Section 18.1

An open-end unit trust invests the proceeds of a public offering in a note of a bank and then enters into a total-return swap with the Bank respecting a bond index (some of the components of which correspond to bonds held by the bank). Quarterly payments made under the total-return swap by the Trust are equal to the interest earned on the deposit, minus X% of the assets of the Trust. "The Prospectus will not contain statements with respect to the tax treatment of the administrative fee, the Trust's Swap Payments or the Trust Unwind Payments (i.e., that they are deductible in computing the Trust's income)."

Ruling that s. 18.1 would not apply provided that the Trust continues to own the deposit note and no statements or representations are made that would cause the Trust's interest in the swap to be a tax shelter.