Practus Partners Karen Aspinall and Raymond Holst will lead an MFDF webinar on Section 351 exchanges, a transaction structure that allows investors to contribute diversified assets into a newly formed ETF. As key members of Practus’ Financial Services team, Aspinall and Holst will explain how these transactions are structured and what fund independent directors should consider when evaluating them. The program is designed for independent directors, CCOs and other fund industry professionals seeking timely insight into ETF formation issues.
Says Aspinall, “As Section 351 exchanges become more prevalent in the ETF industry, independent directors need to understand not only how these transactions operate in practice, but also the issues they may present for the funds and shareholders they oversee. This program will provide directors with a practical framework for evaluating the benefits, risks and governance considerations associated with Section 351 transactions.”
The session will help fund leaders better understand the tax and governance considerations that can arise when Section 351 exchanges are used in ETF formation.
The MFDF webinar is part of its ETF series and will be broadcast live at 2 p.m. ET on September 9, 2026. Register here: https://www.mfdf.org/home/events—webinars/event/2026/09/09/default-calendar/section-351-etf-formation
Karen Aspinall brings more than 25 years of in-house and AmLaw experience to the firm’s financial services practice. She advises investment advisers and registered funds on regulatory, corporate, disclosure and compliance matters, with particular experience in exchange-traded funds, counseling independent fund boards, and interpreting and implementing new and evolving regulations issued by the SEC, DOL, CFTC and NFA.
Karen regularly advises clients on SEC and FINRA examinations and regulatory inquiries, internal reviews, cross trades, valuation, derivatives, liquidity risk management and other complex regulatory matters. She also has extensive experience negotiating investment management and other financial services agreements, having negotiated hundreds of agreements over the course of her career.
Drawing on her experience both in-house and at large law firms, Karen understands regulatory issues from the perspective of the businesses and individuals responsible for implementing legal advice. She focuses on providing practical, commercially informed solutions that enable clients to address regulatory requirements while achieving their business objectives.
Ray Holst is a senior U.S. federal income tax lawyer with extensive experience advising on the taxation of financial institutions and financial products. Much of his practice is currently focused on the taxation of regulated investment companies, including exchange traded funds, and seeding newly formed exchange traded funds through Code Section 351 exchanges. In addition, he works with clients on private fund formations, cross-border transactions, mergers, acquisitions, reorganizations and dispositions. Clients rely on Ray for his ability to explain complex tax issues clearly and without unnecessary jargon.
