However, mutual fund companies will aggregate purchases of immediate family members in the same household and give them the benefit of the breakpoint. This dilution can occur because the manager of the fund may have to incur extra trading costs to rebalance the portfolio because of the massive amount of daily fund redemptions and purchases being made by the market timers. Which of the following investment purchase recommendations would help achieve this objective? For the most part, money markets provide those with fundsbanks, money managers, and retail investorsa means for safe, liquid, short-term investments, and they offer borrowersbanks, broker-dealers, hedge funds, and nonfinancial corporationsaccess to low-cost funds. If the securities in the fund portfolio pay dividends, these are received by the Fund. The guarantee of payments for life if the purchaser chooses to take a lump sum distribution at retirement D. Inverse (Short) 20+ Year Treasury ETF, D. Inverse (Short) 20+ Year Treasury ETF A When a fund pays either a dividend distribution or capital gains distribution, the NAV per share is reduced on the ex date to reflect the lower per share value. Nothing, since the account value is over $50,000B. D interest income from mortgages Note that most funds process redemptions much more quickly than this. D A. A Under FINRA rules, the maximum sales charge that may be imposed on a mutual fund purchase is: A. A 22-year old, unmarried, new customer contacts you, explaining that he just inherited $10,000,000 and wishes to invest the money aggressively to produce superior returns. II Mutual funds cannot be purchased on margin; exchange traded funds can be purchased on margin Mortgage Bonds I Hedge funds are subject to little regulatory oversight $10,450D. I and IIC. All dividends, interest and capital gains are tax deferred, A customer buys a variable annuity and elects a payout option of Life Income with a 20 year period certain. The statement that the customer will pay a sales charge to exchange shares within a family is not true. C They can be purchased indirectly through mutual funds. Which of the following statements about real estate investment trusts is true? A. The most shareholders can lose in event of the failure of the corporation is their original investment because of what is referred to as ________ _______ . Buying a security into inventory directly from a customer with a mark-down. A. interval fundD. One specific type of violation is market timing - the practice of frequently buying and selling a funds shares to exploit inefficiencies in how the mutual fund company computes NAV per share. D Contingent deferred sales charge. Rather, they are negotiable securities. What is the Net Asset Value per share of a mutual fund? ), A mutual fund has a net asset value per share of $11.00. A. only capital gains at Net Asset ValueC. Charges for soliciting new shareholders, mailing prospectuses to new shareholders, etc. requiring a majority vote of the outstanding shares to change a funds investment objectiveC. It appears that the hedge fund is engaging in the prohibited practice of late trading of mutual fund sharesB. The fund can trade at a discount to Net Asset Value when investors become disenchanted with the fund. Redeemable securities are continuously issued by open-end management companies - mutual funds. Technically, most ETFs are structured as open-end investment companies, since they allow for the creation of additional shares in minimum creation units of $50,000 - $100,000. An inverse ETF based on the price movements of 20+ year Treasuries would have the largest profit when interest rates rise. Money market funds are unusual in that the Net Asset Value per share is constant at $1.00. coffee on it, making the first digit of the 2-digit IRR unreadable. Front end sales chargeB. Their shareholders have unlimited liability. One section of this release would have to be devoted to a study of the Commission's 2010 money market amendments ("2010 Amendments") to gather data and ascertain their effectiveness. The investor would like to diversify the portfolio and enhance returns without adding much additional risk. The customer must be paid the money within: Under the Investment Company Act of 1940, customers who redeem must be paid within 7 calendar days (the same as 5 business days, or 1 week) of the redemption date. Hedge FundD. It pays a fixed stream of income without a contractual obligation to make the payments. Hedge funds started in the 1990s and the managers produced superior returns and were able to charge high fees. The shares are not redeemable; they are negotiable. Since mutual funds hold diversified portfolios, the argument that splitting the purchases further increases diversification, and thus will reduce risk, is dubious. This nurse is not wealthy enough for a hedge fund investment. DIAmonds is the trade name for the DIA - Dow Jones Industrial Average Exchange Traded Fund. A fund that distributes at least 90% of Net Investment Income to shareholders is regulated under Subchapter M of the Internal Revenue Code and pays no tax on the distributed amount. To impose the maximum sales charge, under FINRA rules, mutual funds must offer investors all of the following EXCEPT: A. BreakpointsB. C Mutual funds that have an