What are the benefits of ETFs over traditional mutual fund schemes?

Feature ETFs Securities Traditional Mutual Fund
Real time trading and pricing during market hoursYesYesNo
Convenience of putting limit ordersYesYesNo
Ability to be traded real time on the Stock ExchangeYesYesNo
Arbitrage between Futures and Cash MarketYesYesNo
Diversification possible with a single unitYesNoYes
Returns in sync with the market/ benchmark indexYes*NoNo
Chance to trade intraday (buy and sell the same day)YesYesNo
Exit LoadNoNoYes

*Returns are subject to Tracking Error