Which of the following statements regarding derivatives is$($are$)$ CORRECT?

I. Derivatives are securities that derive their value in whole or in part by having a claim on certain underlying securities$.$

II$.$ Gains or losses on the sale of derivatives will depend on the difference between the purchase price and the sales price.

Question $38$ options:

$1)$

I only

$2)$

II only

$3)$

Both I and II

$4)$

Neither I nor II