Claymore Exchange-Traded Fund Trust - Certified semi-annual shareholder report for management investment companies (N-CSRS)

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 811-21906

Claymore Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

2455 Corporate West Drive, Lisle, IL 60532

(Address of principal executive offices) (Zip code)

Nicholas Dalmaso,
2455 Corporate West Drive, Lisle, IL 60532

(Name and address of agent for service)

Registrant's telephone number, including area code: (630) 505-3700

Date of fiscal year end: August 31

Date of reporting period: February 29, 2008

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 Claymore Exchange-Traded Fund Trust

February 29, 2008

(Unaudited)

[GRAPHIC OMITTED]

EEB | Claymore/BNY BRIC ETF

CSD | Claymore/Clear Spin-Off ETF

XGC | Claymore/Great Companies
Large-Cap Growth Index ETF

OTR | Claymore/Ocean Tomo Growth Index ETF

OTP | Claymore/Ocean Tomo Patent ETF

DEF | Claymore/Sabrient Defender ETF

NFO | Claymore/Sabrient Insider ETF

STH | Claymore/Sabrient Stealth ETF

CZA | Claymore/Zacks Mid-Cap Core ETF

XRO | Claymore/Zacks Sector Rotation ETF

CVY | Claymore/Zacks Yield Hog ETF

[LOGO CLAYMORE ETFS]

Contents

Dear Shareholder 3

Management Discussion of Fund Performance 4

Fund Summary & Performance 27

Overview of Fund Expenses 39

Portfolio of Investments 41

Statement of Assets and Liabilities 64

Statement of Operations 66

Statement of Changes in Net Assets 68

Financial Highlights 72

Notes to Financial Statements 83

Supplemental Information 87

Trust Information 89

About the Fund Manager 90

 www.claymore.com

 ... your road to the LATEST,

 most up-to-date INFORMATION about the

 Claymore Exchange-Traded Fund Trust

[GRAPHIC OMITTED]

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 Funds' 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

Dear Shareholder |

As Investment Adviser, Claymore Advisors, LLC ("Claymore") is pleased to present the semi-annual shareholder report for 11 of our exchange-traded funds ("ETFs" or "Funds"). This report covers performance of these Funds for the six months ended February 29, 2008.

The 11 ETFs covered in this report are:

o Claymore/BNY BRIC ETF (AMEX ticker:"EEB")

o Claymore/Clear Spin-Off ETF (AMEX ticker:"CSD")

o Claymore/Great Companies Large-Cap Growth Index ETF
(AMEX ticker:"XGC")

o Claymore/Ocean Tomo Growth Index ETF (AMEX ticker:"OTR")

o Claymore/Ocean Tomo Patent ETF (AMEX ticker:"OTP")

o Claymore/Sabrient Defender ETF (AMEX ticker:"DEF")

o Claymore/Sabrient Insider ETF (AMEX ticker:"NFO")

o Claymore/Sabrient Stealth ETF (AMEX ticker:"STH")

o Claymore/Zacks Mid-Cap Core ETF (AMEX ticker:"CZA")

o Claymore/Zacks Sector Rotation ETF (AMEX ticker:"XRO")

o Claymore/Zacks Yield Hog ETF (AMEX ticker:"CVY")

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

SemiAnnual Report | February 29, 2008 | 3

Claymore Exchange-Traded Fund Trust

Management Discussion of Fund Performance |

EEB | Claymore/BNY BRIC ETF

Fund Overview

The Claymore/BNY BRIC ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Bank of New York Mellon BRIC Select ADR Index (the "BNY BRIC Index" or the "Index").

The Index is comprised of American depositary receipts ("ADRs") and global depositary receipts ("GDRs") selected, based on liquidity, from a universe of all listed depositary receipts of companies from Brazil, Russia, India and China currently trading on U.S. exchanges. The companies in the universe are selected using a proprietary methodology developed by The Bank of New York Mellon ("BNY" or the "Index Provider"). The Fund will normally invest at least 90% of its total assets in common stock and ADRs and GDRs that comprise the Index. As of February 29, 2008, the Index consists of 91 securities. 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.

Index Methodology

The BNY BRIC Index tracks the performance of U.S. exchange-listed depositary receipts in ADR or GDR form that are listed for trading on the New York Stock Exchange ("NYSE"), the American Stock Exchange ("AMEX") and NASDAQ Stock Market ("NASDAQ") of companies from Brazil, Russia, India and China, which meet certain criteria. The universe of potential Index constituents includes all liquid U.S. exchange-listed ADRs and GDRs. As of December 31, 2007, the BNY BRIC Index's constituent countries are represented (in approximate market capitalization) in the Index as follows: 48% of the Index consists of Brazilian companies, 6% of the Index consists of Russian companies, 10% of the Index consists of Indian companies and 36% of the Index consists of Chinese companies.

Fund Performance

All Fund returns cited - whether based on net asset value ("NAV") or market price - assume the reinvestment of all distributions. This report discusses the semi-annual fiscal period from August 31, 2007, through February 29, 2008.

On a market price basis, the Fund generated a total return of 23.51%, representing a change in market price to $50.10 on February 29, 2008, from $40.75 on August 31, 2007. On an NAV basis, the Fund generated a total return of 23.42%, representing a change in NAV to $49.99 on February 29, 2008, from $40.69 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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 BNY BRIC Index generated a return of 23.63% and the MSCI Emerging Market Index generated a return of 8.04% for the same period. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. It is not possible to invest directly in an index.

The Fund made an annual distribution of $0.24312 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

The six-month period from August 31, 2007, through February 29, 2008, was a period of considerable economic uncertainty and significant turmoil throughout capital markets. After several years of robust growth, in early 2008 the world economy faces increased risks from the U.S. housing slump and a tightening of credit conditions. However, the global economy appears to be rebalancing, becoming less dependent on U.S. demand and more reliant on demand in Europe, Asia and Latin America, regions that can remain relatively insulated from problems in the U.S.

Economies in the BRIC markets - Brazil, Russia, India and China - continued to trend upward in 2007 and early 2008. Market strength was driven by an environment of strong global growth trends, well-contained inflation and expanding demand for goods and services from both emerging markets and developed countries. All four of these markets were up during the six-month period; the strongest was Brazil--as measured by the individual country indices published by MSCI.

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Performance Attribution

For the six-month period ended February 29, 2008, the oil & gas sector made the strongest positive contribution to return, followed by the basic materials sector. The industrials, technology and utilities sectors produced negative returns. A Brazilian oil and gas service company, Petroleo Brasileiro SA (common stock 8.6%, preference shares 9.9% of long-term investments) contributed significantly to the portfolio's return for the period. Also highly positive was Cia Vale do Rio Doce (common stock 5.5%, preference shares 7.2% of long-term investments), a Brazilian metals and mining company. Holdings that detracted from performance include China Life Insurance Co. Ltd., an insurance company in the People's Republic of China; Infosys Technologies Ltd., a global technology services firm based in India; and Aluminum Corp. of China Ltd., (3.6%, 2.3% and 1.0% of long-term investments, respectively).

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CSD | Claymore/Clear Spin-Off ETF

Fund Overview

The Claymore/ Clear Spin-Off ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Clear Spin-off Index (the "Spin-off Index" or "Index").

The Index is comprised of approximately 40 stocks selected, based on investment and other criteria, from a broad universe of U.S.-traded stocks and American depositary receipts ("ADRs") and master limited partnerships ("MLPs"). The universe of companies eligible for inclusion in the Index includes companies that have been spun-off within the past two years (but not more recently than six months prior to the applicable rebalancing date), without limitations on market capitalization (including micro-cap securities), but which are primarily small- and mid-cap companies with capitalizations under $10.0 billion. Clear Indexes LLC ("Clear" or the "Index Provider") defines a spin-off company as any company resulting from either of the following events: a spinoff distribution of stock of a subsidiary company by its parent company to parent company shareholders or equity "carve-outs" or "partial initial public offerings" in which a parent company sells a percentage of the equity of a subsidiary to public shareholders. The Fund will normally invest at least 90% of its total assets in common stock and ADRs and MLPs that 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.

Index Methodology

The Spin-off Index selection methodology is designed to identify companies with potentially superior risk/return profiles as determined by Clear. The Index is designed to actively represent the stock of a group of companies that have recently been spun-off from larger corporations and have the opportunity to better focus on their core market segment. The Index constituent selection methodology was developed by Clear as a quantitative approach to selecting stocks from a universe of all spin-off companies. The Index constituent selection model evaluates and selects stocks from a universe of recently spun-off companies using a proprietary, 100% rules-based methodology developed by Clear. The Index constituent selection methodology utilizes multi-factor proprietary selection rules to seek to identify those stocks that offer the greatest potential from a risk/return perspective. The Index is adjusted semi-annually.

Fund Performance

On a market price basis, the Fund generated a total return of -19.54%, representing a change in market price to $23.15 on February 29, 2008, from $28.97 on August 31, 2007. On an NAV basis, the Fund generated a total return of -19.95%, representing a change in NAV to $23.07 on February 29, 2008, from $29.02 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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 Spin-off Index returned -19.97% and the Standard & Poor's 500 Index ("S&P 500") generated a return of -8.79% for the same period. 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.

The Fund made an annual distribution of $0.1845 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

The six-month period from August 31, 2007, through February 29, 2008, was a period of considerable economic uncertainty and significant turmoil throughout the capital markets. In the last few months of 2007, what began as a correction in the U.S. housing market accelerated into a crisis in the sub-prime mortgage market with profound implications for the entire economy. By early 2008, there had been pronounced changes in attitudes toward risk in financial markets, as demonstrated by wider credit spreads, severe dislocation in short-term credit markets, overall tightening of financial conditions and an increasingly volatile equity market. The Federal Reserve Board reduced interest rates five times between September 2007 and January 2008, striving to strike a balance between providing liquidity to financial markets and keeping inflation at a moderate level. Even with this stimulus, recent trends in employment, consumer spending and other indicators have led many economists to forecast that the U.S. will experience a recession during 2008.

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Claymore Exchange-Traded Fund Trust | Management Discussion of Fund Performance continued

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.

Performance Attribution

For the six-month period ended February 29, 2008, all of the 10 industry sectors into which the Fund's holdings are divided posted negative returns. The sector that detracted most from returns was consumer discretionary, while the strongest was the financials. Holdings that made positive contributions to performance include Mariner Energy, Inc., an oil and gas exploration, development and production company; Tim Hortons, Inc., a Canadian quick service restaurant chain; and Western Union Co., a provider of money transfer services (3.2%, 5.3% and 5.3% of long-term investments, respectively); and Viacom, Inc., a global entertainment content company (not held in the portfolio as of 2/29/08). Holdings that detracted from performance include Idearc Inc., which publishes yellow pages directories; Qimonda AG, a German supplier of semiconductor memory products; Embarq Corp., a provider of telecommunications and other services; and restaurant operator Chipotle Mexican Grill, Inc. (0.9%, 1.9%, 4.9%, and 3.8% of long-term investments, respectively).

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XGC | Claymore/Great Companies Large-Cap Growth Index ETF

Fund Overview

The Claymore/Great Companies Large-Cap Growth Index ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Great Companies Large-Cap Growth Index (the "Large-Cap Index" or "Index").

The Index is composed of between 35 and 50 securities. The companies included in the Index universe are selected using a quantitative methodology developed by Great Companies, Inc. ("Great Companies" or the "Index Provider") that is based on earnings growth, market price relative to True Worth(TM) (a proprietary valuation metric of Great Companies that measures implied cash flow returns relative to a stock's current multiple as well as comparable common stocks at competitive firms), and the traits of "great companies" as detailed in the book Great Companies, Great Returns, by Jim Huguet, published by Random House (1999).

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.

Index Methodology

The Large-Cap Index selection methodology seeks to identify companies that have a track record of double digit earnings growth, the potential for double digit earnings growth in the future, possess some or all of the following characteristics exhibited by "great companies" (as determined by the Index Provider) and are trading at or below their True Worth(TM):

o Highly regarded by knowledgeable experts, reflected in recognition by major publications for their achievements;

o Publicly traded on a major stock exchange for at least five years;

o Headquartered in the United States;

o A history of operating excellence within their respective industries;

o Market capitalization in excess of $10 billion; with solid financials and appropriate debt levels;

o Global orientation allowing the company to succeed anywhere in the world;

o A history of above average long-term earnings growth;

o A record of either selling or closing poor-performing businesses while investing in or expanding higher-performing businesses;

o Protected by strong barriers such as patents, brand franchises, low cost producer status, superior quality and outstanding customer service;

o A record of attracting and retaining high-performing employees;

o An outstanding management team, especially the chief executive officer; and

o Growth primarily driven by innovation and other internal factors rather than by external factors (such as acquisitions).

Fund Performance

On a market price basis, the Fund generated a total return of -11.72%, representing a change in market price to $21.92 on February 29, 2008, from $25.02 on August 31, 2007. On an NAV basis, the Fund generated a total return of -12.00%, representing a change in NAV to $21.84 on February 29, 2008, from $25.01 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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 Large-Cap Index returned -11.39% and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund made an annual distribution of $0.1850 per share on December 31, 2007, to shareholders of record on December 28, 2007.

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Economic and Market Overview

The six-month period from August 31, 2007, through February 29, 2008, was a period of considerable economic uncertainty and significant turmoil throughout capital markets. In the last few months of 2007, what began as a correction in the U.S. housing market accelerated into a crisis in the sub-prime mortgage market with profound implications for the entire economy. By early 2008, there had been pronounced changes in attitudes toward risk in financial markets, as demonstrated by wider credit spreads, severe dislocation in short-term credit markets, overall tightening of financial conditions and an increasingly volatile equity market. The Federal Reserve Board reduced interest rates five times between September 2007 and January 2008, striving to strike a balance between providing liquidity to financial markets and keeping inflation at a moderate level. Even with this stimulus, recent trends in employment, consumer spending and other indicators have led many economists to forecast that the U.S. will experience a recession during 2008.

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. As of June 2007 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.)

Performance Attribution

For the six-month period ended February 29, 2008, among the seven sectors into which the Fund's holdings are divided, the energy and materials sectors made the strongest positive contributions to return; the financials, consumer discretionary and information technology sectors were the greatest detractors.

Holdings that contributed strongly to performance include steel producer Nucor Corp.; Research In Motion Ltd., producer of BlackBerry wireless devices; Anadarko Petroleum Corp., an oil and gas exploration and production company (4.2%, 5.4% and 3.8% of total investments, respectively) and Imperial Oil Ltd., a Canadian energy company (not held in the portfolio as of 2/29/08). Holdings that detracted from performance include Starbucks Corp., leather goods marketer Coach, Inc.; and several financial services firms including Citigroup, Inc. (2.2%, 1.9% and 0.8% of total investments, respectively) and E*TRADE Financial Corp. (not held in the portfolio as of 2/29/08).

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OTR | Claymore/Ocean Tomo Growth Index ETF

Fund Overview

The Claymore/Ocean Tomo Growth Index ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Ocean Tomo 300(R) Patent Growth Index (the "Ocean Tomo Index" or "Index").

The Index is comprised of approximately 60 stocks selected, based on investment and other criteria, from a universe of U.S. listed companies. The universe of companies includes the 300 companies that comprise the Ocean Tomo 300(R) Patent Index without limit on market capitalization. The companies in the universe are selected using criteria as identified by Ocean Tomo Capital, LLC ("Ocean Tomo or the "Index Provider"). 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.

Index Methodology

The Index selection process is designed to identify six companies in each of ten market capitalization deciles with the highest price-to-book ratio from the universe of companies that are members of the Ocean Tomo 300(R) Patent Index. The resulting 60 companies form the Index. The Index is market capitalization weighted, with a maximum exposure to any individual stock capped at 15%. Any excess weighting is distributed according to the appropriate pro rata share to the remaining stocks within the Index that are below the 15% threshold. The Index is reconstituted annually after the close of business on the last day of October.

The Index constituent selection methodology was developed by Ocean Tomo as a quantitative approach to selecting stocks in a diversified portfolio from a group of listed equities. The Index member selection model evaluates and selects stocks on the basis of the value of their intellectual property, specifically their patent valuations, using Ocean Tomo's Patent Ratings(R) software, from a universe of U.S. listed stocks using a proprietary, 100% rules-based methodology developed by Ocean Tomo. The Index constituent selection methodology utilizes multi-factor proprietary selection rules to identify those stocks that offer the greatest potential from a risk/return perspective. The approach is specifically designed to enhance investment applications and investability.

Fund Performance

On a market price basis, the Fund generated a total return of -9.81%, representing a change in market price to $24.61 on February 29, 2008, from $27.45 on August 31, 2007. On an NAV basis, the Fund generated a total return of -11.46%, representing a change in NAV to $24.15 on February 29, 2008, from $27.44 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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 Ocean Tomo Index returned -10.53% and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund made an annual distribution of $0.1700 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

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Performance Attribution

For the six-month period ended February 29, 2008, among the eight sectors into which the Fund's holdings are divided, only the consumer staples and materials sectors made positive contributions to return. (The Fund has no holdings in the financials and utilities sectors.) The information technology sector was the greatest detractor.

Holdings that contributed to performance include consumer products marketer Procter & Gamble Co.; ABB Ltd., a Swiss provider of power and automation technologies (prior two securities not held in the portfolio as of 2/29/08); and Gilead Sciences, Inc., a biopharmaceutical company (3.1% of total investments). Holdings that detracted from performance include Microsoft Corp., Cisco Systems, Inc. and Apple, Inc., all of which are in the information technology sector (14.4%, 10.6% and 7.8% of total investments, respectively).

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OTP | Claymore/Ocean Tomo Patent ETF

Fund Overview

The Claymore/Ocean Tomo Patent ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Ocean Tomo 300(R) Patent Index (the "OT300 Index" or "Index"). The Index is the first publicly available patent index.

The Index is comprised of approximately 300 stocks selected, based on patent valuation and other criteria, from a broad universe of U.S.-traded stocks. The universe of companies includes approximately the 1,000 most-liquid listed companies without limitations on market capitalization. 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.

The Index selection methodology is designed to identify six companies within each of 50 style and size groups (which include value, relative value, blend, growth at a reasonable price (GARP) and growth by decile) with the highest patent value to book value ratio as determined by Ocean Tomo Capital, LLC
("Ocean Tomo" or the "Index Provider") using Ocean Tomo's Patent Ratings(R)
software. The Index is designed to actively represent a group of stocks that own quality patent portfolios. The Index constituent selection methodology was developed by Ocean Tomo as a quantitative approach to selecting stocks from a universe of 1,000 companies. The Index constituent selection methodology evaluates and selects stocks from a universe of 1,000 companies eligible for inclusion in the Index using a proprietary, 100% rules-based methodology developed by Ocean Tomo. The Index constituent selection methodology utilizes multi-factor proprietary selection rules to seek to identify those stocks that offer the greatest patent value opportunities. The approach is specifically designed to enhance investment applications and investability. The Index annually reconstitutes after the close of business on the last business day of October.

Fund Performance

On a market price basis, the Fund generated a total return of -5.42%, representing a change in market price to $25.62 on February 29, 2008, from $27.66 on August 31, 2007. On an NAV basis, the Fund generated a total return of -6.08%, representing a change in NAV to $25.68 on February 29, 2008, from $27.92 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 OT300 Index returned -5.64% and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund made an annual distribution of $0.6000 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

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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.)

Performance Attribution

For the six-month period ended February 29, 2008, among 10 sectors into which the Fund's holdings are divided, only the materials and consumer staples sectors made positive contributions to returns. The information technology and telecommunication services sectors were the greatest detractors.

Holdings that contributed strongly to performance include Monsanto Company, a global provider of agricultural products for farmers (0.8% of total investments); Exxon Mobil Corp.; and Finnish cell phone manufacturer Nokia Corporation. (The prior two holdings are no longer held in the portfolio as of 2/29/08.) Holdings that detracted from performance include Cisco Systems, Inc., which designs and manufactures networking systems; General Electric Co.; and semiconductor chip maker Intel Corporation (2.0%, 4.5% and 1.6% of total investments, respectively).

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DEF | Claymore/Sabrient Defender ETF

Fund Overview

The Claymore/Sabrient Defender ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Sabrient Defensive Equity Index (the "Defensive Equity Index" or "Index").

The Index is comprised of approximately 100 stocks selected, based on investment and other criteria, from a broad universe of U.S.-traded stocks and American depositary receipts ("ADRs"). The universe of potential Index constituents includes approximately 1,000 listed companies, generally with market capitalizations in excess of $1 billion. The Fund will normally invest at least 90% of its total assets in common stock and 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.

Index Methodology

The Defensive Equity Index selection methodology is designed to identify companies with potentially superior risk/return profiles, as determined by Sabrient Systems, LLC ("Sabrient" or the "Index Provider"), during periods of weakness in the markets and/or the American economy overall. The Index is designed to actively represent a group of stocks that reflect occurrences such as low relative valuations, conservative accounting, dividend payments and a history of out-performance during bearish market periods. The Index constituents represent a "defensive" portfolio with the potential to outperform broad market benchmark indices on a risk-adjusted basis during periods of market weakness, while still providing the potential for positive returns during strong market periods.

The Index constituent selection methodology was developed by Sabrient as an effective, quantitative approach to selecting stocks in a diversified portfolio from a broad universe of companies. The Index constituent selection methodology evaluates and selects stocks from the qualified universe of companies using a proprietary, 100% rules-based methodology developed by Sabrient.

The Index constituent selection methodology utilizes multi-factor proprietary selection rules to seek to identify those stocks that offer the greatest potential from a risk/return perspective during weak market periods. The approach is specifically designed to enhance investment applications and investability. The constituent selection process and portfolio rebalance are repeated once per quarter.

Fund Performance

On a market price basis, the Fund generated a total return of -7.15%, representing a change in market price to $24.03 on February 29, 2008, from $26.29 on August 31, 2007. On an NAV basis, the Fund generated a total return of -7.25%, representing a change in NAV to $24.05 on February 29, 2008, from $26.34 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 Defensive Equity Index returned -6.92% and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund made an annual distribution of $0.4100 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

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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.)

Performance Attribution

For the six-month period ended February 29, 2008, energy was the only industry sector that made a positive contribution to return; the financials sector was the greatest detractor.

Holdings that contributed strongly to performance include Cimarex Energy Co., (1.3% of long-term investments) an oil and gas exploration and production company that has benefited from rising oil prices; The Pepsi Bottling Group, Inc., a subsidiary of PepsiCo, Inc. (not held in the portfolio as of 2/29/08); and two international telecommunications firms, Philippine Long Distance Telephone Co. (1.0 % of long-term investments) and Mobile TeleSystems (not held in the portfolio as of 2/29/08) which operates mainly in Russia. Holdings that detracted from performance include iStar Financial, Inc., a finance company focused on the commercial real estate industry; Qwest Communications International, Inc., a provider of voice, data, Internet and video services; and SUPERVALU, Inc., a grocery retailer and wholesaler (0.8%, 1.0% and 0.9% of long-term investments, respectively).

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NFO | Claymore/Sabrient Insider ETF

Fund Overview

The Claymore/Sabrient Insider ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Sabrient Insider Sentiment Index (the "Insider Sentiment Index" or "Index").

The Index is comprised of approximately 100 stocks selected, based on investment and other criteria, from a broad universe of U.S.-traded stocks and American depositary receipts ("ADRs"). The universe of companies eligible for inclusion in the Index includes approximately 6,000 listed companies without limitations on market capitalization. The Fund will normally invest at least 90% of its total assets in common stock and 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.

Index Methodology

The Index selection methodology is designed to identify companies with potentially superior risk-return profiles as determined by Sabrient Systems, LLC ("Sabrient" or the "Index Provider"). The objective of the Index is to actively represent a group of stocks that are reflecting favorable corporate insider buying trends (determined via the public filings of such corporate insiders) and Wall Street analyst earnings estimate increases. Pursuant to Sabrient's proprietary methodology, Sabrient evaluates both corporate insider buying trends and Wall Street analyst earnings estimate increases in ranking companies for possible Index inclusion, and it is possible for a company that scores highly enough under either one of those factors to be included in the Index, based on that factor alone.

The Index constituent selection methodology utilizes multi-factor proprietary selection rules to identify those stocks that are believed to offer the greatest potential from a risk/return perspective while maintaining industry diversification. The approach is specifically designed to enhance investment applications and investability. The Index is adjusted quarterly.

Fund Performance

On a market price basis, the Fund generated a total return of -9.26%, representing a change in market price to $26.47 on February 29, 2008, from $29.45 on August 31, 2007. On an NAV basis, the Fund generated a total return of -9.11%, representing a change in NAV to $26.54 on February 29, 2008, from $29.48 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 Insider Sentiment Index returned -9.01% and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund made an annual distribution of $0.2800 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

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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.)

Performance Attribution

For the six-month period ended February 29, 2008, the materials sector was the only one of the 10 sectors into which the Fund's holdings are divided that made a positive contribution to return. The information technology and financials sectors were the greatest detractors from returns.

Holdings that contributed strongly to performance include The Mosaic Company, a producer of potash and phosphate; First Solar, Inc., which designs and manufactures solar modules; and coal producer Massey Energy Company (1.5%, 0.9% and 1.2% of long-term investments, respectively). Holdings that detracted from performance include crude oil refiner Western Refining, Inc.; Cadence Design Systems, Inc., which develops electronic design automation software and hardware; Blue Coat Systems, Inc., a technology company that provides internet security systems to businesses; and check printer Deluxe Corporation (0.8%, 0.7%, 0.7% and 0.8% of long-term investments, respectively).

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STH | Claymore/Sabrient Stealth ETF

Fund Overview

The Claymore/Sabrient Stealth ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Sabrient Stealth Index (the "Stealth Index" or "Index").

The Index is comprised of approximately 150 stocks selected, based on investment and other criteria, from a broad universe of U.S.-traded stocks and American depositary receipts ("ADRs") having little or no Wall Street analyst coverage (no more than two analysts). The universe of potential Index constituents includes approximately 2,100 listed companies without limitations on market capitalization, but which are mostly small-cap and micro-cap companies with capitalizations under $3.5 billion. The Fund will normally invest at least 90% of its total assets in common stock and 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.

Index Methodology

The Stealth Index selection methodology is designed to identify companies with potentially superior risk-return profiles as determined by Sabrient Systems, LLC ("Sabrient" or the "Index Provider"). The objective of the Index is to actively represent a group of stocks that are "flying under the radar screen" of Wall Street's analysts, but which have displayed robust growth characteristics.

The Index constituent selection methodology was developed by Sabrient as a quantitative approach to selecting stocks in a diversified portfolio from a group of companies that have little or no Wall Street analyst coverage (no more than two analysts). The Index constituent selection model evaluates and selects stocks from a universe of uncovered and under-covered companies using a proprietary, 100% rules-based methodology developed by Sabrient.

The Index constituent selection methodology utilizes multi-factor proprietary selection rules to identify those stocks that offer the greatest potential from a risk/return perspective while maintaining industry diversification. The approach is specifically designed to enhance investment applications and investability. The constituent selection process and portfolio rebalance are repeated once per quarter.

Fund Performance

On a market price basis, the Fund generated a total return of -15.96%, representing a change in market price to $21.59 on February 29, 2008, from $26.18 on August 31, 2007. On an NAV basis, the Fund generated a total return of -16.26%, representing a change in NAV to $21.57 on February 29, 2008, from $26.25 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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 Sabrient Stealth Index returned -16.15% and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund made an annual distribution of $0.4375 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

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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.)

Performance Attribution

For the six-month period ended February 29, 2008, among the 10 sectors into which the Fund's holdings are divided, only the utilities sector made a positive contribution to return. The greatest detractors were industrials and consumer discretionary.

Holdings that made positive contributions to performance include Capstead Mortgage Corp., a real estate investment trust; apparel company Perry Ellis International, Inc. (1.5% and 1.7% of long-term investments, respectively); American Oriental Bioengi-neering, Inc., a pharmaceutical and traditional Chinese medicine company; and Continental Resources, Inc., an oil and gas exploration and production company (the two prior securities are no longer held in the portfolio as of 2/29/08). Holdings that detracted from performance include Immersion Corp., a provider of specialized technologies (1.0% of long-term investments); home builder M/I Homes, Inc.; and Delta Financial Corp., a specialty consumer finance company (the two prior securities are not held in the portfolio as of 2/29/08).

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CZA | Claymore/Zacks Mid-Cap Core ETF

Fund Overview

The Claymore/Zacks Mid-Cap Core ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an index called the Zacks Mid-Cap Core Index (the "Zacks Mid-Cap Core Index" or "Index").

The Index is comprised of 100 stocks selected, based on investment and other criteria, from a universe of mid-capitalization common stocks and American depositary receipts ("ADRs"). Currently, the mid-capitalization universe ranges from approximately $1 billion in market capitalization to $10 billion in market capitalization as defined by Zacks Investment Research, Inc. ("Zacks" or the "Index Provider"). The securities in the universe are selected using a proprietary strategy developed by Zacks. The Fund will normally invest at least 90% of its total assets in securities 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.

