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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q251-Q256):

NEW QUESTION # 251
Which of the following statement about Exchange Traded Funds (ETFs) is TRUE?

A. ETFs have lower MERs compared to mutual funds.
B. Investors may sell their ETFs in the stock market or redeem them through the Fund at the NAVPU of the day.
C. All ETFs are actively managed.
D. Usually the market price of an ETF is the net asset value per unit (NAVPU) of the Fund on that day.

Answer: A

Explanation:
An exchange-traded fund (ETF) is a type of pooled investment security that operates much like a mutual fund. Typically, ETFs will track a particular index, sector, commodity, or other assets, but unlike mutual funds, ETFs can be purchased or sold on a stock exchange the same way that a regular stock can. ETFs have lower management expense ratios (MERs) compared to mutual funds because they are passively managed and do not incur high costs for research, analysis, and portfolio rebalancing. Therefore, this statement is true about ETFs. References: Exchange-Traded Fund (ETF) Explanation With Pros and Cons - Investopedia, The Best ETFs - Exchange Traded Funds Rankings | US News Investing

NEW QUESTION # 252
Greg is a Dealing Representative. As a part of his business building activity, Greg prepares several messages to post on his website and Facebook page. Which statement CORRECTLY describes this situation?

A. Posting a sales communication to a website is prohibited by the Personal Information Protection and Electronic Documents Act (PIPEDA).
B. Greg must not discuss the investment performance, rankings, or ratings of a fund in his communication.
C. Posting messages to Facebook is prohibited by Canada's Anti-Spam Law (CASL).
D. Greg's messages must be approved by his dealer before he can publish or issue the communication.

Answer: D

Explanation:
According to the MFDA rules, any sales communication that is prepared by a Member or an Approved Person, such as Greg, must be approved by the dealer in writing prior to its publication, issuance, or use. A sales communication is any communication that is intended to promote the business of the Member or the Approved Person, or the sale of securities, including any communication on a website or a social media platform. The dealer must ensure that the sales communication is fair, balanced, and not misleading, and that it complies with the applicable laws and regulations12 References = web search results from search_web(query="sales communication and mutual fund dealers association rules")12

NEW QUESTION # 253
Which newspaper article would be likely to result in foreign capital moving out of a country?

A. New Taxes on Foreign Direct Investment
B. Corporate Taxes Reduced
C. International Ranking of Domestic Level of Education Rises Significantly
D. Government Re-elected for a Fourth Consecutive Term

Answer: A

Explanation:
New taxes on foreign direct investment increase the cost of investing in a country, making it less attractive for foreign capital and likely causing capital outflows. The feedback from the document explains:
"Capital moves in and out of a country based on a variety of risk factors. Increased trade barriers or increased taxes on foreign investments would typically reduce the attractiveness of a country for foreign investment. (a), (c), and (d) would all indicate positive trends in a risk factor analysis." Reference: Chapter 2 - Overview of the Canadian Financial MarketplaceLearning Domain: An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 254
Which of the following Dealing Representatives has CORRECTLY fulfilled their suitability obligation?

A. Clarence determines that the Absolute Alternative Fund is suitable for all of his clients. Clarence believes that all investors need alternative funds in order to be properly diversified.
B. Kiri recommends the Conservative Bond Fund to his client, Myrtle. The fund generates income and Myrtle's investment objective is "income" on her Know Your Client (KYC) form.
C. Li Ming recommends the Venturex Labour-Sponsored Fund to her client, Park. While Park has low tolerance and capacity for risk, Li Ming provides detailed disclosure which explains the fund's risks.
D. Roderik determines that the model portfolio he has developed will be suitable for all of his clients.Roderik has included investments with both income and growth to appeal to all investors.

Answer: B

Explanation:
Kiri has correctly fulfilled his suitability obligation by matching the risk-return profile of the fund with the personal circumstances of his client. The Conservative Bond Fund is a low-risk, low-return fund that pays regular interest income to investors. Myrtle's investment objective is "income", which means she wants to receive steady income from her investments and preserve her capital. Therefore, Kiri's recommendation is reasonably suitable for Myrtle in all the circumstances.(Canadian Investment Funds Course, Chapter 2, Section 2.3)
:
Canadian Investment Funds Course, Chapter 2, Section 2.3: Conflicts of Interest IFSE Institute: Suitability Obligations1 SFC: Frequently Asked Questions on Compliance with Suitability Obligations2

NEW QUESTION # 255
Karen works Monday to Wednesday for a member of the MFDA as a dealing representative and Thursday and Friday as a language instructor at a local college. Client orders received on Thursdays and Fridays are held until Karen returns to work the following week. What condition of dual employment is violated under these circumstances?

A. The dealer must maintain procedures to ensure continuous service to clients
B. Karen's alternate employment must not bring the MFDA, its members, or the mutual fund industry into disrepute
C. The dealer must maintain procedures to address any potential conflicts of interest
D. The dealer must be aware of and approve of Karen's other occupation

Answer: A

Explanation:
Holding client orders until the following week violates the requirement for continuous service to clients under dual employment conditions. The feedback from the document states:
"A mutual fund dealing representative who works for or is sponsored by a member of the MFDA may have, and continue in, another gainful occupation, provided that the dealer establishes and maintains procedures to ensure continuous service to clients. In this example, Karen's clients are not receiving continuous service." Reference: Chapter 17 - Mutual Fund Dealer RegulationLearning Domain: Ethics, Compliance and Mutual Fund Regulations

NEW QUESTION # 256
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Ian Hall Ian Hall

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