**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**





**FORM
      10-Q**


**T**
              **QUARTERLY
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                  ACT OF
                  1934**
 
 **For
        the quarterly period ended March 31, 2007**
 
 **or**
 
 **£**
              **TRANSITION
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                  ACT OF
                  1934**


Commission
      File Number of Issuing Entity: 333-116566-02





**Claymore
      MACROshares Oil Up Tradeable Trust**


(Exact
      name of issuing entity as specified in its charter)





Commission
      File Number of Depositor: 333-116566





**MACRO
      SECURITIES DEPOSITOR, LLC**


(Exact
      name of depositor as specified in its charter)





**New
                York**
            
            **76-6222940**(State
                or other jurisdiction of
            
            (I.R.S.
                Employerincorporation
                or organization)
            
            Identification
                No.)





**c/o
      Investors Bank**


**&
      Trust Company**


**200
      Clarendon Street**


**Boston,
      MA 02116**


**(617)
      937-6700**




(Address
      of principal executive offices, telephone number, including area
      code)




Indicate
      by check mark whether the registrant (1) has filed all reports required to
      be
      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
      the
      preceding 12 months (or for such shorter period that the registrant was required
      to file such reports), and (2) has been subject to such filing requirements
      for
      the past 90 days.


Yes **T** No **£**




Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, or a non-accelerated filer. See definition of "accelerated
      filer and large accelerated filer" in Rule 12b-2 of the Exchange
      Act.




Large Accelerated filer**£**
            Accelerated filer**£**
            Non-Accelerated filer**T**




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange
      Act).    Yes **£** No **T**




Number
      of
      Claymore MACROshares Oil Up Tradeable shares outstanding as of March 31, 2007:
      300,000




**DOCUMENTS
      INCORPORATED BY REFERENCE: Prospectus of Claymore MACROshares Oil Up Holding
      Shares and Claymore MACROshares Oil Up Tradeable Shares, dated as of March
      29,
      2007, file no. 333-116566.**







**FORWARD
      LOOKING STATEMENTS**




This
      Quarterly Report on Form 10-Q contains various "forward-looking statements"
      within the meaning of Section 27A of the Securities Act of 1933, as amended,
      and
      Section 21E of the Securities Exchange Act of 1934, as amended, and within
      the
      Private Securities Litigation Reform Act of 1995, as amended. Forward-looking
      statements usually include the verbs, "anticipates," "believes," "estimates,"
      "expects," "intends," "plans," "projects," "understands" and other verbs
      suggesting uncertainty. We remind readers that forward-looking statements are
      merely predictions and therefore inherently subject to uncertainties and other
      factors and involve known and unknown risks that could cause the actual results,
      performance, levels of activity, or achievements, or industry results, to be
      materially different from any future results, performance, levels of activity,
      or our achievements expressed or implied by such forward-looking statements.
      Readers are cautioned not to place undue reliance on these forward-looking
      statements, which speak only as of the date hereof. The Trust undertakes no
      obligation to publicly release any revisions to these forward-looking statements
      to reflect events or circumstances after the date hereof or to reflect the
      occurrence of unanticipated events.




i




**TABLE
      OF CONTENTS**




**Page**




PART
                I.
            FINANCIAL
                INFORMATION
            1Item
                1.
            Consolidated
                Financial Statements
            1A.
            Organization
            5B.
            Significant
                Accounting Policies
            6C.
            Operating
                Expenses and Related Party Waivers
            9D.
            Distributions
            10E.
            Share
                Transactions
            10F.
            Indemnifications
            10G.
            New
                Accounting Pronouncements
            10H.
            Concentration
                Risk
            10I.
            Termination
                of the Trust
            11Item
                2.
            Management's
                Discussion and Analysis of Financial Condition and Results of
                Operations
            12Item
                3.
            Quantitative
                and Qualitative Disclosures about Market Risk
            20Item
                4.
            Controls
                and Procedures
            20PART
                II.
            OTHER
                INFORMATION
            20Item
                1.
            Legal
                Proceedings
            20Item
                1A.
            Risk
              Factors
            20Item
                2.
            Unregistered
                Sales of Equity Securities and Use of Proceeds
            20Item
                3.
            Defaults
                Upon Senior Securities
            21Item
                4.
            Submission
                of Matters to a Vote of Security Holders
            21Item
                5.
            Other
                Information
            21Item
                6.
            Exhibits
            21





Exhibits




Exhibit
                31.1
            Certification
                Pursuant to Section 302(a) of the Sarbanes-Oxley Act of
                2002


Exhibit
                31.2
            Certification
                Pursuant to Section 302(a) of the Sarbanes-Oxley Act of
                2002


Exhibit
                32.1
            Certification
                Pursuant to 18 U.S.C. Section 1350


Exhibit
                32.2
            Certification
                Pursuant to 18 U.S.C. Section 1350




ii




**PART
                I.**
            **FINANCIAL
                INFORMATION**




**Item
                1.**
            **Consolidated
                Financial Statements******






**Claymore
      MACROshares Oil Up Tradeable Trust**


**Consolidated
      Statements of Financial Condition**


**March
      31, 2007 and December 31, 2006**


**(Unaudited)**





**March
                31, 2007**
            
            **December
                31, 2006****Assets**Cash and cash equivalents
            
            $
            18,276,964
            
            $
            33,118,800Settlement contracts and income distribution agreementwith the Down-MACRO Holding Trust
            
            
            2,801,557
            
            
            1,797,050Interest receivable
            
            
            6,532
            
            
            16,719Total Assets
            
            $
            21,085,053
            
            $
            34,932,569**Liabilities and Shareholders’ Equity**Distribution payable to shareholders
            
            $
            149,768
            
            $
            89,495Operating expenses payable
            
            
            122,649
            
            
            33,576Total Liabilities
            
            
            272,417
            
            
            123,071**Shareholders' Equity**Equity attributable to Up-MACRO Tradeable Shares, $60par value, unlimited amount authorized, 300,000 and550,000 issued and outstanding at March 31, 2007 andDecember 31, 2006, respectively
            
            
            20,812,636
            
            
            34,809,498Total Shareholders’ Equity
            
            
            20,812,636
            
            
            34,809,498Total Liabilities and Shareholders’ Equity
            
            $
            21,085,053
            
            $
            34,932,569

















*See
      notes to unaudited consolidated financial statements*




1




**Claymore
      MACROshares Oil Up Tradeable Trust**


**Consolidated
      Statement of Operations**


**For
      the Three Months Ended March 31, 2007 (Unaudited)**





**Investment
                Income**Interest
            
            $
            302,250Total investment income
            
            
            302,250**Expenses**Operating expenses
            
            
            96,891Net investment income
            
            
            205,359**Realized and Unrealized Gain (Loss)**Net increase in unrealized appreciation on settlement contracts andincome distribution agreement
            
            
            2,260,136Net realized loss on settlement contracts and income distribution agreement
            
            
            (880,000
            )Net realized and unrealized gain
            
            
            1,380,136Net income
            
            $
            1,585,495Net income per share:
            
