CIFC Exam Dumps | Which of the following applies to a mutual fund trust?

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Question 12/103

Which of the following applies to a mutual fund trust?

A. It has a board of directors and shareholders.

B. It has unitholders.

C. It is not efficient at passing through income to investors.

D. It is always closed-end.

Correct Answer: B

Explanation
A mutual fund trust is a type of unit trust that meets certain conditions under the Canadian Income Tax Act and is eligible for favourable tax treatment. A unit trust is a collective investment vehicle that holds assets and distributes profits to individual unit owners, also called unitholders, instead of reinvesting them in the fund. A mutual fund trust is not a corporation and does not have a board of directors or shareholders. It is also not a closed-end fund, which has a fixed number of shares that trade on an exchange. A mutual fund trust is an open-end fund, which can issue and redeem units at any time based on the net asset value of the fund.
References: Canadian Investment Funds Course, Unit 5, Section 5.1

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