Which of the following statements about futures hedging is FALSE? O Select one or more: A. A market participant who is less risk averse is more likely to remain unhedged. B. A long hedger will have been better off unhedged if the underlying asset price falls throughout the life of the futures contract. C. A perfectly hedged position bears no systematic risk, thus expects to earn the risk-free rate for its entire position (combination of the underlying asset and the futures position). D. The act of hedging leads to outcomes where profit is maximised at all price levels of the underlying asset at maturity, relative to its position with no hedging