HORIZONS ALPHAPRO MANAGED S&P/TSX 60(TM) ETF ANNOUNCES MERGER APPROVAL

TORONTO, May 31, 2011 /CNW/ - Horizons Exchange Traded Funds Inc. ("Horizons ETFs"), and its affiliate AlphaPro Management Inc., the manager and trustee of the Horizons AlphaPro Managed S&P/TSX 60™ ETF ("Horizons HAX"), announce that, at the special meeting of the unitholders of Horizons HAX held today, unitholders approved a resolution to permit the merger of Horizons HAX into the Horizons AlphaPro S&P/TSX 60 Equal Weight Index ETF ("Horizons HEW") (the "Merger Transaction") and grant, as an alternative, each unitholder of Horizons HAX the option (the "Optional Transaction") to exchange the units of Horizons HAX they hold for units of Horizons AlphaPro Enhanced Income Equity ETF ("Horizons HEX"). Unitholders should receive a notice in the coming days from their broker or advisor asking unitholders which option they choose to elect.  If no election is made by a unitholder before the close of business on June 24, 2011, the default option will be the Merger Transaction.  The Merger Transaction and the Optional Transaction are subject to regulatory approval.

Horizons HAX is anticipated to be de-listed from the Toronto Stock Exchange ("TSX") after the market close on or about June 27, 2011, and the Merger and Optional Transactions are expected to occur on or about June 30, 2011 (the "Effective Date"). Subject to the above noted regulatory approvals, including consent of the TSX, unitholders of Horizons HAX will be issued units of Horizons HEW or Horizons HEX, depending on their election, based on a ratio to be determined by the closing net asset values of the respective ETFs on the Effective Date.

For further information on the Merger and Optional Transactions, please review the management information circular distributed to unitholders as part of the special meeting, available on our website at www.horizonsetfs.com, or on the SEDAR website at www.sedar.com.

About Horizons Exchange Traded Funds Inc. (www.horizonsetfs.com)
Horizons ETFs is an innovative financial services company offering the Horizons family of exchange traded products. The Horizons family of exchange traded products includes a broadly diversified range of investment tools with solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. With approximately $3 billion in assets under management and more than 70 listings on the Toronto Stock Exchange, the Horizons family of exchange traded products makes up the largest selection of ETFs in Canada. Horizons ETFs is a member of the Jovian Capital Corporation (TSX: JOV) group of companies.

SOURCE Horizons Exchange Traded Funds Inc.

For further information:

Martin Fabregas, Investor Relations, (416) 601-2508 or 1-866-641-5739

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Horizons Exchange Traded Funds Inc.

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AlphaPro Management Inc.

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