AMWatch

History made as first mutual fund converts into an ETF

A small mutual-fund provider has made history by becoming the first to formally change its products into exchange-traded funds.

Photo: ANGELA WEISS/AFP / AFP

US-based asset manager Guinness Atkinson Funds announced on Monday that it had converted two of its mutual funds into the SmartETFs Dividend Builder  and SmartETFs Asia Pacific Dividend Builder. The conversion was a non-taxable event for shareholders, and the funds will retain their performance history.

It's a big moment for the USD 5.9tn U.S. ETF industry, which has long been considered the scrappy upstart to the more established, mature market for mutual funds.

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