请问为什么gain和loss 都是减去呢？

NO.PZ2021090804000005 问题如下 Lily hol a large amount of APPL stock, whiaccounts for 90% of his wealth. e to the concentration of risks, Lily trieto versify its investment portfolio using the procee from the sale of APPL shares to invest in mutufun. Lily's investment aisors have intifiethree mutufun, anLily consirs whiof these three mutufun will the most tax-efficient in the future. Some ta of the three mutufun are shown in Table 1.Baseon Exhibit 1, the mutufunmost likely to the most tefficient going forwaris: A.Fun B.Fun C.Fun A is correct. FunA ha lower percent capitgain exposure (PCGE) thes FunB or FunPCGE is estimate of the percentage of a funs assets threpresent gains anmeasures how muthe funs assets have appreciate It cincator of possible future capitgain stributions. PCGE cuseto gauge the amount of tliability embeein a mutufun The negative PCGE of FunA implies thFunA is more likely to the most tax-efficient fungoing forwar because it cuse the embeelosses in its portfolio to offset future realizegains.PCGE = Net gains (losses)/Totnet assets.Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76%A是正确的。 与基金 B 或基金 C 相比，基金 A 的资本收益风险敞口 (PCGE) 百分比较低。 PCGE 是对代表收益的基金资产百分比的估计，并衡量基金资产的升值幅度。 它可以作为未来可能的资本收益分配的指标。 PCGE 可用于衡量共同基金中嵌入的纳税义务金额。 基金 A 的负 PCGE 意味着基金 A 更有可能成为未来最节税的基金，因为它可以利用其投资组合中的内在损失来抵消未来的已实现收益。PCGE = 净收益（损失）/总净资产。 Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76% 分子上面为什么要减去Capitgain stribution啊

NO.PZ2021090804000005问题如下 Lily hol a large amount of APPL stock, whiaccounts for 90% of his wealth. e to the concentration of risks, Lily trieto versify its investment portfolio using the procee from the sale of APPL shares to invest in mutufun. Lily's investment aisors have intifiethree mutufun, anLily consirs whiof these three mutufun will the most tax-efficient in the future. Some ta of the three mutufun are shown in Table 1.Baseon Exhibit 1, the mutufunmost likely to the most tefficient going forwaris: A.FunA.B.FunB.C.FunC. A is correct. FunA ha lower percent capitgain exposure (PCGE) thes FunB or FunPCGE is estimate of the percentage of a funs assets threpresent gains anmeasures how muthe funs assets have appreciate It cincator of possible future capitgain stributions. PCGE cuseto gauge the amount of tliability embeein a mutufun The negative PCGE of FunA implies thFunA is more likely to the most tax-efficient fungoing forwar because it cuse the embeelosses in its portfolio to offset future realizegains.PCGE = Net gains (losses)/Totnet assets.Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76%A是正确的。 与基金 B 或基金 C 相比，基金 A 的资本收益风险敞口 (PCGE) 百分比较低。 PCGE 是对代表收益的基金资产百分比的估计，并衡量基金资产的升值幅度。 它可以作为未来可能的资本收益分配的指标。 PCGE 可用于衡量共同基金中嵌入的纳税义务金额。 基金 A 的负 PCGE 意味着基金 A 更有可能成为未来最节税的基金，因为它可以利用其投资组合中的内在损失来抵消未来的已实现收益。PCGE = 净收益（损失）/总净资产。 Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76% 是所有都选最小的吗？没明白

