               
Netherlands - 2.9%
              
Aalberts Industries N.V.
    
189,811
    
5,886,725
  
Arcadis N.V.
    
127,382
    
4,237,046
  
Total Netherlands
          
10,123,771
  
               
Japan - 2.9%
              
Kurita Water Industries Ltd.
    
223,600
    
5,538,330
  
Ebara Corp.
    
968,000
    
4,129,658
  
Torishima Pump Manufacturing Co. Ltd.1
    
50,100
    
382,628
  
Total Japan
          
10,050,616
  
               
South Korea - 2.5%
              
Coway Company Ltd.
    
110,045
    
8,642,775
  
               
Austria - 2.4%
              
Andritz AG
    
143,635
    
8,305,125
  
               
Bermuda - 1.9%
              
Beijing Enterprises Water Group Ltd.*
    
9,380,000
    
5,829,655
  
China Water Affairs Group Ltd.1
    
1,658,000
    
765,351
  
Total Bermuda
          
6,595,006
  
               
Israel - 1.7%
              
Israel Chemicals Ltd.
    
849,547
    
5,933,365
  
               
Italy - 1.6%
              
Hera SpA
    
1,271,162
    
3,091,131
  
Interpump Group SpA
    
158,968
    
2,410,703
  
Total Italy
          
5,501,834
  
               
Brazil - 1.2%
              
Cia de Saneamento Basico do Estado de Sao Paulo ADR1
    
711,345
    
4,196,936
  
               
Singapore - 0.7%
              
United Envirotech Ltd.
    
1,388,000
    
1,643,026
  
SIIC Environment Holdings Ltd.*
    
7,151,800
    
699,353
  
Total Singapore
          
2,342,379
  
               
Spain - 0.5%
              
Fomento de Construcciones y Contratas S.A.*
    
159,169
    
1,873,692
  
               
Cayman Islands - 0.1%
              
China Water Industry Group Ltd.*
    
2,073,771
    
401,093
  
Total Common Stocks
              
(Cost $276,485,844)
          
347,696,810
  
 
See notes to financial statements.
32 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 
 
SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
CGW Guggenheim S&P Global Water Index ETF continued
 
     
Shares
    
Value
  
SECURITIES LENDING COLLATERAL†,2 - 0.7%
              
BNY Mellon Separately Managed Cash Collateral
              
Account, 0.0737%
    
2,561,048
  
$
2,561,048
  
Total Securities Lending Collateral
              
(Cost $2,561,048)
          
2,561,048
  
Total Investments - 100.4%
              
(Cost $279,046,892)
        
$
350,257,858
  
Other Assets & Liabilities, net - (0.4)%
          
(1,608,223
)
Total Net Assets - 100.0%
        
$
348,649,635
  
 
*
  
Non-income producing security.
     
†
  
Value determined based on Level 1 inputs — See Note 4.
     
1
  
All or portion of this security is on loan at February 28, 2015 — See Note 2.
     
2
  
Securities lending collateral — See Note 2.
 
ADR
  
American Depositary Receipt
     
plc
  
Public Limited Company

Country Diversification
   
% of Long-Term
Country
  
Investments
United States
  
30.2
%
United Kingdom
  
17.7
%
Switzerland
  
9.3
%
France
  
9.0
%
Ireland
  
7.3
%
China
  
4.5
%
All Other Countries
  
22.0
%
Total Long-Term Investments
  
100.0
%

Currency Denomination
   
% of Long-Term
Currency
  
Investments
United States Dollar
  
38.7
%
Pound Sterling
  
17.7
%
Euro
  
16.4
%
Swiss Franc
  
9.3
%
Hong Kong Dollar
  
6.5
%
All Other Currencies
  
11.4
%
Total Long-Term Investments
  
100.0
%

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 33

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
GHII Guggenheim S&P High Income Infrastructure ETF
 
     
Shares
    
Value
  
COMMON STOCKS† - 99.4%
              
United States - 19.5%
              
Williams Companies, Inc.
    
2,544
  
$
124,758
  
Kinder Morgan, Inc.
    
2,426
    
99,490
  
Pepco Holdings, Inc.
    
1,114
    
30,234
  
PPL Corp.
    
874
    
29,803
  
Southern Co.
    
636
    
29,122
  
CenterPoint Energy, Inc.
    
1,340
    
27,859
  
Consolidated Edison, Inc.
    
432
    
27,277
  
Entergy Corp.
    
328
    
26,079
  
FirstEnergy Corp.
    
734
    
25,675
  
SCANA Corp.
    
426
    
24,261
  
American Electric Power Company, Inc.
    
414
    
23,838
  
Exelon Corp .
    
702
    
23,812
  
Total United States
          
492,208
  
               
Australia - 14.7%
              
Sydney Airport
    
31,458
    
127,058
  
Transurban Group
    
15,718
    
112,575
  
AusNet Services
    
44,856
    
51,438
  
APA Group
    
5,924
    
42,614
  
AGL Energy Ltd.
    
3,246
    
38,239
  
Total Australia
          
371,924
  
               
China - 11.5%
              
Jiangsu Expressway Company Ltd. — Class H
    
100,000
    
123,397
  
Zhejiang Expressway Company Ltd. — Class H
    
88,000
    
108,249
  
Power Assets Holdings Ltd.
    
3,000
    
30,869
  
CLP Holdings Ltd.
    
3,000
    
26,981
  
Total China
          
289,496
  
               
Spain - 8.8%
              
Abertis Infraestructuras S.A.
    
5,136
    
100,526
  
Endesa S.A .
    
2,382
    
48,279
  
Iberdrola S.A.
    
5,642
    
38,647
  
Gas Natural SDG S.A.
    
1,428
    
34,589
  
Total Spain
          
222,041
  
               
Italy - 8.2%
              
Atlantia SpA
    
4,252
    
112,268
  
Snam SpA
    
10,274
    
52,111
  
Terna Rete Elettrica Nazionale SpA
    
9,698
    
43,837
  
Total Italy
          
208,216
  
               
United Kingdom - 7.4%
              
Centrica plc
    
11,822
  
 
44,633
  
SSE plc
    
1,692
    
41,131
  
National Grid plc
    
2,578
    
35,323
  
Severn Trent plc
    
1,060
    
33,270
  
United Utilities Group plc
    
2,234
    
32,660
  
Total United Kingdom
          
187,017
  
               
Canada - 6.9%
              
Pembina Pipeline Corp.
    
3,000
    
96,056
  
TransCanada Corp.
    
1,800
    
78,983
  
Total Canada
          
175,039
  
               
Singapore - 6.3%
              
Hutchison Port Holdings Trust
    
144,800
    
100,636
  
SATS Ltd.
    
14,800
    
34,386
  
SIA Engineering Company Ltd.
    
7,200
    
22,498
  
Total Singapore
          
157,520
  
               
France - 5.2%
              
GDF Suez
    
2,166
    
48,286
  
Electricite de France S.A.
    
1,672
    
46,322
  
Suez Environnement Co.
    
2,076
    
37,129
  
Total France
          
131,737
  
               
New Zealand - 4.2%
              
Mighty River Power Ltd.
    
14,330
    
37,087
  
Contact Energy Ltd.
    
6,260
    
29,276
  
Infratil Ltd.
    
8,498
    
20,193
  
Z Energy Ltd.
    
5,278
    
18,972
  
Total New Zealand
          
105,528
  
               
Finland - 2.1%
              
Fortum Oyj
    
2,306
    
52,662
  
               
Germany - 1.9%
              
E.ON SE
    
2,932
    
47,505
  
               
Portugal - 1.9%
              
EDP - Energias de Portugal S.A.
    
11,980
    
47,380
  
               
Austria - 0.8%
              
Verbund AG
    
1,100
    
20,839
  
Total Common Stocks
              
(Cost $2,495,318)
          
2,509,112
  

See notes to financial statements.
34 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SCHEDULE OF INVESTMENTS (Unaudited) continued
February 28, 2015
 
GHII Guggenheim S&P High Income Infrastructure ETF (continued)
               
     
Shares
    
Value
  
PREFERRED STOCKS† - 0.4%
              
Germany - 0.4%
              
RWE AG
    
500
  
$
10,572
  
Total Preferred Stocks
              
(Cost $9,988)
          
10,572
  
Total Investments - 99.8%
              
(Cost $2,505,306)
        
$
2,519,684
  
Other Assets & Liabilities, net - 0.2%
          
5,829
  
Total Net Assets - 100.0%
        
$
2,525,513
  
 
†
  
Value determined based on Level 1 inputs —See Note 4.
     
ADR
  
American Depositary Receipt
     
plc
  
Public Limited Company
     
S.A.
  
