•
|
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.
|
Contents
|
|
Dear Shareholder
|
3
|
Economic and Market Overview
|
4
|
Management Discussion of Fund Performance
|
6
|
Risks and Other Considerations
|
13
|
Performance Report and Fund Profile
|
14
|
About Shareholders’ Fund Expenses
|
27
|
Schedule of Investments
|
29
|
Statement of Assets and Liabilities
|
45
|
Statement of Operations
|
47
|
Statements of Changes in Net Assets
|
49
|
Financial Highlights
|
53
|
Notes to Financial Statements
|
60
|
Report of Independent Registered Public
|
|
Accounting Firm
|
67
|
Supplemental Information
|
68
|
Approval of Advisory Agreements – Claymore
|
|
Exchange-Traded Fund Trust 2
|
72
|
Trust Information
|
79
|
About the Trust Adviser
|
Back Cover
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 3
|
ECONOMIC AND MARKET OVERVIEW
|
May 31, 2015
|
4 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 5
|
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)
|
May 31, 2015
|
6 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) continued
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 7
|
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) continued
|
May 31, 2015
|
8 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) continued
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 9
|
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) continued
|
May 31, 2015
|
10 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) continued
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 11
|
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) continued
|
May 31, 2015
|
12 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 13
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited)
|
May 31, 2015
|
Fund Statistics
|
|||
Share Price
|
$
|
10.79
|
|
Net Asset Value
|
$
|
10.74
|
|
Premium to NAV
|
0.47%
|
||
Net Assets ($000)
|
$
|
42,082
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
|||||||||||||
YEAR ENDED MAY 31, 2015
|
|||||||||||||
Since
|
|||||||||||||
One
|
Three
|
Five
|
Inception
|
||||||||||
Year
|
Year
|
Year
|
(07/03/07) | ||||||||||
Guggenheim Canadian
|
|||||||||||||
Energy Income ETF
|
|||||||||||||
NAV
|
-32.39
|
%
|
-7.51
|
%
|
-5.46
|
%
|
-6.79
|
%
|
|||||
Market
|
-32.40
|
%
|
-7.16
|
%
|
-5.35
|
%
|
-6.74
|
%
|
|||||
Sustainable Canadian
|
|||||||||||||
Energy Income
|
|||||||||||||
Index S&P/TSX/
|
|||||||||||||
Canadian High
|
|||||||||||||
Income Energy
|
|||||||||||||
Index1
|
-31.57
|
%
|
-7.32
|
%
|
-5.11
|
%
|
-5.69
|
%
|
|||||
S&P/TSX Composite
|
|||||||||||||
Index
|
-7.76
|
%
|
5.81
|
%
|
4.35
|
%
|
1.71
|
%
|
Holdings Diversification
|
|
(Market Exposure as % of Net Assets)
|
|
Investments
|
% of Net Assets
|
Energy
|
92.0%
|
Basic Materials
|
4.0%
|
Utilities
|
3.7%
|
Total Common Stocks
|
99.7%
|
Investments of Collateral for Securities Loaned
|
38.4%
|
Total Investments
|
138.1%
|
Other Assets & Liabilities, net
|
-38.1%
|
Net Assets
|
100.0%
|
Ten Largest Holdings
|
|
(% of Total Net Assets)
|
|
Encana Corp.
|
5.7%
|
Canadian Natural Resources Ltd.
|
5.3%
|
Suncor Energy, Inc.
|
5.1%
|
Inter Pipeline Ltd.
|
5.1%
|
TransCanada Corp.
|
5.1%
|
Enbridge, Inc.
|
5.1%
|
Crescent Point Energy Corp.
|
5.0%
|
Pembina Pipeline Corp.
|
5.0%
|
Cenovus Energy, Inc.
|
4.8%
|
ARC Resources Ltd.
|
4.1%
|
Top Ten Total
|
50.3%
|
1
|
Benchmark returns reflect the blended return of the Sustainable Canadian Energy Income Index from 7/3/07-7/31/13 and the return of the S&P/TSX Canadian High Income Energy Index, net of foreign withholding taxes, from 8/1/13-5/31/15.
|
14 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 15
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
Fund Statistics
|
|||
Share Price
|
$
|
24.55
|
|
Net Asset Value
|
$
|
24.50
|
|
Premium to NAV
|
0.20%
|
||
Net Assets ($000)
|
$
|
34,548
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
|||||||||||||
PERIOD ENDED MAY 31, 2015
|
|||||||||||||
Since
|
|||||||||||||
One
|
Three
|
Five
|
Inception
|
||||||||||
Year
|
Year
|
Year
|
(12/18/07) | ||||||||||
Guggenheim China
|
|||||||||||||
Real Estate ETF
|
|||||||||||||
NAV
|
22.50
|
%
|
16.45
|
%
|
10.97
|
%
|
2.77
|
%
|
|||||
Market
|
23.28
|
%
|
16.47
|
%
|
11.19
|
%
|
2.78
|
%
|
|||||
AlphaShares China
|
|||||||||||||
Real Estate
|
|||||||||||||
Index
|
22.47
|
%
|
16.92
|
%
|
11.50
|
%
|
3.49
|
%
|
|||||
MSCI China
|
|||||||||||||
Index
|
36.22
|
%
|
17.90
|
%
|
8.96
|
%
|
2.51
|
%
|
Holdings Diversification
|
|
(Market Exposure as % of Net Assets)
|
|
Investments
|
% of Net Assets
|
Financial
|
86.4%
|
Diversified
|
13.0%
|
Total Common Stocks
|
99.4%
|
Investments of Collateral for Securities Loaned
|
1.3%
|
Total Investments
|
100.7%
|
Other Assets & Liabilities, net
|
-0.7%
|
Net Assets
|
100.0%
|
Ten Largest Holdings
|
|
(% of Total Net Assets)
|
|
China Overseas Land & Investment Ltd.
|
5.3%
|
Hongkong Land Holdings Ltd.
|
5.2%
|
Henderson Land Development Company Ltd.
|
5.1%
|
Sun Hung Kai Properties Ltd.
|
4.9%
|
Sino Land Company Ltd.
|
4.5%
|
China Resources Land Ltd.
|
4.5%
|
Swire Pacific Ltd.
|
4.3%
|
Hang Lung Properties Ltd.
|
4.2%
|
Wharf Holdings Ltd.
|
4.0%
|
New World Development Company Ltd.
|
4.0%
|
Top Ten Total
|
46.0%
|
16 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
Fund Statistics
|
|||
Share Price
|
$
|
34.56
|
|
Net Asset Value
|
$
|
34.78
|
|
Discount to NAV
|
-0.63%
|
||
Net Assets ($000)
|
$
|
299,087
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
|||||||||||||
YEAR ENDED MAY 31, 2015
|
|||||||||||||
Since
|
|||||||||||||
One
|
Three
|
Five
|
Inception
|
||||||||||
Year
|
Year
|
Year
|
(01/30/08) | ||||||||||
Guggenheim China
|
|||||||||||||
Small Cap ETF
|
|||||||||||||
NAV
|
43.88
|
%
|
22.59
|
%
|
9.53
|
%
|
6.58
|
%
|
|||||
Market
|
43.07
|
%
|
22.23
|
%
|
9.51
|
%
|
6.48
|
%
|
|||||
AlphaShares China
|
|||||||||||||
Small Cap
|
|||||||||||||
Index
|
38.51
|
%
|
21.40
|
%
|
9.32
|
%
|
6.93
|
%
|
|||||
MSCI China
|
|||||||||||||
Index
|
36.22
|
%
|
17.90
|
%
|
8.96
|
%
|
4.49
|
%
|
Holdings Diversification
|
|
(Market Exposure as % of Net Assets)
|
|
Investments
|
% of Net Assets
|
Industrial
|
19.8%
|
Consumer, Cyclical
|
17.2%
|
Financial
|
17.2%
|
Consumer, Non-cyclical
|
15.5%
|
Basic Materials
|
8.9%
|
Communications
|
6.3%
|
Technology
|
4.8%
|
Other
|
10.0%
|
Total Long-Term Investments
|
99.7%
|
Investments of Collateral for Securities Loaned
|
11.5%
|
Total Investments
|
111.2%
|
Other Assets & Liabilities, net
|
-11.2%
|
Net Assets
|
100.0%
|
Ten Largest Holdings
|
|
(% of Total Net Assets)
|
|
China Everbright Ltd.
|
1.4%
|
Shanghai Electric Group Company Ltd. — Class H
|
1.2%
|
GOME Electrical Appliances Holding Ltd.
|
1.2%
|
AviChina Industry & Technology Company Ltd. — Class H
|
1.2%
|
Shenzhou International Group Holdings Ltd.
|
1.1%
|
Zijin Mining Group Company Ltd. — Class H
|
1.0%
|
Air China Ltd. — Class H
|
1.0%
|
Kingsoft Corporation Ltd.
|
1.0%
|
Aluminum Corporation of China Ltd. — Class H
|
0.9%
|
Zhejiang Expressway Company Ltd. — Class H
|
0.9%
|
Top Ten Total
|
10.9%
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 17
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
18 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
Fund Statistics
|
|||
Share Price
|
$
|
13.33
|
|
Net Asset Value
|
$
|
13.23
|
|
Premium to NAV
|
0.76%
|
||
Net Assets ($000)
|
$
|
62,058
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
|||||||||||||
PERIOD ENDED MAY 31, 2015
|
|||||||||||||
Since
|
|||||||||||||
One
|
Three
|
Five
|
Inception
|
||||||||||
Year
|
Year
|
Year
|
(06/12/08) | ||||||||||
Guggenheim Frontier
|
|||||||||||||
Markets ETF
|
|||||||||||||
NAV
|
-18.75
|
%
|
-8.50
|
%
|
-3.25
|
%
|
-6.02
|
%
|
|||||
Market
|
-18.48
|
%
|
-8.55
|
%
|
-3.68
|
%
|
-5.91
|
%
|
|||||
BNY Mellon
|
|||||||||||||
New Frontier
|
|||||||||||||
Index
|
-16.62
|
%
|
-7.45
|
%
|
-2.41
|
%
|
-5.07
|
%
|
|||||
MSCI Emerging
|
|||||||||||||
Markets
|
|||||||||||||
Index
|
-0.01
|
%
|
5.96
|
%
|
4.08
|
%
|
0.68
|
%
|
Holdings Diversification
|
|
(Market Exposure as % of Net Assets)
|
|
Investments
|
% of Net Assets
|
Financial
|
39.1%
|
Energy
|
14.8%
|
Communications
|
14.5%
|
Consumer, Non-cyclical
|
7.9%
|
Consumer, Cyclical
|
6.7%
|
Basic Materials
|
4.0%
|
Other
|
5.2%
|
Total Common Stocks
|
92.2%
|
Exchange Traded Funds
|
9.0%
|
Investments of Collateral for Securities Loaned
|
11.7%
|
Total Investments
|
112.9%
|
Other Assets & Liabilities, net
|
-12.9%
|
Net Assets
|
100.0%
|
Ten Largest Holdings
|
|
(% of Total Net Assets)
|
|
Market Vectors Vietnam ETF
|
9.0%
|
Copa Holdings S.A. — Class A
|
4.8%
|
YPF S.A. ADR
|
4.7%
|
Guaranty Trust Bank plc
|
4.1%
|
MercadoLibre, Inc.
|
4.1%
|
National Bank of Kuwait SAKP
|
3.7%
|
KazMunaiGas Exploration Production JSCGDR
|
3.2%
|
Oman Telecommunications Company SAOG
|
3.0%
|
Safaricom Ltd.
|
2.9%
|
Kuwait Finance House KSCP
|
2.9%
|
Top Ten Total
|
42.4%
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 19
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
20 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
Fund Statistics
|
|||
Share Price
|
$
|
17.60
|
|
Net Asset Value
|
$
|
17.65
|
|
Discount to NAV
|
-0.28%
|
||
Net Assets ($000)
|
$
|
26,480
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
|||||||||||||
PERIOD ENDED MAY 31, 2015
|
|||||||||||||
Since
|
|||||||||||||
One
|
Three
|
Five
|
Inception
|
||||||||||
Year
|
Year
|
Year
|
(07/11/07) | ||||||||||
Guggenheim
|
|||||||||||||
International
|
|||||||||||||
Multi-Asset
|
|||||||||||||
Income ETF
|
|||||||||||||
NAV
|
-6.64
|
%
|
9.83
|
%
|
6.34
|
%
|
-0.02
|
%
|
|||||
Market
|
-7.53
|
%
|
9.62
|
%
|
6.28
|
%
|
-0.06
|
%
|
|||||
Zacks International
|
|||||||||||||
Multi-Asset
|
|||||||||||||
Income Index
|
-6.76
|
%
|
9.88
|
%
|
6.59
|
%
|
0.39
|
%
|
|||||
MSCI EAFE
|
|||||||||||||
Index
|
-0.48
|
%
|
15.63
|
%
|
9.95
|
%
|
0.43
|
%
|
Holdings Diversification
|
|
(Market Exposure as % of Net Assets)
|
|
Investments
|
|
Financial
|
17.3%
|
Energy
|
16.2%
|
Industrial
|
11.4%
|
Consumer, Cyclical
|
10.3%
|
Consumer, Non-cyclical
|
9.8%
|
Communications
|
8.8%
|
Basic Materials
|
7.7%
|
Technology
|
4.6%
|
Utilities
|
3.1%
|
Diversified
|
0.5%
|
Closed-End Funds
|
9.9%
|
Total Long-Term Investments
|
99.6%
|
Investments of Collateral for Securities Loaned
|
15.7%
|
Total Investments
|
115.3%
|
Other Assets & Liabilities, net
|
-15.3%
|
Total Net Assets
|
100.0%
|
Ten Largest Holdings
|
|
(% of Total Net Assets)
|
|
Mobile Telesystems OJSC
|
2.1%
|
Banco de Chile
|
1.8%
|
Formula Systems 1985 Ltd.
|
1.5%
|
Grupo Aeroportuario del Pacifico SAB de CV
|
1.4%
|
Mitsui & Company Ltd.
|
1.3%
|
AXA S.A.
|
1.3%
|
Varitronix International Ltd.
|
1.2%
|
Mitsubishi Corp.
|
1.2%
|
Devon Energy Corp.
|
1.2%
|
Canadian Natural Resources Ltd.
|
1.2%
|
Top Ten Total
|
14.2%
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 21
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
22 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
Fund Statistics
|
|||
Share Price
|
$
|
19.55
|
|
Net Asset Value
|
$
|
19.60
|
|
Discount to NAV
|
-0.26%
|
||
Net Assets ($000)
|
$
|
70,577
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
||||||||||
PERIOD ENDED MAY 31, 2015
|
||||||||||
Since
|
||||||||||
One
|
Three
|
Inception
|
||||||||
Year
|
Year
|
(06/11/10) | ||||||||
Guggenheim Shipping ETF
|
||||||||||
NAV
|
-10.52
|
%
|
10.08
|
%
|
-2.58
|
%
|
||||
Market
|
-10.78
|
%
|
10.08
|
%
|
-2.63
|
%
|
||||
Dow Jones Global Shipping
|
||||||||||
IndexSM
|
-10.87
|
%
|
9.88
|
%
|
N/A
|
|||||
Delta Global Shipping Index/
|
||||||||||
Dow Jones Global
|
||||||||||
Shipping IndexSM
|
-10.87
|
%
|
9.88
|
%
|
-2.55
|
%1
|
||||
MSCI World Index
|
5.70
|
%
|
17.09
|
%
|
12.99
|
%
|
Holdings Diversification
|
|
(Market Exposure as % of Net Assets)
|
|
Investments
|
|
Industrial
|
87.4%
|
Marine Transportation
|
7.1%
|
Consumer, Non-cyclical
|
4.6%
|
Total Long-Term Investments
|
99.1%
|
Investments of Collateral for Securities Loaned
|
22.0%
|
Total Investments
|
121.1%
|
Other Assets & Liabilities, net
|
-21.1%
|
Total Net Assets
|
100.0%
|
Ten Largest Holdings
|
|
(% of Total Net Assets)
|
|
AP Moeller – Maersk,A/S — Class B
|
16.6%
|
Nippon Yusen K.K.
|
7.6%
|
COSCO Pacific Ltd.
|
4.6%
|
Kawasaki Kisen Kaisha Ltd.
|
4.3%
|
Teekay Corp.
|
4.3%
|
Golden Ocean Group Ltd.
|
4.3%
|
Sembcorp Marine Ltd.
|
3.9%
|
Matson, Inc.
|
3.8%
|
Teekay LNG Partners, LP
|
3.8%
|
Teekay Offshore Partners, LP
|
3.7%
|
Top Ten Total
|
56.9%
|
1
|
The benchmark return reflects the blended return of the Delta Global Shipping Index from 6/11/10 - 7/26/11 and the return of the Dow Jones Global Shipping IndexSM from 7/27/11 - 5/31/15.
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 23
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
24 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
Fund Statistics
|
|||
Share Price
|
$
|
26.26
|
|
Net Asset Value
|
$
|
26.28
|
|
Discount to NAV
|
-0.08%
|
||
Net Assets ($000)
|
$
|
199,709
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
|||||||||||||
PERIOD ENDED MAY 31, 2015
|
|||||||||||||
Since
|
|||||||||||||
One
|
Three
|
Five
|
Inception
|
||||||||||
Year
|
Year
|
Year
|
(11/09/07) | ||||||||||
Guggenheim Timber ETF
|
|||||||||||||
NAV
|
6.50
|
%
|
20.87
|
%
|
10.54
|
%
|
2.67
|
%
|
|||||
Market
|
6.60
|
%
|
20.73
|
%
|
10.58
|
%
|
2.65
|
%
|
|||||
Beacon Global Timber
|
|||||||||||||
Index
|
7.40
|
%
|
21.89
|
%
|
11.50
|
%
|
3.82
|
%
|
|||||
MSCI World Index
|
5.70
|
%
|
17.09
|
%
|
12.84
|
%
|
3.45
|
%
|
|||||
S&P Global Timber &
|
|||||||||||||
Forestry Index
|
6.62
|
%
|
17.78
|
%
|
9.16
|
%
|
0.76
|
%
|
|||||
STOXX Europe Total
|
|||||||||||||
Market Forestry &
|
|||||||||||||
Paper Index
|
9.99
|
%
|
30.23
|
%
|
16.30
|
%
|
3.00
|
%
|
Holdings Diversification
|
|
(Market Exposure as % of Net Assets)
|
|
Investments
|
% of Net Assets
|
Basic Materials
|
68.8%
|
Financial
|
13.0%
|
Industrial
|
12.3%
|
Consumer, Non-cyclical
|
4.7%
|
Energy
|
1.0%
|
Total Long-Term Investments
|
99.8%
|
Investments of Collateral for Securities Loaned
|
0.9%
|
Total Investments
|
100.7%
|
Other Assets & Liabilities, net
|
-0.7%
|
Total Net Assets
|
100.0%
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 25
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited) continued
|
May 31, 2015
|
Ten Largest Holdings
|
|
(% of Total Net Assets)
|
|
Mondi Ltd.
|
5.7%
|
Suzano Papel E Celulose SA
|
5.3%
|
Smurfit Kappa Group plc
|
5.3%
|
Oji Holdings Corp.
|
5.2%
|
Fibria Celulose S.A. ADR
|
4.9%
|
Stora Enso Oyj
|
4.9%
|
MeadWestvaco Corp.
|
4.7%
|
Klabin S.A.
|
4.7%
|
Svenska Cellulosa AB SCA
|
4.7%
|
UPM-Kymmene Oyj
|
4.5%
|
Top Ten Total
|
49.9%
|
26 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)
|
May 31, 2015
|
Beginning
|
Ending
|
||||||||||||||||
Expense
|
account value | Account Value | Expenses Paid | ||||||||||||||
Ratio1
|
Fund Return
|
November 30, 2014 |
May 31, 2015
|
During Period2 | |||||||||||||
Table 1. Based on actual Fund return3
|
|||||||||||||||||
Guggenheim Canadian Energy Income ETF
|
0.70
|
%
|
(10.09
|
)%
|
$
|
1,000.00
|
$
|
899.07
|
$
|
3.31
|
|||||||
Guggenheim China Real Estate ETF
|
0.70
|
%
|
14.20
|
%
|
1,000.00
|
1,142.04
|
3.74
|
||||||||||
Guggenheim China Small Cap ETF
|
0.75
|
%
|
30.52
|
%
|
1,000.00
|
1,305.22
|
4.31
|
||||||||||
Guggenheim Frontier Markets ETF
|
0.70
|
%
|
(11.13
|
)%
|
1,000.00
|
888.67
|
3.30
|
||||||||||
Guggenheim International Multi-Asset Income ETF
|
0.70
|
%
|
0.33
|
%
|
1,000.00
|
1,003.26
|
3.50
|
||||||||||
Guggenheim Shipping ETF
|
0.65
|
%
|
4.73
|
%
|
1,000.00
|
1,047.29
|
3.32
|
||||||||||
Guggenheim Timber ETF
|
0.69
|
%
|
9.17
|
%
|
1,000.00
|
1,091.72
|
3.60
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 27
|
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) continued
|
May 31, 2015
|
Beginning
|
Ending
|
||||||||||||||||
Expense
|
account value
|
Account Value | Expenses Paid | ||||||||||||||
Ratio1
|
Fund Return
|
November 30, 2014 |
May 31, 2015
|
During Period2 | |||||||||||||
Table 2. Based on hypothetical 5% return (before expenses)
|
|||||||||||||||||
Guggenheim Canadian Energy Income ETF
|
0.70
|
%
|
5.00
|
%
|
$
|
1,000.00
|
$
|
1,021.44
|
$
|
3.53
|
|||||||
Guggenheim China Real Estate ETF
|
0.70
|
%
|
5.00
|
%
|
1,000.00
|
1,021.44
|
3.53
|
||||||||||
Guggenheim China Small Cap ETF
|
0.75
|
%
|
5.00
|
%
|
1,000.00
|
1,021.19
|
3.78
|
||||||||||
Guggenheim Frontier Markets ETF
|
0.70
|
%
|
5.00
|
%
|
1,000.00
|
1,021.44
|
3.53
|
||||||||||
Guggenheim International Multi-Asset Income ETF
|
0.70
|
%
|
5.00
|
%
|
1,000.00
|
1,021.44
|
3.53
|
||||||||||
Guggenheim Shipping ETF
|
0.65
|
%
|
5.00
|
%
|
1,000.00
|
1,021.69
|
3.28
|
||||||||||
Guggenheim Timber ETF
|
0.69
|
%
|
5.00
|
%
|
1,000.00
|
1,021.49
|
3.48
|
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 by182/365 (to reflect the one-half year period).