Index Methodology

The Zacks Mid-Cap Core Index selection methodology is designed to identify securities with potentially superior risk-return profiles as determined by Zacks. The Index seeks to select a group of stocks with the potential to outperform indices such as the Russell Midcap Index or the S&P MidCap 400 Index and other benchmark indices on a risk-adjusted basis.

The Index constituent selection methodology utilizes multi-factor proprietary selection rules to identify those stocks that offer the greatest potential from a risk/return perspective. The approach is specifically designed to enhance investment applications and investability. The Index is adjusted quarterly.

Fund Performance

All Fund returns cited - whether based on net asset value ("NAV") or market price - assume the reinvestment of all distri-butions. This report discusses the semi-annual fiscal period from August 31, 2007, through February 29, 2008.

On a market price basis, the Fund generated a total return of -4.30%, representing a change in market price to $24.40 on February 29, 2008, from $25.59 on August 31, 2007. On an NAV basis, the Fund generated a total return of -7.50%, representing a change in NAV to $23.50 on February 29, 2008, from $25.50 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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 Zacks Mid-Cap Core returned -7.23% and the Standard & Poor's 500 Index ("S&P 500") generated a return of -8.79% for the same period. 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.

The Fund made an annual distribution of $0.0950 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

In this challenging economic environment, most U.S. equity indices posted negative returns. Large-cap stocks performed better than mid-cap or small-cap stocks, as investors demonstrated a preference for investments considered to be less risky.

Performance Attribution

For the six-month period ended February 29, 2008, among the 10 sectors into which the Fund's holdings are divided, only the materials and telecommunication services sectors made positive contributions. The sector that was greatest detractor was information technology, followed by the financials and consumer discretionary sectors.

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Holdings that contributed to performance include Noble Energy, Inc., a crude oil and natural gas exploration and production company; Ecolab, Inc., which provides maintenance products and services to the hospitality, foodservice, health care and industrial markets; and Fiserv, Inc., which provides processing services to financial institutions. (The three aforementioned companies are no longer held by the Fund as of 2/29/08.) Holdings that detracted from performance include Cooper Industries, Ltd., which manufactures tools and electrical products; Delhaize Group, a Belgian Food retailer; Harris Corp., a communications and information technology company serving government and commercial markets; and CNA Financial Corp., an insurance holding company (1.7%, 1.6%, 1.5% and 1.6% of total investments, respectively).

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XRO | Claymore/Zacks Sector Rotation ETF

Fund Overview

The Claymore/Zacks Sector Rotation ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Zacks Sector Rotation Index (the "Zacks Sector Rotation Index" or "Index").

The Index is comprised of approximately 100 stocks selected, based on investment and other criteria, from a universe of the 1,000 largest listed equity companies based on market capitalization. The universe of potential Index constituents includes all U.S. stocks, American depositary receipts ("ADRs") and master limited partnerships ("MLPs") listed on domestic exchanges. The companies in the universe are selected using a proprietary methodology developed by Zacks Investment Research, Inc. ("Zacks" or the "Index Provider"). As of February 29, 2008, the stocks included in the Index have market capitalizations in excess of $1.7 billion. The Fund will normally invest at least 90% of its total assets in common stock and ADRs and MLPs 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.

Index Methodology

The Zacks Sector Rotation Index uses a proprietary quantitative methodology developed by Zacks to overweight (as compared to other benchmark indices) sectors with potentially superior risk-return profiles. The objective of the Index is to overweight those sectors that combined have the potential to outperform, on a risk-adjusted basis, the S&P 500(R) Index and other benchmark indices.

The Index constituent selection methodology utilizes multi-factor proprietary selection rules to identify those sectors that offer the greatest potential from a risk/return perspective. The approach is specifically designed to enhance investment applications and investability. The sector allocation and constituent ranking, reconstitution and rebalancing process is repeated on a quarterly basis.

Fund Performance

On a market price basis, the Fund generated a total return of -4.76%, representing a change in market price to $28.04 on February 29, 2008, from $29.61 on August 31, 2007. On an NAV basis, the Fund generated a total return of -4.60%, representing a change in NAV to $28.02 on February 29, 2008, from $29.54 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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 Zacks Sector Rotation Index returned -4.37% and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund made an annual distribution of $0.18684 per share on December 31, 2007, to shareholders of record on December 28, 2007.

Economic and Market Overview

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Performance Attribution

For the six-month period ended February 29, 2008, among the 10 sectors into which the Fund's holdings are divided, the energy sector made the strongest positive contribution to return, followed by the financials sector; the consumer discretionary and information technology sectors were the greatest detractors.

Holdings that made positive contributions to performance include First Solar Inc., a producer of solar modules; Hess Corp., a global integrated energy company; Transocean Inc., an international provider of offshore contract drilling services; (these three afore mentioned securities are not held in the portfolio as of 2/29/08) and farm equipment manufacturer Deere & Co. (1.9% of total investments). Holdings that detracted from performance include Apple Inc. and Google Inc., both in the information technology sector; pharmaceutical firms Schering-Plough Corp. and Merck & Co. Inc.; and Garmin Ltd., a global provider of navigation, communications and information devices (1.3%, 1.4%, 1.6%, 1.5% and 1.0% of total investments, respectively).

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CVY | Claymore/Zacks Yield Hog ETF

Fund Overview

The Claymore/Zacks Yield Hog ETF (the "Fund") seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the Zacks Yield Hog Index (the "Zacks Yield Hog Index" or "Index").

The Index is comprised of approximately 125 to 150 securities selected, based on investment and other criteria, from a universe of domestic and international companies. The securities comprising the Index include stocks of small and medium-sized companies. The universe of securities within the Index includes U.S. listed common stocks and American depositary receipts ("ADRs") paying dividends, real estate investment trusts ("REITs"), master limited partnerships, closed-end funds and traditional preferred stocks. The companies in the universe are selected using a proprietary methodology developed by Zacks Investment Research, Inc. ("Zacks" or the "Index Provider"). The Fund will normally invest at least 90% of its total assets in securities 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 expects to use a sampling approach in seeking to achieve its objective. Sampling means that the investment adviser uses quantitative analysis to select stocks from the Index universe to obtain a representative sample of stocks that resemble the Index in terms of key risk factors, performance attributes and other characteristics.

Index Methodology

The Zacks Yield Hog Index selection methodology is designed to identify companies with potentially high income and superior risk-return profiles as determined by Zacks. The objective of the Index is to select a diversified group of securities with the potential to have a yield in excess of and outperform on a risk-adjusted basis the Dow Jones US Select Dividend Index and other benchmark indices.

The Index constituent selection methodology utilizes multi-factor proprietary selection rules to identify those securities that offer the greatest potential from a yield and risk/return perspective while maintaining industry diversification. The approach is specifically designed to enhance investment applications and investability. The constituent selection process, as well as the ranking, reconstitution and rebalancing of the Index, is repeated quarterly.

Fund Performance

All Fund returns cited -- whether based on net asset value ("NAV") or market price assume the reinvestment of all distributions. This report discusses the semi-annual fiscal period from August 31, 2007 through February 29, 2008.

On a market price basis, the Fund generated a total return of -11.23%, representing a change in market price to $22.53 on February 29, 2008, from $26.10 on August 31, 2007. On an NAV basis, the Fund generated a total return of -11.49%, representing a change in NAV to $22.50 on February 29, 2008, from $26.14 on August 31, 2007. At the end of the period the Fund's shares were trading at a market price premium to NAV, which is to be expected from time to time. 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, Zacks Yield Hog Index returned -11.17%, and the Standard & Poor's 500 Index ("S&P 500") returned -8.79% for the same period. 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.

The Fund pays distributions quarterly and paid a distribution of $0.3200 per share on September 28, 2007 to shareholders of record on September 26, 2007. The Fund paid distribution of $0.3670 per share on December 31, 2007 to shareholders of record on December 28, 2007.

Economic and Market Overview

The six-month period from August 31, 2007, through February 29, 2008, was a period of considerable economic uncertainly and significant turmoil throughout the capital markets. In the last few months of 2007, what began as a correction in the U.S. housing market accelerated into a crisis in the sub-prime mortgage market with profound implications for the entire economy. By early 2008, there had been pronounced changes in attitudes toward risk in financial markets, as demonstrated by wider credit spreads, severe dislocation in short-term credit markets, overall tightening of financial conditions and an increasingly volatile equity market. The Federal Reserve Board reduced interest rates five times between September 2007 and January 2008, striving to strike a balance between providing liquidity to financial markets and keeping inflation at a moderate level. Even with this stimulus, recent trends in employment, consumer spending and other indicators have led many economists to forecast that the U.S. will experience a recession during 2008.

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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 discretionary sectors posted positive returns. The weakest sector was financials, followed by the telecommunication services and consumer discretionary sectors.

Performance Attribution

For the six-month period ended February 29, 2008, positions in the materials, energy and telecommunication services sectors made positive contributions to the Fund's performance. The financials and consumer discretionary sectors were the greatest detractors from returns.

Holdings that contributed to performance include Fording Canadian Coal Trust, a Canadian mutual fund trust with major interests in coal mining; Annaly Capital Management, Inc., a real estate investment trust; BP Prudhoe Bay Royalty Trust, which receives royalties from oil produced in Alaska's Prudhoe Bay Field; and Chunghwa Telecom Co., Ltd., a Taiwan-based telecommunications provider (1.8 %, 1.3%, 1.4% and 1.2% of long-term investments, respectively). Positions that detracted from performance include Ambac Financial Group, Inc. and MBIA Inc. (0.4% and 0.4% of long-term investments, respectively); these providers of financial guarantee products and other financial services have been negatively impacted by the sub-prime mortgage crisis. Also negative was The First Marblehead Corporation (0.3% of long-term investments), which provides outsourcing services for private education lending.

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Risks and Other Considerations

The views expressed in this report reflect those of the portfolio manager and Claymore only through the report period as stated on the cover. These views are subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any kind. The material may also contain forward looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. 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.

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-cap, small- and medium-sized 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.

Foreign Investment Risk. The Fund's investments in non-U.S. issuers, although limited to ADRs, may involve unique risks compared to investing in securities of U.S. issuers, including, among others, greater market volatility than U.S. securities and less complete financial information than for U.S. issuers. In addition, adverse political, economic or social developments could undermine the value of the Funds' investments or prevent the Funds from realizing the full value of their 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.

Emerging Markets Risk. Investing in foreign countries, particularly emerging market countries, entails the risk that news and events unique to a country or region will affect those markets and their issuers. Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets.

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/BNY BRIC ETF is also subject to risks incurred by investing in companies that are located in Brazil, Russia, India and China. Brazil has experienced substantial economic instability resulting from, among other things, periods of very high inflation, persistent structural public sector deficits and significant devaluations of the currency of Brazil, which have led to a high degree of price volatility in both the Brazilian equity and foreign currency markets. Investing in securities of Russian companies involves additional risks, including, among others, the absence of developed legal structures governing private or foreign investments and private property; the possibility of the loss of all or a substantial portion of the Fund's assets invested in Russia as a result of expropriation. Investing in securities of Indian companies involves additional risks, including, but not limited to, greater price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets, more substantial governmental involvement in the economy, higher rates of inflation and greater political, economic and social uncertainty. Investing in securities of Chinese companies involves additional risks, including, but not limited to: the economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. As an investor in such companies, the Fund is indirectly subject to those risks.

The Claymore/Zacks Yield Hog ETF is also subject to risks incurred by investing in preferred stocks--some that may be rated below investment grade, REITs, master limited partnerships and other investment companies.

The Claymore/Zacks Sector Rotation ETF is also subject to various sector risks and portfolio turnover risks.

The Claymore/Ocean Tomo Patent ETF and the Claymore/Ocean Tomo Growth Index ETF are also subject to patent risk meaning that the companies in which they invest (via the Index) can be significantly affected by patent considerations, including the termination of their patent protection for their products.

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.

26 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust Fund Summary & Performance (unaudited) continued

Fund Summary & Performance | As of February 29, 2008 (unaudited)

EEB | Claymore/BNY BRIC ETF

Fund Statistics
--------------------------------------------------------------------------------
Share Price $ 50.10
Net Asset Value $ 49.99
Premium/Discount to NAV 0.22%
Net Assets ($000) $ 1,032,427
--------------------------------------------------------------------------------

Total Returns
--------------------------------------------------------------------------------
 Since Inception
(Inception 9/21/06) Six Month One Year Annualized
--------------------------------------------------------------------------------
Claymore/ BNY BRIC ETF
 NAV 23.42% 66.50% 64.49%
 Market 23.51% 66.60% 64.74%
--------------------------------------------------------------------------------
Bank of New York Mellon
 BRIC Select ADR Index 23.63% 67.55% 65.81%
--------------------------------------------------------------------------------

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 $24.58 per share for share price returns or initial net asset value (NAV) of $24.58 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 0.68%, 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 0.58% while the Fund's annualized gross operating expense ratio was determined to be 0.58%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense

cap and actual expenses may be higher than 0.60%. Without this expense cap,
actual returns would be lower.

Portfolio Breakdown % of Net Assets
--------------------------------------------------------------------------------
Energy 28.0%
Materials 19.3%
Telecommunication Services 19.0%
Financials 16.7%
Information Technology 5.2%
Consumer Staples 3.2%
Consumer Discretionary 3.0%
Industrials 2.8%
Utilities 1.8%
Health Care 0.7%
--------------------------------------------------------------------------------
Total Long-Term Investments 99.7%
--------------------------------------------------------------------------------
Short-Term Investments 24.2%
Liabilities in excess of Other Assets -23.9%
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % of Long-Term
Country Breakdown Investments
--------------------------------------------------------------------------------
Brazil 53.2%
China 32.3%
India 9.1%
Russia 5.4%
--------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
--------------------------------------------------------------------------------
Petroleo Brasileiro SA, Preference Shares, ADR 9.9%
Petroleo Brasileiro SA, ADR 8.6%
China Mobile Ltd., ADR 8.1%
Cia Vale do Rio Doce, Preference Shares, ADR 7.2%
Cia Vale do Rio Doce, ADR 5.5%
Banco Bradesco SA, Preference Shares, ADR 4.2%
PetroChina Co. Ltd., ADR 3.6%
China Life Insurance Co. Ltd., ADR 3.6%
CNOOC Ltd., ADR 3.2%
Banco Itau Holding Financeira SA, Preference Shares, ADR 3.1%
--------------------------------------------------------------------------------

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.

SemiAnnual Report | February 29, 2008 | 27

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

CSD | Claymore/Clear Spin-Off ETF

Fund Statistics
--------------------------------------------------------------------------------
Share Price $ 23.15
Net Asset Value $ 23.07
Premium/Discount to NAV 0.35%
Net Assets ($000) $ 27,690
--------------------------------------------------------------------------------

Total Returns
--------------------------------------------------------------------------------
 Since Inception
(Inception 12/15/06) Six Month One Year Annualized
--------------------------------------------------------------------------------
Claymore Clear Spin-Off ETF
 NAV -19.95% -10.48% -6.47%
 Market -19.54% -10.18% -6.20%
--------------------------------------------------------------------------------
Clear Spin-off Index -19.97% -10.13% -6.00%
--------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $25.18 per share for share price returns or initial net asset value (NAV) of $25.18 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 1.11%, 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 0.98%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.60%. Without this expense cap, actual returns would be lower.

Portfolio Breakdown % of Net Assets
--------------------------------------------------------------------------------
Consumer Discretionary 34.6%
Energy 16.8%
Financials 16.5%
Information Technology 11.4%
Telecommunication Services 10.3%
Materials 4.2%
Industrials 2.7%
Utilities 1.9%
Consumer Staples 0.9%
Health Care 0.5%
--------------------------------------------------------------------------------
Total Common Stock and Master Limited Partnerships 99.8%
Short-Term Investments 2.8%
--------------------------------------------------------------------------------
Total Investments 102.6%
Liabilities in excess of Other Assets -2.6%
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
--------------------------------------------------------------------------------
Spectra Energy Corp. 5.6%
Discover Financial Services 5.5%
Windstream Corp. 5.4%
Western Union Co. (The) 5.3%
Tim Hortons, Inc. 5.3%
Ameriprise Financial, Inc. 5.3%
CBS Corp. 5.1%
Fidelity National Financial, Inc. 4.9%
Embarq Corp. 4.9%
Wyndham Worldwide Corp. 4.8%
--------------------------------------------------------------------------------

Portfolio breakdown is as a percentage of net assets. Holdings are 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.

28 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited) continued

XGC | Claymore/Great Companies Large-Cap Growth Index ETF

Fund Statistics
--------------------------------------------------------------------------------
Share Price $ 21.92
Net Asset Value $ 21.84
Premium/Discount to NAV 0.37%
Net Assets ($000) $ 6,552
--------------------------------------------------------------------------------

Total Returns
--------------------------------------------------------------------------------
(Inception 4/2/07) Six Month Since Inception
--------------------------------------------------------------------------------
Claymore/Great Companies
 Large-Cap Growth Index ETF
 NAV -12.00% -12.04%
 Market -11.72% -11.72%
--------------------------------------------------------------------------------
Great Companies Large-Cap
 Growth Index -11.39% -10.47
--------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $25.02 per share for share price returns or initial net asset value (NAV) of $25.02 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 7.01%, 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 1.33% while the Fund's annualized gross operating expense ratio was determined to be 3.43%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.60%.Without this expense cap, actual returns would be lower.

Portfolio Breakdown % of Net Assets
--------------------------------------------------------------------------------
Financials 28.6%
Information Technology 21.5%
Consumer Discretionary 21.0%
Energy 9.5%
Materials 8.2%
Industrials 6.0%
Health Care 5.4%
--------------------------------------------------------------------------------
Total Long-Term Investments 100.2%
--------------------------------------------------------------------------------
Short-Term Investments 0.3%
Liabilities in Excess of Other Assets -0.5%
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
--------------------------------------------------------------------------------
Research In Motion Ltd. (Canada) 5.4%
Nucor Corp. 4.2%
Anadarko Petroleum Corp. 3.8%
Aflac, Inc. 3.8%
Danaher Corp. 3.7%
Petro-Canada (Canada) 3.6%
Lehman Brothers Holdings, Inc. 3.0%
Staples, Inc. 2.7%
UnitedHealth Group, Inc. 2.6%
Sun Life Financial, Inc. 2.5%
--------------------------------------------------------------------------------

Portfolio breakdown is shown as a percentage of net assets. Holdings 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 | 29

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited) continued

OTR | Claymore/Ocean Tomo Growth Index ETF

Fund Statistics
--------------------------------------------------------------------------------
Share Price $ 24.61
Net Asset Value $ 24.15
Premium/Discount to NAV 1.90%
Net Assets ($000) $ 2,415
--------------------------------------------------------------------------------

Total Returns
--------------------------------------------------------------------------------
(Inception 4/2/07) Six Month Since Inception
--------------------------------------------------------------------------------
Claymore/Ocean Tomo
 Growth Index ETF
 NAV -11.46% -3.36%
 Market -9.81% -1.52%
--------------------------------------------------------------------------------
Ocean Tomo 300(R) Patent
 Growth Index -10.53% -1.48%
--------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $25.14 per share for share price returns or initial net asset value (NAV) of $25.14 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 8.48%, 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 2.02% while the Fund's annualized gross operating expense ratio was determined to be 6.35%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.60%.Without this expense cap, actual returns would be lower.

Portfolio Breakdown % of Net Assets
--------------------------------------------------------------------------------
Information Technology 39.4%
Health Care 26.9%
Industrials 17.2%
Energy 9.3%
Consumer Discretionary 4.3%
Consumer Staples 2.4%
Materials 0.6%
Telecommunications 0.3%
--------------------------------------------------------------------------------
Total Investments 100.4%
Liabilities in excess of Other Assets (0.4)
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
--------------------------------------------------------------------------------
Microsoft Corp. 14.4%
Cisco Systems, Inc. 10.6%
Apple, Inc. 7.8%
Schlumberger Ltd. (Netherlands Antilles) 7.4%
Genentech, Inc. 5.7%
Boeing Co. 4.6%
3M Co. 4.0%
Caterpillar, Inc. 3.3%
Bristol-Myers Squibb Co. 3.2%
Gilead Sciences, Inc. 3.1%
--------------------------------------------------------------------------------

30 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

OTP | Claymore/Ocean Tomo Patent ETF

Fund Statistics
--------------------------------------------------------------------------------
Share Price $ 25.62
Net Asset Value $ 25.68
Premium/Discount to NAV -0.23%
Net Assets ($000) $ 10,272
--------------------------------------------------------------------------------

Total Returns
--------------------------------------------------------------------------------
 Since Inception
(Inception 12/15/06) Six Month One Year Annualized
--------------------------------------------------------------------------------
Claymore Ocean Tomo Patent ETF
 NAV -6.08% 4.19% 3.13%
 Market -5.42% 3.44% 2.92%
--------------------------------------------------------------------------------
Ocean Tomo 300(R) Patent Index -5.64% 5.19% 4.14%
--------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $25.27 per share for share price returns or initial net asset value (NAV) of $25.27 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 1.97%, 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 0.87% while the Fund's annualized gross operating expense ratio was determined to be 2.04%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.60%. Without this expense cap, actual returns would be lower.

Portfolio Breakdown % of Net Assets
--------------------------------------------------------------------------------
Information Technology 22.0%
Health Care 19.7%
Industrials 15.1%
Energy 14.2%
Consumer Discretionary 8.1%
Consumer Staples 7.2%
Materials 5.4%
Telecommunication Services 4.7%
Financials 2.5%
Utilities 0.8%
Exchange Traded Funds 0.2%
--------------------------------------------------------------------------------
Total Investments 99.9%
Other Assets in excess of Liabilities 0.1%
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
--------------------------------------------------------------------------------
General Electric Co. 4.5%
Microsoft Corp. 3.5%
Royal Dutch Shell PLC 3.0%
AT&T, Inc. 2.8%
Procter & Gamble Co. 2.7%
Toyota Motor Corp. 2.6%
Chevron Corp. 2.4%
Total SA 2.4%
Johnson & Johnson 2.4%
International Business Machines Corp. 2.1%
--------------------------------------------------------------------------------

Portfolio breakdown is as a percentage of net assets. Holdings are 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 | 31

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

DEF | Claymore/Sabrient Defender ETF

Fund Statistics
-------------------------------------------------------------------------------
Share Price $ 24.03
Net Asset Value $ 24.05
Premium/Discount to NAV -0.08%
Net Assets ($000) $ 22,851
-------------------------------------------------------------------------------

Total Returns
-------------------------------------------------------------------------------
 Since Inception
(Inception 12/15/06) Six Month One Year Annualized
-------------------------------------------------------------------------------
Claymore/Sabrient Defender ETF
 NAV -7.25% -4.79% -2.10%
 Market -7.15% -4.83% -2.17%
-------------------------------------------------------------------------------
Sabrient Defensive Equity Index -6.92% -4.07% -1.35%
-------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $25.07 per share for share price returns or initial net asset value (NAV) of $25.07 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 1.35%, 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 0.73% while the Fund's annualized gross operating expense ratio was determined to be 1.15%. There is a contractual fee waiver currently in place for this Fund through December 31, 2010 to the extent necessary in keeping Fund operating expense ratio from exceeding 0.60% of average net assets per year. Some expenses may fall outside of this expense cap and actual expenses may be higher than 0.60%. Without this expense cap, actual returns would be lower.

 % of Net
Portfolio Breakdown Assets
-------------------------------------------------------------------------------
Financials 17.7%
Consumer Staples 16.9%
Health Care 13.7%
Energy 12.9%
Industrials 10.0%
Materials 9.1%
Consumer Discretionary 8.8%
Telecommunication Services 7.9%
Utilities 1.9%
Information Technology 1.0%
-------------------------------------------------------------------------------
Total Common Stocks, Master Limited Partnerships and Income Trusts 99.9%
Short-Term Investments 4.7%
Liabilities in excess of Other Assets -4.6%
-------------------------------------------------------------------------------
Net Assets 100.0%
-------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
-------------------------------------------------------------------------------
Cimarex Energy Co. 1.3%
Agnico-Eagle Mines Ltd. (Canada) 1.1%
Repsol YPF SA - ADR (Spain) 1.1%
Imperial Oil Ltd. (Canada) 1.1%
Petro-Canada (Canada) 1.1%
Enerplus Resources Fund (Canada) 1.1%
Pioneer Natural Resources Co. 1.1%
Hospitality Properties Trust - REIT 1.1%
WM Wrigley Jr. Co. 1.1%
Pengrowth Energy Trust (Canada) 1.1%
-------------------------------------------------------------------------------

32 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

NFO | Claymore/Sabrient Insider ETF

Fund Statistics
-------------------------------------------------------------------------------
Share Price $ 26.47
Net Asset Value $ 26.54
Premium/Discount to NAV -0.26%
Net Assets ($000) $ 25,235
-------------------------------------------------------------------------------

Total Returns
-------------------------------------------------------------------------------
 Since Inception
(Inception 9/21/06) Six Months One Year Annualized
-------------------------------------------------------------------------------
Claymore/Sabrient Insider ETF
 NAV -9.11% -3.30% 4.63%
 Market -9.26% -3.53% 4.44%
-------------------------------------------------------------------------------
Sabrient Insider Sentiment Index -9.01% -2.80% 5.24%
-------------------------------------------------------------------------------

The Fund's total annual operating expense ratio was 1.15%, 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 0.67% while the Fund's annualized gross operating expense ratio was determined to be 1.03%. There is a contractual fee waiver currently in place for this Fund through December 31, 2010 to the extent necessary in keeping Fund operating expense ratio from exceeding 0.60% of average net assets per year. Some expenses may fall outside of this expense cap and actual expenses may be higher than 0.60%. Without this expense cap, actual returns would be lower.

 % of Net
Portfolio Breakdown Assets
-------------------------------------------------------------------------------
Financials 19.1%
Information Technology 15.5%
Industrials 14.4%
Consumer Discretionary 14.0%
Health Care 10.6%
Energy 9.9%
Materials 9.4%
Utilities 4.0%
Consumer Staples 2.1%
Telecommunication Services 0.9%
-------------------------------------------------------------------------------
Total Long-Term Investments 99.9%
Short-Term Investments 18.5%
Liabilities in excess of Other Assets -18.4%
-------------------------------------------------------------------------------
Net Assets 100.0%
-------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
-------------------------------------------------------------------------------
Mosaic Co. (The) 1.5%
Cabot Oil & Gas Corp. 1.5%
St. Joe Co. (The) 1.5%
Comcast Corp. - Class A 1.2%
Laboratory Corp. of America Holdings 1.2%
Nucor Corp. 1.2%
Massey Energy Co. 1.2%
OM Group, Inc. 1.2%
Viropharma, Inc. 1.2%
ONEOK, Inc. 1.2%
-------------------------------------------------------------------------------

SemiAnnual Report | February 29, 2008 | 33

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

STH | Claymore/Sabrient Stealth ETF

Fund Statistics
-------------------------------------------------------------------------------
Share Price $ 21.59
Net Asset Value $ 21.57
Premium/Discount to NAV 0.09%
Net Assets ($000) $ 8,644
-------------------------------------------------------------------------------

Total Returns
-------------------------------------------------------------------------------
 Since Inception
(Inception 9/21/06) Six Month One Year Annualized
-------------------------------------------------------------------------------
Claymore/Sabrient Stealth ETF
 NAV -16.26% -20.15% -8.77%
 Market -15.96% -20.05% -8.72%
-------------------------------------------------------------------------------
Sabrient Stealth Index -16.15% -19.59% -8.05%
-------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $25.15 per share for share price returns or initial net asset value (NAV) of $25.15 per share for NAV returns. Returns for periods of less than one year are not annualized.

The Fund's total annual operating expense ratio was 1.51%, 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 0.68% while the Fund's annualized gross operating expense ratio was determined to be 1.49%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense

cap and actual expenses may be higher than 0.60%. Without this expense cap,
actual returns would be lower.

