Document:

EXHIBIT 4.4.2
(Multicurrency--Cross Border)

                                    SCHEDULE
                                     to the
                              ISDA Master Agreement

                          dated as of November 24, 2006

                                     between

              Claymore MACROshares Oil Up Holding Trust ("Party A")

                                       and

             Claymore MACROshares Oil Down Holding Trust ("Party B")

                                     Part 1

                             Termination Provisions
                             ----------------------

(a)      "Specified Entity" means: Not Applicable

(b)      "Specified Transaction" shall have the meaning specified in Section 14
         of this Agreement.

(c)      Events of Default and Termination Events.  The following Events of
         Default and Termination Events shall apply to Party A and Party B as
         set forth below:

<TABLE>
<CAPTION>
         <S>                                                                      <C>                <C>
         -------------------------------------------------------------------- ------------------- ------------------
                                                                                  Applies to         Applies to
                         Event of Default/Termination Event                        Party A             Party B
                         ----------------------------------                       ----------
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(i)  Payment Default                                         No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(ii)  Breach of Agreement                                    No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(iii)  Credit Support Default                                No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(iv)  Misrepresentation                                      No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(v) Default Under Specified Transaction                      Yes                 Yes
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(vi)  Cross Default                                          No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(vii)  Bankruptcy                                            Yes                 Yes
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(a)(viii)  Merger Without Assumption                            No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(i)  Illegality                                              Yes                 Yes
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(ii)  Tax Event                                              No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(iii)  Tax Event Upon Merger                                 No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(iv)  Credit Event Upon Merger                               No                  No
         -------------------------------------------------------------------- ------------------- ------------------
         Section 5(b)(v)  Additional Termination Events                           No                  No
         -------------------------------------------------------------------- ------------------- ------------------
</TABLE>

(d)      The "Automatic Early  Termination"  provision of Section 6(a) will not
         apply to Party A and will not apply to Party B.

(e)      Payments on Early Termination.  Notwithstanding the provisions of
         Section 6 of the Master Agreement, no Event of Default or Termination

                                       19
<PAGE>

         Event shall entitle either party to designate an Early Termination Date
         under any Transaction hereunder, and all Transactions shall continue in
         accordance with their terms following any Event of Default or
         Termination Event.

(f)      "Termination Currency" means U.S. dollars.

(g)      Additional Termination Event.  No "Additional Termination Events" will
         apply for purposes of Section 5(b)(v.

(h)      Termination  Payments.  Any payment or payments due upon the early
         termination of this Agreement or any Transaction hereunder shall be
         payable on the Early Termination Date.

                                     Part 2

                               Tax Representations
                               -------------------

(a)      Payer Tax Representations.  For the purposes of Section 3(e) of this
         Agreement, Party A and Party B will each make the following
         representations to the other:

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
         under this Agreement.  In making this representation, each party may
         rely on:

         (i)      The  accuracy of any representations made by the other party
                  pursuant to Section 3(f) of this Agreement;

         (ii)     The satisfaction of the agreement of the other party contained
                  in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
                  accuracy and effectiveness of any document provided by the
                  other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
                  Agreement, and

         (iii)    The satisfaction of the agreement of the other party contained
                  in Section 4(d) of this Agreement,

         provided that it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) by reason of material
         prejudice to its legal or commercial position.

(b)      Payee Tax Representations.

         (i)      For the purposes of Section 3(f) of this Agreement, Party A
                  makes the following representations to Party B.

                  It is a partnership for U.S. tax purposes.

         (ii)     For the purposes of Section 3(f) of this Agreement, Party B
                  makes the following representations to Party A.

                  It is a partnership for U.S. tax purposes.

                                       20
<PAGE>

                                     Part 3

                            Documents to be delivered
                            -------------------------

(a)      For the purpose of Sections 4(a)(i) of this Agreement, each party
         agrees to deliver the following documents, as applicable:
<TABLE>
<CAPTION>
         <S>               <C>                                     <C>

         Party required    Form/Document/Certificate               Date by which to be delivered
         to deliver
         documents

         Party A and       An executed United States Service       (i) Upon execution and delivery of this
         Party B           Service Form W-9 (or                    Agreement; (ii) promptly upon
                           successor thereto).                     reasonable demand by the other party;
                                                                   and (iii) promptly upon learning that
                                                                   any Form W-9 (or any successor thereto)
                                                                   has become obsolete or incorrect.