            $
            4.00Weighted average shares outstanding
            
            
            396,067




















*See
      notes to unaudited consolidated financial statements*




2




**Claymore
      MACROshares Oil Up Tradeable Trust**


**Consolidated
      Statements of Changes in Shareholders’ Equity**


**For
      the Three Months Ended March 31, 2007,**


**and
      the Period Ended December 31, 2006***


**(Unaudited)**




**Three
                Months Ended March 31, 2007**
            
            **Up-MACRO**
              **Tradeable
                Shares**
            
            **Founders’
                Equity**
            
            **Total****Shareholders'
                Equity, beginning of period**
            
            $
            34,809,498
            
            $
            -0-
            
            $
            34,809,498Contributions
            
            
            8,737,340
            
            
            -0-
            
            
            8,737,340Distributions
                ($0.4992 per share)
            
            
            (149,768
            )
            
            -0-
            
            
            (149,768
            )Redemptions
            
            
            (24,169,929
            )
            
            -0-
            
            
            (24,169,929
            )Net
                income
            
            
            1,585,495
            
            
            -0-
            
            
            1,585,495**Shareholders'
                Equity, end of period**
            
            $
            20,812,636
            
            $
            -0-
            
            $
            20,812,636





**Period
                Ended December 31, 2006***
            
            **Up-MACRO**
              **Tradeable
                Shares**
            
            **Founders’
                Equity**
            
            **Total****Shareholders'
                Equity, beginning of period**
            
            $
            -0-
            
            $
            2,000
            
            $
            2,000Contributions
            
            
            34,481,846
            
            
            -0-
            
            
            34,481,846Distributions
                ($0.1627 per share)
            
            
            (89,495
            )
            
            -0-
            
            
            (89,495
            )Redemptions
            
            
            -0-
            
            
            (2,000
            )
            
            (2,000
            )Net
                income
            
            
            417,147
            
            
            -0-
            
            
            417,147**Shareholders'
                Equity, end of period**
            
            $
            34,809,498
            
            $
            -0-
            
            $
            34,809,498





**Share
                Activity Three Months Ended March 31, 2007**
            
            **Up-MACRO**
              **Tradeable
                Shares**
            
            **Founders’
                Equity**
            
            **Total****Shares
                Outstanding, Beginning of period**
            
            
            550,000
            
            
            -0-
            
            
            550,000Contributions
            
            
            150,000
            
            
            -0-
            
            
            150,000Redemptions
            
            
            (400,000
            )
            
            -0-
            
            
            (400,000
            )**Shares
                Outstanding, End of period**
            
            
            300,000
            
            
            -0-
            
            
            300,000





**Share
                Activity Period Ended December 31, 2006***
            
            **Up-MACRO**
                **Tradeable
                  Shares**
            
            **Founders’
                  Equity**
            
            **Total****Shares
                Outstanding, Beginning of period**
            
            
            -0-
            
            
            2,000
            
            
            2,000Contributions
            
            
            550,000
            
            
            -0-
            
            
            550,000Redemptions
            
            
            -0-
            
            
            (2,000
            )
            
            (2,000
            )**Shares
                Outstanding, End of period**
            
            
            550,000
            
            
            -0-
            
            
            550,000




*
      Period
      November 29, 2006 (commencement of operations) through December 31,
      2006.




*See
      notes to unaudited consolidated financial statements*


3


**Claymore
      MACROshares Oil Up Tradeable Trust**


**Consolidated
      Statement of Cash Flows**


**For
      the Three Months Ended March 31, 2007 (Unaudited)**





**Cash
                flows from operating activities:**Net
                income
            
            $
            1,585,495Adjustments
                to reconcile net income to net cash provided by operating
                activities:Non-cash
                changes in value of settlement contracts and income distribution
                agreement
                with the Down-MACRO Holding Trust
            
            
            (3,319,262
            )Increase/
                decrease in operating assets and liabilities:Interest
                receivable
            
            
            10,187Operating
                expense payable
            
            
            89,073Net
                cash provided by operating activities
            
            
            (1,634,507
            )**Cash
                flows from financing activities:**Contributions
            
            
            9,012,166Redemptions
            
            
            (22,130,000
            )Distributions
            
            
            (89,495
            )Net
                cash used in financing activities
            
            
            (13,207,329
            )Net
                decrease in cash and cash equivalents
            
            
            (14,841,836
            )Cash
                and cash equivalents, beginning of period
            
            
            33,118,800Cash
                and cash equivalents, end of period
            
            $
            18,276,964























*See
      notes to unaudited consolidated financial statements*




4


**Claymore
      MACROshares Oil Up Tradeable Trust**


**NOTES
      TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**


**as
      of March 31, 2007**




A.
            Organization




MACRO
      Securities Depositor, LLC (the " **Depositor** "),
      a
      Delaware limited liability company with MacroMarkets LLC and Claymore Group
      Inc.
      (collectively referred to as " **Related
      Party** ")
      as its
      only two members, formed the Claymore MACROshares Oil Up Tradeable Trust (the
      " **Up-MACRO
      Tradeable Trust** "),
      the
      Claymore MACROshares Oil Down Tradeable Trust (the " **Down-MACRO
      Tradeable Trust** "),
      the
      Claymore MACROshares Oil Up Holding Trust (the " **Up-MACRO
      Holding Trus** t")
      and
      the Claymore MACROshares Oil Down Holding Trust (the " **Down-MACRO
      Holding Trust** ").
      Each
      of the trusts was formed under the laws of the State of New York on November
      15,
      2006.




The
      Up-MACRO Holding Trust and the Down-MACRO Holding Trust are referred to as
      " **Paired
      Holding Trusts** ."
      The
      descriptions of the Paired Holding Trusts in these notes reflect the trust
      agreements as amended on November 24, 2006. Operations of the Up-MACRO Holding
      Trust and the Up-MACRO Tradeable Trust commenced on November 29, 2006. No
      creations or other activity occurred between November 24, 2006 and the
      commencement date. Each of the Paired Holding Trusts issues shares (which are
      referred to, respectively, as " **Up-MACRO
      Holding Shares** "
      and
      " **Down-MACRO
      Holding Shares** ,"
      and,
      collectively, as " **Paired
      Holding Shares** ")
      in
      minimum aggregations called " **MACRO
      Units** ,"
      each
      of which consists of 50,000 Up-MACRO Holding Shares and 50,000 Down-MACRO
      Holding Shares. The objective of the Paired Holding Trusts is, in the case
      of
      the Up-MACRO Holding Trust, to provide investors with investment returns that
      correspond with changes in the price of NYMEX crude oil futures contracts within
      the range from (i) zero to (ii) twice the starting level of $60 (the
      " **Starting
      Level** ")
      and,
      in the case of the Down-MACRO Holding Trust, to provide investors with
      investment returns that correspond inversely with the price of NYMEX crude
      oil
      futures within the range from (i) zero to (ii) twice the Starting Level. The
      Starting Level was $60, therefore the price range within which the Paired
      Holding Trusts are expected to provide a return to both of the Paired Holding
      Shares is $0 to $120. There can be no assurance that the Paired Holding Trusts
      will achieve their investment objective.




