Horizons Enhanced U.S. Equity Income Fund announces monthly distribution

TORONTO, Sept. 21, 2011 /CNW/ - Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. are pleased to announce the monthly distribution of the Horizons Enhanced U.S. Equity Income Fund (the "Fund") for September 2011 in the amount of $0.13237 per Class A unit of the Fund. The Class A units of the Fund are listed for trading on the Toronto Stock Exchange ("TSX") under the symbol HES.UN.

The distribution represents a 16.11% annualized yield on the Fund's initial public offering price of $10.00 per Class A unit. The September distribution ex-dividend date is anticipated to be September 28, 2011, for all Class A unitholders of record on September 30, 2011. The distribution is payable on October 13, 2011.

The Fund's investment objectives are to provide holders of units with: (a) the performance of an equal weighted portfolio of equity securities of large capitalization U.S. companies; (b) the opportunity for capital appreciation; (c) monthly distributions; and (d) lower overall volatility of portfolio returns than would be experienced by owning the Fund's equity portfolio without employing a covered call option strategy.  To mitigate the downside risks associated with holding the Fund's equity portfolio, generate cashflow and allow for potential capital appreciation, the Fund generally writes short-term, "out-of-the-money" covered call options on 100% of its equity securities. The level of covered call option writing may vary based on market volatility and other factors. The Fund generally seeks to hedge substantially all of its exposure to the U.S. dollar back to the Canadian dollar.

About Horizons Exchange Traded Funds Inc. (www.horizonsetfs.com)

Horizons ETFs is an innovative financial services company offering the Horizons ETFs family of exchange traded funds. The Horizons ETFs family 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 $3.3 billion in assets under management and more than 70 listings on the Toronto Stock Exchange, the Horizons ETFs family 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 ALPHAPRO MANAGEMENT INC.

For further information:

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

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ALPHAPRO MANAGEMENT INC.

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HORIZONS EXCHANGE TRADED FUNDS INC.

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