请教老师，Carpenter这个公司fee structural 怎么看出来下限呢，收费上限封顶了这算是一个sell put么

NO.PZ2022122701000054 问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 如题。

NO.PZ2022122701000054 问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 老李的讲解没听明白，我看了几个答疑之后，想到的，麻烦老师帮我确认一下。Hien lake的话，是有0.3%的base fee，然后这个15%，没有写minimum，如果收益低于0.3%，那就要付出一定的钱，那其实这个的图形，就是一条直线，和股票一样，做得好就是多拿，做的不好还要倒贴。一条直线，所以是对称的。那Carpenter，是写了0.18%是minimum fee，那就是如果它的收益是低于0.18%的，它就不用付钱，最低不管怎么样都能拿到0.18%，然后超过base fee的部分，就可以拿到20%的提成，但是如果太多了，它也就只能拿到0.8%的收益。那这个图形，其实是一个collar的图形吧？就是有下限，也有上限。但这个不也是对称的吗？（就旋转180°，他们不就一样了吗？因为那个直线，也是旋转180°一样呀？）那这样的话，不对称结构才是call option，就都不是了呀。。。（其实我当时的理解是，call option，就是收益率有下限，没有上限，但是两个好像都不符合，因为hien lake会亏，然后carpenter有上限。）所以，老师你看下我的理解错在哪里。谢谢。

NO.PZ2022122701000054 问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 之前的回答都没到位啊第一个费用结构看不出亏了要赔钱。还有一个延伸问题如果两个都是保底加盈利有奖金亏了不赔钱的结构，那更像看涨期权的应该是没有封顶的对不对？

NO.PZ2022122701000054问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 怎么看出Hien Lake是对称的呢