Immunization Is Not a Strictly Passive Strategy Because

Immunization is not a strictly passive strategy because

A) it requires choosing an asset portfolio that matches an index.
B) there is likely to be a gap between the values of assets and liabilities in most portfolios.
C) it requires frequent rebalancing as maturities and interest rates change.
D) durations of assets and liabilities fall at the same rate.
E) None of the options