Fender cap

Perhaps this is a significant debut by Fender- a treble bleed capacitor bearing the manufacturer's name. The manufacturer says this cap is a no-frills mylar & (tin) foil construction that lets your guitar tone stay true at various volume reductions. The 'true'-ness here needs to be heard to be believed because we know there are less costly ceramic ones that does the job well. Nevertheless, it's heartening to know Fender is into component recognition in the mean time as opposed to instruments per se.