資本市場和金融機構(gòu)(2)-資料下載頁
2025-05-13 22:51本頁面
【正文】 under management (range % %) 19 ? Sales Charges: Commissions paid to brokers Load fund (Frontand BackEnd charge). ? Front charge (typically 8%): at the time of the purchase ? BackEnd charge. Deferred Sales charge (typically 6%) upon sale ? NoLoad fund ? No sale fee. Sold by sponsoring MF. ? Special Fees ? Specific administrative costs (. account setup fee, transfer fee, RRSP registration fee) are paid directly by individual investors. 20 Rate of Return of a Mutual Fund RofR = (NAV1NAV0 + Ine and capital gain distributions) / NAV0 Example 1 ? A fund has an initial NAV at the start of the month NAV0 = $20 (Net asset value per unit) ? Makes ine distributions of $ and capital gain distributions of $, ? End the month NAV is NAV1 = $ A: Monthly RofR = ? 21 Example 2 ? Consider a fund with ? $100 million in assets at the start of the year (NA0) ? 10 million shares outstanding. ? The fund invests in a portfolio of stocks that provides no ine but increases in value by 10%. ? The management expense ratio (MER), including other charges, is 1% () of initial total asset value of the funds. ? What is the rate of return for un investor in the fund? A: NAV0 = ? NAV1 = ? Expenses per share = MER*Net asset value/shares = ? RofR = (NAV1 Expenses per share – NAV0)/NAV0 Alternatively ? RofR= [(NAV1 NAV0)/NAV0] – MER = 22 Regulations ? Provincial securities ? If distributed by Investment dealers ? OSFI and provincial regulators (Bank Act, TLMs, Insurance Companies Act) ? If distributed by Banks,TLMs, Insurance Companies Self Regulatory Organizations (SRO) ? Distribution of the MF industry. ? Mutual Fund Dealers Association (MFDA) ? Production of MF (creation of publicly traded securities)` ? Investment Industry Regulatory Organization of Canada (IIROC) Investment Funds Institute of Canada (IFIC) ? Information provider concerning the industry and to reflect the industry concerns to government and the public at large.
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