 % of Net
Portfolio Breakdown Assets
-------------------------------------------------------------------------------
Financials 25.8%
Consumer Discretionary 17.1%
Industrials 15.3%
Information Technology 12.5%
Consumer Staples 9.3%
Energy 8.3%
Materials 6.0%
Health Care 3.8%
Telecommunication Services 0.7%
Utilities 0.4%
-------------------------------------------------------------------------------
Total Common Stocks, Master Limited Partnership and Royalty Trusts 99.2%
Closed End Funds 0.6%
Exchange Traded Funds 0.1%
-------------------------------------------------------------------------------
Total Long-Term Investments 99.9%
Short-Term Investments 9.3%
Liabilities in excess of Other Assets -9.2%
-------------------------------------------------------------------------------
Net Assets 100.0%
-------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
-------------------------------------------------------------------------------
Cal-Maine Foods, Inc. 1.8%
Perry Ellis International, Inc. 1.7%
Amtrust Financial Services, Inc. 1.6%
Retail Ventures, Inc. 1.6%
Alliance One International, Inc. 1.6%
Capstead Mortgage Corp. 1.5%
Colonial Properties Trust 1.5%
Advanced Energy Industries, Inc. 1.5%
United Fire & Casualty Co. 1.5%
Petroleum Development Corp. 1.4%
-------------------------------------------------------------------------------

34 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

CZA | Claymore/Zacks Mid-Cap Core ETF

Fund Statistics
-------------------------------------------------------------------------------
Share Price $ 24.40
Net Asset Value $ 23.50
Premium/Discount to NAV 3.83%
Net Assets ($000) $ 4,700
-------------------------------------------------------------------------------

Total Returns
-------------------------------------------------------------------------------
(Inception 4/2/07) Six Month Since Inception
-------------------------------------------------------------------------------
Claymore/Zacks Mid-Cap Core ETF
 NAV -7.50% -5.99%
 Market -4.30% -2.39%
-------------------------------------------------------------------------------
Zacks Mid-Cap Core Index -7.23% -5.06%
-------------------------------------------------------------------------------

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 $25.09 per share for share price returns or initial net asset value (NAV) of $25.09 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 7.13%, 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 1.38% while the Fund's annualized gross operating expense ratio was determined to be 3.89%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses may be higher than 0.60%.Without this expense cap, actual returns would be lower.

Portfolio Breakdown % of Net Assets
-------------------------------------------------------------------------------
Financials 21.7%
Information Technology 19.1%
Industrials 14.5%
Energy 9.3%
Health Care 7.8%
Utilities 7.2%
Consumer Discretionary 7.1%
Consumer Staples 6.7%
Materials 5.7%
Telecommunication Services 0.7%
-------------------------------------------------------------------------------
Total Common Stocks and Master Limited Partnerships 99.8%
Exchange Traded Funds 0.1%
-------------------------------------------------------------------------------
Total Investments 99.9%
Other Assets in excess of Liabilities 0.1%
-------------------------------------------------------------------------------
Net Assets 100.0%
-------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
-------------------------------------------------------------------------------
Electronic Data Systems Corp. 2.0%
Laboratory Corp. of America Holdings 2.0%
Flextronics International, Ltd. (Singapore) 1.9%
Unum Group 1.8%
Fidelity National Information Services, Inc. 1.8%
Molson Coors Brewing Co. - Class B 1.8%
Coventry Health Care, Inc. 1.8%
Cooper Industries, Ltd. - Class A (Bermuda) 1.7%
Energy Transfer Equity L.P. 1.7%
Discover Financial Services 1.7%
-------------------------------------------------------------------------------

SemiAnnual Report | February 29, 2008 | 35

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited) continued

XRO | Claymore/Zacks Sector Rotation ETF

Fund Statistics
-------------------------------------------------------------------------------
Share Price $ 28.04
Net Asset Value $ 28.02
Premium/Discount to NAV 0.07%
Net Assets ($000) $ 119,087
-------------------------------------------------------------------------------

Total Returns
-------------------------------------------------------------------------------
 Since Inception
(Inception 9/21/06) Six Month One Year Annualized
-------------------------------------------------------------------------------
Claymore/Zacks Sector Rotation ETF
 NAV -4.60% -1.36% 8.85%
 Market -4.76% -1.25% 8.90%
-------------------------------------------------------------------------------
Zacks Sector Rotation Index -4.37% -0.74% 9.56%
-------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $24.98 per share for share price returns or initial net asset value (NAV) of $24.98 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 0.97%, 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 0.66% while the Fund's annualized gross operating expense ratio was determined to be 0.78%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses will be higher than 0.60%. Without this expense cap, actual returns would be lower.

Portfolio Breakdown % of Net Assets
-------------------------------------------------------------------------------
Industrials 26.2%
Health Care 25.0%
Information Technology 22.4%
Consumer Discretionary 20.8%
Consumer Staples 2.1%
Telecommunication Services 1.8%
Materials 1.4%
Energy 0.3%
-------------------------------------------------------------------------------
Total Long-Term Investments 100.0%
-------------------------------------------------------------------------------
Short-Term Investments 0.7%
Liabilities in excess of Other Assets -0.7%
-------------------------------------------------------------------------------
Net Assets 100.0%
-------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
-------------------------------------------------------------------------------
Gilead Sciences, Inc. 2.1%
CVS Caremark Corp. 2.1%
Union Pacific Corp. 2.0%
Thermo Fisher Scientific, Inc. 2.0%
Hewlett Packard Co. 1.9%
McDonald's Corp. 1.9%
Deere & Co. 1.9%
Emerson Electric Co. 1.8%
Medco Health Solutions, Inc. 1.8%
Daimler AG 1.8%
-------------------------------------------------------------------------------

36 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

CVY | Claymore/Zacks Yield Hog ETF

Fund Statistics
--------------------------------------------------------------------------------
Share Price $ 22.53
Net Asset Value $ 22.50
Premium/Discount to NAV 0.13%
Net Assets ($000) $ 54,017
--------------------------------------------------------------------------------

Total Returns
--------------------------------------------------------------------------------
 Since Inception
(Inception 9/21/06) Six Month One Year Annualized
--------------------------------------------------------------------------------
Claymore/Zacks Yield Hog ETF
 NAV -11.49% -11.44% -2.67%
 Market -11.23% -11.31% -2.58%
--------------------------------------------------------------------------------
Zacks Yield Hog Index -11.17% -10.93% -1.69%
--------------------------------------------------------------------------------

Since inception returns assume a purchase of the ETF at the initial share price of $24.96 per share for share price returns or initial net asset value (NAV) of $24.96 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 1.05%, 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 0.66%, while the Fund's annualized gross operating expense ratio was determined to be 0.83%. 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 0.60% of average net assets per year. Some expenses fall outside of this expense cap and actual expenses will be higher than 0.60%. Without this expense cap, actual returns would be lower.

Portfolio Breakdown % of Net Assets
--------------------------------------------------------------------------------
Financials 40.4%
Energy 19.8%
Consumer Discretionary 9.5%
Materials 4.5%
Industrials 3.7%
Utilities 3.5%
Telecommunications 2.9%
Consumer Staples 2.0%
Health Care 1.9%
Information Technologies 1.7%
--------------------------------------------------------------------------------
Common Stocks, Preferred Stocks, Master Limited
 Partnerships, Income Trusts and Royalty Trusts 89.9%
Closed End Funds 9.7%
Exchange Traded Funds 0.1%
--------------------------------------------------------------------------------
Total Long-Term Investments 99.7%
--------------------------------------------------------------------------------
Short-Term Investments 11.1%
Liabilities in excess of Other Assets -10.8%
--------------------------------------------------------------------------------
Net Assets 100.0%
--------------------------------------------------------------------------------

 % of Long-Term
Top Ten Holdings Investments
--------------------------------------------------------------------------------
Fording Canadian Coal Trust 1.8%
BP Prudhoe Bay Royalty Trust 1.4%
Annaly Capital Management, Inc., REIT 1.3%
Penn West Energy Trust 1.3%
Enerplus Resources Fund 1.3%
Provident Energy Trust 1.2%
Chunghwa Telecom Co. Ltd., ADR 1.2%
Pengrowth Energy Trust 1.2%
Advantage Energy Income Fund 1.2%
Kinder Morgan Energy Partners LP 1.2%
--------------------------------------------------------------------------------

Distributions to Shareholders

 [BAR CHART]

 [PLOT POINTS TO COME.]
.3600 .3200 .3150 .3200 .3670
------ -------- ------- ------- -------
Dec 06 March 07 June 07 Sept 07 Dec 07

SemiAnnual Report | February 29, 2008 | 37

Claymore Exchange-Traded Fund Trust | Fund Summary & Performance (unaudited)

continued

Historical Premium/Discount Data

EEB | Claymore/BNY BRIC ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 3 0.83%
Between 0.5% and 1.0% 7 1.93%
Between -0.5% and 0.5% 350 96.68%
Between -0.5% and -1.0% 1 0.28%
Between -1.0% and -1.5% 1 0.28%
--------------------------------------------------------------------------------
*Commenced operations September 21, 2006.

CSD | Claymore/Clear Spin-Off ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Greater than 2.0% 0 0.00%
Between 1.5% and 2.0% 1 0.33%
Between 1.0% and 1.5% 0 0.00%
Between 0.5% and 1.0% 2 0.66%
Between -0.5% and 0.5% 298 98.68%
Between -0.5% and -1.0% 0 0.00%
Between -1.0% and -1.5% 0 0.00%
Between -1.5% and -2.0% 0 0.00%
Less than -2.0% 1 0.33%
--------------------------------------------------------------------------------
*Commenced operations December 15, 2006.

XGC | Claymore/Great Companies Large-Cap
 Growth Index ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 1 0.43%
Between 0.5% and 1.0% 7 3.04%
Between -0.5% and 0.5% 222 96.10%
Between -0.5% and -1.0% 1 0.43%
Between -1.0% and -1.5% 0 0.00%
--------------------------------------------------------------------------------
*Commenced operations April 2, 2007.

OTR | Claymore/Ocean Tomo Growth Index ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 1 0.43%
Between 0.5% and 1.0% 4 1.73%
Between -0.5% and 0.5% 221 95.67%
Between -0.5% and -1.0% 3 1.30%
Between -1.0% and -1.5% 2 0.87%
--------------------------------------------------------------------------------
*Commenced operations April 2, 2007.

OTP | Claymore/Ocean Tomo Patent ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 0 0.00%
Between 0.5% and 1.0% 3 0.99%
Between -0.5% and 0.5% 298 98.68%
Between -0.5% and -1.0% 0 0.00%
Between -1.0% and -1.5% 1 0.33%
--------------------------------------------------------------------------------
*Commenced operations December 15, 2006.

DEF | Claymore/Sabrient Defender ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 0 0.00%
Between 0.5% and 1.0% 4 1.32%
Between -0.5% and 0.5% 296 98.02%
Between -0.5% and -1.0% 1 0.33%
Between -1.0% and -1.5% 1 0.33%
--------------------------------------------------------------------------------
*Commenced operations December 15, 2006.

NFO | Claymore/Sabrient Insider ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 2 0.55%
Between 0.5% and 1.0% 3 0.83%
Between -0.5% and 0.5% 356 98.34%
Between -0.5% and -1.0% 1 0.28%
Between -1.0% and -1.5% 0 0.00%
--------------------------------------------------------------------------------
*Commenced operations September 21, 2006.

STH | Claymore/Sabrient Stealth ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.5% and 2.0% 1 0.28%
Between 1.0% and 1.5% 3 0.83%
Between 0.5% and 1.0% 4 1.10%
Between -0.5% and 0.5% 353 97.51%
Between -0.5% and -1.0% 1 0.28%
Between -1.0% and -1.5% 0 0.00%
Between -1.5% and -2.0% 0 0.00%
--------------------------------------------------------------------------------
*Commenced operations September 21, 2006.

CZA | Claymore/Zacks Mid-Cap Core ETF*
 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 0 0.00%
Between 0.5% and 1.0% 5 2.16%
Between -0.5% and 0.5% 225 97.41%
Between -0.5% and -1.0% 1 0.43%
Between -1.0% and -1.5% 0 0.00%
--------------------------------------------------------------------------------
*Commenced operations April 2, 2007.

XRO | Claymore/Zacks Sector Rotation ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Between 1.0% and 1.5% 0 0.00%
Between 0.5% and 1.0% 1 0.28%
Between -0.5% and 0.5% 357 98.61%
Between -0.5% and -1.0% 3 0.83%
Between -1.0% and -1.5% 1 0.28%
--------------------------------------------------------------------------------
*Commenced operations September 21, 2006.

CVY | Claymore/Zacks Yield Hog ETF*

 Number Percentage
Premium/Discount Range of Days of Total Days
--------------------------------------------------------------------------------
Greater than 2.0% 1 0.28%
Between 1.5% and 2.0% 1 0.28%
Between 1.0% and 1.5% 0 0.00%
Between 0.5% and 1.0% 4 1.10%
Between -0.5% and 0.5% 354 97.79%
Between -0.5% and -1.0% 2 0.55%
Between -1.0% and -1.5% 0 0.00%
Between -1.5% and -2.0% 0 0.00%
Less than -2.0% 0 0.00%
--------------------------------------------------------------------------------

*Commenced operations September 21, 2006.

38 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

Overview of Fund Expenses | As of February 29,2008(unaudited)

As a shareholder of Claymore/BNY BRIC ETF; Claymore/Clear Spin-Off ETF; Claymore/Great Companies Large-Cap Growth Index ETF; Claymore/Ocean Tomo Growth Index ETF; Claymore/Ocean Tomo Patent ETF; Claymore/Sabrient Defender ETF; Claymore/Sabrient Insider ETF; Claymore/Sabrient Stealth ETF; Claymore/Zacks Mid-Cap Core ETF; Claymore/Zacks Sector Rotation ETF; and Claymore/Zacks Yield Hog 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 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 Ratio Paid
 Account Account 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/BNY BRIC ETF
 Actual $ 1,000.00 $ 1,234.15 0.58% $ 3.22
 Hypothetical (5% annual return before expenses) 1,000.00 1,021.98 0.58% 2.92
Claymore/Clear Spin-Off ETF(2)
 Actual 1,000.00 800.46 0.70% 3.13
 Hypothetical (5% annual return before expenses) 1,000.00 1,021.38 0.70% 3.52
Claymore/Great Companies Large-Cap Growth Index ETF(2)
 Actual 1,000.00 879.96 1.33% 6.22
 Hypothetical (5% annual return before expenses) 1,000.00 1,018.25 1.33% 6.67
Claymore/Ocean Tomo Growth Index ETF(2)
 Actual 1,000.00 885.39 2.02% 9.47
 Hypothetical (5% annual return before expenses) 1,000.00 1,014.82 2.02% 10.12
Claymore/Ocean Tomo Patent ETF(2)
 Actual 1,000.00 939.25 0.87% 4.19
 Hypothetical (5% annual return before expenses) 1,000.00 1,020.54 0.87% 4.37
Claymore/Sabrient Defender ETF(2)
 Actual 1,000.00 927.54 0.73% 3.50
 Hypothetical (5% annual return before expenses) 1,000.00 1,021.23 0.73% 3.67
Claymore/Sabrient Insider ETF(2)
 Actual 1,000.00 908.89 0.67% 3.18
 Hypothetical (5% annual return before expenses) 1,000.00 1,021.53 0.67% 3.37
---------------------------------------------------------------------------------------------------------------------------

SemiAnnual Report | February 29, 2008 | 39

Claymore Exchange-Traded Fund Trust | Overview of Fund Expenses (unaudited) continued

 Annualized Expenses
 Beginning Ending Expense Ratio Paid
 Account Account 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/Sabrient Stealth ETF(2)
 Actual $ 1,000.00 $ 837.39 0.68% $ 3.11
 Hypothetical (5% annual return before expenses) 1,000.00 1,021.48 0.68% 3.42
Claymore/Zacks Mid-Cap Core ETF(2)
 Actual 1,000.00 924.98 1.38% 6.60
 Hypothetical (5% annual return before expenses) 1,000.00 1,018.00 1.38% 6.92
Claymore/Zacks Sector Rotation ETF(2)
 Actual 1,000.00 953.68 0.66% 3.21
 Hypothetical (5% annual return before expenses) 1,000.00 1,021.58 0.66% 3.32
Claymore/Zacks Yield Hog ETF(2)
 Actual 1,000.00 885.08 0.66% 3.09
 Hypothetical 1,000.00 1,021.58 0.66% 3.32
---------------------------------------------------------------------------------------------------------------------------

(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.

40 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

Portfolio of Investments | February 29, 2008 (unaudited)

EEB | Claymore/BNY BRIC ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Long-Term Investments - 99.7%

 Common Stocks - 66.5%

 Consumer Discretionary - 2.3%
 23,706 AirMedia Group, Inc., ADR (China) (a) $ 425,286
 95,918 Ctrip.com International Ltd., ADR (China) 5,814,549
 166,201 Focus Media Holding Ltd., ADR (China) (a) (b) 8,371,544
 75,639 Gafisa SA, ADR (Brazil) (a) (b) 2,962,780
 31,294 Home Inns & Hotels Management, Inc., ADR (China) (a) (b) 850,571
 157,481 Melco PBL Entertainment Macau Ltd., ADR (China) (a) 1,902,370
 43,404 New Oriental Education & Technology Group, ADR (China) (a) 2,706,239
 91,180 Xinhua Finance Media Ltd., ADR (China) (a) 370,191
-----------------------------------------------------------------------------------------------------------
 23,403,530
-----------------------------------------------------------------------------------------------------------

 Consumer Staples - 0.8%
 34,387 China Nepstar Chain Drugstore Ltd., ADR (China) (a) 378,257
 98,929 Perdigao SA, ADR (Brazil) (b) 4,728,806
 28,708 Wimm-Bill-Dann Foods OJSC, ADR (Russia) (b) 3,021,804
-----------------------------------------------------------------------------------------------------------
 8,128,867
-----------------------------------------------------------------------------------------------------------

 Energy - 18.2%
 197,059 CNOOC Ltd., ADR (China) (b) 32,666,470
 227,013 China Petroleum & Chemical Corp., ADR (China) 24,844,303
 251,489 PetroChina Co. Ltd., ADR (China) 36,923,615
 753,691 Petroleo Brasileiro SA, ADR (Brazil) 88,438,102
 55,330 Yanzhou Coal Mining Co. Ltd., ADR (China) 4,553,106
-----------------------------------------------------------------------------------------------------------
 187,425,596
-----------------------------------------------------------------------------------------------------------

 Financials - 9.5%
 633,258 China Life Insurance Co. Ltd., ADR (China) (b) 36,779,625
 22,917 E-House China Holdings Ltd., ADR (China) (a) (b) 372,630
 117,223 HDFC Bank Ltd., ADR (India) 12,790,202
 542,863 ICICI Bank Ltd., ADR (India) (b) 28,142,018
 145,192 Unibanco - Uniao de Bancos Brasileiros SA, GDR (Brazil) 19,690,939
-----------------------------------------------------------------------------------------------------------
 97,775,414
-----------------------------------------------------------------------------------------------------------

 Health Care - 0.7%
 35,314 China Medical Technologies, Inc., ADR (China) (b) 1,624,444
 158,580 Dr. Reddy's Laboratories Ltd., ADR (India) (b) 2,269,280
 82,952 Mindray Medical International Ltd., ADR (China) 3,044,338
 24,415 WuXi PharmaTech Cayman, Inc., ADR (China) (a) (b) 585,960
-----------------------------------------------------------------------------------------------------------
 7,524,022
-----------------------------------------------------------------------------------------------------------

 Industrials - 2.5%
 27,117 China Eastern Airlines Corp., Ltd., ADR (China) (a) (b) 1,696,440
 38,704 China Southern Airlines Co. Ltd., ADR (China) (a) (b) 1,919,719
 173,713 Empresa Brasileira de Aeronautica SA, ADR (Brazil) (b) 7,698,960
 43,991 Guangshen Railway Co. Ltd., ADR (China) (b) 1,416,510
 153,235 JA Solar Holdings Co. Ltd., ADR (China) (a) 2,189,728
 26,153 Solarfun Power Holdings Co. Ltd., ADR (China) (a) (b) 304,944

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 131,772 Suntech Power Holdings Co. Ltd., ADR (China) (a) $ 4,897,965
 299,836 Tata Motors Ltd., ADR (India) (b) 5,253,127
 41,761 Yingli Green Energy Holding Co. Ltd., ADR (China) (a) (b) 704,508
-----------------------------------------------------------------------------------------------------------
 26,081,901
-----------------------------------------------------------------------------------------------------------

 Information Technology - 5.2%
 112,928 Actions Semiconductor Co. Ltd., ADR (China) (a) 412,187
 17,371 Baidu.com, ADR (China) (a) (b) 4,365,853
 19,962 China Digital TV Holding Co. Ltd., ADR (China) (a) (b) 437,767
 83,883 Giant Interactive Group, Inc., ADR (China) (a) (b) 873,222
 600,715 Infosys Technologies Ltd., ADR (India) (b) 23,379,828
 41,908 LDK Solar Co. Ltd., ADR (China) (a) (b) 1,197,731
 86,487 Netease.com, ADR (China) (a) (b) 1,855,146
 66,071 O2Micro International Ltd., ADR (China) (a) (b) 567,550
 55,680 Patni Computer Systems Ltd., ADR (India) 674,285
 17,976 Perfect World Co. Ltd., ADR (China) (a) (b) 485,891
 414,337 Satyam Computer Services Ltd., ADR (India) 10,350,138
 429,858 Semiconductor Manufacturing International Corp., ADR (China) (a) 1,736,626
 40,155 Shanda Interactive Entertainment Ltd., ADR (China) (a) 1,328,327
 23,836 The9 Ltd., ADR (China) (a) (b) 512,951
 27,342 Trina Solar Ltd., ADR (China) (a) (b) 868,655
 373,299 Wipro Ltd., ADR (India) (b) 4,307,871
-----------------------------------------------------------------------------------------------------------
 53,354,028
-----------------------------------------------------------------------------------------------------------

 Materials - 9.7%
 218,982 Aluminum Corp. of China Ltd., ADR (China) (b) 10,664,423
 511,554 Cia Siderurgica Nacional SA, ADR (Brazil) (b) 19,127,004
 1,618,683 Cia Vale do Rio Doce, ADR (Brazil) 56,394,916
 64,543 Mechel, ADR (Russia) (b) 8,522,903
 33,116 Sinopec Shanghai Petrochemical Co. Ltd., ADR (China) (b) 1,542,875
 209,893 Sterlite Industries India Ltd., ADR (India) (a) 4,376,269
-----------------------------------------------------------------------------------------------------------
 100,628,390
-----------------------------------------------------------------------------------------------------------

 Telecommunication Services - 16.7%
 1,118,427 China Mobile Ltd., ADR (China) (b) 83,457,023
 135,282 China Netcom Group Corp. Hong Kong Ltd., ADR (China) (b) 8,283,317
 189,264 China Telecom Corp. Ltd., ADR (China) (b) 13,893,870
 900,151 China Unicom Ltd., ADR (China) (b) 19,110,206
 131,857 Hutchison Telecommunications International Ltd., ADR (China) (b) 2,617,361
 130,175 Mahanagar Telephone Nigam, ADR (India) (b) 795,369
 257,326 Mobile Telesystems OJSC, ADR (Russia) 21,116,172
 108,386 Rostelecom, ADR (Russia) (b) 7,408,183
 38,607 Tata Communications Ltd., ADR (India) (b) 957,454
 437,313 Vimpel-Communications, ADR (Russia) 15,187,880
-----------------------------------------------------------------------------------------------------------
 172,826,835
-----------------------------------------------------------------------------------------------------------

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 41

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

EEB | Claymore/BNY BRIC ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Utilities - 0.9%
 38,867 CPFL Energia SA, ADR (Brazil) (b) $ 2,496,816
 76,540 Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil) (b) 3,585,899
 106,666 Huaneng Power International, Inc., ADR (China) (b) 3,466,645
-----------------------------------------------------------------------------------------------------------
 9,549,360
-----------------------------------------------------------------------------------------------------------
 Total Common Stocks - 66.5%
 (Cost $711,336,391) 686,697,943
-----------------------------------------------------------------------------------------------------------

 Preferred Stocks - 33.2%

 Consumer Discretionary - 0.7%
 299,413 NET Servicos de Comunicacao SA, Preference Shares,
 ADR (Brazil) (a) (b) 3,275,578
 106,867 Ultrapar Participacoes SA, Preference Shares, ADR (Brazil) (b) 3,975,453
-----------------------------------------------------------------------------------------------------------
 7,251,031
-----------------------------------------------------------------------------------------------------------

 Consumer Staples - 2.4%
 75,368 Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference
 Shares, ADR (Brazil) (b) 3,270,217
 219,960 Cia de Bebidas das Americas, Preference Shares, ADR (Brazil) 17,922,341
 203,245 Sadia SA, Preference Shares, ADR (Brazil) (b) 3,432,808
-----------------------------------------------------------------------------------------------------------
 24,625,366
-----------------------------------------------------------------------------------------------------------

 Energy - 9.8%
 1,038,620 Petroleo Brasileiro SA, Preference Shares, ADR (Brazil) 101,712,057
-----------------------------------------------------------------------------------------------------------

 Financials - 7.2%
 1,362,295 Banco Bradesco SA, Preference Shares, ADR (Brazil) (b) 42,762,440
 1,249,142 Banco Itau Holding Financeira SA, Preference Shares, ADR (Brazil) 31,653,258
-----------------------------------------------------------------------------------------------------------
 74,415,698
-----------------------------------------------------------------------------------------------------------

 Industrials - 0.3%
 92,531 Gol Linhas Aereas Inteligentes SA, Preference Shares, ADR (Brazil) (b) 1,591,533
 95,656 Tam SA, Preference Shares, ADR (Brazil) (b) 2,003,037
-----------------------------------------------------------------------------------------------------------
 3,594,570
-----------------------------------------------------------------------------------------------------------

 Materials - 9.6%
 62,882 Aracruz Celulose SA, Preference Shares, ADR (Brazil) (b) 4,555,172
 115,013 Braskem SA, Preference Shares, ADR (Brazil) (b) 1,942,570
 2,534,115 Cia Vale do Rio Doce, Preference Shares, ADR (Brazil) (b) 74,300,252
 420,233 Gerdau SA, Preference Shares, ADR (Brazil) (b) 13,771,035
 129,220 Votorantim Celulose e Papel SA, Preference Shares, ADR (Brazil) (b) 4,065,261
-----------------------------------------------------------------------------------------------------------
 98,634,290
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Telecommunication Services - 2.3%
 64,683 Brasil Telecom Participacoes SA, Preference Shares, ADR (Brazil) $ 4,469,595
 80,216 Brasil Telecom SA, Preference Shares, ADR (Brazil) (b) 2,588,570
 353,336 Tele Norte Leste Participacoes SA, Preference Shares, ADR (Brazil) 8,844,000
 80,629 Tim Participacoes SA, Preference Shares, ADR (Brazil) (b) 3,307,402
 697,687 Vivo Participacoes SA, Preference Shares, ADR (Brazil) (b) 4,234,960
-----------------------------------------------------------------------------------------------------------
 23,444,527
-----------------------------------------------------------------------------------------------------------

 Utilities - 0.9%
 374,591 Cia Energetica de Minas Gerais, Preference Shares, ADR (Brazil) (b) 7,128,467
 144,841 Cia Paranaense de Energia, Preference Shares, ADR (Brazil) (b) 2,349,321
-----------------------------------------------------------------------------------------------------------
 9,477,788
-----------------------------------------------------------------------------------------------------------
 Total Preferred Stocks - 33.2%
 (Cost $308,133,327) 343,155,327
-----------------------------------------------------------------------------------------------------------
 Total Long-Term Investments - 99.7%
 (Cost $1,019,469,718) 1,029,853,270
-----------------------------------------------------------------------------------------------------------

 Short-Term Investments - 24.2%

 Investments of Cash Collateral for Securities Loaned - 24.2%

 Money Market Funds (c) - 24.2%
 249,504,698 UBS Private Money Market Fund LLC, 3.55% (d)
 (Cost $249,504,698) 249,504,698
-----------------------------------------------------------------------------------------------------------
 Total Investments - 123.9%
 (Cost $1,268,974,416) 1,279,357,968

 Liabilities in excess of Other Assets - (23.9%) (246,931,181)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 1,032,426,787
===========================================================================================================

ADR - American Depositary Receipt
GDR - Global Depositary Receipt
OJSC - Open Joint Stock Company
SA - Corporation

(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 $241,229,135 and the total market value of the collateral held by the Fund was $249,504,698.

