Mutual fund conversions hit record in ETF industry’s epic year

Signage during the listing ceremony of a spot-Bitcoin ETF issued by China Asset Management at the Hong Kong Stock Exchange in Hong Kong, China, on Tuesday, April 30, 2024. A batch of exchange-traded funds investing directly in crypto debuted in Hong Kong, heralding potential competition for US Bitcoin products whose popularity stoked a record rally in the digital asset.

Photographer: Paul Yeung/Bloomberg via Getty Images