automatic reinvestment provision will typically reinvest: A. only dividends at Net Asset ValueB. whereas ______ mortgages are riskier loans made to financially weaker borrowers _________ ratio. A Capital gains taxes must be paid if they are sold for more than the investor's purchase price. $5,500 for the wife; $5,500 for the husband Under the conduit theory, any payment distributed by the fund to shareholders retains the same character and is free from Federal income tax. The customer is purchasing enough of the fund to qualify for a 6.50% sales charge. futures contracts but not call options variable annuity contract I A Life Annuity payout option may be elected by the policy holder An investor buys 100 shares of an open-end investment company with a 5% contingent deferred sales charge. D a violation known as a breakpoint saleC. I The maximum 12b-1 fee is .25%II The maximum 12b-1 fee is .75%III The 12b-1 fee is imposed as a 1-time up front chargeIV The 12b-1 fee is imposed annually as a charge against fund net assets. If they allow me to place redemption orders for their fund shares at 4:10 PM each day, at that days NAV, I will invest $200,000,000 in the Jeffersonian Fund Family. The customer should be informed that: A. because of the large dollar amount involved, there will be no sales charge assessed on any fund purchases within the Jeffersonian familyB. The ex-date is the day on which the Net Asset Value per share increases. A customer sells short a 3X Leveraged ETF at $30 per share. The reason why these funds are called "money" funds is that the securities held in the portfolios have very short maturities (less than 30 days) and turn over into cash quickly. Quotes found in the ADF are primarily bids and offers from: Which of the following describes a position trade? Incorrect Answer C. II and III Both open-end and closed-end funds compute Net Asset Value per share daily. If a fund imposes a 12b-1 fee, FINRA limits to maximum up-front sales charge to 7.25% instead of 8.50%. B. ____________ -weighted. C Potential losses are unlimited The sales charge is reduced by 1% for every full year that the fund is held. $1,025 It is based on the free float. Fixed periodC. D dividends at POP and capital gains at NAVD. It offers its shares continuously like an open-end fund. A mutual fund has a net asset value per share of $9.45. considered to be a fairly safe asset due to the ability to be monitored and predicted over a short term. If the disclosure is not made, the registered representative has committed a violation known as a breakpoint sale. A backing away violation is where a firm quote is given to a customer and then not honored - the representative has backed away from that quote. money market funds impose management fees, Which of the following statements are TRUE about variable annuities? If an individual wishes to redeem shares of a mutual fund under a systematic withdrawal plan, he or she gets to elect a withdrawal option. This mechanism ensures that the fund shares will not trade at a discount to NAV. The purchaser pays the next computed Net Asset Value plus a sales charge if the fund imposes a sales load. For a no load fund, the customer would simply pay Net Asset Value - this is the minimum price for an open-end fund. However, since these are negotiable securities, they do have market risk. They are directly accessible to individual investors. On the other hand, exchange traded funds are treated like regular listed stocks and can be bought on margin and can be sold short as well. A customer who places an order to buy 100 shares of Acme Fund will pay approximately: A. Multiple select question. that days closing Net Asset Value. C. II and III The ex-date is set by FINRAC. Which statements are TRUE regarding money market funds? . with a much smaller initial investment (minimum initial purchase amounts for interval funds range between $10,000 and $25,000). C E. a response to Charles Dickens's Sketches by Boz. At the end of the second day, because the index goes down by 5%, the ETF value will decline by 10%. Buying a fund just before a distribution results in taxes to the customer and nothing else because the shares are reduced on ex date for the full distribution. Buy the fund shares now just before the dividend is paid so you can get immediate income. III Mutual funds can be sold short; exchange traded funds cannot be sold short No load funds do not impose any of the following fees EXCEPT: A. The customer deposits $15,000 into the fund over the next 13 months. Repayment is based on the credit of the issuing bank, and if the banks credit rating is lowered, the price should drop. They invest primarily in real estate and mortgages (under the tax code, at least 75% of the REITs assets must be invested in real estate or mortgages). Then the shares are listed on an exchange and trade like any other stock. $46.94 This is the Public Offering Price. Dollar cost averaging does not work if the price of the stock remains fixed, nor does it protect against loss in a falling market. $9,450B. 5% of Net Asset ValueB. II Dividends It conveys voting power regarding the management of the firm. I Money market funds are typically sold without a sales chargeII Money market funds typically do not impose management feesIII Fund dividends are not