The
      Depositor, Investors Bank & Trust Company, as trustee (in such capacity, the
      " **Trustee** ")
      and
      Claymore Securities Inc., as administrative agent and marketing agent (in such
      capacities, the " **Administrative
      Agent** "
      and the
      " **Marketing
      Agent** "),
      have
      entered into trust agreements that govern the activities of the Up-MACRO
      Tradeable Trust and Up-MACRO Holding Trust and specify the terms of the shares
      issued by the Up-MACRO Tradeable Trust (the " **Up-MACRO
      Tradeable Shares** ")
      and
      the Up-MACRO Holding Trust , which are the Up-MACRO Holding Shares. The Up-MACRO
      Tradeable Trust issues the Up-MACRO Tradeable Shares on a continuous basis
      in
      exchange for deposits of Up-MACRO Holding Shares. Up-MACRO Tradeable Shares
      are
      only issued or exchanged for the underlying Up-MACRO Holding Shares in
      connection with a deposit of Up-MACRO Holding Shares into the Up-MACRO Tradeable
      Trust or the withdrawal of Up-MACRO Holding Shares from the Up-MACRO Tradeable
      Trust. One Up-MACRO Tradeable Share is issued for each Up-MACRO Holding Share
      deposited into the Up-MACRO Tradeable Trust. The per share " **underlying
      value** "
      of one
      Up-MACRO Tradeable Share is always equal to the underlying value of one Up-MACRO
      Holding Share. The underlying value of the Up-MACRO Holding Trust’s shares
      represents that portion of the proceeds of the assets of the Up-MACRO Holding
      Trust that would be distributed in conjunction with a redemption and as a final
      distribution upon termination if the Paired Holding Trusts were to settle the
      settlement contracts and the Up-MACRO Holding Trust were to make a final
      distribution on the Up-MACRO Holding Shares. The Up-MACRO Tradeable Trust would
      pass through such final distribution to holders of Up-MACRO Tradeable Shares.
      The underlying value per share of the Up-MACRO Holding Trust at March 31, 2007
      was $65.90. Paired Holding Shares are only created and redeemed, and Up-MACRO
      Tradeable Shares are only created and exchanged, through entities who are banks,
      broker-dealers or other participant members of The Depository Trust Company
      (" **DTC** ")
      who
      have executed a contract with the Trustee and the Administrative Agent
      (" **Authorized
      Participants** ").
      Each
      Up-MACRO Tradeable Share represents an undivided beneficial interest in the
      pool
      of Up-MACRO Holding Shares deposited in the Up-MACRO Tradeable Trust. Issuances
      and redemptions of Up-MACRO Holding Shares and Up-MACRO Tradeable Shares are
      reflected in these financial statements at the value of the equity attributable
      to such shares at time of issuance or redemption, based on accounting principles
      generally accepted in the United States of America (" **GAAP** ").


5




The
      assets of the Up-MACRO Tradeable Trust consist solely of the Up-MACRO Holding
      Shares on deposit from time to time therein. Prior to November 29, 2006, the
      Depositor and Claymore Securities, Inc. each made an initial deposit of $500
      into the Up-MACRO holding trust and $500 into the Up-MACRO Tradeable Trust,
      for
      a total initial deposit into each trust of $1,000 (for each trust, the
      " **Founders'
      Equity** ").
      During the period ended December 31, 2006, the Founders’ Equity of both the
      Up-MACRO Holding Trust and the Up-MACRO Tradeable Trust was redeemed and
      returned to the Depositor and Claymore Securities, Inc. The Up-MACRO Tradeable
      Trust shares trade on the American Stock Exchange (" **AMEX** "),
      at
      negotiated prices, during " **New
      York Business Days** "
      (any
      day on which stock exchanges and New York money center banks are open for
      business). The market price of the Up-MACRO Tradeable Shares may diverge from
      the closing per share underlying value of the Up-MACRO Tradeable Trust. Based
      on
      market demand, the Up-MACRO Tradeable Shares may trade at a premium or a
      discount to their per share underlying value.




The
      assets of the Up-MACRO Holding Trust consist of cash, government securities,
      repurchase agreements collateralized by U.S. government securities and OTC
      derivative instruments entered into between the Paired Holding Trusts. These
      derivative instruments consist of " **Settlement
      Contracts** "
      which
      provide that the Up-MACRO Holding Trust is entitled to receive from, or is
      required to make to, the Down-MACRO Holding Trust a payment at the termination
      of each of these contracts in an amount that reflects the price change between
      the settlement price of NYMEX crude oil futures contracts (the " **Closing
      Price** ")
      at the
      time when the Settlement Contracts are terminated and the Starting Level of
      that
      price on November 29, 2006. The NYMEX crude oil futures contracts that are
      referenced by the Paired Holding Trusts are (i) futures contracts that mature
      during the next calendar month succeeding the current month for any date of
      determination occurring on or after the first day of the current month up to
      but
      excluding the 11th New York Business Day of that month and (ii) futures
      contracts that mature during the second calendar month succeeding the current
      calendar month for any date of determination occurring on or after such 11th
      New
      York Business Day (provided that the switch out of next month's contract to
      the
      succeeding month's contract may not take place later than the 17th day of each
      month).




For
      purposes of determining the underlying value at which Paired Holding Shares
      are
      redeemed or created, as defined in the Up-MACRO Holding Trust Agreement, each
      Settlement Contract is valued on each New York Business Day against the Closing
      Price and the resulting percentage change in the Closing Price from the Starting
      Level. The performance obligations of the Paired Holding Trusts to each other
      under the Settlement Contracts are 100% collateralized by cash, U.S. government
      securities and repurchase agreements backed by U.S. government securities that
      are held in each of the Paired Holding Trusts. The Up-MACRO Holding Trust's
      obligations are not leveraged and the trust realizes capital gains or losses
      only when a Settlement Contract is terminated in connection with a paired
      optional redemption, an early termination or the final scheduled termination
      of
      the Paired Holding Trusts.




The
      " **Income
      Distribution Agreement** "
      entered
      into between the Paired Holding Trusts is the means for allocating between
      the
      Paired Holding Trusts the daily income accrual on the U.S. government securities
      and other assets on deposit in the trusts. Under the Income Distribution
      Agreement, the Up-MACRO Holding Trust is obligated to pay a portion of its
      income to the Down-MACRO Holding Trust or entitled to receive a portion of
      the
      Down-MACRO Holding Trust's income, based on the percentage change of the Closing
      Price from its Starting Level on each day of the calendar quarter between
      distribution dates. The Up-MACRO Holding Trust's daily income for the purposes
      of determining underlying value recorded under the Income Distribution Agreement
      reflects either an asset receivable by it or a liability payable by it, based
      upon the daily value changes in the Closing Price relative to its Starting
      Level. A payment is made by one of the Paired Holding Trusts to the other on
      each quarterly distribution date and the Up-MACRO Holding Trust then distributes
      its remaining income (if it had to make a payment under the Income Distribution
      Agreement) or all of its income and a portion of the income it received from
      the
      Down-MACRO Holding Trust (if it received a payment under the Income Distribution
      Agreement) as a quarterly distribution to its shareholders on or immediately
      following such quarterly distribution date.




B.
            Significant
                Accounting Policies




The
      following is a summary of the significant accounting policies that are
      consistently followed by the Up-MACRO Tradeable Trust in the preparation of
      its
      consolidated financial statements.


6




**Basis
      of Accounting**




The
      policies are in conformity with GAAP. The preparation of financial statements
      requires management to make estimates and assumptions that affect the reported
      amounts of assets and liabilities on the date of the financial statements and
      the reported amounts of revenues and expenses during the period from January
      1,
      2007 through March 31, 2007 (the “Reporting Period”). Actual results could
      differ from those estimates.




