I$)$ My benchmark is the S&P$500$ stock Index. But I only have $10$ S&P $500$ stocks in my portfolio. So I only need a variance covariance matrix for my $10$ stocks to compute Active Risk.

II$)$ The Active Risk of a portfolio is negative when the portfolio has less risk than the benchmark.

a$.$ All statements are true.

b$.$I is true, II is false.

c$.$ II is true, I is false.

d$.$ All statements are false.