CGW Invesco S&P Global Water Index ETF

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21910

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), is as follows:

SEMIANNUAL
REPORT

February 29, 2008

(Unaudited)

Claymore Exchange-Traded Fund Trust 2

graphic: "Claymore ETFs
Access to Innovation"

EEN | Claymore/Robeco
Developed International Equity ETF

CGW | Claymore S&P Global Water Index ETF

Logo:Claymore ETFs

www.claymore.com ... your road to the LATEST, most up-to-date INFORMATION about the Claymore Exchange-Traded Fund Trust 2

Dear Shareholder 3

Management Discussion of Fund Performance 4

Fund Summary & Performance 9

Overview of Fund Expenses 11

Portfolio of Investments 12

Statement of Assets and Liabilities 16

Statement of Operations 17

Statement of Changes in Net Assets 18

Financial Highlights 19

Notes to Financial Statements 21

Supplemental Information 24

Trust Information 26

About the Fund Manager 27

The shareholder report you are reading right now is just the beginning of the story. Online at WWW.CLAYMORE.COM, you will find:

o Daily and historical fund pricing, fund returns, portfolio holdings and characteristics, and distribution history.

o Investor guides and fund fact sheets.

o Regulatory documents including a prospectus and copies of shareholder reports.

Claymore Securities is constantly updating and expanding shareholder information services on each Fund's website, in an ongoing effort to provide you with the most current information about how your Fund's assets are managed, and the results of our efforts. It is just one more small way we are working to keep you better informed about your investment.

2 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2

Dear SHAREHOLDER

As Investment Adviser, Claymore Advisors, LLC ("Claymore") is pleased to present the semi-annual shareholder report for two of our exchange-traded funds ("ETFs" or "Funds"). This report covers performance of these Funds for the six months ended February 29, 2008.

The two ETFs covered in this report are:

o Claymore/Robeco Developed International Equity ETF (AMEX ticker: "EEN")

o Claymore S&P Global Water Index ETF (AMEX ticker: "CGW")

The investment objective of each Fund is to seek investment results that correspond generally to the performance, before each Fund's fees and expenses, of its respective underlying index as named in its prospectus.

Claymore is committed to providing investors with innovative index-strategy-driven investment solutions. We currently offer ETFs with a wide range of domestic and global themes. Claymore has partnered with a diverse group of investment professionals and index specialists to bring investors some of the most unique ETFs currently available. The index providers design indices using defined selection methodologies in the creation of their indices. Unlike ETFs that track traditional indices representing broad market participation, the indices that many of Claymore's U.S.-listed ETFs track seek to capture the investment potential of unique strategies. We believe that a strategy-driven, quantitative process provides a disciplined investment approach offering the potential for superior performance over market cycles.

To learn more about the performance of each ETF, we encourage you to read the Management Discussion of Fund Performance section of the report, which begins on page 4.

Sincerely,

/s/ Nicholas Dalmaso


Nicholas Dalmaso
Chief Executive Officer
Claymore Exchange-Traded Fund Trust 2

SemiAnnual Report | February 29, 2008 | 3

Claymore Exchange-Traded Fund Trust 2

Management Discussion of FUND PERFORMANCE

EEN | Claymore/Robeco Developed International Equity ETF

Index constituents are selected from a universe of equities listed on international developed market exchanges. "Developed markets" are countries whose economies have high income levels, strong legal protection and sophisticated stock exchanges, as defined by Robeco Investment Management, Inc. ("Robeco" or the "Index Provider"). The current list of international developed markets consists of Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

The Index is comprised of, at any given time, between 100-200 stocks, selected based on liquidity, ease of trading, valuation and momentum measures and other criteria. The stocks included in the Index are selected and weighted using a proprietary methodology developed by Robeco. The Fund will normally invest at least 90% of its total assets in equities that comprise the Index and in American depositary receipts ("ADRs") based on the securities in the Index. Claymore Advisors, LLC, the Fund's investment adviser (the "Investment Adviser"), seeks a correlation over time of 0.95 or better between the Fund's performance and the performance of the Index. A figure of 1.00 would represent perfect correlation. The Fund generally will invest in all of the stocks comprising the Index in proportion to their weightings in the Index.

On a market price basis, the Fund generated a total return of -7.63%, representing a change in market price to $22.57 on February 29, 2008, from $25.35 on August 31, 2007. On an NAV basis, the Fund generated a total return of -6.72%, representing a change in NAV to $22.75 on February 29, 2008, from $25.29 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price discount to NAV, which is to be expected from time to time. However, the Investment Adviser believes that large discounts or premiums to the NAV of the Shares should not be sustained.

For underlying index and broad market comparison purposes, the Robeco Developed International Equity Index returned -6.16% and the Morgan Stanley Capital International Europe, Australasia and Far East Index (the "MSCI EAFE Index") returned -4.56% for the same period. The MSCI EAFE Index is an unmanaged capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The index is calculated using closing local market prices and translated into US dollars using the London close foreign exchange rates. It is not possible to invest directly in an index.

The Fund made an annual distribution of $0.9150 per share on December 31, 2007, to shareholders of record on December 28, 2007.

4 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued

Holdings that made positive contributions to performance include Norsk Hydro ASA, a Norwegian company that produces hydropower, solar energy and aluminum; Syngenta AG, a Swiss agribusiness company; and Japanese electronics producer Matsushita Electric Industrial Co. Ltd. (0.8%, 1.0% and 1.4% of total investments, respectively) and Business Objects S.A. (not held in the portfolio as of February 29, 2008), a French provider of business intelligence. In February 2008, Business Objects was acquired by SAP AG, a German software provider. A number of international banks and financial services firms, including Royal Bank of Scotland Group PLC and Hong Kong Exchanges & Clearing Ltd. (1.4% and 0.6% of total investments, respectively) detracted from performance. Other holdings that hurt performance include AstraZeneca PLC, a British pharmaceutical company, and British Airways PLC (1.1% and 0.5% of total investments, respectively).

HISTORICAL PREMIUM/DISCOUNT DATA
EEN | Claymore/Robeco Developed International Equity ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Greater than 2.0% 5 1.98%
Between 1.5% and 2.0% 3 1.19%
Between 1.0% and 1.5% 13 5.14%
Between 0.5% and 1.0% 36 14.23%
Between -0.5% and 0.5% 148 58.49%
Between -0.5% and -1.0% 32 12.65%
Between -1.0% and -1.5% 10 3.95%
Between -1.5% and -2.0% 4 1.58%
Less than -2.0% 2 0.79%
--------------------------------------------------------------------------------

*Commenced operations March 1, 2007.

SemiAnnual Report | February 29, 2008 | 5

Claymore Exchange-Traded Fund Trust 2 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued

CGW | Claymore S&P Global Water Index ETF

The Index is comprised of approximately 50 equity securities selected, based on investment and other criteria, from a universe of companies listed on global developed market exchanges. Standard & Poor's ("S&P") generally defines "developed markets" as the capital markets of those countries with high levels of per capita income and strict market regulation resulting in greater transparency. Specifically, all or any subset of the following countries/regions are currently considered to be developed markets -Austria, Australia, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and the U.S. The universe of companies includes all companies classified by Standard & Poor's Global Industry Classifications as being associated (in a manner representing a major component of such companies' business) with the global demand for water, including water utilities, infrastructure, equipment, instruments and materials. Capitalizations range from $250 million to $90 billion including small-, mid-, and large-capitalization stocks as defined by S&P. The companies in the universe are selected using criteria as identified by S&P, a division of The McGraw-Hill Companies, Inc. The Fund will normally invest at least 90% of its total assets in common stock and American depositary receipts ("ADRs") that comprise the Index. Claymore Advisors, LLC, the Fund's investment adviser (the "Investment Adviser"), seeks a correlation over time of 0.95 or better between the Fund's performance and the performance of the Index. A figure of 1.00 would represent perfect correlation. The Fund generally will invest in all of the stocks comprising the Index in proportion to their weightings in the Index.

1. All companies in the CIQ database with the term "water" in their business description are identified.

2. From the resulting list, companies not belonging to the two clusters of the water industry set forth earlier in this paragraph are excluded.

3. Based on a review of CIQ business description and industry classification, companies are put into three groups:

o Primary Set - Companies whose primary businesses are in the water industry. These are assigned an Exposure Score of 1.

o Secondary Set - Companies which operate in multiple industries, but have significant exposure to the water industry. These are assigned and Exposure Score of 0.5.

o Eliminated Set - Companies with marginal exposure to the water industry. These are assigned an Exposure Score of 0 and eliminated from consideration as Index constituents.

To ensure investability, a developed market listing and a minimum market capitalization of at least $250 million is required. The Index is rebalanced annually. No single stock may have a weight of more than 10% in the Index at each rebalancing.

On a market price basis, the Fund generated a total return of -4.18%, representing a change in market price to $23.98 on February 29, 2008, from $25.13 on August 31, 2007. On an NAV basis, the Fund generated a total return of -2.89%, representing a change in NAV to $24.04 on February 29, 2008, from $24.86 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price discount to NAV, which is to be expected from time to time. However, the Investment Adviser believes that large discounts or premiums to the NAV of the Shares should not be sustained.

