- As of April 2025, there have been 140 mutual fund-to-ETF conversions, representing a combined AUM of approximately $142 billion, with YTD net flows of $9.7 billion.
- Active converted ETFs account for 14.5% of the total active ETF market, down from 15.1% in Q4 2024 and 17.9% in Q4 2023. YTD net flows for active converted ETFs are 8.4% of AUM, trailing the broader active ETF market’s 11.8%.
- Although AUM growth and net flows lag the broader ETF market, mutual fund-to-ETF conversions remain robust. Several firms plan additional conversions in 2025, including Putnam’s upcoming conversion of 10 municipal bond mutual funds ($3.5 billion AUM) in 4Q25.
