ETF shop Grail Advisors, a San Francisco-based affiliate of investment bank Grail Partners, is in discussions with two firms to transform a mutual fund into an active ETF. Grail's plan is the subject of the Monday Wall Street Journal Fund Track penned by Daisy Maxey.

The article did not include the names of the two traditional investment firms. Grail will be able to unveil their identities in 60 to 90 days. Grail executives also did not say whether the conversion will involve a closed- or open-end fund. As Maxey notes, a few closed-end funds have made the switch to ETF status but no open-end fund has undergone such as transition.

Grail currently runs seven active ETFs. 

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