请问第四问，（先不考虑EUR 或者JPY），假设这对EUR的时候，老师的讲解中是long AMT put, short OTM call, short OTM put, 把long ATM put 和 short OTM call组合在一起构成了collar。 但是在学习中，collar的组合里一般是call 的exercise price 高于put 的exercise price, 这里为什么不能选择long OTM put + short OTM call + short ATM put 呢

请问第三题，虽然说得是average了，但是不应该用成交量算weightedaverage吗，为什么直接除以5了呢（虽然两个方法得到的结果是一样的）。考试的时候average用哪种呢

原版书上这句话看不懂，allows volatility sellers to sell variance swaps at a higher price than at-the-money options，这个跟atm option有什么关联？A feature of variance swaps that makes them particularly interesting to investors is that their payoffs are convex in volatility, as seen Exhibit 4. This convexity occurs because being long a variance swap is equivalent to be long a basket of options and short the underlying asset (typically by selling a futures contract). A long position in a variance swap is thus long gamma and has a convex payoff. This characteristic allows volatility sellers to sell variance swaps at a higher price than at-the-money options because the swap’s convex payoff profile is attractive to investors who desire a long volatility position as a tail risk hedge.

第一题能再讲解下么，不太懂

疑问在答案，我看有的老师回复“保底是核心特征，封顶算完善补充”，那答案写为“Carpenter management has a bonus-style fee with minimum and maximum fee feature that are close equivalent of a manager's call option on a share of active return”，这样是不是更准确？

Q2在哪个知识点，上课的时候好像没有提到过，另外可以看一下这个知识点在冲刺笔记哪页？

老师讲解的时候提到，如果alpha比较大，就不是量化模型，是依靠主观判断进行选股。那通常要多大的activerisk或者activeshare才会认为是alpha比较大呢

如果有是standardfeepaying，又是受益人，那还需要最后再交易吗

第四题，如果没有Cswap这个选项，是否应该选ETF，因为ETF可以用margin来购买，但是bondmutualfund不可以

老师请问 如果客户的行为违法了 还需要为客户保密么