NO.PZ202110280100001303
问题如下：
Calculate the net active return based on each possible gross active return provided using the selected data in Exhibit A. Show your calculations.
选项：
解释：
Gross Active Return ≤ 0.20%:
Gross Active Return at or below the Base Fee − Base Fee = Net Active Return
0.20 − 0.20 = 0.00
=> Net Active Return ≤ 0.00%
Base Fee = Billed Fee (No Sharing Fee)
0.20
Gross Active Return = 0.75%:
Active Return − Base Fee = Return Subject to Sharing Fee
0.75 − 0.20 = 0.55
Return Subject to Sharing Fee × Sharing Fee = Additional Fee Due to Sharing Fee
0.55 × 0.25 = 0.1375
Base Fee + Additional Fee Due to Sharing Fee = Billed Fee
0.20 + 0.1375 = 0.3375
Active Return − Billed Fee = Net Active Return
0.75 − 0.3375 = 0.4125, rounded to 0.41%
Gross Active Return = 1.25% is the breakeven active return (No Sharing Fee):
Gross Active Return − Standard Fee = Net Active Return
1.25 − 0.35 = 0.90 or 0.90%
Standard Fee = Billed Fee (No Sharing Fee)
0.35
Gross Active Return = 1.75%:
Gross Active Return − Base Fee = Return Subject to Sharing Fee
1.75 − 0.20 = 1.55
Return Subject to Sharing Fee × Sharing Fee = Additional Fee Due to Sharing Fee
1.55 x 0.25 = 0.3875
Base Fee + Additional Fee Due to Sharing Fee = Billed Fee
0.2 + 0.3875 = 0.5875
Gross Active Return − Billed Fee = Net Active Return
1.75 − 0.5875 = 1.1625, rounded to 1.16%
老师，表格里给的数据单位给的都是%，但实际我们知道哪个sharing不可能是0.25%，而就是0.25； 所以题目这里是表述的不严谨吗？那如果考试遇到这种情况，我们是默认sharing比例是0.25还是0.25(%）？
