Horizons Announces November 2012 Distributions for its Covered Call ETFs

Horizons Announces November 2012 Distributions for its Covered Call ETFs 
TORONTO, Nov. 22, 2012 /CNW/ - Horizons Exchange Traded Funds Inc. ("Horizons 
ETFs") and its affiliate AlphaPro Management Inc. are pleased to announce the 
monthly distribution amounts per unit (the "Distributions") for certain of the 
Horizons ETFs family of exchange traded funds (the "ETFs"), for the period 
ending November 30, 2012, as indicated in the table below. 
The ex-dividend date for the Distributions is anticipated to be November 28, 
2012 for all unitholders of record on November 30, 2012. The Distributions 
will be paid in cash or, if the unitholder has enrolled in the respective 
ETF's dividend reinvestment plan (DRIP), reinvested in additional units of the 
applicable ETF, on or about December 12, 2012. 
 ____________________________________________________________________
|             |      |            | NAV   |        |      |Absolute  |
|             |      |  Current   |Change |        |      |Change in |
|   ETF Name  |      |   Month    | from  |Current |Prior |Yield from|
|             |      |Distribution|Prior  | Month  |Month |          |
|             |Ticker|            |Month( | Yield( |Yield(|  Prior   |
|             |Symbol|    Rate    | (1))  |  (2))  | (3)) |Month((4))|
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEX   |            |       |        |      |          |
|Enhanced     |      |   $0.04901 |-1.64% |  8.25% |7.28% |          |
|Income Equity|      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   0.97%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEX.A |            |       |        |      |          |
|Enhanced     |      |   $0.04448 |-1.70% |  7.46% |6.49% |          |
|Income Equity|      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   0.97%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEE   |            |       |        |      |          |
|Enhanced     |      |   $0.04385 |-5.74% |  8.40% |7.30% |          |
|Income Energy|      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   1.10%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEE.A |            |       |        |      |          |
|Enhanced     |      |   $0.03996 |-5.80% |  7.61% |6.51% |          |
|Income Energy|      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   1.10%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEP   |            |       |        |      |          |
|Enhanced     |      |   $0.05546 |-5.75% | 10.99% |7.08% |          |
|Income Gold  |      |            |       |        |      |          |
|Producers ETF|      |            |       |        |      |   3.91%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEP.A |            |       |        |      |          |
|Enhanced     |      |   $0.05123 |-5.81% | 10.20% |6.29% |          |
|Income Gold  |      |            |       |        |      |          |
|Producers ETF|      |            |       |        |      |   3.91%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEF   |            |       |        |      |          |
|Enhanced     |      |            |       |        |      |          |
|Income       |      |   $0.04907 | 1.52% |  7.32% |7.04% |          |
|Financials   |      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   0.28%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEF.A |            |       |        |      |          |
|Enhanced     |      |            |       |        |      |          |
|Income       |      |   $0.04397 | 1.46% |  6.54% |6.26% |          |
|Financials   |      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   0.28%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEJ   |            |       |        |      |          |
|Enhanced     |      |            |       |        |      |          |
|Income       |      |   $0.06126 |-2.32% |  8.50% |7.92% |          |
|International|      |            |       |        |      |          |
|Equity ETF   |      |            |       |        |      |   0.58%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEJ.A |            |       |        |      |          |
|Enhanced     |      |            |       |        |      |          |
|Income       |      |   $0.05584 |-2.38% |  7.75% |7.17% |          |
|International|      |            |       |        |      |          |
|Equity ETF   |      |            |       |        |      |   0.58%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEA.U |            |       |        |      |          |
|Enhanced     |      |            |       |        |      |          |
|Income US    |      |   $0.06822 |-2.05% |  8.25% |7.62% |          |
|Equity (USD) |      |            |       |        |      |          |
