MPAs are like derivatives on the underlying asset. They are not required to distribute a dividend like the underlying asset does. However, their valuation would need to reflect the value of any dividends received, otherwise the MPA is a provably inferior investment to owning the underlying asset outright (*). This may not matter as much for low dividend growth stocks, but is significant for higher dividend stocks.
Even on a dividend discount model, the price only ever reflects the valuation of future dividends. At the exact point a stock goes ex-dividend, its price falls (in theory by the value of the dividend). Apple stock holders do not lose value, because they receive the actual dividend. bitAPPLE holders would lose value, if they received no distribution, and the price was defined as the stock price. They can be compensated for this if the price is defined as an accumulation price (i.e. with dividends reinvested), rather than the actual stock price.
As an aside, I would like exactly this sort of flexibility to exist in Smartcoins 2.0, which I have discussed previously.
[**** footnote on why the MPA would be inferior and either price below par, or if forced to par by settlement rules, lack demand.]
(*) If the Apple MPA only ever reflected the price of Apple stock, and never distributed dividends, any user could get paid the dividend stream for free without any price risk. They would do this as follows.
(i) Deposit $250 worth of BTS as collateral to self-create a long and short on bitAPPLE, and sell the bitAPPLE for $125. On this leg, you are short the APPLE price.
(ii) Use the proceeds of your bitAPPLE sale to buy an Apple share for $125. On this leg, you are long the APPLE price, plus long the dividend stream.
In theory the market would be willing to accept a much lower price on bitAPPLE.