Question 5. Which of the following is most likely false about the BXM index at the Chicago Board of Options Exchange? (a) Benchmarked against the S&P 500 index, the BXM index usually generates negative alpha in very bullish markets. (b) Benchmarked against the S&P 500 index, the BXM index usually generates positive alpha in bear markets. (c) The BXM index ignores the dividends paid by the S&P500 stocks because call option holders do not receive the dividends of the underlying stocks. (d) The BXM index measures the performance of a fund that uses covered call on the S&P 500 portfolio as the sole investment strategy