|ETF( (5))    |      |            |       |        |      |   0.63%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HEA.V |            |       |        |      |          |
|Enhanced     |      |            |       |        |      |          |
|Income US    |      |   $0.06170 |-2.11% |  7.46% |6.83% |          |
|Equity (USD) |      |            |       |        |      |          |
|ETF( (5))    |      |            |       |        |      |   0.63%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HES   |            |       |        |      |          |
|Enhanced US  |      |   $0.04779 |-2.02% |  7.01% |6.47% |          |
|Equity Income|      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   0.54%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HES.A |            |       |        |      |          |
|Enhanced US  |      |   $0.04258 |-2.09% |  6.25% |5.69% |          |
|Equity Income|      |            |       |        |      |          |
|ETF          |      |            |       |        |      |   0.56%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons Gold|HGY   |   $0.05165 | 0.32% |  6.75% |6.57% |          |
|Yield ETF    |      |            |       |        |      |   0.18%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons Gold|HGY.A |   $0.04513 | 0.25% |  5.90% |5.72% |          |
|Yield ETF    |      |            |       |        |      |   0.18%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HZY   |            |       |        |      |          |
|Silver Yield |      |   $0.03835 | 3.21% |  5.25% |5.05% |          |
|ETF          |      |            |       |        |      |   0.20%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HZY.A |            |       |        |      |          |
|Silver Yield |      |   $0.03214 | 3.14% |  4.40% |4.20% |          |
|ETF          |      |            |       |        |      |   0.20%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HOY   |            |       |        |      |          |
|Crude Oil    |      |   $0.06012 |-0.22% |  9.32% |9.22% |          |
|Yield ETF    |      |            |       |        |      |   0.10%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HOY.A |            |       |        |      |          |
|Crude Oil    |      |   $0.05463 |-0.29% |  8.47% |8.37% |          |
|Yield ETF    |      |            |       |        |      |   0.10%  |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HNY   |            |       |        |      |          |
|Natural Gas  |      |   $0.12176 | 2.84% | 14.65% |14.80%|          |
|Yield ETF    |      |            |       |        |      |   -0.15% |
|_____________|______|____________|_______|________|______|__________|
|Horizons     |HNY.A |            |       |        |      |          |
|Natural Gas  |      |   $0.11466 | 2.77% | 13.80% |13.96%|          |
|Yield ETF    |      |            |       |        |      |   -0.16% |
|_____________|______|____________|_______|________|______|__________| 
((1)) Based on the period October 22, 2012 to November 21, 2012, where the 
prior month's net asset value per unit is adjusted to include the prior 
month's distribution.
((2) )Annualized and based on the applicable November 21, 2012 net asset value 
per unit which is available at www.horizonsetfs.com.
((3)) Annualized and based on the applicable October 22, 2012 net asset value 
per unit which is available at www.horizonsetfs.com.
((4)) The absolute change of the prior month's previously announced annualized 
distribution yield to the current month's annualized distribution yield.
((5) )Distributions for Horizons Enhanced Income US Equity (USD) ETF are 
declared and paid in U.S. dollars. 
Each ETF makes Distributions to unitholders based on the amount of call option 
premiums received during the month, along with any dividend income received, 
less expenses payable by the ETF. Call option premiums, and therefore the 
amounts distributed, tend to reflect the prevailing implied volatilities, 
either higher or lower. Should implied volatility levels increase in the 
future from current levels, it would be expected that call option premiums 
would generally, but not always, rise. Distributions will vary from period to 
period. 
The following commentary is provided in respect of the November Distributions 
for the ETFs. Any discussion of implied volatility below is based on the 
average implied volatility of the nearest out-of-the-money call options on the 
underlying portfolio securities of the respective ETFs. 
HEX / HEX.A
The increase in the distribution yield for the current month, when compared to 
the prior month's distribution yield, reflects the increased call option 
premium that HEX was able to earn due to a similar change in the implied 
volatility of the constituents in its portfolio over this past month. 
