Interesting investment opportunity from...

Interesting investment opportunity from CommSec:

https://funds.comsec.com.au/Public/StructuredProducts/StructuredProducts.aspx?ID=179

Invest $10,000 or more for 5.5 years in the S&P/ASX200. Can be 80% or 100% capital guaranteed. Apparently no ongoing administration fees, just a brokerage fee of 0.55% if you want to cash out at the end of the investment term, rather than receive a parcel of STW units.

My only concern is that investors don't get the benefit of dividends or franking credits from companies in the index, so would probably be better off borrowing cash to invest directly in STW (though this wouldn't be capital guaranteed).

Thoughts, anyone?