(d) Interest rate shown reflects yield as of February 29, 2008.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

42 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

CSD | Claymore/Clear Spin-Off ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stock - 95.4%

 Consumer Discretionary - 34.6%
 45,283 Burger King Holdings, Inc. $ 1,161,962
 61,666 CBS Corp.- Class B 1,407,218
 10,662 Chipotle Mexican Grill, Inc.- Class A (a) 1,058,737
 14,166 Clear Channel Outdoor Holdings, Inc.- Class A (a) 329,501
 11,086 dELiA*s, Inc.(a) 22,061
 5,881 DSW, Inc.- Class A (a) 107,093
 48,698 Expedia, Inc.(a) 1,116,645
 32,927 Hanesbrands, Inc.(a) 958,176
 54,096 Idearc, Inc. 260,743
 24,568 Live Nation, Inc.(a) 291,622
 41,842 Tim Hortons, Inc. 1,471,583
 5,262 TravelCenters of America LLC (a) 68,248
 1,955 Triple Crown Media, Inc.(a) 7,722
 59,533 Wyndham Worldwide Corp. 1,319,847
-----------------------------------------------------------------------------------------------------------
 9,581,158
-----------------------------------------------------------------------------------------------------------

 Consumer Staples - 0.9%
 11,418 TreeHouse Foods, Inc.(b) 253,137
-----------------------------------------------------------------------------------------------------------

 Energy - 12.5%
 16,424 Alon USA Energy, Inc. 257,693
 19,219 Delek US Holdings, Inc. 303,276
 10,616 Double Hull Tankers, Inc.(Marshall Islands) 119,430
 31,583 Mariner Energy, Inc.(a) (b) 875,797
 17,801 Rosetta Resources, Inc.(a) (b) 364,208
 67,138 Spectra Energy Corp. 1,551,559
-----------------------------------------------------------------------------------------------------------
 3,471,963
-----------------------------------------------------------------------------------------------------------

 Financials - 16.4%
 28,903 Ameriprise Financial, Inc. 1,463,648
 100,171 Discover Financial Services (b) 1,511,580
 77,602 Fidelity National Financial, Inc.- Class A 1,366,571
 9,931 OneBeacon Insurance Group Ltd. 211,530
-----------------------------------------------------------------------------------------------------------
 4,553,329
-----------------------------------------------------------------------------------------------------------

 Health Care - 0.5%
 21,150 Assisted Living Concepts, Inc.- Class A (a) 127,323
-----------------------------------------------------------------------------------------------------------

 Industrials - 2.7%
 37,958 Avis Budget Group, Inc.(a) 433,860
 38,833 Mueller Water Products, Inc.- Class A 312,994
-----------------------------------------------------------------------------------------------------------
 746,854
-----------------------------------------------------------------------------------------------------------

 Information Technology - 11.4%
 49,869 Broadridge Financial Solutions, Inc. 954,991
 9,698 Harris Stratex Networks, Inc.- Class A (a) 97,368
 118,948 Qimonda AG ADR (Germany) (a) 537,645

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 3,300 WebMD Health Corp.- Class A (a) $ 91,938
 70,769 Western Union Co.(The) 1,471,995
-----------------------------------------------------------------------------------------------------------
 3,153,937
-----------------------------------------------------------------------------------------------------------

 Materials - 4.2%
 172,580 Domtar Corp.(a) 1,099,335
 14,159 Tronox, Inc.- Class B 62,441
-----------------------------------------------------------------------------------------------------------
 1,161,776
-----------------------------------------------------------------------------------------------------------

 Telecommunication Services - 10.3%
 32,474 Embarq Corp. 1,361,960
 125,849 Windstream Corp. 1,479,984
-----------------------------------------------------------------------------------------------------------
 2,841,944
-----------------------------------------------------------------------------------------------------------

 Utilities - 1.9%
 22,435 Portland General Electric Co. 523,409
-----------------------------------------------------------------------------------------------------------
 Total Common Stock - 95.4%
 (Cost - $36,348,884) 26,414,830
-----------------------------------------------------------------------------------------------------------

 Master Limited Partnerships - 4.3%

 Energy - 4.3%
 31,974 Boardwalk Pipeline Partners LP 758,423
 11,483 Williams Partners LP 426,364
-----------------------------------------------------------------------------------------------------------
 Total Master Limited Partnerships
 (Cost - $1,560,982) 1,184,787
-----------------------------------------------------------------------------------------------------------

 Exchange-Traded Funds - 0.1%
 285 Vanguard Mid-Cap ETF
 (Cost - $19,911) 19,739
-----------------------------------------------------------------------------------------------------------
 Total Long-Term Investments - 99.8%
 (Cost $37,929,777) 27,619,356
-----------------------------------------------------------------------------------------------------------

 Short-Term Investments - 2.8%

 Investments of Cash Collateral for Securities Loaned - 2.8%
 Money Market Funds (c) - 2.8%
 787,800 UBS Private Money Market Fund LLC, 3.55% (d)
 (Cost $787,800) 787,800
-----------------------------------------------------------------------------------------------------------

 Total Investments - 102.6%
 (Cost - $38,717,577) 28,407,156

 Liabilities in excess of Other Assets - (2.6%) (717,288)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 27,689,868
===========================================================================================================

ADR - American Depositary Receipt

LP - Limited Partnership

(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 $745,411 and the total market value of the collateral held by the Fund was $787,800.

(d) Interest rate shown reflects yield as of February 29, 2008.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 43

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

XGC | Claymore/Great Companies Large-Cap Growth Index ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stocks - 100.2%

 Consumer Discretionary - 21.0%
 2,529 Bed Bath & Beyond, Inc.(a) $ 71,672
 3,520 Best Buy Co., Inc. 151,395
 4,221 Coach, Inc.(a) 127,981
 4,515 H&R Block, Inc. 84,205
 2,225 Harley-Davidson, Inc. 82,681
 2,374 Home Depot, Inc. 63,030
 1,774 Kohl's Corp.(a) 78,837
 4,021 Lowe's Cos., Inc. 96,383
 8,087 Staples, Inc. 179,936
 8,159 Starbucks Corp.(a) 146,617
 8,479 Time Warner, Inc. 132,357
 5,018 TJX Cos., Inc. 160,576
-----------------------------------------------------------------------------------------------------------
 1,375,670
-----------------------------------------------------------------------------------------------------------

 Energy - 9.5%
 3,944 Anadarko Petroleum Corp. 251,390
 4,878 Petro-Canada (Canada) 234,339
 960 Transocean, Inc.(Cayman Islands) 134,889
-----------------------------------------------------------------------------------------------------------
 620,618
-----------------------------------------------------------------------------------------------------------

 Financials - 28.6%
 4,023 Aflac, Inc. 251,075
 2,637 Allstate Corp.(The) 125,864
 2,324 American International Group, Inc. 108,903
 3,888 Bank of America Corp. 154,509
 1,138 Bear Stearns Cos., Inc.(The) 90,881
 1,650 Capital One Financial Corp. 75,950
 2,350 Citigroup, Inc. 55,718
 3,117 Countrywide Financial Corp. 19,668
 5,031 E*Trade Financial Corp.(a) (b) 21,482
 647 Goldman Sachs Group, Inc.(The) 109,751
 3,895 Lehman Brothers Holdings, Inc. 198,606
 1,012 MBIA, Inc. 13,126
 1,737 Merrill Lynch & Co., Inc. 86,086
 3,117 Morgan Stanley 131,288
 6,277 Progressive Corp.(The) 115,057
 3,493 Sun Life Financial, Inc. 166,965
 4,610 US Bancorp 147,612
-----------------------------------------------------------------------------------------------------------
 1,872,541
-----------------------------------------------------------------------------------------------------------

 Health Care - 5.4%
 2,603 Coventry Health Care, Inc.(a) 135,018
 1,253 Forest Laboratories, Inc.(a) 49,832
 3,687 UnitedHealth Group, Inc. 171,372
-----------------------------------------------------------------------------------------------------------
 356,222
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Industrials - 6.0%
 3,271 Danaher Corp. $ 242,545
 2,160 United Technologies Corp. 152,302
-----------------------------------------------------------------------------------------------------------
 394,847
-----------------------------------------------------------------------------------------------------------

 Information Technology - 21.5%
 4,341 ASML Holding NV (Netherlands) 104,531
 5,845 Cisco Systems, Inc.(a) 142,443
 3,530 Cognizant Technology Solutions Corp.- Class A (a) 106,641
 4,628 Dell, Inc.(a) 91,866
 5,396 eBay, Inc.(a) 142,238
 2,474 Fiserv, Inc.(a) 130,182
 3,297 Microsoft Corp. 89,744
 8,210 Oracle Corp.(a) 154,348
 2,897 Paychex, Inc. 91,140
 3,421 Research In Motion Ltd.(Canada) (a) 355,100
-----------------------------------------------------------------------------------------------------------
 1,408,233
-----------------------------------------------------------------------------------------------------------

 Materials - 8.2%
 1,772 BHP Billiton Ltd.- ADR (Australia) 129,675
 1,296 Freeport-McMoRan Copper & Gold, Inc. 130,714
 4,291 Nucor Corp. 277,070
-----------------------------------------------------------------------------------------------------------
 537,459
-----------------------------------------------------------------------------------------------------------
 Total Common Stocks - 100.2%
 (Cost $7,437,782) 6,565,590
-----------------------------------------------------------------------------------------------------------

 Short-Term Investments - 0.3%

 Investments of Cash Collateral for Securities Loaned - 0.3%

 Money Market Funds (c) - 0.3%
 21,000 UBS Private Money Market Fund LLC, 3.55% (d)
 (Cost $21,000) 21,000
-----------------------------------------------------------------------------------------------------------
 Total Investments - 100.5%
 (Cost $7,458,782) 6,586,590

 Liabilities in excess of Other Assets - (0.5%) (34,171)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 6,552,419
===========================================================================================================

ADR - American Depositary Receipt

(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 $19,740 and the total market value of the collateral held by the Fund was $21,000.

(d) Interest rate shown reflects yield as of February 29, 2008.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

44 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

OTR | Claymore/Ocean Tomo Growth Index ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stock - 100.4%

 Consumer Discretionary - 4.3%
 719 Amazon.com, Inc.(a) $ 46,354
 375 Garmin, Ltd.(Cayman Islands) 22,016
 564 International Game Technology 25,465
 66 priceline.com, Inc.(a) 7,525
 138 Tempur-Pedic International, Inc. 2,404
-----------------------------------------------------------------------------------------------------------
 103,764
-----------------------------------------------------------------------------------------------------------

 Consumer Staples - 2.4%
 749 Avon Products, Inc. 28,507
 665 Campbell Soup, Co. 21,473
 99 Energizer Holdings, Inc.(a) 9,190
 46 Jones Soda Co.(a) 245
-----------------------------------------------------------------------------------------------------------
 59,415
-----------------------------------------------------------------------------------------------------------

 Energy - 9.3%
 2,070 Schlumberger Ltd.(Netherlands Antilles) 178,952
 1,021 Tenaris SA, ADR (Luxembourg) 45,383
-----------------------------------------------------------------------------------------------------------
 224,335
-----------------------------------------------------------------------------------------------------------

 Health Care - 26.9%
 516 Alcon, Inc.(Switzerland) 74,681
 29 AMAG Pharmaceuticals, Inc.(a) 1,269
 231 Amylin Pharmaceuticals, Inc.(a) 6,115
 3,424 Bristol-Myers Squibb Co. 77,417
 663 Celgene Corp.(a) 37,373
 861 Covidien Ltd.(Bermuda) 36,842
 812 Elan Corp PLC, ADR (Ireland) (a) 18,489
 1,822 Genentech, Inc.(a) 138,016
 1,603 Gilead Sciences, Inc.(a) 75,854
 66 Intuitive Surgical, Inc.(a) 18,607
 125 Kinetic Concepts, Inc.(a) 6,424
 101 OSI Pharmaceuticals, Inc.(a) 3,631
 2,803 Schering-Plough Corp. 60,825
 187 Sepracor, Inc.(a) 4,015
 320 Shire PLC, ADR (United Kingdom) 18,701
 710 Stryker Corp. 46,228
 220 Varian Medical Systems, Inc.(a) 11,539
 230 Vertex Pharmaceuticals, Inc.(a) 4,025
 174 Waters Corp.(a) 10,372
-----------------------------------------------------------------------------------------------------------
 650,423
-----------------------------------------------------------------------------------------------------------

 Industrials - 17.2%
 1,238 3M Co. 97,059
 162 BE Aerospace, Inc.(a) 5,557
 1,341 Boeing Co. 111,021
 1,106 Caterpillar, Inc. 79,997

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 134 First Solar, Inc.(a) $ 27,497
 246 Foster Wheeler Ltd.(Bermuda) (a) 16,101
 389 McDermott International, Inc.(Panama) (a) 20,314
 382 Pitney Bowes, Inc. 13,668
 239 Precision Castparts Corp. 26,383
 110 Taser International, Inc.(a) 1,240
 353 Trane, Inc. 15,903
-----------------------------------------------------------------------------------------------------------
 414,740
-----------------------------------------------------------------------------------------------------------

 Information Technology - 39.4%
 1,370 Accenture Ltd.(Bermuda) 48,292
 289 Akamai Technologies, Inc.(a) 10,161
 317 Amkor Technology, Inc.(a) 3,712
 1,505 Apple, Inc.(a) 188,155
 401 Autodesk, Inc.(a) 12,467
 10,555 Cisco Systems, Inc.(a) 257,225
 147 F5 Networks, Inc.(a) 3,258
 236 Flir Systems, Inc.(a) 6,717
 390 MEMC Electronic Materials, Inc.(a) 29,749
 12,789 Microsoft Corp. 348,117
 171 NAVTEQ Corp.(a) 12,816
 763 Nortel Networks Corp.(Canada) (a) 6,562
 949 Nvidia Corp.(a) 20,299
 123 Riverbed Technology, Inc.(a) 2,467
 454 Sonus Networks, Inc.(a) 1,507
-----------------------------------------------------------------------------------------------------------
 951,504
-----------------------------------------------------------------------------------------------------------

 Materials - 0.6%
 264 Celanese Corp.- Series A 10,270
 204 Hercules, Inc. 3,737
-----------------------------------------------------------------------------------------------------------
 14,007
-----------------------------------------------------------------------------------------------------------

 Telecommunications - 0.3%
 2,680 Level 3 Communications, Inc.(a) 5,976
-----------------------------------------------------------------------------------------------------------
 Total Investments - 100.4%
 (Cost - $2,705,868) 2,424,164

 Liabilities in excess of Other Assets - (0.4%) (8,727)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 2,415,437
===========================================================================================================

ADR - American Depositary Receipt

(a) Non-income producing security.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 45

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

OTP | Claymore/Ocean Tomo Patent ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stocks - 99.7%

 Consumer Discretionary - 8.1%
 564 Amazon.com, Inc.(a) $ 36,361
 105 Autoliv, Inc. 5,239
 85 Black & Decker Corp. 5,845
 1,581 DIRECTV Group, Inc.(The) (a) 39,604
 387 Discovery Holding Co.- Class A (a) 8,735
 397 Eastman Kodak Co. 6,741
 211 Fortune Brands, Inc. 13,711
 322 Gannett Co., Inc. 9,708
 295 Garmin, Ltd.(Cayman Islands) 17,319
 199 Gentex Corp. 3,208
 397 IAC/InterActiveCorp (a) 7,900
 431 International Game Technology 19,460
 807 Johnson Controls, Inc. 26,518
 106 Lear Corp.(a) 2,923
 235 Leggett & Platt, Inc. 3,925
 161 Magna International, Inc.- Class A (Canada) 11,787
 95 Mohawk Industries, Inc.(a) 6,784
 386 Newell Rubbermaid, Inc. 8,762
 677 Nike, Inc.- Class B 40,755
 53 priceline.com, Inc.(a) 6,043
 128 Scientific Games Corp.- Class A (a) 2,646
 1,376 Sony Corp., ADR (Japan) 64,961
 113 Stanley Works (The) 5,485
 110 Tempur-Pedic International, Inc. 1,916
 1,327 Time Warner Cable, Inc.- Class A (a) 36,227
 4,962 Time Warner, Inc. 77,457
 2,471 Toyota Motor Corp., ADR (Japan) 268,227
 2,599 Walt Disney Co.(The) 84,234
 108 Whirlpool Corp. 9,112
-----------------------------------------------------------------------------------------------------------
 831,593
-----------------------------------------------------------------------------------------------------------
 Consumer Staples - 7.2%
 2,883 Altria Group, Inc. 210,863
 876 Archer-Daniels-Midland Co. 39,508
 588 Avon Products, Inc. 22,379
 531 Campbell Soup Co. 17,146
 180 Dean Foods Co.(a) 3,874
 79 Energizer Holdings, Inc.(a) 7,334
 460 General Mills, Inc. 25,755
 35 Jones Soda Co.(a) 187
 578 Kimberly-Clark Corp. 37,674
 2,113 Kraft Foods, Inc.- Class A 65,862
 4,250 Procter & Gamble Co. 281,265

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 493 Tyson Foods, Inc.- Class A $ 7,104
 372 WM Wrigley Jr.Co. 22,268
-----------------------------------------------------------------------------------------------------------
 741,219
-----------------------------------------------------------------------------------------------------------
 Energy - 14.2%
 633 Anadarko Petroleum Corp. 40,347
 432 Baker Hughes, Inc. 29,069
 403 BJ Services Co. 10,454
 2,890 Chevron Corp. 250,447
 2,184 ConocoPhillips 180,639
 119 Dresser-Rand Group, Inc.(a) 4,054
 178 FMC Technologies, Inc.(a) 10,085
 177 Grant Prideco, Inc.(a) 8,933
 1,198 Halliburton Co. 45,883
 970 Marathon Oil Corp. 51,565
 389 Nabors Industries Ltd.(Bermuda) (a) 12,265
 484 National Oilwell Varco, Inc.(a) 30,153
 4,335 Royal Dutch Shell PLC, ADR (United Kingdom) 309,736
 1,633 Schlumberger Ltd.(Netherlands Antilles) 141,173
 276 Smith International, Inc. 17,396
 803 Tenaris SA (Luxembourg) 35,693
 3,279 Total SA (France) 247,204
 458 Weatherford International, Ltd.(Bermuda) (a) 31,565
-----------------------------------------------------------------------------------------------------------
 1,456,661
-----------------------------------------------------------------------------------------------------------
 Financials - 2.5%
 727 Fifth Third Bancorp 16,648
 882 Freddie Mac 22,209
 4,599 JPMorgan Chase & Co. 186,949
 728 Loews Corp. 30,460
-----------------------------------------------------------------------------------------------------------
 256,266
-----------------------------------------------------------------------------------------------------------
 Health Care - 19.7%
 2,110 Abbott Laboratories 112,990
 83 Advanced Medical Optics, Inc.(a) 1,899
 96 Affymetrix, Inc.(a) 1,841
 405 Alcon, Inc.(Switzerland) (a) 58,616
 415 Allergan, Inc. 24,580
 23 AMAG Pharmaceuticals, Inc.(a) 1,007
 228 AmerisourceBergen Corp. 9,512
 1,489 Amgen, Inc.(a) 67,779
 183 Amylin Pharmaceuticals, Inc.(a) 4,844
 230 Applera Corp.- Applied Biosystems Group 7,753
 330 Becton Dickinson & Co. 29,839
 398 Biogen Idec, Inc.(a) 23,227
 2,025 Boston Scientific Corp.(a) 25,495
 2,711 Bristol-Myers Squibb Co. 61,296
 495 Cardinal Health, Inc. 29,274

See notes to financial statements.

46 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

OTP | Claymore/Ocean Tomo Patent ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Health Care (continued)
 529 Celgene Corp.(a) $ 29,820
 91 Cephalon, Inc.(a) 5,491
 62 Cooper Cos., Inc.(The) 2,120
 676 Covidien Ltd.(Bermuda) 28,926
 139 CR Bard, Inc. 13,176
 116 Dendreon Corp.(a) 612
 646 Elan Corp.PLC, ADR (Ireland) (a) 14,709
 1,438 Genentech, Inc.(a) 108,929
 363 Genzyme Corp.(a) 25,744
 1,271 Gilead Sciences, Inc.(a) 60,144
 217 Hospira, Inc.(a) 9,236
 52 Intuitive Surgical, Inc.(a) 14,660
 104 Inverness Medical Innovations, Inc.(a) 3,032
 64 Invitrogen Corp.(a) 5,407
 3,917 Johnson & Johnson 242,697
 98 Kinetic Concepts, Inc.(a) 5,036
 338 King Pharmaceuticals, Inc.(a) 3,583
 80 LifePoint Hospitals, Inc.(a) 2,005
 395 McKesson Corp. 23,210
 176 Medarex, Inc.(a) 1,637
 736 Medco Health Solutions, Inc.(a) 32,612
 1,540 Medtronic, Inc. 76,014
 444 Millennium Pharmaceuticals, Inc.(a) 6,212
 74 Millipore Corp.(a) 5,173
 413 Mylan Laboratories, Inc. 4,890
 3,727 Novartis AG, ADR (Switzerland) 183,182
 75 Onyx Pharmaceuticals, Inc.(a) 2,049
 80 OSI Pharmaceuticals, Inc.(a) 2,876
 161 PDL BioPharma, Inc.(a) 2,573
 9,348 Pfizer, Inc. 208,273
 267 Quest Diagnostics, Inc. 12,728
 111 Resmed, Inc.(a) 4,494
 3,731 Sanofi-Aventis, ADR (France) 138,383
 2,200 Schering-Plough Corp. 47,740
 49 Sciele Pharma, Inc.(a) 1,014
 147 Sepracor, Inc.(a) 3,156
 256 Shire PLC, ADR (United Kingdom) 14,961
 469 Saint Jude Medical, Inc.(a) 20,158
 557 Stryker Corp. 36,266
 574 Thermo Fisher Scientific, Inc.(a) 32,104
 30 United Therapeutics Corp.(a) 2,525
 175 Varian Medical Systems, Inc.(a) 9,179
 183 Vertex Pharmaceuticals, Inc.(a) 3,203

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 138 Waters Corp.(a) $ 8,226
 143 Watson Pharmaceuticals, Inc.(a) 3,977
 1,827 Wyeth 79,694
 321 Zimmer Holdings, Inc.(a) 24,168
-----------------------------------------------------------------------------------------------------------
 2,025,956
-----------------------------------------------------------------------------------------------------------
 Industrials - 15.1%
 972 3M Co. 76,205
 127 AGCO Corp.(a) 8,237
 147 Avery Dennison Corp. 7,544
 128 BE Aerospace, Inc.(a) 4,390
 1,061 Boeing Co. 87,840
 868 Caterpillar, Inc. 62,782
 571 CSX Corp. 27,705
 272 Cummins, Inc. 13,703
 434 Danaher Corp. 32,181
 599 Deere & Co. 51,041
 274 Dover Corp. 11,374
 201 Eaton Corp. 16,207
 1,075 Emerson Electric Co. 54,782
 55 Energy Conversion Devices, Inc.(a) 1,461
 105 First Solar, Inc.(a) 21,546
 196 Foster Wheeler Ltd.(Bermuda) (a) 12,828
 13,833 General Electric Co. 458,426
 172 Goodrich Corp. 10,188
 1,015 Honeywell International, Inc. 58,403
 739 Illinois Tool Works, Inc. 36,263
 372 Ingersoll-Rand Co., Ltd.- Class A (Bermuda) 15,572
 250 ITT Corp. 14,060
 108 Kennametal, Inc. 3,280
 1,566 Koninklijke Philips Electronics NV - NY Shares (Netherlands) 60,949
 172 L-3 Communications Holdings, Inc. 18,282
 309 McDermott International, Inc.(Panama) (a) 16,136
 460 Northrop Grumman Corp. 36,161
 103 Oshkosh Truck Corp. 4,127
 169 Pall Corp. 6,654
 233 Parker Hannifin Corp. 15,059
 303 Pitney Bowes, Inc. 10,841
 188 Precision Castparts Corp. 20,753
 583 Raytheon Co. 37,802
 204 Rockwell Automation, Inc. 11,161
 1,248 Siemens AG, ADR (Germany) 159,320
 72 SPX Corp. 7,366
 115 Sunpower Corp.- Class A (a) 7,558
 87 Taser International, Inc.(a) 980

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 47

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

OTP | Claymore/Ocean Tomo Patent ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Industrials (continued)
 263 Trane, Inc. $ 11,848
 112 Trinity Industries, Inc. 3,155
 675 Tyco International, Ltd.(Bermuda) 27,041
 110 WW Grainger, Inc. 8,103
-----------------------------------------------------------------------------------------------------------
 1,549,314
-----------------------------------------------------------------------------------------------------------
 Information Technology - 22.0%
 1,074 Accenture, Ltd.- Class A (Bermuda) 37,858
 162 ADC Telecommunications, Inc.(a) 2,215
 843 Advanced Micro Devices, Inc.(a) 6,078
 505 Agilent Technologies, Inc.(a) 15,458
 228 Akamai Technologies, Inc.(a) 8,016
 3,147 Alcatel-Lucent (France) 18,473
 475 Altera Corp. 8,127
 251 Amkor Technology, Inc.(a) 2,939
 414 Analog Devices, Inc. 11,145
 1,200 Apple, Inc.(a) 150,024
 1,873 Applied Materials, Inc. 35,905
 596 ASML Holding NV (Netherlands) (a) 14,352
 78 Atheros Communications, Inc.(a) 1,897
 678 Atmel Corp.(a) 2,203
 320 Autodesk, Inc.(a) 9,949
 541 BEA Systems, Inc.(a) 10,317
 267 BMC Software, Inc.(a) 8,619
 747 Broadcom Corp.- Class A (a) 14,126
 384 Cadence Design Systems, Inc.(a) 4,078
 119 Ciena Corp.(a) 3,074
 8,284 Cisco Systems, Inc.(a) 201,881
 84 CommScope, Inc.(a) 3,518
 223 Computer Sciences Corp.(a) 9,689
 417 Compuware Corp.(a) 3,319
 119 Cree, Inc.(a) 3,677
 43 Cymer, Inc.(a) 1,218
 212 Cypress Semiconductor Corp.(a) 4,609
 90 Diebold, Inc. 2,171
 707 Electronic Data Systems Corp. 12,245
 2,849 EMC Corp.(a) 44,273
 118 Emulex Corp.(a) 1,756
 115 F5 Networks, Inc.(a) 2,548
 171 Fairchild Semiconductor International, Inc.(a) 1,907
 188 Flir Systems, Inc.(a) 5,350
 66 Formfactor, Inc.(a) 1,183
 188 Harris Corp. 9,180
 3,514 Hewlett-Packard Co. 167,864

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 1,033 Infineon Technologies AG, ADR (Germany) (a) $ 8,336
 265 Integrated Device Technology, Inc.(a) 2,223
 7,985 Intel Corp. 159,301
 65 Interdigital, Inc.(a) 1,130
 1,882 International Business Machines Corp. 214,285
 99 International Rectifier Corp.(a) 2,254
 184 Intersil Corp.- Class A 4,282
 41 Itron, Inc.(a) 3,909
 304 JDS Uniphase Corp.(a) 3,998
 699 Juniper Networks, Inc.(a) 18,747
 251 Kla-Tencor Corp. 10,545
 170 Lam Research Corp.(a) 6,841
 130 Lexmark International, Inc.- Class A (a) 4,294
 313 Linear Technology Corp. 8,673
 989 LSI Logic Corp.(a) 4,985
 75 Macrovision Corp.(a) 1,147
 815 Marvell Technology Group, Ltd.(Bermuda) (a) 9,218
 313 MEMC Electronic Materials, Inc.(a) 23,876
 1,049 Micron Technology, Inc.(a) 7,888
 13,146 Microsoft Corp. 357,834
 3,115 Motorola, Inc. 31,057
 364 National Semiconductor Corp. 5,995
 136 NAVTEQ Corp.(a) 10,193
 470 Network Appliance, Inc.(a) 10,161
 603 Nortel Networks Corp.(Canada) (a) 5,186
 483 Novell, Inc.(a) 3,598
 171 Novellus Systems, Inc.(a) 3,776
 256 Nuance Communications, Inc.(a) 4,211
 746 Nvidia Corp.(a) 15,957
 145 Palm, Inc. 938
 296 PMC - Sierra, Inc.(a) 1,418
 127 Polycom, Inc.(a) 2,769
 2,202 Qualcomm, Inc. 93,299
 144 Rambus, Inc.(a) 2,596
 397 RF Micro Devices, Inc.(a) 1,251
 97 Riverbed Technology, Inc.(a) 1,946
 314 SanDisk Corp.(a) 7,395
 734 Seagate Technology (Cayman Islands) 15,832
 75 Silicon Laboratories, Inc.(a) 2,321
 73 SiRF Technology Holdings, Inc.(a) 472
 220 Skyworks Solutions, Inc.(a) 1,817
 360 Sonus Networks, Inc.(a) 1,195
 1,257 STMicroelectronics NV (Netherlands) 15,071
 1,132 Sun Microsystems, Inc.(a) 18,565

See notes to financial statements.

