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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q427-Q432):

NEW QUESTION # 427
Dave purchases 10,000 units of a no-load US-dollar denominated mutual fund for US$15 per unit for a total cost of $165,400 Canadian. He later sells the units for US$16 per unit, with a loss of $11,400 Canadian. To what type of risk has Dave been exposed?

A. Unique risk
B. Market risk
C. Exchange rate risk
D. Default risk

Answer: C

Explanation:
Dave invested in a U.S.-dollar denominated mutual fund. Even though the unit price increased (US$15 # US$16), he lost money when converted back to Canadian dollars. This loss was caused by fluctuations in the exchange rate between the Canadian dollar and the U.S. dollar, not the fund's performance itself.
This is a clear example of exchange rate (currency) risk.

NEW QUESTION # 428
Which statement about unused registered retirement savings plan (RRSP) contribution room is CORRECT?

A. It may not be carried forward.
B. It can be carried forward a maximum of seven years.
C. It can be carried forward to future years.
D. It may not be more than the RRSP contribution limit for the year in which it is carried forward.

Answer: C

Explanation:
Unused RRSP contribution room is the amount of RRSP contributions that you did not deduct in previous years and are available to deduct in the current year. Unused RRSP contribution room can be carried forward to future years indefinitely, until you use it up or reach the age of 71. You can find your unused RRSP contribution room on your notice of assessment or by logging into your Canada Revenue Agency account.
References: What to do with unused RRSP, PRPP or SPP contributions

NEW QUESTION # 429
Exchange traded funds (ETFs) that track an index and index mutual funds have many similarities. However, what is a major difference between these two products?

A. The market price of ETFs always matches the underlying basket of securities while there can be a discrepancy in pricing index funds.
B. ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day.
C. ETFs do not have management fees since they are exchange traded while index funds do incur such fees.
D. While ETFs are prone to tracking errors, index funds are perfectly aligned with their underlying index.

Answer: B

Explanation:
ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day. This is because ETFs are traded on a stock exchange like stocks, while index funds are traded directly with the fund company like mutual funds. This difference gives ETFs more liquidity and flexibility than index funds, as investors can buy and sell ETFs at any time during market hours at the prevailing market price. Index funds, on the other hand, are priced only once a day at the end of the day based on the net asset value per unit (NAVPU) of the fund. Both ETFs and index funds are prone to tracking errors (A), which are the differences between the performance of the fund and the performance of the underlying index. Tracking errors can be caused by various factors, such as fees, expenses, dividends, rebalancing, and market conditions. The market price of ETFs does not always match the underlying basket of securities , as it is determined by supply and demand in the market. There can be a discrepancy between the market price and the NAVPU of an ETF, which is called the premium or discount. Index funds, on the other hand, are priced based on the NAVPU of the fund, which reflects the value of the underlying securities. Both ETFs and index funds have management fees (D), as they are both types of mutual funds that incur costs for managing and operating the fund. However, ETFs usually have lower management fees than index funds, as they are more passive and have lower turnover and distribution costs.

NEW QUESTION # 430
Jabir recently joined Prosper Wealth Inc. and is looking forward to being a Dealing Representative for the firm. Which of the following statements CORRECTLY describe when Jabir will be eligible to open new client accounts and sell investments?

A. Upon employment with the dealer
B. Upon formal confirmation from the regulator
C. Upon registration application by the dealer
D. Upon passing the proficiency course

Answer: B

Explanation:
Jabir will be eligible to open new client accounts and sell investments only after he receives formal confirmation from the securities regulator that he is registered as a Dealing Representative. This is because registration is a legal requirement for anyone who trades securities or advises clients on securities in Canada, unless an exemption applies. Registration helps protect investors by ensuring that only qualified and competent individuals and firms can conduct securities related business. Jabir must also meet the proficiency, solvency, and suitability requirements for registration, as well as comply with the ongoing obligations of a registrant. Passing the proficiency course and being employed by the dealer are necessary but not sufficient conditions for registration. The dealer must apply for registration on behalf of Jabir and wait for the regulator' s approval.
1: Canadian Investment Funds Course, Unit 1, Section 1.2

NEW QUESTION # 431
When selecting an investment to add to a portfolio, what feature would reduce the overall risk?

A. Low alpha
B. High beta
C. Low variance
D. High standard deviation

Answer: C

Explanation:
Variance measures the dispersion of returns around the mean; lower variance indicates greater stability and less volatility. Adding a security with low variance and low correlation to the portfolio reduces overall risk .
High standard deviation = higher risk.
High beta = greater sensitivity to market moves .
Low alpha = underperformance, not risk reduction.
Thus, the feature that reduces portfolio risk is Low variance.

NEW QUESTION # 432
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