For underlying index and broad market comparison purposes, the S&P Global Water Index returned -2.27% and the Morgan Stanley Capital International World Index (the "MSCI World Index") returned -5.89% for the same period. The MSCI World Index is an unmanaged capitalization-weighted measure of global stock markets, including the United States, Canada, Europe, Australia and the Far East. It is calculated using closing market prices and converted to U.S. dollars using the London close

6 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued

foreign exchange rates. It is not possible to invest directly in an index.

The Fund made an annual distribution of $0.1080 per share on December 31, 2007, to shareholders of record on December 28, 2007.

In this challenging economic environment, most U.S. equity indices posted negative returns. Internationally, returns of developed market indices such as the Morgan Stanley Capital International Europe, Australasia and Far East Index (the "MSCI EAFE Index") were negative, but equity returns in emerging markets, as measured by the MSCI Emerging Markets Index, were generally positive. (The MSCI EAFE Index is an unmanaged capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. It includes 25 emerging market country indices. The indices are calculated using closing local market prices and translated into U.S. dollars using the London close foreign exchange rates. It is not possible to invest directly in an index.)

In the U.S., large-cap stocks performed better than small-cap stocks, as investors demonstrated a preference for investments considered to be less risky. Seven of the 10 sectors within the S&P 500 Index had negative returns; only the energy, materials and consumer staples sectors posted positive returns. The weakest sector was financials, followed by the telecommunication services and consumer discretionary sectors. (The S&P 500 is generally representative of the U.S. stock market. It is an unmanaged, capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries. It is not possible to invest directly in an index.)

Holdings that contributed strongly to performance include Veolia Environnement, a French environmental services company; Suez SA, a French company whose two main lines of business are energy and environment; Itron, Inc., a U.S.-based provider of products and services to energy and water utilities (10.6%, 10.4% and 4.0% of long-term investments, respectively); and Flowserve Corp., a U.S.-based manufacturer of flow control systems (not held in the portfolio as of February 29, 2008). Holdings that detracted from performance include Japanese manufacturer Mitsubishi Heavy Industries, Ltd. (not held in the portfolio as of February 29, 2008); Kemira OYJ, a Finnish chemical engineering company; ITT Corp., a global conglomerate based in the U.S.; and Ciba Specialty Chemicals AG, a Swiss developer and manufacturer of specialty chemicals (2.2%, 4.7% and 3.1% of long-term investments, respectively).

HISTORICAL PREMIUM/DISCOUNT DATA
CGW | Claymore S&P Global Water Index ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Greater than 2.0% 2 0.99%
Between 1.5% and 2.0% 8 3.96%
Between 1.0% and 1.5% 29 14.36%
Between 0.5% and 1.0% 72 35.64%
Between -0.5% and 0.5% 84 41.57%
Between -0.5% and -1.0% 3 1.49%
Between -1.0% and -1.5% 3 1.49%
Between -1.5% and -2.0% 1 0.50%
Less than -2.0% 0 0.00%
--------------------------------------------------------------------------------

*Commenced operations May 14, 2007.

SemiAnnual Report | February 29, 2008 | 7

Claymore Exchange-Traded Fund Trust 2 |
MANAGEMENT DISCUSSION OF FUND PERFORMANCE continued

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives.

An investment in the Funds is subject to certain risks and other considerations that include, but are not limited to:

INVESTMENT RISK. This includes the risk of the possible loss of the entire principal amount that you invest.

EQUITY RISK. This includes the risk that the value of the securities held by the Funds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Funds participate, or factors relating to specific companies in which the Funds invest.

FOREIGN INVESTMENT RISK. The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less market liquidity, generally greater market volatility than U.S. securities and less complete financial information than for U.S. issuers. In addition, adverse political, economic or social developments could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.

REPLICATION MANAGEMENT RISK. Unlike many investment companies, the Funds are not "actively" managed. Therefore, the Funds won't necessarily sell a stock because the stock's issuer was in financial trouble unless that stock is removed from the Index.

NON-CORRELATION RISK. The Funds' returns may not match the returns of the indices. For example, the Funds incur operating expenses not applicable to the indices, and incur costs in buying and selling securities, especially when rebalancing the Funds' holdings to reflect changes in the composition of the indices.

ISSUER-SPECIFIC CHANGES RISK. Investments in non-U.S. issuers may involve unique risks, including, among others, greater market volatility than U.S. securities and less complete financial information than for U.S. issuers.

NON-DIVERSIFIED FUND RISK. The Funds are considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

MICRO-, SMALL- AND MEDIUM-SIZED COMPANY RISK. Investing in securities of micro-, small- and medium-capitalization companies involves greater risk than investing in more established companies. These companies' stocks may be more volatile and less liquid than those of more established companies.

INDUSTRY RISK. While the Funds do not concentrate in any industry, to the extent that the Funds' focus their investments in a particular industry or group of related industries, the NAV of the Funds will be more susceptible to factors affecting that industry or sector.

There can be no assurance that the requirements of the AMEX necessary to maintain the listing of the Funds will continue to be met or will remain unchanged.

THE CLAYMORE S&P GLOBAL WATER INDEX ETF is also subject to risks of concentrating in the water industry. Adverse developments in the water industry may significantly affect the value of the securities held by the Fund. Companies involved in the water industry are subject to environmental considerations, taxes, government regulation, price and supply fluctuations, competition and water conservation.

In addition to the risks described, there are certain other risks related to investing in the Funds. These risks are described further in the Prospectus and Statement of Additional Information.

8 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2

Fund SUMMARY & PERFORMANCE l As of February 29, 2008 (unaudited)

EEN | Claymore/Robeco Developed International Equity ETF

Share Price $22.57
Net Asset Value $22.75
Premium/Discount to NAV -0.79%
Net Assets ($000) $4,596
--------------------------------------------------------------------------------

TOTAL RETURNS
--------------------------------------------------------------------------------
(Inception 3/01/07) Six Month Since Inception
--------------------------------------------------------------------------------
Claymore/Robeco Developed International Equity ETF
 NAV -6.72% -2.31%
 Market -7.63% -3.04%
--------------------------------------------------------------------------------
Robeco Developed International
 Equity Index -6.16% -1.01%
--------------------------------------------------------------------------------

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit www.claymore.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Since inception returns assume a purchase of the ETF at the initial share price of $24.15 per share for share price returns or initial net asset value (NAV) of $24.15 per share for NAV returns. Returns for periods of less than one year are not annualized.

The Fund's total annual operating expense ratio is 2.85%, per the most recent prospectus, gross of any fee waivers or expense reimbursements. In the Financial Highlights section of this Semi Annual Report, the Fund's annualized net operating expense ratio was determined to be 1.43% while the Fund's annualized gross operating expense ratio was determined to be 4.99%. There is a contractual fee waiver currently in place for this Fund through December 31, 2010 to the extent necessary in keeping the Fund's operating expense ratio from exceeding 0.65% of average net assets. Some expenses may fall outside of this expense cap and actual expenses will be higher than 0.65%.Without this expense cap, actual returns would be lower.

 % OF LONG-TERM
COUNTRY BREAKDOWN INVESTMENTS
--------------------------------------------------------------------------------
United Kingdom 22.8%
Japan 20.7%
France 9.8%
Germany 8.1%
Switzerland 7.0%
Australia 6.2%
Italy 4.8%
China 3.4%
Spain 3.1%
Finland 2.9%
Sweden 2.7%
Netherlands 2.5%
Norway 1.7%
Denmark 1.3%
Belgium 1.1%
Singapore 1.0%
Portugal 0.8%
United States - Exchange-Traded Funds 0.1%
--------------------------------------------------------------------------------

PORTFOLIO BREAKDOWN % OF NET ASSETS
--------------------------------------------------------------------------------
Financials 26.0%
Consumer Discretionary 14.1%
Materials 11.3%
Industrials 10.2%
Energy 8.2%
Consumer Staples 7.0%
Information Technology 7.0%
Health Care 6.3%
Utilities 5.6%
Telecommunication Services 3.5%
--------------------------------------------------------------------------------
Total Common and Preferred Stocks 99.2%
Exchange-Traded Funds 0.1%
Other Assets in excess of Liabilities 0.7%
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % OF LONG-TERM
TOP TEN HOLDINGS INVESTMENTS
--------------------------------------------------------------------------------
BP PLC 2.3%
Nestle SA 2.3%
Vodafone Group PLC 2.0%
Nokia OYJ 1.9%
BHP Billiton Ltd. 1.8%
Banco Santander SA 1.6%
E.ON AG 1.6%
ENI SpA 1.5%
Royal Dutch Shell PLC - Class B 1.4%
Matsushita Electric Industrial Co. Ltd. 1.4%
--------------------------------------------------------------------------------

Portfolio breakdown is shown as a percentage of net assets. Holdings and country breakdown are shown as a percentage of long-term investments. Both are subject to change daily. For more current Fund information, please visit www.claymore.com.The above summaries are provided for informational purposes only, and should not be viewed as recommendations.

