With equity$-$indexed annuities, generally, there is a tradeoff between index benefit, participation rates, caps, guarantees, and liquidity. Which one of the following best describes the relationship of product design to liquidity?

A$)$ The higher the participation rate and the longer that rate is guaranteed, the more liquidity.

B$)$ The higher the participation rate and the longer that rate is guaranteed, the less liquidity.

C$)$ The lower the participation rate and the shorter the term that rate is guaranteed, the less liquidity.

D$)$ None of these.