AlphaPro Management Inc. Confirms No Year End Distributions for 2009

TORONTO, Dec. 23 /CNW/ - AlphaPro Management Inc. ("AlphaPro"), the trustee and manager of the Horizons AlphaPro Exchange Traded Funds (the "ETFs") and Horizons AlphaPro Closed End Funds (the "Funds"), announced today that there will be no year end income or capital gains distributions paid on any of the ETFs or Funds for the current calendar year, aside from the previously announced regular monthly distribution on Horizons AlphaPro Fiera Tactical Bond Fund.

Each of the ETFs is required to distribute any net income and capital gains that it has earned in the year. After consideration of the applicable capital gains refund mechanism allowances and other tax considerations, AlphaPro expects that none of the ETFs or Funds will be in a position to require such distributions.

"We are pleased that our exchange traded funds and closed end funds are delivering to investors the tax efficiency that are a hallmark of these products," said Ken McCord, President of AlphaPro.

For further information visit www.HAPETFs.com.

About AlphaPro Management Inc. (www.HAPETFs.com)

AlphaPro is an innovative financial services company specializing in actively managed ETFs with approximately $135 million in assets under management. AlphaPro is a subsidiary of BetaPro Management Inc. ("BetaPro"). BetaPro is Canada's largest provider of leveraged, inverse leveraged and inverse ETFs. BetaPro manages approximately $2.6 billion in assets in the BetaPro ETFs. BetaPro is a subsidiary of Jovian Capital Corporation.

About Jovian Capital Corporation (www.joviancapital.com)

Jovian acquires, creates and grows financial services companies specializing in wealth and asset management. The Jovian group of companies (AlphaPro Management Inc., BetaPro Management Inc., Horizons Exchange Traded Funds Inc., Horizons Funds Inc., JovFunds Management Inc., JovInvestment Management Inc., Leon Frazer & Associates Inc., MGI Financial Inc., MGI Securities Inc., MGI Securities (USA) Inc. and T.E. Wealth) manages $11.5 billion of client assets ($6.8 billion in assets under management and $4.7 billion in assets under administration). Additional information is available at www.joviancapital.com and www.sedar.com.

SOURCE AlphaPro Management Inc.

For further information: For further information: Ken McCord, President, AlphaPro Management Inc., (416) 933-5746 or 1-866-641-5739; or Martin Fabregas, Sr. Vice President - Sales Operations, Horizons Exchange Traded Funds Inc., (416) 601-2508

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AlphaPro Management Inc.

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