A recent Morningstar report slams Canada for its mutual fund fees, giving the country the only F out of 22 countries listed.

The report found the median asset-weighted expense ratio to be 1.31% for fixed-income funds, 2.31% for equity funds and 0.80% for money market funds. These fees were the highest among the 22 countries in the survey for equity funds, third highest for fixed-income funds and tied for highest for money market funds.

Canada also received a D in regulation and taxation because of “steep investment taxes” levied on fund management fees and a high tax bill on investment returns.