NO data is given. Just need a general explanation.

You are advising a client on forming an US equity portfolio. You are considering three types of financial products: (1) Mutual funds: You have done research on some actively managed funds such as the Fidelity Magellan Fund and the Fidelity Low-Priced Fund, as well as the Vanguard S&P 500 index fund. (2) ETFs and ultra-ETFs: You plan to discuss the ETFs including those from Proshares with your client because your client shows a moderately low level of risk aversion. Use the data from the homework, plus additional information you can find about the mutual funds and the ETFs (from the fund website for example), to answer the following questions. Note that the standard ETFs do not have the ultra or ultra-short feature and only track the benchmarks. (1) Would you recommend the two actively managed mutual funds to your client to form part of the portfolio? What mutual funds do you recommend? You can recommend one to all three funds, but you need to present analysis and explain your decision. (2) If your client is interested in the ETFs from Proshares, would you recommend adding any of such ETFs to the equity portfolio? Or do you recommend the traditional ETFs (not ultra- or ultra short) instead. Explain convincingly the reasons behind your recommendation. (3) Determine and explain the overall equity portfolio you recommend. For this question, you do not need to compute the exact weights of the funds/ETFs in the portfolio, but the allocation should be consistent with your understanding about the products and your analysis. You are advising a client on forming an US equity portfolio. You are considering three types of financial products: (1) Mutual funds: You have done research on some actively managed funds such as the Fidelity Magellan Fund and the Fidelity Low-Priced Fund, as well as the Vanguard S&P 500 index fund. (2) ETFs and ultra-ETFs: You plan to discuss the ETFs including those from Proshares with your client because your client shows a moderately low level of risk aversion. Use the data from the homework, plus additional information you can find about the mutual funds and the ETFs (from the fund website for example), to answer the following questions. Note that the standard ETFs do not have the ultra or ultra-short feature and only track the benchmarks. (1) Would you recommend the two actively managed mutual funds to your client to form part of the portfolio? What mutual funds do you recommend? You can recommend one to all three funds, but you need to present analysis and explain your decision. (2) If your client is interested in the ETFs from Proshares, would you recommend adding any of such ETFs to the equity portfolio? Or do you recommend the traditional ETFs (not ultra- or ultra short) instead. Explain convincingly the reasons behind your recommendation. (3) Determine and explain the overall equity portfolio you recommend. For this question, you do not need to compute the exact weights of the funds/ETFs in the portfolio, but the allocation should be consistent with your understanding about the products and your analysis