Convert VMware VM to UTM (Mac)

gistfile1.txt

Export VM as OVF
/Applications/VMware\ Fusion.app/Contents/Library/VMware\ OVF\ Tool/ovftool VM.vmwarevm/VM.vmx .

Convert .vmdk to .qcow2
qemu-img convert -p -f vmdk -O qcow2 VM-disk1.vmdk VM-disk1.qcow2

Create custom VM in UTM matching VM hardware
Remove default disk 
Add drive / import QCOW2 file (file is copied to default UTM VM folder)
Add CD/DVD drive

Startup VM
Install Guest tools
(Optional) move VM to other folder

Remove OVF and QCOW2 files created above