The
      accompanying unaudited financial statements were prepared in accordance with
      accounting principles generally accepted in the United States of America for
      interim financial information and with the instructions for Form 10-Q and the
      rules and regulations of the U.S. Securities and Exchange Commission (the
“SEC”). In the opinion of the Depositor's management, which was responsible for
      the preparation of the consolidated financial statements on behalf of the
      Up-MACRO Tradeable Trust, all material adjustments, consisting only of normal
      recurring adjustments, considered necessary for a fair statement of the interim
      period financial statements have been made. Interim period results are not
      necessarily indicative of results for a full-year period. These financial
      statements and the notes thereto should be read in conjunction with the Trust’s
      financial statements included in the Form 10-K as filed with the SEC on April
      3,
      2007.




Under
      GAAP, U.S. government securities and repurchase agreements are accounted for
      on
      a trade date basis. Interest income, adjusted for the amortization of premium
      and accretion of discounts is earned from settlement date and is recorded on
      an
      accrual basis. Expenses are recorded on an accrual basis as incurred.




**Consolidation**




The
      consolidated financial statements include the accounts of the Up-MACRO Tradeable
      Trust and the Up-MACRO Holding Trust. Throughout the period, the Tradeable
      Trust
      has owned all of the issued and outstanding shares of the Holding Trust;
      accordingly, no minority interest in earnings has been recorded. All
      intercompany accounts and transactions have been eliminated in consolidation.




**Cash
      and cash equivalents**




The
      Up-MACRO Holding Trust considers all highly liquid investments with original
      maturities of less than 90 days to be cash equivalents.




The
      Up-MACRO Holding Trust invests in debt securities issued by the U.S. government
      and repurchase agreements (or " **repos** ")
      collateralized by U.S. government securities, which have, in each case,
      remaining maturities or terms of less than ninety (90) days. The Up-MACRO
      Holding Trust may enter into repurchase agreements with banks and broker-dealers
      whereby the Up-MACRO Holding Trust acquires a U.S. debt security for cash and
      obtains a simultaneous commitment from the seller to repurchase the security
      at
      an agreed upon price and date. The Up-MACRO Holding Trust, through its
      custodian, takes possession of securities that are used as collateral. In
      connection with transactions in repos, if the seller defaults or enters into
      insolvency proceedings and the value of the collateral declines, recovery of
      cash by the Up-MACRO Holding Trust may be delayed or limited. The U.S.
      government securities and repos are valued at amortized cost, which approximates
      market value.




**The
      Settlement Contracts**




Upon
      each
      issuance of Up-MACRO holding shares as part of a MACRO Unit in a Paired
      Subsequent Issuance, the Up-MACRO Holding Trust enters into a new Settlement
      Contract with the Down-MACRO Holding Trust. For each New York Business Day,
      the
      Paired Optional Redemptions and Paired Subsequent Issuances ordered on that
      day
      are netted for purposes of determining how many Settlement Contracts need to
      be
      entered into or terminated on that day; however, one Settlement Contract must
      always be outstanding for one MACRO Unit of outstanding Paired Holding Shares.
      Under the Settlement Contracts, the Up-MACRO Holding Trust is either (1)
      required to deliver all or a portion of its assets (held in the form of cash,
      government securities and repos) to the Down-MACRO Holding Trust or (2) entitled
      to receive all or a portion of the assets (held in the form of the same types
      of
      assets) of the Down-MACRO Holding Trust. The settlement payments made or
      received pursuant to the Settlement Contracts are based on the change in the
      Closing Price from its Starting Level on the day on which a redemption order
      for
      Paired Holding Shares is delivered to the Administrative Agent. The final
      distribution on the Up-MACRO Holding Shares depends upon the settlement payment
      that the Up-MACRO Holding Trust will either be required to make or be entitled
      to receive under the Settlement Contracts when such contracts are settled in
      connection with Paired Optional Redemptions, early terminations or the final
      scheduled termination of the Up-MACRO Holding Trust.


7




The
      settlement obligations of the Paired Holding Trusts under the Settlement
      Contracts are fully supported by the cash, government securities and repos
      held
      by each trust.




For
      the
      purpose of determining the underlying value at which Paired Holding Shares
      are
      redeemed or created, each daily recording of the difference between the Closing
      Price and the Starting Level is referred to as the daily calculation of the
      amount due to or from the Up-MACRO Holding Trust under the Settlement Contract.
      If the Closing Price exceeds its Starting Level an asset receivable is recorded
      as being due from the Down-MACRO Holding Trust under the Settlement Contracts.
      If the Closing Price is less than its Starting Level, a liability payable to
      the
      Down-MACRO Holding Trust is recorded under the Settlement Contracts. If the
      Closing Price equals its Starting Level, no accounting entry is
      recorded.




For
      the
      purpose of financial reporting, the settlement contracts constitute derivative
      contracts. Accordingly, the settlement contracts are recorded in the
      consolidated financial statements at fair value, as determined by the
      Administrative Agent. As there is no market for the settlement contracts, and
      no
      such market is expected to develop, the Administrative Agent determines the
      fair
      value of the settlement contracts by reference to various inputs, including
      the
      contractual amount due to or from the other trust, applicable market indices,
      and the prices of transactions in Up-MACRO Tradeable Shares on the AMEX. The
      fair value of the settlement contracts as determined in good faith by the
      Administrative Agent could differ from the value that would have been determined
      had a market for the settlement contracts existed, and the differences could
      be
      material. The fair value of the settlement contracts held by the Up-MACRO
      Holding Trust as of March 31, 2007 and on any creation or redemption dates
      during the Reporting Period for financial reporting purposes was different
      from
      the value used to determine underlying value, as defined previously.




**Income
      Distribution Agreement**




Under
      the
      Income Distribution Agreement with the Down-MACRO Holding Trust, the Up-MACRO
      Holding Trust, on each quarterly distribution date, is either (1) required
      to
      pay all or a portion of its income from its government securities and repos,
      after deduction of a fixed number of basis points (a basis point being 1/100
      of
      one percent) for the payment of fees and expenses, to the Down-MACRO Holding
      Trust or (2) entitled to receive all or a portion of the Down-MACRO Holding
      Trust's income, after the Down-MACRO Holding Trust has deducted a fixed number
      of basis points for payment of its expenses and fees, based on its daily accrued
      income for each day during the preceding calendar quarter and the Closing Price
      for that day.




For
      the
      purpose of determining the underlying value at which Paired Holding Shares
      are
      redeemed or created, if the Closing Price on any New York Business Day exceeds
      its Starting Level, the Up-MACRO Holding Trust records a payment obligation
      to
      be made to it by the Down-MACRO Holding Trust under the Income Distribution
      Agreement as an asset receivable for that day. If the Closing Price is less
      than
      its Starting Level on any New York Business Day, the Up-MACRO Holding Trust
      records a liability payable to the Down-MACRO Holding Trust under the Income
      Distribution Agreement. If the Closing Price equals its Starting Level, no
      accounting entry is recorded. For any day that is not a New York Business Day,
      the Closing Price from the last preceding New York Business Day is used to
      calculate the asset or liability under the Income Distribution Agreement for
      that day. The assets receivable and liabilities payable for each day by the
      Up-MACRO Holding Trust are netted in order to determine whether the Trust will
      make a payment to, or be entitled to receive a payment from, the Down-MACRO
      Holding Trust on the quarterly distribution date, prior to distributing its
      income to its shareholders.




