Which of the following is CORRECT?

Select one:

A.A traditional active manager begins with a pool of investment capital, tries to identify stocks that she thinks would appreciate the most, and, therefore, would decide to include those in an investment portfolio.

B.Whatever that manager's benchmark, if the active manager is uninformed about a particular stock, she will not hold it in the investment portfolio.

C.Exchange-Traded Funds are usually more tax-efficient in the sense that they are less likely than mutual funds to make taxable capital gains distributions.

D.Both option (A) and option (B)

E.All of the option (A), option (B) and option (C)