 (b)     For the purposes of Section 4(a)(ii), the other documents to be
         delivered are as follows, which shall be covered by the representation
         in Section 3(d) of the Agreement if specified:
<CAPTION>
         <S>               <C>                                      <C>                      <C>

         Party required    Form/Document/Certificate                Date by which to         Section 3(d)
         to deliver                                                 be delivered             representation
         documents

         Party A and       Any documents required by the            Upon execution and       Applicable.
         Party B           receiving party to evidence the          delivery of this
                           authority of the delivering              Agreement and
                           party for it to execute and deliver      applicable
                           this Agreement, the Confirmation to      Confirmation.
                           which it is a party, and to evidence
                           the authority of the delivering
                           party to perform its obligations
                           under this Agreement and the
                           Confirmation.

         Party A/Party B   Legal opinions satisfactory to the       Upon execution and       Not Applicable.
                           other party.                             delivery of this
                                                                    Agreement.
</TABLE>

                                     Part 4

                                  Miscellaneous
                                  -------------

(a)      Address for Notices.  For the purpose of Section 12(a) of this
         Agreement, the addresses for notices and communications to Party A and
         Party B shall be as follows:

         TO PARTY A:

                                       21
<PAGE>

         Claymore MACROshares Oil Up Holding Trust
         c/o Investors Bank & Trust Company
         200 Clarendon Street
         Boston, Massachusetts 02116
         Attention:  Timothy McGowan
         Facsimile:  (617) 937-6033

         TO PARTY B:

         Claymore MACROshares Oil Down Holding Trust
         c/o Investors Bank & Trust Company
         200 Clarendon Street
         Boston, Massachusetts 02116
         Attention:  Timothy McGowan
         Facsimile:  (617) 937-6033

(b)      Process Agent. For the purpose of Section 13(c) of this Agreement:

         Party A appoints as its Process Agent:           Not applicable.

         Party B appoints as its Process Agent:           Not applicable.

(c)      Offices.  The provisions of Section 10(a) will apply to this Agreement.

(d)      Multibranch Party.  For purpose of Section 10(c) of this Agreement:

         (i)      Party A is not a Multibranch Party.

         (ii)     Party B is not a Multibranch Party.

(e)      The  Calculation Agent for any Transaction shall be as set forth in the
         confirmation for such Transaction.

(f)      Credit Support Document. Details of any Credit Support Document:

         With respect to Party A:  None.

         With respect to Party B:  None.

(g)      Credit Support Provider.  Credit Support Provider means in relation to
         Party A and Party B: Not applicable.

(h)      Governing Law:  This Agreement shall be governed by and construed in
         accordance with New York law.

(i)      Netting of Payments.  Subparagraph (ii) of Section 2(c) of this
         Agreement will apply all Transactions under this Agreement, so that
         payments due under different Transactions will NOT be netted against
         each other pursuant to Section 2(c).

                                       22
<PAGE>

(j)      "Affiliate" shall have the meaning specified in Section 14 of this
         Agreement.

                                     Part 5

                                Other Provisions
                                ----------------

1.       Representations
         ---------------

Each party will be deemed to represent to the other party on the date that it
enters into a Transaction that (absent a written agreement between the parties
that expressly imposes affirmative obligations to the contrary for that
Transaction):

(i)      Non-Reliance.  It is acting for its own account, and it has made its
         own independent decisions to enter into that Transaction and as to
         whether that Transaction is appropriate or proper for it based upon its
         own judgement and upon advice from such advisers as it has deemed
         necessary.  It is not relying on any communication (written or oral) of
         the other party as investment advice or as a recommendation to enter
         into that Transaction; it being understood that information and
         explanations related to the terms and conditions of a Transaction shall
         not be considered to be investment advice or a recommendation to enter
         into that Transaction.  No communication (written or oral) received
         from the other party shall be deemed to be an assurance or guarantee as
         to the expected results of that Transaction.

(ii)     Assessment  and  Understanding.  It is capable of assessing the merits
         of and understanding (on its own behalf or through independent
         professional advice), and understands and accepts the terms and
         conditions and risks of that Transaction.  It is also capable of
         assuming, and assumes, the risks of that Transaction.

(iii)    Status of Parties.  The other party is not acting as a fiduciary for or
         adviser to it in respect of that Transaction.

