ETF Conversions from Mutual Funds Hit Record Highs

Mutual funds are morphing into ETFs like Agent Smith transforms bystanders in “The Matrix” series. Cohen & Steers, for example, is preparing an exchange-traded fund that will receive the assets of its existing Future of Energy Fund, according to a filing Monday. Meanwhile, Baillie Gifford is planning to convert three stock mutual funds to ETFs. That follows recent news that Impax Asset Management debuted its first US ETF, a global infrastructure fund that replaces an otherwise identical mutual fund. There ...