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IFSE Institute CIFC Exam Sample Questions

Question # 1

Which statement CORRECTLY describes index mutual funds and traditional exchange-traded funds (ETFs)?

A. Index funds use an active investment management style, whereas ETFs use a passive investment management style.

B. Both types of funds are closed-end investments that are required to hold the same securities as the index at all times.

C. The market price of an ETF must match its net asset value (NAV), whereas there can be discrepancy in the pricing of index funds.

D. Both types of funds attempt to replicate the return of a specific market index, but their returns may not perfectly match the index.

Answer

A. Index funds use an active investment management style, whereas ETFs use a passive investment management style.

Explanation:

Index mutual funds and traditional exchange-traded funds (ETFs) are both types of investment funds that use a passive investment management style, which means they try to track the performance of a specific market index, such as the S&P/TSX Composite Index or the S&P 500 Index. They do so by holding the same securities as the index or a representative sample of them, and by adjusting their portfolio composition and weighting to reflect any changes in the index. However, both types of funds may not be able to exactly replicate the return of the index for various reasons, such as fees, expenses, tracking error, rebalancing frequency, dividend reinvestment, and cash holdings. Therefore, there may be some deviation or difference between the fund’s return and the index’s return, which is called tracking difference.

References:

Canadian Investment Funds Course, Chapter 4: Types of Investments1

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Question # 2

Ken is a member of his employer’s Defined Benefit Pension Plan (DBPP). Which of the following statements about Ken’s plan is CORRECT?

A. Contributions to the plan do not result in a Pension Adjustment (PA) for Ken.

B. The amount Ken receives in retirement depends on the performance of the investments he has selected within the plan.

C. The amount that Ken will receive at retirement is not guaranteed.

D. Income received from the plan is eligible for pension income splitting even if Ken retires before 65.

Answer

D. Income received from the plan is eligible for pension income splitting even if Ken retires before 65.

Explanation:

The statement that is correct about Ken’s plan is option D. A defined benefit pension plan (DBPP) is a type of employer-sponsored retirement plan that promises to pay a specified amount of income to the plan member upon retirement. The amount of income is based on a formula that considers factors such as years of service, salary, and age. Income received from a DBPP is eligible for pension income splitting even if Ken retires before 65, meaning that he can transfer up to 50% of his eligible pension income to his spouse or common-law partner for tax purposes. This can reduce the overall tax payable by the couple if they are in different tax brackets. Therefore, option D is correct about Ken’s plan. The other statements are not correct about Ken’s plan. Option A is false because contributions to the plan do result in a Pension Adjustment (PA) for Ken, which is an amount that reduces his RRSP contribution room for the following year. Option B is false because the amount Ken receives in retirement does not depend on the performance of the investments he has selected within the plan; rather, it depends on the formula that determines his pension benefit. Option C is false because the amount that Ken will receive at retirement is guaranteed by the plan sponsor, unless the plan sponsor becomes insolvent or terminates the plan.

References:

[Defined Benefit Pension Plans | GetSmarterAboutMoney.ca], [Pension Income Splitting | GetSmarterAboutMoney.ca], [Pension Adjustment (PA) | GetSmarterAboutMoney.ca]

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Question # 3

Greg, one of your clients, has been advised by a friend to invest in open-end mutual funds. He is not sure about the differences between open and closed-end funds. What would you tell Greg about open-end funds?

A. The number of units is not fixed, and varies with investor demand and redemption orders.

B. Investors holding open-end funds can buy and sell their mutual funds anytime the stock market is open.

C. Units are bought and sold amongst the unitholders.

D. Initial shares in the mutual fund are allotted through an initial public offering (IPO)

Answer

A. The number of units is not fixed, and varies with investor demand and redemption orders.

Explanation:

According to the Closed-End Funds vs. Open-End Funds: What’s the Difference? - Investopedia, open-end funds are mutual funds that can issue an unlimited number of shares to investors. The number of units is not fixed, and varies with investor demand and redemption orders. Investors buy and sell open-end funds directly from the fund company at the net asset value (NAV) of the fund, which is calculated at the end of each trading day. Open-end funds are not traded on an exchange or in the secondary market.

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Question # 4

Daisy is a Dealing Representative registered in the province of Saskatchewan only. Daisy’s client, Orville, a resident of Lloydminster, Saskatchewan is a retiree who presently has a $1,000,000 with her dealer, Easy Ride Financial. Orville is now planning to move to Vegreville, Alberta next month. Easy Ride Financial is registered in Alberta and Saskatchewan. Neither Easy Ride Financial nor Daisy have any clients who are resident in Alberta. Which of the following should Daisy do if she wants to continue to service Orville’s account?

A. Request approval from the Mutual Fund Dealers Association of Canada to be eligible to be a registered Dealing Representative in Alberta

B. Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission.

C. Daisy will need to forfeit her registration in Saskatchewan if she wants to be registered in Alberta to keep Orville as a client.

D. Register with a different mutual fund dealer that is registered in Alberta so she can keep Orville as a client.

Answer

B. Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission.

Explanation:

Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission. This exemption allows a registered individual in one jurisdiction to service a client who moves to another jurisdiction, without having to register in the new jurisdiction, subject to certain conditions. Some of these conditions are that the individual must be registered with a dealer that is registered in both jurisdictions, the individual must not have more than five clients in the new jurisdiction, and the individual must notify the regulator in the new jurisdiction of the exemption.

References:

Client Mobility Exemption

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Question # 5

Your client, Rinaldo, wants to know more about the fees associated with his mutual funds. What can you tell him about a mutual fund’s management expense ratio (MER)?

A. Mutual funds are required to calculate the MER on a daily basis.

B. Trailer and brokerage fees are charged separately from the MER.

C. The MER reflects the percentage of each dollar of fund assets that is used to pay for management services.

D. Mutual fund performance is not impacted by the MER since rates of return are published net of fees.

Answer

C. The MER reflects the percentage of each dollar of fund assets that is used to pay for management services.

Explanation:

C is correct because the management expense ratio (MER) reflects the percentage of each dollar of fund assets that is used to pay for management services and operating expenses of a mutual fund. The MER includes various fees and expenses, such as management fees, administration fees, trailer fees, audit fees, legal fees, and taxes. The MER reduces the return of the fund, as it is deducted from the fund’s income and capital gains before they are distributed to investors. Mutual funds are not required to calculate the MER on a daily basis (A), but rather on an annual basis. Trailer and brokerage fees are included in the MER (B), not charged separately. Mutual fund performance is impacted by the MER (D), as it lowers the net return of the fund. Rates of return are published net of fees, but they do not reflect the impact of the MER on the fund’s performance.

References:

Canadian Investment Funds Course (CIFC) | IFSE Institute

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