Student A constructs a K₁-K₂ bull spread using call options, while Student B constructs a K₁-K₂ bull spread using put options. All options are European with the same underlying asset and time to expiration.

Determine which of the following statements about these two bull spreads is/are correct.

I. Students A and B both have a short position with respect to the underlying asset.

II. Students A and B have the same payoff at expiration.

III. Students A and B have the same profit.

(A) I only

(B) II only

(C) III only

(D) I and III only

(E) The correct answer is not given by (A), (B), (C), or (D)