|
3
|
Actual cumulative return at net asset value for the period December 1, 2014 to May 31, 2015.
|
28 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 99.7%
|
|||||||
Canada - 99.7%
|
|||||||
Encana Corp.
|
189,665
|
$
|
2,394,648
|
||||
Canadian Natural Resources Ltd.
|
72,593
|
2,232,019
|
|||||
Suncor Energy, Inc.
|
74,400
|
2,166,585
|
|||||
Inter Pipeline Ltd.1
|
86,779
|
2,150,965
|
|||||
TransCanada Corp.
|
49,328
|
2,130,005
|
|||||
Enbridge, Inc.
|
44,661
|
2,128,128
|
|||||
Crescent Point Energy Corp.1
|
93,991
|
2,121,904
|
|||||
Pembina Pipeline Corp.1
|
65,686
|
2,109,635
|
|||||
Cenovus Energy, Inc.
|
123,402
|
2,028,607
|
|||||
ARC Resources Ltd.1
|
95,532
|
1,743,416
|
|||||
Cameco Corp.
|
111,903
|
1,671,037
|
|||||
Husky Energy, Inc.
|
83,281
|
1,630,593
|
|||||
Keyera Corp.
|
47,726
|
1,565,696
|
|||||
Vermilion Energy, Inc.1
|
30,320
|
1,296,358
|
|||||
Veresen, Inc.1
|
80,912
|
1,203,714
|
|||||
AltaGas Ltd.
|
37,852
|
1,202,652
|
|||||
Canadian Oil Sands Ltd.1
|
137,057
|
1,194,617
|
|||||
Peyto Exploration & Development Corp.1
|
43,334
|
1,170,270
|
|||||
PrairieSky Royalty Ltd.1
|
42,304
|
1,131,948
|
|||||
Baytex Energy Corp.1
|
47,676
|
808,191
|
|||||
Whitecap Resources, Inc.1
|
71,605
|
785,891
|
|||||
Gibson Energy, Inc.
|
35,318
|
677,076
|
|||||
Enerplus Corp.1
|
58,225
|
560,677
|
|||||
Precision Drilling Corp.
|
82,597
|
545,243
|
|||||
Enbridge Income Fund Holdings, Inc.
|
15,910
|
486,509
|
|||||
Parkland Fuel Corp.1
|
23,270
|
472,204
|
|||||
Mullen Group Ltd.1
|
25,975
|
433,870
|
|||||
Pengrowth Energy Corp.1
|
151,125
|
403,161
|
|||||
Ensign Energy Services, Inc.
|
36,664
|
345,712
|
|||||
Pason Systems, Inc.
|
19,226
|
342,703
|
|||||
Pacific Rubiales Energy Corp.
|
70,552
|
340,820
|
|||||
Bonavista Energy Corp.1
|
53,442
|
337,371
|
|||||
Canadian Energy Services & Technology Corp.
|
50,078
|
290,860
|
|||||
Penn West Petroleum Ltd.
|
141,906
|
278,526
|
|||||
Enerflex Ltd.
|
22,168
|
250,938
|
|||||
Freehold Royalties Ltd.1
|
15,883
|
224,201
|
|||||
Bonterra Energy Corp.1
|
7,816
|
216,149
|
|||||
Surge Energy, Inc.1
|
62,153
|
202,156
|
|||||
TORC Oil & Gas Ltd.
|
21,960
|
170,297
|
|||||
Calfrac Well Services Ltd.
|
20,116
|
140,526
|
|||||
Trinidad Drilling Ltd.
|
37,639
|
137,801
|
|||||
Trican Well Service Ltd.
|
42,184
|
130,785
|
|||||
TransGlobe Energy Corp.
|
21,177
|
84,827
|
|||||
Savanna Energy Services Corp.
|
25,574
|
35,034
|
|||||
Total Canada
|
41,974,325
|
||||||
Total Common Stocks
|
|||||||
(Cost $49,980,754)
|
41,974,325
|
||||||
SECURITIES LENDING COLLATERAL†,2 - 38.4%
|
|||||||
BNY Mellon Separately Managed Cash Collateral
|
|||||||
Account, 0.1047%
|
16,153,822
|
$
|
16,153,822
|
||||
Total Securities Lending Collateral
|
|||||||
(Cost $16,153,822)
|
16,153,822
|
||||||
Total Investments - 138.1%
|
|||||||
(Cost $66,134,576)
|
$
|
58,128,147
|
|||||
Other Assets & Liabilities, net - (38.1)%
|
(16,046,452
|
)
|
|||||
Total Net Assets - 100.0%
|
$
|
42,081,695
|
†
|
Value determined based on Level 1 inputs — See Note 4.
|
|
1
|
All or portion of this security is on loan at May 31, 2015 — See Note 2.
|
|
2
|
Securities lending collateral — See Note 2.
|
Country Diversification
|
||
% of Common
|
||
Country
|
Stocks
|
|
Canada
|
100.0%
|
Currency Denomination
|
||
% of Common
|
||
Currency
|
Stocks
|
|
Canadian Dollar
|
100.0%
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 29
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 99.4%
|
|||||||
Financial - 86.4%
|
|||||||
China Overseas Land & Investment Ltd.
|
508,163
|
$
|
1,842,131
|
||||
Hongkong Land Holdings Ltd.
|
209,308
|
1,802,142
|
|||||
Henderson Land Development Company Ltd.
|
217,996
|
1,759,087
|
|||||
Sun Hung Kai Properties Ltd.
|
100,315
|
1,700,485
|
|||||
Sino Land Company Ltd.
|
906,840
|
1,553,604
|
|||||
China Resources Land Ltd.
|
474,959
|
1,537,947
|
|||||
Hang Lung Properties Ltd.
|
463,942
|
1,466,362
|
|||||
New World Development Company Ltd.
|
1,025,000
|
1,367,275
|
|||||
CK Hutchison Holdings Ltd.
|
86,589
|
1,351,635
|
|||||
Link REIT
|
228,252
|
1,325,069
|
|||||
Hang Lung Group Ltd.
|
186,475
|
943,014
|
|||||
Wheelock & Company Ltd.
|
165,185
|
890,755
|
|||||
Country Garden Holdings Company Ltd.
|
1,686,302
|
776,632
|
|||||
Swire Properties Ltd.
|
212,580
|
723,999
|
|||||
China Vanke Company Ltd. — Class H*
|
266,504
|
703,086
|
|||||
Hysan Development Company Ltd. — Class A
|
142,362
|
650,143
|
|||||
Kerry Properties Ltd.
|
143,388
|
598,410
|
|||||
Evergrande Real Estate Group Ltd.
|
916,611
|
597,156
|
|||||
Sino-Ocean Land Holdings Ltd.
|
770,185
|
550,448
|
|||||
Shimao Property Holdings Ltd.
|
252,643
|
542,341
|
|||||
Cheung Kong Property Holdings Ltd.*,††
|
86,589
|
526,132
|
|||||
Hopewell Holdings Ltd.
|
134,574
|
526,036
|
|||||
Longfor Properties Company Ltd.
|
271,552
|
447,708
|
|||||
Sunac China Holdings Ltd.
|
363,018
|
426,636
|
|||||
New World China Land Ltd.
|
538,099
|
356,116
|
|||||
Yuexiu Property Company Ltd.
|
1,379,460
|
320,327
|
|||||
Chinese Estates Holdings Ltd.
|
96,115
|
301,927
|
|||||
Champion REIT
|
526,190
|
300,717
|
|||||
Renhe Commercial Holdings Company Ltd.*,1
|
3,368,635
|
299,857
|
|||||
Fortune Real Estate Investment Trust REIT
|
270,698
|
273,438
|
|||||
SOHO China Ltd.
|
388,830
|
265,355
|
|||||
KWG Property Holding Ltd.
|
266,173
|
254,101
|
|||||
Shenzhen Investment Ltd.
|
448,367
|
242,937
|
|||||
Guangzhou R&F Properties Company Ltd. — Class H
|
206,232
|
241,576
|
|||||
Agile Property Holdings Ltd.1
|
305,423
|
234,833
|
|||||
Greentown China Holdings Ltd.*,1
|
161,569
|
231,362
|
|||||
Shui On Land Ltd.1
|
702,924
|
222,170
|
|||||
Poly Property Group Company Ltd.
|
398,772
|
219,667
|
|||||
Franshion Properties China Ltd.
|
561,221
|
218,651
|
|||||
China South City Holdings Ltd.1
|
554,000
|
210,121
|
|||||
Great Eagle Holdings Ltd.
|
51,207
|
193,557
|
|||||
K Wah International Holdings Ltd.
|
238,692
|
145,342
|
|||||
Hopson Development Holdings Ltd.*
|
129,443
|
136,932
|
|||||
Yuexiu Real Estate Investment Trust
|
214,926
|
120,334
|
|||||
Yanlord Land Group Ltd.
|
115,809
|
101,737
|
|||||
Tian An China Investment Company Ltd.
|
157,305
|
|
101,467
|
||||
China Overseas Grand Oceans Group Ltd.
|
161,422
|
90,586
|
|||||
E-House China Holdings Ltd. ADR
|
13,784
|
76,639
|
|||||
Glorious Property Holdings Ltd.*
|
505,504
|
73,691
|
|||||
Kaisa Group Holdings Ltd.*,†††,1
|
378,110
|
—
|
|||||
Total Financial
|
29,841,673
|
||||||
Diversified - 13.0%
|
|||||||
Swire Pacific Ltd. — Class A
|
111,484
|
1,500,058
|
|||||
Wharf Holdings Ltd.
|
200,962
|
1,387,009
|
|||||
Goldin Properties Holdings Ltd.*
|
256,378
|
820,246
|
|||||
Swire Pacific Ltd. — Class B
|
195,987
|
498,087
|
|||||
Carnival Group International Holdings Ltd.*
|
1,570,000
|
283,556
|
|||||
Total Diversified
|
4,488,956
|
||||||
Total Common Stocks
|
|||||||
(Cost $33,043,185)
|
34,330,629
|
||||||
SECURITIES LENDING COLLATERAL†,2 - 1.3%
|
|||||||
BNY Mellon Separately Managed Cash Collateral
|
|||||||
Account, 0.1189%
|
529,931
|
529,931
|
|||||
Total Securities Lending Collateral
|
|||||||
(Cost $529,931)
|
529,931
|
||||||
Total Investments - 100.7%
|
|||||||
(Cost $33,573,116)
|
$
|
34,860,560
|
|||||
Other Assets & Liabilities, net - (0.7)%
|
(312,606
|
)
|
|||||
Total Net Assets - 100.0%
|
$
|
34,547,954
|
*
|
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 May 31, 2015 — See Note 2.
|
|
2
|
Securities lending collateral — See Note 2.
|
ADR
|
American Depositary Receipt
|
|
REIT
|
Real Estate Investment Trust
|
30 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Country Diversification
|
||
% of Common
|
||
Country
|
Stocks
|
|
China
|
98.9%
|
|
Singapore
|
1.1%
|
|
Total Long-Term Investments
|
100.0%
|
Currency Denomination
|
||
% of Common
|
||
Currency
|
Stocks
|
|
Hong Kong Dollar
|
94.2%
|
|
United States Dollar
|
5.5%
|
|
Singapore Dollar
|
0.3%
|
|
Total Long-Term Investments
|
100.0%
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 31
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 99.7%
|
|||||||
Industrial - 19.8%
|
|||||||
Shanghai Electric Group Company Ltd. — Class H1
|
3,531,933
|
$
|
3,722,596
|
||||
AviChina Industry & Technology Company Ltd. — Class H
|
2,859,928
|
3,634,149
|
|||||
China COSCO Holdings Company Ltd. — Class H*,1
|
3,058,437
|
2,296,329
|
|||||
Beijing Capital International Airport Company Ltd. —
|
|||||||
Class H*
|
1,787,965
|
2,140,516
|
|||||
China International Marine Containers Group Co. Ltd. —
|
|||||||
Class H
|
710,600
|
2,035,118
|
|||||
China Shipping Container Lines Company Ltd. — Class H*
|
4,441,912
|
2,034,275
|
|||||
Haitian International Holdings Ltd.
|
748,988
|
1,841,659
|
|||||
Sunny Optical Technology Group Company Ltd.1
|
810,946
|
1,780,586
|
|||||
Lee & Man Paper Manufacturing Ltd.1
|
2,546,965
|
1,705,304
|
|||||
Metallurgical Corporation of China Ltd. — Class H*
|
3,232,933
|
1,689,130
|
|||||
Tech Pro Technology Development Ltd.*
|
1,592,800
|
1,621,249
|
|||||
BBMG Corp. — Class H
|
1,406,465
|
1,574,926
|
|||||
China Shanshui Cement Group Ltd.†††,1,2
|
2,416,948
|
1,471,705
|
|||||
Sinotrans Ltd. — Class H
|
1,857,965
|
1,450,121
|
|||||
China Machinery Engineering Corp. — Class H
|
992,000
|
1,323,255
|
|||||
Zoomlion Heavy Industry Science and Technology
|
|||||||
Company Ltd. — Class H1
|
1,691,800
|
1,300,788
|
|||||
China Resources Cement Holdings Ltd.
|
2,061,965
|
1,268,852
|
|||||
China High Speed Transmission Equipment Group Co. Ltd.
|
1,254,965
|
1,262,808
|
|||||
Xinjiang Goldwind Science & Technology Company
|
|||||||
Ltd. — Class H*
|
510,829
|
1,252,105
|
|||||
China Shipping Development Co. Ltd. — Class H
|
1,529,965
|
1,209,911
|
|||||
China Lesso Group Holdings Ltd.
|
1,194,968
|
1,143,857
|
|||||
Guangshen Railway Company Ltd. — Class H*
|
1,717,965
|
1,134,738
|
|||||
Hi Sun Technology China Ltd.*
|
2,163,000
|
1,107,793
|
|||||
China Zhongwang Holdings Ltd.1
|
1,767,165
|
1,044,128
|
|||||
SITC International Holdings Company Ltd.
|
1,396,882
|
946,086
|
|||||
CT Environmental Group Ltd.
|
672,000
|
915,471
|
|||||
Dongfang Electric Corporation Ltd. — Class H*
|
408,200
|
906,813
|
|||||
AVIC International Holding HK Ltd.*
|
3,868,000
|
903,185
|
|||||
Wasion Group Holdings Ltd.
|
565,978
|
877,638
|
|||||
China Singyes Solar Technologies Holdings Ltd.
|
541,946
|
838,974
|
|||||
Boer Power Holdings Ltd.
|
328,000
|
737,958
|
|||||
SIIC Environment Holdings Ltd.*
|
4,730,800
|
718,967
|
|||||
Harbin Electric Company Ltd. — Class H
|
805,972
|
678,961
|
|||||
Kangda International Environmental Company Ltd.*
|
1,168,000
|
659,976
|
|||||
China Huarong Energy Company Ltd.*,1
|
5,695,919
|
646,633
|
|||||
China Water Affairs Group Ltd.1
|
1,026,000
|
574,445
|
|||||
China Aerospace International Holdings Ltd.
|
2,167,951
|
570,547
|
|||||
Chaowei Power Holdings Ltd.1
|
685,000
|
564,680
|
|||||
Tianjin Port Development Holdings Ltd.
|
1,843,965
|
544,753
|
|||||
Lonking Holdings Ltd.
|
2,222,923
|
539,130
|
|||||
China National Materials Company Ltd. — Class H
|
1,344,965
|
510,117
|
|||||
Tianneng Power International Ltd.
|
816,005
|
505,296
|
|||||
Dongjiang Environmental Company Ltd. — Class H
|
83,200
|
|
499,100
|
||||
West China Cement Ltd.
|
2,862,010
|
487,367
|
|||||
COSCO International Holdings Ltd.
|
683,988
|
476,490
|
|||||
First Tractor Company Ltd. — Class H1
|
460,000
|
425,489
|
|||||
EVA Precision Industrial Holdings Ltd.
|
1,276,000
|
396,716
|
|||||
Ozner Water International Holding Ltd.*
|
1,021,000
|
379,341
|
|||||
Greatview Aseptic Packaging Company Ltd.
|
655,042
|
378,581
|
|||||
Sinotrans Shipping Ltd.
|
1,473,465
|
368,768
|
|||||
CPMC Holdings Ltd.
|
462,940
|
344,597
|
|||||
Sany Heavy Equipment International Holdings Company Ltd.
|
910,968
|
303,204
|
|||||
Honghua Group Ltd.
|
2,356,968
|
297,983
|
|||||
Yuanda China Holdings Ltd.
|
2,861,996
|
284,296
|
|||||
SOCAM Development Ltd.
|
309,960
|
283,507
|
|||||
Guodian Technology & Environment Group Corporation
|
|||||||
Ltd. — Class H
|
1,513,000
|
269,358
|
|||||
Asia Cement China Holdings Corp.
|
502,000
|
262,931
|
|||||
Yingli Green Energy Holding Company Ltd. ADR*
|
148,864
|
150,353
|
|||||
Total Industrial
|
59,293,609
|
||||||
Consumer, Cyclical - 17.2%
|
|||||||
GOME Electrical Appliances Holding Ltd.*
|
13,916,727
|
3,644,556
|
|||||
Shenzhou International Group Holdings Ltd.
|
667,038
|
3,295,800
|
|||||
Air China Ltd. — Class H
|
2,441,940
|
3,002,197
|
|||||
Shanghai Pharmaceuticals Holding Company Ltd. — Class H
|
761,072
|
2,523,308
|
|||||
Skyworth Digital Holdings Ltd.
|
2,291,945
|
2,190,957
|
|||||
ANTA Sports Products Ltd.1
|
936,972
|
2,173,340
|
|||||
China Southern Airlines Company Ltd. — Class H*
|
2,049,965
|
2,102,447
|
|||||
Intime Retail Group Company Ltd.1
|
1,198,965
|
2,047,887
|
|||||
Minth Group Ltd.
|
771,968
|
1,902,147
|
|||||
Digital China Holdings Ltd.
|
980,008
|
1,762,397
|
|||||
China Eastern Airlines Corporation Ltd. — Class H*
|
2,177,965
|
1,697,068
|
|||||
Xinyi Glass Holdings Ltd.
|
2,784,000
|
1,677,249
|
|||||
China Travel International Investment Hong Kong Ltd.
|
2,893,937
|
1,414,945
|
|||||
China Dongxiang Group Company Ltd.1
|
3,986,936
|
1,131,549
|
|||||
Li Ning Company Ltd.*
|
1,806,968
|
1,058,322
|
|||||
Homeinns Hotel Group ADR*,1
|
36,539
|
982,899
|
|||||
Golden Eagle Retail Group Ltd.
|
576,983
|
887,260
|
|||||
Cosmo Lady China Holdings Company Ltd.
|
847,000
|
874,148
|
|||||
Shanghai Jin Jiang International Hotels Group Co.
|
|||||||
Ltd. — Class H*
|
1,672,000
|
834,755
|
|||||
China Lodging Group Ltd. ADR*,1
|
33,566
|
831,765
|
|||||
China Lilang Ltd.
|
672,000
|
806,239
|
|||||
REXLot Holdings Ltd.1
|
10,249,845
|
753,709
|
|||||
Baoxin Auto Group Ltd.
|
888,432
|
742,695
|
|||||
Xinhua Winshare Publishing and Media Company
|
|||||||
Ltd. — Class H
|
547,000
|
714,133
|
|||||
China ZhengTong Auto Services Holdings Ltd.1
|
1,032,968
|
674,293
|
32 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 99.7% (continued)
|
|||||||
Consumer, Cyclical - 17.2% (continued)
|
|||||||
China Harmony Auto Holding Ltd.
|
531,000
|
$
|
671,324
|
||||
Zhongsheng Group Holdings Ltd.
|
798,500
|
668,546
|
|||||
Qunar Cayman Islands Ltd. ADR*,1
|
14,974
|
660,204
|
|||||
Qingling Motors Company Ltd. — Class H
|
1,509,965
|
598,021
|
|||||
Dah Chong Hong Holdings Ltd.1
|
990,968
|
590,627
|
|||||
TCL Multimedia Technology Holdings Ltd.
|
648,000
|
576,814
|
|||||
NewOcean Energy Holdings Ltd.1
|
1,139,895
|
573,510
|
|||||
Sinotruk Hong Kong Ltd.
|
824,976
|
560,872
|
|||||
Hisense Kelon Electrical Holdings Company Ltd. — Class H*
|
551,000
|
525,300
|
|||||
Bosideng International Holdings Ltd.
|
3,331,933
|
524,406
|
|||||
Jintian Pharmaceutical Group Ltd.
