<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- QXInteractive -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://guggenheiminvestments.com/role/DocumentAndEntityInformationElements" xlink:href="etf2-20121227.xsd#DocumentAndEntityInformationElements" xlink:type="simple" />
    <link:roleRef roleURI="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimAbcHighDividendEtfSummaryUnlabeled" xlink:href="etf2-20121227.xsd#RiskreturnSummary-GuggenheimAbcHighDividendEtfSummaryUnlabeled" xlink:type="simple" />
    <link:roleRef roleURI="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimAirlineEtfSummaryUnlabeled" xlink:href="etf2-20121227.xsd#RiskreturnSummary-GuggenheimAirlineEtfSummaryUnlabeled" xlink:type="simple" />
    <link:roleRef roleURI="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimChinaAll-CapEtfSummaryUnlabeled" xlink:href="etf2-20121227.xsd#RiskreturnSummary-GuggenheimChinaAll-CapEtfSummaryUnlabeled" xlink:type="simple" />
    <link:roleRef roleURI="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimChinaTechnologyEtfSummaryUnlabeled" xlink:href="etf2-20121227.xsd#RiskreturnSummary-GuggenheimChinaTechnologyEtfSummaryUnlabeled" xlink:type="simple" />
    <link:roleRef roleURI="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimSpGlobalWaterIndexEtfSummaryUnlabeled" xlink:href="etf2-20121227.xsd#RiskreturnSummary-GuggenheimSpGlobalWaterIndexEtfSummaryUnlabeled" xlink:type="simple" />
    <link:roleRef roleURI="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimSolarEtfSummaryUnlabeled" xlink:href="etf2-20121227.xsd#RiskreturnSummary-GuggenheimSolarEtfSummaryUnlabeled" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/RiskReturn" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#RiskReturn" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/ShareholderFeesData" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#ShareholderFeesData" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/OperatingExpensesData" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#OperatingExpensesData" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/ExpenseExample" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#ExpenseExample" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#ExpenseExampleNoRedemption" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/BarChartData" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#BarChartData" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/PerformanceTableData" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#PerformanceTableData" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/RiskReturnDetail" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#RiskReturnDetail" xlink:type="simple" />
    <link:roleRef roleURI="http://xbrl.sec.gov/rr/role/RiskReturnDetailData" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#RiskReturnDetailData" xlink:type="simple" />
    <link:calculationLink xlink:type="extended" xlink:role="http://guggenheiminvestments.com/role/DocumentAndEntityInformationElements" xlink:title="0003 - Document - Document And Entity Information {Elements}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimAbcHighDividendEtfSummaryUnlabeled" xlink:title="0004 - Document - Risk/Return Summary - Guggenheim ABC High Dividend ETF Summary {Unlabeled}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimAirlineEtfSummaryUnlabeled" xlink:title="0005 - Document - Risk/Return Summary - Guggenheim Airline ETF Summary {Unlabeled}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimChinaAll-CapEtfSummaryUnlabeled" xlink:title="0006 - Document - Risk/Return Summary - Guggenheim China All-Cap ETF Summary {Unlabeled}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimChinaTechnologyEtfSummaryUnlabeled" xlink:title="0007 - Document - Risk/Return Summary - Guggenheim China Technology ETF Summary {Unlabeled}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimSpGlobalWaterIndexEtfSummaryUnlabeled" xlink:title="0008 - Document - Risk/Return Summary - Guggenheim S&amp;P Global Water Index ETF Summary {Unlabeled}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://guggenheiminvestments.com/role/RiskreturnSummary-GuggenheimSolarEtfSummaryUnlabeled" xlink:title="0009 - Document - Risk/Return Summary - Guggenheim Solar ETF Summary {Unlabeled}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/RiskReturn" xlink:title="0010 - Document - Risk/Return Summary" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/ShareholderFeesData" xlink:title="0011 - Schedule - Shareholder Fees" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/OperatingExpensesData" xlink:title="0012 - Schedule - Annual Fund Operating Expenses">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#rr_ExpensesOverAssets" xlink:label="loc_ETF2ExpensesOverAssets" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#rr_ManagementFeesOverAssets" xlink:label="loc_ETF2ManagementFeesOverAssets" />
      <link:calculationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ETF2ExpensesOverAssets" xlink:to="loc_ETF2ManagementFeesOverAssets" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#rr_DistributionAndService12b1FeesOverAssets" xlink:label="loc_ETF2DistributionAndService12b1FeesOverAssets" />
      <link:calculationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ETF2ExpensesOverAssets" xlink:to="loc_ETF2DistributionAndService12b1FeesOverAssets" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#rr_OtherExpensesOverAssets" xlink:label="loc_ETF2OtherExpensesOverAssets" />
      <link:calculationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ETF2ExpensesOverAssets" xlink:to="loc_ETF2OtherExpensesOverAssets" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#rr_NetExpensesOverAssets" xlink:label="loc_ETF2NetExpensesOverAssets" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd#rr_FeeWaiverOrReimbursementOverAssets" xlink:label="loc_ETF2FeeWaiverOrReimbursementOverAssets" />
      <link:calculationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ETF2NetExpensesOverAssets" xlink:to="loc_ETF2FeeWaiverOrReimbursementOverAssets" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/ExpenseExample" xlink:title="0013 - Schedule - Expense Example {Transposed}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption" xlink:title="0014 - Schedule - Expense Example, No Redemption {Transposed}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/BarChartData" xlink:title="0015 - Schedule - Annual Total Returns" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/PerformanceTableData" xlink:title="0016 - Schedule - Average Annual Total Returns {Transposed}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/RiskReturnDetail" xlink:title="0017 - Document - Risk/Return Detail {Unlabeled}" />
    <link:calculationLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/RiskReturnDetailData" xlink:title="0018 - Disclosure - Risk/Return Detail Data {Elements}" />
</link:linkbase>
