可以解释一下这四个回答吗

问题如下：

An analyst at an investment firm is researching thefee structures at several hedge funds. The analyst notes that, in the past,incentive fees strongly favored hedge fund managers to the disadvantage ofinvestors in the hedge funds, causing investors to be reluctant to invest inthem. Many hedge funds have recently adjusted the terms they offer to attractnew investors. Which of the following correctly describes one of theseadjustments to the fee structure?

选项：

A.

A high-water mark clause states that incentive fees will only be paid when returns are above a certain percentage return each year.

B.

A hurdle rate states that incentive fees will only be paid when cumulative investor profits are positive and are above a specified amount.

C.

A clawback clause provides a mechanism for investors to reclaim incentive fees that have already been paid.

D.

A proportional adjustment clause provides a mechanism to raise the hurdle rate as the hedge fund generates more profits.

解释：

C is correct. A clawback clause is used to create a mechanismwhereby investors can reclaim incentive fees that have already been paid if thehedge fund suffers losses in subsequent years.

A is incorrect. This is the description of a hurdle rate.

B is incorrect. A high-water mark clause states that incentive feeswill only be paid when cumulative investor profits are positive.

D is incorrect. A proportional adjustment clause states that thehigh-water mark only applies to funds that are not withdrawn.