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You are a financial advisor. Based on a client's return goals, risk tolerance, and constraints, you design a strategic asset allocation using a diversified portfolio
You are a financial advisor. Based on a client's return goals, risk tolerance, and constraints, you design a strategic asset allocation using a diversified portfolio of passively managed ETFs, representing all the major asset classes. The client asks you about replacing the passively managed ETFs with actively managed mutual funds. Discuss the pros and cons of actively managed mutual funds vs. passively managed ETFs. [Must mention at least three items, pros or cons]
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