**Exhibit      31.1**

**CERTIFICATION      PURSUANT TO**

**SECTION      302(a) OF THE SARBANES-OXLEY ACT OF 2002**

| 1. | I                have reviewed this Quarterly Report on Form 10-Q/A of the Claymore                MACROshares Oil Down Holding Trust; |
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| 2. | Based                on my knowledge, this report does not contain any untrue statement                of a                material fact or omit to state a material fact necessary to make                the                statements made, in light of the circumstances under which such statements                were made, not misleading with respect to the period covered by this                report; |
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| 3. | Based                on my knowledge, the financial statements, and other financial information                included in this report, fairly present in all material respects                the                financial condition, results of operations and cash flows of the                registrant as of, and for, the periods presented in this                report; |
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| 4. | The                other certifying officer(s) and I are responsible for establishing                and                maintaining disclosure controls and procedures (as defined in Exchange                Act                Rules 13a-15(e) and 15d-15(e)) for the registrant and                have: |
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|   | a. | Designed                such disclosure controls and procedures, or caused such disclosure                controls and procedures to be designed under our supervision, to                ensure                that material information relating to the registrant, including its                consolidated subsidiaries, is made known to us by others within those                entities, particularly during the period in which this report is                being                prepared; |
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|   | b. | Evaluated                the effectiveness of the registrant's disclosure controls and procedures                and presented in this report our conclusions about the effectiveness                of                the disclosure controls and procedures, as of the end of the period                covered by this report based on such evaluation;                and |
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|   | c. | Disclosed                in this report any change in the registrant's internal control over                financial reporting that occurred during the registrant's most recent                fiscal quarter (the registrant's fourth fiscal quarter in the case                of an                annual report) that has materially affected, or is reasonably likely                to                materially affect, the registrant's internal control over financial                reporting; and |
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| 5. | The                other certifying officer(s) and I have disclosed, based on our most                recent                evaluation of internal control over financial reporting, to the                registrant's auditors, the board of managers of Macro Securities                Depositor, LLC, the audit committee of Claymore Securities, Inc.,                Claymore                Securities, Inc.'s auditors and the audit committee of MacroMarkets                LLC                (or persons performing the equivalent                functions): |
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|   | a. | All                significant deficiencies and material weaknesses in the design or                operation of internal control over financial reporting which are                reasonably likely to adversely affect the registrant's ability to                record,                process, summarize and report financial information;                and |
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|   | b. | Any                fraud, whether or not material, that involves persons who have a                significant role in the registrant's internal control over financial                reporting. |
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