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Réti Opening
1.Nf3

1.Nf3 develops a piece instead of moving a pawn to begin the game. The knight develops to a good square that controls the center while keeping flexible options with the central pawns. A later d2-d4 move may transpose to a 1.d4 opening (while avoiding certain lines), while a later c2-c4 move might transpose to the English Opening.
The Reti Opening can be used to refer to two different starting positions:

1.Nf3, sometimes known as the Zukertort Opening
1.Nf3 d5 2.c4, sometimes known as the Reti Gambit.
Pros

Flexible
Develops a piece and controls e5
Prepares to castle

Cons

Blocks the f-pawn
Allows 1...c5, controlling the d4 square from the side
Allows Black many options

Variations

Because of its flexibility, the Reti Opening often transposes into something else, but there are some independent lines.