PPLUS Trust Series GSC-2 — Cyborg Score 5/10

Strategic Profile

As a trust structure, PPLUS GSC-2 exists to hold and distribute returns from underlying Goldman Sachs securities to certificate holders. The instrument pays a floating rate with regular quarterly distributions; as of April 2026, the dividend yield was 5.35%. The trust is administered by Merrill Lynch Depositor, Inc. as depositor and operates as a pass-through vehicle providing investors exposure to Goldman Sachs credit.

Cyborg Score Rationale

As a fixed-income trust vehicle, PPLUS GSC-2 offers steady distributions backed by Goldman Sachs guarantees but carries credit risk tied to GS financial condition. The instrument's value depends entirely on underlying Goldman Sachs junior subordinated debentures with no independent business operations. Market trading remains modest with limited volume.

Top Insights

• Dividend yield of 5.35% as of April 2026
• Certificates backed by junior subordinated debentures issued or guaranteed by The Goldman Sachs Group, Inc.
• Regular distributions made to certificate holders, including distribution on November 17, 2025
• Trust structure administered by Merrill Lynch Depositor, Inc. with no independent operating business

Named Competitors

• Morgan Stanley Preferred Stock — Investment bank-backed trust certificates and preferred securities
• Bank of America Preferred Stock — Bank-backed floating rate trust certificates
• Citigroup Preferred Stock — Bank-issued trust certificates and preferred securities

Recent Developments

• (November 2025) Distribution made to certificate holders
• (April 2026) Stock price trading at $23.70 USD on NYSE

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