Which of the following is not an attribute of mutual funds?

Mutual funds are investment vehicles that pool money from many investors to invest in a diversified portfolio of stocks, bonds, or other securities. One of the fundamental advantages of mutual funds is their ability to provide diversification. By investing in a variety of assets, mutual funds can help reduce risk, as the performance of individual investments may fluctuate.

Another key attribute of mutual funds is professional management. Fund managers, who are experts in finance and investment, actively manage the fund's portfolio, making decisions about which securities to buy or sell based on market conditions and investment objectives. This professional oversight can offer individual investors access to investment strategies and knowledge they may not possess themselves.

However, one attribute that mutual funds do not provide is guaranteed returns. The value of mutual fund investments can rise and fall based on market conditions, and there are no assurances of profit. Past performance is not indicative of future results, meaning that while mutual funds can potentially offer growth, they also come with risks that can lead to losses.

Therefore, the correct response identifies guaranteed returns as something that is not an attribute of mutual funds, as this is fundamentally contrary to how investment markets operate.