Neither is strictly necessary for running a Windows VM. VMware Fusion is free for personal use. And most editions of Windows 11 can be installed without providing a license key; it can’t however be activated in this state. This imposes some limitations, none of which matter here.
The easiest way to do this would likely be to install VMware Fusion 13.x. After it’s installed, create a new VM and select the option to “Get Windows from Microsoft.” It will then download Windows, ask some configuration questions, and then install it. The most challenging part will likely be finding the download for VMware Fusion (hint: You have to create an account):
Another option would be to use UTM:
There’s a guide in their support area which walks you through the process of installing Windows. It’s not quite as straight-forward as VMware Fusion.
Another free option would be Oracle VirtualBox 7.1.x:
