1. Which of the following advantage(s) does (do) Exchange Traded Funds have over traditional mutual funds?

   I) Trading Flexibility - ETFs are bought and sold during the day when the markets are open, but mutual fund shares are traded only once per day after the markets close.

   II) More flexibility in portfolio diversification and risk management - ETF shares may be able to provide an investor easy exposure to a specific desired sector, style, industry, or country categories.

   III) Lower transaction fees.

   		I, II, and III only.
   		I and II only.
   		I and III only.
   		II, and III only.
   		III only.