Which of the following statements is not true of passive mutual funds and passive ETFs?

A. use rules-based investing to track and index, typically by holding all of its constituent assets or an automatically selected representative sample of those assets.

B. As of December 2017, passive funds accounted for 35% of combined U.S. mutual fund and ETF assets under management AUM.

C. In the last five decades there has been a significant shift from passive toward more active investment strategies.

D. passive funds have relatively lower costs associated with them.

E. Due to greater regulatory focus on the fees of investment products have encouraged the financial industry to offer more low-cost passive products.