Over the past two decades, the number of exchange-traded funds (ETFs) has grown steadily, and in recent years, actively managed ETFs have been gaining traction. In 2019, the SEC adopted Rule 6c‑11 (ETF Rule), which modernized the regulation of ETFs and facilitated conversion of mutual funds (MFs) into ETFs. A recent K&L Gates seminar explored the implications of the ETF Rule and provided a roadmap for converting an MF into an ETF, including the relevant regulatory, business and tax considerations. Although the program focused on MF conversions, many of the principles discussed are equally relevant to a private fund manager considering converting a hedge or other fund to an ETF. The program featured K&L Gates partners Joel D. Almquist, Stacy L. Fuller and Richard F. Kerr, as well as Ben Slavin, global head of ETFs, asset servicing, at BNY Mellon. This article distills their insights. See “Mechanics of a Counterintuitive Conversion of a Hedge Fund to a Mutual Fund” (Jul. 25, 2013).