Point-in-Time Equity Universe Construction

For a monthly equity backtest, which universe construction is least survivorship-biased?

A. Use today’s index constituents for the entire historical sample. B. Use monthly historical constituents and keep delisted names in the panel until their actual exit dates. C. Keep only stocks with complete price histories from start to finish. D. Drop delisted names as soon as their prices become noisy near bankruptcy.

Give the best choice.