Corporation
     
SpA
  
Limited Share Company
 
Country Diversification
   
% of Long-Term
Country
  
Investments
United States
  
19.5
%
Australia
  
14.8
%
China
  
11.5
%
Spain
  
8.8
%
Italy
  
8.2
%
United Kingdom
  
7.4
%
Canada
  
7.0
%
Singapore
  
6.3
%
All Other Countries
  
16.5
%
Total Long-Term Investments
  
100.0
%

Currency Denomination
   
% of Long-Term
Currency
  
Investments
Euro
  
29.4
%
United States Dollar
  
23.5
%
Australian Dollar
  
14.8
%
Hong Kong Dollar
  
11.5
%
British Pound
  
7.4
%
Canadian Dollar
  
6.9
%
New Zealand Dollar
  
4.2
%
Singapore Dollar
  
2.3
%
Total Long-Term Investments
  
100.0
%

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 35

 
 
 

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
February 28, 2015

     
Guggenheim
China All-Cap ETF
(YAO
)
  
Guggenheim
China Technology
ETF
(CQQQ
)
  
Guggenheim
Emerging Markets
Real Estate ETF
(EMRE
)
  
Guggenheim
Solar ETF
(TAN
)
ASSETS:
                          
Investments, at value — including securities on loan
  
$
53,600,045
  
$
83,083,997
  
$
2,617,561
  
$
515,459,226
  
Foreign currency, at value
    
4,047
    
—
    
—
    
—
  
Cash
    
1,898
    
50,014
    
7,524
    
757,987
  
Prepaid expenses
    
—
    
—
    
—
    
1,864
  
Receivables:
                          
Securities lending income
    
9,374
    
78,465
    
51
    
866,393
  
Dividends
    
1,442
    
23,642
    
1,779
    
183,714
  
Investments sold
    
—
    
—
    
—
    
1,765,909
  
Tax reclaims
    
—
    
—
    
—
    
35,204
  
Total assets
    
53,616,806
    
83,236,118
    
2,626,915
    
519,070,297
  
LIABILITIES:
                          
Custodian bank
    
—
    
—
    
599
    
—
  
Payable for:
                          
Upon return of securities loaned
    
2,487,249
    
13,380,610
    
117,866
    
162,077,661
  
Management fees
    
27,336
    
37,660
    
1,233
    
119,190
  
Administration fees
    
—
    
—
    
—
    
4,831
  
Accrued expenses
    
—
    
—
    
—
    
226,964
  
Total liabilities
    
2,514,585
    
13,418,270
    
119,698
    
162,428,646
  
NET ASSETS
  
$
51,102,221
  
$
69,817,848
  
$
2,507,217
  
$
356,641,651
  
NET ASSETS CONSIST OF:
                          
Paid-in capital
  
$
56,501,433
  
$
75,020,167
  
$
2,500,000
  
$
695,230,051
  
Undistributed (distributions in excess of) net investment income at end of period
    
(156,151
)
  
5,701
    
(27,977
)
  
144,488
  
Accumulated net realized loss on investments
    
(8,445,126
)
  
(10,568,106
)
  
(22,377
)
  
(319,608,341
)
Net unrealized appreciation (depreciation) on investments
    
3,202,065
    
5,360,086
    
57,571
    
(19,124,547
)
NET ASSETS
  
$
51,102,221
  
$
69,817,848
  
$
2,507,217
  
$
356,641,651
  
Shares outstanding ($0.01 par value with unlimited amount authorized)
    
1,800,000
    
1,950,000
    
100,000
    
9,048,000
  
Net asset value
  
$
28.39
  
$
35.80
  
$
25.07
  
$
39.42
  
Investments in securities, at cost
    
50,397,978
    
77,723,909
    
2,559,975
    
534,579,512
  
Foreign currency, at cost
    
4,049
    
—
    
—
    
—
  
Securities on loan, at value
    
2,295,899
    
12,669,464
    
109,340
    
150,942,275
  

See notes to financial statements.
36 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 
 
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) continued
February 28, 2015

     
Guggenheim S&P
Global Water
Index ETF
(CGW
)
  
Guggenheim S&P
High Income
Infrastructure ETF
(GHII
)
ASSETS:
              
Investments, at value — including securities on loan
  
$
350,257,858
  
$
2,519,684
  
Cash
    
411,058
    
—
  
Prepaid expenses
    
1,876
    
—
  
Receivables:
              
Dividends
    
551,192
    
6,386
  
Tax reclaims
    
215,324
    
—
  
Fund shares sold
    
64,182
    
—
  
Securities lending income
    
5,289
    
—
  
Total assets
    
351,506,779
    
2,526,070
  
LIABILITIES:
              
Foreign currency, at value
    
190
    
—
  
Payable for:
              
Upon return of securities loaned
    
2,561,048
    
—
  
Management fees
    
130,218
    
557
  
Custody fees
    
60,016
    
—
  
Professional fees
    
19,672
    
—
  
Administration fees
    
6,359
    
—
  
Registration fees
    
2,531
    
—
  
Trustees fees
    
855
    
—
  
Accrued expenses
    
76,255
    
—
  
Total liabilities
    
2,857,144
    
557
  
NET ASSETS
  
$
348,649,635
  
$
2,525,513
  
NET ASSETS CONSIST OF:
              
Paid-in capital
  
$
366,530,262
  
$
2,505,306
  
Undistributed net investment income
    
511,316
    
5,826
  
Accumulated net realized loss on investments
    
(89,591,060
)
  
—
  
Net unrealized appreciation on investments
    
71,199,117
    
14,381
  
NET ASSETS
  
$
348,649,635
  
$
2,252,513
  
Shares outstanding ($0.01 par value with unlimited amount authorized)
    
12,280,000
    
100,000
  
Net asset value
  
$
28.39
  
$
25.26
  
Investments in securities, at cost
    
279,046,892
    
2,505,306
  
Foreign currency, at cost
    
_
    
—
  
Securities on loan, at value
    
2,431,723
    
—
  

See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 37

 
 
 

STATEMENT OF OPERATIONS (Unaudited)
February 28, 2015
For the six months ended February 28, 2015
  

     
Guggenheim
China All-Cap ETF
(YAO
)
  
Guggenheim
China Technology
ETF
(CQQQ
)
  
Guggenheim
Emerging Markets
Real Estate ETF
(EMRE)1
    
Guggenheim
Solar ETF
(TAN
)
INVESTMENT INCOME:
                          
Dividends, net of foreign taxes withheld*
  
$
238,416
  
$
134,714
  
$
13,863
  
$
316,238
  
Income from securities lending
    
40,445
    
341,870
    
708
    
4,215,488
  
Total investment income
    
278,861
    
476,584
    
14,571
    
4,531,726
  
EXPENSES:
                          
Management fees
    
182,644
    
249,853
    
6,748
    
830,794
  
Trustee fees
    
—
    
—
    
—
    
5,572
  
Administration fees
    
—
    
—
    
—
    
40,670
  
Custodian fees
    
—
    
—
    
—
    
56,339
  
Licensing
    
—
    
—
    
—
    
236,841
  
Professional fees
    
—
    
—
    
—
    
16,402
  
Printing
    
—
    
—
    
—
    
28,411
  
Registration and filings
    
—
    
—
    
—
    
23,458
  
Insurance
    
—
    
—
    
—
    
3,399
  
Other fees
    
22
    
16
    
—
    
6,931
  
Total expenses
    
182,666
    
249,869
    
6,748
    
1,248,817
  
Less:
                          
Expenses waived by advisor
    
—
    
—
    
—
    
(85,545
)
Net expenses
    
182,666
    
249,869
    
6,748
    
1,163,272
  
Net investment income
    
96,195
    
226,715
    
7,823
    
3,368,454
  
NET REALIZED AND UNREALIZED GAIN (LOSS):
                          
Net realized gain (loss) on:
                          
Investments
    
(1,219,790
)
  
(3,089,535
)
  
(22,664
)
  
(20,197,608
)
In-kind transactions
    
560,320
    
4,709,579
    
4,125,577
        
Foreign currency transactions
    
(1,825
)
  
(2,282
)
  
287
    
(27,107
)
Net realized gain (loss)
    
(661,295
)
  
1,617,762
    
(22,377
)
  
(16,099,138
)
Net change in unrealized appreciation (depreciation) on:
                          
Investments
    
1,428,606
    
(5,986,161
)
  
57,586
    
(27,124,957
)
Foreign currency translation
    
2
    
(5
)
  
(15
)
  
(6,201
)
Net change in unrealized appreciation (depreciation)
    
1,428,608
    
(5,986,166
)
  
57,571
    
(27,131,158
)
Net realized and unrealized gain (loss)
    
767,313
    
(4,368,404
)
  
35,194
    
(43,230,296
)
Net Increase (Decrease) in Net Assets Resulting from Operations
  
$
863,508
  
$
(4,141,689
)
$
43,017
  
$
(39,861,842
)
* Foreign taxes withheld
  
$
15,555
  
$
—
  
$
1,171
  
$
—
  
 
1 Commencement of investment operations September 29, 2014
 
See notes to financial statements.
38 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

STATEMENT OF OPERATIONS (Unaudited) (continued)
February 28, 2015
For the six months ended February 28, 2015
  

     
Guggenheim S&P
Global Water
Index ETF
(CGW)
    
Guggenheim S&P
High Income
Infrastructure ETF
(GHII)2
  
INVESTMENT INCOME:
              
