UTM is a full featured system emulator and virtual machine host for iOS and macOS. It is based off of QEMU. In short, it allows you to run Windows, Linux, and more on your Mac, iPhone, and iPad
UTM employs Apple's Hypervisor virtualization framework to run ARM64 operating systems on Apple Silicon at near native speeds. On Intel Macs, x86/x64 operating system can be virtualized. In addition, lower performance emulation is available to run x86/x64 on Apple Silicon as well as ARM64 on Intel. For developers and enthusiasts, there are dozens of other emulated processors as well including: ARM32, MIPS, PPC, and RISC-V. Your Mac can now truly run anything.
Updated on Apr 12 2023
Full list of changes available here