2.       Withholding Tax
         ---------------

Notwithstanding Section 2(d) of the Agreement, neither party shall be required
to pay any additional amounts in respect of an Indemnifiable Tax or be under any
obligation to pay any amount to the other party in respect of any liability for
or on account of any Indemnifiable Tax.

3.       Definitions
         -----------

Capitalized terms not defined under this Agreement shall have the definitions
ascribed to them in the Down-MACRO Holding Trust Agreement (the "Down-MACRO
Holding Trust Agreement") or the Up-MACRO Holding Trust Agreement (the "Up-MACRO
Holding Trust Agreement"), each dated as of November 24, 2006, and each entered
into among MACRO Securities Depositor, LLC, Investors Bank & Trust Company, as
Trustee,  Claymore  Securities, Inc., as Administrative Agent and a Marketing
Agent, and MACRO Financial, LLC, as a Marketing Agent.

                                       23
<PAGE>

CLAYMORE MACROSHARES                        CLAYMORE MACROSHARES
OIL UP HOLDING TRUST                        OIL DOWN HOLDING TRUST

By:  INVESTORS BANK & TRUST COMPANY,        By: INVESTORS BANK & TRUST COMPANY
     not in its individual capacity             not in its individual capacity
     but solely as Up-MACRO Holding             but solely as Down-MACRO Holding
     Trustee                                    Trustee

By:   /S/ Michael F. Rogers                 By:  /S/ Michael F. Rogers
     -------------------------------            --------------------------------
     Name:  Michael F.Rogers                    Name:  Michael F. Rogers
     Title: President                           Title: President
     Date:  November 24, 2006                   Date:  November 24, 2006Income Distribution Agreement

                                  CONFIRMATION

From:    Claymore MACROshares Oil Up Holding Trust

To:      Claymore MACROshares Oil Down Holding Trust

Date:    November 24, 2006

Re:      Income Distribution Agreement

-------------------------------------------------------------------------------

Ladies and Gentlemen:

         This letter agreement (this "Confirmation") is intended to confirm the
terms and conditions of the transaction (the "Transaction") entered into
between us on the Trade Date set forth below.

1. The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions"), as published by the International Swaps and Derivatives
Association, Inc., are incorporated into this Confirmation. Any capitalized
terms used but not defined herein or in the Definitions shall have the meanings
set forth in the Down-MACRO Holding Trust Agreement (the "Down-MACRO Holding
Trust Agreement") or the Up-MACRO Holding Trust Agreement (the "Up-MACRO
Holding Trust Agreement"), each dated as of November 24, 2006, among MACRO
Securities Depositor, LLC, Investors Bank & Trust Company, as Trustee, Claymore
Securities, Inc., as Administrative Agent and a Marketing Agent, and MACRO
Financial, LLC, as a Marketing Agent. In the event of any inconsistency between
any such definitions and provisions and this Confirmation, this Confirmation
will govern.

         This Confirmation supplements, forms a part of, and is subject to, the
ISDA Master Agreement (Multicurrency-Cross Border) dated as of November 24,
2006, as amended and supplemented from time to time (the "Agreement"), between
the Claymore MACROshares Oil Up Holding Trust (the "Up- MACRO Holding Trust")
and the Claymore MACROshares Oil Down Holding Trust (the "Down- MACRO Holding
Trust"). All provisions contained in the Agreement shall govern this
Confirmation except as expressly modified below. In the event of any
inconsistency between the provisions of the Agreement and this Confirmation,
this Confirmation will prevail for the purposes of this Transaction.

2. The terms of the particular Transaction to which this Confirmation relates
are as follows:

Trade Date:                            November 24, 2006

Effective Date:                        November 24, 2006

Termination Date:                      The earlier of (i) the Distribution
                                       Payment Date occurring in January of
                                       2027, which follows the Final Scheduled
                                       Termination Date, and (ii) an Early
                                       Termination Date (as used herein having
                                       the meaning set forth in the Up-MACRO
                                       Holding Trust Agreement and the
                                       Down-MACRO Holding Trust Agreement).

Distribution Dates:                    The second Business Day preceding each
                                       Record Date.

<PAGE>

Distribution Payment Dates:            The third  Business Day of the month
                                       immediately following the month in which
                                       the related Distribution Date occurred.

Record Dates:                          The last Business Day of each March,
                                       June, September and December of each
                                       year, commencing in December of 2006.

