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Mutual funds and ETFs each have their pros and cons. Investment advisors often use both for different reasons.

Vanguard Group, the largest U.S. manager of mutual fund assets, agreed to pay $40 million to settle a lawsuit claiming it stuck ordinary investors in its popular target-date retirement funds with surprisingly large tax bills.

Quant ELSS Tax Saver Fund delivered 32.02 percent annualised return in the past five years, Motilal Oswal ELSS Tax Saver Fund gave a CAGR return of 24.14 percent, while Bank of India ELSS Tax Saver Fund gave an annualised return of 25.

Target-date fund holders who invested through taxable accounts absorbed a giant capital gains distribution because of the firm's flub, the plaintiffs say.