For
      the
      purpose of financial reporting, the income distribution contract constitutes
      a
      derivative contract. Accordingly, the Up-MACRO Holding Trust records the income
      distribution contract in the consolidated financial statements at fair value,
      as
      determined by the Administrative Agent. As there is no market for the income
      distribution contract, and no such market is expected to develop, the
      Administrative Agent determines the fair value of the income distribution
      contract by reference to various inputs, including the contractual amount due
      to
      or from the other trust as well as the factors considered in the valuation
      of
      the settlement contracts as described above. The fair value of the income
      distribution contract as determined in good faith by the Administrative Agent
      could differ from the value that would have been determined had a market for
      the
      income distribution contract existed, and the differences could be material.
      The
      fair value of the income distribution contract held by the Up-MACRO Holding
      Trust as of March 31, 2007 and on any creation or redemption dates during the
      Reporting Period for financial reporting purposes was different from the value
      used to determine underlying value, as defined previously.


8




**Federal
      Income Taxes**




The
      Up-MACRO Tradeable Trust is treated as a grantor trust for federal income tax
      purposes and, therefore, no provision for federal income taxes is required.
      The
      Up-MACRO Holding Trust is treated as a partnership for federal income tax
      purposes and, therefore, no provision for federal income taxes is required.




C.
            Operating
                Expenses and Related Party
                Waivers




All
      operating expenses of the Up-MACRO Tradeable Trust are paid by the Up-MACRO
      Holding Trust. Because the Up-MACRO Tradeable Trust invests solely in the shares
      of the Up-MACRO Holding Trust, its investments are subject to the operating
      expenses charged by the Up-MACRO Holding Trust.




Operating
      expenses are deducted daily from the income earned by the Up-MACRO Holding
      Trust
      (and, if income is insufficient during any quarter, from the assets of the
      Up-MACRO Holding Trust) in an amount equal to the product of the trust's assets,
      including Treasuries and cash (but excluding the value of the settlement
      contracts and the income distribution agreement), held by the Up-MACRO Holding
      Trust on each day (the " **Up-MACRO
      Asset Amount** ")
      and
      (i) a rate of 160 basis points (one basis point equals 0.01%) per annum, until
      the second anniversary of the formation of the Up-MACRO Holding Trust and (ii)
      a
      rate of 150 basis points per annum thereafter.




C1. Related
      Party Expenses and Waivers




If
      actual
      operating expenses incurred by the Up-MACRO Holding Trust and the Up-MACRO
      Tradeable Trust exceed the applicable fee deduction annual rate of 160 or 150
      basis points, MacroMarkets LLC and the Administrative Agent and Marketing Agents
      have agreed to waive all or a portion of their respective fees. If, after the
      waiver, a shortfall remains, the Depositor will assume these expenses. To the
      extent there is a surplus, the Depositor is entitled to the excess.




Claymore
      Securities, Inc. makes all investment decisions for the Up-MACRO Holding Trust.
      Pursuant to the Up-MACRO Holding Trust Agreement, the Up-MACRO Holding Trust
      pays Claymore Securities, Inc. a fee that accrues daily at an annualized rate
      of
      0.35% of the Up-MACRO Asset Amount for acting as the Administrative Agent and
      Marketing Agent. The Claymore Securities, Inc. fees for the period ended March
      31, 2007 were $21,195, all of which was waived by Claymore Securities, Inc.




The
      Up-MACRO Holding Trust pays (a) MacroMarkets LLC (i) a licensing fee for the
      use
      of its intellectual property related to the patented MACROs structure, which
      accrues daily at an annualized rate of 0.10% on the Up-MACRO Asset Amount,
      (ii)
      a structuring fee for structuring the product, which accrues at an annualized
      rate of 0.20% on the Up-MACRO Asset Amount and pays (b) MACRO Financial, LLC,
      an
      affiliate of MacroMarkets LLC, a marketing fee for acting as an additional
      marketing agent for the trust, which accrues daily at an annualized rate of
      0.10% of the Up-MACRO Asset Amount. The MacroMarkets LLC and MACRO Financial,
      LLC fees reported in the Consolidated Statement of Operations for the period
      ended March 31, 2007 were $24,223, all of which was waived by MacroMarkets
      LLC
      and MACRO Financial, LLC.




For
      the
      period ended March 31, 2007, a shortfall remained after these fee waivers.
      As a
      result, the Depositor assumed this expense shortfall.




C2. Trustee
      Fees




Pursuant
      to the Declaration of Up-MACRO Holding Trust, the Trustee receives a fee with
      respect to the services for the Up-MACRO Holding Trust an amount equal to the
      product of a per annum rate of 0.08% and the Up-MACRO Asset Amount on such
      day.
      During the Reporting Period, a minimum Trustee fee was allocated to the Up-MACRO
      Holding Trust. For the period from January 1, 2007 through March 31, 2007
      Trustee fees were $56,793.


9




Investors
      Bank & Trust is the "Custodian" of the Trust assets on behalf of the
      Up-MACRO Holding Trust. The Trustee has delegated certain responsibilities
      to
      the Custodian, which is an affiliate of the Trustee.




D.
            Distributions




The
      Up-MACRO Tradeable Trust passes through each quarterly and final distribution
      it
      receives on the Up-MACRO Holding Shares it holds on deposit on the date of
      receipt thereof to each person who was a " **Registered
      Owner** " ,
      which
      is the depository or nominee thereof in which name the Up-MACRO Tradeable Shares
      are registered, on the record date that preceded such distribution date. For
      the
      period ended March 31, 2007, the quarterly distribution was approximately
      $0.4992 per share and for the period ended December 31, 2006, the distribution
      was approximately $0.1627 per share.




E.
            Share
                Transactions




For
      the
      period ended March 31, 2007, 150,000 of the Up-Macro Holding Trust shares were
      created at the value of the equity attributable to such units of $8,737,340,
      with an underlying value of $8,115,000. The Up-MACRO Holding Trust receives,
      for
      each share issued, cash equal to the Starting Level ($60) and the equalization
      amount. The increase/decrease in the contractual value of the settlement
      contracts resulting from creations results in the net increase in net assets
      per
      share on creations being equal to underlying value per share on the date of
      issuance. Similarly, the increase in the fair value of the settlement contracts
      from creations results in the net increase in net assets from creations for
      financial reporting purposes being equal to equity attributable to such shares
      on the date of issuance. For the period ended March 31, 2007, 400,000 of
      Up-MACRO Holding Trust shares were redeemed at the value of the equity
      attributable to such shares of $24,169,929, with an underlying value
      $22,130,000.




F.
            Indemnifications




Under
      the
      Up-MACRO Holding Trust's and the Up-MACRO Tradeable Trust's organizational
      documents, the Depositor, the Administrative Agent, the Trustee, NYMEX and
      MacroMarkets LLC are indemnified by the Up-MACRO Holding Trust and the Up-MACRO
      Tradeable Trust against any liability or expense that any of them may incur
      in
      connection with the service and licensing agreements into which they entered
      with the Up-MACRO Holding Trust and Up-MACRO Tradeable Trust that is not the
      result of gross negligence, bad faith, willful misconduct or reckless disregard
      on their part. The Up-MACRO Holding Trust's and the Up-MACRO Tradeable Trust’s
      maximum exposure under these indemnification arrangements (as set forth in
      their
      respective trust agreements and certain licensing agreements) is unknown and
      dependent upon future claims that may be made against the Up-MACRO Holding
      Trust
      and the Up-MACRO Tradeable Trust based on events that have not yet occurred.
      However, the Up-MACRO Tradeable Trust expects the risk of loss to be
      remote.