48 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

OTP | Claymore/Ocean Tomo Patent ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Information Technology (continued)
 1,184 Symantec Corp.(a) $ 19,939
 200 Synopsys, Inc.(a) 4,642
 7,241 Taiwan Semiconductor Manufacturing Co.Ltd.(China) 70,527
 2,191 Telefonaktiebolaget LM Ericsson (Sweden) 47,107
 606 Tellabs, Inc.(a) 3,987
 1,834 Texas Instruments, Inc. 54,947
 105 Varian Semiconductor Equipment Associates, Inc.(a) 3,547
 302 VeriSign, Inc.(a) 10,510
 257 Vishay Intertechnology, Inc.(a) 2,346
 304 Western Digital Corp.(a) 9,384
 1,275 Xerox Corp. 18,743
 412 Xilinx, Inc. 9,212
 1,820 Yahoo!, Inc.(a) 50,560
-----------------------------------------------------------------------------------------------------------
 2,257,477
-----------------------------------------------------------------------------------------------------------
 Materials - 5.4%
 294 Air Products & Chemicals, Inc. 26,851
 131 Albemarle Corp. 4,970
 1,152 Alcoa, Inc. 42,785
 142 Ball Corp. 6,262
 1,187 Barrick Gold Corp.(Canada) 61,665
 209 Celanese Corp. 8,130
 1,283 Dow Chemical Co.(The) 48,356
 115 Eastman Chemical Co. 7,568
 338 Ecolab, Inc. 15,815
 1,228 EI Du Pont de Nemours & Co. 57,004
 161 Hercules, Inc. 2,950
 111 International Flavors & Fragrances, Inc. 4,787
 594 International Paper Co. 18,830
 96 Lubrizol Corp. 5,597
 256 MeadWestvaco Corp. 6,569
 748 Monsanto Co. 86,529
 627 Newmont Mining Corp. 32,084
 42 OM Group, Inc.(a) 2,542
 180 Pactiv Corp.(a) 4,558
 474 POSCO, ADR (Korea) 64,132
 226 PPG Industries, Inc. 14,007
 271 Rohm & Haas Co. 14,528
 224 Sealed Air Corp. 5,423
 288 Weyerhaeuser Co. 17,626
-----------------------------------------------------------------------------------------------------------
 559,568
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Telecommunication Services - 4.7%
 8,301 AT&T, Inc. $ 289,124
 2,118 Level 3 Communications, Inc.(a) 4,723
 1,000 SK Telecom Co.Ltd.(Korea) 22,400
 3,866 Sprint Nextel Corp. 27,487
 3,957 Verizon Communications, Inc. 143,718
-----------------------------------------------------------------------------------------------------------
 487,452
-----------------------------------------------------------------------------------------------------------
 Utilities - 0.8%
 373 Consolidated Edison, Inc. 15,252
 443 Edison International 21,884
 1,028 Southern Co. 35,497
 161 Wisconsin Energy Corp. 7,023
-----------------------------------------------------------------------------------------------------------
 79,656
-----------------------------------------------------------------------------------------------------------
 Total Common Stock - 99.7%
 (Cost $10,774,915) 10,245,162
-----------------------------------------------------------------------------------------------------------
 Exchange-Traded Funds - 0.2%
 120 SPDR Trust Series 1
 (Cost $16,362) 16,058
-----------------------------------------------------------------------------------------------------------
 Total Investments - 99.9%
 (Cost $10,791,277) 10,261,220
 Other Assets in excess of Liabilities - 0.1% 10,984
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 10,272,204
===========================================================================================================

ADR - American Depositary Receipt

(a) Non-income producing security.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 49

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

DEF | Claymore/Sabrient Defender ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stocks - 94.8%

 Consumer Discretionary - 8.8%
 3,007 Abercrombie & Fitch Co.- Class A $ 233,133
 35,945 Ford Motor Co.(a) 234,721
 2,940 Magna International, Inc.- Class A (Canada) (b) 215,237
 4,216 McDonald's Corp. 228,128
 9,888 Newell Rubbermaid, Inc. 224,458
 19,879 Service Corp.International 214,693
 11,622 Shaw Communications, Inc.- Class B (Canada) 226,397
 300 Washington Post Co.(The) - Class B 217,200
 2,507 Whirlpool Corp. 211,516
-----------------------------------------------------------------------------------------------------------
 2,005,483
-----------------------------------------------------------------------------------------------------------
 Consumer Staples - 16.9%
 4,805 Anheuser-Busch Cos., Inc. 226,267
 3,175 British American Tobacco PLC - ADR (United Kingdom) 239,395
 7,196 Campbell Soup Co. 232,359
 3,046 Colgate-Palmolive Co. 231,770
 3,555 Costco Wholesale Corp. 220,126
 4,168 General Mills, Inc. 233,366
 5,407 H.J.Heinz Co. 238,503
 2,429 Imperial Tobacco Group PLC - ADR (United Kingdom) 224,561
 4,620 Kellogg Co. 234,326
 2,768 Loews Corp.(Tracking Stock) 208,403
 8,940 PepsiAmericas, Inc. 226,182
 3,509 Reynolds American, Inc. 223,593
 16,507 Sara Lee Corp. 208,483
 7,872 SUPERVALU, Inc. 206,640
 4,100 UST, Inc. 222,589
 4,639 Wal-Mart Stores, Inc. 230,048
 4,137 WM Wrigley Jr.Co. 247,641
-----------------------------------------------------------------------------------------------------------
 3,854,252
-----------------------------------------------------------------------------------------------------------
 Energy - 7.8%
 5,565 Cimarex Energy Co.(b) 293,276
 5,718 Enbridge, Inc.(Canada) 235,582
 4,521 Imperial Oil Ltd.(Canada) 255,843
 5,296 Petro-Canada (Canada) 254,420
 5,603 Pioneer Natural Resources Co. 250,958
 7,476 Repsol YPF SA - ADR (Spain) (b) 257,997
 5,798 TransCanada Corp.(Canada) 232,442
-----------------------------------------------------------------------------------------------------------
 1,780,518
-----------------------------------------------------------------------------------------------------------
 Financials - 17.7%
 3,863 Aflac, Inc. 241,090
 4,822 Allstate Corp.(The) 230,154
 11,097 Annaly Capital Management, Inc.- REIT 229,597

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 6,180 Apartment Investment & Management Co.- Class A - REIT $ 212,901
 5,833 Axis Capital Holdings Ltd.(Bermuda) 215,063
 4,762 Bank of Nova Scotia (Canada) (b) 230,909
 5,998 Cincinnati Financial Corp. 222,946
 9,844 Duke Realty Corp.- REIT 225,624
 724 Fairfax Financial Holdings Ltd.(Canada) 219,300
 6,251 General Growth Properties, Inc.- REIT 220,723
 6,827 Hospitality Properties Trust - REIT 248,025
 9,131 iStar Financial, Inc.- REIT 179,972
 3,418 Macerich Co.(The) - REIT 218,752
 6,254 Manulife Financial Corp.(Canada) 242,092
 508 Markel Corp.(a) 236,093
 2,818 PartnerRe Ltd.(Bermuda) 216,676
 3,769 Torchmark Corp. 227,120
 4,790 Travelers Cos., Inc.(The) 222,304
-----------------------------------------------------------------------------------------------------------
 4,039,341
-----------------------------------------------------------------------------------------------------------
 Health Care - 13.7%
 2,397 C.R.Bard, Inc. 227,212
 8,878 Elan Corp.PLC - ADR (Ireland) (a) (b) 202,152
 4,609 Fresenius Medical Care AG & Co.KGaA - ADR (Germany) 241,189
 4,409 Hillenbrand Industries, Inc.(b) 231,340
 9,776 IMS Health, Inc. 220,058
 3,597 Johnson & Johnson 222,870
 3,086 Laboratory Corp.of America Holdings (a) 238,579
 3,937 McKesson Corp. 231,338
 4,955 Merck & Co., Inc. 219,507
 16,424 Mylan, Inc. 194,460
 4,635 Novartis AG - ADR (Switzerland) 227,810
 10,041 Pfizer, Inc. 223,713
 5,384 Pharmaceutical Product Development, Inc. 242,657
 4,531 Quest Diagnostics, Inc. 215,993
-----------------------------------------------------------------------------------------------------------
 3,138,878
-----------------------------------------------------------------------------------------------------------
 Industrials - 10.0%
 23,700 Allied Waste Industries, Inc.(a) 245,058
 4,506 Avery Dennison Corp. 231,248
 4,540 Canadian National Railway Co.(Canada) 239,621
 17,438 Lan Airlines SA - ADR (Chile) (b) 233,320
 2,147 Lockheed Martin Corp. 221,570
 2,906 Northrop Grumman Corp. 228,441
 6,717 R.R. Donnelley & Sons Co. 213,802
 7,299 Republic Services, Inc. 222,838
 3,160 United Parcel Service, Inc.- Class B 221,958
 6,974 Waste Management, Inc. 228,956
-----------------------------------------------------------------------------------------------------------
 2,286,812
-----------------------------------------------------------------------------------------------------------

See notes to financial statements.

50 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

DEF | Claymore/Sabrient Defender ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Information Technology - 1.0%
 4,633 Affiliated Computer Services, Inc.- Class A (a) $ 235,125
-----------------------------------------------------------------------------------------------------------
 Materials - 9.1%
 3,782 Agnico-Eagle Mines Ltd.(Canada) 260,202
 5,128 Ball Corp. 226,145
 3,500 Eastman Chemical Co. 230,335
 5,070 El Du Pont de Nemours & Co. 235,349
 8,764 MeadWestvaco Corp. 224,884
 3,503 PPG Industries, Inc. 217,116
 4,272 Rohm & Haas Co. 229,022
 8,783 Sealed Air Corp. 212,636
 6,584 Ternium SA - ADR (Luxembourg) 245,320
-----------------------------------------------------------------------------------------------------------
 2,081,009
-----------------------------------------------------------------------------------------------------------
 Telecommunication Services - 7.9%
 6,232 AT&T, Inc. 217,061
 6,563 BCE, Inc.(Canada) 237,581
 6,302 CenturyTel, Inc. 228,069
 3,910 China Netcom Group Corp.Hong Kong Ltd.- ADR (China) 239,409
 20,694 Citizens Communications Co. 222,254
 3,112 Philippine Long Distance Telephone Co.- ADR (Philippines) 220,796
 40,793 Qwest Communications International, Inc. 220,282
 6,180 Verizon Communications, Inc. 224,458
-----------------------------------------------------------------------------------------------------------
 1,809,910
-----------------------------------------------------------------------------------------------------------
 Utilities - 1.9%
 5,157 Consolidated Edison, Inc. 210,870
 4,907 Wisconsin Energy Corp. 214,043
-----------------------------------------------------------------------------------------------------------
 424,913
-----------------------------------------------------------------------------------------------------------
 Total Common Stocks - 94.8%
 (Cost $23,763,149) 21,656,241
-----------------------------------------------------------------------------------------------------------

 Master Limited Partnerships - 2.9%

 Energy - 2.9%

 6,930 Energy Transfer Equity LP 230,492
 4,553 Energy Transfer Partners LP 218,180
 7,194 Enterprise Products Partners LP 222,798
-----------------------------------------------------------------------------------------------------------
 Total Master Limited Partnerships
 (Cost $703,248) 671,470
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Income Trusts - 2.2%

 Energy - 2.2%

 5,889 Enerplus Resources Fund (Canada) $ 253,580
 13,264 Pengrowth Energy Trust (Canada) 247,506
-----------------------------------------------------------------------------------------------------------
 Total Income Trusts
 (Cost $496,719) 501,086
-----------------------------------------------------------------------------------------------------------
 Total Long-Term Investments - 99.9%
 (Cost $24,963,116) 22,828,797
-----------------------------------------------------------------------------------------------------------

 Short-Term Investments - 4.7%

 Investments of Cash Collateral For Securities Loaned - 4.7%

 Money Market Funds (c) - 4.7%
 1,079,700 UBS Private Money Market Fund LLC,3.55% (d) 1,079,700
 (Cost $1,079,700)
-----------------------------------------------------------------------------------------------------------
 Total Investments - 104.6%
 (Cost $26,042,816) 23,908,497
 Liabilities in excess of Other Assets - (4.6%) (1,057,498)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 22,850,999
===========================================================================================================

ADR - American Depositary Receipt

AG - Stock Corporation

LP - Limited Partnership

Ltd.- Limited

KGaA - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA Corporation

(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 $1,042,946 and the total market value of the collateral by the Fund was $1,079,700.

(d) Interest rate shown reflects yield as of February 29,2008.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 51

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

NFO | Claymore/Sabrient Insider ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stocks - 96.7%

 Consumer Discretionary - 14.0%

 10,697 CBS Corp.- Class B $ 244,106
 15,791 Comcast Corp.- Class A 308,556
 4,944 DeVry, Inc. 217,239
 12,250 Eastman Kodak Co. 208,005
 13,465 Gap, Inc.(The) 271,589
 10,179 Goodyear Tire & Rubber Co.(The) (a) 275,851
 32,663 Interpublic Group of Cos., Inc.(a) (b) 281,555
 5,153 Meredith Corp. 223,383
 3,150 MGM Mirage (a) 194,009
 7,543 Nordstrom, Inc. 279,317
 4,552 Sherwin-Williams Co.(The) 235,703
 7,206 Sotheby's 242,986
 5,388 Starwood Hotels & Resorts Worldwide, Inc. 255,014
 8,975 Walt Disney Co.(The) 290,880
-----------------------------------------------------------------------------------------------------------
 3,528,193
-----------------------------------------------------------------------------------------------------------
 Consumer Staples - 2.1%
 24,433 American Oriental Bioengineering, Inc.(a) (b) 243,841
 5,166 Church & Dwight Co., Inc. 276,174
-----------------------------------------------------------------------------------------------------------
 520,015
-----------------------------------------------------------------------------------------------------------
 Energy - 6.7%
 7,650 Cabot Oil & Gas Corp. 380,588
 5,885 Cameron International Corp.(a) 249,995
 8,033 Crosstex Energy, Inc. 287,180
 7,904 Massey Energy Co. 302,407
 11,812 Spectra Energy Corp.(b) 272,975
 10,242 Western Refining, Inc.(b) 204,021
-----------------------------------------------------------------------------------------------------------
 1,697,166
-----------------------------------------------------------------------------------------------------------
 Financials - 19.1%
 5,049 American Express Co. 213,573
 4,711 American International Group, Inc. 220,757
 35,026 Anthracite Capital, Inc.- REIT (b) 223,816
 15,705 Apollo Investment Corp. 243,428
 4,394 Assurant, Inc. 274,845
 8,042 Cash America International, Inc.(b) 260,239
 7,135 Cincinnati Financial Corp. 265,208
 24,146 Corus Bankshares, Inc. 249,428
 17,522 Crystal River Capital, Inc.- REIT 187,135
 5,619 Erie Indemnity Co.- Class A 277,298
 6,362 First Community Bancorp, Inc. 181,317
 11,663 Gramercy Capital Corp.- REIT 238,275
 7,527 Hancock Holding Co. 278,800
 16,673 Montpelier Re Holdings Ltd.(Bermuda) 265,267

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 7,934 Redwood Trust, Inc.- REIT (b) $ 265,154
 4,789 RLI Corp. 250,129
 35,248 Security Capital Assurance Ltd.(Bermuda) (b) 53,577
 2,908 Simon Property Group, Inc.- REIT 243,690
 9,734 St.Joe Co.(The) (b) 374,272
 11,285 Unum Group 258,539
-----------------------------------------------------------------------------------------------------------
 4,824,747
-----------------------------------------------------------------------------------------------------------
 Health Care - 10.6%
 4,849 Aetna, Inc. 240,510
 17,045 AMN Healthcare Services, Inc.(a) (b) 275,959
 5,239 Cigna Corp. 233,555
 22,889 Cypress Bioscience, Inc.(a) (b) 183,112
 3,935 Laboratory Corp.of America Holdings (a) 304,215
 20,697 Mylan, Inc. 245,052
 15,956 PDL BioPharma, Inc.(a) 254,977
 6,969 PharmaNet Development Group, Inc.(a) 200,916
 24,264 Salix Pharmaceuticals Ltd.(a) 163,782
 18,133 Sun Healthcare Group, Inc.(a) 267,280
 32,917 Viropharma, Inc.(a) (b) 301,520
-----------------------------------------------------------------------------------------------------------
 2,670,878
-----------------------------------------------------------------------------------------------------------
 Industrials - 14.4%
 2,477 Alliant Techsystems, Inc.(a) 259,936
 5,484 Avery Dennison Corp. 281,439
 3,138 Boeing Co. 259,795
 13,955 Cenveo, Inc.(a) 209,883
 13,858 China Security & Surveillance Technology, Inc.(a) (b) 207,039
 9,253 Deluxe Corp. 192,740
 6,121 Dover Corp. 254,083
 1,159 First Solar, Inc.(a) 237,827
 17,491 Houston Wire & Cable Co. 253,620
 2,645 L-3 Communications Holdings, Inc. 281,137
 7,547 Pitney Bowes, Inc. 270,032
 4,100 Rockwell Automation, Inc. 224,311
 2,175 Sunpower Corp.- Class A (a) (b) 142,941
 10,371 Trinity Industries, Inc. 292,151
 8,258 Waste Management, Inc. 271,110
-----------------------------------------------------------------------------------------------------------
 3,638,044
-----------------------------------------------------------------------------------------------------------
 Information Technology - 15.5%
 10,733 Activision, Inc.(a) 292,474
 7,962 Blue Coat Systems, Inc.(a) 186,948
 12,104 Broadridge Financial Solutions, Inc. 231,792
 11,105 CA, Inc.(b) 254,082
 16,876 Cadence Design Systems, Inc.(a) 179,223
 7,605 Concur Technologies, Inc.(a) (b) 222,370

See notes to financial statements.

52 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

NFO | Claymore/Sabrient Insider ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Information Technology (continued)
 78,146 Extreme Networks, Inc.(a) $ 235,219
 16,288 Informatica Corp.(a) 284,388
 18,077 Intevac, Inc.(a) 232,109
 10,721 Jack Henry & Associates, Inc.(b) 252,265
 8,317 Lexmark International, Inc.- Class A (a) 274,711
 26,474 Mentor Graphics Corp.(a) 240,913
 10,048 Plexus Corp.(a) (b) 248,889
 39,498 S1 Corp.(a) 279,646
 14,271 Sun Microsystems, Inc.(a) (b) 234,044
 7,752 Tyco Electronics Ltd.(Bermuda) 255,041
-----------------------------------------------------------------------------------------------------------
 3,904,114
-----------------------------------------------------------------------------------------------------------
 Materials - 9.4%
 17,878 Calgon Carbon Corp.(a) (b) 292,127
 3,955 Kaiser Aluminum Corp.(b) 290,099
 3,440 Mosaic Co.(The) (a) 382,872
 11,948 Nalco Holding Co. 258,077
 4,695 Nucor Corp. 303,156
 4,982 OM Group, Inc.(a) 301,560
 3,241 Praxair, Inc. 260,187
 5,319 Sigma-Aldrich Corp. 292,651
-----------------------------------------------------------------------------------------------------------
 2,380,729
-----------------------------------------------------------------------------------------------------------
 Telecommunication Services - 0.9%
 40,659 Qwest Communications International, Inc. 219,559
-----------------------------------------------------------------------------------------------------------
 Utilities - 4.0%
 3,928 FirstEnergy Corp. 265,494
 4,069 FPL Group, Inc. 245,320
 6,323 ONEOK, Inc. 294,462
 16,847 Sierra Pacific Resources (b) 217,495
-----------------------------------------------------------------------------------------------------------
 1,022,771
-----------------------------------------------------------------------------------------------------------
 Total Common Stocks - 96.7%
 (Cost $27,778,707) 24,406,216
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Master Limited Partnerships - 3.2%

 Energy - 3.2%

 9,356 Boardwalk Pipeline Partners LP (b) $ 221,924
 5,161 NuStar Energy LP 275,649
 1,730 ONEOK Partners LP 293,402
-----------------------------------------------------------------------------------------------------------
 (Cost $906,457) 790,975
-----------------------------------------------------------------------------------------------------------

 Exchange-Traded Funds - 0.0%
 110 iShares S&P SmallCap 600 Index Fund
 (Cost $6,705) 6,606
-----------------------------------------------------------------------------------------------------------
 Total Long-Term Investments - 99.9%
 (Cost $28,691,869) 25,203,797
-----------------------------------------------------------------------------------------------------------
 Short-Term Investments - 18.5%

 Investments of Cash Collateral For Securities Loaned - 18.5%

 Money Market Funds (c) - 18.5%

 4,684,600 UBS Private Money Market Fund LLC,3.55% (d)
 (Cost $4,684,600) 4,684,600
-----------------------------------------------------------------------------------------------------------

 Total Investments - 118.4%
 (Cost $33,376,469) 29,888,397

 Liabilities in excess of Other Assets - (18.4%) (4,653,107)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 25,235,290
===========================================================================================================

REIT - Real Estate Investment Trust

LP - Limited Partnership

Ltd.- Limited

(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 $4,464,822 and the total market value of the collateral held by the Fund was $4,684,600.

(d) Interest rate shown reflects yield as of February 29,2008.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 53

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

STH | Claymore/Sabrient Stealth ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stocks - 94.8%

 Consumer Discretionary - 17.1%
 1,124 Aldila, Inc. $ 18,265
 5,555 American Greetings Corp.- Class A 104,545
 5,252 Blyth, Inc. 104,147
 1,707 Books-A-Million, Inc. 14,151
 7,188 Cato Corp.(The) - Class A 112,564
 2,084 Core-Mark Holding Co., Inc.(a) 55,372
 1,620 CSS Industries, Inc. 56,554
 2,351 Culp, Inc.(a) 17,162
 4,258 Fuel Systems Solutions, Inc.(a) 44,028
 2,760 Hooker Furniture Corp. 56,552
 3,496 Interactive Data Corp. 102,293
 4,464 Movado Group, Inc. 85,977
 226 NVR, Inc.(a) 122,194
 7,638 Perry Ellis International, Inc.(a) 149,628
 2,109 Pre-Paid Legal Services, Inc.(a) 100,494
 20,303 Retail Ventures, Inc.(a) 136,639
 1,199 Russ Berrie & Co., Inc.(a) 15,659
 7,214 Standard Motor Products, Inc. 53,456
 6,721 Sturm Ruger & Co., Inc.(a) 53,096
 5,971 Systemax, Inc. 64,666
 632 Weyco Group, Inc. 17,083
-----------------------------------------------------------------------------------------------------------
 1,484,525
-----------------------------------------------------------------------------------------------------------
 Consumer Staples - 9.3%
 27,721 Alliance One International, Inc.(a) 135,833
 4,498 Cal-Maine Foods, Inc.(b) 155,181
 950 Coca-Cola Bottling Co. 51,955
 5,684 Imperial Sugar Co. 109,133
 2,390 National Beverage Corp. 17,495
 1,294 Nutraceutical International Corp.(a) 16,486
 2,067 Universal Corp. 117,633
 5,326 Vector Group Ltd. 97,892
 6,002 Winn-Dixie Stores, Inc.(a) 98,133
-----------------------------------------------------------------------------------------------------------
 799,741
-----------------------------------------------------------------------------------------------------------
 Energy - 4.1%
 4,010 Abraxas Petroleum Corp.(a) 15,037
 4,058 Bolt Technology Corp.(a) 70,569
 1,761 Lufkin Industries, Inc. 100,659
 11,290 Omni Energy Services Corp.(a) 46,063
 1,795 Petroleum Development Corp.(a) 125,219
 357,547

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Financials - 25.8%
 270 Alleghany Corp.(a) $ 97,470
 8,383 Amtrust Financial Services, Inc.(b) 139,996
 6,079 Associated Estates Realty Corp.- REIT 59,878
 3,864 BRT Realty Trust - REIT 48,686
 7,695 Capstead Mortgage Corp.- REIT 132,508
 1,485 Citizens First Bancorp, Inc. 18,726
 3,339 Citizens, Inc.(a) 18,865
 2,704 City Bank 49,862
 2,858 CNA Surety Corp.(a) 40,326
 4,322 Cohen & Steers, Inc.(b) 108,828
 5,197 Colonial Properties Trust - REIT 126,599
 1,112 Credit Acceptance Corp.(a) 16,880
 2,550 Equity Lifestyle Properties, Inc.- REIT (b) 116,484
 1,980 Federal Agricultural Mortgage Corp.- Class C 47,599
 832 First South Bancorp, Inc.(b) 16,374
 3,060 General Growth Properties, Inc.- REIT 108,049
 11,315 GMH Communities Trust - REIT 101,382
 951 Great Southern Bancorp, Inc. 17,070
 5,231 JER Investors Trust, Inc.- REIT (b) 53,618
 1,855 Life Partners Holdings, Inc. 27,918
 1,935 Mission West Properties - REIT 17,802
 1,874 National Health Investors, Inc.- REIT 56,464
 4,471 Och-Ziff Capital Management Group LLC - Class A 103,459
 959 One Liberty Properties, Inc.- REIT 16,783
 4,208 Pennsylvania Real Estate Investment Trust - REIT 104,064
 2,678 Ramco-Gershenson Properties - REIT 59,505
 1,542 Royal Bancshares of Pennsylvania 20,586
 743 Sierra Bancorp (b) 16,621
 733 Transatlantic Holdings, Inc. 49,404
 3,654 United Fire & Casualty Co. 125,515
 881 United Western Bancorp, Inc. 16,545
 7,471 Universal Insurance Holding, Inc. 44,004
 828 Univest Corp of Pennsylvania 16,949
 3,794 Urstadt Biddle Properties, Inc.- Class A - REIT 55,734
 6,505 US Global Investors, Inc.- Class A (b) 109,609
 2,031 Vestin Realty Mortgage II, Inc.- REIT 17,081
 9,897 Winthrop Realty Trust - REIT 49,287
-----------------------------------------------------------------------------------------------------------
 2,226,530
-----------------------------------------------------------------------------------------------------------

See notes to financial statements.

54 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

STH | Claymore/Sabrient Stealth ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Health Care - 3.8%
 1,058 Caraco Pharmaceutical Laboratories Ltd.(a) $ 17,383
 2,293 Corvel Corp.(a) 69,088
 1,543 Ensign Group, Inc.(The) 13,362
 11,681 Enzon Pharmaceuticals, Inc.(a) 100,340
 1,471 Genoptix, Inc.(a) 37,761
 1,001 Landauer, Inc. 47,848
 1,091 Psychemedics Corp. 18,002
 4,423 Theragenics Corp.(a) 17,161
 1,235 Transcend Services, Inc.(a) 11,572
-----------------------------------------------------------------------------------------------------------
 332,517
-----------------------------------------------------------------------------------------------------------

 Industrials - 15.3%
 2,974 AAON, Inc. 49,101
 14,734 ABX Holdings, Inc.(a) 45,086
 11,339 Advanced Battery Technologies, Inc.(a) 52,613
 2,002 Allegiant Travel Co.(a) 54,474
 1,531 Ampco-Pittsburgh Corp. 57,964
 2,079 Atlas Air Worldwide Holdings, Inc.(a) 105,197
 3,412 Bowne & Co., Inc. 45,277
 2,475 CDI Corp. 56,306
 666 Chase Corp. 15,718
 7,205 China Architectural Engineering, Inc.(a) (b) 42,149
 4,504 COMSYS IT Partners, Inc.(a) 42,428
 5,170 Dollar Thrifty Automotive Group (a) 74,241
 2,906 GeoEye, Inc.(a) 87,790
 2,263 Graham Corp. 87,080
 2,664 Hurco Cos., Inc.(a) 117,802
 2,940 Integrated Electrical Services, Inc.(a) 50,744
 805 International Shipholding Corp.(a) 15,343
 521 Key Technology, Inc.(a) 18,397
 1,012 LS Starrett Co.- Class A 17,649
 1,296 Michael Baker Corp.(a) 37,325
 1,344 Miller Industries, Inc.(a) 15,537
 6,748 PRG-Schultz International, Inc.(a) 59,450
 5,547 Rollins, Inc. 97,905
 1,189 SIFCO Industries, Inc.(a) 16,123
 2,388 Sun Hydraulics Corp. 51,891
 2,058 TRC Cos., Inc.(a) 10,434
-----------------------------------------------------------------------------------------------------------
 1,324,024
-----------------------------------------------------------------------------------------------------------

 Information Technology - 12.5%
 9,854 Advanced Energy Industries, Inc.(a) 126,328
 7,430 Avici Systems, Inc.(a) 56,988

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 429 CAM Commerce Solutions, Inc. $ 16,165
 555 Cass Information Systems, Inc. 15,540
 2,523 Digital Ally, Inc.(a) 17,156
 3,605 Globalscape, Inc.(a) 12,726
 5,713 Imergent, Inc.(b) 62,843
 10,459 Immersion Corp.(a) 88,169
 6,051 infoUSA, Inc. 46,048
 2,203 Integral Systems, Inc. 53,621
 2,746 Integrated Silicon Solution, Inc.(a) 16,394
 2,624 Internet Brands, Inc.- Class A (a) 20,913
 4,979 Metavante Technologies, Inc.(a) 107,895
 7,478 Methode Electronics, Inc. 79,641
 2,109 Rimage Corp.(a) 48,549
 1,213 Spectrum Control, Inc.(a) 10,929
 2,943 Telular Corp.(a) 10,359
 3,902 Teradata Corp.(a) 98,447
 961 Tessco Technologies, Inc.(a) 15,655
 10,092 United Online, Inc. 100,718
 1,950 Versant Corp.(a) 56,336
 3,714 White Electronic Designs Corp.(a) 15,562
-----------------------------------------------------------------------------------------------------------
 1,076,982
-----------------------------------------------------------------------------------------------------------

 Materials - 6.0%
 1,697 AEP Industries, Inc.(a) 51,572
 1,112 American Pacific Corp. 17,914
 9,031 Buckeye Technologies, Inc.(a) 97,625
 4,326 ICO, Inc.(a) 33,700
 2,600 Kapstone Paper and Packaging Corp.(a) 17,290
 4,197 LSB Industries, Inc.(a) 100,098
 850 Mesabi Trust 20,230
 4,423 Penford Corp. 96,819
 8,065 ShengdaTech, Inc.(a) (b) 85,328
-----------------------------------------------------------------------------------------------------------
 520,576
-----------------------------------------------------------------------------------------------------------

 Telecommunication Services - 0.7%
 1,300 D&E Communications, Inc. 14,157
 4,084 USA Mobility, Inc.(a) 42,882
-----------------------------------------------------------------------------------------------------------
 57,039
-----------------------------------------------------------------------------------------------------------
 Utilities - 0.2%
 300 EnergySouth, Inc. 15,228
-----------------------------------------------------------------------------------------------------------
 15,228
-----------------------------------------------------------------------------------------------------------

 Total Common Stocks - 94.8%
 (Cost $9,507,087) 8,194,709
-----------------------------------------------------------------------------------------------------------

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 55

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

STH | Claymore/Sabrient Stealth ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Master Limited Partnerships - 1.7%

 Energy - 1.5%
 4,890 Capital Product Partners LP (Marshall Islands) $ 98,778
 832 Dorchester Minerals LP 17,705
 385 Inergy Holdings LP 17,017
-----------------------------------------------------------------------------------------------------------
 133,500
-----------------------------------------------------------------------------------------------------------
 Utilities - 0.2%
 5,122 Star Gas Partners LP (a) 16,595
-----------------------------------------------------------------------------------------------------------
 Total Master Limited Partnerships
 (Cost $189,090) 150,095
-----------------------------------------------------------------------------------------------------------
 Closed-End Funds - 0.6%
 2,364 Kayne Anderson Energy Development Co.
 (Cost $54,504) 56,169
-----------------------------------------------------------------------------------------------------------
 Royalty Trusts - 2.7%

 Energy - 2.7%
 1,263 BP Prudhoe Bay Royalty Trust 109,060
 2,129 Hugoton Royalty Trust 60,144
 3,179 Permian Basin Royalty Trust 60,528
-----------------------------------------------------------------------------------------------------------
 (Cost $206,109) 229,732
-----------------------------------------------------------------------------------------------------------
 Exchange-Traded Funds - 0.1%
 110 iShares S&P SmallCap 600 Index Fund 6,606
 (Cost $6,748)
-----------------------------------------------------------------------------------------------------------
 Total Long-Term Investments - 99.9%
 (Cost $9,963,538) 8,637,311
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Short-Term Investments - 9.3%

 Investments of Cash Collateral for Securities Loaned - 9.3%

 Money Market Funds (c) - 9.3%
 805,900 UBS Private Money Market Fund LLC, 3.55% (d)
 (Cost $805,900) $ 805,900
-----------------------------------------------------------------------------------------------------------

 Total Investments - 109.2%
 (Cost $10,769,438) 9,443,211

 Liabilities in excess of Other Assets - (9.2%) (798,756)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 8,644,455
===========================================================================================================

REIT - Real Estate Investment Trust

LP - Limited Partnership

(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 $762,785 and the total market value of the collateral held by the Fund was $805,900.

