Answer: Callable with non-cumulative dividends.

**Explanation:** - **Option A (Putable with non-cumulative dividends):** Incorrect. Putable shares are less risky for investors because they provide the option to sell the shares back to the issuer. Non-cumulative dividends introduce uncertainty, but the putable feature mitigates overall risk. - **Option B (Non-callable with cumulative dividends):** Incorrect. Non-callable shares do not expose investors to redemption risk, and cumulative dividends ensure that unpaid dividends accrue, providing greater certainty of future cash flows. - **Option C (Callable with non-cumulative dividends):** Correct. Callable shares introduce redemption risk, and non-cumulative dividends add uncertainty about future payments. This combination results in the lowest certainty of cash flows and the greatest potential risk for investors.

Author: LeetQuiz Editorial Team