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IFC–100% Free Current Exam Content | Investment Funds in Canada (IFC) Exam Test Vce

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q258-Q263):

NEW QUESTION # 258
Natasha currently owns 2 mutual funds: a bond fund and a Canadian equity fund. She would like to use one of them as her registered retirement savings plan (RRSP) contribution for the year. From a tax efficiency perspective, which mutual fund should she contribute?

A. the bond fund
B. it depends on her marginal tax rate
C. either since it makes no difference
D. the equity fund

Answer: A

Explanation:
The bond fund should be contributed to Natasha's RRSP from a tax efficiency perspective, because interest income from bonds is fully taxable at her marginal tax rate outside of an RRSP. By contributing the bond fund to her RRSP, Natasha can defer paying tax on the interest income until she withdraws it from her RRSP in retirement, when she may be in a lower tax bracket. The equity fund should be kept outside of her RRSP, because dividends and capital gains from equities receive preferential tax treatment compared to interest income. Dividends qualify for the dividend tax credit and capital gains are only 50% taxable. Furthermore, equities tend to have higher returns than bonds over the long term, which means that Natasha would have more after-tax income by keeping them outside of her RRSP. References: Registered Retirement Savings Plan (RRSP), Does it pay to invest in an RRSP? Here's the math

NEW QUESTION # 259
Pierre wants to discuss the merits of a specific mutual fund with his Dealing Representative, Simone. There are no trailer fees associated with this fund. Simone is familiar with the mutual fund that Pierre is referring to, which is not offered by her dealer. They schedule an appointment to further discuss his investment portfolio.
Which behaviour from Simone is ethical?

A. When comparing her dealer's own mutual funds to the one Pierre discovered, Simone emphasizes the importance of similar net rates of return and minimizes the significance of management expense ratios (MERs).
B. While comparing Fund Facts of the different mutual funds, Simone points out that not only are the fund management expenses different but so are the investor profiles for each fund.
C. Simone's ability to keep her knowledge current on competitors' investment offerings shows that she is putting her client's interest first.
D. Knowing Pierre does not like that her dealer's funds have trailer fees, she chooses not to discuss the relationship between trailer fees and MER while making comparisons.

Answer: B

Explanation:
While comparing Fund Facts of the different mutual funds, Simone points out that not only are the fund management expenses different but so are the investor profiles for each fund. This behaviour from Simone is ethical because it shows that she is providing accurate and complete information to Pierre and helping him make an informed decision based on his personal circumstances and objectives4. Fund Facts is a document that summarizes key information about a mutual fund, such as its investment objectives, risks, fees, performance history, and investor rights5. By comparing Fund Facts of different mutual funds, Simone can help Pierre understand how each fund differs in terms of its suitability, costs, and potential returns. The other behaviours from Simone are unethical because they do not serve Pierre's best interests or comply with professional standards. Simone's ability to keep her knowledge current on competitors' investment offerings does not necessarily show that she is putting her client's interest first. She may have other motives for researching other funds, such as trying to persuade Pierre to stay with her dealer's funds or finding new opportunities for herself4. Knowing Pierre does not like that her dealer's funds have trailer fees, she chooses not to discuss the relationship between trailer fees and MER while making comparisons. This behaviour is unethical because it is misleading and omits relevant information that Pierre should know before investing4. Trailer fees are fees paid by the fund manager to the dealer for the ongoing services provided by the dealer and its advisors to unitholders5. Trailer fees are part of the management expense ratio (MER), which is the total cost of running and distributing a fund expressed as a percentage of its assets5. Trailer fees and MERs affect the net returns of a fund and may create conflicts of interest between the advisor and the client5. When comparing her dealer's own mutual funds to the one Pierre discovered, Simone emphasizes the importance of similar net rates of return and minimizes the significance of management expense ratios (MERs). This behaviour is unethical because it is biased and does not present a balanced view of the pros and cons of each fund4. Net rates of return are not the only factor to consider when evaluating a fund's performance. MERs are also important because they reduce the fund's gross returns and may indicate how efficiently the fund is managed5. A fund with a lower MER may have an advantage over a fund with a higher MER, all else being equal5. References: Unit 2: Know Your Client, What's a good MER fee plus 3 strategies to avoid high fees - Bellvest

NEW QUESTION # 260
Ian is 25, employed, and has no dependents. He has no current financial or family obligations. He has asked for your recommendation for investing a $50,000 inheritance. What asset allocation would typically suit an investor with Ian's characteristics?

A. 10% in equity funds, 70% in a bond fund, 20% in a money market fund
B. 35% in equity, 25% in a money market fund, 60% in a bond fund
C. 50% in equity funds, 20% in a bond fund, and 30% in a money market fund
D. 10% in a bond fund, 80% in equity funds, 10% in a money market fund

Answer: D

Explanation:
Ian, as a Stage 1 - Early Earning Years investor, has no family or financial commitments, allowing for a higher risk tolerance. An asset allocation with a heavy equity weighting, such as 80% in equity funds, is suitable. The feedback from the document states:
"Ian would be considered a Stage 1 - Early Earning Years investor. Stage 1 investors, in general, are free of family and financial commitments, and would typically have a higher ability to tolerate risk. Thus, with its higher level of risk and lower component of income-based investments, 10% in a bond fund, 80% in equity funds and 10% in a money market fund would be most likely to be suitable." Reference: Chapter 4 - Getting to know the clientLearning Domain: The Know Your Client Communication Process

NEW QUESTION # 261
A mutual fund sales representative is asked to make a presentation to an investment club. During the presentation, he discusses personal experiences of a questionable nature. What aspect of Professionalism is relevant to this situation?

A. Personal financial dealings with clients
B. Solicitation of client business
C. Other personal endeavors
D. Conduct of personal business

Answer: C

Explanation:
Discussing questionable personal experiences in a public setting can harm the representative's professional image, relating to the aspect of other personal endeavors. The feedback from the document states:
"The representative must take care to ensure that any publicly visible activity in which he participates is conducted responsibly and moderately so as not to present an unfavorable public image." Reference: Chapter 18 - Applying Ethical Standards to What You Have LearnedLearning Domain: Ethics, Compliance and Mutual Fund Regulations

NEW QUESTION # 262
What best describes why mortgage funds generally have less sensitivity to changes in interest rates than bond funds?

A. Most mortgages held in mortgage funds are either NHA-insured or privately insured
B. Interest on mortgages is usually paid monthly, while interest on bonds is typically paid semi-annually
C. Many mortgage funds also hold T-bills and mortgage-backed securities, which are less volatile
D. Mortgage funds are highly diversified, often holding over 10,000 individual mortgages

Answer: B

Explanation:
Mortgage funds have lower interest rate sensitivity than bond funds because mortgage rates change less frequently, and interest is paid monthly rather than semi-annually, reducing the impact of rate changes. The feedback from the document states:
"Interest rate sensitivity is expected to be lower for mortgage funds than for bond funds for two reasons. First, mortgage rates change much less frequently than interest rates on bonds... Second, mortgages by nature have less interest rate risk than bonds. The reason, in part, is that interest on mortgages is paid monthly, while interest on bonds is paid semi-annually." Reference: Chapter 11 - Conservative Mutual Fund ProductsLearning Domain: Analysis of Mutual Funds

NEW QUESTION # 263
......

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