Horizons Exchange Traded Funds Inc. plans to covert Horizons Enhanced U.S. Equity Income Fund into an open-end exchange traded fund and rename it Horizons Enhanced US Equity Income ETF after the close of business on August 31.

Class E units (TSX:HES) and advisor class units (TSX:HES.A) will begin trading on the Toronto Stock Exchange on September 3.

The conversion will not impact the monthly distributions declared for the month of August, Horizons says.

The investment objective of the ETF is to provide its unitholders with: exposure to the performance of an equal weighted portfolio of equity securities of large capitalization U.S. companies; and monthly distributions of dividend and call option income.

The ETF will invest primarily in a portfolio of equity and equity-related securities of the 50 largest and most liquid U.S. companies, as measured by market capitalization, listed on the NYSE or the Nasdaq.

AlphaPro Management Inc. is the manager and trustee of the ETF, and its affiliate Horizons Investment Management Inc., is responsible for implementing the investment strategies of the ETF’s portfolio.

Eden Rahim, vice president and options strategist, with Horizons Investment Management Inc. leads the investment team providing the portfolio management services to the ETF. He has more than two decades of experience managing options and hedging strategies for institutional clients.

The conversion is subject to regulatory approval.