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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q121-Q126):

NEW QUESTION # 121
Sagira is a Compliance Officer with WealthPath Investments Inc., a registered mutual fund dealer. Sagira routinely answers inquiries from the firm's Dealing Representatives and offers guidance.
Which of the following statements would Sagira likely agree is a permitted activity for Dealing Representatives to have with clients?

A. Borrowing from clients is prohibited, but personal loans to clients may be offered.
B. Positions of influence are permitted if the terms and conditions of the regulator are met and the activity is approved by the dealer.
C. Authority granted to a Dealing Representative over a client's account or finances must be documented under a Power of Attorney.
D. Purchasing real property from clients is permitted if there is a written agreement in place and the firm is party to the agreement.

Answer: B

Explanation:
Explanation
A position of influence is an outside activity that places the Dealing Representative in a position of power or influence over a client or potential client, such as a trustee, executor, or director of a charitable organization. A position of influence may create a conflict of interest or a potential conflict of interest between the Dealing Representative and the client. Therefore, the MFDA rules require that a Dealing Representative must report any position of influence to the dealer and obtain the dealer's approval before engaging in such activity. The dealer must also ensure that the position of influence does not impair the Dealing Representative's ability to act in the best interests of the client and that the client is aware of the nature and extent of the position of influence12 References = Canadian Investment Funds Course (CIFC) - Module 1: The Financial Services Industry - Section 1.3: Know Your Client (KYC)3 and web search results from search_web(query="positions of influence and mutual fund dealers association rules")12
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-1.pdf

NEW QUESTION # 122
Hamid, the portfolio manager of the Trabant Canadian Equity Fund is deciding on some new investments. He has identified a retirement residence company as well as a discount clothing retailer that both seem to have good prospects and appear undervalued. What investment approach is Hamid using?

A. technical investing
B. top-down
C. growth at a reasonable price
D. bottom-up

Answer: D

NEW QUESTION # 123
Which of the following could be a passively managed fund?

A. hedge fund
B. exchange traded fund (ETF)
C. commodity pool
D. labour-sponsored investment fund

Answer: B

Explanation:
Explanation
A passively managed fund is a type of investment fund that follows a predetermined strategy or rule to track the performance of a market index, such as the S&P 500, or a specific sector, such as technology or health care. A passively managed fund does not involve active decision-making by the fund manager, who simply replicates the composition and weighting of the index or sector. A passively managed fund aims to match the return and risk of the index or sector, rather than outperform it. A passively managed fund typically has lower fees and expenses than an actively managed fund, as it requires less research, trading, and oversight.
An exchange traded fund (ETF) is a type of passively managed fund that trades on a stock exchange like a common stock. An ETF holds a basket of securities that mirrors an index or sector, and its price fluctuates throughout the day based on supply and demand. An ETF allows investors to gain exposure to a diversified portfolio of securities with low costs, high liquidity, and tax efficiency.
A commodity pool is a type of investment fund that invests in futures contracts or options on commodities, such as oil, gold, or wheat. A commodity pool is usually actively managed by a commodity trading advisor (CTA), who uses various strategies to generate returns from the price movements of commodities.
A hedge fund is a type of investment fund that employs sophisticated and often aggressive strategies to achieve high returns and reduce risk. A hedge fund is usually actively managed by a hedge fund manager, who has wide discretion and flexibility to use various instruments, such as derivatives, leverage, short selling, arbitrage, etc. A hedge fund is typically available only to accredited investors who meet certain income and net worth criteria.
A labour-sponsored investment fund (LSIF) is a type of investment fund that provides venture capital to small and medium-sized Canadian businesses, while offering tax benefits to investors. An LSIF is usually actively managed by a labour union or an organization affiliated with a labour union, who selects the companies to invest in based on their potential for growth and job creation.
References: Canadian Investment Funds Course, Chapter 4: Types of Investments1

NEW QUESTION # 124
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?

A. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first
B. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first.
C. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.
D. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing.

Answer: C

NEW QUESTION # 125
Sean purchases 500 units of Penn Canadian Equity Fund when the net asset value per unit (NAVPU) is
$16.70. On December 15, the mutual fund's NAVPU is $21. On December 16, the mutual fund declares a distribution of $1.25 per unit. Sean's distribution is immediately reinvested and he purchases additional units of the mutual fund.
Which of the following statements about the effect of the distribution is correct?

A. Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units.
B. The total value of Sean's mutual fund holdings after the distribution and reinvestment is $9,875.
C. After the distribution. Sean will have J&625 in cash and JB8.350 worth of the Penn Canadian Equity Fund.
D. The NAVPU of the mutual fund does not change after the distribution since Sean reinvests his distribution and purchases additional units.

Answer: A

Explanation:
Explanation
Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units.
When a mutual fund declares a distribution, it reduces its NAVPU by the amount of the distribution per unit.
In this case, the NAVPU drops from $21 to $19.75 after the distribution of $1.25 per unit. Sean's distribution is $625 ($1.25 x 500 units), which he reinvests in the mutual fund at the new NAVPU of $19.75. He receives

additional units. The total value of Sean's mutual fund holdings after the distribution and reinvestment is (500+31.65)*19.75=$10,500
, not $9,875. The NAVPU of the mutual fund does change after the distribution, regardless of whether Sean reinvests his distribution or not. References: [Unit 7: Mutual Funds Administration]

NEW QUESTION # 126
......

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