|
898,000
|
488,878
|
|||||
Hengdeli Holdings Ltd.
|
2,369,543
|
486,041
|
|||||
Jinmao Investments and Jinmao China Investments
|
|||||||
Holdings Ltd.
|
719,500
|
473,383
|
|||||
Xinchen China Power Holdings Ltd.*
|
1,026,000
|
463,262
|
|||||
China Yongda Automobiles Services Holdings Ltd.
|
597,960
|
459,759
|
|||||
Ajisen China Holdings Ltd.
|
744,005
|
451,113
|
|||||
Springland International Holdings Ltd.
|
1,193,019
|
434,018
|
|||||
Tack Fiori International Group Ltd.*
|
1,572,000
|
405,596
|
|||||
Parkson Retail Group Ltd.
|
1,539,965
|
375,478
|
|||||
Weiqiao Textile Co. — Class H
|
478,500
|
372,229
|
|||||
361 Degrees International Ltd.
|
905,005
|
357,260
|
|||||
XTEP International Holdings Ltd.
|
779,000
|
342,691
|
|||||
Maoye International Holdings Ltd.
|
1,141,965
|
269,597
|
|||||
Ying Li International Real Estate Ltd.*
|
1,297,400
|
245,264
|
|||||
Welling Holding Ltd.
|
896,000
|
218,465
|
|||||
Total Consumer, Cyclical
|
51,518,723
|
||||||
Financial - 17.2%
|
|||||||
China Everbright Ltd.
|
1,023,968
|
4,075,238
|
|||||
Sunac China Holdings Ltd.
|
2,128,003
|
2,500,933
|
|||||
Chongqing Rural Commercial Bank Company Ltd. — Class H*
|
2,987,023
|
2,427,675
|
|||||
Shanghai Industrial Holdings Ltd.1
|
558,998
|
2,152,613
|
|||||
Yuexiu Property Company Ltd.
|
8,057,882
|
1,871,134
|
|||||
Bank of Chongqing Company Ltd. — Class H
|
1,860,500
|
1,855,328
|
|||||
Guotai Junan International Holdings Ltd.
|
957,000
|
1,837,072
|
|||||
Far East Horizon Ltd.
|
1,837,965
|
1,787,805
|
|||||
Renhe Commercial Holdings Company Ltd.*
|
19,807,745
|
1,763,176
|
|||||
China Galaxy Securities Company Ltd. — Class H
|
974,000
|
1,651,071
|
|||||
SOHO China Ltd.
|
2,272,965
|
1,551,172
|
|||||
KWG Property Holding Ltd.
|
1,544,151
|
1,474,120
|
|||||
Shenzhen Investment Ltd.
|
2,641,945
|
1,431,477
|
|||||
Harbin Bank Company Ltd. — Class H*
|
3,641,000
|
1,418,532
|
|||||
Guangzhou R&F Properties Company Ltd. — Class H
|
1,191,165
|
1,395,305
|
|||||
Greentown China Holdings Ltd.1
|
958,983
|
1,373,236
|
|||||
Agile Property Holdings Ltd.1
|
1,783,965
|
1,371,652
|
|||||
Shui On Land Ltd.1
|
4,130,412
|
|
1,305,482
|
||||
Poly Property Group Company Ltd.
|
2,363,948
|
1,302,199
|
|||||
Franshion Properties China Ltd.
|
3,205,916
|
1,249,023
|
|||||
China South City Holdings Ltd.1
|
3,285,950
|
1,246,292
|
|||||
Joy City Property Ltd.
|
3,869,252
|
1,078,182
|
|||||
Beijing Capital Land Ltd. — Class H
|
1,171,968
|
889,006
|
|||||
Colour Life Services Group Company Ltd.
|
584,000
|
878,462
|
|||||
China Financial International Investments Ltd.*,1
|
4,830,000
|
872,342
|
|||||
Hopson Development Holdings Ltd.*
|
751,968
|
795,472
|
|||||
Noah Holdings Ltd. ADR*,1
|
24,670
|
782,039
|
|||||
Central China Securities Company Ltd. — Class H
|
792,000
|
776,516
|
|||||
CIFI Holdings Group Company Ltd.
|
2,678,000
|
753,145
|
|||||
Yanlord Land Group Ltd.
|
678,400
|
595,970
|
|||||
Shanghai Industrial Urban Development Group Ltd.
|
1,667,965
|
572,374
|
|||||
China Overseas Grand Oceans Group Ltd.
|
919,968
|
516,266
|
|||||
China Aoyuan Property Group Ltd.
|
1,734,000
|
505,556
|
|||||
E-House China Holdings Ltd. ADR
|
84,510
|
469,876
|
|||||
CNinsure, Inc. ADR*,1
|
54,483
|
440,767
|
|||||
Yida China Holdings Ltd.
|
1,128,000
|
433,647
|
|||||
Mingfa Group International Company Ltd.1
|
1,658,968
|
428,035
|
|||||
Sunshine 100 China Holdings Ltd.*
|
791,000
|
423,483
|
|||||
Credit China Holdings Ltd.
|
1,660,000
|
398,320
|
|||||
Glorious Property Holdings Ltd.*
|
2,705,933
|
394,464
|
|||||
Wanda Hotel Development Company Ltd.*
|
1,518,976
|
389,956
|
|||||
China SCE Property Holdings Ltd.1
|
1,700,358
|
368,520
|
|||||
Logan Property Holdings Company Ltd.
|
840,000
|
358,690
|
|||||
Wuzhou International Holdings Ltd.*
|
1,448,000
|
317,562
|
|||||
Fantasia Holdings Group Company Ltd.
|
1,921,445
|
309,849
|
|||||
Yuzhou Properties Company Ltd.1
|
999,000
|
278,375
|
|||||
Hydoo International Holding Ltd.
|
1,256,000
|
244,668
|
|||||
Xinyuan Real Estate Co. Ltd. ADR1
|
67,109
|
195,958
|
|||||
Kaisa Group Holdings Ltd.†††,1,2
|
2,100,965
|
—
|
|||||
Total Financial
|
51,508,035
|
||||||
Consumer, Non-cyclical - 15.5%
|
|||||||
Zhejiang Expressway Company Ltd. — Class H
|
1,705,965
|
2,658,573
|
|||||
CSPC Pharmaceutical Group Ltd.
|
2,505,976
|
2,579,830
|
|||||
Uni-President China Holdings Ltd.
|
2,159,968
|
2,137,244
|
|||||
Shenzhen International Holdings Ltd.
|
1,189,231
|
2,120,243
|
|||||
Jiangsu Expressway Company Ltd. — Class H*
|
1,439,965
|
2,006,260
|
|||||
TAL Education Group ADR*,1
|
46,285
|
1,676,443
|
|||||
China Agri-Industries Holdings Ltd.
|
2,606,938
|
1,573,939
|
|||||
Shanghai Fosun Pharmaceutical Group Company
|
|||||||
Ltd. — Class H*
|
365,000
|
1,572,718
|
|||||
China Huishan Dairy Holdings Company Ltd.
|
6,773,000
|
1,406,754
|
|||||
Tong Ren Tang Technologies Company Ltd. — Class H
|
737,000
|
1,334,892
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 33
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 99.7% (continued)
|
|||||||
Consumer, Non-cyclical - 15.5% (continued)
|
|||||||
CP Pokphand Company Ltd.
|
8,101,856
|
$
|
1,296,038
|
||||
China Modern Dairy Holdings Ltd.1
|
2,847,024
|
1,138,582
|
|||||
Guangzhou Baiyunshan Pharmaceutical Holdings Company
|
|||||||
Ltd. — Class H*
|
270,000
|
1,125,065
|
|||||
Lijun International Pharmaceutical Holding Company Ltd.
|
2,679,889
|
1,037,169
|
|||||
Phoenix Healthcare Group Company Ltd.
|
455,000
|
934,471
|
|||||
Imperial Pacific International Holdings Ltd.*,1
|
2,680,000
|
822,855
|
|||||
Biostime International Holdings Ltd.
|
190,551
|
798,925
|
|||||
Shenzhen Expressway Company Ltd. — Class H
|
903,976
|
796,506
|
|||||
Qingdao Port International Company Ltd. — Class H
|
1,061,000
|
793,880
|
|||||
China Yurun Food Group Ltd.*,1
|
1,642,965
|
771,509
|
|||||
Fu Shou Yuan International Group Ltd.
|
1,280,000
|
764,544
|
|||||
China Shengmu Organic Milk Ltd.*
|
2,675,000
|
762,654
|
|||||
China Huiyuan Juice Group Ltd.
|
1,264,968
|
734,350
|
|||||
Vinda International Holdings Ltd.
|
333,000
|
720,855
|
|||||
Lifetech Scientific Corp.*
|
2,167,396
|
685,040
|
|||||
Hua Han Bio-Pharmaceutical Holdings Ltd.
|
3,138,016
|
684,153
|
|||||
Tibet 5100 Water Resources Holdings Ltd.
|
1,756,006
|
663,751
|
|||||
China Foods Ltd.
|
834,000
|
645,548
|
|||||
Yuexiu Transport Infrastructure Ltd.1
|
820,000
|
631,538
|
|||||
China Shineway Pharmaceutical Group Ltd.
|
358,000
|
627,183
|
|||||
Anhui Expressway Company Ltd. — Class H
|
622,000
|
604,222
|
|||||
Livzon Pharmaceutical Group, Inc. — Class H
|
70,900
|
599,100
|
|||||
Xiamen International Port Company Ltd. — Class H
|
1,132,000
|
584,141
|
|||||
Sichuan Expressway Company Ltd. — Class H
|
1,101,968
|
568,644
|
|||||
Dalian Port PDA Company Ltd. — Class H*
|
1,101,968
|
568,644
|
|||||
United Laboratories International Holdings Ltd.*,1
|
731,993
|
563,758
|
|||||
Wumart Stores, Inc. — Class H
|
646,483
|
557,949
|
|||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Company
|
|||||||
Ltd. — Class H
|
391,000
|
519,548
|
|||||
Shandong Luoxin Pharmaceutical Group Stock Company
|
|||||||
Ltd. — Class H
|
212,000
|
496,665
|
|||||
Consun Pharmaceutical Group Ltd.
|
639,000
|
484,719
|
|||||
Yashili International Holdings Ltd.
|
1,352,000
|
474,414
|
|||||
Poly Culture Group Corporation Ltd. — Class H*
|
105,000
|
444,976
|
|||||
PW Medtech Group Ltd.*
|
925,000
|
436,751
|
|||||
Goodbaby International Holdings Ltd.
|
900,899
|
431,183
|
|||||
Dawnrays Pharmaceutical Holdings Ltd.
|
440,000
|
422,883
|
|||||
China Animal Healthcare Ltd.†††,1,2
|
798,000
|
401,494
|
|||||
Shenguan Holdings Group Ltd.
|
1,337,965
|
393,542
|
|||||
Real Nutriceutical Group Ltd.
|
1,069,972
|
387,874
|
|||||
YuanShengTai Dairy Farm Ltd.*
|
2,974,000
|
372,155
|
|||||
China Distance Education Holdings Ltd. ADR
|
22,638
|
354,737
|
|||||
Goldpac Group Ltd.
|
372,000
|
308,578
|
|||||
Changshouhua Food Company Ltd.
|
357,000
|
291,991
|
|||||
China Pioneer Pharma Holdings Ltd.
|
397,000
|
287,319
|
|||||
Microport Scientific Corp.
|
462,029
|
|
263,453
|
||||
Anxin-China Holdings Ltd.†††,2
|
2,619,938
|
98,017
|
|||||
Total Consumer, Non-cyclical
|
46,418,269
|
||||||
Basic Materials - 8.9%
|
|||||||
Zijin Mining Group Company Ltd. — Class H1
|
6,946,000
|
3,100,433
|
|||||
Aluminum Corporation of China Ltd. — Class H*
|
4,694,000
|
2,827,948
|
|||||
Huabao International Holdings Ltd.
|
2,330,962
|
2,249,305
|
|||||
Sinopec Shanghai Petrochemical Company Ltd. — Class H
|
4,135,914
|
2,027,527
|
|||||
Nine Dragons Paper Holdings Ltd.
|
1,994,965
|
1,829,854
|
|||||
Kingboard Chemical Holdings Ltd.
|
741,000
|
1,441,554
|
|||||
China Molybdenum Co. Ltd. — Class H1
|
1,572,965
|
1,440,751
|
|||||
China Hongqiao Group Ltd.1
|
1,113,016
|
1,128,588
|
|||||
Angang Steel Company Ltd. — Class H*,1
|
1,307,965
|
1,079,910
|
|||||
Yingde Gases Group Company Ltd.
|
1,203,965
|
955,213
|
|||||
China BlueChemical Ltd. — Class H
|
2,121,965
|
949,903
|
|||||
Fufeng Group Ltd.
|
1,141,968
|
936,963
|
|||||
Zhaojin Mining Industry Company Ltd. — Class H1
|
1,049,468
|
874,607
|
|||||
Maanshan Iron & Steel Company Ltd. — Class H*,1
|
2,079,962
|
818,402
|
|||||
Kingboard Laminates Holdings Ltd.
|
1,325,968
|
673,970
|
|||||
MMG Ltd.*,1
|
1,639,965
|
649,508
|
|||||
North Mining Shares Company Ltd. — Class C*,1
|
13,179,586
|
595,088
|
|||||
Sinofert Holdings Ltd.
|
2,195,965
|
569,420
|
|||||
Dongyue Group Ltd.
|
1,221,965
|
547,016
|
|||||
Shougang Concord International Enterprises Company Ltd.*
|
4,955,905
|
428,360
|
|||||
China Precious Metal Resources Holdings Company Ltd.*,1
|
4,191,936
|
378,551
|
|||||
Xingda International Holdings Ltd.
|
1,071,895
|
348,469
|
|||||
Tiangong International Company Ltd.1
|
1,638,000
|
340,213
|
|||||
China Sanjiang Fine Chemicals Company Ltd.
|
593,000
|
221,087
|
|||||
Yip’s Chemical Holdings Ltd.
|
332,000
|
197,447
|
|||||
Total Basic Materials
|
26,610,087
|
||||||
Communications - 6.3%
|
|||||||
ZTE Corp. — Class H
|
746,502
|
2,595,381
|
|||||
China Communications Services Corp. Ltd. — Class H
|
3,293,937
|
1,805,991
|
|||||
SouFun Holdings Ltd. ADR1
|
238,907
|
1,775,078
|
|||||
58.com, Inc. ADR*
|
18,936
|
1,420,389
|
|||||
BYD Electronic International Company Ltd.
|
757,500
|
1,237,165
|
|||||
Coolpad Group Ltd.
|
3,207,930
|
1,154,624
|
|||||
Autohome, Inc. ADR*
|
22,923
|
1,045,060
|
|||||
21Vianet Group, Inc. ADR*,1
|
55,876
|
1,009,121
|
|||||
CITIC Telecom International Holdings Ltd.
|
1,649,000
|
855,181
|
|||||
TCL Communication Technology Holdings Ltd.1
|
744,000
|
796,641
|
|||||
51job, Inc. ADR*,1
|
24,154
|
749,740
|
|||||
E-Commerce China Dangdang, Inc. — Class A ADR*,1
|
66,180
|
553,927
|
|||||
China Fiber Optic Network System Group Ltd.
|
1,292,000
|
490,028
|
|||||
Renren, Inc. ADR*,1
|
109,838
|
438,254
|
34 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 99.7% (continued)
|
|||||||
Communications - 6.3% (continued)
|
|||||||
China Public Procurement Ltd.*
|
9,136,000
|
$
|
412,511
|
||||
Asia Satellite Telecommunications Holdings Ltd.
|
116,500
|
411,050
|
|||||
V1 Group Ltd.
|
3,425,336
|
393,283
|
|||||
Comba Telecom Systems Holdings Ltd.
|
1,063,954
|
376,084
|
|||||
China All Access Holdings Ltd.
|
962,000
|
321,430
|
|||||
Weibo Corp ADR*,1
|
19,493
|
308,964
|
|||||
Synertone Communication Corp.
|
3,960,000
|
301,411
|
|||||
Phoenix New Media Ltd. ADR*
|
38,085
|
269,642
|
|||||
Total Communications
|
18,720,955
|
||||||
Technology - 4.8%
|
|||||||
Kingsoft Corporation Ltd.1
|
724,972
|
2,908,661
|
|||||
TravelSky Technology Ltd. — Class H
|
1,108,468
|
1,921,914
|
|||||
NetDragon Websoft, Inc.1
|
307,960
|
1,543,465
|
|||||
Kingdee International Software Group Company Ltd.1
|
1,817,965
|
1,454,081
|
|||||
Chinasoft International Ltd.*
|
1,430,021
|
1,007,271
|
|||||
Shunfeng International Clean Energy Ltd.*
|
1,280,000
|
899,949
|
|||||
Perfect World Company Ltd. ADR*,1
|
40,430
|
799,705
|
|||||
Shanda Games Ltd. ADR*,1
|
112,377
|
781,582
|
|||||
Ju Teng International Holdings Ltd.
|
1,035,968
|
640,167
|
|||||
Tian Ge Interactive Holdings Ltd.
|
670,000
|
598,990
|
|||||
Boyaa Interactive International Ltd.
|
564,000
|
580,622
|
|||||
Changyou.com Ltd. ADR*
|
13,374
|
417,001
|
|||||
TPV Technology Ltd.
|
1,055,968
|
258,831
|
|||||
NQ Mobile, Inc. ADR*,1
|
58,848
|
241,865
|
|||||
China ITS Holdings Company Ltd.*
|
1,338,348
|
238,265
|
|||||
Total Technology
|
14,292,369
|
||||||
Energy - 4.5%
|
|||||||
Xinyi Solar Holdings Ltd.1
|
3,726,000
|
1,744,862
|
|||||
Sinopec Engineering Group Company Ltd. — Class H
|
1,391,500
|
1,366,090
|
|||||
Trina Solar Ltd. ADR*,1
|
107,849
|
1,334,092
|
|||||
Sinopec Oilfield Service Corp. — Class H1
|
2,513,947
|
1,261,587
|
|||||
Beijing Jingneng Clean Energy Co. Ltd. — Class H
|
2,509,918
|
1,155,950
|
|||||
Shougang Fushan Resources Group Ltd.1
|
4,517,770
|
1,060,735
|
|||||
Sinopec Kantons Holdings Ltd.1
|
1,161,900
|
957,814
|
|||||
CIMC Enric Holdings Ltd.
|
716,000
|
721,399
|
|||||
JinkoSolar Holding Company Ltd. ADR*,1
|
23,908
|
687,355
|
|||||
United Energy Group Ltd.*
|
4,707,905
|
674,159
|
|||||
China Suntien Green Energy Corporation Ltd. — Class H
|
2,140,029
|
519,026
|
|||||
Concord New Energy Group Ltd.*
|
4,770,000
|
436,906
|
|||||
JA Solar Holdings Company Ltd. ADR*,1
|
45,315
|
383,818
|
|||||
China Tian Lun Gas Holdings Ltd.*
|
349,000
|
337,224
|
|||||
Anton Oilfield Services Group/Hong Kong1
|
1,305,890
|
303,243
|
|||||
Hilong Holding Ltd.1
|
918,000
|
293,701
|
|||||
SPT Energy Group, Inc.
|
1,061,895
|
217,816
|
|||||
Total Energy
|
13,455,777
|
||||||
Utilities - 4.2%
|
|||||||
Huadian Power International Corporation Ltd. — Class H
|
2,035,965
|
$
|
2,353,368
|
||||
Datang International Power Generation Company
|
|||||||
Ltd. — Class H
|
3,937,919
|
2,306,397
|
|||||
China Power International Development Ltd.
|
3,035,945
|
2,208,943
|
|||||
Huaneng Renewables Corporation Ltd. — Class H
|
4,490,023
|
2,102,648
|
|||||
Huadian Fuxin Energy Corporation Ltd. — Class H
|
2,694,000
|
1,411,026
|
|||||
China Oil & Gas Group Ltd.
|
5,279,865
|
633,457
|
|||||
China Datang Corporation Renewable Power Company
|
|||||||
Ltd. — Class H
|
3,099,027
|
539,723
|
|||||
Tianjin Development Holdings Ltd.
|
464,000
|
466,900
|
|||||
China Power New Energy Development Company Ltd.
|
4,859,640
|
451,386
|
|||||
Total Utilities
|
12,473,848
|
||||||
Diversified - 1.3%
|
|||||||
Carnival Group International Holdings Ltd.*,1
|
9,310,000
|
1,681,470
|
|||||
CITIC Resources Holdings Ltd.*
|
2,725,936
|
717,393
|
|||||
Wisdom Holdings Group
|
686,000
|
707,987
|
|||||
C C Land Holdings Ltd.
|
1,470,965
|
358,654
|
|||||
Beijing Development HK Ltd.*
|
862,000
|
302,474
|
|||||
Total Diversified
|
3,767,978
|
||||||
Total Common Stocks
|
|||||||
(Cost $260,544,975)
|
298,059,650
|
||||||
RIGHTS - 0.0%
|
|||||||
Consumer, Non-cyclical – 0.0%
|
|||||||
Hua Han Bio Pharm Rights†††,2
|
1,539,008
|
—
|
|||||
Total Rights
|
|||||||
(Cost $0)
|
|
—
|
|||||
SECURITIES LENDING COLLATERAL†,3 - 11.5%
|
|||||||
BNY Mellon Separately Managed Cash Collateral
|
|||||||
Account, 0.1047%
|
34,309,465
|
||||||
Total Securities Lending Collateral
|
|||||||
(Cost $34,309,465)
|
34,309,465
|
||||||
Total Investments - 111.2%
|
|||||||
(Cost $294,854,440)
|
$
|
332,369,115
|
|||||
Other Assets & Liabilities, net - (11.2)%
|
(33,281,746
|
)
|
|||||
Total Net Assets - 100.0%
|
$
|
299,087,369
|
*
|
Non-income producing security.
