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KoreaDumps 질문 풀은 실제시험 변화의 기반에서 스케줄에 따라 업데이트 합니다. 만일 CISI IFC테스트에 어떤 변화가 생긴다면, 적중율이 항상 98% 이상을 유지 할 수 있도록 2일간의 근무일 안에 제품을 업데이트 하도록 합니다. KoreaDumps는 고객들이 테스트에 성공적으로 합격 할 수 있도록 하기 위하여 업데이트 된 버전을 구매후 서비스로 제공해드립니다. 시험에서 불합격받으셨는데 업데이트가 힘든 상황이면 덤프비용을 환불해드립니다.
질문 # 414
Which of the following characteristics about mortgage mutual funds is CORRECT?
정답：D
설명：
A is correct because mortgage mutual funds typically pay monthly distributions of interest to their investors, as they invest in mortgages that generate regular interest income. If interest rates fall, the mutual fund's net asset value per unit (NAVPU) will increase (B), not decline, as the value of the existing mortgages in the fund will rise. Mortgage mutual funds are suitable for low to moderate risk investors ©, not only for high risk investors, as they provide stable income and capital preservation. Mortgage mutual funds are not risk-free (D), even if the mortgages are National Housing Act (NHA) insured, as they still face credit risk, interest rate risk, and liquidity risk.
질문 # 415
Based on your discussions with your client Sierra, you believe an asset allocation of 30% fixed income and
70% equities will help her achieve her long-term goals.What type of asset allocation strategy are you implementing?
정답：B
설명：
A strategic asset allocation strategy is one that involves setting target allocations for various asset classes based on the investor's risk tolerance, time horizon, and investment objectives, and rebalancing the portfolio periodically to maintain the original allocations. This strategy is compatible with a buy-and-hold approach and aims to achieve long-term goals by diversifying across different asset classes and markets. In this case, you are implementing a strategic asset allocation strategy for your client Sierra by assigning 30% of her portfolio to fixed income and 70% to equities, and planning to rebalance her portfolio when the actual allocations deviate significantly from the target allocations.
Canadian Investment Funds Course, Unit 7, Section 7.1
질문 # 416
Beatrice is looking for comprehensive information regarding the analysis of financial statements and fund management expenses as it relates to her current mutual fund investment.
Which document would provide the information she is looking for?
정답：A
설명：
The Management Reports of Fund Performance (MRFP) are documents that provide information about a mutual fund's financial performance, portfolio composition, risk profile, and management expenses. The MRFP are prepared by the fund manager and filed with the securities regulators twice a year, for the semi- annual and annual periods. The MRFP are also made available to the investors on the fund manager's website or upon request. The MRFP include the following sections:
* Financial Highlights: This section summarizes the key financial data of the fund, such as net assets, net asset value per unit, total return, ratios and supplemental data.
* Past Performance: This section shows the historical returns of the fund over different time periods and compares them with a benchmark index or category average.
* Summary of Investment Portfolio: This section provides a breakdown of the fund's portfolio by asset class, sector, geographic region, and top holdings. It also shows how the portfolio has changed over the reporting period.
* Management Discussion of Fund Performance: This section explains the fund's investment objectives, strategies, and risks, and analyzes the factors that affected the fund's performance during the reporting period. It also discloses the fund's management expense ratio (MER), trading expense ratio (TER), and turnover rate.
* Financial Statements: This section presents the fund's statement of financial position, statement of comprehensive income, statement of changes in net assets attributable to holders of redeemable units, and statement of cash flows. It also includes notes to the financial statements that provide additional information and disclosures.
The MRFP would provide Beatrice with comprehensive information regarding the analysis of financial statements and fund management expenses as it relates to her current mutual fund investment.
1: Canadian Investment Funds Course, Chapter 6: Fund Operations and Regulations1
질문 # 417
An analyst is finalizing a report that discusses the effects of survivorship bias. What is survivorship bias?
정답：D
설명：
Survivorship bias occurs when funds that have failed, closed, merged, or otherwise ceased to exist are removed from a performance comparison universe. Because unsuccessful funds are disproportionately likely to disappear, the funds remaining in the universe tend to have better results, causing historical performance statistics to appear stronger than they actually were for the complete original population. IFC explains that defunct portfolios drop out of subsequent rankings and that these terminated portfolios are usually unsuccessful, producing an upward bias in the longer-term returns of the surviving universe. Options A through C describe mismatches between investment mandates, asset categories, or risk profiles rather than survivorship bias. Therefore, the exclusion of defunct portfolios described in option D is the defining characteristic.
질문 # 418
Winter is a Dealing Representative with Top Tier Investing, a mutual fund dealer and member of the Mutual Fund Dealers Association of Canada (MFDA). Which of the following statements about Winter's suitability obligation is CORRECT?
Winter is required to make a suitability determination every time:
i) she makes a recommendation to a client
ii) a client's investment returns decline.
iii) she opens a new client account
iv) the markets fluctuate.
정답：B
설명：
According to the MFDA Rules, a Dealing Representative is required to make a suitability determination every time:
The Dealing Representative makes a recommendation to a client;
The Dealing Representative accepts a trade instruction from a client;
The Dealing Representative opens a new account for a client or changes the account type; The Dealing Representative becomes aware of a material change in the client's KYC information; Securities are transferred or re-registered into the client's account; or There has been a change in the Approved Person responsible for the client's account2 A suitability determination is the process of ensuring that any investment action taken for a client is suitable for the client based on their KYC information, such as investment objectives, risk tolerance, time horizon, financial situation, and investment knowledge. A suitability determination also requires putting the client's interests first and disclosing any material factors involved in the investment action2 Therefore, Winter is required to make a suitability determination every time she makes a recommendation to a client (i) or she opens a new client account (iii). She is not required to make a suitability determination every time a client's investment returns decline (ii) or the markets fluctuate (iv), unless these events trigger a material change in the client's KYC information or affect the suitability of the client's portfolio.
1: MSN-0069 | MFDA 2 (Know-Your-Client (KYC) and Suitability)
질문 # 419
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