must redeem the shares; the restrictions vary by MIC, whether funds can be sold / withdrawn immediately, or with 30/60/90 days notice; for smaller MICs, the Income Tax Act restriction that each MIC must have at least 20 shareholders might come into play. Price sensitivity to yield - As is the case with bonds, Real Estate Investment Trusts and other investments purchased for yield, a rise in interest rates will reduce the price that other investors are willing to pay for shares in the MIC. The degree of risk would depend upon the length of the mortgages held by the portfolio, with those focused on short-term construction mortgages having less risk than longer-term mortgages. References Investment companies of Canada Mortgage-backed security Mortgage lenders