|
|
†
|
Value determined based on Level 1 input, unless otherwise noted — See Note 4.
|
|
†††
|
Value determined based on Level 3 inputs — See Note 4.
|
|
1
|
All or portion of this security is on loan at May 31, 2015 — See Note 2.
|
|
2
|
Security was fair valued by the Valuation Committee at May 31, 2015. The total market value of fair valued securities amounts to $1,971,216, (cost $3,709,702) or 0.7% of total net assets.
|
|
3
|
Securities lending collateral — See Note 2.
|
|
ADR
|
American Depositary Receipt
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 35
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Country Breakdown
|
||
% of Long-Term
|
||
Country
|
Investments
|
|
China
|
99.3%
|
|
Singapore
|
0.5%
|
|
Australia
|
0.2%
|
|
Total Long-Term Investments
|
100.0%
|
Currency Denomination
|
||
% of Long-Term
|
||
Currency
|
Investments
|
|
Chinese Yuan
|
50.1%
|
|
Hong Kong Dollar
|
44.6%
|
|
United States Dollar
|
4.8%
|
|
Singapore Dollar
|
0.5%
|
|
Total Long-Term Investments
|
100.0%
|
36 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 92.2%
|
|||||||
Kuwait - 15.4%
|
|||||||
National Bank of Kuwait SAKP
|
859,887
|
$
|
2,326,704
|
||||
Kuwait Finance House KSCP
|
827,110
|
1,774,036
|
|||||
Mobile Telecommunications Company KSC
|
896,057
|
1,286,206
|
|||||
Agility Public Warehousing Company KSC
|
245,929
|
576,174
|
|||||
Gulf Bank KSCP*
|
545,319
|
494,845
|
|||||
Commercial Bank of Kuwait KPSC
|
232,876
|
468,749
|
|||||
Mabanee Company SAK
|
147,891
|
463,608
|
|||||
Kuwait Food Company Americana SAK
|
49,696
|
432,923
|
|||||
Kuwait Projects Company Holding KSCP
|
202,045
|
413,357
|
|||||
VIVA Kuwait Telecom Co.*
|
108,605
|
336,871
|
|||||
Burgan Bank SAK
|
215,968
|
302,875
|
|||||
Boubyan Bank KSCP
|
158,987
|
230,834
|
|||||
Warba Bank KSCP*
|
254,899
|
198,502
|
|||||
Commercial Real Estate Company KSC
|
489,973
|
140,662
|
|||||
Jazeera Airways Company KSC
|
59,398
|
89,180
|
|||||
Total Kuwait
|
9,535,526
|
||||||
Nigeria - 14.6%
|
|||||||
Guaranty Trust Bank plc
|
17,419,429
|
2,533,497
|
|||||
Zenith Bank plc
|
16,111,241
|
1,735,368
|
|||||
Nigerian Breweries plc
|
1,898,877
|
1,431,909
|
|||||
FBN Holdings plc
|
18,986,388
|
894,711
|
|||||
Nestle Nigeria plc
|
148,914
|
635,905
|
|||||
Dangote Cement plc
|
620,879
|
561,458
|
|||||
United Bank for Africa plc
|
16,235,859
|
440,460
|
|||||
Access Bank plc
|
11,237,046
|
351,705
|
|||||
SEPLAT Petroleum Development Company plc
|
139,563
|
251,566
|
|||||
UAC of Nigeria plc
|
980,595
|
202,967
|
|||||
Total Nigeria
|
9,039,546
|
||||||
Pakistan - 10.7%
|
|||||||
MCB Bank Ltd.
|
440,899
|
1,161,287
|
|||||
Oil & Gas Development Company Ltd.
|
460,474
|
834,323
|
|||||
Fauji Fertilizer Company Ltd.
|
510,281
|
703,048
|
|||||
Lucky Cement Ltd.
|
155,622
|
686,794
|
|||||
Hub Power Company Ltd.
|
628,401
|
598,045
|
|||||
Engro Corporation Ltd.
|
208,336
|
569,151
|
|||||
Pakistan Petroleum Ltd.
|
338,281
|
563,354
|
|||||
Pakistan State Oil Company Ltd.
|
141,281
|
508,420
|
|||||
United Bank Ltd.
|
220,061
|
340,878
|
|||||
Pakistan Oilfields Ltd.
|
73,451
|
279,612
|
|||||
DG Khan Cement Company Ltd.
|
164,247
|
207,961
|
|||||
National Bank of Pakistan
|
380,335
|
201,555
|
|||||
Total Pakistan
|
6,654,428
|
||||||
Argentina – 9.8%
|
|||||||
YPF S.A. ADR
|
105,985
|
|
2,943,203
|
||||
Grupo Financiero Galicia S.A. ADR
|
56,771
|
1,137,123
|
|||||
Banco Macro S.A. ADR
|
19,786
|
979,803
|
|||||
BBVA Banco Frances S.A. ADR
|
25,212
|
407,678
|
|||||
Arcos Dorados Holdings, Inc. — Class A
|
62,623
|
345,052
|
|||||
Pampa Energia S.A. ADR*
|
19,553
|
277,262
|
|||||
Total Argentina
|
6,090,121
|
||||||
Kenya - 9.4%
|
|||||||
Safaricom Ltd.
|
11,074,811
|
1,800,367
|
|||||
East African Breweries Ltd.
|
441,130
|
1,357,323
|
|||||
Kenya Commercial Bank Ltd.
|
2,339,050
|
1,355,449
|
|||||
Equity Group Holdings Ltd.
|
2,760,756
|
1,337,905
|
|||||
Total Kenya
|
5,851,044
|
||||||
Oman - 6.7%
|
|||||||
Oman Telecommunications Company SAOG
|
431,323
|
1,865,574
|
|||||
Bank Muscat SAOG
|
1,163,272
|
1,637,858
|
|||||
Ooredoo
|
341,767
|
692,501
|
|||||
Total Oman
|
4,195,933
|
||||||
Kazakhstan - 5.1%
|
|||||||
KazMunaiGas Exploration Production JSC GDR
|
186,891
|
1,962,355
|
|||||
Halyk Savings Bank of Kazakhstan JSC GDR
|
93,916
|
718,457
|
|||||
KCell JSC GDR
|
56,632
|
493,265
|
|||||
Total Kazakhstan
|
3,174,077
|
||||||
Panama - 4.8%
|
|||||||
Copa Holdings S.A. — Class A1
|
34,774
|
2,965,875
|
|||||
Romania - 4.7%
|
|||||||
Banca Transilvania*
|
2,495,011
|
1,490,257
|
|||||
BRD-Groupe Societe Generale
|
314,618
|
863,499
|
|||||
OMV Petrom S.A.
|
5,948,617
|
557,628
|
|||||
Total Romania
|
2,911,384
|
||||||
United Kingdom - 4.0%
|
|||||||
Nostrum Oil & Gas plc
|
147,935
|
1,272,054
|
|||||
KAZ Minerals plc
|
311,541
|
1,196,097
|
|||||
Total United Kingdom
|
2,468,151
|
||||||
United States - 4.1%
|
|||||||
MercadoLibre, Inc.
|
17,424
|
2,528,745
|
|||||
Luxembourg - 1.7%
|
|||||||
Kernel Holding S.A.
|
56,675
|
581,027
|
|||||
Adecoagro S.A.*
|
47,938
|
463,081
|
|||||
Total Luxembourg
|
1,044,108
|
||||||
Togo - 1.2%
|
|||||||
Ecobank Transnational, Inc.
|
6,810,678
|
736,669
|
|||||
Total Common Stocks
|
|||||||
(Cost $58,377,469)
|
57,195,607
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 37
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
EXCHANGE-TRADED FUNDS†- 9.0%
|
|||||||
United States – 9.0%
|
|||||||
Market Vectors Vietnam ETF1
|
314,608
|
$
|
5,565,416
|
||||
Total Exchange-Traded Funds
|
|||||||
(Cost $5,700,095)
|
5,565,416
|
||||||
SECURITIES LENDING COLLATERAL†,2 - 11.7%
|
|||||||
BNY Mellon Separately Managed Cash Collateral
|
|||||||
Account, 0.1046%
|
7,274,017
|
7,274,017
|
|||||
Total Securities Lending Collateral
|
|||||||
(Cost $7,274,017)
|
7,274,017
|
||||||
Total Investments - 112.9%
|
|||||||
(Cost $71,351,581)
|
$
|
70,035,040
|
|||||
Other Assets & Liabilities, net - (12.9)%
|
|
|
(7,976,975
|
) | |||
Total Net Assets - 100.0%
|
$
|
62,058,065
|
*
|
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 May 31, 2015 — See Note 2.
|
|
2
|
Securities lending collateral — See Note 2.
|
|
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
plc | Public Limited Company |
Country Diversification
|
||
% of Long-Term
|
||
Country
|
Investments
|
|
Kuwait
|
15.2%
|
|
Nigeria
|
14.4%
|
|
Argentina
|
12.9%
|
|
Pakistan
|
10.6%
|
|
Kenya
|
9.3%
|
|
United States
|
9.7%
|
|
Oman
|
6.7%
|
|
Kazakhstan
|
5.1%
|
|
Other
|
16.1%
|
|
Total Long-Term Investments
|
100.0%
|
Currency Denomination
|
||
% of Long-Term
|
||
Currency
|
Investments
|
|
United States Dollar
|
39.6%
|
|
Kuwaiti Dollar
|
15.2%
|
|
Nigerian Nairas
|
14.0%
|
|
Pakistani Rupee
|
10.6%
|
|
Kenyan Shilling
|
9.3%
|
|
Omani Rial
|
6.7%
|
|
Romanian Lei
|
4.6%
|
|
Total Long-Term Investments
|
100.0%
|
38 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 87.7%
|
|||||||
United Kingdom - 12.2%
|
|||||||
National Grid plc
|
16,960
|
$
|
241,720
|
||||
Antofagasta plc
|
19,902
|
226,556
|
|||||
BT Group plc
|
31,800
|
216,762
|
|||||
Ladbrokes plc
|
109,556
|
200,278
|
|||||
Reed Elsevier plc
|
11,635
|
192,636
|
|||||
Johnson Matthey plc
|
3,304
|
176,411
|
|||||
GKN plc
|
31,139
|
174,196
|
|||||
J Sainsbury plc*
|
44,999
|
172,764
|
|||||
Rentokil Initial plc
|
74,545
|
167,215
|
|||||
SSE plc
|
6,419
|
163,088
|
|||||
BP plc
|
22,941
|
157,793
|
|||||
HSBC Holdings plc
|
16,578
|
157,526
|
|||||
Vodafone Group plc
|
40,234
|
156,772
|
|||||
BHP Billiton plc ADR1
|
3,289
|
139,158
|
|||||
Burberry Group plc
|
5,375
|
139,024
|
|||||
Royal Dutch Shell plc — Class B
|
4,420
|
133,107
|
|||||
GlaxoSmithKline plc
|
5,979
|
132,612
|
|||||
Telecity Group plc
|
7,102
|
116,826
|
|||||
Home Retail Group plc
|
42,798
|
102,860
|
|||||
ARM Holdings plc
|
2,579
|
45,454
|
|||||
Lonmin plc*
|
697
|
1,500
|
|||||
Total United Kingdom
|
3,214,258
|
||||||
Japan - 7.5%
|
|||||||
Mitsui & Company Ltd.
|
24,600
|
346,019
|
|||||
Mitsubishi Corp.
|
14,100
|
316,666
|
|||||
Toyota Motor Corp.
|
2,800
|
194,135
|
|||||
Tokio Marine Holdings, Inc.
|
4,000
|
165,808
|
|||||
Makita Corp.
|
3,000
|
163,906
|
|||||
Sekisui House Ltd.
|
9,500
|
158,888
|
|||||
NSK Ltd.
|
6,800
|
112,388
|
|||||
Kubota Corp.
|
6,000
|
100,278
|
|||||
FUJIFILM Holdings Corp.
|
2,600
|
99,604
|
|||||
Asahi Kasei Corp.
|
11,000
|
97,905
|
|||||
Nidec Corp.
|
1,200
|
87,852
|
|||||
Bridgestone Corp.
|
2,000
|
83,420
|
|||||
Minebea Company Ltd.
|
3,000
|
55,603
|
|||||
Total Japan
|
1,982,472
|
||||||
Germany - 6.4%
|
|||||||
Hannover Rueck SE
|
2,866
|
277,922
|
|||||
Allianz AG
|
1,635
|
255,884
|
|||||
Deutsche Post AG
|
8,162
|
245,589
|
|||||
adidas AG
|
2,208
|
173,156
|
|||||
Volkswagen AG
|
588
|
141,502
|
|||||
SAP AG
|
1,744
|
128,852
|
|||||
Bayer AG1
|
853
|
|
120,779
|
||||
Linde AG
|
587
|
112,526
|
|||||
Henkel AG & Company KGaA
|
943
|
96,511
|
|||||
Continental AG
|
385
|
88,745
|
|||||
HeidelbergCement AG
|
751
|
60,813
|
|||||
Total Germany
|
1,702,279
|
||||||
France - 4.7%
|
|||||||
AXA S.A.
|
13,274
|
333,481
|
|||||
Vallourec S.A.1
|
11,402
|
281,388
|
|||||
Total S.A. ADR
|
5,389
|
272,091
|
|||||
Societe Generale S.A.1
|
4,439
|
206,956
|
|||||
Pernod-Ricard S.A.
|
1,165
|
143,754
|
|||||
Total France
|
1,237,670
|
||||||
United States - 4.2%
|
|||||||
Devon Energy Corp.
|
4,767
|
310,905
|
|||||
Noble Energy, Inc.
|
6,218
|
272,224
|
|||||
Apache Corp.
|
4,460
|
266,886
|
|||||
Chesapeake Energy Corp.1
|
17,604
|
248,392
|
|||||
Total United States
|
1,098,407
|
||||||
Canada - 4.1%
|
|||||||
Canadian Natural Resources Ltd.1
|
10,074
|
310,682
|
|||||
Encana Corp.
|
22,501
|
284,863
|
|||||
Enerplus Corp.1
|
29,015
|
279,414
|
|||||
Crescent Point Energy Corp1
|
9,554
|
216,780
|
|||||
Total Canada
|
1,091,739
|
||||||
Australia - 3.9%
|
|||||||
WorleyParsons Ltd.
|
29,692
|
247,505
|
|||||
Fortescue Metals Group Ltd.1
|
113,118
|
209,539
|
|||||
Coca-Cola Amatil Ltd.
|
20,053
|
154,877
|
|||||
National Australia Bank Ltd. ADR
|
5,544
|
145,642
|
|||||
Australia & New Zealand Banking Group Ltd.
|
5,555
|
141,126
|
|||||
Westpac Banking Corp.
|
5,051
|
129,753
|
|||||
South 32 Ltd.*
|
1,315
|
10,875
|
|||||
Total Australia
|
1,039,317
|
||||||
Brazil - 3.7%
|
|||||||
Telefonica Brasil S.A. ADR1
|
20,024
|
281,738
|
|||||
Vale S.A. ADR
|
39,498
|
248,837
|
|||||
Ultrapar Participacoes S.A. ADR
|
7,443
|
160,992
|
|||||
Banco Santander Brasil S.A. ADR1
|
31,564
|
156,873
|
|||||
Itau Unibanco Holding S.A. ADR
|
7,752
|
82,946
|
|||||
Tim Participacoes S.A. ADR
|
3,987
|
59,247
|
|||||
Total Brazil
|
990,633
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 39
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 87.7% (continued)
|
|||||||
Bermuda - 3.3%
|
|||||||
Varitronix International Ltd.
|
360,000
|
$
|
320,452
|
||||
Yue Yuen Industrial Holdings Ltd.
|
73,189
|
251,625
|
|||||
TAI Cheung Holdings Ltd.
|
190,000
|
171,088
|
|||||
Li & Fung Ltd.
|
142,753
|
123,756
|
|||||
Total Bermuda
|
866,921
|
||||||
China - 3.2%
|
|||||||
Huaneng Power International, Inc. ADR
|
4,683
|
250,915
|
|||||
China Petroleum & Chemical Corp. ADR1
|
2,678
|
234,780
|
|||||
PetroChina Company Ltd. ADR1
|
1,872
|
221,813
|
|||||
China Telecom Corporation Ltd. ADR
|
1,368
|
91,683
|
|||||
China Life Insurance Company Ltd. ADR1
|
2,487
|
59,315
|
|||||
Total China
|
858,506
|
||||||
Singapore - 3.0%
|
|||||||
United Overseas Bank Ltd.
|
16,100
|
276,192
|
|||||
Wilmar International Ltd.
|
79,200
|
197,281
|
|||||
CapitaLand Ltd.
|
69,200
|
179,042
|
|||||
Keppel Corporation Ltd.
|
22,200
|
144,006
|
|||||
Total Singapore
|
796,521
|
||||||
Hong Kong – 3.0%
|
|||||||
Henderson Land Development Company Ltd.
|
33,300
|
268,710
|
|||||
MTR Corporation Ltd.
|
46,939
|
224,959
|
|||||
Lenovo Group Ltd.
|
106,000
|
168,199
|
|||||
Cathay Pacific Airways Ltd.
|
52,000
|
133,228
|
|||||
Total Hong Kong
|
795,096
|
||||||
Netherlands - 2.8%
|
|||||||
European Aeronautic Defence and Space Company N.V.
|
3,868
|
262,922
|
|||||
Koninklijke Ahold N.V.
|
7,842
|
159,184
|
|||||
Arcadis N.V.
|
5,193
|
147,230
|
|||||
TNT Express N.V.
|
13,076
|
110,100
|
|||||
ASML Holding N.V.
|
546
|
60,908
|
|||||
Total Netherlands
|
740,344
|
||||||
Spain - 2.5%
|
|||||||
Banco Santander S.A.
|
31,951
|
227,131
|
|||||
Telefonica S.A.
|
12,814
|
180,946
|
|||||
Repsol S.A.
|
7,465
|
141,915
|
|||||
Grifols S.A.
|
2,703
|
107,602
|
|||||
Total Spain
|
657,594
|
||||||
Chile - 2.4%
|
|||||||
Banco de Chile ADR1
|
6,834
|
470,931
|
|||||
Enersis S.A. ADR
|
8,980
|
152,750
|
|||||
Total Chile
|
623,681
|
||||||
Mexico - 2.2%
|
|||||||
Grupo Aeroportuario del Pacifico SAB de CV ADR
|
5,163
|
367,607
|
|||||
Coca-Cola Femsa SAB de CV ADR
|
1,535
|
130,552
|
|||||
America Movil SAB de CV — Class L ADR
|
3,973
|
|
83,433
|
||||
Total Mexico
|
581,592
|
||||||
Russian Federation - 2.1%
|
|||||||
Mobile Telesystems OJSC ADR
|
53,998
|
564,819
|
|||||
Jersey - 2.1%
|
|||||||
Glencore plc*
|
64,611
|
283,898
|
|||||
WPP plc
|
9,544
|
224,281
|
|||||
Randgold Resources Ltd. ADR
|
399
|
28,820
|
|||||
Shire plc
|
275
|
23,647
|
|||||
Total Jersey
|
560,646
|
||||||
Israel - 1.8%
|
|||||||
Formula Systems 1985 Ltd.1
|
13,684
|
384,409
|
|||||
NICE-Systems Ltd.
|
1,453
|
91,248
|
|||||
Total Israel
|
475,657
|
||||||
Cayman Islands - 1.6%
|
|||||||
E-House China Holdings Ltd. ADR
|
36,321
|
201,945
|
|||||
Himax Technologies, Inc. ADR1
|
23,271
|
145,676
|
|||||
Mindray Medical International Ltd. ADR
|
3,091
|
83,364
|
|||||
Total Cayman Islands
|
430,985
|
||||||
Norway - 1.6%
|
|||||||
Marine Harvest ASA*
|
19,074
|
219,293
|
|||||
Statoil ASA
|
11,113
|
207,789
|
|||||
Total Norway
|
427,082
|
||||||
India - 1.4%
|
|||||||
Wipro Ltd. ADR
|
10,788
|
130,211
|
|||||
Vedanta Resources plc
|
7,619
|
94,933
|
|||||
Infosys Ltd. ADR
|
2,219
|
70,720
|
|||||
ICICI Bank Ltd. ADR
|
5,771
|
60,942
|
|||||
Total India
|
356,806
|
||||||
Switzerland - 1.3%
|
|||||||
SGS S.A.