G.
            New
                Accounting Pronouncements




On
      September 15, 2006, the Financial Accounting Standards Board (FASB) issued
      Statement of Financial Accounting Standards No. 157, "Fair Value Measurements"
      (" **SFAS
      No. 157** ").
      SFAS
      No. 157 defines fair value, establishes a framework for measuring fair value
      in
      accordance with generally accepted accounting principles and expands disclosure
      about fair value measurements. SFAS No. 157 is effective for fiscal years
      beginning after November 15, 2007. The Depositor of the Up-MACRO Tradeable
      Trust
      is currently evaluating the impact the adoption of SFAS No. 157 will have on
      the
      Up-MACRO Tradeable Trust’s consolidated financial statement
      disclosures.




H.
            Concentration
                Risk




The
      Up-MACRO Tradeable Trust invests solely in the Up-MACRO Holding Trust. The
      Up-MACRO Holding Trust's performance at underlying value is determined by the
      daily Closing Price of NYMEX light sweet crude oil futures contracts. Therefore,
      the primary risk of loss to the Up-MACRO Holding Trust comes from fluctuations
      in the Closing Price of crude oil futures contracts. The maximum price level
      of
      crude oil futures for which the Up-MACRO Holding Trust can deliver investment
      returns at underlying value corresponding to the price of such crude oil futures
      is equal to twice the Starting Level. (Conversely, the minimum price level
      of
      crude oil futures for which the Down-MACRO Holding Trust can deliver inverse
      investment returns at underlying value corresponding to the price of such crude
      oil futures is equal to twice the starting level $120.) In addition, the
      Up-MACRO Holding Trust and the Up-MACRO Tradeable Trust are exposed to possible
      indemnification obligations, as described above. An additional risk comes from
      interest rate fluctuations, which affects the total amount of income earned
      by
      the Paired Holding Trusts.


10




I.
            Termination
                of the Trust




The
      Up-MACRO Tradeable Trust will terminate in connection with any termination
      of
      the Up-MACRO Holding Trust. The Up-MACRO Holding Trust will be terminated in
      December of 2026. On such date, the holders of any Up-MACRO Holding Shares
      which
      remain outstanding will receive the net assets of the Up-MACRO Holding Trust
      after the settlement and termination of all outstanding Settlement Contracts
      in
      the same manner as such contracts would be settled and terminated in connection
      with any Paired Optional Redemption. The Up-MACRO Tradeable Trust will pass
      through to its shareholders the value it receives for the Up-MACRO Holding
      Shares it holds on deposit on the final distribution date. The Income
      Distribution Agreement will also be terminated on this date, but no settlement
      obligations will be due thereunder.




Additional
      termination events of the Up-MACRO Holding Trust consist of (i) any event in
      which any of the Paired Holding Trusts or the Tradeable Trusts (collectively,
      the " **MACRO
      Trusts** ")
      become
      insolvent or bankrupt; (ii) any of the MACRO Trusts become required to register
      as "investment companies" under the Investment Company Act of 1940, as amended;
      (iii) the MACRO Trusts are prohibited from using, or NYMEX or the applicable
      substitute oil price provider does not establish, a settlement price for light
      sweet crude oil futures or the applicable substitute reference oil price for
      five consecutive New York Business Days and no other substitute oil benchmark
      is
      identified and approved by the shareholders and/or the Depositor is unable
      to
      negotiate a licensing arrangement with any such substitute oil price provider;
      (iv) the Closing Price falls to only 15% of its Starting Level (at which Closing
      Price the Up-MACRO Holding Trust would be entitled to retain only 15% of its
      own
      assets under the Settlement Contracts) or the Closing Price rises to a level
      that is equal to 185% of its Starting Level (at which Closing Price the Up-MACRO
      Holding Trust would be entitled to receive all but 15% of the Down-MACRO Holding
      Trust's assets); and (v) the reduction of the funds of either of the Paired
      Holding Trusts to an amount below $10 million U.S. dollars; and (vi) the amount
      of cash and U.S. government securities on deposit in the Up-MACRO Holding Trust
      or the Down-MACRO Holding Trust is reduced to fifty million dollars or less
      after previously reaching an amount equal to two hundred million dollars or
      more, or the failure on the part of the Paired Holding Trusts to each hold
      cash
      and U.S. government securities in an amount equal to at least two hundred
      million dollars after six months or more have elapsed since the commencement
      of
      operations and the Depositor elects to terminate the Paired Holding
      Trusts.




In
      the
      case of each of these termination events, including the event described in
      clause (iv) above, the Settlement Contracts would settle on the next
      distribution date on the basis of the Closing Price on the last New York
      Business Day that preceded that distribution date, which may be different from
      the Closing Price at the time when the termination event occurred.


11




**Item
                2.**
            **Management's
                Discussion and Analysis of Financial Condition and Results of
                Operations******




*The
      following discussion and analysis should be read in conjunction with the
      financial statements and accompanying notes filed as part of this
      report.*




**INTRODUCTION**




***Overview
      of the Trust’s Structure***




The
      assets of the Up-MACRO holding trust consist of an income distribution agreement
      and settlement contracts entered into with the Down-MACRO holding trust. The
      Up-MACRO holding trust also holds U.S. Treasuries and repurchase agreements
      on
      U.S. Treasuries to secure its obligations under the income distribution
      agreement and the settlement contracts. The Up-MACRO holding trust makes
      quarterly distributions of its net income and a final distribution of all assets
      it holds on deposit on the final scheduled termination date, an early
      termination date or a redemption date. Each quarterly and final distribution
      will take into consideration the settlement price of NYMEX light sweet crude
      oil
      futures contract of a designated maturity, as established and reported by NYMEX
      on each price determination day (such price, the "Applicable Reference Price
      of
      Crude Oil"). The starting level for the Applicable Reference Price of Crude
      Oil
      for purposes of distributions on the Up-MACRO tradeable shares is $60.00. The
      obligations under the settlement contracts on the final scheduled termination
      date, an early termination date or a redemption date are determined based on
      the
      Applicable Reference Price of Crude Oil on the last preceding price
      determination day and the percentage change of such price from the starting
      level.




The
      assets of the Up-MACRO tradeable trust consist of Up-MACRO holding shares.
      The
      Up-MACRO tradeable trust passes through any quarterly distributions made on
      the
      Up-MACRO holding shares it holds on deposit and any final distribution made
      on
      those Up-MACRO holding shares on the earlier of the final scheduled termination
      date and an early termination date upon receipt by the Up-MACRO tradeable trust
      of any of these distributions. Up-MACRO tradeable shares may be exchanged at
      any
      time by authorized participants for the underlying Up-MACRO holding shares
      on a
      one-to-one basis in minimum lots of 50,000 shares.




The
      Up-MACRO tradeable shares trade on the American Stock Exchange under the symbol
      "UCR."




***Daily
      Reporting***




The
      American Stock Exchange or the "AMEX" acts as a calculation agent for the
      Up-MACRO holding trust, the Up-MACRO tradeable trust, the Down-MACRO holding
      trust and the Down-MACRO tradeable trust. Throughout each price determination
      day (as defined in the prospectus), from the opening of trading on NYMEX to
      the
      close of trading of the tradeable shares on the AMEX, the AMEX calculates and
      posts every fifteen seconds to the consolidated tape and on its website located
      at http://www.amex.com/amextrader, immediately following each transmission
      from
      NYMEX of the current market price of the light sweet crude oil futures contract
      of the designated maturity, an indicative per share underlying value of one
      Up-MACRO holding share and one Up-MACRO tradeable share. At the end of each
      price determination day, the AMEX also calculates the premium or discount of
      the
      mid-point of the bid/offer for the Up-MACRO tradeable shares on the AMEX to
      the
      per share underlying value of those shares for such price determination day
      that
      is calculated and provided to the AMEX by the trustee.