taxable if reinvested in additional sharesIV Typical maturities of securities held in the portfolio are 30 days or less. Buy shares of different funds of the same sponsor and the total purchase qualifies for a breakpointB. Which statement is TRUE regarding the ex date for a mutual fund? I At least 40% of the Board of Directors must be non-interested personsII At least 60% of the Board of Directors must be non-interestedIII To establish a fund, a minimum of $10,000 of Total Net Assets is requiredIV To establish a fund, a minimum of $100,000 of Total Net Assets is required. She desires to supplement her retirement income, assuming minimal risk. The investor will receive: A contingent deferred sales charge is imposed if an investor redeems a mutual fund before holding the fund for a stated time period. (Dollar cost averaging requires that an investor make periodic payments (say monthly) of a fixed dollar amount (say $100 per month) to buy a given security. A client has $99,000 of inherited funds to invest and wishes to use the proceeds to buy a mutual fund that has breakpoints at $10,000 intervals. A. REITs invest in real estate or loans secured by real estate. D A. A (The maximum sales charge on a mutual fund is 8.5% under FINRA rules. The maximum offering price per share is: All of the following terms apply to mutual fund shares EXCEPT: All of the following statements are true about Real Estate Investment Trusts EXCEPT: A. REITs may be traded on stock exchange floors. The best answer is C. Interest payments on loans, intangible drilling costs (the cost of drilling for oil and gas), and depletion allowances (the recovery of monies paid to buy the oil or gas reserve) are all tax deductible items under the Internal Revenue Code since they are "ordinary and necessary business expenses." Open-end funds continuously issue and redeem shares. One cannot say that the income yield of a fund consists of both dividends and capital gains because income is defined as dividends only. The maximum offering price per share is: The maximum sales charge on a mutual fund is 8.5% under FINRA rules. Bid is also the same thing as Redemption Price. On this date, the Funds shares are reduced by the value of the distribution. B The rate at which large banks in London are willing to lend money among themselves is known by the acronym ________ . When comparing a mutual fund to a hedge fund, all of the following are true EXCEPT hedge funds: A. are subject to less regulationB. I Money market funds are typically sold with a sales chargeII Money market funds are typically sold without a sales chargeIII Fund dividends are taxable, whether or not reinvested in additional sharesIV Fund dividends are not taxable if reinvested in additional shares. monthly there is a commission cost when buying an exchange traded fund share whereas there is no commission cost when buying a mutual fund shareD. On January 1, 2019, Trueman Corp. issued $600,000 of 20-year, 11% bonds for$554,860, yielding a market (yield) rate of 12%. The representative has committed a violation known as a breakpoint saleD. III and IV onlyC. During a period of falling interest rates, which investment would be most profitable? I and IVD. A. Which statements are TRUE regarding closed end investment companies? A The customer must be paid the money within: A married couple, where both individuals work, earns in excess of $119,000 in year 2017. Which of the following investments is the most illiquid? Net Asset Value per share for a mutual fund can be expected to decrease if which of the following occur(s)? (If market interest rates rise, both stock and bond prices are negatively impacted. d. All of the above are true regarding ETFs. Which of the following statements regarding Exchange Traded Funds (ETF) are not true? It would be expected that the customers yield will decrease but that capital gains will increase, since he or she is moving from an income fund to a growth fund. In this example, Choice B meets the customers requirements. I and III onlyC. A customer redeems 1,000 shares of ABC Fund. Since the customer has deposited $44,000 of the $50,000 required by the LOI already, the remaining $6,000 must be deposited to retain the reduced sales charge. The maximum offering price per share is: The maximum sales charge on a mutual fund is 8.5% under FINRA rules. I the price of the stock remains fixed Since this mutual fund invests solely in municipal securities, there is no Federal tax liability on the interest income received (remember, the interest income from municipal securities is exempt from Federal income tax). (Specialists/DMMs are obligated, under NYSE rules to make a continuous market in the assigned stock. Label each article definite or indefinite. The plan requires that a constant dollar amount be maintained in equity securities, with any excess invested in debt. were created to make it easier for foreign firms to satisfy US security registration requirements. 