WASHINGTON, March 29, 2021 (GLOBE NEWSWIRE) -- Practus, LLP, a virtual law firm with an innovative approach to client service and cutting-edge legal work, today announced the successful transaction of the first two mutual funds to be converted to exchange-traded funds (ETFs), which have begun trading on the New York Stock Exchange (NYSE) today.
The first two actively managed ETFs to convert from mutual funds are the SmartETFs Dividend Builder ETF (NYSE Arca: DIVS) and the SmartETFs Asia Pacific Dividend Builder ETF (NYSE Arca: ADIV). Each ETF will continue their active investment strategies, implemented by the same portfolio management teams and with the same performance histories as their respective predecessor mutual funds, Guinness Atkinson Dividend Builder Fund (NASDAQ: GAINX) and Guinness Atkinson Asia Pacific Dividend Builder Fund (NASDAQ: GAADX).
“The conversion now being operational and an established legal framework is an exciting development for our client and their shareholders,” said Alexandra Alberstadt, a partner in Practus, LLP's financial services practice who led the transaction. “It should also be an encouraging development for asset management firms similar to our client that are seeking to assess how to deliver their strategies in the most cost-effective and scalable manner,” she concluded.
For more detailed information on the transaction see Practus, LLP’s previous announcement here.
For a detailed Q&A with Alexandra Alberstadt on the process of the mutual fund-to-ETF conversion, visit here.
About Practus, LLP
Practus is an innovative law firm that is disrupting the outdated ways of practicing law. By leveraging mobile technology, cloud-based solutions, and an agile infrastructure to deliver legal services, both clients and attorneys benefit from this visionary model.
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