<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0204</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2012-01-30</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001476721</issuerCik>
        <issuerName>eUNITs (TM) 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside</issuerName>
        <issuerTradingSymbol>ETUA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001388165</rptOwnerCik>
            <rptOwnerName>Taggart Harriett Tee</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>EATON VANCE MANAGEMENT</rptOwnerStreet1>
            <rptOwnerStreet2>TWO INTERNATIONAL PLACE</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02110</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOther>1</isOther>
            <otherText>Trustee</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Paul M. O'Neil / Attorney in Fact</signatureName>
        <signatureDate>2012-01-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
