Hi, I am confused with the fee structure of Fund of Funds. Many FoF charges a 2/20 or 1/10 but does it charge the fee AFTER the cut of the underlying funds or BEFORE? If it charges their fee after the cut of underlying funds then the real fee compared to the money made by trading would be very high (double of a typical hedge fund) because the underlying funds would charge a 2/20 of their own. On the other hand if the 2/20 charged by the fund of funds already includes the underlying cuts, where would be the profit come from for the FoF? Thanks so much in advanced.