Dividends, net of foreign taxes withheld*
  
$
2,242,401
  
$
6,383
  
Income from securities lending
    
146,596
    
—
  
Total investment income
    
2,388,997
    
6,383
  
EXPENSES:
              
Management fees
    
851,406
    
557
  
Trustee fees
    
5,386
    
—
  
Administration fees
    
41,494
    
—
  
Custodian fees
    
53,476
    
—
  
Licensing
    
85,141
    
—
  
Professional fees
    
17,575
    
—
  
Printing
    
20,456
    
—
  
Registration and filings
    
5,654
    
—
  
Insurance
    
2,661
    
—
  
Other fees
    
7,421
    
—
  
Total expenses
    
1,090,670
    
557
  
Less:
              
Expenses waived by advisor
    
(2,215
)
  
—
  
Net expenses
    
1,088,455
    
557
  
Net investment income
    
1,300,542
    
5,826
  
NET REALIZED AND UNREALIZED GAIN (LOSS):
              
Net realized gain (loss) on:
              
Investments
    
7,550,812
    
—
  
Foreign currency transactions
    
(67,007
)
  
—
  
Net realized gain
    
7,483,805
    
—
  
Net change in unrealized appreciation (depreciation) on:
              
Investments
    
(11,653,950
)
  
14,378
  
Foreign currency translation
    
(2,540
)
  
3
  
Net change in unrealized appreciation (depreciation)
    
(11,656,490
)
  
14,381
  
Net realized and unrealized gain (loss)
    
(4,172,685
)
  
14,381
  
Net Increase (Decrease) in Net Assets Resulting from Operations
  
$
(2,872,143
)
$
20,207
  
* Foreign taxes withheld
  
$
58,309
  
$
52
  
 
2 Commencement of investment operations February 11, 2015.
 
See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 39
 
 
 
 

STATEMENTS OF CHANGES IN NET ASSETS
February 28, 2015

     
Guggenheim China
All-Cap ETF
(YAO)
    
Guggenheim China
Technology
ETF (CQQQ)
  
     
Six Months Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31, 2014
    
Six Months Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31, 2014
  
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
                          
Net investment income
  
$
96,195
  
$
1,242,318
  
$
226,715
  
$
813,128
  
Net realized gain (loss) on investments
    
(661,295
)
  
1,725,711
    
1,617,762
    
2,469,486
  
Net change in unrealized appreciation (depreciation) on investments
    
1,428,608
    
5,517,271
    
(5,986,166
)
  
7,930,974
  
Net increase (decrease) in net assets resulting from operations
    
863,508
    
8,485,300
    
(4,141,689
)
  
11,213,588
  
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                          
Net investment income
    
(1,225,500
)
  
(972,000
)
  
(672,750
)
  
(538,200
)
SHAREHOLDER TRANSACTIONS:
                          
Proceeds from shares purchased
    
—
    
13,240,856
    
6,999,481
    
60,146,670
  
Cost of shares redeemed
    
(2,797,504
)
  
(13,296,666
)
  
(10,444,603
)
  
(14,908,182
)
Net increase (decrease) in net assets resulting from share transactions
    
(2,797,504
)
  
(55,810
)
  
(3,445,122
)
  
45,238,488
  
Net increase (decrease) in net assets
    
(3,159,496
)
  
7,457,490
    
(8,259,561
)
  
55,913,876
  
NET ASSETS:
                          
Beginning of period
    
54,261,717
    
46,804,227
    
78,077,409
    
22,163,533
  
End of period
  
$
51,102,221
  
$
54,261,717
  
$
69,817,848
  
$
78,077,409
  
Undistributed (distributions in excess of) net investment income at end of period
  
$
(156,151
)
$
973,154
  
$
5,701
  
$
451,736
  
CHANGES IN SHARES OUTSTANDING:
                          
Shares sold
    
—
    
500,000
    
200,000
    
1,750,000
  
Shares redeemed
    
(100,000
)
  
(500,000
)
  
(300,000
)
  
(450,000
)
Net increase (decrease) in shares
    
(100,000
)
  
—
    
(100,000
)
  
1,300,000
  

See notes to financial statements.
40 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

STATEMENTS OF CHANGES IN NET ASSETS continued
February 28, 2015

     
Guggenheim
Emerging Markets
Real Estate ETF
(EMRE)
    
Guggenheim S&P
Guggenheim Solar ETF
(TAN)
  
     
Period from
September 29, 2014a
to February 28, 2015
(Unaudited)
    
Six Months Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31, 2014
  
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
                    
Net investment income
  
$
7,823
  
$
3,368,454
  
$
5,069,615
  
Net realized gain (loss) on investments
    
(22,377
)
  
(16,099,138
)
  
114,880,096
  
Net change in unrealized appreciation (depreciation) on investments
    
57,571
    
(27,131,158
)
  
(18,474,838
)
Net increase (decrease) in net assets resulting from operations
    
43,017
    
(39,861,842
)
  
101,474,873
  
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                    
Net investment income
    
(35,800
)
  
(5,534,720
)
  
(3,755,928
)
SHAREHOLDER TRANSACTIONS:
                    
Proceeds from shares purchased
    
2,500,000
    
64,751,948
    
536,328,892
  
Cost of shares redeemed
    
—
    
(91,881,081
)
  
(375,030,252
)
Net increase (decrease) in net assets resulting from share transactions
    
2,500,000
    
(27,129,133
)
  
161,298,640
  
Net increase (decrease) in net assets
    
2,507,217
    
(72,525,695
)
  
259,017,585
  
NET ASSETS:
                    
Beginning of period
    
—
    
429,167,346
    
170,149,761
  
End of period
  
$
2,507,217
  
$
356,641,651
  
$
429,167,346
  
Undistributed (distributions in excess of) net investment income at end of period
  
$
(27,977
)
$
144,488
  
$
2,310,754
  
CHANGES IN SHARES OUTSTANDING:
                    
Shares sold
    
100,000
    
1,840,000
    
13,040,000
  
Shares redeemed
    
—
    
(2,640,000
)
  
(9,440,000
)
Net increase (decrease) in shares
    
100,000
    
(800,000
)
  
3,600,000
  
 
a Commencement of investment operations September 29, 2014.
 
See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 41

 
 
 

STATEMENTS OF CHANGES IN NET ASSETS continued
February 28, 2015

     
Guggenheim S&P
Global Water Index ETF
(CGW)
    
Guggenheim S&P
High Income
Infrastructure
ETF
(GHII)
  
     
Six Months Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31, 2014
    
Period from
February 11, 2015b
to February 28, 2015
(Unaudited)
  
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
                    
Net investment income
  
$
1,300,542
  
$
5,857,082
  
$
5,826
  
Net realized gain on investments
    
7,483,805
    
2,861,520
    
—
  
Net change in unrealized appreciation (depreciation) on investments
    
(11,656,490
)
  
50,434,537
    
14,381
  
Net increase (decrease) in net assets resulting from operations
    
(2,872,143
)
  
59,153,139
    
20,207
  
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                    
Net investment income
    
(5,956,080
)
  
(4,754,400
)
  
—
  
SHAREHOLDER TRANSACTIONS:
                    
Proceeds from shares purchased
    
15,974,191
    
77,073,947
    
2,505,306
  
Cost of shares redeemed
    
(26,410,686
)
  
(16,927,043
)
  
—
  
Net increase (decrease) in net assets resulting from share transactions
    
(10,436,495
)
  
60,146,904
    
2,505,306
  
Net increase (decrease) in net assets
    
(19,264,718
)
  
114,545,643
    
2,525,513
  
NET ASSETS:
                    
Beginning of period
    
367,914,353
    
253,368,710
    
—
  
End of period
  
$
348,649,635
  
$
367,914,353
  
$
2,525,513
  
Undistributed net investment income at end of period
  
$
511,316
  
$
5,166,854
  
$
5,826
  
CHANGES IN SHARES OUTSTANDING:
                    
Shares sold
    
560,000
    
2,720,000
    
100,000
  
Shares redeemed
    
(960,000
)
  
(640,000
)
  
—
  
Net increase (decrease) in shares
    
(400,000
)
  
2,080,000
    
100,000
  
 
b Commencement of investment operations February 11, 2015
 
See notes to financial statements.
42 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 
 
FINANCIAL HIGHLIGHTS
February 28, 2015
 
YAO Guggenheim China All-Cap ETF
 
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating an ETF’s performance for the periods presented.
 
