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NEW QUESTION # 474
Within how many business days must mutual fund redemptions be paid?
Answer: B
Explanation:
Mutual fund redemption proceeds must generally be paid within two business days after the date on which the NAV per security used to establish the redemption price is calculated, assuming all required redemption documentation and procedures have been satisfied. This settlement requirement is designed to provide investors with reasonably prompt access to proceeds after redeeming conventional mutual fund securities. The rule should not be confused with the investor ' s statutory right of withdrawal, which can also involve a two- business-day period but relates to cancelling a purchase rather than receiving redemption proceeds. The current NI 81-102 framework continues to require redemption proceeds to be paid no later than two business days after the applicable pricing date. Therefore, the correct answer is C. 2 business days .
NEW QUESTION # 475
The following chart outlines data for various fund managers:
Which manager likely has the highest return for a given level of risk?
Answer: A
Explanation:
The correct answer is C. Manager D , because the Sharpe ratio is the primary measure used to evaluate risk- adjusted return , which is return earned per unit of total risk . The Investment Funds in Canada curriculum defines the Sharpe ratio as a tool that " measures how much excess return a portfolio generates relative to the risk taken ." A higher Sharpe ratio indicates superior risk-adjusted performance.
Manager D has the highest Sharpe ratio (+2) among all managers listed, meaning this manager generated the greatest excess return for each unit of risk , regardless of the portfolio's beta. Although Manager D has a higher beta (2.75), beta measures systematic market risk , not total volatility. The Sharpe ratio already accounts for total risk (standard deviation), making it the preferred comparison metric when the question asks for return for a given level of risk .
Manager C has a positive Sharpe ratio (+1) but lower than Manager D, indicating inferior risk-adjusted performance. Managers A and B both have negative Sharpe ratios , which the CIFC text explains means the portfolio underperformed the risk-free rate , making them clearly inferior choices.
The CIFC curriculum stresses that when comparing managers across different risk profiles, " the Sharpe ratio is the most appropriate measure ." Since Manager D delivers the highest risk-adjusted return, Option C is the correct and fully CIFC-verified answer.
NEW QUESTION # 476
Your employer has a contributory group RRSP under which he matches employee contributions, up to a maximum of 5% of salary.
Which of the following statements about a group registered retirement savings plan (RRSP) is CORRECT?
Answer: B
Explanation:
A group RRSP is a retirement savings plan sponsored by an employer that allows employees to contribute through regular payroll deductions and benefit from tax advantages and possible employer matching. The employer is responsible for choosing the plan provider, which is the financial institution that administers the group RRSP and offers a range of investment options for the employees to choose from. The employer may also negotiate lower fees and better services with the plan provider than what individual RRSPs can offer.
Therefore, statement D is correct.
The other statements are incorrect for the following reasons:
Statement A: A group RRSP is less costly and time consuming to administer than traditional pension plans, as it does not require actuarial valuations, funding requirements, or regulatory filings.
Statement B: If you leave your employer, your group RRSP does not stay with the employer. You can transfer your group RRSP to an individual RRSP or another registered plan without tax consequences, as long as there are no locked-in provisions.
Statement C: You do not need to wait until you file your taxes to receive your contribution tax deduction.
Your contributions are deducted from your gross income before tax is calculated, so you receive an immediate tax benefit on your paycheque.
Canadian Investment Funds Course, Unit 9, Section 9.1
NEW QUESTION # 477
How is the annual contribution limit for a TFSA determined?
Answer: B
NEW QUESTION # 478
Four fund managers are comparing their quartile rankings over the past four years:
Which fund manager would likely be most satisfied with their fund's performance history?
Answer: B
Explanation:
Quartile rankings:
1st quartile = top-performing funds.
4th quartile = worst-performing funds.
The most consistent top-quartile performer across four years is most desirable.
Based on CSC examples, Manager A had the strongest consistent quartile performance.
# Correct = Manager A.
NEW QUESTION # 479
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