CIFC LATEST TEST SIMULATIONS & CIFC TEST ANSWERS

CIFC Latest Test Simulations & CIFC Test Answers

CIFC Latest Test Simulations & CIFC Test Answers

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q120-Q125):

NEW QUESTION # 120
One of your clients, Rakesh, had a portfolio composed of 60% ABC Equity Fund and 40% ABC Bond Fund.
Since equities were performing much better than fixed income, he had increased his holdings in ABC Equity Fund to 70% and had reduced his holding in ABC Bond Fund to 30% of his portfolio.
After benefitting the growth in his ABC Equity Fund for over 2 years, Rakesh is uncomfortable with this heavy exposure to equity funds and decides to rebalance his portfolio back to 60% of ABC Equity Fund and
40% of ABC Bond Fund.
He instructs you to switch 10% of the portfolio from the ABC Equity Fund to the ABC Bond Fund.
Which of the following statements is CORRECT?

  • A. Rakesh will not be subjected to a switch fee if his equity fund is a no-load fund.
  • B. Rakesh will not be subjected to a switch fee if his original units were purchased with a sales charge.
  • C. Rakesh will not be subjected to a switch fee if it is outlined in the prospectus.
  • D. Rakesh will not be subjected to a switch fee if his equity fund is a low-load fund.

Answer: C

Explanation:
Explanation
Rakesh will not be subjected to a switch fee if it is outlined in the prospectus. A switch fee is a charge that may apply when an investor switches from one fund to another within the same fund family. The prospectus is the legal document that provides information about the fund, including its fees and charges. If the prospectus states that there is no switch fee or that there are certain conditions under which the switch fee is waived, then Rakesh will not have to pay a switch fee. The type of fund (no-load, low-load, or sales charge) does not determine whether there is a switch fee or not, as different fund families may have different policies regarding switch fees. References: Mutual Fund Fees, Prospectus


NEW QUESTION # 121
Sven owns preferred shares that give him the option to sell his holdings back to the issuing company at a predetermined price and within a specified time. What type of preferred shares does Sven own?

  • A. participating
  • B. redeemable
  • C. retractable
  • D. convertible

Answer: C


NEW QUESTION # 122
Which of the followings describes segregated funds?

  • A. Segregated funds have high returns, high management fees, and cannot be redeemed until the maturity date of the contract.
  • B. Segregated funds offer some protection of the capital invested but there is an added cost for the protection.
  • C. Segregated funds flow through capital losses to investors because the investors are the owners of the underlying fund.
  • D. Segregated funds are subject to securities regulation because they are distributed by mutual fund dealing representatives.

Answer: B

Explanation:
Explanation
Segregated funds offer some protection of the capital invested but there is an added cost for the protection.
Segregated funds are contracts issued by life insurance companies that invest in underlying funds, similar to mutual funds. Segregated funds have a maturity guarantee and a death benefit guarantee, which ensure that the investor or their beneficiary will receive a certain percentage of their initial investment, regardless of market fluctuations. However, these guarantees come at a cost, which is reflected in higher management fees and insurance fees than mutual funds. Segregated funds do not have high returns, as they depend on the performance of the underlying funds. Segregated funds can be redeemed before the maturity date of the contract, but they may be subject to early redemption fees or market value adjustments. Segregated funds do not flow through capital losses to investors, as they are not considered owners of the underlying fund.
Segregated funds are subject to insurance regulation, not securities regulation, because they are distributed by life insurance agents. References: Segregated Funds


NEW QUESTION # 123
Derek submits an order to sell 300 units of the Evergreen Canadian Mortgage Fund at 8:00 p.m. EST on Friday, January 6. His proceeds will be based on the net asset value per unit (NAVPU) for which day (assume no holidays)?

  • A. Friday, January 6
  • B. Monday, January 9
  • C. Tuesday, January 10
  • D. Wednesday, January 11

Answer: B

Explanation:
Explanation
Mutual fund orders placed after the market closes are processed using the next business day's net asset value per unit (NAVPU). Since Derek submitted his sell order at 8:00 p.m. EST on Friday, January 6 (after the close of the markets), his proceeds will be based on the NAVPU for Monday, January 9, the next business day.
References: This information is consistent with the standard practice for mutual fund transactions as outlined in the Canadian Investment Funds Course (CIFC). The CIFC materials provided by IFSE Institute (https://www.ifse.ca/courselist/canadian-investment-funds-course-cifc/ and https://www.ifse.ca/resources/) cover the procedures and timings related to mutual fund transactions.


NEW QUESTION # 124
Over the course of a couple of weeks and several appointments, Harold was finally able to provide an investment solution for his new client, Felicia. It was a lump sum investment where they plan to see her money grow for the next 5 years.
With regards to Know Your Client (KYC) requirements, what are Harold's responsibilities moving forward?

  • A. Within 36 months of the implementation of the investment, Harold must review the KYC to ensure it is current.
  • B. KYC does not need to be revisited or revised until there is a need to conduct additional trades for Felicia's account.
  • C. Monitor investment performance to determine if the investment solution is on track to satisfy Felicia's financial needs.
  • D. There are no other responsibilities for Harold to fulfill until the time horizon has been reached for this investment solution.

Answer: C

Explanation:
Explanation
Know Your Client (KYC) requirements are ongoing obligations that advisors must fulfill to ensure that they provide suitable recommendations and services to their clients. KYC requirements include collecting and documenting information about the client's personal and financial situation, investment objectives, risk tolerance, and investment knowledge. KYC requirements also include monitoring and updating the client's information and investment performance on a regular basis. According to the Mutual Fund Dealers Association of copyright (MFDA), advisors must review the KYC information at least once every 36 months, or more frequently if there are any material changes in the client's circumstances or needs1. Advisors must also monitor the investment performance of the client's portfolio and compare it with the client's expectations and goals. If the investment performance is not satisfactory or consistent with the client's risk tolerance, advisors must take appropriate actions, such as rebalancing the portfolio, switching funds, or revising the investment strategy2. Therefore, Harold's responsibility moving forward is to monitor the investment performance of Felicia's lump sum investment and determine if it is on track to satisfy her financial needs for the next 5 years.
He must also review her KYC information at least once every 36 months, or sooner if there are any changes in her situation or objectives. References:
MFDA Bulletin #0756-P - Know-Your-Client and Suitability1
MFDA Bulletin #0760-P - Monitoring of Investment Performance2


NEW QUESTION # 125
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