SemiAnnual Report | February 29, 2008 | 9

Claymore Exchange-Traded Fund Trust 2 |
FUND SUMMARY & PERFORMANCE (unaudited) continued

CGW | Claymore S&P Global Water Index ETF

Share Price $23.98
Net Asset Value $24.04
Premium/Discount to NAV -0.25%
Net Assets ($000) $355,791
--------------------------------------------------------------------------------

TOTAL RETURNS
--------------------------------------------------------------------------------
(Inception 5/14/07) Six Month Since Inception
--------------------------------------------------------------------------------
Claymore S&P Global Water Index ETF
 NAV -2.89% -2.58%
 Market -4.18% -2.83%
--------------------------------------------------------------------------------
S&P Global Water Index -2.27% -1.62%
--------------------------------------------------------------------------------

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit www.claymore.com. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Since inception returns assume a purchase of the ETF at the initial share price of $24.78 per share for share price returns or initial net asset value (NAV) of $24.78 per share for NAV returns. Returns for periods of less than one year are not annualized.

The Fund's total annual operating expense ratio was 0.83%, per the most recent prospectus, gross of any fee waivers or expense reimbursements. In the Financial Highlights section of this Semi Annual Report, the Fund's annualized net operating expense ratio was determined to be 0.70% while the Fund's annualized gross operating expense ratio was determined to be 0.70%. There is a contractual fee waiver currently in place for this Fund through December 31, 2010 to the extent necessary in keeping the Fund's operating expense ratio from exceeding 0.65% of average net assets. Some expenses fall outside of this expense cap and actual expenses will be higher than 0.65%. Without this expense cap, actual returns would be lower.

 % OF LONG-TERM
COUNTRY BREAKDOWN INVESTMENTS
--------------------------------------------------------------------------------
United States 34.4%
France 21.0%
United Kingdom 12.6%
Switzerland 9.4%
Japan 6.3%
Finland 4.7%
Italy 4.0%
Brazil 2.5%
China 1.6%
Singapore 1.3%
Austria 1.2%
Canada 0.4%
Bermuda 0.4%
Cayman Islands 0.2%
--------------------------------------------------------------------------------



PORTFOLIO BREAKDOWN % OF NET ASSETS
--------------------------------------------------------------------------------
Utilities 44.5%
Industrials 39.5%
Materials 11.3%
Information Technology 4.0%
Consumer Discretionary 0.3%
Financials 0.3%
--------------------------------------------------------------------------------
Total Long-Term Investments 99.9%
--------------------------------------------------------------------------------
Short-Term Investments 3.1%
Liabilities in excess of Other Assets -3.0%
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % OF LONG-TERM
TOP TEN HOLDINGS INVESTMENTS
--------------------------------------------------------------------------------
Veolia Environnement 10.6%
Suez SA 10.4%
Geberit AG 6.3%
United Utilities PLC 5.7%
Kurita Water Industries Ltd. 5.2%
Danaher Corp. 5.0%
ITT Corp. 4.7%
Nalco Holding Co. 4.2%
Itron, Inc. 4.0%
Pentair, Inc. 3.4%
--------------------------------------------------------------------------------

Portfolio breakdown is shown as a percentage of net assets. Country breakdown and holdings are shown as a percentage of long-term investments. All are subject to change daily. For more current Fund information, please visit www.claymore.com. The above summaries are provided for informational purposes only, and should not be viewed as recommendations.

10 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2

Overview of FUND EXPENSES | As of February 29, 2008 (unaudited)

As a shareholder of Claymore/Robeco Developed International Equity ETF or Claymore S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period ended 2/29/08.

ACTUAL EXPENSE
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or contingent deferred sales charges. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 ANNUALIZED EXPENSES
 BEGINNING ENDING EXPENSE PAID
 ACCOUNT ACCOUNT RATIO FOR THE DURING
 VALUE VALUE PERIOD ENDED PERIOD(1)
------------------------------------------------------------------------------------------------------------------------------------
 9/1/07 2/29/08 2/29/08 9/01/07 - 2/29/08
------------------------------------------------------------------------------------------------------------------------------------
Claymore/Robeco Developed International
Equity ETF(2)
 Actual $ 1,000.00 $ 932.82 1.43% $ 6.87
 Hypothetical (5% annual return
 before expenses) 1,000.00 1,017.75 1.43% 7.17
Claymore S&P Global Water Index ETF(2)
 Actual 1,000.00 971.10 0.70% 3.43
 Hypothetical (5% annual return
 before expenses) 1,000.00 1,021.38 0.70% 3.52
------------------------------------------------------------------------------------------------------------------------------------

1 Expenses are calculated using the annualized expense ratio. This represents the ongoing expenses of the Fund as a percentage of net assets for the period September 1, 2007 to February 29, 2008. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value over the period; then multiplying that result by 182/366.

2 The expense ratios reflect an expense waiver. Please see the Notes to Financial Statements for more information.

Assumes all dividends and distributions were reinvested.

SemiAnnual Report | February 29, 2008 | 11

Claymore Exchange-Traded Fund Trust 2 |
PORTFOLIO OF INVESTMENTS (unaudited) continued

Portfolio of INVESTMENTS | February 29, 2008 (unaudited)

EEN | Claymore/Robeco Developed International Equity ETF

 NUMBER
OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------

 COMMON STOCKS - 98.3%
 AUSTRALIA - 6.2%
 2,201 BHP Billiton Ltd. $ 81,488
 2,649 BlueScope Steel Ltd. 27,009
 1,181 Commonwealth Bank of Australia 46,541
 559 CSR Ltd. 1,767
 375 Lend Lease Corp. Ltd. 4,869
 5,118 Macquarie Infrastructure Group 13,979
 94 Santos Ltd. 1,134
 2,573 Westfield Group - REIT 42,119
 2,171 Westpac Banking Corp. 47,357
 597 Woolworths Ltd. 16,189
--------------------------------------------------------------------------------
 282,452
--------------------------------------------------------------------------------
 BELGIUM - 1.0%
 13 Barco NV 947
 44 Group Bruxelles Lambert SA 5,311
 330 KBC Groep NV 41,751
--------------------------------------------------------------------------------
 48,009
--------------------------------------------------------------------------------
 CHINA - 3.4%
 6,500 BOC Hong Kong Holdings Ltd. 16,290
 1,900 Hang Seng Bank Ltd. 36,654
 1,500 Hong Kong Exchanges and Clearing Ltd. 29,188
 6,000 HongKong Electric Holdings 34,239
 1,000 Hysan Development Co. Ltd. 2,808
 3,000 Swire Pacific Ltd. - Class A 34,798
--------------------------------------------------------------------------------
 153,977
--------------------------------------------------------------------------------
 DENMARK - 1.3%
 500 Jyske Bank A/S (a) 34,740
 350 Novo Nordisk A/S - Class B 24,033
--------------------------------------------------------------------------------
 58,773
--------------------------------------------------------------------------------
 FINLAND - 2.9%
 2,315 Nokia OYJ 84,697
 994 Orion OYJ - Class B 21,322
 294 Outokumpu OYJ 11,296
 1,226 Stora Enso OYJ - R Shares 15,448
--------------------------------------------------------------------------------
 132,763
--------------------------------------------------------------------------------
 FRANCE - 9.7%
 276 Accor SA 19,793
 406 Cap Gemini SA 22,460
 600 Credit Agricole SA 16,432
 1,599 France Telecom SA 54,083
 511 Peugeot SA 39,222
 234 PPR 32,252
 793 Sanofi-Aventis SA 58,736
 1,140 SCOR SE 26,046
 730 Suez SA 46,778
 454 Technip SA (a) 37,314
 671 Thomson SA 5,205


 NUMBER
OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------
 160 Unibail-Rodamco - REIT $ 39,301
 28 Valeo SA 1,068
 1,218 Vivendi 48,482
--------------------------------------------------------------------------------
 447,172
--------------------------------------------------------------------------------
 GERMANY - 7.1%
 380 Arcandor AG 6,732
 408 BASF SE 52,016
 127 Daimler AG 10,756
 31 Deutsche Bank AG 3,495
 255 Deutsche Boerse AG 40,605
 240 Deutsche Lufthansa AG 5,644
 394 E.ON AG 74,288
 262 Muenchener Rueckversicherungs AG 46,293
 202 RWE AG 24,493
 206 Volkswagen AG 46,906
 79 Wacker Chemie AG 17,055
--------------------------------------------------------------------------------
 328,283
--------------------------------------------------------------------------------
 ITALY - 4.8%
 723 Assicurazioni Generali SpA 31,248
 4,537 Enel SpA 49,143
 1,967 ENI SpA 68,442
 1,795 Fiat SpA 38,341
 117 Intesa Sanpaolo SpA - RNC 747
 17,211 Telecom Italia SpA - RNC 33,470
--------------------------------------------------------------------------------
 221,391
--------------------------------------------------------------------------------
 JAPAN - 20.6%
 400 Alps Electric Co. Ltd. 4,749
 200 Asahi Breweries Ltd. 3,754
 6,000 Asahi Kasei Corp. 33,485
 800 Astellas Pharma, Inc. 35,349
 4 Central Japan Railway Co. 38,423
 700 Circle K Sunkus Co. Ltd. 10,570
 500 Daito Trust Construction Co. Ltd. 27,424
 100 FamilyMart Co. Ltd. 2,968
 300 Fanuc Ltd. 28,587
 900 FUJIFILM Holdings Corp. 34,321
 5,000 Fujitsu Ltd. 36,213
 4 Inpex Holdings, Inc. 45,723
 8 Japan Tobacco, Inc. 40,805
 1,600 JTEKT Corp. 28,925
 2,000 Marubeni Corp. 15,580
 3,000 Matsushita Electric Industrial Co. Ltd. 64,406
 700 Mitsubishi Corp. 21,987
 5 Mizuho Financial Group, Inc. 21,421
 22,000 Mizuho Trust & Banking Co. Ltd. 35,925
 2,100 Namco Bandai Holdings, Inc. 26,365
 1,000 Nikon Corp. 28,673
 100 Nintendo Co. Ltd. 51,294

See notes to financial statements.

