老师，请问这道题怎么理解？怎么看出Hidden Lake是Symmetric, 而Carpenter是call option. 协会给的答案如下：
Solution
Identify which manager’s fee structure is most similar to a call option on a share of active return. (Circle one)Hidden LakeCarpenter Management
Justify your selection.Carpenter Management has a bonus-style fee with a maximum fee feature. Bonus-style fees are the close equivalent of a manager’s call option on a share of active return, for which the base fee is the strike price—for example, the 18 bps base fee, plus a long call option on active return with a strike price equal to the minimum (base) fee, minus another (less valuable call option) with a strike price equal to the maximum fee. Hidden Lake has a symmetrical fee structure in which the manager is fully exposed to both the downside and upside. So, of the two firms, Carpenter Management’s fee structure is most similar to a call option.
