Morgan Stanley converts $10B in bond funds to ETFs as semiconductor RWA futures surge

Morgan Stanley Investment Management (MSIM) has announced plans to convert eight municipal bond funds into ETFs, representing approximately $10 billion in assets under management as of August 31, 2026. This move aims to expand MSIM’s ETF platform and provide active bond investment solutions through an ETF structure.

In the digital asset sector, a report from Token Terminal and OKX highlights a significant rise in Real-World Asset (RWA) futures. In July 2026, monthly trading volumes for semiconductor and DRAM memory futures—including assets like SK Hynix, Micron, and SanDisk—reached $45.3 billion. These instruments accounted for 72% of all individual stock volume within the RWA futures category. This growth is attributed to rising DRAM prices driven by high-bandwidth memory (HBM) demand for AI applications, prompting manufacturers and asset managers to seek hedging opportunities.