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William held an international equity mutual fund that had declined in value. He sold the fund and purchased an international equity ETF. Thirty days later,

William held an international equity mutual fund that had declined in value. He sold the fund and purchased an international equity ETF. Thirty days later, he reversed this trade, selling the ETF and repurchasing the mutual fund. What activity was William engaged in?

Speculation.

Rebalancing.

Tax loss harvesting.

Tactical asset allocation.

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