There are additional tax advantages, beyond mismatch of income and deduction, for the establishment of an ESOP. One of these is non-recognition of gain treatment. To obtain non-recognition of gain treatment, qualified replacement property must be purchased. Which of the following investments would qualify as qualified replacement securities? DIA - The Dow Jones Industrial Average ETF Trust. Correct Answer: UPS (United Parcel Service) Debentures. Porsche Automobile Holding ADR. UPS (United Parcel Service) Debentures. Louisiana general obligation bonds