Horizons AlphaPro Gartman Fund Completes Conversion into ETF

TORONTO, Nov. 18 /CNW/ - AlphaPro Management Inc. ("AlphaPro") is pleased to announce the conversion of the Horizons AlphaPro Gartman Fund (the "Fund") into an open-end exchange traded fund. The Fund has been renamed "Horizons AlphaPro Gartman ETF" (the "ETF") and the Class E units of the ETF (the "Class E Units") will begin trading on the Toronto Stock Exchange on November 19, 2009, under the symbol HAG.

The ETF, one of the largest actively managed exchange traded funds in the world, provides investors with the opportunity for capital appreciation through exposure to the investment strategies of The Gartman Letter, L.C. ("Gartman"), founded by Dennis Gartman, who is also author and editor of the daily publication The Gartman Letter(TM). Mr. Gartman appears often on CNBC, BNN and Bloomberg television, discussing commodities and the capital markets, and speaks before various associations and trade groups around the world.

The Fund, originally a closed-end investment fund, issued approximately 5.8 million Class A units (the "Class A Units") and Class F units (the "Class F Units") for gross proceeds of approximately $58 million in spring of 2009. The Fund was designed to convert its Class A Units and Class F Units into Class E Units of an exchange traded fund (the "Conversion") at ratios based on the relative net asset values of each if, after September 30, 2009, the daily weighted average trading price of the Class A Units was greater than a discount of 2% of the net asset value per Class A Unit for that day or exceeded the initial issue price of $10.00 per Class A Unit, in each case, for a period of 10 consecutive trading days. As of November 17, 2009, the daily weighted average trading price of the Class A Units was greater than a 2% discount to the net asset value of the Class A Units for the 10 previous trading days and, as a result, the Conversion was triggered. The Class A Units and Class F Units were converted today into Class E Units based on the following ratios:

    
    -------------------------------------------------------------------------
    Class             Fund Units            Ratio        Number of Class E
                     Outstanding                            Units Issued
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    Class A Units      5,421,521              1:1             5,421,521
    -------------------------------------------------------------------------
    Class F Units        351,118         1.0318:1               362,289
    -------------------------------------------------------------------------
    

"We are pleased that AlphaPro is able to offer the investment strategies of The Gartman Letter in an exchange traded fund structure," said Ken McCord, President of AlphaPro. "This is a low cost, actively managed investment solution with intraday liquidity and tax efficiency, and investors will benefit from the wisdom of Dennis Gartman."

The ETF invests in an actively managed portfolio of investments that Gartman believes will provide the greatest opportunity for consistent capital appreciation through all market and business cycles. The ETF primarily uses equity securities, futures contracts and exchange traded funds to provide its investors with long and short exposure to multiple asset classes which may include but are not limited to global equities, commodities, fixed income and currencies.

"We are thrilled with the success of our partnership with AlphaPro, said Dennis Gartman, author of The Gartman Letter. "We look forward to the continued growth of this unique product and the opportunity to provide investors with access to our investment strategies and recommendations."

AlphaPro is the manager and trustee of the ETF, and its affiliate JovInvestment Management Inc., the investment manager of the ETF, is responsible for implementing the ETF's investment strategies and engaging the services of Gartman to act as sub-advisor to the ETF.

About Dennis Gartman and The Gartman Letter

Dennis Gartman, the author of The Gartman Letter, has worked in the capital markets since 1974. Since 1987, Mr. Gartman has provided recommendations on the global capital markets in the daily publication The Gartman Letter, a highly regarded daily macro-economic and trading-oriented newsletter read by the professional investment community including leading global banks, brokerage firms, hedge funds, mutual funds and commodity trading companies. The Gartman Letter is written by Mr. Gartman with the assistance of associates Roy "Chip" Runyon and J. Cameron Robinett. The Gartman Letter provides commentary and investment recommendations on most financial markets, with particular emphasis on fixed income, foreign exchange, equity indices, precious metals, energy and agricultural commodities.

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

AlphaPro is an innovative financial services company specializing in actively managed ETFs with approximately $94 million in assets under management as of October 31, 2009. AlphaPro is a subsidiary of BetaPro Management Inc. ("BetaPro"). BetaPro is Canada's largest provider of leveraged, inverse leveraged and inverse ETFs. BetaPro managed over $2.7 billion in assets in the BetaPro ETFs as of October 31, 2009. 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 approximately $11.5 billion of client assets ($7.0 billion in assets under management and $4.5 billion in assets under administration). Additional information is available at www.joviancapital.com and www.sedar.com.

SOURCE Horizons AlphaPro Gartman ETF

For further information: For further information: Ken McCord, President, AlphaPro Management Inc. at (416) 933-5746 or 1-866-641-5739

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