Horizons Gold Yield Fund

TORONTO, Nov. 24 /CNW/ - Horizons Gold Yield Fund (the "Fund") is pleased to announce the exchange ratios for the exchange offer by the Fund being made under the preliminary prospectus dated October 29, 2010. The closing of the initial public offering of its Class A and Class F Units (the "Units") at $10.00 per Unit is scheduled to occur on or about December 15, 2010. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Class A Units under the symbol HGY.UN, subject to the fulfillment of TSX requirements.

The number of Units issuable for the Exchange Eligible Securities (the "Exchange Ratio") was determined in respect of Exchange Eligible Securities by dividing the volume weighted average trading price of such securities during the five consecutive trading days ending on November 23, 2010 (the "Pricing Period"), as adjusted to reflect distributions declared in respect of the Exchange Eligible Securities that will not be received by the Fund, by the $10.00 issue price of the Units.  The Exchange Ratio for the U.S. Exchange Eligible Securities was adjusted by the 4:00pm (EST) November 23, 2010 U.S./Canadian dollar exchange rate of 0.9773.

The following table specifies for each of the securities that have been deposited: (i) the name of issuer; (ii) the trading symbol; (iii) the volume weighted average trading price during the Pricing Period; and (iv) the Exchange Ratio.

The Exchange Ratios were rounded down to four decimal places.

HGY.UN Exchange Eligible Securities

Canadian Based Exchange Traded Funds

Issuer	Trading Symbol	Volume Weighted Average Trading Price ($)	Exchange Ratio
Claymore Gold Bullion ETF	CGL	12.1544	1.2154
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF	HBU	31.5394	3.1539
Horizons BetaPro COMEX Gold ETF	HUG	14.0209	1.4021
Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF	HGU	17.0612	1.7061
iShares S&P/TSX Global Gold Index Fund ETF	XGD	25.6902	2.5690

United States Based Exchange Traded Funds / Exchange Traded Notes

Issuer	Trading Symbol	Volume Weighted Average Trading Price in CAD Terms($)	Exchange Ratio
iPath S&P GSCI Total Return Index ETN	GSP	31.1781	3.1178
iShares Gold Trust ETF	IAU-N / IGT-T	13.5824	1.3582
PowerShares DB Gold Fund ETF	DGL	49.4090	4.9409
PowerShares Global Gold & Precious Metals ETF	PSAU	49.2298	4.9230
SPDR Gold Shares ETF	GLD	135.4485	13.5449

The syndicate of agents for the offering is being led by BMO Capital Markets, CIBC World Markets Inc. and National Bank Financial Inc. and includes, RBC Capital Markets, Scotia Capital Inc., Canaccord Genuity Corporation, HSBC Securities (Canada) Inc., GMP Securities L.P., Raymond James Ltd., Dundee Securities Corporation, Mackie Research Capital Corporation, Macquarie Private Wealth Inc., MGI Securities Inc., Rothenberg Capital Management Inc. and Wellington West Capital Markets Inc.

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

AlphaPro is an innovative financial services company specializing in actively managed exchange traded funds with assets under management of approximately $475 million in AUM million as of October 31, 2010. AlphaPro is a subsidiary of BetaPro Management Inc. ("BetaPro"). BetaPro is Canada's largest provider of leveraged, inverse leveraged, single, single inverse and spread ETFs. BetaPro manages approximately $2.5 billion in assets as of October 31, 2010. BetaPro is a subsidiary of Jovian Capital Corporation (JOV: TSX).

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in all provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from your IDA registered financial advisor. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

For further information:

Ken McCord, President, AlphaPro Management Inc., [phone] or 1-866-641-5739 or visit www.hapetfs.com