Wrappers are connected with tax concessions. They
are an administrative necessity to ensure that the investments for
which tax concessions are granted are used in the way the government
intended in return for the tax break.
Providers of wrappers usually charge an annual fee
for the administrative service. Providers will also expect to earn
dealing or management fees from the investments you hold within
Wrappers are routinely sold sold as investments. They
are not. What is actually being offered is an investment ready packaged
within a wrapper - in other words a product.
The standard warnings on products apply.