Ultimus Fund Solutions has assisted Nightview Capital with the tax-free conversion of a private investment fund that Nightview Capital sponsored and advised into The Nightview Fund, an actively managed equity ETF. As a result of the Section 351 conversion, investors in the Nightview private fund received shares in the ETF equal in value to their respective holdings in the private fund, with no tax consequence from the transaction.
The Nightview Fund is part of Ultimus’ series trust, a platform designed to help streamline the launch, operation, and distribution of ETFs and mutual funds. Currently, Ultimus provides fund administration for nearly 300 funds within its series trust solution, with c. USD75bn in net assets.