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NEW QUESTION # 106
Which of the following statements regarding mutual fund fees is correct?
Answer: C
Explanation:
Trailer fees are ongoing fees that are paid by mutual fund managers to mutual fund dealers for providing ongoing services to their clients who hold units of their funds. Trailer fees are calculated as a percentage of the value of assets under management (AUM) of the clients who hold units of the fund. Trailer fees are paid out of the management fee that is charged by the mutual fund manager to cover the costs of operating and administering the fund. Therefore, option C is correct regarding mutual fund fees. The other options are incorrect. Option A is false because redemptions are not made from units held by investors to pay trailer fees; rather, trailer fees are paid out of the management fee that is deducted from the net asset value (NAV) of the fund. Option B is false because trailer fees are not only paid to mutual fund dealers when a purchase is made; rather, trailer fees are paid on an ongoing basis as long as the clients hold units of the fund. Option D is false because trading commissions are not paid from the management fee; rather, trading commissions are paid from the trading expense ratio (TER) that reflects the costs of buying and selling securities within the fund.
References: [Mutual Fund Fees Explained | Wealthsimple], [Mutual Fund Fees | GetSmarterAboutMoney.ca],
[Understanding Mutual Fund Fees | Investopedia]
NEW QUESTION # 107
Which among the following BEST describes a company's retained earnings statement?
Answer: D
Explanation:
A company's retained earnings statement is a financial statement that shows how the company's net income is distributed between dividends paid to shareholders and retained earnings, which are the amount of profit that is reinvested in the company. Retained earnings are part of the company's equity, and they reflect the accumulated earnings that the company has generated over its history, minus any dividends or distributions.
Retained earnings can be used by the company for various purposes, such as expanding its operations, developing new products, paying off debt, or buying back shares1 References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 3: Equity Securities, Section 5.3.4: Financial Statements
NEW QUESTION # 108
Vlado is looking to purchase a mutual fund with the primary objective of growing his capital. Vlado believes the markets are efficient and would like to manage his investment costs. Which type of equity fund would best suit his objectives?
Answer: B
Explanation:
An equity index fund is most appropriate because Vlado believes markets are efficient and wants to control investment costs. IFC explains that passive management is based on the view that markets are efficiently priced, making attempts to identify consistently mispriced securities unlikely to add value. Passive managers therefore seek to replicate a market index rather than engaging in extensive security selection or market timing. Index funds generally involve lower portfolio turnover and less active research than actively managed equity growth or specialty funds, which can help reduce operating and trading costs. A balanced fund would also include fixed-income holdings and therefore would not meet Vlado ' s specific requirement for an equity fund. His belief in market efficiency and concern about costs point directly to a passive equity index strategy.
NEW QUESTION # 109
What is the role of a custodian?
Answer: D
Explanation:
A custodian in mutual fund is a trust company, bank, or similar financial institution that is responsible for holding and safeguarding the securities owned within a mutual fund. The custodian also records and reports all transactions to the fund manager. The custodian does not oversee the general administration, construct and manage the portfolio, or calculate the NAVPU of the mutual fund. These are the roles of other entities such as the fund administrator, the fund manager, and the fund accountant.
References = Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.2:
Mutual Funds1 and web search results from search_web(query="role of a custodian in mutual funds")23
1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf
NEW QUESTION # 110
Which of the following is a conflict of interest that should be AVOIDED?
Answer: C
Explanation:
A conflict of interest is a situation in which a person's personal interests conflict with their professional duties or responsibilities. A conflict of interest should be avoided or disclosed to prevent harm to the client or the registrant. In this case, Arilla's client, Gwen, wants to co-invest with Arilla in units of a real estate limited partnership. This is a conflict of interest because Arilla may have a personal interest in the investment that could influence her advice to Gwen or affect her ability to act in Gwen's best interest. For example, Arilla may benefit from the investment at Gwen's expense, or she may have access to information that Gwen does not have. Therefore, this is a conflict of interest that should be avoided by Arilla. She should decline Gwen's offer and explain that it would compromise her professional obligations and fiduciary duty to Gwen.
1: Canadian Investment Funds Course, Unit 2, Section 2.3
NEW QUESTION # 111
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