Horizons Gold Yield Fund announces Initial Public Offering

TORONTO, Nov. 1 /CNW/ - Horizons Gold Yield Fund (the "Fund") is pleased to announce the filing of a preliminary prospectus in respect to the initial public offering of its Class A and Class F Units (the "Units") at $10.00 per Unit.

The Fund's investment objectives are to provide holders of Units with: (i) exposure to the price of gold bullion hedged to the Canadian dollar, less the Fund's fees and expenses; and (ii) tax-efficient monthly distributions, initially expected to be $0.0542 per Unit ($0.65 per annum to yield 6.5% on the issue price of $10.00 per Unit).  It is initially expected that monthly distributions received by investors will consist primarily of return of capital.

The Fund was created to offer investors a low cost exposure to the price of gold bullion, while providing monthly tax-efficient distributions. The Fund will seek to achieve its investment objectives by gaining exposure to a portfolio consisting of securities and other instruments that provide exposure to the price of gold bullion (the "Gold Portfolio").   The Gold Portfolio will be managed by JovInvestment Management Inc. (the "Portfolio Manager").  The Portfolio Manager intends to write at-the-money covered call options on approximately, and not more than, 33% of the securities in the Gold Portfolio. The Portfolio Manager will not manage the call option writing strategy to achieve a specific target return, but will manage it to generate attractive option premiums that temper the volatility associated with owning the Gold Portfolio.

The Fund is expected to automatically convert into an ETF by no later than July 30, 2012.

AlphaPro Management Inc. is the manager and trustee of the Fund.

Prospective purchasers may purchase Units either by cash payment or an exchange of freely tradeable securities described in the table below. Prospective purchasers under the exchange option will be required to deposit their exchange eligible securities prior to 5:00 p.m. (Toronto time) on November 23, 2010 in the manner described in the preliminary prospectus.

Exchange Eligible Securities	CUSIP	Trading Symbol
Canadian Based Exchange Traded Funds
Claymore Gold Bullion ETF	18385Q117	CGL
Horizons BetaPro COMEX Gold Bullion Plus ETF	440444107	HBU
Horizons BetaPro COMEX Gold ETF	44046H106	HUG
Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF	44045W104	HGU
iShares CDN S&P/TSX Global Gold Index Fund	46428M108	XGD
United States Based Exchange Traded Funds
Goldman Sachs Commodity Index (GSCI) Total Return Index ETF	06738C794	GSP
iShares COMEX Gold Trust ETF	464285105	IAU
PowerShares DB Gold Fund ETF	73936B606	DGL
PowerShares Global Gold & Precious Metals ETF	73936Q876	PSAU
SPDR Gold Shares ETF	78463V107	GLD

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, 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 $435 million in AUM million as of September 30, 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 $2.7 billion in assets as of September 30, 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:

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