A tiny hedge fund just made history by turning into an ETF
Katherine Greifeld, Bloomberg News
A tiny U.S. hedge fund has just become the first to convert into an exchange-traded fund.
The actively managed Upholdings Compound Kings ETF (ticker KNGS) began trading last week. Itâs a new wrapper for a tech-heavy portfolio that was started in March 2019 by Nashville, Tennessee-based Upholdings Funds LLC.
The firm wanted to expand its investor base in particular to include retail investors so began exploring the process of converting the US$3 million hedge fund last March. Plans were formally filed with the Securities and Exchanges Commission in October.
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