12 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2 |
PORTFOLIO OF INVESTMENTS (unaudited) continued

EEN | Claymore/Robeco Developed International Equity ETF (continued)

 NUMBER
OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------
 JAPAN (CONTINUED)
 1,000 Nippon Oil Corp. $ 6,935
 4,000 Nippon Steel Corp. 21,517
 6 Nippon Telegraph & Telephone Corp. 26,166
 2,000 Nisshin Steel Co. Ltd. 7,339
 1,700 NOK Corp. 35,844
 8 NTT Data Corp. 37,885
 200 Sankyo Co. Ltd. 10,778
 2,000 Sanwa Holdings Corp. 9,836
 2,000 Taisho Pharmaceutical Co. Ltd. 40,728
 800 Tokyo Electric Power Co., Inc. (The) 20,710
 2,000 Toyo Seikan Kaisha Ltd. 35,426
 2,000 Toyo Suisan Kaisha Ltd. 32,621
 5 West Japan Railway Co. 22,958
--------------------------------------------------------------------------------
 945,690
--------------------------------------------------------------------------------
 NETHERLANDS - 2.5%
 66 Akzo Nobel NV 4,880
 610 ASML Holding NV (a) 14,900
 760 Koninklijke DSM NV 33,632
 686 Koninklijke Philips Electronics NV 27,056
 2,726 STMicroelectronics NV 33,107
--------------------------------------------------------------------------------
 113,575
--------------------------------------------------------------------------------
 NORWAY - 1.6%
 2,600 DnB NOR ASA 38,380
 2,600 Norsk Hydro ASA 37,234
--------------------------------------------------------------------------------
 75,614
--------------------------------------------------------------------------------
 PORTUGAL - 0.8%
 2,900 Portugal Telecom SGPS SA 37,201
--------------------------------------------------------------------------------
 SINGAPORE - 1.0%
 4,000 CapitaLand Ltd. 18,072
 1,000 Haw Par Corp. Ltd. 4,575
 10,000 Neptune Orient Lines Ltd. 22,519
 2,000 SMRT Corp. Ltd. 2,524
--------------------------------------------------------------------------------
 47,690
--------------------------------------------------------------------------------
 SPAIN - 3.1%
 4,156 Banco Santander SA 75,269
 1,292 Gestevision Telecinco SA 27,734
 6,267 Iberia Lineas Aereas de Espana 22,738
 133 Red Electrica de Espana 8,353
 324 Telefonica SA 9,463
--------------------------------------------------------------------------------
 143,557
--------------------------------------------------------------------------------
 SWEDEN - 2.7%
 175 Hennes & Mauritz AB - Class B 9,899
 1,400 Investor AB - Class B 29,895
 1,800 Nordea Bank AB 27,307
 1,200 Skanska AB - Class B 23,339
 1,200 Svenska Handelsbanken AB - Class A 33,744
--------------------------------------------------------------------------------
 124,184
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
 NUMBER
OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------
 SWITZERLAND - 6.9%
 2,197 ABB Ltd. $ 56,030
 496 Julius Baer Holding AG 36,922
 217 Nestle SA 103,843
 531 PSP Swiss Property AG 32,609
 24 Sonova Holding AG 2,282
 156 Swiss Life Holding 39,269
 161 Syngenta AG 46,235
--------------------------------------------------------------------------------
 317,190
--------------------------------------------------------------------------------
 UNITED KINGDOM - 22.7%
 1,795 3i Group PLC 29,208
 442 Anglo American PLC 28,434
 1,381 AstraZeneca PLC 52,002
 1,063 Berkeley Group Holdings PLC 22,076
 1,927 BHP Billiton PLC 62,481
 221 Bovis Homes Group PLC 2,563
 9,794 BP PLC 106,373
 4,548 British Airways PLC (a) 23,296
 1,463 British American Tobacco PLC 55,148
 1,228 Davis Service Group PLC 12,250
 2,480 GlaxoSmithKline PLC 54,364
 712 Home Retail Group 3,668
 1,580 J Sainsbury PLC 11,165
 80 Kazakhmys PLC 2,460
 1,595 Kesa Electricals PLC 6,821
 1,227 Land Securities Group PLC - REIT 38,564
 13,158 Legal & General Group PLC 32,613
 10,700 Old Mutual PLC 26,669
 46 Pearson PLC 609
 4,083 Rolls-Royce Group PLC 35,290
 8,189 Royal Bank of Scotland Group PLC 62,715
 1,328 Royal Dutch Shell PLC - Class A 47,761
 1,843 Royal Dutch Shell PLC - Class B 65,293
 1,307 Schroders PLC 24,920
 5,126 Stagecoach Group PLC 25,645
 1,297 Standard Chartered PLC 43,189
 7,893 Tomkins PLC 26,691
 1,458 Unilever PLC 46,288
 28,794 Vodafone Group PLC 93,190
--------------------------------------------------------------------------------
 1,041,746
--------------------------------------------------------------------------------
 Total Common Stocks - 98.3%
 (Cost $4,628,168) 4,519,267
--------------------------------------------------------------------------------

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 13

Claymore Exchange-Traded Fund Trust 2 |
PORTFOLIO OF INVESTMENTS (unaudited) continued

EEN | Claymore/Robeco Developed International Equity ETF (continued)

 NUMBER
OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------

 PREFERRED STOCK - 0.9%
 GERMANY - 0.9%
 284 Volkswagen AG
 (Cost $24,354) $ 39,635
--------------------------------------------------------------------------------

 EXCHANGE-TRADED FUNDS - 0.1%
 50 iShares MSCI EAFE Index Fund 3,573
 (Cost $4,170)
--------------------------------------------------------------------------------
 Total Investments - 99.3%
 (Cost $4,656,692) 4,562,475
 Other Assets in Excess of
 Liabilities - 0.7% 33,641
--------------------------------------------------------------------------------
 Net Assets - 100.0% $4,596,116
================================================================================

AB - Stock Company
AG - Stock Corporation
A/S - Limited Liability Stock Company
ASA - Stock Company
NV - Legal Entity
OYJ - Public Traded Company
REIT - Real Estate Investment Trust
RNC - Non-convertible savings shares
PLC - Public Limited Company
SA - Corporation
SpA - Limited Share Corporation

(a) Non-Income producing security.

See notes to financial statements.

14 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2 |
PORTFOLIO OF INVESTMENTS (unaudited) continued

CGW | Claymore S&P Global Water Index ETF

 NUMBER
 OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------
 LONG-TERM INVESTMENTS - 99.9%
 AUSTRIA - 1.2%
 65,836 BWT AG $3,075,328
 68,630 Christ Water Technology AG (a) 1,198,153
--------------------------------------------------------------------------------
 4,273,481
--------------------------------------------------------------------------------
 BERMUDA - 0.4%
 1,615,000 Bio-Treat Technology Ltd. 683,341
 1,808,000 China Water Affairs Group Ltd. (a) (b) 694,790
--------------------------------------------------------------------------------
 1,378,131
--------------------------------------------------------------------------------
 BRAZIL - 2.5%
 187,523 Cia de Saneamento Basico do Estado
 de Sao Paulo - ADR (a) 8,785,453
--------------------------------------------------------------------------------
 CANADA - 0.4%
 107,457 GLV, Inc., Class A (a) 1,466,919
--------------------------------------------------------------------------------
 CAYMAN ISLANDS - 0.1%
 23,697 Consolidated Water Co., Inc. 505,220
--------------------------------------------------------------------------------
 CHINA - 1.6%
10,706,000 Guangdong Investment Ltd. (Hong Kong) 5,792,866
--------------------------------------------------------------------------------
 FINLAND - 4.7%
 514,363 Kemira OYJ 7,722,652
 335,913 Uponor OYJ (b) 8,827,228
--------------------------------------------------------------------------------
 16,549,880
--------------------------------------------------------------------------------
 FRANCE - 21.0%
 574,459 Suez SA 36,810,766
 423,582 Veolia Environnement 37,855,763
--------------------------------------------------------------------------------
 74,666,529
--------------------------------------------------------------------------------
 ITALY - 4.0%
 371,226 ACEA SpA 6,903,589
 1,633,434 Hera SpA 7,401,954
--------------------------------------------------------------------------------
 14,305,543
--------------------------------------------------------------------------------
 JAPAN - 6.3%
 566,000 Kurita Water Industries Ltd. 18,322,079
 61,100 Maezawa Kyuso Industries Co., Ltd. (b) 1,128,036
 326,000 Organo Corp. 3,075,087
--------------------------------------------------------------------------------
 22,525,202
--------------------------------------------------------------------------------
 SINGAPORE - 1.3%
 919,000 Epure International Ltd. (a) (b) 1,199,498
 997,000 Hyflux Ltd. (b) 2,352,359
 1,892,000 Sinomem Technology Ltd. (b) 1,126,191
--------------------------------------------------------------------------------
 4,678,048
--------------------------------------------------------------------------------
 SWITZERLAND - 9.4%
 276,434 Ciba Specialty Chemicals AG 11,117,742
 151,929 Geberit AG 22,415,277
--------------------------------------------------------------------------------
 33,533,019
--------------------------------------------------------------------------------
 UNITED KINGDOM - 12.6%
 861,784 Northumbrian Water Group PLC 6,012,765
 584,271 Pennon Group PLC 7,467,335




