Pick the statement that best describes the contemporary asset pricing models:

a. Compared to the Capital Asset Pricing Model (CAPM), contemporary asset pricing models consider more sources of systematic risks or return co-movement. b. All of the options provided. c. HML (High-Minus-Low) is an essential factor representing an important source of systematic risk in the Fama and French five-factor model. d. UMD (Up-Minus-Down), i.e., the momentum factor, is a reliable source of systematic risk; hence, it is included in several factor models.