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  "notes": "The chart highlights that active mutual funds consistently generate higher capital gains distributions compared to other investment vehicles.",
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      "text": "Source: Morningstar, J.P. Morgan Asset Management. Capital gains are the taxable profits made when an asset is sold for more than its initial purchase cost. \"Weighted\" capital gains are the capital gains paid by an investment vehicle divided by its net asset value (NAV). NAV is the per-share value of a fund, calculated by subtracting the fund's liabilities from its total assets and dividing the result by the number of outstanding shares. This slide comes from our Guide to ETFs. Guide to the Markets – U.S. Data are as of March 30, 2026.",
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