(d) Interest rate shown reflects yield as of February 29, 2008.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

56 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

CZA | Claymore/Zacks Mid-Cap Core ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Common Stocks - 90.4%

 Consumer Discretionary - 7.1%
 1,446 Burger King Holdings, Inc. $ 37,104
 1,672 EW Scripps Co.- Class A 69,839
 1,826 Genuine Parts Co. 75,322
 561 International Speedway Corp.- Class A 22,350
 2,897 Service Corp.International 31,288
 601 Snap-On, Inc. 30,002
 1,983 Tim Hortons, Inc. 69,742
-----------------------------------------------------------------------------------------------------------
 335,647
-----------------------------------------------------------------------------------------------------------

 Consumer Staples - 6.7%
 802 Corn Products International, Inc. 29,441
 1,022 Delhaize Group, ADR (Belgium) 77,202
 1,444 Hormel Foods Corp. 59,002
 598 JM Smucker Co.(The) 30,612
 1,560 Molson Coors Brewing Co.- Class B 84,178
 1,404 PepsiAmericas, Inc. 35,521
-----------------------------------------------------------------------------------------------------------
 315,956
-----------------------------------------------------------------------------------------------------------

 Energy - 1.6%
 1,716 Continental Resources, Inc.(a) 48,185
 476 Unit Corp.(a) 26,251
-----------------------------------------------------------------------------------------------------------
 74,436
-----------------------------------------------------------------------------------------------------------

 Financials - 20.4%
 631 Allied World Assurance Co.Holdings Ltd.(Bermuda) 27,480
 710 Arch Capital Group Ltd.(Bermuda) (a) 48,621
 1,620 Axis Capital Holdings Ltd.(Bermuda) 59,729
 721 BOK Financial Corp. 37,290
 2,794 CNA Financial Corp. 74,460
 5,159 Discover Financial Services 77,849
 661 Everest Re Group, Ltd.(Bermuda) 64,038
 101 Markel Corp.(a) 46,940
 1,249 MF Global, Ltd.(Bermuda) (a) 21,920
 1,479 Nationwide Financial Services - Class A 61,009
 768 Philadelphia Consolidated Holding Co.(a) 26,051
 750 Protective Life Corp. 28,942
 739 RenaissanceRe Holdings, Ltd.(Bermuda) 40,571
 2,028 SEI Investments Co. 50,720
 528 StanCorp Financial Group, Inc. 25,920
 981 Torchmark Corp. 59,115
 3,774 Unum Group 86,462
 764 Validus Holdings, Ltd.(Bermuda) 18,978
 1,501 Willis Group Holdings, Ltd.(Bermuda) 49,308
 1,919 WR Berkley Corp. 55,248
-----------------------------------------------------------------------------------------------------------
 960,651
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Health Care - 7.8%
 651 Beckman Coulter, Inc. $ 43,942
 1,617 Coventry Health Care, Inc.(a) 83,874
 1,580 Dentsply International, Inc. 61,683
 1,156 Health Net, Inc.(a) 50,795
 1,213 Laboratory Corp.of America Holdings (a) 93,777
 509 Pediatrix Medical Group, Inc.(a) 33,599
-----------------------------------------------------------------------------------------------------------
 367,670
-----------------------------------------------------------------------------------------------------------

 Industrials - 14.5%
 1,099 Avery Dennison Corp. 56,401
 1,916 Cooper Industries, Ltd.- Class A (Bermuda) 80,338
 650 Crane Co. 26,800
 740 Diana Shipping, Inc.(Marshall Island) 21,090
 611 Dun & Bradstreet Corp. 53,365
 420 Elbit Systems, Ltd.(Israel) 23,713
 1,390 Equifax, Inc. 47,566
 896 Harsco Corp. 50,615
 645 Hubbell, Inc.- Class B 29,264
 463 Lincoln Electric Holdings, Inc. 31,086
 858 Manpower, Inc. 48,649
 1,308 Pall Corp. 51,496
 1,998 Republic Services, Inc. 60,999
 2,215 RR Donnelley & Sons Co. 70,503
 1,015 Timken Co. 30,582
-----------------------------------------------------------------------------------------------------------
 682,467
-----------------------------------------------------------------------------------------------------------

 Information Technology - 19.1%
 2,133 Amdocs Ltd.(Guernsey) (a) 66,123
 1,877 Amphenol Corp.- Class A 69,393
 1,304 Arrow Electronics, Inc.(a) 42,523
 1,823 AVX Corp. 22,860
 5,449 Electronic Data Systems Corp. 94,377
 2,043 Fidelity National Information Services, Inc. 84,764
 8,692 Flextronics International, Ltd.(Singapore) (a) 88,137
 1,437 Harris Corp. 70,169
 1,871 Ingram Micro, Inc.- Class A (a) 28,570
 2,021 Integrated Device Technology, Inc.(a) 16,956
 1,679 McAfee, Inc.(a) 55,860
 1,230 Metavante Technologies, Inc.(a) 26,654
 389 Mettler Toledo International, Inc.(a) 38,005
 1,924 Molex, Inc. 43,348
 1,951 Molex, Inc.- Class A 42,473
 1,886 NCR Corp.(a) 41,794
 2,026 Total System Services, Inc. 45,038

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 57

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

CZA | Claymore/Zacks Mid-Cap Core ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Information Technology (continued)
 1,973 Vishay Intertechnology, Inc.(a) $ 18,013
-----------------------------------------------------------------------------------------------------------
 895,057
-----------------------------------------------------------------------------------------------------------
 Materials - 5.7%
 870 Airgas, Inc. 42,273
 1,705 Crown Holdings, Inc.(a) 42,472
 804 FMC Corp. 45,514
 3,302 Gerdau Ameristeel Corp.(Canada) 49,497
 1,454 Nalco Holding Co. 31,406
 1,290 RPM International, Inc. 26,974
 1,064 Sonoco Products Co. 29,973
-----------------------------------------------------------------------------------------------------------
 268,109
-----------------------------------------------------------------------------------------------------------
 Telecommunications Services - 0.7%
 1,020 Cellcom Israel, Ltd.(Israel) 32,722
-----------------------------------------------------------------------------------------------------------
 Utilities - 6.8%
 1,907 MDU Resources Group, Inc. 50,078
 1,079 Oneok, Inc. 50,249
 2,031 Pepco Holdings, Inc. 51,323
 1,245 Puget Energy, Inc. 33,242
 1,223 SCANA Corp. 46,315
 1,270 Southern Union Co. 32,664
 1,223 Wisconsin Energy Corp. 53,347
-----------------------------------------------------------------------------------------------------------
 317,218
-----------------------------------------------------------------------------------------------------------
 Total Common Stock - 90.4%
 (Cost $4,651,704) 4,249,933
-----------------------------------------------------------------------------------------------------------
 Master Limited Partnerships - 9.4%
 Energy - 7.7%
 953 Boardwalk Pipeline Partners LP 22,605
 582 Enbridge Energy Partners LP 29,088
 2,345 Energy Transfer Equity LP 77,995
 1,393 Energy Transfer Partners LP 66,753
 523 NuStar Energy LP 27,933
 485 ONEOK Partners LP 30,085
 1,211 Plains All American Pipeline LP 57,825
 307 Sunoco Logistics Partners LP 16,425
 953 TEPPCO Partners LP 35,985
-----------------------------------------------------------------------------------------------------------
 364,694
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Financials - 1.3%
 956 AllianceBernstein Holding LP $ 59,320
-----------------------------------------------------------------------------------------------------------
 Utilities - 0.4%
 612 Amerigas Partners LP 19,921
-----------------------------------------------------------------------------------------------------------
 Total Master Limited Partnerships - 9.4%
 (Cost $507,187) 443,935
-----------------------------------------------------------------------------------------------------------
 Exchange Traded Funds - 0.1%
 40 iShares Russell Midcap Index Fund
 (Cost $3,858) 3,799
-----------------------------------------------------------------------------------------------------------
 Total Investments - 99.9%
 (Cost $5,162,749) 4,697,667
 Other Assets in excess of Liabilities - 0.1% 2,563
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 4,700,230
===========================================================================================================

LP - Limited Partnership

ADR - American Depositary Receipt

(a) Non-income producing security.

See notes to financial statements.

58 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

XRO | Claymore/Zacks Sector Rotation ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Long-Term Investments - 100.0%

 Common Stocks - 100.0%

 Consumer Discretionary - 20.8%

 26,196 Amazon.Com, Inc.(a) $ 1,688,856
 27,656 Apollo Group, Inc., Class A (a) 1,697,525
 20,045 BorgWarner, Inc. 864,140
 4,179 Central European Media Enterprises Ltd., Class A (Bermuda) (a) 384,134
 6,587 Chipotle Mexican Grill, Inc., Class A (a) 654,089
 25,386 Daimler AG (Germany) 2,111,861
 9,348 DeVry, Inc. 410,751
 38,613 Discovery Holding Co., Class A (a) 871,495
 46,030 Expedia, Inc.(a) 1,055,468
 23,431 GameStop Corp., Class A (a) 992,537
 20,031 Garmin Ltd.(Cayman Islands) 1,176,020
 5,703 ITT Educational Services, Inc.(a) 314,920
 23,546 Las Vegas Sands Corp.(a) 1,961,382
 49,520 Liberty Global, Inc., Class A (a) 1,861,952
 41,173 McDonald's Corp. 2,227,871
 6,237 Morningstar, Inc.(a)(b) 406,590
 16,289 Penn National Gaming, Inc.(a) 746,525
 4,215 priceline.com, Inc.(a) 480,594
 39,414 Tim Hortons, Inc.(Canada) 1,386,190
 17,300 Wynn Resorts Ltd.(a) 1,742,110
 50,712 Yum! Brands, Inc. 1,747,029
-----------------------------------------------------------------------------------------------------------
 24,782,039
-----------------------------------------------------------------------------------------------------------
 Consumer Staples - 2.1%
 61,046 CVS Caremark Corp. 2,465,037
-----------------------------------------------------------------------------------------------------------
 Energy - 0.3%
 12,440 Dresser-Rand Group, Inc.(a) 423,831
-----------------------------------------------------------------------------------------------------------
 Health Care - 25.0%
 42,047 Aetna, Inc. 2,085,531
 34,109 Biogen Idec, Inc.(a)(b) 1,990,601
 13,731 BioMarin Pharmaceutical, Inc.(a) 522,327
 14,735 Charles River Laboratories International, Inc.(a) 863,176
 11,199 Covance, Inc.(a) 945,308
 21,546 Dentsply International, Inc. 841,156
 26,584 Express Scripts, Inc.(a) 1,571,114
 7,703 Gen-Probe, Inc.(a) 368,280
 52,750 Gilead Sciences, Inc.(a) 2,496,130
 25,783 Humana, Inc.(a) 1,761,752
 8,295 Idexx Laboratories, Inc.(a) 460,124
 8,206 Illumina, Inc.(a) 594,196
 11,291 ImClone Systems, Inc.(a) 508,208
 5,985 Intuitive Surgical, Inc.(a) 1,687,291

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 8,625 Inverness Medical Innovations, Inc.(a) $ 251,419
 5,200 Invitrogen Corp.(a) 439,348
 47,860 Medco Health Solutions, Inc.(a) 2,120,677
 41,763 Merck & Co., Inc. 1,850,101
 64,854 Millennium Pharmaceuticals, Inc.(a) 907,308
 13,883 Perrigo Co. 463,970
 24,036 Pharmaceutical Product Development, Inc. 1,083,303
 23,079 Qiagen NV (Netherlands) (a) (b) 507,507
 91,078 Schering-Plough Corp. 1,976,393
 42,063 Thermo Fisher Scientific, Inc.(a) 2,352,584
 18,399 Waters Corp.(a) 1,096,764
-----------------------------------------------------------------------------------------------------------
 29,744,568
-----------------------------------------------------------------------------------------------------------
 Industrials - 26.2%
 14,284 AGCO Corp.(a) 926,460
 4,269 Alliant Techsystems, Inc.(a) 447,989
 20,712 Ametek, Inc. 882,124
 18,342 BE Aerospace, Inc.(a) 629,131
 4,891 Bucyrus International, Inc., Class A 488,513
 29,489 CNH Global NV (Netherlands) 1,518,683
 11,406 Copart, Inc.(a) 475,174
 30,466 Cummins, Inc. 1,534,877
 26,042 Deere & Co. 2,219,039
 10,479 Donaldson Co., Inc. 441,795
 42,817 Emerson Electric Co. 2,181,954
 10,079 Flowserve Corp. 1,097,603
 13,311 Fluor Corp. 1,853,557
 6,631 General Cable Corp.(a) 409,265
 20,604 Goodrich Corp. 1,220,375
 15,173 Harsco Corp. 857,123
 22,125 Joy Global, Inc. 1,468,436
 25,041 KBR, Inc. 834,617
 18,307 L-3 Communications Holdings, Inc. 1,945,851
 19,871 Manitowoc Co., Inc. 809,545
 25,799 Parker Hannifin Corp. 1,667,389
 13,983 Precision Castparts Corp. 1,543,583
 9,437 SPX Corp. 965,405
 16,356 Stericycle, Inc.(a) 881,425
 27,234 Textron, Inc. 1,475,266
 19,324 Union Pacific Corp. 2,410,862
-----------------------------------------------------------------------------------------------------------
 31,186,041
-----------------------------------------------------------------------------------------------------------

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 59

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

XRO | Claymore/Zacks Sector Rotation ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Information Technology - 22.4%
 49,007 Activision, Inc.(a) $ 1,335,441
 31,408 Amphenol Corp., Class A 1,161,154
 12,254 Apple, Inc.(a) 1,531,995
 61,492 BEA Systems, Inc.(a) 1,172,652
 26,965 Cypress Semiconductor Corp.(a) 586,219
 4,802 Equinix, Inc.(a) 333,019
 15,519 Flir Systems, Inc.(a) 441,671
 3,511 Google, Inc., Class A(a) 1,654,313
 23,235 Harris Corp. 1,134,565
 48,080 Hewlett Packard Co. 2,296,781
 91,003 Intel Corp. 1,815,510
 39,314 Iron Mountain, Inc.(a) 1,182,565
 58,462 Juniper Networks, Inc.(a) 1,567,951
 9,024 Mastercard, Inc., Class A 1,714,560
 25,897 McAfee, Inc.(a) 861,593
 21,938 MEMC Electronic Materials, Inc.(a) 1,673,431
 4,268 Mettler Toledo International, Inc.(a) 416,984
 26,012 Nuance Communications, Inc.(a) 427,897
 57,066 Nvidia Corp.(a) 1,220,642
 23,230 Salesforce.com, Inc.(a) 1,387,296
 16,067 Trimble Navigation Ltd.(a) 439,272
 38,753 VeriSign, Inc.(a) 1,348,604
 32,160 Western Digital Corp.(a) 992,779
-----------------------------------------------------------------------------------------------------------
 26,696,894
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Materials - 1.4%
 29,412 Owens-Illinois, Inc.(a) $ 1,660,307
-----------------------------------------------------------------------------------------------------------
 Telecommunication Services - 1.8%
 46,660 Crown Castle International Corp.(a) 1,683,960
 14,365 SBA Communications Corp., Class A(a) 446,033
-----------------------------------------------------------------------------------------------------------
 2,129,993
-----------------------------------------------------------------------------------------------------------
 Total Long-Term Investments - 100.0%
 (Cost $134,895,066) 119,088,710
-----------------------------------------------------------------------------------------------------------
 Short-Term Investments - 0.7%
 Investments of Cash Collateral for Securities Loaned - 0.7%
 Money Market Funds (c) - 0.7%
 783,700 UBS Private Money Market Fund LLC, 3.55% (d)
 (Cost $783,700) 783,700
-----------------------------------------------------------------------------------------------------------
 Total Investments - 100.7%
 (Cost $135,678,766) 119,872,410
 Liabilities in excess of Other Assets - (0.7%) (785,015)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 119,087,395
===========================================================================================================

AG - Stock Corporation

NV - Publicly-Traded 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 $765,055 and the total market value of the collateral held by the Fund was $783,700.

(d) Interest rate shown reflects yield as of February 29, 2008.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

60 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

CVY | Claymore/Zacks Yield Hog ETF

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Long-Term Investments - 99.7%

 Common Stocks - 67.5%

 Consumer Discretionary - 9.5%

 11,691 Asbury Automotive Group, Inc. $ 163,908
 29,598 Belo Corp., Class A 348,369
 19,218 Brunswick Corp. 313,061
 13,021 Carnival Corp.(Panama) 512,376
 13,678 Ethan Allen Interiors, Inc. 372,589
 29,935 Foot Locker, Inc.(a) 368,201
 15,946 Gannett Co., Inc.(a) 480,772
 19,851 H&R Block, Inc. 370,221
 20,569 Home Depot, Inc. 546,107
 21,022 Jones Apparel Group, Inc. 296,620
 13,976 Lee Enterprises, Inc. 144,093
 29,329 Mattel, Inc. 566,636
 14,487 McClatchy Co., Class A(a) 139,075
 14,927 Ruby Tuesday, Inc. 106,131
 5,224 VF Corp. 397,233
-----------------------------------------------------------------------------------------------------------
 5,125,392
-----------------------------------------------------------------------------------------------------------
 Consumer Staples - 2.0%
 9,787 Hershey Co. 362,902
 16,958 Kraft Foods, Inc., Class A(a) 528,581
 3,645 Universal Corp.Richmond VA 207,437
-----------------------------------------------------------------------------------------------------------
 1,098,920
-----------------------------------------------------------------------------------------------------------
 Energy - 1.1%
 12,588 Frontline Ltd.(Bermuda) (a) 568,222
-----------------------------------------------------------------------------------------------------------
 Financials - 38.5%
 11,514 Allied Irish Banks PLC, ADR (Ireland) 470,232
 11,462 Allstate Corp. 547,081
 21,492 AMBAC Financial Group, Inc. 239,421
 34,135 Annaly Capital Management, Inc., REIT 706,253
 15,515 Apartment Investment & Management Co., Class A, REIT 534,492
 12,702 Bank of America Corp. 504,777
 7,526 Bank of Hawaii Corp. 361,399
 2,424 Bank of Ireland, ADR (Ireland) 138,168
 3,104 Bank of Montreal (Canada) 156,876
 3,690 Bank of Nova Scotia (Canada) 178,928
 16,239 BB&T Corp. 505,520
 13,515 Brandywine Realty Trust, REIT 226,241
 2,193 Canadian Imperial Bank of Commerce (Canada) 148,685
 9,685 Central Pacific Financial Corp. 179,076
 22,028 CIT Group, Inc. 489,462
 6,063 City National Corp.(a) 310,729

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 24,613 Colonial BancGroup, Inc.(a) $ 297,325
 20,559 Corus Bankshares, Inc. 212,374
 7,427 Cullen/Frost Bankers, Inc. 379,668
 4,448 Deutsche Bank AG (Germany) 493,550
 22,288 Duke Realty Corp., REIT 510,841
 8,710 First Community Bancorp, Inc.(a) 248,235
 7,442 First Industrial Realty Trust, Inc., REIT 226,088
 13,002 First Marblehead Corp.(a) 156,414
 10,216 Frontier Financial Corp. 153,036
 13,078 Health Care REIT, Inc., REIT 538,290
 9,662 Healthcare Realty Trust, Inc., REIT(a) 229,859
 6,608 Home Properties, Inc., REIT 304,100
 11,741 Hospitality Properties Trust, REIT 426,551
 6,855 HSBC Holdings PLC, ADR (United Kingdom) (a) 515,839
 15,110 ING Groep NV, ADR (Netherlands) 503,314
 12,878 JPMorgan Chase & Co. 523,491
 14,843 LandAmerica Financial Group, Inc. 546,519
 16,117 Liberty Property Trust, REIT 478,836
 8,774 Lloyds TSB Group PLC, ADR (United Kingdom) (a) 314,285
 4,307 M&T Bank Corp.(a) 353,519
 18,622 Marshall & Ilsley Corp. 432,030
 16,027 MBIA, Inc. 207,870
 13,463 National Retail Properties, Inc., REIT 278,684
 26,026 Old Republic International Corp. 357,077
 4,841 Pennsylvania Real Estate Investment Trust, REIT(a) 119,718
 8,006 PNC Financial Services Group, Inc. 491,809
 13,168 Provident Financial Services, Inc.(a) 157,884
 11,065 Redwood Trust, Inc., REIT(a) 369,792
 6,791 Safeco Corp. 314,152
 11,263 Senior Housing Properties Trust, REIT 239,564
 8,357 SunTrust Banks, Inc. 485,792
 35,893 Synovus Financial Corp. 413,846
 7,827 Toronto-Dominion Bank (Canada) (a) 524,644
 18,393 UDR, Inc., REIT(a) 411,084
 12,126 Umpqua Holdings Corp. 171,825
 17,710 US Bancorp 567,074
 13,627 Wachovia Corp. 417,259
 8,339 Washington Federal, Inc. 189,295
 11,631 Webster Financial Corp. 325,319
 18,069 Wells Fargo & Co. 528,157
 4,751 Zenith National Insurance Corp. 161,914
 10,766 Zions Bancorporation (a) 514,077
-----------------------------------------------------------------------------------------------------------
 20,788,340
-----------------------------------------------------------------------------------------------------------

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 61

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

CVY | Claymore/Zacks Yield Hog ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Health Care - 1.9%
 12,800 Biovail Corp.(Canada) $ 181,376
 3,087 GlaxoSmithKline PLC, ADR (United Kingdom) 135,550
 11,998 LCA-Vision, Inc.(a) 165,333
 24,661 Pfizer, Inc. 549,447
-----------------------------------------------------------------------------------------------------------
 1,031,706
-----------------------------------------------------------------------------------------------------------
 Industrials - 3.7%
 10,116 Avery Dennison Corp. 519,153
 16,687 Deluxe Corp. 347,590
 10,806 Genesis Lease Ltd., ADR (Bermuda) 203,801
 19,155 Pacer International, Inc. 294,413
 19,356 Steelcase, Inc., Class A 274,468
 8,814 UAP Holding Corp. 339,339
-----------------------------------------------------------------------------------------------------------
 1,978,764
-----------------------------------------------------------------------------------------------------------
 Information Technologies - 1.7%
 34,859 Himax Technologies, Inc., ADR (Cayman Islands) 187,541
 9,723 Imation Corp. 219,254
 167,901 United Microelectronics Corp., ADR (Taiwan) (a) 537,283
-----------------------------------------------------------------------------------------------------------
 944,078
-----------------------------------------------------------------------------------------------------------
 Materials - 2.7%
 13,972 Dow Chemical Co. 526,605
 6,103 Eastman Chemical Co. 401,638
 8,560 PPG Industries, Inc. 530,549
-----------------------------------------------------------------------------------------------------------
 1,458,792
-----------------------------------------------------------------------------------------------------------
 Telecommunications - 2.9%
 5,801 BT Group PLC, ADR (United Kingdom) 262,611
 27,145 Chunghwa Telecom Co. Ltd., ADR (Taiwan) 666,138
 11,504 Embarq Corp. 482,478
 5,629 Telecom Italia SpA, ADR (Italy) 140,275
-----------------------------------------------------------------------------------------------------------
 1,551,502
-----------------------------------------------------------------------------------------------------------
 Utilities - 3.5%
 4,778 Allete, Inc. 172,199
 4,595 CPFL Energia SA, ADR (Brazil) 295,183
 29,610 Duke Energy Corp. 519,359
 8,400 Oneok, Inc. 391,188
 7,309 Portland General Electric Co. 170,519
 6,767 Southwest Gas Corp. 173,168
 7,403 UGI Corp. 189,591
-----------------------------------------------------------------------------------------------------------
 1,911,207
-----------------------------------------------------------------------------------------------------------
 Total Common Stocks - 67.5%
 (Cost $42,696,133) 36,456,923
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Master Limited Partnerships - 10.1%
 Energy - 9.4%
 14,405 Boardwalk Pipeline Partners LP $ 341,687
 11,253 Enbridge Energy Partners LP 562,425
 10,005 Energy Transfer Partners LP 479,440
 15,556 Enterprise Products Partners LP 481,769
 11,032 Kinder Morgan Energy Partners LP 633,899
 14,269 Magellan Midstream Holdings LP 366,999
 10,834 Magellan Midstream Partners LP 469,220
 10,027 Plains All American Pipeline LP 478,789
 14,180 Targa Resources Partners LP 343,723
 13,940 TEPPCO Partners LP (a) 526,374
 10,462 Williams Partners LP 388,454
-----------------------------------------------------------------------------------------------------------
 5,072,779
-----------------------------------------------------------------------------------------------------------
 Financials - 0.7%
 6,279 AllianceBernstein Holding LP 389,612
-----------------------------------------------------------------------------------------------------------
 Total Master Limited Partnerships
 (Cost $5,677,371) 5,462,391
-----------------------------------------------------------------------------------------------------------
 Closed-End Funds - 9.7%
 34,719 Alpine Total Dynamic Dividend Fund 592,306
 33,336 BlackRock Debt Strategies Fund, Inc. 181,014
 17,109 Calamos Convertible Opportunities and Income Fund 255,266
 7,369 Clough Global Equity Fund 136,916
 11,722 Cohen & Steers REIT and Preferred Income Fund, Inc. 236,433
 17,506 Eaton Vance Tax-Managed Buy-Write Opportunities Fund 289,199
 38,184 Eaton Vance Tax-Managed Global Diversified Equity Income Fund 613,999
 14,872 Evergreen Global Dividend Opportunity Fund 255,352
 21,158 Evergreen Income Advantage Fund (a) 237,181
 35,988 Liberty All Star Equity Fund 239,320
 11,181 Neuberger Berman Real Estate Securities Income Fund, Inc. 120,308
 11,734 Neuberger Berman Realty Income Fund 172,138
 22,101 Nicholas-Applegate Convertible & Income Fund 276,262
 6,457 Nuveen Equity Premium Advantage Fund 102,989
 6,010 Nuveen Real Estate Income Fund 98,384
 32,572 PIMCO High Income Fund 398,356
 8,284 Pioneer High Income Trust 115,810
 16,262 Tri-Continental Corp. 305,726
 31,407 Van Kampen Dynamic Credit Opportunities Fund 467,964
 32,578 Zweig Fund, Inc. 154,420
-----------------------------------------------------------------------------------------------------------
 Total Closed End Funds
 (Cost $5,884,686) 5,249,343
-----------------------------------------------------------------------------------------------------------

See notes to financial statements.