Income Distribution Payments and
Income Distribution Payment Payer:     With respect to any  Distribution  Date,
                                       if the Down-MACRO Earned Income Accrual
                                       for the preceding Calculation Period is
                                       less than the Down-MACRO Available
                                       Income for such Calculation Period, the
                                       Down-MACRO Holding Trust will pay the
                                       Down-MACRO Income Distribution Payment
                                       to the Up-MACRO Holding Trust on the
                                       related Distribution Payment Date. If
                                       the Up-MACRO Earned Income Accrual for
                                       the preceding Calculation Period is less
                                       than the Up-MACRO Available Income for
                                       such Calculation Period, the Up-MACRO
                                       Holding Trust will pay the Up-MACRO
                                       Income Distribution Payment to the
                                       Down-MACRO Holding Trust on the related
                                       Distribution Payment Date.

Down-MACRO
Income                                 Distribution Payment: With respect
                                       to any Distribution Date, an amount
                                       equal to the positive difference
                                       between the Down-MACRO Available
                                       Income for the preceding Calculation
                                       Period and the Down-MACRO Earned
                                       Income Accrual for the preceding
                                       Calculation Period.

Up-MACRO
Income                                 Distribution Payment: With respect
                                       to any Distribution Date, an amount
                                       equal to the positive difference
                                       between the Up-MACRO Available
                                       Income for the preceding Calculation
                                       Period and the Up-MACRO Earned
                                       Income Accrual for the preceding
                                       Calculation Period.

Available Income and
Earned                                 Income Accrual: With respect to any
                                       Calculation Period, the Up-MACRO
                                       Available Income and Down-MACRO
                                       Available Income, and the Up-MACRO
                                       Earned Income Accrual and Down-MACRO
                                       Earned Income Accrual, have the
                                       respective meanings in the Up-MACRO
                                       Holding Trust Agreement and the
                                       Down-MACRO Holding Trust Agreement.

Starting Level:                        The Starting  Level will be as specified
                                       in the Up-MACRO Holding Trust Agreement
                                       and the Down-MACRO Trust Agreement.

Ending Level:                          With respect to any Price Determination
                                       Day, the Applicable Reference Price of
                                       Crude Oil on such Price Determination
                                       Day.

                                       2
<PAGE>

Applicable Reference
Price of Crude Oil:                    Has the  meaning  set forth in the
                                       Up-MACRO Holding Trust Agreement and the
                                       Down-MACRO Holding Trust Agreement.

Price Determination Day:               Has the  meaning  set forth in the
                                       Up-MACRO Holding Trust Agreement and the
                                       Down-MACRO Holding Trust Agreement.

Calculation Period:                    Has the  meaning  set forth in the
                                       Up-MACRO Holding Trust Agreement and the
                                       Down-MACRO Holding Trust Agreement.

Business Day:                          New York

Calculation Agent:                     The Administrative Agent

Early Termination:

With respect to any Early Termination Date (as defined in the Down-MACRO
Holding Trust Agreement and the Up-MACRO Holding Trust Agreement), no payment
(other than payments already due and paid).

3. Tax Treatment.

The parties hereto intend to treat this Confirmation, as governed by the
Agreement, as a notional principal contract (within the meaning of Treas. Reg.
Section 1.446-3) for U.S. federal, state, and local income tax purposes.

4. Account Details:

Account(s) for payments to Up-MACRO Holding Trust:

Account(s) for payments to Down-MACRO Holding Trust:

                                       3
<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of
our agreement by executing the copy of this Confirmation enclosed for that
purpose and returning it to us.

                                Yours sincerely,

                                CLAYMORE MACROSHARES OIL UP HOLDING TRUST

                                By:  Investors Bank & Trust Company,
                                not in its individual capacity but solely as
                                Up-MACRO Holding Trustee

                                By:   /s/  Michael F. Rogers
                                    -----------------------------------
                                    Name:  Michael F. Rogers
                                    Title:    President

Confirmed as of the date first above written:

CLAYMORE MACROSHARES OIL DOWN HOLDING TRUST

By:  Investors Bank & Trust Company,
not in its individual capacity but solely as
Down-MACRO Holding Trustee

By:      /s/  Michael F. Rogers
     ---------------------------------------
     Name:   Michael F. Rogers
     Title:  President

                                       4

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