A converter system includes a DC bus for each phase of an input AC power signal; a first switching cell for each phase, including first two active switches coupled in series across the DC bus and forming a first switching cell AC pole therebetween, the first switching cell AC pole being coupled to a respective phase; and a second switching cell for each phase, including second two active switches coupled in series across the DC bus and forming a second switching cell AC pole therebetween. The second switching cell AC poles are coupled to each other to form a flying neutral. One of the first switching cell and the second switching cell switches at a frequency at least an order of magnitude greater than the line frequency. The other of the first switching cell and the second switching cell switches at a frequency approximately equal to the line frequency.