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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q400-Q405):

NEW QUESTION # 400
Russell is a Dealing Representative with Wealth Quest Strategies Ltd., a mutual fund dealer and member of the Mutual Fund Dealers Association of Canada (MFDA). Russell is developing his website to include sales content on a Target Date Fund. Which of the following is Russell permitted to include on his website about the Target Date Fund?
i. the asset mix through the life of the fund until the future date
ii. the expected decline in the fund's risk level as the fund reaches its target date iii. the guaranteed return that the client will receive on the future date iv. a graphic illustration of the fund's promised growth on target date

A. i and ii
B. ii and iv
C. iii and iv
D. i and iii

Answer: A

Explanation:
A target date fund is a type of mutual fund that adjusts its asset allocation and risk level according to a predetermined future date, such as retirement or college education. A target date fund typically starts with a higher proportion of stocks and a lower proportion of bonds and cash, and gradually shifts to a more conservative mix as the target date approaches. This is called the fund's glide path, which shows the asset mix through the life of the fund until the future date. Russell is permitted to include this information on his website, as it is factual and relevant to the fund's characteristics and suitability. Russell is also permitted to include information about the expected decline in the fund's risk level as the fund reaches its target date, as this is part of the fund's objective and strategy. However, Russell is not permitted to include any information that implies or suggests that the target date fund offers a guaranteed return or a promised growth on the future date, as this would be misleading and inaccurate. Target date funds are not guaranteed investments, and their performance depends on the market conditions and the fund manager's decisions. Russell must not make any false or exaggerated claims about the target date fund's benefits or returns on his website.
1: Canadian Investment Funds Course, Chapter 7: Know Your Product1

NEW QUESTION # 401
A fund manager has diversified the equity portfolio he manages in order to reduce the potential negative impact of unfavorable information relating to any one stock. What type of risk has he reduced?

A. Market risk
B. Default risk
C. Unique risk
D. Interest rate risk

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Unique risk, also known as firm-specific risk, is reduced through diversification, as it relates to volatility caused by information specific to individual securities. The feedback from the document states:
"If a security's price is affected by new information, and if new information arrives frequently, then its price will tend to be volatile and so will the returns that it generates. This source of volatility is specific to a given security and is known as unique risk. Diversifying a portfolio reduces unique risk." Reference:Chapter 15 - Selecting a Mutual FundLearning Domain:Evaluating and Selecting Mutual Funds

NEW QUESTION # 402
What do Guaranteed Income Supplement (GIS) and Allowance for the Survivor have in common?

A. benefits start at the age of 65
B. ability to defer benefits
C. eligibility depends on income level
D. benefit amounts depend on individual contribution

Answer: C

Explanation:
Guaranteed Income Supplement (GIS) and Allowance for the Survivor are both income-tested benefits that are part of the Old Age Security (OAS) program. They are designed to provide financial assistance to low- income seniors who meet certain eligibility criteria. GIS is a monthly payment that supplements the OAS pension for seniors whose income is below a certain threshold. Allowance for the Survivor is a monthly payment for low-income seniors aged 60 to 64 whose spouse or common-law partner has died and who have not remarried or entered into another common-law relationship. The benefit amounts for both GIS and Allowance for the Survivor depend on the income level of the recipient and are adjusted quarterly based on the Consumer Price Index. The higher the income, the lower the benefit amount, until it reaches zero at a certain income limit. Therefore, eligibility for both GIS and Allowance for the Survivor depends on income level.
1: Canadian Investment Funds Course, Chapter 5: Registered Plans1

NEW QUESTION # 403
Which option is most appropriate for investors who prefer growth-oriented mutual fund trusts?

A. Fund C
B. Fund D
C. Fund A
D. Fund B

Answer: C

Explanation:
Growth-oriented mutual fund trusts focus on companies with above-average earnings growth, often leading to higher volatility and turnover compared to value investing.
While the exact fund descriptions are not shown in this excerpt, based on CSC definitions, the fund most aligned with growth orientation is Fund A.

NEW QUESTION # 404
Jeremy is reviewing the prospectus of a Canadian equity fund and notes the fund permits the use of derivatives. The stated objective of the derivative use is bet on the future movement of the market to increase the fund's returns. What should Jeremy be aware of regarding this fund?

A. Derivatives are used for speculation
B. Derivatives are used as a portfolio hedge
C. The fund limits derivatives up to 5% of the value of the portfolio
D. The fund limits derivatives up to 15% of the value of the portfolio

Answer: A

Explanation:
The question specifies that the fund's objective is to "bet on the future movement of the market to increase returns." This is speculation, not hedging.
Under NI 81-102, conventional mutual funds may use derivatives, but only under restrictions (hedging, market entry/exit, or income enhancement). Speculative use must be disclosed in the prospectus.
Hedge funds and some alternative mutual funds can use derivatives for speculation with leverage.
Thus, Jeremy should note that this fund uses derivatives for speculation.

NEW QUESTION # 405
......

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