Power Electronic Transformers (PETs) have been proposed for future power distribution systems as well as for use in adjustable speed drives where space and weight are at a premium. This paper investigates the commutation of Matrix Converter (MC) based PETs where finite leakage inductance is present at the input of the matrix converter and it is no longer purely a voltage port. A PET with reduced number of switches on the primary side is selected for the presented research. This paper compares modulation based on carrier comparison and space vector along with commutations using four-step and dead-time. All these combinations of modulation and commutation are implemented efficiently in a single FPGA chip and some of the experimental results are presented.