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Horizons AlphaPro Fiera Tactical Bond Fund completes conversion to ETF


AlphaPro Management Inc has completed the conversion of the Horizons AlphaPro Fiera Tactical Bond Fund into an open-end exchange traded fund.

The fund has been renamed Horizons AlphaPro Tactical Bond ETF and the Class E units of the ETF will begin trading on the Toronto Stock Exchange on January 4, 2010, under the symbol HAF.

The ETF’s investment objectives are to provide the holders of Class E Units with a stable stream of tax efficient monthly distributions; and the opportunity for capital appreciation through exposure to a tactical asset allocation strategy that focuses on the returns of fixed income securities. 

The fund, originally a closed-end investment fund, issued approximately 3.3 million Class A units and Class F units for gross proceeds of approximately USD33 million in July 2009. The fund was designed to convert its Class A Units and Class F Units into Class E Units of an exchange traded fund at ratios based on the relative net asset values of each, after June 30, 2010, if 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, but no later than December 31, 2010. 

As of December 31, 2010, the daily weighted average trading price of the Class A Units was not greater than a 2% discount to the net asset value of the Class A Units for any 10 consecutive trading day period and, as a result, the Conversion became effective as of December 31, 2010.

“We are pleased that AlphaPro will be able to offer this exceptional income strategy in an exchange traded fund structure,” says Ken McCord (pictured), President of AlphaPro. “The investment strategy of this ETF – a tactically managed portfolio of bond ETFs – is truly unique to the Canadian investment space and we think that offering it through an ETF will only enhance its appeal to Canadian income-oriented investors.”

The ETF will seek to achieve its investment objectives through exposure to the actively managed investment portfolio of the Tactical Global Bond ETF Fund consisting primarily of ETFs, including inverse ETFs, that provide exposure to global fixed income markets, including government treasury securities, corporate bonds and high yield debt securities.

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 overseeing the services of Fiera Sceptre Inc. who acts as sub-advisor to the Portfolio.

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