Investors in alternative funds and sector equity funds saw the highest annual return gaps, at 1.6% and 1.2%, respectively. Municipal bond funds delivered the lowest annual total returns, at 2.2%, with an investor return gap of 1.1%. Crypto ETFs, on the other hand, fared much worse, with a gap of approximately 14.0% between investors’ annual returns and the fund returns. When it came to fund structure, ETF investors saw a higher annual return gap of 1.6% than investors in open-end funds (1.2%), but also higher aggregate total returns of 11.2% vs. 9.6% for open-end funds. Investors in active funds saw an overall higher annual return gap, at 1.6%, than index fund investors, at 1.1%.