     
Six Months
Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31,
2014
    
Year Ended
August 31,
2013
    
Year Ended
August 31,
2012
    
Year Ended
August 31,
2011
    
Period Ended
August 31,
2010(a)
  
Per Share Data:
                                      
Net asset value, beginning of period
  
$
28.56
  
$
24.63
  
$
21.66
  
$
25.04
  
$
24.56
  
$
24.82
  
Income from investment operations:
                                      
Net investment income(b)
    
0.05
    
0.62
    
0.46
    
0.52
    
0.41
    
0.22
  
Net gain (loss) on investments (realized and unrealized)
    
0.43
    
3.80
    
3.07
    
(3.32
)
  
0.35
    
(0.48
)
Total from investment operations
    
0.48
    
4.42
    
3.53
    
(2.80
)
  
0.76
    
(0.26
)
Less distributions from:
                                      
Net investment income
    
(0.65
)
  
(0.49
)
  
(0.56
)
  
(0.58
)
  
(0.28
)
  
—
  
Total distributions to shareholders
    
(0.65
)
  
(0.49
)
  
(0.56
)
  
(0.58
)
  
(0.28
)
  
—
  
Net asset value, end of period
  
$
28.39
  
$
28.56
  
$
24.63
  
$
21.66
  
$
25.04
  
$
24.56
  
Market value, end of period
  
$
28.43
  
$
28.52
  
$
24.49
  
$
21.76
  
$
25.07
  
$
24.55
  
Total Return(c)
                                      
Net asset value
    
1.72
%
  
18.05
%
  
16.25
%
  
-11.17
%
  
3.01
%
  
-1.05
%
Ratios/Supplemental Data:
                                      
Net assets, end of period (in thousands)
  
$
51,102
  
$
54,262
  
$
46,804
  
$
49,822
  
$
72,607
  
$
61,402
  
Ratio to average net assets of:
                                      
Net investment income
    
0.37
%(e)
  
2.35
%
  
1.92
%
  
2.25
%
  
1.50
%
  
1.02
%
Total expenses
    
0.70
%(e)
  
0.71
%
  
0.70
%
  
0.70
%
  
0.70
%
  
0.70
%
Net expenses
    
0.70
%(e)
  
0.71
%
  
0.70
%
  
0.70
%
  
0.70
%
  
0.70
%
Portfolio turnover rate(d)
    
14
%
  
12
%
  
16
%
  
12
%
  
16
%
  
11
%
 
(a)
Since commencement of operations: October 19, 2009. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
   
(b)
Based on average shares outstanding.
   
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
   
(d)
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
   
(e)
Annualized.
 
See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 43

 
 
 

FINANCIAL HIGHLIGHTS continued
February 28, 2015
 
CQQQ Guggenheim China Technology ETF
 
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating an ETF’s performance for the periods presented.
 
     
Six Months
Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31,
2014
    
Year Ended
August 31,
2013
    
Year Ended
August 31,
2012
    
Year Ended
August 31,
2011
    
Period Ended
August 31,
2010(a)
  
Per Share Data:
                                      
Net asset value, beginning of period
  
$
38.09
  
$
29.55
  
$
20.03
  
$
25.44
  
$
24.36
  
$
25.06
  
Income from investment operations:
                                      
Net investment income(b)
    
0.11
    
0.43
    
0.28
    
0.54
    
0.31
    
0.08
  
Net gain (loss) on investments (realized and unrealized)
    
(2.05
)
  
8.39
    
9.67
    
(5.38
)
  
0.90
    
(0.78
)
Total from investment operations
    
(1.94
)
  
8.82
    
9.95
    
(4.84
)
  
1.21
    
(0.70
)
Less distributions from:
                                      
Net investment income
    
(0.35
)
  
(0.28
)
  
(0.43
)
  
(0.57
)
  
(0.13
)
  
—
  
Total distributions to shareholders
    
(0.35
)
  
(0.28
)
  
(0.43
)
  
(0.57
)
  
(0.13
)
  
—
  
Net asset value, end of period
  
$
35.80
  
$
38.09
  
$
29.55
  
$
20.03
  
$
25.44
  
$
24.36
  
Market value, end of period
  
$
35.81
  
$
37.88
  
$
29.59
  
$
19.96
  
$
25.57
  
$
24.40
  
Total Return(c)
                                      
Net asset value
    
-5.04
%
  
29.89
%
  
50.39
%
  
-19.10
%
  
4.94
%
  
-2.79
%
Ratios/Supplemental Data:
                                      
Net assets, end of period (in thousands)
  
$
69,818
  
$
78,077
  
$
22,164
  
$
17,029
  
$
31,805
  
$
19,491
  
Ratio to average net assets of:
                                      
Net investment income
    
0.64
%(d)
  
1.22
%
  
1.16
%
  
2.38
%
  
1.09
%
  
0.43
%
Total expenses
    
0.70
%(d)
  
0.71
%
  
0.70
%
  
0.70
%
  
0.70
%
  
0.70
%
Net expenses
    
0.70
%(d)
  
0.71
%
  
0.70
%
  
0.70
%
  
0.70
%
  
0.70
%
Portfolio turnover rate(e)
    
22
%
  
39
%
  
26
%
  
43
%
  
28
%
  
11
%
 
(a)
Since commencement of operations: December 8, 2009. Percentage amounts for the period, except total return and portfolio return rate, have been annualized.
   
(b)
Based on average shares outstanding.
   
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
   
(d)
Annualized.
   
(e)
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See notes to financial statements.
44 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT
 
 
 
 
 
FINANCIAL HIGHLIGHTS continued
February 28, 2015
 
EMRE Guggenheim Emerging Markets Real Estate ETF
 
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating an ETF’s performance for the periods presented.
 
Period Ended
  
 
February 28, 2015(a)
  
 
(Unaudited)
  
Per Share Data:
    
Net asset value, beginning of period
 $ 24.99  
Income from investment operations:
      
Net investment income(b)
   0.08  
Net gain on investments (realized and unrealized)
   0.36  
Total from investment operations
   0.44  
Less distributions from:
      
Net investment income
   (0.36 )
Total distributions to shareholders
   (0.36 )
Net asset value, end of period
 $ 25.07  
Market value, end of period
 $ 24.61  
Total Return(c)
      
Net asset value
   1.80 %
Ratios/Supplemental Data:
      
Net assets, end of period (in thousands)
 $ 2,507  
Ratio to average net assets of:
      
Net investment income
   0.75 %
Total expenses
   0.65 %
Net expenses
   0.65 %
Portfolio turnover rate(d)
   23 %
 
(a) Since commencement of operations: September 29, 2014. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
   
(b) Based on average shares outstanding.
   
(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
   
(d) Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
 
See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 45
 
 
 
 

FINANCIAL HIGHLIGHTS continued
February 28, 2015
 
TAN Guggenheim Solar ETF
 
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating an ETF’s performance for the periods presented.
 
     
Six Months
Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31,
2014
    
Year Ended
August 31,
2013
    
Year Ended
August 31,
2012
    
Year Ended
August 31,
2011
    
Period Ended
August 31,
2010
  
Per Share Data*:
                                      
Net asset value, beginning of period
  
$
43.58
  
$
27.23
  
$
16.74
  
$
54.90
  
$
73.30
  
$
86.00
  
Income from investment operations:
                                      
Net investment income (loss)(a)
    
0.38
    
0.52
    
0.56
    
1.84
    
1.80
    
(0.10
)
Net gain (loss) on investments (realized and unrealized)
    
(3.90
)
  
16.28
    
11.35
    
(37.89
)
  
(19.90
)
  
(12.60
)
Total from investment operations
    
(3.52
)
  
16.80
    
11.91
    
(36.05
)
  
(18.10
)
  
(12.70
)
Less distributions from:
                                      
Net investment income
    
(0.64
)
  
(0.45
)
  
(1.42
)
  
(2.11
)
  
(0.30
)
  
—
  
Total distributions to shareholders
    
(0.64
)
  
(0.45
)
  
(1.42
)
  
(2.11
)
  
(0.30
)
  
—
  
Net asset value, end of period
  
$
39.42
  
$
43.58
  
$
27.23
  
$
16.74
  
$
54.90
  
$
73.30
  
Market value, end of period
  
$
39.50
  
$
43.39
  
$
27.16
  
$
16.71
  
$
54.60
  
$
72.90
  
Total Return(b)
                                      
Net asset value
    
-7.86
%
  
62.06
%
  
77.60
%
  
-66.93
%
  
-24.81
%
  
-14.77
%
Ratios/Supplemental Data:
                                      
Net assets, end of period (in thousands)
  
$
356,642
  
$
429,167
  
$
170,150
  
$
42,992
  
$
116,473
  
$
147,688
  
Ratio to average net assets of:
                                      
Net investment income
    
2.03
%(d)
  
1.28
%
  
2.71
%
  
7.07
%
  
2.40
%
  
-0.09
%
Total expenses
    
0.75
%(d)
  
0.76
%
  
0.86
%
  
1.01
%
  
0.88
%
  
0.88
%
Net expenses
    
0.70
%(d)
  
0.71
%
  
0.70
%
  
0.70
%
  
0.70
%
  
0.66
%
Portfolio turnover rate(c)
    
26
%
  
47
%
  
68
%
  
49
%
  
38
%
  
17
%
 
*
Reflects 1 for 10 reverse stock split that occurred February 15, 2012.
   
(a)
Based on average shares outstanding.
   
(b)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
   
(c)
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
   
(d)
Annualized.
 
See notes to financial statements.
46 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 
 
FINANCIAL HIGHLIGHTS continued
February 28, 2015
 
CGW Guggenheim S&P Global Water Index ETF
 
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating an ETF’s performance for the periods presented.
 
