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CISI International Certificate in Wealth & Investment Management Sample Questions (Q109-Q114):

NEW QUESTION # 109
Under an accumulation and maintenance trust, when does the trustees' discretion over payments normally cease (if at all)?

A. On the death of the life tenant
B. It continues indefinitely
C. On the death of the settlor
D. At the end of a prescribed period

Answer: D

Explanation:
* What is an Accumulation and Maintenance Trust?
* This is a trust designed primarily for minors or young beneficiaries.
* Trustees have discretion over income and capital distributionsuntil a specified event or age, after which the discretion typically ceases.
* When Does Discretion Cease?
* Generally, trustees' discretion ends at theend of a prescribed periodor when the beneficiary reaches a predetermined age, often 18 or 25.
* This ensures the trust complies with legal requirements, such as therule against perpetuitiesin some jurisdictions.
* ICWIM Study Guide, Chapter on Trusts: Details the rules around accumulation and maintenance trusts.
* Trust Law Principles: Highlights limitations of trustee discretion.
References

NEW QUESTION # 110
Critical illness cover will pay a lump sum in the event that a person suffers:

A. A critical illness, however caused
B. A critical illness, provided they survive for 12 months
C. A closely defined critical illness
D. Any critical illness

Answer: C

Explanation:
Critical Illness Cover (CIC) provides a lump sum payout if the policyholder is diagnosed with a covered illness. The policy specifies which conditions qualify for a payout.
* Why is Option C Correct?
* Policies list specific illnesses (e.g., cancer, stroke, heart attack) that qualify for coverage.
* If an illness is not listed, no payout is made.
* Why Not Other Options?
* A (Any critical illness) # Policies cover only certain conditions.
* B (However caused) # Coverage depends on medical definitions, not just cause.
* D (Survive for 12 months) # Most policies require survival for 14-30 days, not 12 months.
# Reference: FCA Insurance Regulations, CISI Wealth & Investment Management (Protection Planning).

NEW QUESTION # 111
How do passive fund managers use swaps to replicate an index?

A. Having created an index fund, the managers use swaps to cover the tracking error
B. They swap the return on the index in exchange for a fixed fee
C. The loss on an index is swapped for the profit on a different index
D. They swap a pre-defined return in exchange for the return on the index

Answer: D

Explanation:
Passive fund managers can use synthetic replication to track an index through derivatives like swaps. In this arrangement, the fund agrees to pay a pre-defined return (e.g., LIBOR or a fixed rate) to a counterparty in exchange for the counterparty delivering the total return of the index. This approach allows the fund to replicate index performance without holding the physical securities, reducing costs and eliminating tracking error.

NEW QUESTION # 112
A firm acting as an agent makes money by:

A. Profiting from the spread
B. Trading against its own order book
C. Providing advice
D. Charging their client a commission

Answer: D

Explanation:
When a firm acts as an agent, it executes trades on behalf of clients and earns a commission for each transaction.
* Why is Option C Correct?
* Agents do not take ownership of securities but facilitate transactions.
* They charge a fixed fee or percentage-based commission for each trade executed.
* Why Not Other Options?
* A (Profiting from the spread) # Market makers profit from bid-ask spreads, not agents.
* B (Providing advice) # Advice is provided by investment advisers, not agents.
* D (Trading against its own order book) # Agents do not take opposing positions; this applies to principal trading.
# Reference: FCA Handbook (Market Conduct Rules), CISI Wealth & Investment Management.

NEW QUESTION # 113
When a hedge fund puts together an equity arbitrage position, it will seek to balance respective:

A. Deltas
B. Gammas
C. Alphas
D. Betas

Answer: D

Explanation:
Equity arbitrage strategies involve balancing betas to hedge risk while profiting from pricing inefficiencies.
* Key Concept:
* Beta measures systematic risk (market-related risk).
* Equity arbitrage strategies aim to neutralize beta while profiting from pricing anomalies.
* Example:
* A hedge fund buys an undervalued stock and shorts an overvalued stock with matching betas
, ensuring market-neutral exposure.
# Reference: CFA Institute (Hedge Fund Strategies), CISI Wealth & Investment Management.

NEW QUESTION # 114
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Exam ICWIM Guide - Instant ICWIM Discount

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q109-Q114):

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