共同基金到ETF的转换随着需求的转变而上升

As exchange-traded funds continue growing in popularity, asset managers are increasingly converting mutual funds to ETFs to adapt to client demands.

There have been more than 70 mutual fund-to-ETF conversions in the U.S., and asset managers expect this number to rise further over the next year. 

The latest is Pimco, which proposed its first mutual fund-to-ETF conversion this year. The investment management firm is weighing the conversion of its $141M Mortgage-Backed Securities Fund from a mutual fund into an ETF.

To note, Pimco's mutual fund offerings saw $2.1B inflows for the year ended as of January 31, according to Morningstar data, while its ETFs recorded $3.9B inflows.

While mutual funds have been favored historically, investors are now increasingly opting for rival products that offer lower fees and tax advantages.

"Growing interest in active strategies since 2021 and the regulatory latitude granted to reorganizations of financial products into ETFs since 2019 have spurred increasing mutual fund to ETF conversions," Peter Shea, co-head of ETF Practice at law firm K&L Gates, noted last month. 

U.S. mutual funds saw net outflows of more than $1T from Jan. 2021 to Dec. 2023. "In a world where you have zero commission stock trading and can get exposure to a diversified basket of stocks through direct indexes, it's hard to say that the mutual fund is an efficient vehicle anymore," Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, told Financial Times.

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