62 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Portfolio of Investments (unaudited) continued

CVY | Claymore/Zacks Yield Hog ETF (continued)

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Income Trusts - 8.0%
 Energy - 6.2%
 61,600 Advantage Energy Income Fund (Canada) (a) $ 659,736
 15,812 Enerplus Resources Fund (Canada) 680,865
 35,641 Pengrowth Energy Trust (Canada) 665,061
 24,310 Penn West Energy Trust (Canada) 686,758
 60,960 Provident Energy Trust (Canada) 669,950
-----------------------------------------------------------------------------------------------------------
 3,362,370
-----------------------------------------------------------------------------------------------------------
 Materials - 1.8%
 18,954 Fording Canadian Coal Trust (Canada) 944,667
-----------------------------------------------------------------------------------------------------------
 Total Income Trusts
 (Cost $4,079,956) 4,307,037
-----------------------------------------------------------------------------------------------------------
 Royalty Trusts - 3.1%
 Energy - 3.1%
 8,839 BP Prudhoe Bay Royalty Trust (a) 763,248
 10,465 Hugoton Royalty Trust 295,636
 13,261 Permian Basin Royalty Trust 252,489
 9,009 San Juan Basin Royalty Trust 347,297
-----------------------------------------------------------------------------------------------------------
 Total Royalty Trusts
 (Cost $1,359,535) 1,658,670
-----------------------------------------------------------------------------------------------------------
 Preferred Stocks - 1.2%
 Financials - 1.2%
 16,667 Deutsche Bank Contingent Capital Trust II, 6.55%,05/23/17 386,675
 10,826 ING Groep NV (Netherlands), 6.375%, 06/15/12 246,616
-----------------------------------------------------------------------------------------------------------
 (Cost $639,499) 633,291
-----------------------------------------------------------------------------------------------------------
 Exchange-Traded Funds - 0.1%
 545 SPDR Trust Series 1
 (Cost $73,595) 72,932
-----------------------------------------------------------------------------------------------------------
 Total Long-Term Investments - 99.7%
 (Cost $60,410,775) 53,840,587
-----------------------------------------------------------------------------------------------------------

 Number
 of Shares Description Value
-----------------------------------------------------------------------------------------------------------
 Short-Term Investments - 11.1%

 Investments of Cash Collateral for Securities Loaned - 11.1%
 Money Market Funds (b) - 11.1%
 5,995,600 UBS Private Money Market Fund LLC, 3.55% (c)
 (Cost $5,995,600) $ 5,995,600
-----------------------------------------------------------------------------------------------------------
 Total Investments - 110.8%
 (Cost $66,406,375) 59,836,187
 Liabilities in excess of Other Assets - (10.8%) (5,818,832)
-----------------------------------------------------------------------------------------------------------
 Net Assets - 100.0% $ 54,017,355
===========================================================================================================

ADR - American Depositary Receipt

AG - Stock Corporation

LP - Limited Partnership

NV - Publicly-Traded Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Corporation

SpA - Limited Share Company

(a) Security, or portion thereof, was on loan at February 29, 2008.

(b) At February 29, 2008, the total market value of the Fund's securities on loan was $5,682,664 and the total market value of the collateral held by the Fund was $5,995,600.

Securities are classified by sectors that represent broad groupings of related industries.

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 63

Claymore Exchange-Traded Fund Trust

Statement of Assets and Liabilities | February 29, 2008 (unaudited)

 Claymore/
 Great
 Companies Claymore/
 Claymore/ Claymore/ Large-Cap Ocean Tomo Claymore/
 BNY Clear Growth Growth Ocean Tomo
 BRIC ETF Spin-Off ETF Index ETF Index ETF Patent ETF
------------------------------------------------------------------------------------------------------------------------------------
Assets
 Investments in securities, at value (including
 securities on loan) $ 1,279,357,968 $ 28,407,156 $ 6,586,590 $ 2,424,164 $ 10,261,220
 Cash 651,182 6,346 14,839 16,949 --
 Receivables:
 Fund shares sold 21,035,950 -- -- -- --
 Dividends 2,814,284 59,029 6,073 3,348 30,068
 Income 155,417 11,341 76 -- 379
 Investments sold -- -- -- -- 8,390
 Due from Adviser -- 70,693 73,551 81,812 80,652
 Other assets 10,702 289 4,315 4,037 206
------------------------------------------------------------------------------------------------------------------------------------
 Total assets 1,304,025,503 28,554,854 6,685,444 2,530,310 10,380,915
------------------------------------------------------------------------------------------------------------------------------------

Liabilities
 Custodian bank -- -- -- -- 8,539
 Payables:
 Investments purchased 21,577,837 -- -- -- --
 Administration fee payable 14,559 2,019 145 57 225
 Offering costs payable 4,451 13,640 38,992 38,991 13,639
 Collateral for securities on loan 249,504,698 787,800 21,000 -- --
 Accrued advisory fees 385,577 -- -- -- --
 Accrued expenses 111,594 61,527 72,888 75,825 86,308
------------------------------------------------------------------------------------------------------------------------------------
 Total liabilities 271,598,716 864,986 133,025 114,873 108,711
------------------------------------------------------------------------------------------------------------------------------------
Net Assets $ 1,032,426,787 $ 27,689,868 $ 6,552,419 $ 2,415,437 $ 10,272,204
====================================================================================================================================

Composition of Net Assets
 Paid-in capital $ 902,883,688 $ 38,182,147 $ 7,454,313 $ 2,494,902 $ 10,343,813
 Accumulated undistributed net investment
 income (loss) 2,008,298 51,884 (13,156) (17,950) (70,623)
 Accumulated net realized gain (loss)
 on investments 117,151,249 (233,742) (16,546) 220,189 529,071
 Net unrealized appreciation (depreciation)
 on investments 10,383,552 (10,310,421) (872,192) (281,704) (530,057)
------------------------------------------------------------------------------------------------------------------------------------
Net Assets $ 1,032,426,787 $ 27,689,868 $ 6,552,419 $ 2,415,437 $ 10,272,204
====================================================================================================================================
 Shares outstanding ($0.01 par value with
 unlimited amount authorized) 20,650,800 1,200,000 300,000 100,000 400,000
 Net Asset Value $ 49.99 $ 23.07 $ 21.84 $ 24.15 $ 25.68
====================================================================================================================================
 Investments in securities, at cost $ 1,268,974,416 $ 38,717,577 $ 7,458,782 $ 2,705,868 $ 10,791,277
====================================================================================================================================

See notes to financial statements.

64 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

 Claymore/ Claymore/ Claymore/
 Claymore/ Claymore/ Claymore/ Zacks Zacks Zacks
 Sabrient Sabrient Sabrient Mid-Cap Sector Yield
 Defender ETF Insider ETF Stealth ETF Core ETF Rotation ETF Hog ETF
------------------------------------------------------------------------------------------------------------------------------------
Assets
 Investments in securities, at value
 (including securities on loan) $ 23,908,497 $ 29,888,397 $ 9,443,211 $ 4,697,667 $ 119,872,410 $ 59,836,187
 Cash 18,574 -- 12,624 29,344 90,250 69,203
 Receivables:
 Fund shares sold -- -- -- -- -- --
 Dividends 51,992 26,458 8,792 6,281 74,875 189,367
 Income 646 9,807 2,091 -- 7,604 9,013
 Investments sold -- -- 2,654 -- -- --
 Due from Adviser 42,729 67,215 64,213 74,191 -- --
 Other assets 262 249 231 4,317 3,588 9,644
------------------------------------------------------------------------------------------------------------------------------------
 Total assets 24,022,700 29,992,126 9,533,816 4,811,800 120,048,727 60,113,414
------------------------------------------------------------------------------------------------------------------------------------

Liabilities
 Custodian bank -- 2,623 -- -- -- --
 Payables:
 Investments purchased -- -- -- -- -- --
 Administration fee payable 464 2,205 192 110 3,144 1,164
 Offering costs payable 13,408 5,846 5,946 38,991 6,102 5,137
 Collateral for securities on loan 1,079,700 4,684,600 805,900 -- 783,700 5,995,600
 Accrued advisory fees -- -- -- -- 66,691 11,899
 Accrued expenses 78,129 61,562 77,323 72,469 101,695 82,259
------------------------------------------------------------------------------------------------------------------------------------
 Total liabilities 1,171,701 4,756,836 889,361 111,570 961,332 6,096,059
------------------------------------------------------------------------------------------------------------------------------------
Net Assets $ 22,850,999 $ 25,235,290 $ 8,644,455 $ 4,700,230 $ 119,087,395 $ 54,017,355
====================================================================================================================================

Composition of Net Assets
 Paid-in capital $ 25,840,001 $ 29,089,553 $ 16,410,856 $ 5,275,901 $ 133,856,200 $ 71,505,844
 Accumulated undistributed net investment
 income (loss) 154,548 46,270 57,972 (14,006) (43,101) 30,718
 Accumulated net realized gain (loss)
 on investments (1,009,231) (412,461) (6,498,146) (96,583) 1,080,652 (10,949,019)
 Net unrealized appreciation
 (depreciation) on investments (2,134,319) (3,488,072) (1,326,227) (465,082) (15,806,356) (6,570,188)
------------------------------------------------------------------------------------------------------------------------------------
Net Assets $ 22,850,999 $ 25,235,290 $ 8,644,455 $ 4,700,230 $ 119,087,395 $ 54,017,355
====================================================================================================================================
 Shares outstanding ($0.01 par value with
 unlimited amount authorized) 950,000 950,800 400,800 200,000 4,250,800 2,400,800
 Net Asset Value $ 24.05 $ 26.54 $ 21.57 $ 23.50 $ 28.02 $ 22.50
====================================================================================================================================
 Investments in securities, at cost $ 26,042,816 $ 33,376,469 $ 10,769,438 $ 5,162,749 $ 135,678,766 $ 66,406,375
====================================================================================================================================

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 65

Claymore Exchange-Traded Fund Trust

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

 Claymore/
 Great
 Companies Claymore/
 Claymore/ Claymore/ Large-Cap Ocean Tomo Claymore/
 BNY Clear Growth Growth Ocean Tomo
 BRIC ETF Spin-Off ETF Index ETF Index ETF Patent ETF
-----------------------------------------------------------------------------------------------------------------------------------
Investment Income
 Dividend income $ 5,431,968 $ 345,302 $ 45,244 $ 16,025 $ 96,168
 Return of capital distributions received -- (31,437) -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
 Net dividend income 5,431,968 313,865 45,244 16,025 96,168
 Interest 3,415 255 -- -- --
 Securities lending income 867,473 39,880 86 -- 90
 Foreign taxes withheld (154,503) -- (544) -- (1,929)
-----------------------------------------------------------------------------------------------------------------------------------
 Total investment income 6,148,353 354,000 44,786 16,025 94,329
-----------------------------------------------------------------------------------------------------------------------------------
Expenses
 Advisory fee 2,187,376 100,018 13,555 6,906 24,419
 Administration fee 84,971 5,501 746 380 1,343
 Custodian fee 28,164 24,111 22,974 23,594 24,867
 Licensing 174,990 20,079 2,711 1,381 4,884
 Listing fee and expenses 975 1,162 1,050 1,050 1,162
 Miscellaneous 13,315 7,432 6,018 6,278 7,061
 Offering costs 2,687 14,095 24,432 24,700 14,095
 Printing expenses 19,445 6,768 5,182 6,389 5,894
 Professional fees 16,846 14,306 14,709 14,647 14,654
 Registration & filings 7,046 415 171 75 83
 Trustees' fees and expenses 1,379 1,553 1,467 1,472 1,282
-----------------------------------------------------------------------------------------------------------------------------------
 Total expenses 2,537,194 195,440 93,015 86,872 99,744
 Advisory fees waived -- (54,774) (13,555) (6,906) (24,419)
 Other expenses waived or reimbursed -- -- (43,391) (52,338) (32,937)
-----------------------------------------------------------------------------------------------------------------------------------
 Net Expenses 2,537,194 140,666 36,069 27,628 42,388
-----------------------------------------------------------------------------------------------------------------------------------
 Net Investment Income (Loss) 3,611,159 213,334 8,717 (11,603) 51,941
-----------------------------------------------------------------------------------------------------------------------------------

Realized and Unrealized Gain (Loss)
 on Investments
Net realized gain (loss) on
 Investments (3,675,072) (416,873) (22,310) 220,371 59,885
 In-kind transactions 121,186,882 334,007 -- -- 451,502
-----------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 117,511,810 (82,866) (22,310) 220,371 511,387
Net change in unrealized appreciation
(depreciation) on investments (34,103,262) (8,109,013) (665,186) (520,509) (1,243,112)
-----------------------------------------------------------------------------------------------------------------------------------
 Net realized and unrealized gain (loss)
 on investments 83,408,548 (8,191,879) (687,496) (300,138) (731,725)
-----------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $ 87,019,707 $ (7,978,545) $ (678,779) $ (311,741) $ (679,784)
===================================================================================================================================

See notes to financial statements.

66 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

 Claymore/ Claymore/ Claymore/
 Claymore/ Claymore/ Claymore/ Zacks Zacks Zacks
 Sabrient Sabrient Sabrient Mid-Cap Sector Yield
 Defender ETF Insider ETF Stealth ETF Core ETF Rotation ETF Hog ETF
----------------------------------------------------------------------------------------------------------------------------------
Investment Income
 Dividend income $ 448,780 $ 276,651 $ 218,804 $ 32,614 $ 694,375 $ 2,421,192
 Return of capital distributions received (18,195) (9,933) (6,908) (5,466) (15,567) (189,384)
-----------------------------------------------------------------------------------------------------------------------------------
 Net dividend income 430,585 266,718 211,896 27,148 678,808 2,231,808
 Interest 30 -- -- -- 551 765
 Securities lending income 1,808 40,248 13,105 -- 22,216 89,155
 Foreign taxes withheld (17,429) -- (128) (25) -- (61,199)
-----------------------------------------------------------------------------------------------------------------------------------
 Total investment income 414,994 306,966 224,873 27,123 701,575 2,260,529
-----------------------------------------------------------------------------------------------------------------------------------
Expenses
 Advisory fee 67,680 72,537 35,577 12,649 254,592 178,432
 Administration fee 3,722 3,990 1,957 696 14,003 9,814
 Custodian fee 25,745 23,929 26,786 24,586 24,964 27,315
 Licensing 13,536 14,507 7,116 2,530 63,946 41,098
 Listing fee and expenses 1,106 1,064 1,064 1,050 1,036 1,036
 Miscellaneous 7,406 7,449 7,420 6,948 7,884 8,421
 Offering costs 14,095 2,687 2,687 24,432 2,687 2,687
 Printing expenses 5,484 5,789 5,690 5,996 7,054 7,183
 Professional fees 15,096 15,534 15,584 17,827 17,901 16,551
 Registration & filings 166 258 258 150 1,267 1,036
 Trustees' fees and expenses 1,353 1,565 1,570 1,467 1,295 1,368
-----------------------------------------------------------------------------------------------------------------------------------
 Total expenses 155,389 149,309 105,709 98,331 396,629 294,941
 Advisory fees waived (56,762) (52,892) (35,577) (12,649) (63,628) (60,948)
 Other expenses waived or reimbursed -- -- (21,851) (50,791) -- --
-----------------------------------------------------------------------------------------------------------------------------------
 Net Expenses 98,627 96,417 48,281 34,891 333,001 233,993
-----------------------------------------------------------------------------------------------------------------------------------
 Net Investment Income (Loss) 316,367 210,549 176,592 (7,768) 368,574 2,026,536
-----------------------------------------------------------------------------------------------------------------------------------

Realized and Unrealized Gain (Loss)
 on Investments
Net realized gain (loss) on
 Investments
 In-kind transactions (1,166,676) (1,528,565) (3,652,036) (320,648) (5,743,570) (11,652,638)
Net realized gain (loss) 403,889 1,990,636 (550,005) 224,098 8,644,760 2,364,659
-----------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) on investments (762,787) 462,071 (4,202,041) (96,550) 2,901,190 (9,287,979)
 Net realized and unrealized gain (loss)
 on investments (1,683,320) (3,196,034) 1,179,794 (276,925) (16,825,056) (896,037)
-----------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets (2,446,107) (2,733,963) (3,022,247) (373,244) (13,923,866) (10,184,016)
-----------------------------------------------------------------------------------------------------------------------------------
Resulting from Operations $ (2,129,740) $ (2,523,414) $ (2,845,655) $ (381,243) $ (13,555,292) $ (8,157,480)
===================================================================================================================================

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 67

Claymore Exchange-Traded Fund Trust

Statement of Changes in Net Assets |

 Claymore/BNY BRIC ETF Claymore/Clear Spin-Off 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) $ 3,611,159 $ 3,301,559 $ 213,334 $ 46,724
 Net realized gain (loss) on investments 117,511,810 20,858,385 (82,866) 4,023,130
 Net unrealized appreciation (depreciation)
 on investments (34,103,262) 44,486,814 (8,109,013) (2,201,408)
-----------------------------------------------------------------------------------------------------------------------------------
 Net increase (decrease) in net assets
 resulting from operations 87,019,707 68,646,758 (7,978,545) 1,868,446
-----------------------------------------------------------------------------------------------------------------------------------

Distribution to Shareholders from
 Net investment income (4,801,815) (148,236) (239,850) --
 Return of capital -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
 Total distributions (4,801,815) (148,236) (239,850) --
-----------------------------------------------------------------------------------------------------------------------------------

Capital Share Transactions
 Proceeds from sale of shares 897,254,392 531,253,119 10,976,579 86,093,822
 Cost of shares redeemed (366,137,236) (180,679,902) (25,861,423) (37,169,161)
-----------------------------------------------------------------------------------------------------------------------------------
 Net increase from capital share transactions 531,117,156 350,573,217 (14,884,844) 48,924,661
-----------------------------------------------------------------------------------------------------------------------------------
 Total increase (decrease) in net assets 613,335,048 419,071,739 (23,103,239) 50,793,107

Net Assets
 Beginning of period 419,091,739 20,000 50,793,107 --
-----------------------------------------------------------------------------------------------------------------------------------
 End of period $ 1,032,426,787 $ 419,091,739 $ 27,689,868 $ 50,793,107
===================================================================================================================================
 Undistributed net investment
 income (loss) at end of period $ 2,008,298 $ 3,198,954 $ 51,884 $ 78,400
===================================================================================================================================

Changes in Shares Outstanding
 Shares sold 17,700,000 16,000,000 400,000 3,000,000
 Shares redeemed (7,350,000) (5,700,000) (950,000) (1,250,000)
 Shares outstanding, beginning of period 10,300,800 800 1,750,000 --
-----------------------------------------------------------------------------------------------------------------------------------
 Shares outstanding, end of period 20,650,800 10,300,800 1,200,000 1,750,000
===================================================================================================================================

 Claymore/Great Companies
 Large-Cap Growth Index ETF
 ---------------------------------------
 For the Six Months
 Ended For the Period
 February 29, 2008 Ended
 (unaudited) August 31, 2007***
--------------------------------------------------------------------------------------------
Increase in Net Assets
Resulting from Operations
 Net investment income (loss) $ 8,717 $ (794)
 Net realized gain (loss) on investments (22,310) 5,764
 Net unrealized appreciation (depreciation)
 on investments (665,186) (207,006)
--------------------------------------------------------------------------------------------
 Net increase (decrease) in net assets
 resulting from operations (678,779) (202,036)
--------------------------------------------------------------------------------------------

Distribution to Shareholders from
 Net investment income (37,000) --
 Return of capital -- --
--------------------------------------------------------------------------------------------
 Total distributions (37,000) --
--------------------------------------------------------------------------------------------

Capital Share Transactions
 Proceeds from sale of shares 2,266,907 5,203,327
 Cost of shares redeemed -- --
--------------------------------------------------------------------------------------------
 Net increase from capital share
 transactions 2,266,907 5,203,327
--------------------------------------------------------------------------------------------
 Total increase (decrease) in net assets 1,551,128 5,001,291

Net Assets
 Beginning of period 5,001,291 --
--------------------------------------------------------------------------------------------
 End of period $ 6,552,419 $ 5,001,291
============================================================================================
 Undistributed net investment
 income (loss) at end of period $ (13,156) $ 15,127
============================================================================================

Changes in Shares Outstanding
 Shares sold 100,000 200,000
 Shares redeemed -- --
 Shares outstanding, beginning of period 200,000 --
--------------------------------------------------------------------------------------------
 Shares outstanding, end of period 300,000 200,000
============================================================================================

* Commencement of investment operations - September 21,2006.

** Commencement of investment operations - December 15,2006.

*** Commencement of investment operations - April 2,2007.

**** Commencement of investment operations - April 26,2007.

See notes to financial statements.

68 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

 Claymore/OceanTomo Growth Index ETF Claymore/Ocean Tomo Patent 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) $ (11,603) $ (5,180) $ 51,941 $ 89,687
 Net realized gain (loss) on investments 220,371 (182) 511,387 1,172,765
 Net unrealized appreciation (depreciation)
 on investments (520,509) 238,805 (1,243,112) 713,055
------------------------------------------------------------------------------------------------------------------------------------
 Net increase (decrease) in net assets
 resulting from operations (311,741) 233,443 (679,784) 1,975,507
------------------------------------------------------------------------------------------------------------------------------------

Distribution to Shareholders from
 Net investment income (17,000) -- (240,000) (1,710)
 Return of capital -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
 Total distributions (17,000) -- (240,000) (1,710)
------------------------------------------------------------------------------------------------------------------------------------

Capital Share Transactions
 Proceeds from sale of shares 1,497,572 2,510,735 4,320,251 15,088,340
 Cost of shares redeemed (1,497,572) -- (1,504,852) (8,685,548)
------------------------------------------------------------------------------------------------------------------------------------
 Net increase from capital share transactions -- 2,510,735 2,815,399 6,402,792
------------------------------------------------------------------------------------------------------------------------------------
 Total increase (decrease) in net assets
 (328,741) 2,744,178 1,895,615 8,376,589
Net Assets
 Beginning of period 2,744,178 -- 8,376,589 --
------------------------------------------------------------------------------------------------------------------------------------
 End of period $ 2,415,437 $ 2,744,178 $ 10,272,204 $ 8,376,589
====================================================================================================================================
 Undistributed net investment
 income (loss) at end of period $ (17,950) $ 10,653 $ (70,623) $ 117,436
====================================================================================================================================

Changes in Shares Outstanding
 Shares sold 50,000 100,000 150,000 600,000
 Shares redeemed (50,000) -- (50,000) (300,000)
 Shares outstanding, beginning of period 100,000 -- 300,000 --
------------------------------------------------------------------------------------------------------------------------------------
 Shares outstanding, end of period 100,000 100,000 400,000 300,000
====================================================================================================================================

 Claymore/Sabrient Defender ETF
 --------------------------------------
 For the Six Months
 Ended For the Period
 February 29, 2008 Ended
 (unaudited) August 31, 2007**
-------------------------------------------------------------------------------------------
Increase in Net Assets
Resulting from Operations
 Net investment income (loss) $ 316,367 $ 303,042
 Net realized gain (loss) on investments (762,787) 1,421,004
 Net unrealized appreciation (depreciation)
 on investments (1,683,320) (451,000)
-------------------------------------------------------------------------------------------
 Net increase (decrease) in net assets
 resulting from operations (2,129,740) 1,273,046
-------------------------------------------------------------------------------------------

Distribution to Shareholders from
 Net investment income (430,500) (3,336)
 Return of capital -- --
-------------------------------------------------------------------------------------------
 Total distributions (430,500) (3,336)
-------------------------------------------------------------------------------------------

Capital Share Transactions
 Proceeds from sale of shares 9,079,759 45,211,514
 Cost of shares redeemed (11,325,051) (18,824,693)
-------------------------------------------------------------------------------------------
 Net increase from capital share transactions (2,245,292) 26,386,821
-------------------------------------------------------------------------------------------
 Total increase (decrease) in net assets (4,805,532) 27,656,531

Net Assets
 Beginning of period 27,656,531 --
-------------------------------------------------------------------------------------------
 End of period $ 22,850,999 $ 27,656,531
===========================================================================================
 Undistributed net investment
 income (loss) at end of period $ 154,548 $ 268,681
===========================================================================================

Changes in Shares Outstanding
 Shares sold 350,000 1,750,000
 Shares redeemed (450,000) (700,000)
 Shares outstanding, beginning of period 1,050,000 --
-------------------------------------------------------------------------------------------
 Shares outstanding, end of period 950,000 1,050,000
===========================================================================================

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 69

Claymore Exchange-Traded Fund Trust | Statement of Changes in Net Assets continued

 Claymore/Sabrient Claymore/Sabrient
 Insider ETF Stealth 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) $ 210,549 $ 125,659 $ 176,592 $ 153,878
 Net realized gain (loss) on investments 462,071 5,495,684 (4,202,041) 2,185,657
 Net unrealized appreciation
 (depreciation) on investments (3,196,034) (292,038) 1,179,794 (2,506,021)
---------------------------------------------------------------------------------------------------------------------------
 Net increase (decrease) in net
 assets resulting from operations (2,523,414) 5,329,305 (2,845,655) (166,486)
---------------------------------------------------------------------------------------------------------------------------

Distribution to Shareholders from
 Net investment income (266,224) (55,130) (240,975) (42,717)
 Return of capital -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
 Total distributions (266,224) (55,130) (240,975) (42,717)
---------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions
 Proceeds from sale of shares 10,369,616 92,612,120 9,404,844 59,178,714
 Cost of shares redeemed (13,321,006) (66,929,977) (16,068,257) (40,595,013)
---------------------------------------------------------------------------------------------------------------------------
 Net increase from capital share
 transactions (2,951,390) 25,682,143 (6,663,413) 18,583,701
---------------------------------------------------------------------------------------------------------------------------
 Total increase (decrease) in net assets (5,741,028) 30,956,318 (9,750,043) 18,374,498

Net Assets
 Beginning of period 30,976,318 20,000 18,394,498 20,000
---------------------------------------------------------------------------------------------------------------------------
 End of period $ 25,235,290 $ 30,976,318 $ 8,644,455 $ 18,394,498
===========================================================================================================================
 Undistributed net investment income
 (loss) at end of period $ 46,270 $ 101,945 $ 57,972 $ 122,355
===========================================================================================================================

Changes in Shares Outstanding
 Shares sold 350,000 3,450,000 350,000 2,150,000
 Shares redeemed (450,000) (2,400,000) (650,000) (1,450,000)
 Shares outstanding, beginning of period 1,050,800 800 700,800 800
---------------------------------------------------------------------------------------------------------------------------
 Shares outstanding, end of period 950,800 1,050,800 400,800 700,800
===========================================================================================================================

 Claymore/Zacks
 Mid-Cap Core ETF
 ---------------------------------------
 For the Six Months
 Ended For the Period
 February 29, 2008 Ended
 (unaudited) August 31, 2007***
-------------------------------------------------------------------------------------
Increase in Net Assets
Resulting from Operations
 Net investment income (loss) $ (7,768) $ (2,827)
 Net realized gain (loss) on investments (96,550) 160,015
 Net unrealized appreciation
 (depreciation) on investments (276,925) (188,157)
-------------------------------------------------------------------------------------
 Net increase (decrease) in net
 assets resulting from operations (381,243) (30,969)
-------------------------------------------------------------------------------------

Distribution to Shareholders from
 Net investment income (19,000) --
 Return of capital -- --
-------------------------------------------------------------------------------------
 Total distributions (19,000) --
-------------------------------------------------------------------------------------

Capital Share Transactions
 Proceeds from sale of shares 2,603,741 6,502,269
 Cost of shares redeemed (2,603,741) (1,370,827)
-------------------------------------------------------------------------------------
 Net increase from capital share
 transactions -- 5,131,442
-------------------------------------------------------------------------------------
 Total increase (decrease) in net assets (400,243) 5,100,473
Net Assets
 Beginning of period 5,100,473 --
-------------------------------------------------------------------------------------
 End of period $ 4,700,230 $ 5,100,473
=====================================================================================
 Undistributed net investment income
 (loss) at end of period $ (14,006) $ 12,762
=====================================================================================
Changes in Shares Outstanding
 Shares sold 100,000 250,000
 Shares redeemed (100,000) (50,000)
 Shares outstanding, beginning of period 200,000 --
-------------------------------------------------------------------------------------
 Shares outstanding, end of period 200,000 200,000
=====================================================================================

* Commencement of investment operations - September 21,2006.

** Commencement of investment operations - December 15,2006.

*** Commencement of investment operations - April 2,2007.

**** Commencement of investment operations - April 26,2007.

See notes to financial statements.

