13675759099 · 2023年07月14日

gross active return=1.25%时，为什么不能按照和其他几个一样的算法算？

* 问题详情，请查看题干

NO.PZ202110280100001303

问题如下：

Calculate the net active return based on each possible gross active return provided using the selected data in Exhibit A. Show your calculations.

选项：

解释：

Gross Active Return ≤ 0.20%:

Gross Active Return at or below the Base Fee − Base Fee = Net Active Return

0.20 − 0.20 = 0.00

=> Net Active Return ≤ 0.00%

Base Fee = Billed Fee (No Sharing Fee)

0.20

Gross Active Return = 0.75%:

Active Return − Base Fee = Return Subject to Sharing Fee

0.75 − 0.20 = 0.55

Return Subject to Sharing Fee × Sharing Fee = Additional Fee Due to Sharing Fee

0.55 × 0.25 = 0.1375

Base Fee + Additional Fee Due to Sharing Fee = Billed Fee

0.20 + 0.1375 = 0.3375

Active Return − Billed Fee = Net Active Return

0.75 − 0.3375 = 0.4125, rounded to 0.41%

Gross Active Return = 1.25% is the breakeven active return (No Sharing Fee):

Gross Active Return − Standard Fee = Net Active Return

1.25 − 0.35 = 0.90 or 0.90%

Standard Fee = Billed Fee (No Sharing Fee)

0.35

Gross Active Return = 1.75%:

Gross Active Return − Base Fee = Return Subject to Sharing Fee

1.75 − 0.20 = 1.55

Return Subject to Sharing Fee × Sharing Fee = Additional Fee Due to Sharing Fee

1.55 x 0.25 = 0.3875

Base Fee + Additional Fee Due to Sharing Fee = Billed Fee

0.2 + 0.3875 = 0.5875

Gross Active Return − Billed Fee = Net Active Return

1.75 − 0.5875 = 1.1625, rounded to 1.16%

如题。

以及，为什么这里的standard fee不是base fee和max fee的平均数0.55，而是0.35？

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2 个答案

笛子_品职助教 · 2023年07月17日

嗨，努力学习的PZer你好：

和其他几个一样算，数据不对啊？算出来不一样啊，所以我才问的这个问题

是的。这个问题李老师也说过，这道题原版书给出的数据有问题。

同学掌握知识点就可以。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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