 NUMBER
 OF SHARES DESCRIPTION VALUE
--------------------------------------------------------------------------------
 UNITED KINGDOM (CONTINUED)
 385,889 Severn Trent PLC $10,907,736
 1,482,417 United Utilities PLC 20,435,336
--------------------------------------------------------------------------------
 44,823,172
--------------------------------------------------------------------------------
 UNITED STATES - 34.4%
 29,319 American States Water Co. 954,333
 228,048 Aqua America, Inc. 4,342,034
 96,647 Arch Chemicals, Inc. 3,373,947
 49,669 Badger Meter, Inc. 1,895,866
 179,562 Calgon Carbon Corp. (a) 2,934,043
 36,686 California Water Service Group 1,380,127
 238,068 Danaher Corp. 17,652,742
 163,528 Flow International Corp. (a) 1,205,201
 82,871 Franklin Electric Co., Inc. 2,733,086
 291,398 IDEX Corp. 8,788,564
 150,633 Itron, Inc. (a) 14,359,844
 295,937 ITT Corp. 16,643,497
 33,106 Layne Christensen Co. (a) 1,325,564
 387,010 Mueller Water Products, Inc., Class B 3,370,857
 694,252 Nalco Holding Co. 14,995,843
 369,454 Pentair, Inc. 12,051,590
 31,802 Pico Holdings, Inc. (a) 1,086,992
 29,490 SJW Corp. 891,188
 110,363 Valmont Industries, Inc. 8,818,004
 124,039 Watts Water Technologies, Inc., Class A 3,438,361
--------------------------------------------------------------------------------
 122,241,683
--------------------------------------------------------------------------------
 Total Long-Term Investments - 99.9%
 (Cost $372,626,540) 355,525,146
--------------------------------------------------------------------------------

 SHORT-TERM INVESTMENTS - 3.1%

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 3.1%
MONEY MARKET FUNDS (C) - 3.1%

11,108,400 UBS Private Money Market Fund LLC, 3.55% (d)

 (Cost $11,108,400) 11,108,400
--------------------------------------------------------------------------------
 Total Investments - 103.0%
 (Cost $383,734,940) 366,633,546
 Liabilities in excess of Other
 Assets - (3.0%) (10,842,558)
--------------------------------------------------------------------------------
 Net Assets - 100.0% $355,790,988
================================================================================


ADR - American Depositary Receipt
AG - Stock Corporation
OYJ - Public Traded Company
PLC - Public Limited Company
SA - Corporation
SpA - Limited Share Company

(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at February 29, 2008.
(c) At February 29, 2008, the total market value of the Fund's securities on loan was $10,508,065 and the total market value of the collateral held by the Fund was $11,108,400.
(d) Interest rate shown reflects yield as of February 29, 2008.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 15

Claymore Exchange-Traded Fund Trust 2

Statement of ASSETS AND LIABILITIES | February 29,2008 (unaudited)

 CLAYMORE/ROBECO
 DEVELOPED CLAYMORE S&P
 INTERNATIONAL GLOBAL WATER
 EQUITY ETF INDEX ETF
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
 Investments in securities, at value (including securities on loan) $ 4,562,475 $366,633,546
 Foreign currency, at value 238 404
 Cash 7,820 211,285
 Receivables:
 Dividends 8,376 329,514
 Income - 10,647
 Due from Adviser 76,211 -
 Other assets 8,374 20,313
------------------------------------------------------------------------------------------------------------------------------------
 Total assets 4,663,494 367,205,709
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
 Payables:
 Administration fee payable 98 6,592
 Offering costs payable - 38,642
 Collateral for securities on loan - 11,108,400
 Accrued advisory fees - 134,811
 Accrued expenses 67,280 126,276
------------------------------------------------------------------------------------------------------------------------------------
 Total liabilities 67,378 11,414,721
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 4,596,116 $355,790,988
====================================================================================================================================
COMPOSITION OF NET ASSETS
 Paid-in capital $ 4,902,384 $376,213,637
 Accumulated undistributed net investment income (loss) (68,763) 39,194
 Accumulated net realized gain (loss) on investments and currency transactions (144,331) (3,362,819)
 Net unrealized appreciation (depreciation) on investments and currency translation (93,174) (17,099,024)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 4,596,116 $355,790,988
====================================================================================================================================
 Shares outstanding ($0.01 par value with unlimited amount authorized) 202,000 14,800,000
 Net Asset Value $ 22.75 $ 24.04
====================================================================================================================================
 Investments in securities, at cost $ 4,656,692 $383,734,940
====================================================================================================================================
 Foreign currency, at cost $ 239 $ 412
====================================================================================================================================

See notes to financial statements.

16 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2

Statement of OPERATIONS | For the six months ended February 29,2008 (unaudited)

 CLAYMORE/ROBECO
 DEVELOPED CLAYMORE S&P
 INTERNATIONAL GLOBAL WATER
 EQUITY ETF INDEX ETF
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
 Dividend income $ 33,692 $ 1,777,172
 Interest - 2,713
 Security lending income - 35,059
 Other income - 32,504
 Foreign taxes withheld (1,546) (40,160)
------------------------------------------------------------------------------------------------------------------------------------
 Total investment income 32,146 1,807,288
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
 Advisory fee 12,551 787,055
 Administration fee 690 38,941
 Custodian fee 42,726 30,893
 Licensing 2,510 166,265
 Listing fee and expenses 1,120 450
 Miscellaneous 13,351 11,931
 Offering costs 30,957 24,432
 Printing expenses 5,698 15,417
 Professional fees 14,078 15,445
 Registration & filings 80 2,145
 Trustees' fees and expenses 1,566 1,332
------------------------------------------------------------------------------------------------------------------------------------
 Total expenses 125,327 1,094,306
 Advisory fees waived (12,551) (643)
 Other expenses waived or reimbursed (76,858) -
------------------------------------------------------------------------------------------------------------------------------------
 Net Expenses 35,918 1,093,663
------------------------------------------------------------------------------------------------------------------------------------
 NET INVESTMENT INCOME (LOSS) (3,772) 713,625
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on
 Investments (185,090) (6,436,401)
 In-kind transactions - 3,491,906
 Foreign currency transactions (4,510) (280,917)
------------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (189,600) (3,225,412)
Net change in unrealized appreciation (depreciation) on
 Investments (134,785) (11,121,142)
 Foreign currency translation 974 6,396
------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) (133,811) (11,114,746)
------------------------------------------------------------------------------------------------------------------------------------
 Net realized and unrealized gain (loss) (323,411) (14,340,158)
------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (327,183) $(13,626,533)
====================================================================================================================================

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 17

Claymore Exchange-Traded Fund Trust 2
Statement of CHANGES IN NET ASSETS

 CLAYMORE/ROBECO DEVELOPED CLAYMORE S&P
 INTERNATIONAL EQUITY ETF GLOBAL WATER INDEX ETF
------------------------------------------------------------------------------------------------------------------------------------
 FOR THE SIX MONTHS FOR THE SIX MONTHS
 ENDED FOR THE PERIOD ENDED FOR THE PERIOD
 FEBRUARY 29, 2008 ENDED FEBRUARY 29, 2008 ENDED
 (UNAUDITED) AUGUST 31, 2007* (UNAUDITED) AUGUST 31, 2007**
------------------------------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
 Net investment income (loss) $ (3,772) $ 109,469 $ 713,625 $ 708,695
 Net realized gain (loss) (189,600) (24,944) (3,225,412) 858,338
 Net unrealized appreciation (depreciation) (133,811) 40,637 (11,114,746) (5,984,278)
------------------------------------------------------------------------------------------------------------------------------------
 Net increase (decrease) in net assets resulting
 from operations (327,183) 125,162 (13,626,533) (4,417,245)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION TO SHAREHOLDERS FROM
 Net investment income (184,830) - (1,425,600) -
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
 Proceeds from sale of shares - 9,852,668 142,152,569 282,633,313
 Cost of shares redeemed - (4,919,701) (24,854,391) (24,671,125)
------------------------------------------------------------------------------------------------------------------------------------
 Net increase from capital share transactions - 4,932,967 117,298,178 257,962,188
------------------------------------------------------------------------------------------------------------------------------------
 Total increase (decrease) in net assets (512,013) 5,058,129 102,246,045 253,544,943

NET ASSETS
 Beginning of period 5,108,129 50,000 253,544,943 -
------------------------------------------------------------------------------------------------------------------------------------
 End of period $ 4,596,116 $ 5,108,129 $355,790,988 $253,544,943
====================================================================================================================================
 Undistributed net investment income (loss) at
 end of period $ (68,763) $ 119,839 $ 39,194 $ 751,169
====================================================================================================================================
CHANGES IN SHARES OUTSTANDING
 Shares sold - 400,000 5,600,000 11,200,000
 Shares redeemed - (200,000) (1,000,000) (1,000,000)
 Shares outstanding, beginning of period 202,000 2,000 10,200,000 -
------------------------------------------------------------------------------------------------------------------------------------
 Shares outstanding, end of period 202,000 202,000 14,800,000 10,200,000
====================================================================================================================================

* Commencement of investment operations - March 1, 2007 ** Commencement of investment operations - May 14, 2007

See notes to financial statements.