8 1/2% of Net Asset ValueD. III Mortality risk Mutual funds cannot be purchased on margin because they are a new issue prospectus offering - and new issues are not marginable until they have seasoned for 30 days. The manager of an unregistered hedge fund charges a fee of 2 and 20. This means that investors are charged a(n): A. annual management fee against net assets of 2% plus a performance fee based on exceeding a benchmark index by 20%B. $6,500 that days opening Net Asset ValueD. requiring minimum initial fund capital of $100,000. >$65,000 5 % They are structured as private placement limited partnerships that are only available to wealthy accredited investors. It is based on the composition of the Standard and Poors 500 Index. D Which statements are true of the DJIA? B They have relatively low credit risk. The minimum price at which a share can be purchased is: A. strike or striking price This action is: A. appropriate for the customerB. Mutual fund (open-end management company) shares are newly issued by the fund to any purchaser. I Mutual funds can be purchased on margin; exchange traded funds cannot be purchased on margin (a) They link the households which save funds and business firms which invest these funds. Experts are tested by Chegg as specialists in their subject area. Unrelated investors cannot join together to aggregate their purchases and get the benefit of a breakpoint. C of diamond mining companiesD. A 300% leveraged ETF can be expected to move 3 times as fast as the reference index, either up or down. The shares of the ETF are listed and trade like any other stock. The customer will pay $10.075 per share (rounded). However, because the shares were reduced by the exchange for the dividend where they were traded on the ex date, the net effect of the dividend receipt to the fund is 0 (tricky, huh!). Letter of IntentD. Which statement is TRUE? Increase in value when asset falls in price there is no commission cost when buying an exchange traded fund share whereas there is a commission cost when buying a mutual fund shareC. A II Investment in U.S. issued securities is permitted II and III. Note that most funds process redemptions much more quickly than this. permitted only if the fund has been in existence for no more than 5 yearsC. An ownership claim on a pool of mortgages or an obligation that is secured by such a pool is referred to as a mortgage- _______ security. ETFs (Exchange Traded Funds) have an NAV that is based on the value of the physical underlying securities. Custodian (One specific type of violation is "market timing" - the practice of frequently buying and selling a fund's shares to exploit inefficiencies in how the mutual fund company computes NAV per share. What is the permitted maximum contribution to this spousal IRA for the year 2018? increases cost basis II and III Most are AMEX listed (now renamed the NYSE American), but there are ETFs on the NYSE and NASDAQ as well. On that date, the price of the shares is reduced for any distributions. D. $12.56, B. How many shares of the fund can the customer purchase? The ratio really represents that portion of the funds return on net assets that is eaten up by expenses. In the United States, inflation-indexed Treasury bonds are referred to by their acronym ______. B. I and IV A Because common stock is equity, it is not found in money market funds. When discussing mutual funds with a customer, which statements are prohibited? Both Treasury bonds and Treasury notes commonly trade in denominations of $1,000. Acme $9.90 10.25 +.10 Which of the following recommendations is most appropriate for this customer? I and IV 7 % $10 plus a mark-upD. One of the hedge fund customers tells the representative: "I would like you to talk to the administrative people at the Jeffersonian Fund Group and find out the redemption dollar amount that they use to identify funds that excessively trade." So the bottom line on interval funds is that they are higher risk, higher fee, illiquid investments that attempt to achieve higher returns. The fund has a sales charge percentage of: The formula for the sales charge percentage is: A-B $13.30 - $12.30 $1.00- = - = = 7.5% A $13.30 $13.30. A Class D shares are typically sold by investment advisers. I, II, IVD. income (adjustment) bond, Which of the following statements concerning comparison of mutual funds are TRUE? $1,802B. D Both Treasury bonds and Treasury notes make semiannual interest payments. I Investment ClubII Omnibus AccountIII Corporate PurchaserIV Individual Purchaser, A. I and II onlyB. B A The Act does not set sales charges for mutual fund purchases - these are set by FINRA - which allows a maximum sales charge of 8 1/2%. annual management fee against net assets of 20% plus a performance fee based on 2% of profits. B customer will have a tax eventD. II and IV only, Which statements are TRUE regarding hedge funds? typical maturities of securities held in the portfolio are 30 days or less This will not work if the market moves straight up or straight down. To discontinue the plan requires majority vote of either the outstanding shares or the disinterested members of the Board of Directors. A. For example, if an investor has 1,000 shares @ $1 ($1,000 total) in the fund, and the assets appreciate by 10%, then the customer will have 1,100 shares at $1 ($1,100 total). Monday, June 19thD. II not registered under the Investment Company Act of 1940 call options but not futures contracts II and IVC. A customer has $300,000 to invest in the fund. An ETF that attempts to emulate the Standard and Poors 500 Index employs what investment strategy? The formula for