Determine whether each of the following statements about zero-cost purchased collars on stocks is true or false. Assume that options at all positive strike prices are available for trading. Note that you are not given whether the underlying stock pays dividends or not. 

(A) A long zero-cost collar is a bet on the price of the underlying stock going up in the future

(B) A zero-cost collar can always be constructed by some pair of call and put options.

(C) A zero-cost collar, if it exists, can be constructed by one and only one pair of call and put options.

(D) The put option can be at-the-money.

(E) The call option must be out-of-the-money