     
Six Months
Ended
February 28, 2015
(Unaudited)
    
Year Ended
August 31,
2014
    
Year Ended
August 31,
2013
    
Year Ended
August 31,
2012
    
Year Ended
August 31,
2011
    
Period Ended
August 31,
2010
  
Per Share Data:
                                      
Net asset value, beginning of period
  
$
29.02
  
$
23.90
  
$
21.05
  
$
20.06
  
$
17.11
  
$
16.88
  
Income from investment operations:
                                      
Net investment income(a)
    
0.11
    
0.51
    
0.49
    
0.44
    
0.38
    
0.36
  
Net gain (loss) on investments (realized and unrealized)
    
(0.24
)
  
5.03
    
2.81
    
0.96
    
2.99
    
0.07
  
Total from investment operations
    
(0.13
)
  
5.54
    
3.30
    
1.40
    
3.37
    
0.43
  
Less distributions from:
                                      
Net investment income
    
(0.50
)
  
(0.42
)
  
(0.45
)
  
(0.41
)
  
(0.42
)
  
(0.20
)
Total distributions to shareholders
    
(0.50
)
  
(0.42
)
  
(0.45
)
  
(0.41
)
  
(0.42
)
  
(0.20
)
Net asset value, end of period
  
$
28.39
  
$
29.02
  
$
23.90
  
$
21.05
  
$
20.06
  
$
17.11
  
Market value, end of period
  
$
28.39
  
$
29.08
  
$
23.88
  
$
20.98
  
$
19.99
  
$
16.99
  
Total Return(b)
                                      
Net asset value
    
-0.44
%
  
23.27
%
  
15.85
%
  
7.23
%
  
19.60
%
  
2.46
%
Ratios/Supplemental Data:
                                      
Net assets, end of period (in thousands)
  
$
348,650
  
$
367,914
  
$
253,369
  
$
199,547
  
$
214,190
  
$
192,289
  
Ratio to average net assets of:
                                      
Net investment income
    
0.76
%(d)
  
1.83
%
  
2.13
%
  
2.22
%
  
1.85
%
  
2.02
%
Total expenses
    
0.64
%(d)
  
0.65
%
  
0.71
%
  
0.76
%
  
0.78
%
  
0.77
%
Net expenses
    
0.64
%(d)
  
0.65
%
  
0.70
%
  
0.70
%
  
0.70
%
  
0.70
%
Portfolio turnover rate(c)
    
5
%
  
7
%
  
21
%
  
31
%
  
8
%
  
17
%
 
(a)
Based on average shares outstanding.
   
(b)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
   
(c)
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
   
(d)
Annualized.
 
See notes to financial statements.
  
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 47

 
 
 
 
FINANCIAL HIGHLIGHTS continued
February 28, 2015
 
GHII Guggenheim S&P High Income Infrastructure ETF
 
This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating an ETF’s performance for the periods presented.
 
     
Period Ended
February 28, 2015(a)
(Unaudited
)
Per Share Data:
        
Net asset value, beginning of period
  
$
25.05
  
Income from investment operations:
        
Net investment income(b)
    
0.06
  
Net gain on investments (realized and unrealized)
    
0.15
  
Total from investment operations
    
0.21
  
Less distributions from:
        
Net asset value, end of period
  
$
25.26
  
Market value, end of period
  
$
25.34
  
Total Return(c)
        
Net asset value
    
0.84
%
Ratios/Supplemental Data:
        
Net assets, end of period (in thousands)
  
$
2,526
  
Ratio to average net assets of:
        
Net investment income
    
4.70
%
Total expenses
    
0.45
%
Net expenses
    
0.45
%
Portfolio turnover rate(d)
    
0
%
 
(a)
Since commencement of operations: February 11, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
   
(b)
Based on average shares outstanding.
   
(c)
Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distribution at net asset value during the period, and redemption on the last day of the period. Transaction fees are not reflected in the calculation of total investment return.
   
(d)
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.
48 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 
 
NOTES TO FINANCIAL STATEMENTS (Unaudited)
February 28, 2015
 
Note 1 – Organization:
Claymore Exchange-Traded Fund Trust 2 (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), is an open-end, management investment company that was organized as a Delaware statutory trust on June 8, 2006.
 
The following six portfolios have a semiannual reporting period ended on February 28, 2015:
 
Guggenheim China All-Cap ETF
Guggenheim China Technology ETF
Guggenheim Emerging Markets Real Estate ETF
Guggenheim Solar ETF
Guggenheim S&P Global Water Index ETF
Guggenheim S&P High Income Infrastructure ETF
 
Each portfolio represents a separate series of the Trust (each a “Fund” or collectively the “Funds”). Each Fund’s shares are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). The Funds’ market prices may differ to some degree from the net asset value (“NAV”) of the shares of each Fund. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at NAV, only in a large specified number of shares; each called a “Creation Unit.” Creation Units are issued and redeemed principally in-kind for securities included in the relevant index. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds. The investment objective of each of the Funds is to correspond generally to the performance, before fees and expenses, of the following market indices:
 

Fund
Index
Guggenheim China All-Cap ETF
AlphaShares China All-Cap Index
Guggenheim China Technology ETF
AlphaShares China Technology Index
Guggenheim Emerging Markets
AlphaShares Emerging Markets
Real Estate ETF
Real Estate Index
Guggenheim Solar ETF
MAC Global Solar Energy Index
Guggenheim S&P Global Water Index ETF
S&P Global Water Index
Guggenheim S&P High Income
S&P High Income
Infrastructure ETF
Infrastructure Index
 
Note 2 – Accounting Policies:
The preparation of the financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.
 
The following is a summary of the significant accounting policies followed by the Funds.
 
(a) Valuation of Investments
The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.
 
Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.
 
Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of U.S. business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on such day, the security is valued at the mean of the most recent bid and ask prices on such day.
 
Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business on the valuation date. Exchange traded funds (“ETFs”) and closed-end investment companies are valued at the last quoted sales price.
 
Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker/dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximates market value. Money market funds are valued at net asset value.
 
Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, under the Valuation Procedures, the Valuation Committee and Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Investment Adviser”) are authorized to use
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 49
 
 
 
 
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
February 28, 2015
 
prices and other information supplied by a third party pricing vendor in valuing foreign securities.
 
Investments for which market quotations are not readily available are fair valued as determined in good faith by the Investment Adviser, subject to review by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker/ dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security).
 
(b) Investment Transactions and Investment Income
Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date. Interest income, including the amortization of premiums and accretion of discount, is accrued daily.
 
(c) Currency Translation
Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the bid and asked price of respective exchange rates on the last day of the period. Purchases and sales of investments denominated in foreign currencies are translated at the mean of the bid and ask price of respective exchange rates on the date of the transaction.
 
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
 
Foreign exchange gain or loss resulting from holding of a foreign currency, expiration of a currency exchange contract, difference in exchange rates between the trade date and settlement date of an investment purchased or sold, and the difference between dividends actually received compared to the amount shown in a Fund’s accounting records on the date of receipt, if any, are included as net realized gains or losses on foreign currency transactions in the Fund’s Statement of Operations.
 
Foreign exchange gain or loss on assets and liabilities, other than investments, if any, are included in the net change in unrealized appreciation (depreciation) on foreign currency translation in the Funds’ Statement of Operations.
 
(d) Distributions
The Funds intend to pay substantially all of their net investment income to shareholders. Distribution frequency is as follows:
 
Fund
Frequency
Guggenheim China All-Cap ETF
Annual
Guggenheim China Technology ETF
Annual
Guggenheim Emerging Markets Real Estate ETF
Quarterly
Guggenheim Solar ETF
Annual
Guggenheim S&P Global Water Index ETF
Annual
Guggenheim S&P High Income Infrastructure ETF
Quarterly
 
In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
 
(e) Securities Lending
Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. The cash collateral received is held in a separately managed account established for each respective Fund and maintained by the lending agent exclusively for the investment of securities lending cash collateral on behalf of each Fund. The separately managed accounts invest in short-term investments valued at amortized cost, which approximates market value. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as “qualified dividend income” under the Jobs and Growth Tax Reconciliation Act of 2003. The Funds retain all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults. The securities lending income earned by the Funds is disclosed on the Statement of Operations.
 
     
Value of
                    
     
Securities
    
Cash
    
Non-Cash
    
Total
  
Fund
    
Loaned
    
Collateral
    
Collateral
    
Collateral
  
Guggenheim China
                          
All-Cap ETF
  
$
2,295,899
  
$
2,487,249
  
$
—
  
$
2,487,249
  
Guggenheim China
                          
Technology ETF
    
12,669,464
    
13,380,610
    
2,707,450
    
16,088,060
  
Guggenheim Emerging
                          
Market Real Estate ETF
    
109,340
    
117,866
    
—
    
117,866
  
Guggenheim Solar ETF
    
150,942,275
    
162,077,661
    
—
    
162,077,661
  
Guggenheim S&P Global
                          
Water Index ETF
    
2,431,723
    
2,561,048
    
—
    
2,561,048
  
 
50 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
February 28, 2015
 
Note 3 – Investment Advisory Agreement and Other Agreements:
Pursuant to an Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of each Fund, and GFIA, the Investment Adviser manages the investment and reinvestment of each Fund’s assets and administers the affairs of each Fund to the extent requested by the Board of Trustees.
 