HEE / HEE.A
The increase in the distribution yield for the current month, when compared to 
the prior month's distribution yield, reflects reduced option buybacks as a 
result of a decline in equities in the energy sector. 
HEP / HEP.A
The increase in the distribution yield for the current month, when compared to 
the prior month's distribution yield, reflects the increased call option 
premium that HEP was able to earn due to a general increase in the implied 
volatility of the constituents in its portfolio over this past month and 
reduced option buybacks as a result of a decline in equities in the gold 
producers sector. 
HEF / HEF.A
The increase in the distribution yield for the current month, when compared to 
the prior month's distribution yield, reflects the increased call option 
premium that HEF was able to earn due to a general increase in the implied 
volatility of the insurance company constituents in its portfolio over this 
past month. 
HEJ / HEJ.A
The increased distribution yield for the current month, when compared to the 
prior month's distribution yield, reflects reduced option buybacks as a result 
of a decline in international equities, in general. 
HEA.U/HEA.V/HES/ HES.A
The increase in the distribution yields of these ETFs for the current month, 
when compared to the prior month's distribution yields, reflects reduced 
option buybacks as a result of a decline in US equities, in general. 
HGY/ HGY.A
The relatively unchanged distribution yield for the current month, when 
compared to the prior month's distribution yield, reflects the little change 
in the implied volatility of gold bullion over this past month. 
HZY/ HZY.A
The relatively unchanged distribution yield for the current month, when 
compared to the prior month's distribution yield, reflects the little change 
in the implied volatility of silver bullion over this past month. 
HOY/ HOY.A
The relatively unchanged distribution yield for the current month, when 
compared to the prior month's distribution yield, reflects the little change 
in the implied volatility of crude oil over this past month. 
HNY/ HNY.A
The relatively unchanged distribution yield for the current month, when 
compared to the prior month's distribution yield, reflects a general decrease 
in the implied volatility of natural gas offset by lower call option buyback 
costs over this past month. 
For further information regarding the Distributions please visit 
www.horizonsetfs.com 
Certain statements may constitute a forward looking statement, including those 
identified by the expression "expect" and similar expressions (including 
grammatical variations thereof) to the extent they relate to the ETFs. The 
forward-looking statements are not historical facts but reflect the ETFs, the 
ETF's managers or Horizons ETF's current expectations regarding future results 
or events. These forward-looking statements are subject to a number of risks 
and uncertainties that could cause actual results or events to differ 
materially from current expectations. These and other factors should be 
considered carefully and readers should not place undue reliance on the ETF's 
forward looking statements. These forward-looking statements are made as of 
the date hereof and the ETFs do not undertake to update any forward-looking 
statement that is contained herein, whether as a result of new information, 
future events or otherwise, unless required by applicable law. 
Commissions, trailing commissions, management fees and expenses all may be 
associated with investments in the ETFs. The ETFs are not guaranteed, their 
values change frequently and past performance may not be repeated. Please read 
the prospectus before investing. 
About Horizons Exchange Traded Funds Inc. (www.horizonsetfs.com) 
Horizons ETFs is an innovative financial services company offering the 
Horizons ETFs family of ETFs. The Horizons ETFs family includes a broadly 
diversified range of investment tools with solutions for investors of all 
experience levels to meet their investment objectives in a variety of market 
conditions. With approximately $3.5 billion in assets under management and 79 
ETFs listed on the Toronto Stock Exchange, the Horizons ETFs family makes up 
one of the largest families of ETFs in Canada. Horizons ETFs is asubsidiary 
of Horizons ETFs Management (Canada) Inc. and a member of the Mirae Asset 
Financial Group. 
Martin Fabregas, Investor Relations, (416) 601-2508 or 1-866-641-5739 
SOURCE: Horizons Exchange Traded Funds Inc. 
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CO: Horizons Natural Gas Yield ETF
NI: FIN DIV  
-0- Nov/22/2012 23:57 GMT