Optimization software is based on $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_,$

$1....$the benchmark expectations of the portfolio.

$2....$the volatility of the portfolio.

$3....$the expected returns of the portfolio.

$4....$expected client returns.

Group of answer choices

$2,3,$ and $4$

$1,2,3,$ and $4.$

$2$ and $3$

$1,2,$ and $3$