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Latest ICWIM Exam Format - Latest ICWIM Exam Questions
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CISI International Certificate in Wealth & Investment Management Sample Questions (Q85-Q90):
NEW QUESTION # 85
Which of the following types of funds is able to cancel units?
- A. Closed-ended
- B. Investment trust
- C. Split capital trust
- D. Open-ended
Answer: D
Explanation:
An open-ended fund can create or cancel units based on investor demand.
* Liquidity: Open-ended funds, such as Unit Trusts and OEICs (Open-Ended Investment Companies), continuously issue and redeem shares.
* Pricing: The price is based on the Net Asset Value (NAV).
* Flexibility: The fund manager can adjust the fund size by issuing or cancelling units.
# Reference: FCA Handbook, CISI Wealth & Investment Management (Fund Structures).
NEW QUESTION # 86
What term is used to describe a situation where clients give investment instructions to a firm without being given advice to do so?
- A. Execution-only
- B. Robo-advice
- C. Discretionary
- D. Non-discretionary
Answer: A
Explanation:
Execution-only trading refers to transactions where the firm executes trades without providing financial advice.
* Why is Option B Correct?
* The client makes all investment decisions independently.
* The financial firm does not assess suitability or risk tolerance.
* Common in DIY investing platforms (e.g., stockbrokers, online trading apps).
* Why Not Other Options?
* A (Discretionary) # The firm manages investments without client approval for each trade.
* C (Non-discretionary) # The firm provides advice, but the client makes the final decision.
* D (Robo-advice) # Automated investment platforms provide algorithm-based recommendations.
# Reference: FCA Conduct of Business Rules (COBS 10), CISI Wealth & Investment Management.
NEW QUESTION # 87
If the holder of a long futures contract sells it ahead of expiry, they are considered to have:
- A. Delivered the underlying
- B. Taken delivery of the underlying
- C. Closed out their position
- D. Exercised their position
Answer: C
Explanation:
* Long Futures Contract Defined
* A long futures contract represents a commitment to buy an underlying asset at a set price on a future date.
* Closing Out the Position
* If the holder sells the contract before expiry, they are said toclose out the position, effectively negating their obligation to take delivery of the underlying asset.
* Why the Answer is B
* Selling ahead of expiry removes the obligation, hence closing the position.
* Why Other Options are Incorrect
* A. Exercised: Applies to options, not futures.
* C. Taken delivery: Happens only if the contract is held to maturity.
* D. Delivered: Applies to the short position, not the long holder.
* ICWIM Study Guide, Chapter on Derivatives: Explains closing out futures contracts.
* Futures Market Principles: Discusses position management in futures trading.
References
NEW QUESTION # 88
How does 'relief at source' normally operate in relation to overseas dividend income?
- A. A staggering of the tax levy is granted
- B. A tax rebate is paid in cash
- C. A credit is applied against a separate tax liability
- D. A reduced rate of withholding tax is levied
Answer: D
Explanation:
Relief at source for overseas dividend income typically operates by reducing the withholding tax applied to dividends at the source. This is achieved through double taxation agreements (DTAs) between countries, which set out reduced tax rates for such income.
Example:If the standard withholding tax rate in a country is 30%, a DTA may reduce this to 15% for eligible investors.
NEW QUESTION # 89
Which of the following would cause a coffee producer's supply curve to shift to the right?
- A. Reduction in competition
- B. Improved harvesting methods
- C. Consumers switching to other drinks
- D. Reduced crop yield
Answer: B
Explanation:
A rightward shift in the supply curve means an increase in supply at the same price level.
* Why is Option A Correct?
* Improved harvesting methods lead to higher productivity, reducing production costs and increasing supply.
* Why Not Other Options?
* B (Reduced crop yield) # This would decrease supply (leftward shift).
* C (Consumers switching drinks) # Affects demand, not supply.
* D (Reduction in competition) # Fewer producers might reduce supply.
# Reference: Microeconomics - Supply & Demand, CISI Wealth & Investment Management.
NEW QUESTION # 90
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