Nuveen Investments said Friday its Nuveen Commodities Asset Management unit plans to convert two of its commodities mutual funds into exchange traded funds.

Nuveen Commodities Asset Management is looking to convert the Nuveen Diversified Commodity Fund (NYSE: CFD) and the Nuveen Long/Short Commodity Total Return Fund (NYSE: CTF) into open-end ETFs, according to a statement issued by Nuveen.

“The funds are currently structured as actively managed closed-end commodity pools. After the conversion, the funds will remain actively managed commodity pools, but they will adopt an open-end ETF structure,” said Nuveen in the statement. “The funds are not currently, and after the conversion will not be, mutual funds or any other type of investment company within the meaning of the Investment Company Act of 1940.”

CFD invests in an array of commodity futures and forward contracts. As of the end of November, the mutual fund allocated a combined 26.5% of its weight to oil and gold, according to issuer data. The fund’s annual expenses total 1.75%.

CTF holds a “portfolio of exchange-traded commodity futures contracts that are among the most actively traded futures contracts in global commodity markets,” according to Nuveen.

That mutual fund, which charges 1.61% per year, allocated a combined 31.1% of its weight to Brent crude and gas oil instruments at the end of November.

“A proposal to convert the funds to ETFs will be submitted to a vote at each fund’s next annual meeting of shareholders, expected to be held on or before March 31, 2015,” according to Nuveen.

ETF Trends editorial team contributed to this post.

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