|
92
|
176,130
|
|||||
UBS Group AG*,1
|
8,079
|
172,568
|
|||||
Total Switzerland
|
348,698
|
||||||
Denmark - 1.1%
|
|||||||
Novo Nordisk A/S — Class B
|
2,491
|
138,852
|
|||||
Carlsberg A/S — Class A
|
1,155
|
111,177
|
|||||
Novozymes A/S — Class B
|
1,122
|
53,868
|
|||||
Total Denmark
|
303,897
|
||||||
Finland - 1.1%
|
|||||||
Sampo Oyj — Class A
|
6,340
|
298,053
|
|||||
Sweden - 1.1%
|
|||||||
TeliaSonera AB
|
25,017
|
147,134
|
|||||
Swedbank AB — Class A
|
5,614
|
131,415
|
|||||
Total Sweden
|
278,549
|
40 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 87.7% (continued)
|
|||||||
Italy - 1.0%
|
|||||||
Eni SpA
|
9,187
|
$
|
165,083
|
||||
Luxottica Group SpA
|
1,683
|
113,108
|
|||||
Total Italy
|
278,191
|
||||||
South Africa - 0.8%
|
|||||||
Sasol Ltd. ADR
|
5,665
|
200,938
|
|||||
Austria - 0.5%
|
|||||||
Flughafen Wien AG
|
1,434
|
128,666
|
|||||
Indonesia - 0.5%
|
|||||||
Telekomunikasi Indonesia Persero Tbk PT ADR
|
2,895
|
125,238
|
|||||
Taiwan, Province of China - 0.3%
|
|||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR
|
3,385
|
82,188
|
|||||
Ireland - 0.2%
|
|||||||
Kerry Group plc — Class A
|
825
|
61,505
|
|||||
Republic of Korea - 0.1%
|
|||||||
POSCO ADR
|
566
|
30,994
|
|||||
Total Common Stocks
|
|||||||
(Cost $23,999,156)
|
23,229,942
|
||||||
PREFERRED STOCKS† - 0.7%
|
|||||||
Sociedad Quimica y Minera de Chile S.A. ADR
|
8,816
|
172,176
|
|||||
Total Preferred Stocks
|
|||||||
(Cost $246,088)
|
172,176
|
||||||
ROYALTY TRUST† - 1.3%
|
|||||||
Energy - 1.3%
|
|||||||
BP Prudhoe Bay Royalty Trust1
|
4,315
|
287,940
|
|||||
San Juan Basin Royalty Trust1
|
5,937
|
62,992
|
|||||
Total Royalty Trust
|
|||||||
(Cost $440,022)
|
350,932
|
||||||
CLOSED-END FUNDS† - 9.9%
|
|||||||
Pimco Dynamic Income Fund1
|
9,460
|
282,949
|
|||||
Babson Capital Global Short Duration High Yield Fund1
|
11,707
|
239,291
|
|||||
Western Asset Global High Income Fund, Inc.1
|
17,682
|
192,911
|
|||||
DoubleLine Income Solutions Fund1
|
9,143
|
186,609
|
|||||
AllianceBernstein Global High Income Fund, Inc.
|
14,546
|
180,079
|
|||||
Wells Fargo Advantage Global Dividend Opportunity Fund
|
23,456
|
174,513
|
|||||
Templeton Global Income Fund1
|
23,208
|
168,722
|
|||||
First Trust Intermediate Duration Preferred & Income Fund
|
7,104
|
161,119
|
|||||
Western Asset Emerging Markets Debt Fund, Inc.
|
10,108
|
160,313
|
|||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
17,342
|
158,506
|
|||||
Eaton Vance Tax-Managed Global Diversified Equity Income Fund1
|
15,823
|
157,755
|
|||||
Western Asset Emerging Markets Income Fund, Inc.1
|
14,019
|
157,433
|
|||||
Templeton Emerging Markets Income Fund1
|
12,441
|
137,473
|
|||||
MFS Charter Income Trust1
|
15,297
|
136,143
|
|||||
Ares Dynamic Credit Allocation Fund, Inc.
|
8,236
|
132,188
|
|||||
Total Closed-End Funds
|
|||||||
(Cost $2,906,148)
|
2,626,004
|
||||||
SECURITIES LENDING COLLATERAL†,2 - 15.7%
|
|||||||
BNY Mellon Separately Managed Cash Collateral
|
|||||||
Account, 0.1070%
|
4,159,474
|
$
|
4,159,474
|
||||
Total Securities Lending Collateral
|
|||||||
(Cost $4,159,474)
|
4,159,474
|
||||||
Total Investments - 115.3%
|
|||||||
(Cost $31,750,888)
|
$
|
30,538,528
|
|||||
Other Assets & Liabilities, net - (15.3)%
|
(4,058,873
|
)
|
|||||
Total Net Assets - 100.0%
|
$
|
26,479,655
|
*
|
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 May 31, 2015 — See Note 2.
|
|
2
|
Securities lending collateral — See Note 2.
|
AB
|
Stock Company
|
ADR
|
American Depositary Receipt
|
AG
|
Stock Corporation
|
A/S
|
Limited Liability Stock Company or Stock Company
|
ASA
|
Common Stock Company
|
KGaA
|
Limited Partnership
|
NV
|
Publicly Traded Company
|
OJSC
|
Open Joint Stock Company
|
Oyj
|
Public Limited Company
|
plc
|
Public Limited Company
|
SA
|
Corporation
|
SAB de CV
|
Publicly Traded Company
|
SpA
|
Limited Share Company
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 41
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Country Diversification
|
||
|
% of Long-Term
|
|
Country
|
Investments
|
|
United States
|
15.4%
|
|
United Kingdom
|
12.2%
|
|
Japan
|
7.5%
|
|
Germany
|
6.5%
|
|
France
|
4.7%
|
|
Canada
|
4.1%
|
|
Australia
|
3.9%
|
|
Brazil
|
3.8%
|
|
Bermuda
|
3.3%
|
|
China
|
3.3%
|
|
Singapore
|
3.0%
|
|
Chile
|
3.0%
|
|
Hong Kong
|
3.0%
|
|
Netherlands
|
2.8%
|
|
Spain
|
2.5%
|
|
Mexico
|
2.2%
|
|
Russian Federation
|
2.1%
|
|
Jersey
|
2.1%
|
|
Israel
|
1.8%
|
|
Cayman Islands
|
1.6%
|
|
Norway
|
1.6%
|
|
India
|
1.4%
|
|
Switzerland
|
1.3%
|
|
Denmark
|
1.2%
|
|
Finland
|
1.1%
|
|
Sweden
|
1.1%
|
|
Italy
|
1.1%
|
|
South Africa
|
0.8%
|
|
Austria
|
0.5%
|
|
Indonesia
|
0.5%
|
|
Taiwan
|
0.3%
|
|
Ireland
|
0.2%
|
|
South Korea
|
0.1%
|
|
Total Long-Term Investments
|
100.0%
|
|
Currency Denomination
|
||
|
% of Long-Term
|
|
Currency
|
Investments
|
|
United States Dollar
|
43.2%
|
|
Euro
|
16.7%
|
|
Pound Sterling
|
13.0%
|
|
Japanese Yen
|
7.5%
|
|
Hong Kong Dollar
|
6.3%
|
|
Australian Dollar
|
3.3%
|
|
Singapore Dollar
|
3.0%
|
|
Israeli Shekel
|
1.8%
|
|
Norwegian Krone
|
1.6%
|
|
Swiss Franc
|
1.3%
|
|
Danish Krone
|
1.2%
|
|
Swedish Krona
|
1.1%
|
|
Total Long-Term Investments
|
100.0%
|
42 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 82.0%
|
|||||||
Bermuda - 29.0%
|
|||||||
COSCO Pacific Ltd.
|
2,260,410
|
$
|
3,260,172
|
||||
Golden Ocean Group Ltd.1
|
706,864
|
3,004,172
|
|||||
Nordic American Tankers Ltd.1
|
194,729
|
2,513,951
|
|||||
Ship Finance International Ltd.1
|
134,964
|
2,206,661
|
|||||
Tsakos Energy Navigation Ltd.
|
230,088
|
2,199,641
|
|||||
GasLog Ltd.1
|
99,466
|
2,058,946
|
|||||
Stolt-Nielsen Ltd.
|
113,648
|
2,011,288
|
|||||
Avance Gas Holding Ltd.2
|
108,469
|
1,634,470
|
|||||
BW LPG Ltd.2
|
187,944
|
1,549,790
|
|||||
Total Bermuda
|
20,439,091
|
||||||
Denmark - 19.1%
|
|||||||
AP Moeller - Maersk A/S — Class B
|
6,068
|
11,681,750
|
|||||
D/S Norden A/S*
|
81,801
|
1,827,230
|
|||||
Total Denmark
|
13,508,980
|
||||||
Marshall Islands - 14.3%
|
|||||||
Teekay Corp.
|
65,589
|
3,005,288
|
|||||
Teekay Tankers Ltd. — Class A
|
301,975
|
2,038,331
|
|||||
Seaspan Corp.1
|
100,056
|
1,997,118
|
|||||
Costamare, Inc.
|
89,843
|
1,760,923
|
|||||
Navios Maritime Holdings, Inc.1
|
382,675
|
1,308,749
|
|||||
Total Marshall Islands
|
10,110,409
|
||||||
Japan - 11.9%
|
|||||||
Nippon Yusen K.K.
|
1,766,000
|
5,350,869
|
|||||
Kawasaki Kisen Kaisha Ltd.
|
1,186,000
|
3,010,517
|
|||||
Total Japan
|
8,361,386
|
||||||
Singapore - 3.9%
|
|||||||
Sembcorp Marine Ltd.
|
1,241,400
|
2,770,119
|
|||||
United States - 3.8%
|
|||||||
Matson, Inc.
|
66,493
|
2,678,338
|
|||||
Total Common Stocks
|
|||||||
(Cost $63,029,922)
|
57,868,323
|
||||||
MASTER LIMITED PARTNERSHIPS† - 17.1%
|
|||||||
Marshall Islands - 17.1%
|
|||||||
Teekay LNG Partners, LP1
|
76,027
|
2,665,507
|
|||||
Capital Product Partners, LP1
|
277,036
|
2,523,798
|
|||||
Navios Maritime Partners, LP1
|
170,441
|
1,854,398
|
|||||
Teekay Offshore Partners, LP1
|
115,263
|
2,576,128
|
|||||
Golar LNG Partners, LP1
|
86,792
|
2,448,402
|
|||||
Total Master Limited Partnerships
|
|||||||
(Cost $13,468,732)
|
12,068,233
|
||||||
SECURITIES LENDING COLLATERAL†,3 - 22.0%
|
|||||||
BNY Mellon Separately Managed Cash
|
|||||||
Collateral Account, 0.1046%
|
15,520,252
|
$
|
15,520,252
|
||||
Total Securities Lending Collateral
|
|||||||
(Cost $15,520,252)
|
15,520,252
|
||||||
Total Investments - 121.1%
|
|||||||
(Cost $92,018,906)
|
$
|
85,456,808
|
|||||
Other Assets & Liabilities, net - (21.1)%
|
(14,880,282
|
)
|
|||||
Total Net Assets - 100.0%
|
$
|
70,576,526
|
*
|
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 May 31, 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 $3,184,260 or 4.5% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
|
|
3
|
Securities lending collateral — See Note 2.
|
Country Diversification
|
||
% of Long-Term
|
||
Country
|
Investments
|
|
Marshall Islands
|
31.7%
|
|
Bermuda
|
29.2%
|
|
Denmark
|
19.3%
|
|
Japan
|
12.0%
|
|
Singapore
|
4.0%
|
|
United States
|
3.8%
|
|
Total Long-Term Investments
|
100.0%
|
|
Currency Denomination
|
||
% of Long-Term
|
||
Currency
|
Investments
|
|
United States Dollar
|
52.7%
|
|
Danish Krone
|
19.3%
|
|
Japanese Yen
|
11.9%
|
|
Norwegian Krone
|
7.4%
|
|
Hong Kong Dollar
|
4.7%
|
|
Singapore Dollar
|
4.0%
|
|
Total Long-Term Investments
|
100.0%
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 43
|
SCHEDULE OF INVESTMENTS continued
|
May 31, 2015
|
Shares
|
Value
|
||||||
COMMON STOCKS† - 94.5%
|
|||||||
United States - 30.6%
|
|||||||
MeadWestvaco Corp.
|
187,541
|
$
|
9,478,323
|
||||
Plum Creek Timber Company, Inc.
|
198,180
|
8,176,907
|
|||||
International Paper Co.
|
153,808
|
7,971,869
|
|||||
Packaging Corporation of America
|
107,579
|
7,442,315
|
|||||
Weyerhaeuser Co.
|
228,158
|
7,428,824
|
|||||
Rayonier, Inc.
|
277,720
|
7,170,730
|
|||||
Domtar Corp.
|
145,382
|
6,283,410
|
|||||
Greif, Inc. — Class A
|
104,900
|
4,006,131
|
|||||
Potlatch Corp.
|
88,950
|
3,227,106
|
|||||
Total United States
|
61,185,615
|
||||||
Brazil - 11.5%
|
|||||||
Fibria Celulose S.A. ADR1
|
714,590
|
9,882,779
|
|||||
Klabin S.A.
|
1,582,429
|
9,417,450
|
|||||
Duratex S.A.
|
1,447,313
|
3,626,669
|
|||||
Total Brazil
|
22,926,898
|
||||||
Japan - 9.9%
|
|||||||
Oji Holdings Corp.
|
2,308,000
|
10,285,055
|
|||||
Sumitomo Forestry Co. Ltd.
|
382,500
|
4,999,517
|
|||||
Nippon Paper Industries Company Ltd.
|
253,100
|
4,487,046
|
|||||
Total Japan
|
19,771,618
|
||||||
Finland - 9.5%
|
|||||||
Stora Enso Oyj — Class R
|
941,833
|
9,835,316
|
|||||
UPM-Kymmene Oyj
|
505,383
|
9,048,077
|
|||||
Total Finland
|
18,883,393
|
||||||
South Africa - 7.9%
|
|||||||
Mondi Ltd.
|
500,736
|
11,333,870
|
|||||
Sappi Ltd.*
|
1,124,435
|
4,456,987
|
|||||
Total South Africa
|
15,790,857
|
||||||
Canada - 7.8%
|
|||||||
West Fraser Timber Company Ltd.
|
149,914
|
8,236,413
|
|||||
Canfor Corp.*
|
289,717
|
5,957,969
|
|||||
Western Forest Products, Inc.
|
845,772
|
1,490,646
|
|||||
Total Canada
|
15,685,028
|
||||||
Sweden - 7.5%
|
|||||||
Svenska Cellulosa AB SCA — Class B
|
360,457
|
9,382,737
|
|||||
Holmen AB — Class B
|
186,312
|
5,569,331
|
|||||
Total Sweden
|
14,952,068
|
||||||
Ireland - 5.3%
|
|||||||
Smurfit Kappa Group plc
|
360,433
|
10,610,071
|
|||||
Portugal - 3.5%
|
|||||||
Portucel S.A.
|
1,673,519
|
6,928,067
|
|||||
Spain - 1.0%
|
|||||||
Ence Energia y Celulosa S.A.1
|
542,299
|
1,970,933
|
|||||
Total Common Stocks
|
|||||||
(Cost $159,254,661)
|
188,704,548
|
||||||
PREFERRED STOCKS† - 5.3%
|
|||||||
Suzano Papel E Celulose SA
|
2,031,814
|
$
|
10,615,379
|
||||
Total Preferred Stocks
|
|||||||
(Cost $7,358,484)
|
10,615,379
|
||||||
SECURITIES LENDING COLLATERAL†,2 - 0.9%
|
|||||||
BNY Mellon Separately Managed Cash
|
|||||||
Collateral Account, 0.1047%
|
1,827,190
|
1,827,190
|
|||||
Total Securities Lending Collateral
|
|||||||
(Cost $1,827,190)
|
1,827,190
|
||||||
Total Investments - 100.7%
|
|||||||
(Cost $168,440,335)
|
$
|
201,147,117
|
|||||
Other Assets & Liabilities, net - (0.7)%
|
(1,437,700
|
)
|
|||||
Total Net Assets - 100.0%
|
$
|
199,709,417
|
*
|
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 May 31, 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
|
30.7%
|
|
Brazil
|
16.8%
|
|
Japan
|
9.9%
|
|
Finland
|
9.5%
|
|
South Africa
|
7.9%
|
|
Canada
|
7.9%
|
|
Sweden
|
7.5%
|
|
Ireland
|
5.3%
|
|
Portugal
|
3.5%
|
|
Spain
|
1.0%
|
|
Total Long-Term Investments
|
100.0%
|
|
Currency Denomination
|
||
% of Long-Term
|
||
Currency
|
Investments
|
|
United States Dollar
|
37.9%
|
|
Euro
|
24.9%
|
|
Brazilian Real
|
11.9%
|
|
Japanese Yen
|
9.9%
|
|
Canadian Dollar
|
7.9%
|
|
Swedish Krona
|
7.5%
|
|
Total Long-Term Investments
|
100.0%
|
44 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
STATEMENT OF ASSETS AND LIABILITIES
|
May 31, 2015
|
Guggenheim
Canadian Energy
|
Guggenheim
China Real Estate
|
Guggenheim
China Small Cap
|
Guggenheim
Frontier Markets
|
||||||||||
Income ETF
|
ETF
|
ETF
|
ETF
|
||||||||||
(ENY
|
)
|
(TAO
|
)
|
(HAO
|
)
|
(FRN
|
)
|
||||||
ASSETS:
|
|||||||||||||
Investments, at value — including securities on loan
|
$
|
58,128,147
|
$
|
34,860,560
|
$
|
332,369,115
|
$
|
70,035,040
|
|||||
Foreign currency, at value
|
8,236
|
7,086
|
106,951
|
142,537
|
|||||||||
Cash
|
93,371
|
177,513
|
73,802
|
—
|
|||||||||
Prepaid expenses
|
182
|
—
|
369
|
252
|
|||||||||
Receivables:
|
|||||||||||||
Dividends
|
95,565
|
78,073
|
1,077,083
|
358,936
|
|||||||||
Securities lending income
|
7,757
|
1,778
|
72,922
|
3,733
|
|||||||||
Investments sold
|
—
|
3,388
|
—
|
607,260
|
|||||||||
Due from Adviser
|
—
|
35,572
|
—
|
—
|
|||||||||
Total assets
|
58,333,258
|
35,163,970
|
333,700,242
|
71,147,758
|
|||||||||
LIABILITIES:
|
|||||||||||||
Payable for:
|
|||||||||||||
Upon return of securities loaned
|
16,153,822
|
529,931
|
34,309,465
|
7,274,017
|
|||||||||
Management fees
|
30,193
|
—
|
122,566
|
15,841
|
|||||||||
Administration fees
|
1,069
|
—
|
6,164
|
1,510
|
|||||||||
Investments purchased
|
—
|
—
|
—
|
823,289
|
|||||||||
Fund shares redeemed
|
8,530
|
—
|
—
|
77,115
|
|||||||||
Deferred foreign capital gains taxes
|
—
|
—
|
—
|
852,665
|
|||||||||
Other fees
|
57,949
|
86,085
|
174,678
|
45,256
|
|||||||||
Total liabilities
|
16,251,563
|
616,016
|
34,612,873
|
9,089,693
|
|||||||||
NET ASSETS
|
$
|
42,081,695
|
$
|
34,547,954
|
$
|
299,087,369
|
$
|
62,058,065
|
|||||
NET ASSETS CONSIST OF:
|
|||||||||||||
Paid-in capital
|
$
|
138,228,637
|
$
|
47,270,276
|
$
|
300,012,096
|
$
|
130,545,478
|
|||||
Undistributed net investment income
|
101,679
|
182,117
|
972,855
|
737,988
|
|||||||||
Accumulated net realized loss on investments
|
(88,240,816
|
)
|
(14,191,855
|
)
|
(39,412,165
|
)
|
(67,476,020
|
)
|
|||||
Net unrealized appreciation (depreciation) on investments
|
(8,007,805
|
)
|
1,287,416
|
37,514,583
|
(1,749,381
|
)
|
|||||||
NET ASSETS
|
$
|
42,081,695
|
$
|
34,547,954
|
$
|
299,087,369
|
$
|
62,058,065
|
|||||
Shares outstanding ($0.01 par value with unlimited amount authorized)
|
3,920,000
|
1,410,000
|
8,600,000
|
4,690,000
|
|||||||||
Net asset value
|
$
|
10.74
|
$
|
24.50
|
$
|
34.78
|
$
|
13.23
|
|||||
Investments in securities, at cost
|
66,134,576
|
33,573,116
|
294,854,440
|
71,351,581
|
|||||||||
Foreign currency, at cost
|
8,268
|
7,081
|
106,932
|
142,504
|
|||||||||
Securities on loan, at value
|
15,359,571
|
777,214
|
37,300,991
|
6,930,800
|
See notes to financial statements.
|
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 45
|
STATEMENT OF ASSETS AND LIABILITIES continued
|
May 31, 2015
|
Guggenheim
International Multi-Asset
|
Guggenheim
|
Guggenheim
|
||||||||
Income ETF
|
Shipping ETF
|
Timber ETF
|
||||||||
(HGI
|
)
|
(SEA
|
)
|
(CUT
|
)
|
|||||
ASSETS:
|
||||||||||
Investments, at value — including securities on loan
|
$
|
30,538,528
|
$
|
85,456,808
|
$
|
201,147,117
|
||||
Foreign currency, at value
|
17,876
|
207,519
|
—
|
|||||||
Cash
|
1,824
|
—
|
36,379
|
|||||||
Prepaid expenses
|
165
|
—
|
405
|
|||||||
Receivables:
|
||||||||||
Dividends
|
87,921
|
235,055
|
233,077
|
|||||||
Tax reclaims
|
48,998
|
277,683
|
349,946
|
|||||||
Securities lending income
|
12,196
|
98,245
|
1,635
|
|||||||
Total assets
|
30,707,508
|
86,275,310
|
201,768,559
|
|||||||
LIABILITIES:
|
||||||||||
Payable for:
|
||||||||||
Upon return of securities loaned
|
4,159,474
|
15,520,252
|
1,827,190
|
|||||||
Management fees
|
19,498
|
39,672
|
93,437
|
|||||||
Administration fees
|
635
|
—
|
4,699
|
|||||||
Due to custodian
|
—
|
138,860
|
—
|
|||||||
Other fees
|
48,246
|
—
|
133,816
|
|||||||
Total liabilities
|
4,227,853
|
15,698,784
|
2,059,142
|
|||||||
NET ASSETS
|
$
|
26,479,655
|
$
|
70,576,526
|
$
|
199,709,417
|
||||
NET ASSETS CONSIST OF:
|
||||||||||
Paid-in capital
|
$
|
63,225,485
|
$
|
85,448,027
|
$
|
207,206,181
|
||||
Undistributed (distributions in excess of) net investment income
|
39,528
|
2,365,887
|
1,176,736
|
|||||||
Accumulated net realized loss on investments
|
(35,567,864
|
)
|
(10,655,172
|
)
|
(41,352,023
|
)
|
||||
Net unrealized appreciation (depreciation) on investments
|
(1,217,494
|
)
|
(6,582,216
|
)
|
32,678,523
|
|||||
NET ASSETS
|
$
|
26,479,655
|
$
|
70,576,526
|
$
|
199,709,417
|
||||
Shares outstanding ($0.01 par value with unlimited amount authorized)
|
1,500,000
|
3,600,000
|
7,600,000
|
|||||||
Net asset value
|
$
|
17.65
|
$
|
19.60
|
$
|
26.28
|
||||
Investments in securities, at cost
|
31,750,888
|
92,018,906
|
168,440,335
|
|||||||
Foreign currency, at cost
|
17,896
|
208,912
|
—
|
|||||||
Securities on loan, at value
|
4,019,509
|
15,009,361
|
3,349,191
|
See notes to financial statements.
