Mutual fund conversions hit record in ETF industry's epic year [Fortune]
Blackrock Health Sciences Trust (BME)
US:NYSE Investor Relations:
blackrock.com/investing/products/240227/blackrock-health-sciences-trust-usd-fund
Company Research
Source: Fortune
Yet, it's also shaping up to be a banner era for money managers revamping their tried-and-tested mutual funds into the tax-efficient product. This year has seen a record number of mutual fund-to-ETF switches, according to data compiled by Morningstar Direct. As demand for the easy-to-trade ETF structure gains traction on Wall Street, 55 made the conversion — more than triple from 2021. Majority of the products that converted were fixed-income in nature, particularly from Stone Ridge's LifeX suite. Other issuers include Morgan Stanley , TCW Group Inc. and BlackRock Inc. And that tally is only expected to grow. Bank of America Corp. strategists foresee about 400 mutual funds with over $325 billion in total assets that are ripe for ETF conversions, with $3 billion of that amount anticipated to occur in 2025. For years, it's been somewhat of a zero-sum game between the two products as investors pass over more staid mutual funds in favor of ETFs. But the flows paint a clear picture.
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