In our earlier article we explained why CPPs were likely to underperform. Movements in the underlying price index don’t provide true share-like returns because you don’t get paid dividends—a larger component of overall performance than most investors think.
By excluding the tax implications of CPPs, this analysis was kept simple. For most people, tax is an irrelevant factor anyway. For the right type of investor, though, it can be a more alluring benefit and therefore a better proposition.