|
46 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
STATEMENT OF OPERATIONS
|
May 31, 2015
|
For the year ended May 31, 2015
|
Guggenheim
Canadian Energy
|
Guggenheim
China Real Estate
|
Guggenheim
China Small Cap
|
Guggenheim
Frontier
|
||||||||||
Income ETF
|
ETF
|
ETF
|
Markets ETF
|
||||||||||
(ENY
|
)
|
(TAO
|
)
|
(HAO
|
)
|
(FRN
|
)
|
||||||
INVESTMENT INCOME:
|
|||||||||||||
Dividends, net of foreign taxes withheld*
|
$
|
1,562,250
|
$
|
1,184,034
|
$
|
4,768,264
|
$
|
1,510,276
|
|||||
Income from securities lending
|
100,576
|
29,002
|
1,041,860
|
224,246
|
|||||||||
Total investment income
|
1,662,826
|
1,213,036
|
5,810,124
|
1,734,522
|
|||||||||
EXPENSES:
|
|||||||||||||
Management fees
|
216,014
|
162,061
|
1,225,408
|
394,766
|
|||||||||
Trustee fees
|
5,608
|
5,397
|
8,764
|
6,283
|
|||||||||
Administration fees
|
11,881
|
8,913
|
59,555
|
21,712
|
|||||||||
Custodian fees
|
17,624
|
20,080
|
156,685
|
33,242
|
|||||||||
Licensing
|
21,601
|
32,412
|
310,152
|
78,954
|
|||||||||
Professional fees
|
34,258
|
22,886
|
35,950
|
33,859
|
|||||||||
Printing fees
|
12,911
|
8,801
|
26,766
|
17,869
|
|||||||||
Listing fees
|
14,965
|
14,965
|
14,995
|
12,498
|
|||||||||
Registration and filings
|
5,000
|
7,500
|
5,000
|
5,000
|
|||||||||
Insurance
|
1,555
|
1,088
|
3,606
|
2,048
|
|||||||||
Other fees
|
974
|
742
|
2
|
5,189
|
|||||||||
Total expenses
|
342,391
|
284,845
|
1,846,883
|
611,420
|
|||||||||
Less:
|
|||||||||||||
Expenses waived by advisor
|
(38,955
|
)
|
(57,321
|
)
|
(173,992
|
)
|
(57,152
|
)
|
|||||
Net expenses
|
303,436
|
227,524
|
1,672,891
|
554,268
|
|||||||||
Net investment income
|
1,359,390
|
985,512
|
4,137,233
|
1,180,254
|
|||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS):
|
|||||||||||||
Net realized gain (loss) on:
|
|||||||||||||
Investments
|
(4,272,870
|
)
|
(899,500
|
)
|
3,661,958
|
(31,626,013
|
)(a)
|
||||||
In-kind transactions
|
755,550
|
105,503
|
2,698,401
|
1,154,436
|
|||||||||
Foreign currency transactions
|
(15,585
|
)
|
(1,429
|
)
|
(3,376
|
)
|
(100,450
|
)
|
|||||
Net realized gain (loss)
|
(3,532,905
|
)
|
(795,426
|
)
|
6,356,983
|
(30,572,027
|
)
|
||||||
Net change in unrealized appreciation (depreciation) on:
|
|||||||||||||
Investments
|
(12,535,444
|
)
|
4,897,986
|
73,739,338
|
12,869,141
|
(b)
|
|||||||
Foreign currency transactions
|
(1,581
|
)
|
(39
|
)
|
75
|
988
|
|||||||
Net change in unrealized appreciation (depreciation)
|
(12,537,025
|
)
|
4,897,947
|
73,739,413
|
12,870,129
|
||||||||
Net realized and unrealized gain (loss)
|
(16,069,930
|
)
|
4,102,521
|
80,096,396
|
(17,701,898
|
)
|
|||||||
Net increase (decrease) in net assets resulting from operations
|
$
|
(14,710,540
|
)
|
$
|
5,088,033
|
$
|
84,233,629
|
$
|
(16,521,644
|
)
|
|||
* Foreign taxes withheld
|
$
|
275,694
|
$
|
1,349
|
$
|
160,384
|
$
|
234,509
|
See notes to financial statements.
|
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 47
|
STATEMENT OF OPERATIONS continued
|
May 31, 2015
|
For the year ended May 31, 2015
|
Guggenheim International Multi-Asset
|
Guggenheim
|
Guggenheim
|
||||||||
Income ETF
|
Shipping ETF
|
Timber ETF
|
||||||||
(HGI
|
)
|
(SEA
|
)
|
(CUT
|
)
|
|||||
INVESTMENT INCOME:
|
||||||||||
Dividends, net of foreign taxes withheld*
|
$
|
1,296,322
|
$
|
5,038,189
|
$
|
6,554,603
|
||||
Less return of capital received
|
—
|
(934,862
|
)
|
—
|
||||||
Income from securities lending
|
122,388
|
546,877
|
129,381
|
|||||||
Total investment income
|
1,418,710
|
4,650,204
|
6,683,984
|
|||||||
EXPENSES:
|
||||||||||
Management fees
|
157,358
|
552,803
|
1,066,821
|
|||||||
Trustee fees
|
5,393
|
—
|
8,766
|
|||||||
Administration fees
|
8,655
|
—
|
57,454
|
|||||||
Custodian fees
|
31,265
|
—
|
86,059
|
|||||||
Licensing
|
31,472
|
—
|
295,046
|
|||||||
Professional fees
|
31,174
|
—
|
33,089
|
|||||||
Printing fees
|
8,297
|
—
|
39,210
|
|||||||
Listing fees
|
14,965
|
—
|
14,965
|
|||||||
Registration and filings
|
5,000
|
—
|
5,000
|
|||||||
Insurance
|
1,308
|
—
|
4,096
|
|||||||
Other fees
|
9,568
|
915
|
1,014
|
|||||||
Total expenses
|
304,455
|
553,718
|
1,611,520
|
|||||||
Less:
|
||||||||||
Expenses waived by advisor
|
(83,623
|
)
|
—
|
(122,148
|
)
|
|||||
Net expenses
|
220,832
|
553,718
|
1,489,372
|
|||||||
Net investment income
|
1,197,878
|
4,096,486
|
5,194,612
|
|||||||
NET REALIZED AND UNREALIZED GAIN (LOSS):
|
||||||||||
Net realized gain (loss) on:
|
||||||||||
Investments
|
(188,282
|
)
|
(2,602,442
|
)
|
2,992,975
|
|||||
In-kind transactions
|
(250,610
|
)
|
2,783,032
|
13,815,021
|
||||||
Foreign currency transactions
|
(14,861
|
)
|
(3,071
|
)
|
(206,544
|
)
|
||||
Net realized gain (loss)
|
(453,753
|
)
|
177,519
|
16,601,452
|
||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||||
Investments
|
(3,185,816
|
)
|
(16,789,820
|
)
|
(11,728,644
|
)
|
||||
Foreign currency transactions
|
(6,966
|
)
|
(20,549
|
)
|
(30,635
|
)
|
||||
Net change in unrealized appreciation (depreciation)
|
(3,192,782
|
)
|
(16,810,369
|
)
|
(11,759,279
|
)
|
||||
Net realized and unrealized gain (loss)
|
(3,646,535
|
)
|
(16,632,850
|
)
|
4,842,173
|
|||||
Net increase (decrease) in net assets resulting from operations
|
$
|
(2,448,657
|
)
|
$
|
(12,536,364
|
)
|
$
|
10,036,785
|
||
* Foreign taxes withheld
|
$
|
72,332
|
$
|
265,992
|
$
|
599,028
|
See notes to financial statements.
|
48 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
STATEMENTS OF CHANGES IN NET ASSETS
|
May 31, 2015
|
Guggenheim Canadian
Energy Income ETF
(ENY)
|
Guggenheim China
Real Estate ETF
(TAO)
|
||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
|||||||||||||
Net investment income
|
$
|
1,359,390
|
$
|
1,436,158
|
$
|
985,512
|
$
|
1,084,103
|
|||||
Net realized loss on investments
|
(3,532,905
|
)
|
(6,812,311
|
)
|
(795,426
|
)
|
(2,215,856
|
)
|
|||||
Net change in unrealized appreciation (depreciation) on investments
|
(12,537,025
|
)
|
12,265,350
|
4,897,947
|
(1,753,030
|
)
|
|||||||
Net increase (decrease) in net assets resulting from operations
|
(14,710,540
|
)
|
6,889,197
|
5,088,033
|
(2,884,783
|
)
|
|||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
|||||||||||||
Net investment income
|
(1,234,004
|
)
|
(1,376,379
|
)
|
(1,011,840
|
)
|
(1,049,720
|
)
|
|||||
Return of capital
|
—
|
(189,681
|
)
|
—
|
—
|
||||||||
Total distributions to shareholders
|
(1,234,004
|
)
|
(1,566,060
|
)
|
(1,011,840
|
)
|
(1,049,720
|
)
|
|||||
SHAREHOLDER TRANSACTIONS:
|
|||||||||||||
Proceeds from shares purchased
|
22,730,395
|
3,711,805
|
23,539,157
|
—
|
|||||||||
Cost of shares redeemed
|
(10,831,338
|
)
|
(23,425,500
|
)
|
(15,845,726
|
)
|
(24,168,495
|
)
|
|||||
Net increase (decrease) in net assets resulting from share transactions
|
11,899,057
|
(19,713,695
|
)
|
7,693,431
|
(24,168,495
|
)
|
|||||||
Net increase (decrease) in net assets
|
(4,045,487
|
)
|
(14,390,558
|
)
|
11,769,624
|
(28,102,998
|
)
|
||||||
NET ASSETS:
|
|||||||||||||
Beginning of year
|
46,127,182
|
60,517,740
|
22,778,330
|
50,881,328
|
|||||||||
End of year
|
$
|
42,081,695
|
$
|
46,127,182
|
$
|
34,547,954
|
$
|
22,778,330
|
|||||
Undistributed (distributions in excess of) net investment income at end of year
|
$
|
101,679
|
$
|
(12,566
|
)
|
$
|
182,117
|
$
|
170,059
|
||||
CHANGES IN SHARES OUTSTANDING:
|
|||||||||||||
Shares sold
|
1,850,000
|
250,000
|
1,050,000
|
—
|
|||||||||
Shares redeemed
|
(750,000
|
)
|
(1,600,000
|
)
|
(750,000
|
)
|
(1,200,000
|
)
|
|||||
Net increase (decrease) in shares
|
1,100,000
|
(1,350,000
|
)
|
300,000
|
1,200,000
|
See notes to financial statements.
|
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 49
|
STATEMENTS OF CHANGES IN NET ASSETS continued
|
May 31, 2015
|
Guggenheim China
Small Cap ETF
(HAO)
|
Guggenheim Frontier
Markets ETF
(FRN)
|
||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
|||||||||||||
Net investment income
|
$
|
4,137,233
|
$
|
5,014,745
|
$
|
1,180,254
|
$
|
2,024,385
|
|||||
Net realized gain (loss) on investments
|
6,356,983
|
7,877,972
|
(30,572,027
|
)
|
(11,316,875
|
)
|
|||||||
Net change in unrealized appreciation (depreciation) on investments
|
73,739,413
|
(15,622,248
|
)
|
12,870,129
|
8,306,991
|
||||||||
Net increase (decrease) in net assets resulting from operations
|
84,233,629
|
(2,729,531
|
)
|
(16,521,644
|
)
|
(985,499
|
)
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
|||||||||||||
Net investment income
|
(4,834,500
|
)
|
(5,497,350
|
)
|
(2,150,690
|
)
|
(3,454,980
|
)
|
|||||
SHAREHOLDER TRANSACTIONS:
|
|||||||||||||
Proceeds from shares purchased
|
38,778,227
|
69,252,097
|
16,818,315
|
3,213,471
|
|||||||||
Cost of shares redeemed
|
(25,511,406
|
)
|
(91,526,540
|
)
|
(24,058,040
|
)
|
(22,901,072
|
)
|
|||||
Net increase (decrease) in net assets resulting from share transactions
|
13,266,821
|
(22,274,443
|
)
|
(7,239,725
|
)
|
(19,687,601
|
)
|
||||||
Net increase (decrease) in net assets
|
92,665,950
|
(30,501,324
|
)
|
(25,912,059
|
)
|
(24,128,080
|
)
|
||||||
NET ASSETS:
|
|||||||||||||
Beginning of year
|
206,421,419
|
236,922,743
|
87,970,124
|
112,098,204
|
|||||||||
End of year
|
$
|
299,087,369
|
$
|
206,421,419
|
$
|
62,058,065
|
$
|
87,970,124
|
|||||
Undistributed net investment income at end of year
|
$
|
972,855
|
$
|
1,663,923
|
$
|
737,988
|
$
|
1,808,749
|
|||||
CHANGES IN SHARES OUTSTANDING:
|
|||||||||||||
Shares sold
|
1,250,000
|
2,650,000
|
1,100,000
|
200,000
|
|||||||||
Shares redeemed
|
(1,000,000
|
)
|
(3,900,000
|
)
|
(1,650,000
|
)
|
(1,400,000
|
)
|
|||||
Net increase (decrease) in shares
|
250,000
|
(1,250,000
|
)
|
(550,000
|
)
|
(1,200,000
|
)
|
See notes to financial statements.
|
50 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
STATEMENTS OF CHANGES IN NET ASSETS continued
|
May 31, 2015
|
Guggenheim International
Multi-Asset Income ETF
(HGI)
|
Guggenheim
Shipping ETF
(SEA)
|
||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2015
|
May 31, 2014
|
||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
|||||||||||||
Net investment income
|
$
|
1,197,878
|
$
|
2,444,373
|
$
|
4,096,486
|
$
|
2,228,397
|
|||||
Net realized gain (loss)on investments
|
(453,753
|
)
|
8,653,887
|
177,519
|
8,890,162
|
||||||||
Net change in unrealized appreciation (depreciation) on investments
|
(3,192,782
|
)
|
1,125,727
|
(16,810,369
|
)
|
9,216,295
|
|||||||
Net increase (decrease) in net assets resulting from operations
|
(2,448,657
|
)
|
12,223,987
|
(12,536,364
|
)
|
20,334,854
|
|||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
|||||||||||||
Net investment income
|
(1,146,740
|
)
|
(2,871,907
|
)
|
(3,120,560
|
)
|
(1,425,100
|
)
|
|||||
Return of capital
|
—
|
(135,093
|
)
|
—
|
—
|
||||||||
Total distributions to shareholders
|
(1,146,740
|
)
|
(3,007,000
|
)
|
(3,120,560
|
)
|
(1,425,100
|
)
|
|||||
SHAREHOLDER TRANSACTIONS:
|
|||||||||||||
Proceeds from shares purchased
|
1,962,647
|
31,098,394
|
4,011,341
|
100,561,516
|
|||||||||
Cost of shares redeemed
|
(5,231,319
|
)
|
(126,087,518
|
)
|
(35,730,949
|
)
|
(36,528,978
|
)
|
|||||
Net increase (decrease) in net assets resulting from share transactions
|
(3,268,672
|
)
|
(94,989,124
|
)
|
(31,719,608
|
)
|
64,032,538
|
||||||
Net increase (decrease) in net assets
|
(6,864,069
|
)
|
(85,772,137
|
)
|
(47,376,532
|
)
|
82,942,292
|
||||||
NET ASSETS:
|
|||||||||||||
Beginning of year
|
33,343,724
|
119,115,861
|
117,953,058
|
35,010,766
|
|||||||||
End of year
|
$
|
26,479,655
|
$
|
33,343,724
|
$
|
70,576,526
|
$
|
117,953,058
|
|||||
Undistributed (distributions in excess of) net investment income at end of year
|
$
|
39,528
|
$
|
(74,797
|
)
|
$
|
2,365,887
|
$
|
1,199,418
|
||||
CHANGES IN SHARES OUTSTANDING:
|
|||||||||||||
Shares sold
|
100,000
|
1,800,000
|
200,000
|
4,900,000
|
|||||||||
Shares redeemed
|
(300,000
|
)
|
(7,000,000
|
)
|
(1,800,000
|
)
|
(1,700,000
|
)
|
|||||
Net increase (decrease) in shares
|
(200,000
|
)
|
(5,200,000
|
)
|
(1,600,000
|
)
|
3,200,000
|
See notes to financial statements.
|
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 51
|
STATEMENTS OF CHANGES IN NET ASSETS continued
|
May 31, 2015
|
Guggenheim
Timber ETF
(CUT)
|
|||||||
Year Ended
|
Year Ended
|
||||||
May 31, 2015
|
May 31, 2014
|
||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
|||||||
Net investment income
|
$
|
5,194,612
|
$
|
5,574,922
|
|||
Net realized gain on investments
|
16,601,452
|
8,113,117
|
|||||
Net change in unrealized appreciation (depreciation) on investments
|
(11,759,279
|
)
|
21,952,155
|
||||
Net increase in net assets resulting from operations
|
10,036,785
|
35,640,194
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
|||||||
Net investment income
|
(5,308,750
|
)
|
(3,906,000
|
)
|
|||
SHAREHOLDER TRANSACTIONS:
|
|||||||
Proceeds from shares purchased
|
—
|
35,610,397
|
|||||
Cost of shares redeemed
|
(58,686,894
|
)
|
(36,710,831
|
)
|
|||
Net decrease in net assets resulting from share transactions
|
(58,686,894
|
)
|
(1,100,434
|
)
|
|||
Net increase (decrease) in net assets
|
(53,958,859
|
)
|
30,633,760
|
||||
NET ASSETS:
|
|||||||
Beginning of year
|
253,668,276
|
223,034,516
|
|||||
End of year
|
$
|
199,709,417
|
$
|
253,668,276
|
|||
Undistributed net investment income at end of year
|
$
|
1,176,736
|
$
|
2,761,706
|
|||
CHANGES IN SHARES OUTSTANDING:
|
|||||||
Shares sold
|
—
|
1,450,000
|
|||||
Shares redeemed
|
(2,400,000
|
)
|
(1,500,000
|
)
|
|||
Net decrease in shares
|
(2,400,000
|
)
|
(50,000
|
)
|
See notes to financial statements.
|
52 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
FINANCIAL HIGHLIGHTS
|
May 31, 2015
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
16.36
|
$
|
14.51
|
$
|
14.83
|
$
|
22.03
|
$
|
16.52
|
||||||
Income from investment operations:
|
||||||||||||||||
Net investment income(a)
|
0.41
|
0.42
|
0.45
|
0.46
|
0.52
|
|||||||||||
Net gain (loss) on investments (realized and unrealized)
|
(5.63
|
)
|
1.88
|
(0.33
|
)
|
(7.10
|
)
|
5.51
|
||||||||
Total from investment operations
|
(5.22
|
)
|
2.30
|
0.12
|
(6.64
|
)
|
6.03
|
|||||||||
Less distributions from:
|
||||||||||||||||
Net investment income
|
(0.40
|
)
|
(0.39
|
)
|
(0.42
|
)
|
(0.54
|
)
|
(0.52
|
)
|
||||||
Return of capital
|
—
|
(0.06
|
)
|
(0.02
|
)
|
(0.02
|
)
|
—
|
||||||||
Total distributions to shareholders
|
(0.40
|
)
|
(0.45
|
)
|
(0.44
|
)
|
(0.56
|
)
|
(0.52
|
)
|
||||||
Net asset value, end of period
|
$
|
10.74
|
$
|
16.36
|
$
|
14.51
|
$
|
14.83
|
$
|
22.03
|
||||||
Market value, end of period
|
$
|
10.79
|
$
|
16.44
|
$
|
14.43
|
$
|
14.73
|
$
|
22.06
|
||||||
Total Return(b)
|
||||||||||||||||
Net asset value
|
(32.39%
|
)
|
16.30
|
%
|
0.61
|
%
|
(30.45%
|
)
|
37.22
|
%
|
||||||
Ratios/Supplemental Data:
|
||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
42,082
|
$
|
46,127
|
$
|
60,518
|
$
|
90,015
|
$
|
229,570
|
||||||
Ratio to average net assets of:
|
||||||||||||||||
Net investment income
|
3.15
|
%
|
2.87
|
%
|
2.89
|
%
|
2.62
|
%
|
2.59
|
%
|
||||||
Total expenses
|
0.79
|
%
|
0.80
|
%
|
0.83
|
%
|
0.79
|
%
|
0.84
|
%
|
||||||
Net expenses
|
0.70
|
%
|
0.71
|
%
|
0.70
|
%
|
0.70
|
%
|
0.70
|
%
|
||||||
Portfolio turnover rate(c)
|
28
|
%
|
80
|
%
|
130
|
%
|
81
|
%
|
34
|
%
|
(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.
