NO.PZ2019093001000021
问题如下：
Which of the following fee structures most likely decreases the volatility of a portfolio’s net returns?
选项：
A.Incentive fees only
Management fees only
Neither incentive fees nor management fees
解释：
A is correct.
Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. Charging a management fee (a fixed percentage based on assets) lowers the level of realized return without affecting the standard deviation of the return series.
Which of the following fee structures most likely decreases the volatility of a portfolio’s net returns?
显然management fee是不管怎么样都要收的，仅有management fee的结构来说，的确volatility可以忽略为没有？于是当时就选错了
理解李老师上课说的asymmetrical的结构会reduce variability on upside，这样的确对整体波动性会降低，但的确如果不考虑bonus这块的话，单就management fee的话的确volatility近乎为0啊？这个怎么理解？
另外，题目也没有说是对称结构还是非对称结构啊？还是说题目说到“net”就是asymmetrical？我不太懂，请老师仔细说说，感谢
