Auction-Rate Preferred Stock Has Less Risk Factors Than Adjustable-Rate Preferred

Auction-Rate Preferred Stock has less risk factors than Adjustable-Rate Preferred Stock (ARPS) because:

A) the reset period is 49 days instead of 90.
B) the market sets the dividend level reducing principle volatility.
C) better liquidity allows corporate investors to control their investments individually.
D) All of the above.
E) None of the above.