Horizons AlphaPro Amends Fee Conditions on Three ETFs

TORONTO, July 9 /CNW/ - AlphaPro Management Inc. ("AlphaPro"), the manager of the Horizons AlphaPro North American Value ETF, the Horizons AlphaPro North American Growth ETF and the Horizons AlphaPro Managed S&P/TSX 60(TM) ETF (collectively, the "ETFs"), has amended the conditions under which performance fees can be paid on the ETFs.

The ETFs each pay AlphaPro a performance fee equal to 20% of the amount by which the ETF outperforms the following benchmarks applicable to that ETF:

    
    ETF                                         Ticker   Benchmark
                                                Symbol

    Horizons AlphaPro North American Value ETF  HAV      S&P 500(R) Index

    Horizons AlphaPro North American Growth ETF HAW      S&P 500(R) Index

    Horizons AlphaPro Managed S&P/TSX 60(TM)ETF HAX      S&P/TSX 60(TM) Index
    

From this point forward, performance fees on the ETFs will only be payable when the performance of the applicable ETF is positive and exceeds the performance of the applicable benchmark. In addition, such a fee will only be payable to the extent that the performance of the ETF, as calculated including the performance fee, remains positive.

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

AlphaPro is an innovative financial services company specializing in actively managed ETFs with assets under management of approximately $153 million as of June 30, 2010. 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 $2.4 billion in assets as of June 30, 2010. BetaPro is a subsidiary of Jovian Capital Corporation.

For further information: Ken McCord, President, AlphaPro Management Inc., at [phone] or 1-866-641-5739