PPLUS Trust Series GSC-2 is a passive statutory trust created by Merrill Lynch Depositor. The trust holds a single asset — subordinated debentures issued by Goldman Sachs — and passes the associated cash flows through to holders of its NYSE-listed trust certificates (ticker: PYT). The trust is a pure pass-through vehicle: it collects fixed-rate interest payments from the Goldman Sachs debentures, converts them to floating-rate payments via a swap agreement, and distributes cash to certificate holders quarterly. The floating rate is subject to a floor of 3.00% and a cap of 8.00%. If the swap is terminated without triggering full trust termination, the trust reverts to distributing a fixed rate of 6.345% per annum on a semiannual basis. Certificate holders are effectively taking on Goldman Sachs subordinated credit risk in a floating-rate wrapper. Key risks include Goldman Sachs deferring interest payments on the underlying debentures for up to 10 consecutive semiannual periods, Goldman Sachs redeeming the underlying securities early, the swap counterparty defaulting, and the 8.00% rate cap limiting upside if market rates rise above that level.