18 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2
Financial HIGHLIGHTS

EEN | Claymore/Robeco Developed International Equity ETF

 FOR THE SIX MONTHS FOR THE PERIOD
 ENDED MARCH 1, 2007**
PER SHARE OPERATING PERFORMANCE FEBRUARY 29, 2008 THROUGH
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD (UNAUDITED) AUGUST 31, 2007
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 25.29 $ 24.15
------------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
------------------------------------------------------------------------------------------------------------------------------------
 Net investment income (loss) (a) (0.02) 0.28
 Net realized and unrealized gain (loss) on investments (1.60) 0.86
------------------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (1.62) 1.14
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income (0.92) -
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 22.75 $ 25.29
====================================================================================================================================
MARKET VALUE, END OF PERIOD $ 22.57 $ 25.35
====================================================================================================================================
TOTAL RETURN* (B)
 Net asset value -6.72% 4.72%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (thousands) $ 4,596 $ 5,108
Ratio of net expenses to average net assets* 1.43%(c) 1.32%(c)
Ratio of net investment income/(loss) to average net assets* -0.15%(c) 2.21%(c)
Portfolio turnover rate 52%(d) 55%(d)
*If certain expenses had not been waived or reimbursed by the Adviser,
total return would have been lower and the ratios would have been as follows:
 Ratio of expenses to average assets 4.99%(c) 3.35%(c)
 Ratio of net investment income (loss) to average net assets 3.71%(c) 0.18%(c)

** Commencement of investment operations and initial listing date on the American Stock Exchange

(a) Based on average shares outstanding during the period.

(b) Total investment return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported at net asset value ("NAV"). Dividends and distributions are assumed to be reinvested at NAV. Total investment return does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.

(c) Annualized.

(d) Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 19

Claymore Exchange-Traded Fund Trust 2 | FINANCIAL HIGHLIGHTS (continued)

CGW | Claymore S&P Global Water Index ETF

 FOR THE SIX MONTHS FOR THE PERIOD
 ENDED MAY 14, 2007**
PER SHARE OPERATING PERFORMANCE FEBRUARY 29, 2008 THROUGH
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD (UNAUDITED) AUGUST 31, 2007
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 24.86 $ 24.78
------------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
 Net investment income (loss) (a) 0.06 0.10
 Net realized and unrealized gain (loss) (0.77) (0.02)
------------------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (0.71) 0.08
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income (0.11) -
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 24.04 $ 24.86
====================================================================================================================================
MARKET VALUE, END OF PERIOD $ 23.98 $ 25.13
====================================================================================================================================
TOTAL RETURN *(B)
 Net asset value -2.89% 0.32%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (thousands) $ 355,791 $ 253,545
Ratio of net expenses to average net assets* 0.70%(c) 0.72%(c)
Ratio of net investment income (loss) to average net assets* 0.45%(c) 1.41%(c)
Portfolio turnover rate 26%(d) 1%(d)

* If certain expenses had not been waived or reimbursed by the Adviser, total
return would have been lower and the ratios would have been as follows:
 Ratio of total expenses to average net assets 0.70%(c) 0.83%(c)
 Ratio of net investment income (loss) to average net assets 0.45%(c) 1.30%(c)

** Commencement of investment operations and initial listing date on the American Stock Exchange.

(a) Based on average shares outstanding during the period.

(b) Total investment return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported at net asset value ("NAV"). Dividends and distributions are assumed to be reinvested at NAV. Total investment return does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.

(c) Annualized.

(d) Portfolio turnover is not annualized and does not include securities received or delivered from processing creations or redemptions.

See notes to financial statements.

20 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2

Notes to FINANCIAL STATEMENTS | February 29,2008 (unaudited)

Note 1 - ORGANIZATION:
Claymore Exchange-Traded Fund Trust 2 (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), is organized as an open-end, management investment company that was organized as a Delaware business trust on June 8, 2006. At the end of the period, the Trust consisted of ten portfolios. The following two portfolios have a semi-annual reporting period ending on February 29, 2008:

Claymore/Robeco Developed International "Robeco Developed
 Equity ETF International Equity"
Claymore S&P Global Water Index ETF "S&P Global Water Index"

Each portfolio represents a separate series of the Trust (each a "Fund" or collectively the "Funds"). Each Fund's shares are listed and traded on the American Stock Exchange. The Funds' market prices may differ to some degree from the net asset value ("NAV") of the shares of each Fund. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at NAV, only in a large specified number of shares, each called a "Creation Unit." Creation Units are issued and redeemed principally in-kind for securities included in the relevant index. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds. The investment objective of each of the Funds is to replicate as closely as possible, before fees and expenses, the performance of the following market indices:

FUND INDEX
--------------------------------------------------------------------------------
Robeco Developed Robeco Developed
 International Equity International Equity Index
S&P Global Water Index S&P Global Water Index

Note 2 - ACCOUNTING POLICIES:
The preparation of the financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

The following is a summary of the significant accounting policies followed by the Funds.

(a) Valuation of Investments Equity securities are valued at the last reported sale price on the principal exchange or on the principal over-the-counter market on which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are not sales, at the mean of the most recent bid and asked prices. Equity securities that are traded primarily on the NASDAQ Stock Market are valued at the NASDAQ Official Closing Price. Events occurring after the close of trading on non-United States exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. Debt securities are valued at the mean between the last available bid and asked prices for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. For those securities where quotations or prices are not available, valuations are determined in accordance with procedures established in good faith by the Board of Trustees. Short-term securities with maturities of 60 days or less at time of purchase are valued at amortized cost, which approximates market value.

(b) Investment Transactions and Investment Income Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

(c) Currency Translation Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the bid and asked price of respective exchange rates on the last day of the period. Purchases and sales of investments denominated in foreign currencies are translated at the exchange rate on the date of the transaction.

Foreign exchange gain or loss resulting from holding of a foreign currency, expiration of a currency exchange contract, difference in exchange rates between the trade date and settlement date of an investment purchased or sold, and the difference between dividends actually received compared to the amount shown in a Fund's accounting records on the date of receipt are included as net realized gains or losses on foreign currency transactions in the Fund's Statement of Operations.

Foreign exchange gain or loss on assets and liabilities, other than investments, are included in unrealized appreciation/(depreciation) on foreign currency translations.

(d) Distributions The Funds intend to pay substantially all of their net investment income to Shareholders through annual distributions. In addition, the Funds intend to distribute any capital gains to Shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles.

(e) Offering Costs Offering costs in the amount of $49,000 were incurred by each Fund, and are being amortized over a one-year period. Claymore Advisors, LLC has agreed to pay all organizational expenses of each Fund incurred prior to the commencement of investment operations.

(f) Security Lending Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds' securities lending agent. The loans are collateralized at all times by cash and/or high grade debt obligations in an amount at least equal to 102% of the market value of domestic securities loaned and 105% of foreign securities loaned as determined at the close of business on the preceding business day. Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. The Funds retain all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower. Lending portfolio securities could result in a loss or delay in recovering each Fund's securities if the borrower defaults. The securities lending income earned by the Funds is disclosed on the Statement of Operations.

Note 3 - INVESTMENT ADVISORY AGREEMENT, SUB-ADVISORY AGREEMENT AND OTHER AGREEMENTS:
Pursuant to an Investment Advisory Agreement (the "Agreement") between the Trust, on behalf of each Fund, and Claymore Advisors, LLC (the "Adviser"), the Adviser manages the investment and reinvestment of each Fund's assets and administers the affairs of each Fund to the extent requested by the Board of Trustees.

Pursuant to the Agreement, each Fund pays the Adviser an advisory fee payable on a monthly basis at the annual rate of 0.50% of each Fund's average daily net assets.