70 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

 Claymore/Zacks Sector Rotation ETF Claymore/Zacks Yield Hog 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) $ 368,574 $ 319,878 $ 2,026,536 $ 3,002,318
 Net realized gain (loss) on investments 2,901,190 4,797,840 (9,287,979) 5,020,729
 Net unrealized appreciation
 (depreciation) on investments (16,825,056) 1,018,700 (896,037) (5,674,151)
---------------------------------------------------------------------------------------------------------------------------
 Net increase (decrease) in net assets
 resulting from operations (13,555,292) 6,136,418 (8,157,480) 2,348,896
---------------------------------------------------------------------------------------------------------------------------

Distribution to Shareholders from
 Net investment income (635,405) (56,130) (2,125,099) (2,593,333)
 Return of capital -- -- -- (367,463)
---------------------------------------------------------------------------------------------------------------------------
 Total distributions (635,405) (56,130) (2,125,099) (2,960,796)
---------------------------------------------------------------------------------------------------------------------------

Capital Share Transactions
 Proceeds from sale of shares 192,680,770 145,454,643 48,074,701 215,406,445
 Cost of shares redeemed (124,412,973) (86,544,636) (77,885,398) (120,703,914)
---------------------------------------------------------------------------------------------------------------------------
 Net increase from capital share
 transactions 68,267,797 58,910,007 (29,810,697) 94,702,531
---------------------------------------------------------------------------------------------------------------------------
 Total increase (decrease) in net assets 54,077,100 64,990,295 (40,093,276) 94,090,631

Net Assets
 Beginning of period 65,010,295 20,000 94,110,631 20,000
---------------------------------------------------------------------------------------------------------------------------
 End of period $ 119,087,395 $ 65,010,295 $ 54,017,355 $ 94,110,631
===========================================================================================================================
 Undistributed net investment income
 (loss) at end of period $ (43,101) $ 223,730 $ 30,718 $ 129,281
===========================================================================================================================

Changes in Shares Outstanding
 Shares sold 6,200,000 5,250,000 1,900,000 8,050,000
 Shares redeemed (4,150,000) (3,050,000) (3,100,000) (4,450,000)
 Shares outstanding, beginning of period 2,200,800 800 3,600,800 800
---------------------------------------------------------------------------------------------------------------------------
 Shares outstanding, end of period 4,250,800 2,200,800 2,400,800 3,600,800
===========================================================================================================================

See notes to financial statements.

SemiAnnual Report | February 29, 2008 | 71

Claymore Exchange-Traded Fund Trust

Financial Highlights |

EEB | Claymore/BNY BRIC ETF

 For the Six Months For the Period
 Ended September 21, 2006**
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 $ 40.69 $ 24.58
---------------------------------------------------------------------------------------------------------------------------

Income from investment operations
 Net investment income (loss)(a) 0.21 0.62
 Net realized and unrealized gain (loss) on investments 9.33 15.54
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations 9.54 16.16
---------------------------------------------------------------------------------------------------------------------------

Distributions to shareholders from
 Net investment income (0.24) (0.05)
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 49.99 $ 40.69
===========================================================================================================================

Market value, end of period $ 50.10 $ 40.75
===========================================================================================================================

Total return *(b)
 Net asset value 23.42% 65.78%

Ratios and supplemental data
Net assets, end of period (thousands) $ 1,032,427 $ 419,092
Ratio of net expenses to average net assets 0.58%(c) 0.64%(c)*
Ratio of net investment income (loss) to average net assets 0.83%(c) 1.89%(c)*
Portfolio turnover rate 3%(d) 3%(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 N/A 0.68%(c)
 Ratio of net investment income (loss) to average net assets N/A 1.85%(c)

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

N/A--Not applicable

(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.

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

See notes to financial statements.

72 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

CSD | Claymore/Clear Spin-Off ETF

 For the Six Months For the Period
 Ended December 15, 2006**
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 $ 29.02 $ 25.18
---------------------------------------------------------------------------------------------------------------------------

Income from investment operations
 Net investment income (loss)(a) 0.14 0.04
 Net realized and unrealized gain (loss) on investments (5.91) 3.80
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (5.77) 3.84
---------------------------------------------------------------------------------------------------------------------------

Distributions to Shareholders from
 Net investment income (0.18) --
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 23.07 $ 29.02
===========================================================================================================================

Market value, end of period $ 23.15 $ 28.97
===========================================================================================================================

Total return*(b)
 Net asset value -19.95% 15.25%

Ratios and supplemental data
Net assets, end of period (thousands) $ 27,690 $ 50,793
Ratio of net expenses to average net assets * 0.70%(c) 0.75%(c)
Ratio of net investment income (loss) to average net assets * 1.07%(c) 0.17%(c)
Portfolio turnover rate 12%(d) 23%(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 0.98%(c) 1.11%(c)
 Ratio of net investment income (loss) to average net assets 0.79%(c) -0.19%(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 either 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.

(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 | 73

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

XGC | Claymore/Great Companies Large-Cap Growth Index ETF

 For the Six Months For the Period
 Ended April 2, 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 $ 25.01 $ 25.02
---------------------------------------------------------------------------------------------------------------------------

Income from investment operations
 Net investment income (loss)(a) 0.04 (0.01)
 Net realized and unrealized gain (loss) on investments (3.02) --
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (2.98) (0.01)
---------------------------------------------------------------------------------------------------------------------------

Distributions to Shareholders from
 Net investment income (0.19) --
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 21.84 $ 25.01
===========================================================================================================================

Market value, end of period $ 21.92 $ 25.02
===========================================================================================================================

Total return*(b)
 Net asset value -12.00% -0.04%

Ratios and supplemental data
Net assets, end of period (thousands) $ 6,552 $ 5,001
Ratio of net expenses to average net assets** 1.33%(c) 1.77%(c)
Ratio of net investment income to average net assets 0.32%(c) -0.06%(c)
Portfolio turnover rate 17%(d) 2%(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 net assets 3.43%(c) 7.01%(c)
 Ratio of net investment income (loss) to average net assets -1.78%(c) -5.30%(c)

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

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

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

See notes to financial statements.

74 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

OTR | Claymore/Ocean Tomo Growth Index ETF

 For the Six Months For the Period
 Ended April 2, 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 $ 27.44 $ 25.14
---------------------------------------------------------------------------------------------------------------------------
Income from investment operations
 Net investment income (loss)(a) (0.12) (0.05)
 Net realized and unrealized gain (loss) on investments (3.00) 2.35
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (3.12) 2.30
---------------------------------------------------------------------------------------------------------------------------

Distributions to Shareholders from
 Net investment income (0.17) --
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 24.15 $ 27.44
===========================================================================================================================

Market value, end of period $ 24.61 $ 27.45
===========================================================================================================================

Total return*(b)
 Net asset value -11.46% 9.15%

Ratios and supplemental data
Net assets, end of period (thousands)* $ 2,415 $ 2,744
Ratio of net expenses to average net assets* 2.02%(c) 2.03%(c)
Ratio of net investment income to average net assets -0.85%(c) -0.46%(c)
Portfolio turnover rate 22%(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 expenses to average net assets 6.35%(c) 8.48%(c)
 Ratio of net investment income (loss) to average net assets -5.18%(c) -6.91%(c)

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

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

(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 | 75

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

OTP | Claymore/Ocean Tomo Patent ETF

 For the Six Months For the Period
 Ended December 15, 2006**
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 $ 27.92 $ 25.27
--------------------------------------------------------------------------------------------------------------------------

Income from investment operations
 Net investment income (loss)(a) 0.15 0.17
 Net realized and unrealized gain (loss) on investments (1.79) 2.48
--------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (1.64) 2.65
--------------------------------------------------------------------------------------------------------------------------

Distributions to shareholders from
 Net investment income (0.60) --(e)
--------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 25.68 $ 27.92
==========================================================================================================================

Market value, end of period $ 25.62 $ 27.66
==========================================================================================================================

Total return*(b)
 Net asset value -6.08% 10.50%

Ratios and supplemental data
Net assets, end of period (thousands) $ 10,272 $ 8,377
Ratio of net expenses to average net assets* 0.87%(c) 0.91%(c)
Ratio of net investment income (loss) to average net assets* 1.06%(c) 0.90%(c)
Portfolio turnover rate 14%(d) 4%(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 2.04%(c) 1.97%(c)
 Ratio of net investment income (loss) to average net assets -0.11%(c) -0.16%(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 either 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.

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

(e) Amount is less than $0.01

See notes to financial statements.

76 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

DEF | Claymore/Sabrient Defender ETF

 For the Six Months For the Period
 Ended December 15, 2006**
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 $ 26.34 $ 25.07
--------------------------------------------------------------------------------------------------------------------------

Income from investment operations
 Net investment income (loss)(a) 0.30 0.31
 Net realized and unrealized gain (loss) on investments (2.18) 0.97
--------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (1.88) 1.28
--------------------------------------------------------------------------------------------------------------------------

Distributions to shareholders from
 Net investment income (0.41) (0.01)
--------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 24.05 $ 26.34
==========================================================================================================================

Market value, end of period $ 24.03 $ 26.29
==========================================================================================================================

Total return*(b)
 Net asset value -7.25% 5.09%
 Market value -7.15% 4.89%

Ratios and supplemental data
Net assets, end of period (thousands) $ 22,851 $ 27,657
Ratio of net expenses to average net assets* 0.73%(c) 0.79%(c)
Ratio of net investment income (loss) to average net assets* 2.34%(c) 1.64%(c)
Portfolio turnover rate 26%(d) 21%(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 1.15%(c) 1.35%(c)
 Ratio of net investment income (loss) to average net assets 1.92%(c) 1.08%(c)

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

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

(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 | 77

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

NFO | Claymore/Sabrient Insider ETF

 For the Six Months For the Period
 Ended September 21, 2006**
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 $ 29.48 $ 25.14
---------------------------------------------------------------------------------------------------------------------------
Income from investment operations
 Net investment income (loss)(a) 0.21 0.11
 Net realized and unrealized gain (loss) on investments (2.87) 4.27
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (2.66) 4.38
---------------------------------------------------------------------------------------------------------------------------

Distributions to shareholders from
 Net investment income (0.28) (0.04)
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 26.54 $ 29.48
===========================================================================================================================

Market value, end of period $ 26.47 $ 29.45
===========================================================================================================================

Total return*(b)
 Net asset value -9.11% 17.43%

Ratios and supplemental data
Net assets, end of period (thousands) $ 25,235 $ 30,976
Ratio of net expenses to average net assets* 0.67%(c) 0.76%(c)
Ratio of net investment income (loss) to average net assets* 1.45%(c) 0.41%(c)
Portfolio turnover rate 26%(d) 17%(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 1.03%(c) 1.15%(c)
 Ratio of net investment income (loss) to average net assets 1.09%(c) 0.02%(c)

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

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

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

See notes to financial statements.

78 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

STH | Claymore/Sabrient Stealth ETF

 For the Six Months For the Period
 Ended September 21, 2006**
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 $ 26.25 $ 25.15
---------------------------------------------------------------------------------------------------------------------------
Income from investment operations
 Net investment income (loss)(a) 0.30 0.22
 Net realized and unrealized gain (loss) on investments (4.54) 0.95
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (4.24) 1.17
---------------------------------------------------------------------------------------------------------------------------

Distributions to shareholders from
 Net investment income (0.44) (0.07)
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 21.57 $ 26.25
===========================================================================================================================

Market value, end of period $ 21.59 $ 26.18
===========================================================================================================================

Total return*(b)
 Net asset value -16.26% 4.64%

Ratios and supplemental data
Net assets, end of period (thousands) $ 8,644 $ 18,394
Ratio of net expenses to average net assets* 0.68%(c) 0.84%(c)
Ratio of net investment income (loss) to average net assets* 2.48%(c) 0.83%(c)
Portfolio turnover rate 74%(d) 61%(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 1.49%(c) 1.51%(c)
 Ratio of net investment income (loss) to average net assets 1.67%(c) 0.16%(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 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.

(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 | 79

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

CZA | Claymore/Zacks Mid-Cap Core ETF

 For the Six Months For the Period
 Ended April 2, 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 $ 25.50 $ 25.09
---------------------------------------------------------------------------------------------------------------------------
Income from investment operations
 Net investment income (loss)(a) (0.04) (0.02)
 Net realized and unrealized gain (loss) on investments (1.86) 0.43
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (1.90) 0.41
---------------------------------------------------------------------------------------------------------------------------

Distributions to Shareholders from
 Net investment income (0.10) --
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 23.50 $ 25.50
===========================================================================================================================

Market value, end of period $ 24.40 $ 25.59
===========================================================================================================================

Total return*(b)
 Net asset value -7.50% 1.64%

Ratios and supplemental data
Net assets, end of period (thousands) $ 4,700 $ 5,100
Ratio of net expenses to average net assets* 1.38%(c) 1.81%(c)
Ratio of net investment income to average net assets* -0.31%(c) -0.21%(c)
Portfolio turnover rate 44%(d) 17%(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 3.89%(c) 7.13%(c)
 Ratio of net investment income (loss) to average net assets -2.82%(c) -5.53%(c)

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

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

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

See notes to financial statements.

80 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

XRO | Claymore/Zacks Sector Rotation ETF

 For the Six Months For the Period
 Ended September 21, 2006**
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 $ 29.54 $ 24.98
---------------------------------------------------------------------------------------------------------------------------
Income from investment operations
 Net investment income (loss) (a) 0.11 0.17
 Net realized and unrealized gain (loss) on investments (1.44) 4.43
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (1.33) 4.60
---------------------------------------------------------------------------------------------------------------------------

Distributions to shareholders from
 Net investment income (0.19) (0.04)
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 28.02 $ 29.54
===========================================================================================================================

Market value, end of period $ 28.04 $ 29.61
===========================================================================================================================

Total return *(b)
 Net asset value -4.60% 18.41%
Ratios and supplemental data
Net assets, end of period (thousands) $ 119,087 $ 65,010
Ratio of net expenses to average net assets* 0.66%(c) 0.72%(c)
Ratio of net investment income (loss) to average net assets* 0.72%(c) 0.64%(c)
Portfolio turnover rate 55%(d) 47%(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 0.78%(c) 0.97%(c)
 Ratio of net investment income (loss) to average net assets 0.60%(c) 0.39%(c)

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

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

(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 | 81

Claymore Exchange-Traded Fund Trust | Financial Highlights continued

CVY | Claymore/Zacks Yield Hog ETF

 For the Six Months For the Period
 Ended September 21, 2006**
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 $ 26.14 $ 24.96
---------------------------------------------------------------------------------------------------------------------------
Income from investment operations
 Net investment income (loss)(a) 0.70 1.06
 Net realized and unrealized gain (loss) on investments (3.65) 1.12
---------------------------------------------------------------------------------------------------------------------------
 Total from investment operations (2.95) 2.18
---------------------------------------------------------------------------------------------------------------------------

Distributions to shareholders from
 Net investment income (0.69) (0.88)
 Return of capital -- (0.12)
---------------------------------------------------------------------------------------------------------------------------
 Total Distributions (0.69) (1.00)
---------------------------------------------------------------------------------------------------------------------------

Net asset value, end of period $ 22.50 $ 26.14
===========================================================================================================================

Market value, end of period $ 22.53 $ 26.10
===========================================================================================================================

Total return *(b)
 Net asset value -11.49% 8.67%

Ratios and supplemental data
Net assets, end of period (thousands) $ 54,017 $ 94,111
Ratio of net expenses to average net assets* 0.66%(c) 0.70%(c)
Ratio of net investment income (loss) to average net assets* 5.68%(c) 4.17%(c)
Portfolio turnover rate 77%(d) 21%(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 0.83%(c) 0.90%(c)
 Ratio of net investment income (loss) to average net assets 5.51%(c) 3.97%(c)

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

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

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

See notes to financial statements.

82 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

Notes to Financial Statements | February 29, 2008 (unaudited)

Note 1 - Organization:

Claymore Exchange-Traded Fund Trust (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 May 24, 2006. At the end of the period, the Trust consisted of 19 portfolios. The following 11 portfolios have a semi-annual reporting period-end on February 29, 2008:

Claymore/BNY BRIC ETF "BNY BRIC"
Claymore/Clear Spin-Off ETF "Clear Spin-Off"
Claymore/Great Companies Large-Cap
 Growth Index ETF "Great Companies Large-Cap Growth"
Claymore/Ocean Tomo Growth Index ETF "Ocean Tomo Growth"
Claymore/Ocean Tomo Patent ETF "Ocean Tomo Patent"
Claymore/Sabrient Defender ETF "Sabrient Defender"
Claymore/Sabrient Insider ETF "Sabrient Insider"
Claymore/Sabrient Stealth ETF "Sabrient Stealth"
Claymore/Zacks Mid-Cap Core ETF "Zacks Mid-Cap Core"
Claymore/Zacks Sector Rotation ETF "Zacks Sector Rotation"
Claymore/Zacks Yield Hog ETF "Zacks Yield Hog"

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
--------------------------------------------------------------------------------
BNY BRIC Bank of New York Mellon BRIC Select ADR Index
Clear Spin-Off Clear Spin-Off Index
Great Companies Large-Cap Growth Great Companies Large-Cap Growth Index
Ocean Tomo Growth Ocean Tomo 300(R) Patent Growth Index
Ocean Tomo Patent Ocean Tomo 300(R) Patent Index
Sabrient Defender Sabrient Defensive Equity Index
Sabrient Insider Sabrient Insider Sentiment Index
Sabrient Stealth Sabrient Stealth Index
Zacks Mid-Cap Core Zacks Mid-Cap Core Index
Zacks Sector Rotation Zacks Sector Rotation Index
Zacks Yield Hog Zacks Yield Hog 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. 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.

The Funds record the character of dividends received from master limited partnerships ("MLPs") based on estimates made at the time such distributions are received. These estimates are based upon a historical review of information available from each MLP and other industry sources. The characterization of the estimates may subsequently be revised based on information received from MLPs after their tax reporting periods conclude.

The Funds intend to pay substantially all of their net investment income to Shareholders through annual distributions, except for Zacks Yield Hog which will pay a quarterly distribution. 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.

(d) Offering Costs

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

(e) 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 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 Operation.

SemiAnnual Report | February 29, 2008 | 83

Claymore Exchange-Traded Fund Trust | Notes to Financial Statements (unaudited) continued

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 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
--------------------------------------------------------------------------------
BNY BRIC $ 84,971 $ --
Clear Spin-Off $ 5,501 $ --
Great Companies Large-Cap Growth Index $ 746 $ 746
Ocean Tomo Growth Index $ 380 $ 380
Ocean Tomo Patent $ 1,343 $ 1,343
Sabrient Defender $ 3,722 $ --
Sabrient Insider $ 3,990 $ --
Sabrient Stealth $ 1,957 $ 1,957
Zacks Mid-Cap Core $ 696 $ 696
Zacks Sector Rotation $ 14,003 $ --
Zacks Yield Hog $ 9,814 $ --

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 the 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 0.60% of average net assets per year, at least until December 31, 2010. The offering costs excluded from the 0.60% expense cap are (a) legal fees pertaining to the Fund's 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 the 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:

 Advisory Potentially
 Fees Expenses Recoverable
 Waived Assumed Expense
--------------------------------------------------------------------------------
BNY BRIC $ -- $ -- $ 65,050
Clear Spin-Off $ 54,774 $ -- $ 155,571
Great Companies Large-Cap Growth Index $ 13,555 $ 43,391 $ 128,968
Ocean Tomo Growth Index $ 6,906 $ 52,338 $ 130,985
Ocean Tomo Patent $ 24,419 $ 32,937 $ 162,540
Sabrient Defender $ 56,762 $ -- $ 161,325
Sabrient Insider $ 52,892 $ -- $ 169,974
Sabrient Stealth $ 35,577 $ 21,851 $ 180,900
Zacks Mid-Cap Core $ 12,649 $ 50,791 $ 133,981
Zacks Sector Rotation $ 63,628 $ -- $ 191,567
Zacks Yield Hog $ 60,948 $ -- $ 204,232

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
--------------------------------------------------------------------------------
BNY BRIC The Bank of New York Mellon
Clear Spin-Off Clear Indexes, LLC
Great Companies Large-Cap Growth Index Great Companies, Inc.
Ocean Tomo Growth Index Ocean Tomo Capital, LLC
Ocean Tomo Patent Ocean Tomo Capital, LLC
Sabrient Defender Sabrient Systems, LLC
Sabrient Insider Sabrient Systems, LLC
Sabrient Stealth Sabrient Systems, LLC
Zacks Mid-Cap Core Zacks Investment Research, Inc.
Zacks Sector Rotation Zacks Investment Research, Inc.
Zacks Yield Hog Zacks Investment Research, 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.

84 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust | Notes to Financial Statements (unaudited) continued

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:

 Net Tax
 Cost of Investments Gross Tax Unrealized Gross Tax Unrealized Unrealized Appreciation
 for Tax Purposes Appreciation Depreciation (Depreciation)
------------------------------------------------------------------------------------------------------------------------------------
BNY BRIC $ 1,269,028,644 $ 79,942,683 $ (69,613,359) $ 10,329,324
Clear Spin-Off $ 38,740,377 $ 283,751 $ (10,616,972) $ (10,333,221)
Great Companies Large-Cap Growth Index $ 7,458,797 $ 214,601 $ (1,086,808) $ (872,207)
Ocean Tomo Growth Index $ 2,705,926 $ 125,929 $ (407,691) $ (281,762)
Ocean Tomo Patent $ 10,793,744 $ 442,520 $ (975,044) $ (532,524)
Sabrient Defender $ 26,029,870 $ 365,570 $ (2,486,943) $ (2,121,373)
Sabrient Insider $ 33,378,072 $ 1,223,612 $ (4,713,287) $ (3,489,675)
Sabrient Stealth $ 10,769,995 $ 341,889 $ (1,668,673) $ (1,326,784)
Zacks Mid-Cap Core Index $ 5,161,702 $ 59,138 $ (523,173) $ (464,035)
Zacks Sector Rotation $ 135,678,766 $ 1,166,271 $ (16,972,627) $ (15,806,356)
Zacks Yield Hog $ 66,259,234 $ 1,629,080 $ (8,052,127) $ (6,423,047)

Distributions to Shareholders:

The tax character of distributions paid during the period ended August 31, 2007
was as follows:

 Distributions paid from Ordinary Income
--------------------------------------------------------------------------------
BNY BRIC $ 148,236
Ocean Tomo Patent $ 1,710
Sabrient Defender $ 3,336
Sabrient Insider $ 55,130
Sabrient Stealth $ 42,717
Zacks Sector Rotation $ 56,130
Zacks Yield Hog $ 2,590,763

 Distributions paid from Capital Gains
--------------------------------------------------------------------------------
Zacks Yield Hog $ 2,570

 Distributions paid from Return of Capital
--------------------------------------------------------------------------------
Zacks Yield Hog $ 367,463

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

 Undistributed Ordinary Undistributed Long-Term
 Income/(Accumulated Gains/(Accumulated
 Ordinary Loss) Capital & Other Losses)
--------------------------------------------------------------------------------
BNY BRIC $ 3,198,954 $ (305,279)
Clear Spin-Off $ 78,400 $ (124,571)
Great Companies Large-Cap
 Growth Index $ 20,906 $ --
Ocean Tomo Growth Index $ 10,808 $ --
Ocean Tomo Patent $ 138,040 $ --
Sabrient Defender $ 255,058 $ (245,277)
Sabrient Insider $ 101,945 $ (871,615)
Sabrient Stealth $ 120,870 $ (2,297,815)
Zacks Mid-Cap Core Index $ 11,715 $ (65)
Zacks Sector Rotation $ 216,205 $ (1,820,065)
Zacks Yield Hog $ -- $ (1,679,391)

At August 31, 2007, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by the regulations, to offset future capital gains through the years indicated. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 Capital Loss Available Through 2015
--------------------------------------------------------------------------------
Sabrient Insider $ 28,269
Sabrient Stealth $ 35,822
Zacks Sector Rotation $ 84,733

 SemiAnnual Report | February 29, 2008 | 85

Claymore Exchange-Traded Fund Trust | Notes to Financial Statements (unaudited) continued

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:

 Post-October Losses
--------------------------------------------------------------------------------
BNY BRIC $ 305,279
Clear Mid-Cap Growth Index $ 31,543
Clear Spin-Off $ 124,571
Sabrient Defender $ 245,277
Sabrient Insider $ 843,346
Sabrient Stealth $ 2,261,993
Zacks Mid-Cap Core $ 65
Zacks Sector Rotation $ 1,735,332
Zacks Yield Hog $ 1,679,391

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 2007 tax year 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
--------------------------------------------------------------------------------
BNY BRIC $ 29,902,035 $ 30,140,074
Clear Spin-Off $ 4,706,360 $ 5,628,110
Great Companies Large-Cap Growth Index $ 922,066 $ 952,728
Ocean Tomo Growth Index $ 614,809 $ 628,123
Ocean Tomo Patent $ 1,392,342 $ 1,545,731
Sabrient Defender $ 6,915,073 $ 6,942,474
Sabrient Insider $ 7,677,398 $ 7,754,755
Sabrient Stealth $ 10,452,824 $ 15,994,183
Zacks Mid-Cap Core $ 2,227,403 $ 2,227,338
Zacks Sector Rotation $ 55,911,413 $ 55,725,708
Zacks Yield Hog $ 56,234,339 $ 56,451,581

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

 Purchases Sales
--------------------------------------------------------------------------------
BNY BRIC $ 893,703,328 $ 364,989,055
Clear Spin-Off $ 11,036,206 $ 25,013,412
Great Companies Large-Cap Growth Index $ 2,274,147 $ --
Ocean Tomo Growth Index $ 1,496,423 $ 1,499,228
Ocean Tomo Patent $ 4,294,658 $ 1,505,141
Sabrient Defender $ 9,027,594 $ 11,287,712
Sabrient Insider $ 10,372,068 $ 13,268,718
Sabrient Stealth $ 9,498,231 $ 15,976,904
Zacks Mid-Cap Core $ 2,593,308 $ 2,605,773
Zacks Sector Rotation $ 191,370,641 $ 123,555,454
Zacks Yield Hog $ 48,814,885 $ 78,115,396

Note 6 - Capital:

Shares are issued and redeemed by the Funds only in Creation Unit size aggregations of 50,000 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 $500 to $1,500 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 service plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders 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 Funds' 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.

Note 10 - Subsequent Event:

Subsequent to February 29, 2008, Zacks Yield Hog declared a quarterly dividend of $0.364 per share payable on March 31, 2008 to shareholders of record on March 27, 2008.

86 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

Supplemental Information | (unaudited)

Trustees

The Trustees of the Claymore Exchange-Traded Fund Trust 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 and 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 43 None
Year of Birth: 1965 Administrative Officer of Claymore Advisors, LLC
Trustee; Chief Legal and Claymore Securities, Inc. (2007-present).
and Executive Officer Formerly, 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.

SemiAnnual Report | February 29, 2008 | 87

Claymore Exchange-Traded Fund Trust | 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 of
Chief Accounting Claymore Group Inc. (2005-2006); Managing Director of Claymore Advisors,
Officer, Chief LLC and Claymore Securities, Inc. (2003-2005); Treasurer of Henderson
Financial Officer and Treasurer Global Funds and Operations Manager for Henderson Global Investors (NA)
 Inc., (2002-2003); Managing Director, FrontPoint Partners LLC (2001-2002).
------------------------------------------------------------------------------------------------------------------------------------
Bruce Saxon Since 2006 Vice President, Fund Compliance Officer of Claymore Group Inc.
Year of Birth: 1957 (2006-present). Formerly, Chief Compliance Officer/Assistant Secretary
Chief Compliance Officer of Harris Investment Management, Inc.(2003-2006). Director-Compliance
 of Harrisdirect LLC (1999-2003).
------------------------------------------------------------------------------------------------------------------------------------
Melissa J. Nguyen Since 2006 Vice President and Assistant General Counsel of Claymore Group
Year of Birth: 1978 Inc.(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). Formerly, Vice
Year of Birth: 1965 President of Product Management at Northern Trust Global
Vice President Investments (1999-2005).
------------------------------------------------------------------------------------------------------------------------------------
Chuck Craig Since 2006 Managing Director (2006-present), Vice President (2003-2006) of Claymore
Year of Birth: 1967 Advisors, LLC. Formerly, Assistant Vice President, First Trust
Vice President 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.

88 | SemiAnnual Report | February 29, 2008

Claymore Exchange-Traded Fund Trust

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
NewYork, NY

Legal Counsel

Clifford Chance US LLP
NewYork, 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 their 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.

SemiAnnual Report | February 29, 2008 | 89

Claymore Exchange-Traded Fund Trust

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 Overview

The Claymore Exchange-Traded Fund Trust (the "Trust") is an investment company currently consisting of 19 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.

90 | SemiAnnual Report | February 29, 2008

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 additional 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-001-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

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

Name: Nicholas Dalmaso

Title: Chief Legal and Executive Officer

Date: May 5, 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 5, 2008


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

Name: Steven M. Hill

Title: Treasurer and Chief Financial Officer

Date: May 5, 2008

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