Pursuant to the Agreement, each Fund listed in the following table pays the Investment Adviser an advisory fee. The advisory fee is payable on a monthly basis at the annual rate set forth below based on each Fund’s average daily net assets:
 
Fund
    
Rate
Guggenheim Solar ETF
    
0.50
%
Guggenheim S&P Global Water Index ETF
    
0.50
%
 
Pursuant to the Agreement, each Fund listed in the following table pays the Investment Adviser a unitary management fee for the services and facilities it provides. The unitary management fee is payable on a monthly basis at the annual rate set forth below based on each Fund’s average daily net assets:
 

Fund
    
Rate
Guggenheim China All-Cap ETF
    
0.70
%
Guggenheim China Technology ETF
    
0.70
%
Guggenheim Emerging Markets Real Estate ETF
    
0.65
%
Guggenheim S&P High Income Infrastructure ETF
    
0.45
%
 
Out of the unitary management fee, the Investment Adviser pays substantially all the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for the fee payments under the Agreement, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.
 
Rydex Fund Services, LLC (“RFS”), an affiliate of the Investment Adviser, provides fund administration services to the Funds. As compensation for these services, RFS receives a fund administration fee payable monthly at the annual rate set forth below as a percentage of the average daily net assets of each Fund:
 
Net Assets
    
Rate
First $200,000,000
    
0.0275
%
Next $300,000,000
    
0.0200
%
Next $500,000,000
    
0.0150
%
Over $1,000,000,000
    
0.0100
%
 
For the six months ended February 28, 2015, the following Funds recognized Fund Administration expenses as follows:

Fund
   Fund Administration Expense  
Guggenheim Solar ETF
  
$
40,670
  
Guggenheim S&P Global Water Index ETF
    
41,494
  
 
Due to their unitary management fee structure, Guggenheim China All-Cap ETF, Guggenheim China Technology ETF, Guggenheim Emerging Markets Real Estate ETF and Guggenheim S&P High Income Infrastructure ETF do not pay a separate Fund Administration fee.
 
The Bank of New York Mellon Corp. (“BNY”) acts as the Funds’ custodian, accounting agent, transfer agent and security lending agent. As custodian, BNY is responsible for the custody of the Funds’ assets. As accounting agent, BNY is responsible for maintaining the books and records of the Funds. As transfer agent, BNY is responsible for performing transfer agency services for the Funds. As securities lending agent, BNY is responsible for executing the lending of portfolio securities to creditworthy borrowers.
 
The Investment Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Guggenheim Solar ETF and Guggenheim S&P Global Water Index ETF (excluding interest expense, a portion of the Fund’s licensing fees, offering costs, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business), from exceeding 0.65% of average net assets per year, at least until December 31, 2017.
 
For the six months ended February 28, 2015, the Investment Adviser waived Advisory Fees as follows:
 
Fund
   Advisory Fees Waived  
Guggenheim Solar ETF
  
$
85,545
  
Guggenheim S&P Global Water Index ETF
    
2,215
  
 
Amounts owed to each Fund from the Investment Adviser are shown in the Statement of Assets and Liabilities. This receivable is settled on a quarterly basis.
 
Certain officers and trustees of the Trust may also be officers, directors and/or employees of the Investment Adviser. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of the Investment Adviser.
 
Licensing Fee Agreements:
The Investment Adviser has entered into licensing agreements on behalf of each Fund with the following Licensors:

Fund
Licensor
Guggenheim China All-Cap ETF
AlphaShares, LLC
Guggenheim China Technology ETF
AlphaShares, LLC
Guggenheim Emerging Markets Real Estate ETF
AlphaShares, LLC
Guggenheim Solar ETF
MAC Indexing LLC
Guggenheim S&P Global Water Index ETF
Standard & Poor’s
 
Financial Services LLC,
 
a division of
 
McGraw-Hill Financial
Guggenheim S&P High Income Infrastructure ETF
S&P Dow Jones
 
Index Group
 
The Funds are not sponsored, endorsed, sold or promoted by the Licensors and the Licensors make no representation regarding the advisability of investing in shares of the Funds. Up to 5 basis points of licensing fees are excluded from the expense cap for the Funds without a unitary management fee.
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 51

 
 
 
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
February 28, 2015
 
Note 4 – Fair Value Measurement:
In accordance with GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
 
Level 1 — quoted prices in active markets for identical assets or liabilities.
 
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
 
Level 3— significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
 
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
 
The following table represents the Funds’ investments carried on the Statement of Assets and Liabilities by caption and by level within the fair value hierarchy as of February 28, 2015:
                           
     
Level 1
    
Level 2
    
Level 3
        
     
Investments
    
Investments
    
Investments
        
     
In Securities
    
In Securities
    
In Securities
    
Total
  
Assets
                          
Guggenheim China
                          
All-Cap ETF
  
$
53,447,478
  
$
152,567
  
$
—
  
$
53,600,045
  
Guggenheim China
                          
Technology ETF
    
83,083,997
    
—
    
—
    
83,083,997
  
Guggenheim Emerging
                          
Markets Real
                          
Estate ETF
    
2,612,416
    
5,145
    
—
    
2,617,561
  
Guggenheim Solar ETF
    
515,459,226
    
—
    
—
    
515,459,226
  
Guggenheim S&P
                          
Global Water
                          
Index ETF
    
350,257,858
    
—
    
—
    
350,257,858
  
Guggenheim S&P
                          
High Income
                          
Infrastructure ETF
    
2,519,684
    
—
    
—
    
2,519,684
  
 
Independent pricing services are used to value a majority of the Funds’ investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board of Trustees. In any event, values are determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs.
 
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
 
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
                         
           
Ending Balance
    
Valuation
    
Unobservable
Fund
    
Category
    
at 2/28/15
    
Technique
    
Inputs
Guggenheim
                        
China All-Cap
          
 
 
  
Last trade
    
100%
ETF
    
Common Stocks
  
$
—
    
with Adjustment
    
Discount
Guggenheim
                        
Emerging
                        
Markets Real
                        
Estate ETF
    
Rights
  
$
—
    
Model Price
    
Indicative Quote
 
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. Transfers between valuation levels, if any, are in comparison to the valuation levels at the end of the previous fiscal year, and are effective using the fair value as of the end of the current fiscal period.
 
The transfers in and out of the valuation levels as of February 28, 2015 compared to the valuation levels at the end of the previous fiscal year are detailed below:
 
      
Guggenheim China All-Cap ETF
      
Transfer from Level 2 to Level 3
$
—
  
Transfer from Level 2 to Level 1
  
24,449
  
Transfer from Level 1 to Level 2
  
152,567
  
 
The transfer from Level 2 to Level 3 is the result of security being halted on the principal exchange on which it trades.
 
The transfer from Level 2 to Level 1 is the result of a security resuming trading on the principal exchange on which it trades.
 
The transfer from Level 1 to Level 2 is the result of a security being halted on the principal exchange on which it trades.
 
Except for Guggenheim China All-Cap ETF, there were no transfers between levels for these Funds for the six months ended February 28, 2015.
 
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended February 28, 2015:
         
Level 3 – Fair value measurement using significant unobservable inputs
        
Guggenheim China All-Cap ETF
        
Beginning Balance
  
$
15,888
  
Change in Unrealized Gain/Loss
    
(15,888
)
Transfers In
    
—
  
Ending Balance
  
$
—
  

52 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
February 28, 2015

Level 3 – Fair value measurement using significant unobservable inputs
        
Guggenheim Emerging Markets Real Estate ETF
        
Beginning Balance
  
$
0
  
Change in Unrealized Gain/Loss
    
0
  
Ending Balance
  
$
0
  
 
Note 5 – Federal Income Taxes:
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. In addition, by distributing substantially all of its ordinary income and long-term capital gains, if any, during each calendar year, each Fund intends not to be subject to U.S. federal excise tax. At February 28, 2015, the cost of investments and accumulated unrealized appreciation/depreciation on investments for federal income tax purposes were as follows:
 
     
 
                
Net Tax
  
     
Cost of
    
Gross Tax
    
Gross Tax
    
Unrealized
  
     
Investments for
    
Unrealized
    
Unrealized
    
Appreciation
  
Fund
    
Tax Purposes
    
Appreciation
    
(Depreciation
)
  
(Depreciation
)
Guggenheim China All-Cap ETF
  
$
51,058,788
  
$
9,271,748
  
$
(6,730,491
)
$
2,541,257
  
Guggenheim China Technology ETF
    
79,969,333
    
14,253,844
    
(11,139,180
)
  
3,114,664
  
Guggenheim Emerging Markets Real Estate ETF
    
2,559,975
    
198,155
    
(140,569
)
  
57,586
  
Guggenheim Solar ETF
    
545,525,861
    
45,959,973
    
(76,026,608
)
  