Under a separate Fund Administration agreement, Claymore Advisors, LLC provides Fund Administration services to the Funds. Claymore Advisors, LLC receives a fund administration

SemiAnnual Report | February 29, 2008 | 21

Claymore Exchange-Traded Fund Trust 2 |
NOTES TO FINANCIAL STATEMENTS (unaudited) continued

fee payable monthly at the annual rate set forth below as a percentage of the average daily net assets of each Fund:

NET ASSETS RATE
--------------------------------------------------------------------------------
First $200,000,000 0.0275%
Next $300,000,000 0.0200%
Next $500,000,000 0.0150%
Over $1,000,000,000 0.0100%

For the period ended February 29, 2008, each Fund recognized Fund Administration expenses and waived Fund Administration expenses as follows:

 FUND ADMINISTRATION FUND ADMINISTRATION
 EXPENSE EXPENSE WAIVED
--------------------------------------------------------------------------------
Robeco Developed International Equity $ 690 $ 690
S&P Global Water Index $ 38,941 $ 0

The Bank of New York Mellon ("BNY") acts as the Funds' custodian, accounting agent and transfer agent. As custodian, BNY is responsible for the custody of the Funds' assets. As accounting agent, BNY is responsible for maintaining the books and records of the Funds. As transfer agent, BNY is responsible for performing transfer agency services for the Funds.

The Funds' Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (excluding interest expense, a portion of the Fund's licensing fees, offering costs, brokerage commissions and other trading expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.65% of average net assets per year, at least until December 31, 2010. The offering costs excluded from the 0.65% expense cap are (a) legal fees pertaining to the Funds' shares offered for sale; (b) SEC and state registration fees; and (c) initial fees paid to be listed on an exchange. The Trust and the Adviser have entered into an Expense Reimbursement Agreement in which for a period of five years subsequent to each Fund's commencement of operations, the Adviser may recover from the Fund fees and expenses waived or reimbursed during the prior three years if the Fund's expense ratio, including the recovered expenses, falls below the expense cap.

For the period ended February 29, 2008, the Adviser waived and assumed the following fees and expenses:

 CUMULATIVE
 ADVISORY POTENTIALLY
 FEES EXPENSES RECOVERABLE
 WAIVED ASSUMED EXPENSE
--------------------------------------------------------------------------------
Robeco Developed International Equity $ 12,551 $ 76,858 $ 190,219
S&P Global Water Index $ 643 $ 0 $ 54,620

Certain officers and/or trustees of the Trust are officers and/or directors of the Adviser. The Trust does not compensate its officers and /or trustees who are officers or directors of the Adviser.

Licensing Fee Agreements:
The Adviser has entered into licensing agreements on behalf of each Fund with the following Licensors:

FUND LICENSOR
--------------------------------------------------------------------------------
Robeco Developed International Equity Robeco Investment Management, Inc.
S&P Global Water Index Standard & Poor's, a division
 of The McGraw-Hill Companies, Inc.

The above trademarks are trademarks owned by the respective Licensors. These trademarks have been licensed to the Adviser for use for certain purposes with the Funds. The Funds are not sponsored, endorsed, sold or promoted by the Licensors and the Licensors make no representation regarding the advisability of investing in Shares of the Funds. Up to 5 basis points of licensing fees are excluded from the expense cap.

Note 4 - FEDERAL INCOME TAXES:
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. In addition, by distributing substantially all of its ordinary income and long-term capital gains, if any, during each calendar year, the Funds intend not to be subject to U.S. federal excise tax.

At February 29, 2008, the cost of investments and accumulated unrealized appreciation/depreciation on investments, excluding foreign currency, for federal income tax purposes were as follows:

 COST OF NET TAX
 INVESTMENTS GROSS TAX GROSS TAX UNREALIZED
 FOR TAX UNREALIZED UNREALIZED APPRECIATION
 PURPOSES APPRECIATION DEPRECIATION (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
Robeco Developed International Equity $ 4,659,182 $ 292,381 $ (389,088) $ (96,707)
S&P Global Water Index $ 383,738,885 $12,879,308 $(29,984,647) $(17,105,339)

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable to the tax deferral of losses on wash sales and the mark to market on passive foreign investment companies

22 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2 |
NOTES TO FINANCIAL STATEMENTS (unaudited) continued

Tax components of the following balances as of August 31, 2007 were as follows:

 NET TAX
 UNREALIZED ACCUMULATED
 APPRECIATION/ UNDISTRIBUTED CAPITAL
 (DEPRECIATION) ON ORDINARY & OTHER
 FOREIGN CURRENCY INCOME LOSSES
--------------------------------------------------------------------------------

Robeco Developed International Equity $ 68 $ 169,700 $ 0 S&P Global Water Index $ (4,026) $ 751,169 $(133,462)

Capital losses incurred after October 31 ("post-October losses") within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the period ended August 31, 2007, the following Funds incurred and will elect to defer net capital losses as follows:

On July 13, 2006, the Financial Accounting Standards Board ("FASB") released FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has evaluated the implications of FIN 48 and has determined it does not have any impact on the financial statements as of February 29, 2008.

The tax year for 2007 is still subject to examination by major jurisdictions.

Note 5 - INVESTMENT TRANSACTIONS:
For the period ended February 29, 2008, the cost of investments purchased and proceeds from sales of investments, excluding short-term investments and in-kind transactions, were as follows:

 PURCHASES SALES
--------------------------------------------------------------------------------
Robeco Developed International Equity $2,593,283 $ 2,751,706
S&P Global Water Index $87,523,385 $83,166,186

For the period ended February 29, 2008, in-kind transactions were as follows:

 PURCHASES SALES
--------------------------------------------------------------------------------
Robeco Developed International Equity $ 0 $ 0
S&P Global Water Index $141,663,029 $24,442,882

Note 6 - CAPITAL:
Shares are issued and redeemed by the Funds only in Creation Unit size aggregations of 200,000 shares. Such transactions are only permitted on an in-kind basis, with separate cash payment, which is balancing each component to equate the transaction to the net asset value per unit of the Fund on the transaction date. Transaction fees ranging from $1,000 to $6,000 are charged to those persons creating or redeeming Creation Units. An additional charge of up to four times the Creation or Redemption Transaction Fee may be imposed with respect to transactions effected outside of the Clearing Process or to the extent that cash is used in lieu of securities to purchase Creation Units or redeem for cash.

Note 7 - DISTRIBUTION AGREEMENT:
The Board of Trustees of the Trust has adopted a distribution and services plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders of each class and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No 12b-1 fees are currently paid by the Funds, and there are no current plans to impose these fees.

Note 8 - INDEMNIFICATIONS:
In the normal course of business, the Funds enter into contracts that contain a variety of representations, which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would require future claims that may be made against a Fund that have not yet occurred. However, the Funds expect the risk of loss to be remote.

Note 9 - ACCOUNTING PRONOUNCEMENT:
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, "Fair Valuation Measurements" ("FAS 157"). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of February 29, 2008, the Funds do not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosure will be required about the inputs used to develop measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.

SemiAnnual Report | February 29, 2008 | 23

Claymore Exchange-Traded Fund Trust 2 |
Supplemental INFORMATION |(unaudited)

Trustees
The Trustees of the Claymore Exchange-Traded Fund Trust 2 and their principal business occupations during the past five years:

NAME, ADDRESS*, YEAR TERM OF OFFICE** PRINCIPAL OCCUPATIONS DURING NUMBER OF FUNDS
OF BIRTH AND POSITION(S) AND LENGTH OF THE PAST FIVE YEARS AND IN FUND COMPLEX*** OTHER DIRECTORSHIPS
HELD WITH REGISTRANT TIME SERVED OTHER AFFILIATIONS OVERSEEN BY TRUSTEE HELD BY TRUSTEE
------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES:
------------------------------------------------------------------------------------------------------------------------------------
Randall C. Barnes Since 2006 Investor (2001-present). Formerly, Senior Vice 40 None
Year of Birth: 1951 President & Treasurer (1993-1997), President,
Trustee Pizza Hut International (1991-1993) and Senior
 Vice President, Strategic Planning and New
 Business Development (1987-1990) of PepsiCo,
 Inc. (1987-1997).
------------------------------------------------------------------------------------------------------------------------------------
Ronald A. Nyberg Since 2006 Partner of Nyberg & Cassioppi, LLC, a law firm 43 None
Year of Birth: 1953 specializing in corporate law, estate planning
Trustee and business transactions (2000-present).
 Formerly, Executive Vice President, General
 Counsel and Corporate Secretary of Van Kampen
 Investments (1982-1999).
------------------------------------------------------------------------------------------------------------------------------------
Ronald E. Toupin, Jr. Since 2006 Formerly, Vice President, Manager and Portfolio 40 None
Year of Birth: 1958 Manager of Nuveen Asset Management (1998-1999),
Trustee Vice President of Nuveen Investment Advisory Corp.
 (1992-1999), Vice President and Manager of
 Nuveen Unit Investment Trusts (1991-1999), and
 Assistant Vice President and Portfolio Manager
 of Nuveen Unit Investment Trusts (1988-1999),
 each of John Nuveen & Co., Inc. (1982-1999).
------------------------------------------------------------------------------------------------------------------------------------
MANAGEMENT TRUSTEES:
------------------------------------------------------------------------------------------------------------------------------------
Nicholas Dalmaso+ Since 2006 Senior Managing Director and Chief Administrative 43 None
Year of Birth: 1965 Officer of Claymore Advisors, LLC and Claymore
Trustee; Chief Legal Securities, Inc. (2007-present). Formerly,
and Executive Officer Senior Managing Director and General Counsel of
 Claymore Group Inc., Claymore Advisors, LLC and
 Claymore Securities, Inc. (2001-2007). Assistant
 General Counsel, John Nuveen and Co., Inc.
 (1999-2001). Former Vice President and Associate
 General Counsel of Van Kampen Investments,
 Inc. (1992-1999).
------------------------------------------------------------------------------------------------------------------------------------

* Address for all Trustees unless otherwise noted: 2455 Corporate West Drive, Lisle, IL 60532

** This is the period for which the Trustee began serving the Trust. Each Trustee is expected to serve an indefinite term, until his successor is elected.

