According to Eric Balchunas, Raymond James said it is actively exploring mutual fund-to-ETF conversions and will not add ETF share classes, as relayed in comments shared on X on Dec 11, 2025 (source: Eric Balchunas, X, Dec 11, 2025). Balchunas also reported that Merrill is more bullish on conversions than share classes, calling conversions cleaner, and noted that assets have doubled post-conversion based on Merrill’s remarks (source: Eric Balchunas, X, Dec 11, 2025). For traders, these statements highlight that conversions may concentrate AUM growth and secondary-market liquidity in converted ETFs relative to share-class structures, anchored by the reported post-conversion asset doubling (source: Eric Balchunas, X, Dec 11, 2025). The post did not reference crypto ETFs, and no direct impact on BTC or ETH was indicated in the source (source: Eric Balchunas, X, Dec 11, 2025).

According to @EricBalchunas, the most asked question at a live ETF panel was how to get into Merrill’s model, directed to Richard Tseng, who runs a $200 billion Merrill model portfolio described as the biggest ETF portfolio in the world after the Bank of Japan. Source: @EricBalchunas on X, Dec 11, 2025. According to @EricBalchunas, the panel also featured Riz Hussain from Schwab and Matt Orton from Raymond James. Source: @EricBalchunas on X, Dec 11, 2025. According to @EricBalchunas, the crowd’s focus on model inclusion highlights the distribution importance of Merrill’s model to ETF issuers seeking scalable access via model portfolios. Source: @EricBalchunas on X, Dec 11, 2025.

According to Stock Talk (@stocktalkweekly), Raymond James has reiterated its Strong Buy rating on Trevi Therapeutics ($TRVI) with a $29 price target, following the company's presentation of new clinical data at a KOL panel during the ATS event. This renewed analyst confidence, backed by tangible data releases, indicates heightened institutional interest and potential for significant price movement in $TRVI. For crypto traders, strong moves in biotech equities like TRVI can impact sentiment and capital flow in related crypto healthcare tokens, especially those tied to medical technology and bio-data blockchain projects. Source: Stock Talk (@stocktalkweekly), May 20, 2025.