(30,066,635
)
Guggenheim S&P Global Water Index ETF
    
283,005,205
    
79,207,597
    
(11,954,944
)
  
67,252,653
  
Guggenheim S&P High Income Infrastructure ETF
    
2,505,306
    
48,799
    
(34,421
)
  
14,378
  
 
Tax components of the following balances as of August 31, 2014 (the most recent fiscal year end for federal income tax purposes), were as follows:
 
Fund
    
Undistributed
Ordinary Income
(Accumulated
Ordinary Loss)
    
Undistributed
Long-Term Gains
(Accumulated
Capital &
Other Loss)
    
Unrealized
Appreciation/
(Depreciation)
  
Guggenheim China All-Cap ETF
  
$
1,098,886
  
$
(7,248,753
)
$
1,112,647
  
Guggenheim China Technology ETF
    
535,889
    
(10,024,597
)
  
9,100,828
  
Guggenheim Solar ETF
    
2,310,754
    
(292,562,854
)
  
(2,939,738
)
Guggenheim S&P Global
                    
Water Index ETF
    
5,166,854
    
(93,116,552
)
  
78,897,294
  
 
Distributions to Shareholders:
The tax character of distributions paid during the year ended August 31, 2014 (the most recent fiscal year end for federal income tax purposes), was as follows:

Fund
  
Distributions paid from Ordinary Income
  
Guggenheim China All-Cap ETF
   $ 972,000  
Guggenheim China Technology ETF
     538,200  
Guggenheim Solar ETF
     3,755,928  
Guggenheim S&P Global Water Index ETF
     4,754,400  
 
At August 31, 2014 (the most recent fiscal year end for federal income tax purposes), the Funds had capital loss carryforwards available as shown in the table below, to the extent provided by the regulations, to offset future capital gains through the years indicated. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. Per the Regulated Investment Company Modernization Act of 2010 capital loss carryforwards generated in taxable years beginning after December 22, 2010 must be fully used before capital loss carryforwards generated in taxable years prior to December 22, 2010 are used; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.
                                       
Fund
    
Capital Loss
Expiring in 2017
    
Capital Loss
Expiring in 2018
    
Capital Loss
Expiring in 2019
    
Unlimited
Short-Term
Capital Loss
    
Unlimited
Long-Term
Capital Loss
    
Total
  
Guggenheim China All-Cap ETF
  
$
—
  
$
(29,627
)
$
(853,049
)
$
(917,011
)
$
(5,449,066
)
$
(7,248,753
)
Guggenheim China Technology ETF
    
—
    
—
    
(188,097
)
  
(3,095,487
)
  
(6,741,013
)
  
(10,024,597
)
Guggenheim Solar ETF
    
(6,030,482
)
  
(118,836,026
)
  
(21,764,929
)
  
(21,272,995
)
  
(124,658,422
)
  
(292,562,854
)
Guggenheim S&P Global Water Index ETF
    
(31,879,617
)
  
(38,476,281
)
  
(16,548,141
)
  
—
    
(6,212,513
)
  
(93,116,552
)
 
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 53

 
 
 
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
February 28, 2015
 
Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains. For the year ended August 31, 2014 (the most recent fiscal year end for federal income tax purposes), the following capital loss carryforward amounts were expired or used:
 
Fund
Amount
  
Guggenheim China All-Cap ETF
 $ 42,891  
Guggenheim China Technology ETF
   19,997  
Guggenheim Solar ETF
   –  
Guggenheim S&P Global Water Index ETF
   –  
 
For all open tax years and all major jurisdictions, management of the Trust has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Uncertain tax positions are tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns that would not meet a more-likely-than-not threshold of being sustained by the applicable tax authority and would be recorded as a tax expense in the current year. Open tax years are those that are open for examination by taxing authorities (i.e. generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Trust is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Note 6 – Investment Transactions:
For the six months ended February 28, 2015, the cost of investments purchased and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were as follows:
             
Fund
  
Purchases
    
Sales
  
Guggenheim China All-Cap ETF
   $ 7,226,435     $ 8,352,876  
Guggenheim China Technology ETF
     15,638,511       15,849,529  
Guggenheim Emerging Market Real Estate ETF
     1,078,831       571,021  
Guggenheim Solar ETF
     90,130,691       94,630,622  
Guggenheim S&P Global Water Index ETF
     15,841,709       21,103,609  
Guggenheim S&P High Income Infrastructure ETF
     —       —  

For the six months ended February 28, 2015, in-kind transactions were as follows:

               
Fund
    
Purchases
    
Sales
  
Guggenheim China All-Cap ETF
  
$
—
  
$
2,772,857
  
Guggenheim China Technology ETF
    
6,978,003
    
10,406,133
  
Guggenheim Emerging Market Real Estate ETF
    
1,956,963
    
—
  
Guggenheim Solar ETF
    
62,218,589
    
89,806,652
  
Guggenheim S&P Global Water Index ETF
    
15,531,608
    
25,653,051
  
Guggenheim S&P High Income Infrastructure ETF
    
2,505,306
    
—
  
 
Note 7 – Capital:
Shares are issued and redeemed by the Funds only in creation unit size aggregations of 50,000 to 100,000 shares. Transactions are permitted on an in-kind basis, with a separate cash payment, which is balancing each component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transaction fees ranging from $500 to $3,000 are charged to those persons creating or redeeming creation units. An additional charge on the transaction may be imposed with respect to transactions effected outside of the clearing process or to the extent that cash is used in lieu of securities to purchase creation units or redeem for cash.
 
Note 8 – Distribution and Service Plan:
The Board of Trustees has adopted a distribution and service plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No 12b-1 fees are currently paid by the Funds, and there are no current plans to impose these fees. No such fee may be paid in the future without further approval by the Board of Trustees.
 
Note 9 – Indemnifications:
In the normal course of business, the Funds enter into contracts that contain a variety of representations, which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown, as this would require future claims that may be made against a Fund that have not yet occurred. However, the Funds expect the risk of loss to be remote.
 
Note 10 – Subsequent Event:
The Funds evaluated subsequent events through the date the financial statements were available for issue and determined there were no additional material events that would require disclosure in the Funds’ financial statements, except as noted below.
 
Subsequent to February 28, 2015, the Board of Trustees declared the following dividends payable on March 31, 2015 to shareholders of record on March 27, 2015. The dividend rate per share was as follows:

Fund
    
Rate
  
Guggenheim Emerging Market Real Estate ETF
  
$
0.0615
  
Guggenheim S&P High Income Infrastructure ETF
    
0.0915
  

54 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SUPPLEMENTAL INFORMATION (Unaudited)
February 28, 2015

Federal Income Tax Information
In January 2016, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2015.
 
Trustees
The Trustees of the Trust and their principal business occupations during the past five years:

Name, Address*
and Year of Birth
  
Position(s)
Held
with Trust
  
Office and
Length of
Time Served**
  
Principal Occupation(s)
During Past Five Years
  
Number of
Portfolios in
Fund Complex
Overseen
  
Other Directorships
Held by Trustee
Independent Trustees:
                
Randall C. Barnes
(1951)
  
Trustee
  
Since 2006
  
Current: Private Investor (2001-present).
 
Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).
  
91
  
Current: Trustee, Purpose Investments Funds (2014-present).
Donald A. Chubb, Jr.
(1946 )
  
Trustee and
Vice Chairman
of the Board
  
Since 2014
  
Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).
  
87
  
Current: Midland Care, Inc. (2011-present)
Jerry B. Farley
(1946)
  
Trustee and
Vice Chairman
of the Audit
Committee
  
Since 2014
  
Current: President, Washburn University (1997-present).
  
87
  
Current: Westar Energy, Inc. (2004- present); CoreFirst Bank & Trust (2000-present).
Roman Friedrich III
(1946)
  
Trustee and
Chairman of
the Contracts
Review Committee
  
Since 2010
  
Current: Founder and President, Roman Friedrich & Company (1998-present).
 
Former: Senior Managing Director, MLV & Co. LLC (2010-2011).
  
87
  
Current: Zincore Metals, Inc. (2009-present).
 
Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III
(1942)
  
Trustee and
Chairman of
the Audit
Committee
  
Since 2010
  
Current: Consultant (1998-present).
 
Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).
  
87
  
Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002-present).
Ronald A. Nyberg
(1953)
  
Trustee and
Chairman of
the Nominating
and Governance
Committee
  
Since 2006
  
Current: Partner, Nyberg & Cassioppi, LLC (2000-present).
 
Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).
  
93
  
Current: Edward-Elmhurst Healthcare System (2012-present).
Maynard F. Oliverius
(1943)
  
Trustee and
Vice Chairman
of the Contracts
Review Committee
  
Since 2014
  
Current: Retired.
 
Former: President and CEO, Stormont-Vail HealthCare (1996-2012).
  
87
  
Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013- present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr.
(1958)
  
Trustee and
Chairman of
the Board
  
Since 2006
  
Current: Portfolio Consultant (2010-present).
 
Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).
  
90
  
Former: Bennett Group of Funds (2011-2013).

CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 55

 
 
 

SUPPLEMENTAL INFORMATION (Unaudited) continued
February 28, 2015

 
 
 
Name, Address*
and Year of Birth
  
 
 
Position(s)
Held
with Trust
  
 
 
Office and
Length of
Time Served**
  
 
Principal Occupation(s)
During Past Five Years
  
Number of
Portfolios in
Fund Complex
Overseen
  
Other Directorships
Held by Trustee
Interested Trustee:
                
Donald C.
Cacciapaglia***
(1951)
  
President,
Chief Executive
Officer and
Trustee
  
Since 2012
  
Current: President and CEO, certain other funds in the Fund
Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present).
 
Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).
  
221
  
Current: Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011- present); Paragon Life Insurance Company of Indiana (2011-present);  Clear Spring Life Insurance Company (2015-present).
 
*
The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, IL 60606.
   
**
Each Trustee serves an indefinite term, until his successor is elected and qualified.
   
***
This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of his position with the Funds’ Investment Manager and/or the parent of the Investment Manager.

Officers
The Officers of the Trust, who are not Trustees, and their principal occupations during the past five years:

 
Name, Address*
and Year of Birth
  
 
Position(s) held
with the Trust
  
Term of Office
and Length of
Time Served**
  
 
Principal Occupations
During Past Five Years
Officers:
            
Joseph M. Arruda
(1966)
  
Assistant
Treasurer
  
Since 2014
  
Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present).
 
Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010);Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III
(1965)
  
Vice President
  
Since 2006
  
Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director,Guggenheim Funds Investment Advisors, LLC (2005-present).
 
Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Joanna M. Catalucci
(1966)
  
Chief Compliance
Officer
  
Since 2012
  
Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Managing Director,Guggenheim Investments (2012-present).
 
Former: Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).
Mark J. Furjanic
(1959)
  
Assistant
Treasurer
  
Since 2008
  
Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present).
 
Former: Senior Manager, Ernst & Young LLP (1999-2005).
James M. Howley
(1972)
  
Assistant
Treasurer
  
Since 2006
  
Current: Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).
 
Former: Manager, Mutual Fund Administration, Van Kampen Investments, Inc. (1996-2004).
Amy J. Lee
(1961)
  
Vice President and
Chief Legal Officer
  
Since 2013
  
Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director,Guggenheim Investments (2012-present).
 
Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen
(1978)
  
Secretary
  
Since 2011
  
Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).

56 l CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT

 
 
 

SUPPLEMENTAL INFORMATION (Unaudited) continued
February 28, 2015

 
Michael P. Megaris
(1984)
  
Assistant
Secretary
  
Since 2014
  
Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate,Guggenheim Investments (2012-present).
 
Former: J.D., University of Kansas School of Law (2009-2012).
             
Name, Address*
and Year of Birth
  
Position(s) held
with the Trust
  
Term of Office
and Length of
Time Served**
  
Principal Occupations
During Past Five Years
Officers continued:
        
Kimberly J. Scott
(1974)
  
Assistant
Treasurer
  
Since 2012
  
Current: Vice President, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).
 
Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone
(1979)
  
Vice
President
  
Since 2014
  
Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present).
 
Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan
(1955)
  
Chief Financial
Officer, Chief
Accounting Officer
and Treasurer
  
Since 2010
  
Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present);Senior Managing Director, Guggenheim Investments (2010-present).
 
Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).
 
*
The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, IL 60606.
   
**
Each officer serves an indefinite term, until his or her successor is duly elected and qualified. The date reflects the commencement date upon which the officer held any officer position with the Trust.
 

CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 57

 
 
 
 
This Page Intentionally Left Blank.

 
 
 
 
TRUST INFORMATION
February 28, 2015

Board of Trustees
Principal Executive Officers
Investment Adviser
Accounting Agent,
Randall C. Barnes
 
Donald C. Cacciapaglia*
 
Donald A. Chubb, Jr.
 
Jerry B. Farley
 
Roman Friedrich III
 
Robert B. Karn III
 
Ronald A. Nyberg
 
Maynard F. Oliverius
 
Ronald E. Toupin, Jr.,
Chairperson
Donald C. Cacciapaglia
Chief Executive Officer
 
Joanna M. Catalucci
Chief Compliance Officer
 
Amy J. Lee
Chief Legal Officer
 
Mark M. Mathiasen
Secretary
 
John L. Sullivan
Chief Financial Officer,
Chief Accounting Officer
and Treasurer
Guggenheim Funds
Investment Advisors, LLC
Chicago, IL
 
Distributor
Guggenheim Funds
Distributors, LLC
Chicago, IL
 
Administrator
Rydex Fund Services, LLC
Rockville, MD
Custodian and
Transfer Agent
The Bank of New York
Mellon Corp.
New York, NY
 
Legal Counsel
Dechert LLP
New York, NY
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL

*
Trustee is an “interested person” (as defined in section 2(a)(19) of the 1940 Act) (“Interested Trustee”) of the Trust because of his position as the  President and CEO of the Investment Adviser and the Distributor.
  
 
Privacy Principles of the Trust for Shareholders
The Funds are committed to maintaining the privacy of their shareholders and to safeguarding the non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.
 
Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
 
The Funds restrict access to non-public personal information about the shareholders to Guggenheim Funds Investment Advisors, LLC employees with a legitimate business need for the information. The Funds maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
 
Questions concerning your shares of the Trust?
•
If your shares are held in a Brokerage Account, contact your Broker.
 
This report is sent to shareholders of the Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.
 
A description of the Funds’ proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Funds as (800)345-7999.
 
Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling (800) 345-7999, by visiting Guggenheim Investments’ website at guggenheiminvestments.com or by accessing the Funds’ Form N-PX on the SEC’s website at www.sec.gov.
 
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC website at www.sec.gov or by visiting Guggenheim Investments’ website at guggenheiminvestments.com. The Funds’ Form N-Q may also be viewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
 

CLAYMORE EXCHANGE-TRADED FUND TRUST 2 SEMIANNUAL REPORT l 59

 
 
 

ABOUT THE TRUST ADVISER
 
Guggenheim Funds Investment Advisors, LLC
Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) manages the investment and reinvestment of each Fund’s assets and administers the affairs of each Fund to the extent requested by the Board of Trustees. The Investment Adviser also acts as investment adviser to closed-end and open-end management investment companies. The Investment Adviser and its affiliates provide supervision, management or servicing of assets with a commitment to consistently delivering exceptional service. The Investment Adviser is a subsidiary of Guggenheim Partners, LLC, a global, diversified financial services firm with more than $240 billion in total assets as of March 31, 2015. Guggenheim Partners, LLC, through its affiliates, provides investment management, investment advisory, insurance, investment banking, and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia.
 
Portfolio Management
The portfolio managers who are currently responsible for the day-to-day management of Guggenheim China All-Cap ETF, Guggenheim China Technology ETF, Guggenheim Solar ETF, Guggenheim Emerging Markets Real Estate ETF, Guggenheim S&P High Income Infrastructure ETF and Guggenheim S&P Global Water Index ETF’s portfolios are Michael P. Byrum, CFA, James R. King, CFA, and Cindy Gao. Mr. Byrum is a Senior Vice President of Guggenheim Investments and joined Guggenheim Investments in 1993. Mr. Byrum holds a degree in finance from Miami University of Ohio and is a member of the CFA Institute and the Washington Society of Investment Analysts. Mr. King is a Portfolio Manager of Guggenheim Investments and rejoined Guggenheim Investments in 2011 as the lead portfolio manager for exchange-traded products. Mr. King holds a bachelor’s degree in finance from the University of Maryland, and has earned the Chartered Financial Analyst designation. Ms. Gao is an ETF Analyst in ETF Portfolio Management of Guggenheim Investments and joined Guggenheim Investments in December of 2010. Ms. Gao received a M.S. in Accounting from the University of Illinois at Chicago.
 
Claymore Exchange-Traded Fund Trust 2 Overview
The Claymore Exchange-Traded Fund Trust 2 (the “Trust”) is an investment company complex consisting of 13 separate exchange-traded “index funds” as of March 31, 2015. The investment objective of each of the index funds is to correspond generally to the performance, before fees and expenses, of a specified market index.
 
This material must be preceded or accompanied by a prospectus for the fund being offered. The prospectus contains information about the Fund including a discussion of investment objectives, risks, ongoing expenses and sales charges. If a prospectus did not accompany this report, you can obtain one from your financial adviser, from our website at http://guggenheiminvestments.com or by calling (800)345-7999. Please read the prospectus carefully before investing. The Statement of Additional Information that includes additional information about the Trustees is also available, without charge, upon request via our website at http://guggenheiminvestments.com or by calling (800)345-7999. All Funds are subject to market risk and shares when sold may be worth more or less than their original cost. You can lose money investing in the Funds.
 
Guggenheim Funds Distributors, LLC
227 West Monroe Street
Chicago, IL 60606
Member FINRA/SIPC
(04/15)
 
NOT FDIC-INSURED l NOT BANK-GUARANTEED l MAY LOSE VALUE
ETF-002-SAR-0215