The
      following table sets forth, for the period indicated, the high and low per
      share
      underlying values (as defined in the prospectus) for the Up-MACRO tradeable
      shares.




**Three
                Months Ended March 31, 2007**
            **High**
            **Low**First
                Quarter (beginning January 1, 2007)
            $66.05
            $51.32





**Per-Share
      Underlying Value of MACRO Tradeable Shares Relative to the Applicable Reference
      Price of Crude Oil and the Market Price**




For
      the
      period from January 1, 2007 to March 31, 2007, the underlying value of the
      Up-MACRO tradeable shares tracked the Applicable Reference Price of Crude Oil
      by
      an average daily price differential of $0.26 (0.39% of UCR’s underlying value).
      The differential ranged from approximately $0.01 to approximately $0.51 and
      increased throughout the period leading up to the ex-dividend date of March
      28,
      2007, at which time the differential between the per-share underlying value
      of
      the Up-MACRO tradeable shares and the Applicable Reference Price of Crude Oil
      reverted to approximately $0.01. Exhibit 1a illustrates the differential between
      the per-share underlying value of the Up-MACRO tradeable shares and the
      Applicable Reference Price of Crude Oil for the period from January 1, 2007
      to
      March 31, 2007.


12




Exhibit
      1a










The
      differential between the per-share underlying value of the Up-MACRO tradeable
      shares and the Applicable Reference Price of Crude Oil can be attributed to
      accrued interest on Treasuries held by the Up-MACRO Holding Trust, after
      accruing for the fees and expenses incurred by the Up-MACRO holding trust.
      Exhibit 1b compares the per-share underlying value of the Up-MACRO tradeable
      shares relative to the Applicable Reference Price of Crude Oil for the period
      from January 1, 2007 to March 31, 2007.




13


Exhibit
      1b











For
      the
      period January 1, 2007 to March 31, 2007, the per-share underlying value of
      the
      Down-MACRO tradeable shares tracked the inverse of the Applicable Reference
      Price of Crude Oil by an average daily price differential of $0.28 (0.51% of
      DCR’s underlying value). The differential ranged from approximately $0.01 to
      approximately $0.53 and increased throughout the period leading up to the
      ex-dividend date of March 28, 2007, at which time the differential between
      the
      per-share underlying value of the Down-MACRO tradeable shares and the inverse
      of
      the Applicable Reference Price of Crude Oil reverted to approximately $0.01.
      Exhibit 1c illustrates the differential between the per-share underlying value
      of the Down-MACRO tradeable shares and the inverse of the Applicable Reference
      Price of Crude Oil for the period from January 1, 2007 to March 31,
      2007.


14


Exhibit
      1c











The
      differential between the per-share underlying value of the Down-MACRO tradeable
      shares and the inverse of the Applicable Reference Price of Crude Oil can be
      attributed to accrued interest on Treasuries held by the Down-MACRO holding
      trust, after accruing for the fees and expenses incurred by the Down-MACRO
      holding trust. Exhibit 1d compares the per-share underlying value of the
      Down-MACRO tradeable shares relative to the Applicable Reference Price of Crude
      Oil for the period from January 1, 2007 to March 31, 2007.


15


Exhibit
      1d











Market
      prices for the Up-MACRO tradeable shares and Down-Market tradeable shares are
      determined in trading on the AMEX and diverged from the respective per-share
      underlying values of the Up-MACRO tradeable shares and Down-Market tradeable
      shares for the period from January 1, 2007 to March 31, 2007. This divergence
      appears to reflect changes in investors’ long-term price expectations for the
      price of crude oil as implied by the NYMEX light sweet crude oil futures curve.
      The futures curve plots the short- to longer-dated NYMEX light sweet crude
      oil
      futures contracts trading in the marketplace.





For
      the
      period from January 1, 2007 to March 31, 2007, the daily market price change
      of
      Up-MACRO tradeable shares exhibited a 0.82 correlation to the change in the
      per-share underlying value of the Up-MACRO tradeable shares. Correlation is
      a
      measure of the strength and direction of a linear relationship between two
      variables and ranges from -1 (perfect negative correlation) to 1 (perfect
      positive correlation), with a correlation of zero indicating the absence of
      a
      linear relationship between the two variables. The average daily market price
      of
      the Up-MACRO tradeable shares was $62.80 from January 1, 2007 to March 31,
      2007,
      compared to an average per-share underlying value of $58.77 for the Up-MACRO
      tradeable shares over the same period. Exhibit 2a illustrates the market price
      performance of the Up-MACRO tradeable shares compared to (1) the per-share
      underlying value of the Up-MACRO tradeable shares; (2) the Applicable Reference
      Price of Crude Oil; and (3) the one-year NYMEX light sweet crude oil futures
      contract.


16


Exhibit
      2a











For
      the
      period from January 1, 2007 to March 31, 2007, the daily market price change
      of
      Down-MACRO tradeable shares exhibited a 0.77 correlation to the change in the
      per-share underlying value of the Down-MACRO tradeable shares. The average
      daily
      market price of the Down-MACRO tradeable shares was $57.92 from January 1,
      2007
      to March 31, 2007, compared to an average per-share underlying value of $61.77
      for the Down-MACRO tradeable shares over the same period. Exhibit 2b illustrates
      the market price performance of the Down-MACRO tradeable shares compared to
      (1)
      the per-share underlying value of the Down-MACRO tradeable shares, (2) the
      applicable reference price of oil and (3) the one-year NYMEX light sweet crude
      oil futures contract.


17


Exhibit
      2b











**Review
      of Financial Results**




Results
      of Operations




On
      November 29, 2006, the Up-MACRO tradeable trust established its starting level
      at $60.00 per share and issued 200,000 shares to the initial authorized
      purchaser, KV Execution Services LLC, in exchange for 200,000 Up-MACRO holding
      shares. Such shares were issued at their initial underlying value of $62.45
      per
      share. Since this date, the Up-MACRO tradeable trust’s underlying value grew
      from approximately $12,500,000 at November 29, 2006 to approximately $19,800,000
      at March 31, 2007. The increase in underlying value resulted primarily from
      an
      increase in outstanding shares, which rose from 200,000 at November 29, 2006
      to
      300,000 at March 31, 2007 due to 500,000 shares (10 units) being created in
      exchange for a deposit of the same number of Up-MACRO holding shares and 400,000
      shares (8 units) being redeemed during the period, of which 150,000 shares
      (3
      units) were created and 400,000 (8 units) were redeemed during the three months
      period ended on March 31, 2007. Each unit consists of 50,000
      shares.




*Liquidity*




To
      the
      extent of management's knowledge, there are no trends or demands, commitments,
      events, or uncertainties that will result in, or that that are reasonably likely
      to result in, the registrant's liquidity increasing or decreasing in any
      material way.




