Unit ko samjho · NISM Series XXI-A
Collective Investment Vehicles
8 questions is unit mein
Sawaal aur jawaab English mein hain, kyunki NISM ka exam paper bhi English mein hota hai.
Is unit mein kya hai
- Which distinction best separates a conventional mutual fund investment from a separately managed PMS portfolio?
- In a simplified trust-based mutual fund structure, which pairing correctly distinguishes oversight from day-to-day portfolio management?
- A listed investment vehicle mainly holds income-producing commercial real estate through the permitted structure. Which exposure is most relevant when analysing its operating cash flows?
- An infrastructure trust owns operating toll-road assets through its holding structure. Which development most directly affects the assets’ operating cash flow?
- A privately pooled investment vehicle states that it invests in young unlisted businesses and expects long holding periods before exits. Which due-diligence question is most relevant?
- A pooled vehicle has assets worth ₹84 crore, liabilities of ₹4 crore and 4 crore units outstanding. What is its net asset value per unit?
- An ETF has indicative NAV of ₹50 per unit. The executable ask for the desired purchase quantity is ₹50.40. Ignoring charges, what premium to indicative NAV would the buyer pay?
- A fund of funds holds units in other funds. Its factsheet separately states its own operating expense and the expenses embedded in underlying fund NAVs. Which cost review is appropriate?
Zaroori ideas
Practice bank se · 1
Which distinction best separates a conventional mutual fund investment from a separately managed PMS portfolio?
Professional management can be delivered through pooled units or through client-specific portfolio administration. A conventional mutual fund combines investors’ capital and issues units representing interests in that pool. A PMS arrangement manages the particular client’s portfolio under the service agreement. Similar holdings do not make the two structures identical. Remember: Distinguish the vehicle’s ownership structure from its investment strategy.
Hint Common mistake: Assuming that professional management always means pooled units.
XXI-A-049Practice bank se · 2
In a simplified trust-based mutual fund structure, which pairing correctly distinguishes oversight from day-to-day portfolio management?
Governance, investment management, safekeeping and investor recordkeeping are separate roles in a fund structure. Identify oversight of the arrangement separately from selecting and managing the portfolio. The trustee-AMC pairing makes that distinction. A custody or recordkeeping provider does not take over all those functions. Remember: Map responsibilities before comparing a pooled fund with a PMS organisation.
Hint Common mistake: Using custodian, trustee, registrar and investment manager as interchangeable titles.
XXI-A-050Practice bank se · 3
A listed investment vehicle mainly holds income-producing commercial real estate through the permitted structure. Which exposure is most relevant when analysing its operating cash flows?
A real estate investment vehicle provides economic exposure to property assets and their operating cash flows. Look through the listed units to the income-producing assets. Occupancy, rent collection, lease terms and property costs help explain operating cash flows, while market trading characteristics answer a different question. Remember: Analyse the assets generating cash, not merely the legal wrapper or unit price.
Hint Common mistake: Assuming that a listed property vehicle’s income is fixed or guaranteed.
XXI-A-051Practice bank se · 4
An infrastructure trust owns operating toll-road assets through its holding structure. Which development most directly affects the assets’ operating cash flow?
An InvIT’s cash generation should be analysed through the infrastructure business and its contractual or regulated revenue model. The underlying assets are toll roads, so operating receipts depend on relevant traffic and revenue terms. Changes to how an investor holds or views the units are not changes in asset cash generation. Financing and operating costs also matter to distributable cash. Remember: Look through a trust structure to the economic drivers of its infrastructure assets.
Hint Common mistake: Equating changes in unit presentation with changes in underlying cash generation.
XXI-A-052Practice bank se · 5
A privately pooled investment vehicle states that it invests in young unlisted businesses and expects long holding periods before exits. Which due-diligence question is most relevant?
A private pooled vehicle’s investment mandate can create and valuation characteristics unlike daily traded listed assets. Identify the underlying stage of business and likely exit process from the mandate. Assess the client’s ability to commit capital and absorb uncertain outcomes. The legal wrapper alone does not resolve those investment risks. Remember: Match a private vehicle’s exit profile to the investor’s constraints.
Hint Common mistake: Assuming that pooled management makes illiquid assets immediately redeemable.
XXI-A-053Practice bank se · 6
A pooled vehicle has assets worth ₹84 crore, liabilities of ₹4 crore and 4 crore units outstanding. What is its net asset value per unit?
Per-unit NAV allocates net assets across the units outstanding at the valuation point. Net assets = ₹84 crore − ₹4 crore = ₹80 crore. NAV per unit = ₹80 crore/4 crore units = ₹20. The crore scale cancels. Remember: NAV uses net assets and the contemporaneous unit count.
Hint Common mistake: Reporting total net assets instead of the per-unit value.
XXI-A-054Practice bank se · 7
An ETF has indicative NAV of ₹50 per unit. The executable ask for the desired purchase quantity is ₹50.40. Ignoring charges, what premium to indicative NAV would the buyer pay?
An ETF’s executable market price can differ from its indicative per-unit asset value. Premium per unit = ₹50.40 − ₹50 = ₹0.40. Premium percentage = ₹0.40/₹50 × 100 = 0.80%. The indicative value is a reference, not a promise that the order executes there. Remember: Use the stated reference base and an executable quote when measuring a trading premium.
Hint Common mistake: Treating indicative NAV as the guaranteed purchase price.
XXI-A-055Practice bank se · 8
A fund of funds holds units in other funds. Its factsheet separately states its own operating expense and the expenses embedded in underlying fund NAVs. Which cost review is appropriate?
A layered investment structure requires a look-through cost review using the definitions of the reported figures. Identify which costs are deducted at the top level and which are embedded in underlying NAVs. Determine whether any displayed total already includes both. Combine only non-overlapping cost measures when an aggregate is needed. Remember: An expense can affect returns even when it is not billed directly to the end investor.
Hint Common mistake: Ignoring embedded costs or double counting an already consolidated figure.
XXI-A-056Liquidity describes how easily a given quantity can be traded.
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