|
See notes to financial statements.
|
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 53
|
FINANCIAL HIGHLIGHTS continued
|
May 31, 2015
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
20.52
|
$
|
22.03
|
$
|
16.72
|
$
|
20.14
|
$
|
16.02
|
||||||
Income from investment operations:
|
||||||||||||||||
Net investment income(a)
|
0.66
|
0.68
|
0.41
|
0.47
|
0.35
|
|||||||||||
Net gain (loss) on investments (realized and unrealized)
|
3.86
|
(1.54
|
)
|
5.29
|
(3.70
|
)
|
3.92
|
|||||||||
Total from investment operations
|
4.52
|
(0.86
|
)
|
5.70
|
(3.23
|
)
|
4.27
|
|||||||||
Less distributions from:
|
||||||||||||||||
Net investment income
|
(0.54
|
)
|
(0.65
|
)
|
(0.39
|
)
|
(0.19
|
)
|
(0.15
|
)
|
||||||
Total distributions to shareholders
|
(0.54
|
)
|
(0.65
|
)
|
(0.39
|
)
|
(0.19
|
)
|
(0.15
|
)
|
||||||
Net asset value, end of period
|
$
|
24.50
|
$
|
20.52
|
$
|
22.03
|
$
|
16.72
|
$
|
20.14
|
||||||
Market value, end of period
|
$
|
24.55
|
$
|
20.43
|
$
|
21.66
|
$
|
16.74
|
$
|
20.07
|
||||||
Total Return(b)
|
||||||||||||||||
Net asset value
|
22.50
|
%
|
(3.82%
|
)
|
34.05
|
%
|
(15.90%
|
)
|
26.68
|
%
|
||||||
Ratios/Supplemental Data:
|
||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
34,548
|
$
|
22,778
|
$
|
50,881
|
$
|
18,558
|
$
|
27,397
|
||||||
Ratio to average net assets of:
|
||||||||||||||||
Net investment income
|
3.04
|
%
|
3.32
|
%
|
1.88
|
%
|
2.76
|
%
|
1.83
|
%
|
||||||
Total expenses
|
0.88
|
%
|
0.95
|
%
|
0.93
|
%
|
1.35
|
%
|
1.02
|
%
|
||||||
Net expenses
|
0.70
|
%
|
0.71
|
%
|
0.70
|
%
|
0.70
|
%
|
0.70
|
%
|
||||||
Portfolio turnover rate(c)
|
16
|
%
|
9
|
%
|
20
|
%
|
14
|
%
|
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.
|
See notes to financial statements.
|
54 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
FINANCIAL HIGHLIGHTS continued
|
May 31, 2015
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
24.72
|
$
|
24.68
|
$
|
19.97
|
$
|
29.23
|
$
|
24.44
|
||||||
Income from investment operations:
|
||||||||||||||||
Net investment income(a)
|
0.51
|
0.56
|
0.41
|
0.50
|
0.39
|
|||||||||||
Net gain (loss) on investments (realized and unrealized)
|
10.14
|
0.03
|
4.61
|
(9.14
|
)
|
4.84
|
||||||||||
Total from investment operations
|
10.65
|
0.59
|
5.02
|
(8.64
|
)
|
5.23
|
||||||||||
Less distributions from:
|
||||||||||||||||
Net investment income
|
(0.59
|
)
|
(0.55
|
)
|
(0.31
|
)
|
(0.62
|
)
|
(0.44
|
)
|
||||||
Total distributions to shareholders
|
(0.59
|
)
|
(0.55
|
)
|
(0.31
|
)
|
(0.62
|
)
|
(0.44
|
)
|
||||||
Net asset value, end of period
|
$
|
34.78
|
$
|
24.72
|
$
|
24.68
|
$
|
19.97
|
$
|
29.23
|
||||||
Market value, end of period
|
$
|
34.56
|
$
|
24.70
|
$
|
24.31
|
$
|
20.01
|
$
|
29.15
|
||||||
Total Return(b)
|
||||||||||||||||
Net asset value
|
43.88
|
%
|
2.24
|
%
|
25.24
|
%
|
(29.50
|
%)
|
21.36
|
%
|
||||||
Ratios/Supplemental Data:
|
||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
299,087
|
$
|
206,421
|
$
|
236,923
|
$
|
164,773
|
$
|
327,373
|
||||||
Ratio to average net assets of:
|
||||||||||||||||
Net investment income
|
1.86
|
%
|
2.23
|
%
|
1.81
|
%
|
2.17
|
%
|
1.33
|
%
|
||||||
Total expenses
|
0.83
|
%
|
0.84
|
%
|
0.84
|
%
|
0.92
|
%
|
0.89
|
%
|
||||||
Net expenses
|
0.75
|
%
|
0.76
|
%
|
0.75
|
%
|
0.75
|
%
|
0.75
|
%
|
||||||
Portfolio turnover rate(c)
|
31
|
%
|
29
|
%
|
31
|
%
|
35
|
%
|
11
|
%
|
(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.
|
See notes to financial statements.
|
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 55
|
FINANCIAL HIGHLIGHTS continued
|
May 31, 2015
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
16.79
|
$
|
17.41
|
$
|
19.08
|
$
|
23.23
|
$
|
18.12
|
||||||
Income from investment operations:
|
||||||||||||||||
Net investment income(a)
|
0.23
|
0.38
|
0.71
|
0.59
|
0.64
|
|||||||||||
Net gain (loss) on investments (realized and unrealized)
|
(3.36
|
)
|
(0.35
|
)
|
(1.77
|
)
|
(3.92
|
)
|
4.60
|
|||||||
Total from investment operations
|
(3.13
|
)
|
0.03
|
(1.06
|
)
|
(3.33
|
)
|
5.24
|
||||||||
Less distributions from:
|
||||||||||||||||
Net investment income
|
(0.43
|
)
|
(0.65
|
)
|
(0.61
|
)
|
(0.82
|
)
|
(0.13
|
)
|
||||||
Total distributions to shareholders
|
(0.43
|
)
|
(0.65
|
)
|
(0.61
|
)
|
(0.82
|
)
|
(0.13
|
)
|
||||||
Net asset value, end of period
|
$
|
13.23
|
$
|
16.79
|
$
|
17.41
|
$
|
19.08
|
$
|
23.23
|
||||||
Market value, end of period
|
$
|
13.33
|
$
|
16.86
|
$
|
17.17
|
$
|
19.26
|
$
|
22.95
|
||||||
Total Return(b)
|
||||||||||||||||
Net asset value
|
(18.75
|
%)
|
0.24
|
%
|
(5.94
|
%)
|
(14.16
|
%)
|
28.87
|
%
|
||||||
Ratios/Supplemental Data:
|
||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
62,058
|
$
|
87,970
|
$
|
112,098
|
$
|
133,397
|
$
|
183,324
|
||||||
Ratio to average net assets of:
|
||||||||||||||||
Net investment income
|
1.50
|
%
|
2.28
|
%
|
3.66
|
%
|
2.91
|
%
|
2.84
|
%
|
||||||
Total expenses
|
0.77
|
%
|
0.81
|
%
|
0.75
|
%
|
0.81
|
%
|
0.80
|
%
|
||||||
Net expenses
|
0.70
|
%
|
0.71
|
%
|
0.70
|
%
|
0.70
|
%
|
0.70
|
%
|
||||||
Portfolio turnover rate(c)
|
94
|
%
|
24
|
%
|
46
|
%
|
30
|
%
|
9
|
%
|
(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.
|
See notes to financial statements.
|
56 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
FINANCIAL HIGHLIGHTS continued
|
May 31, 2015
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
19.61
|
$
|
17.26
|
$
|
15.05
|
$
|
19.98
|
$
|
16.10
|
||||||
Income from investment operations:
|
||||||||||||||||
Net investment income(a)
|
0.70
|
0.65
|
0.74
|
0.86
|
0.88
|
|||||||||||
Net gain (loss) on investments (realized and unrealized)
|
(2.00
|
)
|
2.41
|
2.22
|
(4.94
|
)
|
3.80
|
|||||||||
Total from investment operations
|
(1.30
|
)
|
3.06
|
2.96
|
(4.08
|
)
|
4.68
|
|||||||||
Less distributions from:
|
||||||||||||||||
Net investment income
|
(0.66
|
)
|
(0.68
|
)
|
(0.75
|
)
|
(0.84
|
)(e)
|
(0.80
|
)
|
||||||
Return of capital
|
—
|
(0.03
|
)
|
—
|
(0.01
|
)(e)
|
—
|
|||||||||
Total distributions to shareholders
|
(0.66
|
)
|
(0.71
|
)
|
(0.75
|
)
|
(0.85
|
)
|
(0.80
|
)
|
||||||
Net asset value, end of period
|
$
|
17.65
|
$
|
19.61
|
$
|
17.26
|
$
|
15.05
|
$
|
19.98
|
||||||
Market value, end of period
|
$
|
17.60
|
$
|
19.74
|
$
|
17.19
|
$
|
15.09
|
$
|
20.02
|
||||||
Total Return(b)
|
||||||||||||||||
Net asset value
|
(6.64%
|
)
|
18.23
|
%
|
20.03
|
%
|
(20.86%
|
)
|
29.68
|
%
|
||||||
Ratios/Supplemental Data:
|
||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
26,480
|
$
|
33,344
|
$
|
119,116
|
$
|
102,306
|
$
|
101,895
|
||||||
Ratio to average net assets of:
|
||||||||||||||||
Net investment income
|
3.81
|
%
|
3.70
|
%
|
4.45
|
%
|
5.04
|
%
|
4.71
|
%
|
||||||
Total expenses(c)
|
0.97
|
%
|
0.84
|
%
|
0.81
|
%
|
0.92
|
%
|
0.94
|
%
|
||||||
Net expenses(c)
|
0.70
|
%
|
0.70
|
%
|
0.70
|
%
|
0.70
|
%
|
0.70
|
%
|
||||||
Portfolio turnover rate(d)
|
108
|
%
|
85
|
%
|
60
|
%
|
73
|
%
|
44
|
%
|
(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)
|
Expense ratio does not reflect fees and expenses incurred indirectly by the Fund as a result of its investments in shares of other investment companies. If these fees were included in the expense ratio, the net impact to the expense ratios would be approximately 0.14%, 0.11%, 0.13%, 0.14% and 0.15% for the years ended May 31, 2015, 2014, 2013, 2012 and 2011, respectively.
|
(d)
|
Portfolio turnover does not include securities received or delivered from processing creations or redemptions.
|
(e)
|
Subsequent to May 31, 2012, a reclassification was required that resulted in the recharacterization of the distribution for the May 31, 2012 financial reporting period. This resulted in a less than a $0.01 reclassification between distributions paid to shareholders from net investment income and distributions paid to shareholders from capital.
|
See notes to financial statements.
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 57
|
FINANCIAL HIGHLIGHTS continued
|
May 31, 2015
|
For the Period
|
||||||||||||||||
June 11, 2010
|
||||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
through
|
||||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011(a)
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
22.68
|
$
|
17.51
|
$
|
16.03
|
$
|
24.69
|
$
|
25.96
|
||||||
Income from investment operations:
|
||||||||||||||||
Net investment income(b)
|
0.99
|
0.56
|
0.45
|
0.56
|
1.10
|
|||||||||||
Net gain (loss) on investments (realized and unrealized)
|
(3.35
|
)
|
5.06
|
1.49
|
(8.26
|
)
|
(1.89
|
)
|
||||||||
Total from investment operations
|
(2.36
|
)
|
5.62
|
1.94
|
(7.70
|
)
|
(0.79
|
)
|
||||||||
Less distributions from:
|
||||||||||||||||
Net investment income
|
(0.72
|
)
|
(0.45
|
)
|
(0.46
|
)
|
(0.96
|
)
|
(0.48
|
)
|
||||||
Total distributions to shareholders
|
(0.72
|
)
|
(0.45
|
)
|
(0.46
|
)
|
(0.96
|
)
|
(0.48
|
)
|
||||||
Net asset value, end of period
|
$
|
19.60
|
$
|
22.68
|
$
|
17.51
|
$
|
16.03
|
$
|
24.69
|
||||||
Market value, end of period
|
$
|
19.55
|
$
|
22.69
|
$
|
17.43
|
$
|
15.99
|
$
|
24.67
|
||||||
Total Return(c)
|
||||||||||||||||
Net asset value
|
(10.52%
|
)
|
32.57
|
%
|
12.44
|
%
|
(31.98%
|
)
|
(3.21%
|
)
|
||||||
Ratios/Supplemental Data:
|
||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
70,577
|
$
|
117,953
|
$
|
35,011
|
$
|
30,452
|
$
|
12,343
|
||||||
Ratio to average net assets of:
|
||||||||||||||||
Net investment income
|
4.82
|
%
|
2.72
|
%
|
2.76
|
%
|
3.35
|
%
|
4.14
|
%
|
||||||
Total expenses
|
0.65
|
%
|
0.66
|
%
|
0.65
|
%
|
0.65
|
%
|
0.65
|
%
|
||||||
Net expenses
|
0.65
|
%
|
0.66
|
%
|
0.65
|
%
|
0.65
|
%
|
0.65
|
%
|
||||||
Portfolio turnover rate(d)
|
27
|
%
|
18
|
%
|
42
|
%
|
43
|
%
|
28
|
%
|
(a)
|
Since commencement of operations: June 11, 2010. 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.
|
58 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
FINANCIAL HIGHLIGHTS continued
|
May 31, 2015
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||
May 31, 2015
|
May 31, 2014
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
25.37
|
$
|
22.19
|
$
|
15.71
|
$
|
22.39
|
$
|
17.70
|
||||||
Income from investment operations:
|
||||||||||||||||
Net investment income(a)
|
0.61
|
0.53
|
0.46
|
0.42
|
0.94
|
|||||||||||
Net gain (loss) on investments (realized and unrealized)
|
0.99
|
3.01
|
6.27
|
(6.71
|
)
|
4.34
|
||||||||||
Total from investment operations
|
1.60
|
3.54
|
6.73
|
(6.29
|
)
|
5.28
|
||||||||||
Less distributions from:
|
||||||||||||||||
Net investment income
|
(0.69
|
)
|
(0.36
|
)
|
(0.25
|
)
|
(0.39
|
)
|
(0.59
|
)
|
||||||
Total distributions to shareholders
|
(0.69
|
)
|
(0.36
|
)
|
(0.25
|
)
|
(0.39
|
)
|
(0.59
|
)
|
||||||
Net asset value, end of period
|
$
|
26.28
|
$
|
25.37
|
$
|
22.19
|
$
|
15.71
|
$
|
22.39
|
||||||
Market value, end of period
|
$
|
26.26
|
$
|
25.33
|
$
|
22.10
|
$
|
15.75
|
$
|
22.38
|
||||||
Total Return(b)
|
||||||||||||||||
Net asset value
|
6.50
|
%
|
15.93
|
%
|
43.01
|
%
|
(28.20
|
%)
|
30.15
|
%
|
||||||
Ratios/Supplemental Data:
|
||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
199,709
|
$
|
253,668
|
$
|
223,035
|
$
|
106,054
|
$
|
228,386
|
||||||
Ratio to average net assets of:
|
||||||||||||||||
Net investment income
|
2.44
|
%
|
2.18
|
%
|
2.28
|
%
|
2.29
|
%
|
4.52
|
%
|
||||||
Total expenses
|
0.76
|
%
|
0.75
|
%
|
0.76
|
%
|
0.82
|
%
|
0.82
|
%
|
||||||
Net expenses
|
0.70
|
%
|
0.71
|
%
|
0.70
|
%
|
0.70
|
%
|
0.70
|
%
|
||||||
Portfolio turnover rate(c)
|
29
|
%
|
5
|
%
|
2
|
%
|
56
|
%
|
29
|
%
|
(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.
|
See notes to financial statements.
|
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 59
|
NOTES TO FINANCIAL STATEMENTS
|
May 31, 2015
|
Fund
|
Index
|
Guggenheim Canadian Energy Income ETF
|
S&P/TSX Canadian High Income Energy Index
|
Guggenheim China Real Estate ETF
|
AlphaShares China Real Estate Index
|
Guggenheim China Small Cap ETF
|
AlphaShares China Small Cap Index
|
Guggenheim Frontier Markets ETF
|
BNY Mellon New Frontier Index
|
Guggenheim International Multi-Asset
|
Zacks International Multi-Asset
|
Income ETF
|
Income Index
|
Guggenheim Shipping ETF
|
Dow Jones Global Shipping Index
|
Guggenheim Timber ETF
|
Beacon Global Timber Index
|
60 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS continued
|
May 31, 2015
|
Fund
|
Frequency
|
Guggenheim Canadian Energy Income ETF
|
Quarterly
|
Guggenheim China Real Estate ETF
|
Annual
|
Guggenheim China Small Cap ETF
|
Annual
|
Guggenheim Frontier Markets ETF
|
Annual
|
Guggenheim International Multi-Asset Income ETF
|
Quarterly
|
Guggenheim Shipping ETF
|
Quarterly
|
Guggenheim Timber ETF
|
Annual
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 61
|
NOTES TO FINANCIAL STATEMENTS continued
|
May 31, 2015
|
Value of
|
|||||||||||||
Securities
|
Cash
|
Non-Cash
|
Total
|
||||||||||
Loaned
|
Collateral
|
Collateral
|
Collateral
|
||||||||||
Guggenheim Canadian
|
|||||||||||||
Energy Income ETF
|
$
|
15,359,571
|
$
|
16,153,822
|
$
|
—
|
$
|
16,153,822
|
|||||
Guggenheim China
|
|||||||||||||
Real Estate ETF
|
777,214
|
529,931
|
300,167
|
830,098
|
|||||||||
Guggenheim China
|
|||||||||||||
Small Cap ETF
|
37,300,991
|
34,309,465
|
5,872,135
|
40,181,600
|
|||||||||
Guggenheim Frontier
|
|||||||||||||
Markets ETF
|
6,930,800
|
7,274,017
|
—
|
7,274,107
|
|||||||||
Guggenheim International
|
|||||||||||||
Multi-Asset
|
|||||||||||||
Income ETF
|
4,019,509
|
4,159,474
|
—
|
4,159,474
|
|||||||||
Guggenheim
|
|||||||||||||
Shipping ETF
|
15,009,361
|
15,520,252
|
—
|
15,520,252
|
|||||||||
Guggenheim
|
|||||||||||||
Timber ETF
|
3,349,191
|
1,827,190
|
1,689,836
|
3,517,026
|
Fund
|
Rate
|
Guggenheim Canadian Energy Income ETF
|
0.50%
|
Guggenheim China Real Estate ETF
|
0.50%
|
Guggenheim China Small Cap ETF
|
0.55%
|
Guggenheim Frontier Markets ETF
|
0.50%
|
Guggenheim International Multi-Asset Income ETF
|
0.50%
|
Guggenheim Timber ETF
|
0.50%
|
Fund
|
Rate
|
Guggenheim Shipping ETF
|
0.65%
|
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%
|
Fund Administration
|
|
Fund
|
Expense
|
Guggenheim Canadian Energy Income ETF
|
$11,881
|
Guggenheim China Real Estate ETF
|
8,913
|
Guggenheim China Small Cap ETF
|
59,555
|
Guggenheim Frontier Markets ETF
|
21,712
|
Guggenheim International Multi-Asset Income ETF
|
8,655
|
Guggenheim Timber ETF
|
57,454
|
62 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS continued
|
May 31, 2015
|
Fund
|
Rate
|
Guggenheim Canadian Energy Income ETF
|
0.65%
|
Guggenheim China Real Estate ETF
|
0.65%
|
Guggenheim China Small Cap ETF
|
0.70%
|
Guggenheim Frontier Markets ETF
|
0.65%
|
Guggenheim International Multi-Asset Income ETF
|
0.65%
|
Guggenheim Timber ETF
|
0.65%
|
Fund
|
Advisory Fees Waived
|
Guggenheim Canadian Energy Income ETF
|
$ 38,955
|
Guggenheim China Real Estate ETF
|
57,321
|
Guggenheim China Small Cap ETF
|
173,992
|
Guggenheim Frontier Markets ETF
|
57,152
|
Guggenheim International Multi-Asset Income ETF
|
83,623
|
Guggenheim Timber ETF
|
122,148
|
Fund
|
Licensor
|
Guggenheim Canadian Energy Income ETF
|
Standard & Poor’s
|
Guggenheim China Real Estate ETF
|
AlphaShares LLC
|
Guggenheim China Small Cap ETF
|
AlphaShares LLC
|
Guggenheim Frontier Markets ETF
|
The Bank of New York Mellon Corp.
|
Guggenheim International Multi-Asset Income ETF
|
Zacks Investment Research, Inc.