18


*Cash
      Flows From Operations*




**For
                the Three**
              **Months
                Ended**
              **March
                31, 2007****Cash
                flows from operating activities:**Net
                income
            
            $
            1,585,495Adjustments
                to reconcile net income to net cash provided by operating
                activities:Non-cash
                changes in value of settlement contracts and income distribution
                agreement
                with the Down-MACRO Holding Trust
            
            
            (3,319,262
            )Increase/
                decrease in operating assets and liabilities:Interest
                receivable
            
            
            10,187Operating
                expense payable
            
            
            89,073Net
                cash provided by operating activities
            
            
            (1,634,507
            )**Cash
                flows from financing activities:**Contributions
            
            
            9,012,166Redemptions
            
            
            (22,130,000
            )Distributions
            
            
            (89,495
            )Net
                cash used in financing activities
            
            
            (13,207,329
            )Net
                decrease in cash and cash equivalents
            
            
            (14,841,836
            )Cash
                and cash equivalents, beginning of period
            
            
            33,118,800Cash
                and cash equivalents, end of period
            
            $
            18,276,964





*Valuation
      method of the Settlement Contracts and the Income Distribution Agreement*




For
      the
      purpose of financial reporting, the settlement contracts and income distribution
      agreement constitute derivative contracts. Accordingly, these derivative
      contracts are recorded in the financial statements at fair value, as determined
      by the Administrative Agent. As there is no market for these derivative
      contracts, and no such market is expected to develop, the Administrative Agent
      determines the fair value of these derivative contracts by reference to various
      inputs. These inputs include the contractual amount due to or from the other
      trust, applicable market indices, and the prices of transactions in Up-MACRO
      Tradeable Shares on the American Stock Exchange. For most of the reporting
      period, the fair value of these derivative contracts was determined to be their
      contractual value. However, toward the end of the reporting period, the
      Administrative Agent determined that contractual value for these derivative
      contracts no longer was representative of fair value. At period end, the
      Administrative Agent determined, based upon various inputs the most significant
      of which was transactions for the Up-MACRO Tradeable Shares in the open market,
      that fair valuation for these derivative contracts was more appropriately based
      upon the six-month NYMEX futures contract.




As
      a
      result, the per share value on March 31, 2007, for financial reporting purposes,
      based upon the fair valuation determination of the Administrative Agent, was
      $69.38. The per share Underlying Value for the same day was $65.90. The
      Administrative Agent will continue to evaluate the fair value of these
      derivative contracts for each financial reporting period.


19




*Off-Balance
      Sheet Arrangements*




The
      Up-MACRO tradeable trust is not a party to any off-balance sheet
      arrangements.




**Item
                3.**
            **Quantitative
                and Qualitative Disclosures about Market Risk******




Not
      applicable.




**Item
                4.**
            **Controls
                and Procedures******




The
      Depositor maintains disclosure controls and procedures that are designed to
      ensure that information required to be disclosed in the Up-MACRO tradeable
      trust's Exchange Act reports is recorded, processed, summarized and reported
      within the time periods specified in the Securities and Exchange Commission's
      rules and forms, and that such information is accumulated and communicated
      to
      the Chief Executive Officer and the Chief Financial Officer of the Depositor,
      and to the audit committees of both MacroMarkets LLC and Claymore Securities,
      Inc., each of which have been authorized by resolutions adopted by their
      respective Boards to oversee the financial reporting of the Up-MACRO tradeable
      trust to allow timely decisions regarding required disclosure.




Under
      the
      supervision and with the participation of the Chief Executive Officer and the
      Chief Financial Officer of the Depositor, the Depositor conducted an evaluation
      of the Up-MACRO tradeable trust's disclosure controls and procedures, as defined
      under Exchange Act Rule 13a-15(e). Based on this evaluation, the Chief Executive
      Officer and the Chief Financial Officer of the Depositor concluded that, as
      of
      March 31, 2007, the Up-MACRO tradeable trust's disclosure controls and
      procedures were effective.




There
      was
      no change in the Up-MACRO tradeable trust's internal controls over financial
      reporting that occurred during the Up-MACRO tradeable trust's most recently
      completed fiscal quarter ended March 31, 2007 that has materially affected,
      or
      is reasonably likely to materially affect, these internal controls.




**PART
                II.**
            **OTHER
                INFORMATION**




**Item
                1.**
            **Legal
                Proceedings******




None.




**Item
                1A.**
            **Risk
                Factors**




There
      have been no material changes in the risk factors since last disclosed under
      Part I, Item 1A, in our Annual Report on Form 10-K for the period ended December
      31, 2006.




**Item
                2.**
            **Unregistered
                Sales of Equity Securities and Use of
                Proceeds**




The
      Up-Macro tradeable shares are offered on a continuous basis pursuant to the
      Up-MACRO holding trust and tradeable trust registration statement (Registration
      No. 333-116566).




The
      information contained in Part I, Item 2 under Review of Financial Results,
      Results of Operations, is hereby incorporated by reference.




*Dividend*




On
      March
      28, 2007, the trustee declared a dividend of $0.4992 per Up-MACRO tradeable
      share, which together with the dividend declared by the trustee on December
      27,
      2006, accumulates to a total dividend since inception in the amount of $0.6619
      to shareholders.


20




*Issuer
      Purchase of Equity Securities*




The
      Up-MACRO tradeable trust does not purchase shares directly from its
      shareholders. However, in connection with an exchange for Up-MACRO holding
      shares or as part of Paired Optional Redemptions of MACRO units consisting
      of
      50,000 Up-MACRO holding shares and 50,000 Down-MACRO holding shares redeemed,
      respectively, by the Up-MACRO holding trust and the Down-MACRO holding trust,
      the Up-MACRO tradeable trust may redeem Up-MACRO tradeable shares in units
      of
      50,000 shares. From January 1, 2007 to March 31, 2007, 8 units (400,000 shares)
      were redeemed.




**Item
                3.**
            **Defaults
                Upon Senior Securities**




None.




**Item
                4.**
            **Submission
                of Matters to a Vote of Security Holders******




None.




**Item
                5.**
            **Other
                Information******




None.




**Item
                6.**
            **Exhibits**




**Exhibit**
              **Number**
            
            **Description**—
            
            Claymore
                MACROshares Oil Up Holding Shares and Claymore MACROshares Oil Up
                Tradeable shares prospectus, dated March 29, 2007*31.1
            
            Certification
                Pursuant to Section 302(a) of the Sarbanes-Oxley Act of
                200231.2
            
            Certification
                Pursuant to Section 302(a) of the Sarbanes-Oxley Act of
                200232.1
            
            Certification
                Pursuant to Section 1350 of the Sarbanes-Oxley Act of
                200232.2
            
            Certification
                Pursuant to Section 1350 of the Sarbanes-Oxley Act of
                2002


____________________


*
            **Denotes
                a document that was previously filed as part of the Registration
                Statement
                of the Claymore MACROshares Oil Up Holding Trust and the Claymore
                MACROshares Oil Up Tradeable Trust, File No. 333-116566.**











21




**SIGNATURES**




Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned in the
      capacities indicated thereunto duly authorized.






MACRO
      SECURITIES DEPOSITOR, LLC,


Depositor
      for the Claymore MACROshares


Oil
      Up
      Tradeable Trust






/s/
      Samuel Masucci, III


Samuel
      Masucci, III


On
      behalf
      of the Depositor


and
      as
      Chief Executive Officer






/s/
      Steven M. Hill


Steven
      M.
      Hill


On
      behalf
      of the Depositor


and
      as
      Chief Financial Officer




Date:
      May
      15, 2007