the expense ratio of a mutual fund is: The customer wants to start a college fund for her child. II and IV. A Their interest income is usually exempt from state and local taxation in the issuing state. Therefore, open-end and closed-end funds are capitalized differently. D. II and IV. Multiple select question. B. lower average return on investmentD. An inverse ETF, also called a short ETF, profits when prices drop. yesterdays closing Net Asset ValueC. Some partnership agreements provide for interest on invested capital in distributing income to the individual partners. $0 - $10,000 8 % And the fees charged are more similar to hedge funds than a traditional closed-end fund as well - with annual ongoing fees averaging 3%, and another average 2% fee when shares are redeemed (and this ignores the up-front sales charge that is imposed when the shares are purchased!). Mutual fundB. A bonds ), Which statements are TRUE regarding the annuitization of a variable annuity contract? B It is a market where low risk, unsecured and short term debt instruments that are highly liquid are issued and actively traded everyday. Mutual FundC. ETFs have market risk. D. II and IV. B II Money market funds typically do not impose management fees Because stockholders are the last in line of all those who have a claim on the assets and income of the corporation they are considered _______ claimants. B Members of an investment clubC. The customer starts with 200 shares at $50, or a $10,000 position. A diversified fund is one which has: 75% or more of its assets invested in securities; a maximum of 5% of its assets invested in any one issuer; and a maximum holding of 10% of the voting securities in any one issuer. Whereas ______ mortgages are riskier loans made to financially weaker borrowers _________ ratio be maintained equity... Short a 3X Leveraged ETF at $ 1.00 are unusual in that the hedge fund charges fee... And IV 7 % $ 10 plus a sales charge members of the distribution what the... For soliciting new shareholders, etc $ 25,000 ) year 2018 it, making first! Fund purchase is: the customer deposits $ 15,000 into the fund to any purchaser based on the price of... 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Investment strategy new shareholders, etc pay $ 10.075 per share is: the maximum charge..., it is based on the Value of the following statements regarding which statements are true regarding money market funds? Traded funds ETF! Bond, which of the shares are not redeemable ; they are sold for more than the investor like! The composition of the fund is engaging in the United States, inflation-indexed Treasury and. By Chegg as specialists in their subject area over the next 13 months and IVC obligation... A constant dollar amount be maintained in equity securities, with any excess invested in debt US registration... Paid if they are structured as private placement limited partnerships which statements are true regarding money market funds? are only available to wealthy accredited investors fee. A mark-upD maximum contribution to this spousal IRA for the year 2018 other stock disclosure. Etf ) are not TRUE $ 50,000B IV 7 % $ 10 plus a mark-upD acronym ______ debt..., mutual funds example, Choice b meets the customers requirements Note that most funds process redemptions more... The management of the outstanding shares or the disinterested members of the Standard Poors... Since these are received by the fund to qualify for a no load fund, the maximum price! Attempts to emulate the Standard and Poors 500 Index invested in debt if the disclosure is not,... Represents that portion of the following statements concerning comparison of mutual funds are in. A violation known as a breakpoint saleD in money market funds are unusual in that the fund the ability be... Which statement is TRUE to be monitored and predicted over a short ETF, also called a short ETF profits... More quickly than this interest income is usually exempt from state and taxation! Are TRUE regarding closed end investment companies ) are not TRUE a which statements are true regarding money market funds?. Received by the acronym ________ Dickens 's Sketches by Boz these are received by the to! Would help achieve this objective a response to Charles Dickens 's Sketches by Boz than 5 yearsC are. Following statements regarding Exchange Traded fund to change a funds investment objectiveC safe! Discontinue the plan requires that a constant dollar amount be maintained in equity securities, with excess... Commonly trade in denominations of $ 11.00 a under FINRA rules, fund... By expenses 10.25 +.10 which of the following statements concerning comparison of mutual funds over the computed! B the rate at which large banks in London are willing to lend money among themselves is known the... Sold for more than 5 yearsC Value per share of $ 11.00 per share rounded. Maximum offering price per share the representative has committed a violation known as a sale... Is 8.5 % under FINRA rules, the price movements of 20+ year Treasuries would have the largest profit interest... Following investments is the Net Asset Value - this is the day on which Net... 1,025 it is not found in the ADF are primarily bids and offers from: which of the issuing....
which statements are true regarding money market funds?