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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: The Modern Mutual Fund | 5% | |
| Topic 2: Understanding Investment Products and Portfolios | 18% | |
| Topic 3: Understanding Alternative Managed Products | 3% | |
| Topic 4: Know Your Client (KYC) Communication Process | 19% | |
| Topic 5: Introduction to the Mutual Funds Marketplace | 13% | |
| Topic 6: Evaluating and Selecting Mutual Funds | 16% | |
| Topic 7: Ethics, Compliance, and Mutual Fund Regulation | 16% | |
| Topic 8: Analysis of Mutual Funds | 10% |
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NEW QUESTION # 476
A sales representative has accepted an instruction from a relatively new client to liquidate all positions and wire the proceeds. This request appears rather unusual and suspicious, so she escalates this to her compliance department. To whom should the compliance department report these transactions?
Answer: D
NEW QUESTION # 477
Which of the following statements regarding mutual fund fees is correct?
Answer: B
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 # 478
What bias results in investors valuing an asset that they own over an asset that another individual owns?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Endowment bias leads investors to overvalue assets they own compared to similar assets they do not own. The feedback from the document states:
"People who are subject to endowment bias place more value on an asset they hold property rights to than on an asset they do not hold property rights to." Reference:Chapter 5 - Behavioural FinanceLearning Domain:The Know Your Client Communication Process
NEW QUESTION # 479
For the last year, an investor earned a return before adjustment for inflation of 2% on a money market fund, while inflation averaged 1.5%. What was his nominal rate of return?
Answer: B
Explanation:
The nominal rate of return is the return before adjustment for inflation, which is given as 2%. The real rate of return would be adjusted for inflation (2% - 1.5% = 0.5%), but the question asks for the nominal rate. The feedback from the document states:
"It is important to consider the effects of inflation on investments because we can isolate the difference between nominal and real returns. Investors are more concerned with the real rate of return - the return adjusted for the effects of inflation. A nominal return is a return that has not been adjusted for the impact of inflation. The approximate real rate of return is calculated as: Real Return = Nominal Rate - Annual Inflation Rate." Reference: Chapter 8 - Constructing Investment PortfoliosLearning Domain: Understanding Investment Products and Portfolios
NEW QUESTION # 480
Jehona is a Dealing Representative with Vista Wealth Investments Inc., a mutual fund dealer in Ontario and Nova Scotia. Jehona has reviewed her client Sokol's account and wants to adjust the holdings and re-balance the portfolio. Which of the following statements about Jehona's permitted activities is CORRECT?
Answer: A
Explanation:
The statement that is correct about Jehona's permitted activities is option B. According to Section 13.3 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI
31-103), registered individuals must not engage in discretionary trading, meaning that they must not execute a transaction for a client's account without the specific authorization of the client before the transaction.
Therefore, if Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered. The other statements are not correct about Jehona's permitted activities. Option A is false because a Limited Authorization Form does not allow Jehona to process trades in the account without Sokol's pre-approval; rather, it allows Jehona to accept instructions from a third party authorized by Sokol, such as a spouse or a lawyer. Option C is false because Sokol cannot give Jehona discretionary trading authority, as it is prohibited by NI 31-103 for mutual fund dealers and their representatives. Option D is false because appointing Jehona as his Power of Attorney does not allow Jehona to execute trades without Sokol's pre-approval; rather, it allows Jehona to act on behalf of Sokol in legal and financial matters, subject to certain conditions and limitations. References: [Registration Requirements, Exemptions and Ongoing Registrant Obligations], [Discretionary Trading | GetSmarterAboutMoney.ca],
[Limited Authorization Form | IFIC], [Power of Attorney | GetSmarterAboutMoney.ca]
NEW QUESTION # 481
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