|
Guggenheim Shipping ETF
|
CME Group Index Services LLC
|
Guggenheim Timber ETF
|
Beacon Indexes LLC
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||
Investments
|
Investments
|
Investments
|
|||||||||||
In Securities
|
In Securities
|
In Securities
|
Total
|
||||||||||
Assets
|
|||||||||||||
Guggenheim Canadian
|
|||||||||||||
Energy Income ETF
|
$
|
58,128,147
|
$
|
—
|
$
|
—
|
$
|
58,128,147
|
|||||
Guggenheim China
|
|||||||||||||
Real Estate ETF
|
34,334,428
|
526,132
|
—
|
34,860,560
|
|||||||||
Guggenheim China
|
|||||||||||||
Small Cap ETF
|
330,397,899
|
—
|
1,971,216
|
332,369,115
|
|||||||||
Guggenheim Frontier
|
|||||||||||||
Markets ETF
|
70,035,040
|
—
|
—
|
70,035,040
|
|||||||||
Guggenheim
|
|||||||||||||
International
|
|||||||||||||
Multi-Asset
|
|||||||||||||
Income ETF
|
30,538,528
|
—
|
—
|
30,538,528
|
|||||||||
Guggenheim
|
|||||||||||||
Shipping ETF
|
85,456,808
|
—
|
—
|
85,456,808
|
|||||||||
Guggenheim
|
|||||||||||||
Timber ETF
|
201,147,117
|
—
|
—
|
201,147,117
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 63
|
NOTES TO FINANCIAL STATEMENTS continued
|
May 31, 2015
|
|
Ending Balance
|
Valuation
|
Unobservable
|
||||||||||
Fund
|
Category
|
at 5/31/2015
|
Technique
|
Inputs
|
|||||||||
Guggenheim
|
Last Trade
|
||||||||||||
China Small
|
with
|
25%-100%
|
|||||||||||
Cap ETF
|
Common Stocks
|
1,971,216
|
Adjustment
|
Discount
|
Guggenheim China Real Estate ETF
|
||||
Transfer from Level 1 to Level 2
|
$
|
526,132
|
||
Guggenheim China Small Cap ETF
|
||||
Transfer from Level 1 to Level 3
|
$
|
1,569,722
|
||
Transfer from Level 2 to Level 1
|
3,023,984
|
Level 3 – Fair value measurement using significant unobservable inputs
|
||||
Guggenheim China Small Cap ETF
|
||||
Beginning Balance
|
$
|
1,604,456
|
||
Realized Gain/Loss
|
(1,136,257
|
)
|
||
Change in Unrealized Gain/Loss
|
1,112,788
|
|||
Purchases
|
602,204
|
|||
Sales
|
(1,781,697
|
)
|
||
Transfers In
|
1,569,722
|
|||
Transfers Out
|
—
|
|||
Ending Balance
|
$
|
1,971,216
|
Net Tax
|
|||||||||||||
Cost of
|
Unrealized
|
||||||||||||
Investments
|
Gross Tax
|
Gross Tax
|
Appreciation
|
||||||||||
for Tax
|
Unrealized
|
Unrealized
|
(Depreciation
|
)
|
|||||||||
Purposes
|
Appreciation
|
Depreciation
|
on Investments
|
||||||||||
Guggenheim Canadian Energy Income ETF
|
$
|
67,687,355
|
$
|
1,016,945
|
$
|
(10,576,153
|
)
|
$
|
(9,559,208
|
)
|
|||
Guggenheim China Real Estate ETF
|
33,988,801
|
3,262,685
|
(2,390,926
|
)
|
871,759
|
||||||||
Guggenheim China Small Cap ETF
|
302,073,341
|
65,927,313
|
(35,631,539
|
)
|
30,295,774
|
||||||||
Guggenheim Frontier Markets ETF
|
71,739,869
|
3,412,994
|
(5,117,823
|
)
|
(1,704,829
|
)
|
|||||||
Guggenheim International Multi-Asset Income ETF
|
31,836,008
|
1,287,155
|
(2,584,635
|
)
|
(1,297,480
|
)
|
|||||||
Guggenheim Shipping ETF
|
93,763,206
|
3,569,442
|
(11,875,840
|
)
|
(8,306,398
|
)
|
|||||||
Guggenheim Timber ETF
|
169,768,630
|
41,743,820
|
(10,365,333
|
)
|
31,378,487
|
64 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS continued
|
May 31, 2015
|
Tax components of accumulated earnings as of May 31, 2015, were as follows:
|
Accumulated
|
|||||||||||||
Long-Term Gains
|
Net Tax
|
||||||||||||
Undistributed
|
(Accumulated
|
Unrealized
|
Other
|
||||||||||
Ordinary
|
Capital &
|
Appreciation
|
Temporary
|
||||||||||
Income
|
Other Losses
|
)
|
(Depreciation
|
)
|
Differences
|
||||||||
Guggenheim Canadian Energy
|
|||||||||||||
Income ETF
|
$
|
128,087
|
$
|
(86,714,445
|
)
|
$
|
(9,560,584
|
)
|
$
|
—
|
|||
Guggenheim China Real Estate ETF
|
273,454
|
(13,867,507
|
)
|
871,731
|
—
|
||||||||
Guggenheim China Small Cap ETF
|
4,394,827
|
(35,615,236
|
)
|
30,295,682
|
—
|
||||||||
Guggenheim Frontier Markets ETF
|
738,288
|
(66,669,195
|
)
|
(2,137,669
|
)
|
(418,837
|
)
|
||||||
Guggenheim International
|
|||||||||||||
Multi-Asset Income ETF
|
88,983
|
(35,532,199
|
)
|
(1,302,614
|
)
|
—
|
|||||||
Guggenheim Shipping ETF
|
2,476,792
|
(9,021,777
|
)
|
(8,326,516
|
)
|
—
|
|||||||
Guggenheim Timber ETF
|
1,176,736
|
(40,023,728
|
)
|
31,350,228
|
—
|
Undistributed
|
Accumulated
|
|||||||||
Net Investment
|
Net Realized
|
Paid In
|
||||||||
Income/(Loss
|
)
|
Gain/(Loss
|
)
|
Capital
|
||||||
Guggenheim Canadian Energy
|
||||||||||
Income ETF
|
$
|
(11,141
|
)
|
$
|
(707,540
|
)
|
$
|
718,681
|
||
Guggenheim China Real Estate ETF
|
38,386
|
340,765
|
(379,151
|
)
|
||||||
Guggenheim China Small Cap ETF
|
6,199
|
(444,511
|
)
|
438,312
|
||||||
Guggenheim Frontier Markets ETF
|
(100,325
|
)
|
2,084,022
|
(1,983,697
|
)
|
|||||
Guggenheim International
|
||||||||||
Multi-Asset Income ETF
|
63,187
|
206,442
|
(269,629
|
)
|
||||||
Guggenheim Shipping ETF
|
190,543
|
(2,912,533
|
)
|
2,721,990
|
||||||
Guggenheim Timber ETF
|
(1,470,832
|
)
|
(12,059,457
|
)
|
13,530,289
|
Distributions paid from ordinary income
|
|
Guggenheim Canadian Energy Income ETF
|
$1,234,004
|
Guggenheim China Real Estate ETF
|
1,011,840
|
Guggenheim China Small Cap ETF
|
4,834,500
|
Guggenheim Frontier Markets ETF
|
2,150,690
|
Guggenheim International Multi-Asset Income ETF
|
1,146,740
|
Guggenheim Shipping ETF
|
3,120,560
|
Guggenheim Timber ETF
|
5,308,750
|
Distributions paid from ordinary income
|
|
Guggenheim Canadian Energy Income ETF
|
$1,376,379
|
Guggenheim China Real Estate ETF
|
1,049,720
|
Guggenheim China Small Cap ETF
|
5,497,350
|
Guggenheim Frontier Markets ETF
|
3,454,980
|
Guggenheim International Multi-Asset Income ETF
|
2,871,907
|
Guggenheim Shipping ETF
|
1,425,100
|
Guggenheim Timber ETF
|
3,906,000
|
Distributions paid from return of capital
|
|
Guggenheim Canadian Energy Income ETF
|
$189,681
|
Guggenheim International Multi-Asset Income ETF
|
135,093
|
Total
|
||||||||||||||||||||||
Expires in
|
Expires in
|
Expires in
|
Expires in
|
Unlimited
|
Unlimited
|
Capital Loss
|
||||||||||||||||
2016
|
2017
|
2018
|
2019
|
Short-Term
|
Long-Term
|
Carryforward
|
||||||||||||||||
Guggenheim Canadian Energy Income ETF
|
$
|
—
|
$
|
(3,622,034
|
)
|
$
|
(12,656,635
|
)
|
$
|
(713,500
|
)
|
$
|
(48,100,674
|
)
|
$
|
(21,621,602
|
)
|
$
|
(86,714,445
|
)
|
||
Guggenheim China Real Estate ETF
|
—
|
—
|
(4,375,466
|
)
|
(6,818,237
|
)
|
(707,740
|
)
|
(1,966,064
|
)
|
(13,867,507
|
)
|
||||||||||
Guggenheim China Small Cap ETF
|
—
|
—
|
(5,907,224
|
)
|
—
|
—
|
(29,708,012
|
)
|
(35,615,236
|
)
|
||||||||||||
Guggenheim Frontier Markets ETF
|
—
|
(241,589
|
)
|
(3,686,218
|
)
|
(364,152
|
)
|
(7,278,653
|
)
|
(55,098,583
|
)
|
(66,669,195
|
)
|
|||||||||
Guggenheim International Multi-Asset
|
||||||||||||||||||||||
Income ETF
|
(434,730
|
)
|
(2,191,498
|
)
|
(3,876,528
|
)
|
(2,491,614
|
)
|
(16,469,825
|
)
|
(10,068,004
|
)
|
(35,532,199
|
)
|
||||||||
Guggenheim Shipping ETF
|
—
|
—
|
—
|
—
|
(3,554,102
|
)
|
(5,467,675
|
)
|
(9,021,777
|
)
|
||||||||||||
Guggenheim Timber ETF
|
—
|
(3,822,255
|
)
|
(17,944,749
|
)
|
(1,561,810
|
)
|
(12,017,354
|
)
|
(4,677,560
|
)
|
(40,023,728
|
)
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 65
|
NOTES TO FINANCIAL STATEMENTS continued
|
May 31, 2015
|
Amount Utilized
|
||||
Guggenheim Timber ETF
|
$
|
4,503,220
|
||
Guggenheim China Small Cap ETF
|
7,232,059
|
Purchases
|
Sales
|
||||||
Guggenheim Canadian Energy Income ETF
|
$
|
12,768,659
|
$
|
12,228,149
|
|||
Guggenheim China Real Estate ETF
|
5,056,678
|
5,051,550
|
|||||
Guggenheim China Small Cap ETF
|
68,710,382
|
68,476,989
|
|||||
Guggenheim Frontier Markets ETF
|
74,067,563
|
74,009,251
|
|||||
Guggenheim International Multi-Asset Income ETF
|
33,830,768
|
33,813,674
|
|||||
Guggenheim Shipping ETF
|
24,876,959
|
23,209,570
|
|||||
Guggenheim Timber ETF
|
61,707,968
|
68,723,213
|
Purchases
|
Sales
|
||||||
Guggenheim Canadian Energy Income ETF
|
$
|
22,443,092
|
$
|
10,816,766
|
|||
Guggenheim China Real Estate ETF
|
23,360,400
|
15,524,180
|
|||||
Guggenheim China Small Cap ETF
|
37,740,729
|
25,155,880
|
|||||
Guggenheim Frontier Markets ETF
|
15,077,445
|
22,768,255
|
|||||
Guggenheim International Multi-Asset Income ETF
|
1,939,633
|
5,152,744
|
|||||
Guggenheim Shipping ETF
|
3,998,234
|
35,628,976
|
|||||
Guggenheim Timber ETF
|
—
|
51,463,888
|
66 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 67
|
SUPPLEMENTAL INFORMATION (Unaudited)
|
May 31, 2015
|
Qualified
|
Dividend
|
||||||
Fund
|
dividend income
|
received deduction
|
|||||
Guggenheim Canadian Energy Income ETF
|
95.99
|
%
|
0.00
|
%
|
|||
Guggenheim China Real Estate ETF
|
0.40
|
%
|
0.00
|
%
|
|||
Guggenheim China Small Cap ETF
|
12.26
|
%
|
0.00
|
%
|
|||
Guggenheim Frontier Markets ETF
|
59.51
|
%
|
0.00
|
%
|
|||
Guggenheim International Multi-Asset Income ETF
|
68.20
|
%
|
19.98
|
%
|
|||
Guggenheim Shipping ETF
|
67.26
|
%
|
1.98
|
%
|
|||
Guggenheim Timber ETF
|
86.34
|
%
|
18.66
|
%
|
Term of
|
Number of
|
|||||||||
Position(s)
|
Office and
|
Portfolios in
|
||||||||
Name, Address*
|
Held
|
Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
|||||
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees
|
|||||
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
|
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
|
Since 2014
|
Current: President, Washburn University (1997-present).
|
87
|
Current: Westar Energy, Inc. (2004-present); Core First 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).
|
68 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SUPPLEMENTAL INFORMATION (Unaudited) continued
|
May 31, 2015
|
Term of
|
Number of
|
|||||||||
Position(s)
|
Office and
|
Portfolios in
|
||||||||
Name, Address*
|
Held
|
Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
|||||
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees
|
|||||
Independent Trustees continued:
|
||||||||||
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
|
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).
|
|||||
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: Clear Spring Life Insurance Company (2015-present); 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).
|
*
|
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 Adviser and/or the parent of the Investment Adviser.
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 69
|
SUPPLEMENTAL INFORMATION (Unaudited) continued
|
May 31, 2015
|
Term of Office
|
||||||
Name, Address*
|
Position(s) held
|
and Length of
|
Principal Occupations
|
|||
and Year of Birth
|
with the Trust
|
Time Served**
|
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 of Mutual Fund Administration, Van Kampen Investments, Inc. (1996-2004).
|
|||
Amy J. Lee
(1961)
|
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).
|
|||
Michael P. Megaris
(1984)
|
Assistant Secretary
|
Since 2014
|
Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Senior Associate, Guggenheim Investments (2012-present).
Former: J.D., University of Kansas School of Law (2009-2012).
|
|||
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 of 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).
|
70 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
SUPPLEMENTAL INFORMATION (Unaudited) continued
|
May 31, 2015
|
Term of Office
|
||||||
Name, Address*
|
Position(s) held
|
and Length of
|
Principal Occupations
|
|||
and Year of Birth
|
with the Trust
|
Time Served**
|
During Past Five Years
|
|||
Officers continued:
|
||||||
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 ANNUAL REPORT | 71
|
APPROVAL OF ADVISORY AGREEMENTS – CLAYMORE
|
|
EXCHANGE-TRADED FUND TRUST 2
|
May 31, 2015
|
72 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
APPROVAL OF ADVISORY AGREEMENTS – CLAYMORE
|
|
EXCHANGE-TRADED FUND TRUST 2 continued
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 73
|
APPROVAL OF ADVISORY AGREEMENTS – CLAYMORE
|
|
EXCHANGE-TRADED FUND TRUST 2 continued
|
May 31, 2015
|
74 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
APPROVAL OF ADVISORY AGREEMENTS – CLAYMORE
|
|
EXCHANGE-TRADED FUND TRUST 2 continued
|
May 31, 2015
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 75
|
APPROVAL OF ADVISORY AGREEMENTS – CLAYMORE
|
|
EXCHANGE-TRADED FUND TRUST 2 continued
|
May 31, 2015
|
•
|
Guggenheim Canadian Energy Income ETF (ENY)
|
•
|
Guggenheim China All-Cap ETF (YAO)
|
•
|
Guggenheim China Real Estate ETF (TAO)
|
•
|
Guggenheim China Small Cap ETF (HAO)
|
•
|
Guggenheim China Technology ETF (CQQQ)
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•
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Guggenheim Frontier Markets ETF (FRN)
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•
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Guggenheim International Multi-Asset Income ETF (HGI)
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•
|
Guggenheim Shipping ETF (SEA)
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•
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Guggenheim Solar ETF (TAN)
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•
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Guggenheim Timber ETF (CUT)
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•
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Guggenheim S&P Global Water Index ETF (CGW)
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76 | CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT
|
TRUST INFORMATION
|
May 31, 2015
|
Board of Trustees
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.,
Chairman
|
Principal Executive Officers
Donald C. Cacciapaglia
President and Chief
Executive Officer
Joanna M. Catalucci
Chief Compliance Officer
Amy J. Lee
Chief Legal Officer
Mark E. Mathiasen
Secretary
John L. Sullivan
Chief Financial Officer,
Chief Accounting Officer
and Treasurer
|
Investment Adviser
Guggenheim Funds
Investment Advisors, LLC
Chicago, IL
Distributor
Guggenheim Funds
Distributors, LLC
Chicago, IL
Administrator
Rydex Fund Services, LLC
Rockville, MD
Accounting Agent,
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.
|
•
|
If your shares are held in a Brokerage Account, contact your Broker.
|
CLAYMORE EXCHANGE-TRADED FUND TRUST 2 ANNUAL REPORT | 79
|
ABOUT THE TRUST ADVISER
|
(a)
|
The categories of services to be reviewed and considered for pre-approval include the following:
|
|
·
|
Annual financial statement audits
|
|
·
|
Seed audits (related to new product filings, as required)
|
|
·
|
SEC and regulatory filings and consents
|
|
·
|
Accounting consultations
|
|
·
|
Fund merger/reorganization support services
|
|
·
|
Other accounting related matters
|
|
·
|
Agreed upon procedures reports
|
|
·
|
Attestation reports
|
|
·
|
Other internal control reports
|
|
·
|
Tax compliance services related to the filing of amendments:
|
|
·
|
Federal, state and local income tax compliance
|
|
·
|
Sales and use tax compliance
|
|
·
|
Timely RIC qualification reviews
|
|
·
|
Tax distribution analysis and planning
|
|
·
|
Tax authority examination services
|
|
·
|
Tax appeals support services
|
|
·
|
Accounting methods studies
|
|
·
|
Fund merger support services
|
|
·
|
Tax compliance, planning and advice services and related projects
|
(b)
|
The Committee has pre-approved those services, which fall into one of the categories of services listed under 2(a) above and for which the estimated fees are less than $25,000.
|
(c)
|
For services with estimated fees of $25,000 or more, but less than $50,000, the Chair is hereby authorized to pre-approve such services on behalf of the Committee.
|
(d)
|
For services with estimated fees of $50,000 or more, such services require pre-approval by the Committee.
|
(e)
|
The independent auditors or the Chief Accounting Officer of the Trust (or an officer of the Trust who reports to the Chief Accounting Officer) shall report to the Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Committee). The report shall include a general description of the services and projected fees, and the means by which such services were approved by the Committee (including the particular category listed above under which pre-approval was obtained).
|
(a)
|
The Chair or any member of the Committee may grant the pre-approval for non-audit services to the Adviser (or any “control affiliate” of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial reporting of the Trust for which the estimated fees are less than $25,000. All such delegated pre-approvals shall be presented to the Committee no later than the next Committee meeting.
|
(b)
|
For non-audit services to the Adviser (or any “control affiliate” of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial reporting of the Trust for which the estimated fees are $25,000 or more, such services require pre-approval by the Committee.
|
(a)
|
the receipt of any entertainment or non-nominal gift by a Senior Officer,or a member of his or her family, from any company with which a Trust has current or prospective business dealings (other than the Adviser), unless such entertainment or gift is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
|
(b)
|
any ownership interest in, or any consulting or employment relationship with, any of a Trust’s service providers, other than the Adviser; or
|
(c)
|
a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Trust for effecting portfolio transactions or for selling or redeeming shares, other than an interest such as compensation or equity ownership arising from the Senior Officer’s employment by the Adviser.
|
·
|
the Chairman of the Audit Committee of the Trust will take all appropriate action to investigate any actual or potential violations reported to him or to an Independent Trustee of the Trust in his absence;
|
·
|
after such investigation, violations and potential violations will be reported to the Independent Trustees;
|
·
|
if the Independent Trustees determine that a violation has occurred, they will take, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code of Ethics; and
|
·
|
appropriate action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.
|
a)
|
upon receipt of this Code of Ethics, sign and submit to the Chief Compliance Officer, on behalf of the Board of Trustees of the Trust, an acknowledgement stating that he or she has received, read and understands this Code of Ethics on the certification attached hereto as Exhibit P-2.
|
b)
|
annually thereafter affirm to the Chief Compliance Officer, on behalf of the Board of Trustees of the Trust, that he or she has complied with the
|
|
requirements of this Code of Ethics and reported any violations of this Code of Ethics on the certification attached hereto as Exhibit P-2.
|
a)
|
that provided the basis for any amendment or waiver to this Code of Ethics; and
|
b)
|
relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the Independent Trustees.
|
|
Exhibit P-1
|
Date Procedures
|
|
Trust
|
most recently approved:
|
Claymore Exchange-Traded Fund Trust
|
11.29.11
|
Claymore Exchange-Traded Fund Trust 2
|
11.29.11
|
Claymore Exchange-Traded Fund Trust 3
|
11.29.11
|
Fiduciary/Claymore MLP Opportunity Fund
|
11.30.11
|
Guggenheim Build America Bonds Managed Duration Trust
|
11.30.11
|
Guggenheim Enhanced Equity Income Fund
|
11.30.11
|
Guggenheim Enhanced Equity Strategy Fund
|
11.30.11
|
Guggenheim Equal Weight Enhanced Equity Income Fund
|
11.30.11
|
Guggenheim Strategic Opportunities Fund
|
11.30.11
|
Guggenheim Credit Allocation Fund
|
02.12.13
|
Date: August 7, 2015 | |
/s/ Donald C. Cacciapaglia
|
|
Donald C. Cacciapaglia
|
|
Chief Executive Officer
|
Date: August 7, 2015 | |
/s/ John L. Sullivan
|
|
John L. Sullivan
|
|
Chief Financial Officer, Chief Accounting Officer and Treasurer |
(1)
|
the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
|
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