*** The Claymore Fund Complex consists of U.S. registered investment companies advised or serviced by Claymore Advisors, LLC or Claymore Securities, Inc. The Claymore Fund Complex is overseen by multiple Boards of Trustees.

+ Mr. Dalmaso is an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of the Trust because of his position as an officer of Claymore Advisors, LLC, the Fund's Investment Adviser.

24 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2 |
SUPPLEMENTAL INFORMATION (unaudited) continued

Officers
The Officers of the Trust and their principal occupations during the past five years:

NAME, ADDRESS*, YEAR OF BIRTH AND TERM OF OFFICE** AND PRINCIPAL OCCUPATION DURING THE PAST FIVE YEARS
POSITION(S) HELD WITH REGISTRANT LENGTH OF TIME SERVED AND OTHER AFFILIATIONS
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS:
------------------------------------------------------------------------------------------------------------------------------------
Steven M. Hill Since 2006 Senior Managing Director of Claymore Advisors, LLC and Claymore
Year of Birth: 1964 Securities, Inc. (2005-present); Formerly, Chief Financial Officer
Chief Accounting Officer, Chief of Claymore Group Inc. (2005-2006); Managing Director of Claymore
Financial Officer and Treasurer Advisors, LLC and Claymore Securities, Inc. (2003-2005); Treasurer
 of Henderson Global Funds and Operations Manager for Henderson
 Global Investors (NA) Inc., (2002-2003); Managing Director,
 FrontPoint Partners LLC (2001-2002); Vice President, Nuveen
 Investments (1999-2001).
------------------------------------------------------------------------------------------------------------------------------------
Bruce Saxon Since 2006 Vice President, Fund Compliance Officer of Claymore Group Inc.
Year of Birth: 1957 (2006-present). Formerly, Chief Compliance Officer/Assistant
Chief Compliance Officer Secretary of Harris Investment Management, Inc. (2003-2006).
 Director-Compliance of Harrisdirect LLC (1999-2003).
------------------------------------------------------------------------------------------------------------------------------------
Melissa J. Nguyen Since 2006 Vice President, Assistant General Counsel of Claymore Group Inc.
Year of Birth: 1978 (2005-present). Secretary of certain funds in the Fund Complex;
Secretary Formerly, Associate, Vedder, Price, Kaufman & Kammholz, P.C.
 (2003-2005).
------------------------------------------------------------------------------------------------------------------------------------
William H. Belden, III Since 2006 Managing Director of Claymore Advisors, LLC (2005-present).
Year of Birth: 1965 Formerly, Vice President of Product Management at Northern Trust
 Vice President Global Investments (1999-2005).
------------------------------------------------------------------------------------------------------------------------------------
Chuck Craig Since 2006 Managing Director (2006-present), Vice President (2003-2006) of
Year of Birth: 1967 ` Claymore Advisors, LLC. Formerly, Assistant Vice President,
Vice President First Trust Portfolios, L.P. (1999-2003).
------------------------------------------------------------------------------------------------------------------------------------

* Address for all Officers: 2455 Corporate West Drive, Lisle, IL 60532

** Officers serve at the pleasure of the Board of Trustees and until his or her successor is appointed and qualified or until his or her earlier resignation or removal.

SemiAnnual Report | February 29, 2008 | 25

Claymore Exchange-Traded Fund Trust 2

Trust INFORMATION

BOARD OF TRUSTEES
Randall C. Barnes

Nicholas Dalmaso*

Ronald A. Nyberg

Ronald E. Toupin, Jr.

* Trustee is an "interested person" of the Trust as defined in the Investment Company Act of 1940, as amended.

OFFICERS
Nicholas Dalmaso
Chief Executive Officer and
Chief Legal Officer

Steven M. Hill
Chief Accounting Officer,
Chief Financial Officer and Treasurer

Bruce Saxon
Chief Compliance Officer

Melissa J. Nguyen
Secretary

William H. Belden III
Vice President

Chuck Craig
Vice President

INVESTMENT ADVISER
Claymore Advisors, LLC
Lisle, IL

DISTRIBUTOR
Claymore Securities, Inc.
Lisle, IL

ADMINISTRATOR
Claymore Advisors, LLC
Lisle, IL

ACCOUNTING AGENT, CUSTODIAN
AND TRANSFER AGENT FUND
The Bank of New York Mellon
New York, NY

LEGAL COUNSEL
Clifford Chance US LLP
New York, NY

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL

PRIVACY PRINCIPLES OF THE TRUST FOR SHAREHOLDERS
The Funds are committed to maintaining the privacy of their shareholders and to safeguarding its non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

The Funds restrict access to non-public personal information about the shareholders to Claymore Advisors, LLC employees with a legitimate business need for the information. The Funds maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.

QUESTIONS CONCERNING YOUR SHARES OF THE TRUST?
o If your shares are held in a Brokerage Account, contact your Broker.

This report is sent to shareholders of the Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.

A description of the Funds' proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Funds at (888) 949-3837.

Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling (888) 949-3837 or by accessing the Funds' Form N-PX on the SEC's website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Form N-Q is available on the SEC website at http://www.sec.gov. The Funds' Form N-Q may also be viewed and copied at the SEC's Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330 or at www.claymore.com.

26 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust 2

About the FUND MANAGER

CLAYMORE ADVISORS, LLC
Claymore Advisors, LLC manages the investment and reinvestment of each Fund's assets and administers the affairs of each Fund to the extent requested by the Board of Trustees. Claymore Advisors, LLC also acts as investment adviser to closed-end and open-end management investment companies. Claymore entities have provided supervision, management, servicing or distribution on approximately $18.3 billion in assets as of February 29, 2008. Claymore currently offers exchange-traded funds, closed-end funds, and unit investment trusts.

PORTFOLIO MANAGEMENT
The portfolio manager who is currently responsible for the day-to-day management of the Funds' portfolio is Chuck Craig, CFA. Mr. Craig has managed each Fund's portfolio since its inception. Mr. Craig is a Managing Director, Portfolio Management and Supervision, of the Investment Adviser and Claymore Securities, Inc. and joined Claymore Securities, Inc. in May of 2003. Before joining Claymore Securities, Inc., Mr. Craig spent four years with First Trust Portfolios L.P. (formerly Nike Securities) as an equity-research analyst and portfolio manager within the Equity Strategy Research group. Mr. Craig received a M.S. in Financial Markets from the Center for Law and Financial Markets at the Illinois Institute of Technology. He also earned a B.S. in Finance from Northern Illinois University.

CLAYMORE EXCHANGE-TRADED FUND TRUST 2 OVERVIEW
The Claymore Exchange-Traded Fund Trust 2 (the "Trust") is an investment company consisting of 10 separate exchange-traded "index funds" as of February 29, 2008. The investment objective of each of the funds is to replicate as closely as possible, before fees and expenses, the performance of a specified market index.

SemiAnnual Report | February 29, 2008 | 27

This material must be preceded or accompanied by a prospectus for the fund being offered. The prospectus contains information about the fund including a discussion of investment objectives, risks, ongoing expenses and sales charges. If a prospectus did not accompany this report, you can obtain one from your financial adviser, from our website at http://www.claymore.com or by calling
(888) 949-3837. Please read the prospectus carefully before investing. The Statement of Additional Information that includes information about the Trustees is also available, without charge, upon request via our website at http://www.claymore.com or by calling (888) 949-3837. All funds are subject to market risk and shares when sold may be worth more or less than their original cost. You can lose money investing in the funds.

Claymore Securities, Inc.
2455 Corporate West Drive
Lisle, IL 60532
Member FINRA/SIPC

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE

CETFT-002-SAR-0208

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual reporting period.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for a semi-annual reporting period.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for a semi-annual reporting period.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for a semi-annual reporting period.

ITEM 6. SCHEDULE OF INVESTMENTS.

The Schedule of Investments is included as part of Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not Applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of this filing and have concluded that based on such evaluation, the registrant's disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive officer and principal financial officer pursuant to Rule 30a-2(a) of the Investment Company Act of 1940.

(a)(3) Not Applicable.

(b) Certifications of principal executive officer and principal financial officer pursuant to Rule 30a-2(b) of the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Claymore Exchange-Traded Fund Trust 2

By: /s/ Nicholas Dalmaso
 ---------------------------------------------------------------

Name: Nicholas Dalmaso

Title: Chief Legal and Executive Officer

Date: May 6, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Nicholas Dalmaso
 ---------------------------------------------------------------

Name: Nicholas Dalmaso

Title: Chief Legal and Executive Officer

Date: May 6, 2008


By: /s/ Steven M. Hill
 ---------------------------------------------------------------

Name: Steven M. Hill

Title: Treasurer and Chief Financial Officer

Date: May 6, 2008

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