NO.PZ2021090804000005 问题如下 Lily hol a large amount of APPL stock, whiaccounts for 90% of his wealth. e to the concentration of risks, Lily trieto versify its investment portfolio using the procee from the sale of APPL shares to invest in mutufun. Lily's investment aisors have intifiethree mutufun, anLily consirs whiof these three mutufun will the most tax-efficient in the future. Some ta of the three mutufun are shown in Table 1.Baseon Exhibit 1, the mutufunmost likely to the most tefficient going forwaris: A.Fun B.Fun C.Fun A is correct. FunA ha lower percent capitgain exposure (PCGE) thes FunB or FunPCGE is estimate of the percentage of a funs assets threpresent gains anmeasures how muthe funs assets have appreciate It cincator of possible future capitgain stributions. PCGE cuseto gauge the amount of tliability embeein a mutufun The negative PCGE of FunA implies thFunA is more likely to the most tax-efficient fungoing forwar because it cuse the embeelosses in its portfolio to offset future realizegains.PCGE = Net gains (losses)/Totnet assets.Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76%A是正确的。 与基金 B 或基金 C 相比，基金 A 的资本收益风险敞口 (PCGE) 百分比较低。 PCGE 是对代表收益的基金资产百分比的估计，并衡量基金资产的升值幅度。 它可以作为未来可能的资本收益分配的指标。 PCGE 可用于衡量共同基金中嵌入的纳税义务金额。 基金 A 的负 PCGE 意味着基金 A 更有可能成为未来最节税的基金，因为它可以利用其投资组合中的内在损失来抵消未来的已实现收益。PCGE = 净收益（损失）/总净资产。 Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76% 如题，这里的gains 以及capitgains stributions 都是针对realizegains，难道是因为之前持仓股票涨的多，先卖出了一部分并且做了分配；后来股价跌回去了再计算gain，gain的余额就变少了？

NO.PZ2021090804000005 问题如下 Lily hol a large amount of APPL stock, whiaccounts for 90% of his wealth. e to the concentration of risks, Lily trieto versify its investment portfolio using the procee from the sale of APPL shares to invest in mutufun. Lily's investment aisors have intifiethree mutufun, anLily consirs whiof these three mutufun will the most tax-efficient in the future. Some ta of the three mutufun are shown in Table 1.Baseon Exhibit 1, the mutufunmost likely to the most tefficient going forwaris: A.Fun B.Fun C.Fun A is correct. FunA ha lower percent capitgain exposure (PCGE) thes FunB or FunPCGE is estimate of the percentage of a funs assets threpresent gains anmeasures how muthe funs assets have appreciate It cincator of possible future capitgain stributions. PCGE cuseto gauge the amount of tliability embeein a mutufun The negative PCGE of FunA implies thFunA is more likely to the most tax-efficient fungoing forwar because it cuse the embeelosses in its portfolio to offset future realizegains.PCGE = Net gains (losses)/Totnet assets.Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76%A是正确的。 与基金 B 或基金 C 相比，基金 A 的资本收益风险敞口 (PCGE) 百分比较低。 PCGE 是对代表收益的基金资产百分比的估计，并衡量基金资产的升值幅度。 它可以作为未来可能的资本收益分配的指标。 PCGE 可用于衡量共同基金中嵌入的纳税义务金额。 基金 A 的负 PCGE 意味着基金 A 更有可能成为未来最节税的基金，因为它可以利用其投资组合中的内在损失来抵消未来的已实现收益。PCGE = 净收益（损失）/总净资产。 Fun A  PCGE=(450,000−500,000)[2,000,000+(450,000−500,000)]=−2.56%Fun;A\;PCGE=\frac{\left(450,000-500,000\right)}{\left[2,000,000+\left(450,000-500,000\right)\right]}=-2.56\%FunPCGE=[2,000,000+(450,000−500,000)](450,000−500,000)​=−2.56%Fun B  PCGE=(300,000−200,000−100,000)[3,000,000+(300,000−200,000−100,000)]=0Fun;B\;PCGE=\frac{\splaystyle\left(300,000-200,000-100,000\right)}{\splaystyle\left[3,000,000+\left(300,000-200,000-100,000\right)\right]}=0FunPCGE=[3,000,000+(300,000−200,000−100,000)](300,000−200,000−100,000)​=0Fun C  PCGE=(600,000−400,000)[4,000,000+(600,000−400,000)]=4.76%Fun;C\;PCGE=\frac{\splaystyle\left(600,000-400,000\right)}{\splaystyle\left[4,000,000+\left(600,000-400,000\right)\right]}=4.76\%FunPCGE=[4,000,000+(600,000−400,000)](600,000−400,000)​=4.76% 可以贴一下原讲义吗 没什么印象

NO.PZ2021090804000005 她是不是打算用卖掉APPL股票的钱来购买MUTUFUN如果还没有持有的话，怎么会计算PCGE呢？