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RSE practice questions: retail products

Ten RSE practice questions on retail products. The blueprint covers mutual funds (NI 81-101 + NI 81-102), ETFs (ETF Facts under NI 41-101 Part 3B), GICs, segregated funds (provincial insurance Acts), structured notes, and principal-protected notes. Pre-sale Fund Facts and ETF Facts delivery is heavily tested.

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FAQ

What's the difference between Fund Facts and ETF Facts?

Both are 2-page plain-language pre-sale disclosure documents. Fund Facts (NI 81-101) covers conventional mutual funds. ETF Facts (NI 41-101 Part 3B) covers exchange-traded funds. Both must be delivered before the trade for retail clients.

Why was DSC banned in 2022?

Deferred sales charge schedules created a conflict of interest: advisors were incentivized to keep clients in the fund past the schedule expiry rather than make objectively suitable changes. CSA banned new DSC sales effective June 1 2022.

Are segregated funds tested on the RSE?

Yes. Candidates need to know they are insurance contracts (sold under provincial insurance Acts, not securities Acts), provide maturity and death benefit guarantees, and bypass probate.

Liquid alts vs hedge funds?

Liquid alternative mutual funds (NI 81-104) are retail-eligible: daily liquidity, leverage capped at 300%, short-selling capped at 50%. Hedge funds typically rely on prospectus exemptions (accredited investor) with weekly or monthly liquidity.

How many product questions are on the RSE?

Roughly half the RSE blueprint covers products. Drill at least 100 questions across mutual funds, ETFs, and managed products before sitting.

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