Unitholders of First Asset Canadian REIT Income Fund (TSX: RIT.UN) have approved amendments to permit its conversion from a closed-end fund to an actively managed exchange-traded fund (ETF), Toronto-based First Asset Investment Management Inc. announced on Tuesday.

First Asset’s Lee Goldman will continue to manage the fund following the ETF conversion.

“The fund’s outstanding 10 year track record is a testament to Mr. Goldman’s expertise in selecting the right REITs at the right time,” stated Barry Gordon, president and CEO.

“The ETF conversion will result in lower fees, greater transparency and improved liquidity that the ETF structure offers to investors,” Gordon added.

First Asset currently anticipates that the ETF conversion, which is subject to certain third party and regulatory approvals, will be implemented in mid-July.