AlphaPro Management Inc. and Horizons Absolute Return Global Currency ETF – NI 41-101 General Prospectus Requirements, ss. 2.3(1.1), 19.1(2)

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – exemption from subsection 2.3(1.1) of NI 41-101 to file a final prospectus more than 90 days after receipt for the preliminary prospectus.

Applicable Legislative Provisions

National Instrument 41-101 General Prospectus Require-ments, ss. 2.3(1.1), 19.1(2).

December 15 , 2016

AlphaPro Management Inc.

Attention: Greg Sainsbury

Dear Sir:

Re:         AlphaPro Management Inc. (the Filer)

Preliminary Long Form Prospectus dated October 6, 2016

Horizons Absolute Return Global Currency ETF (the Fund)

Exemptive Relief Application under Part 19 of National Instrument 41-101 General Prospec-tus Requirements (NI 41-101)

By letter dated December 5, 2016 (the Application), the Filer, as manager of the Fund, applied on behalf of the Fund to the Director of the Ontario Securities Commission (the Director) under section 19.1 of NI 41-101 for relief from the operation of subsection 2.3(1.1) of NI 41-101, which prohibits an issuer from filing a final prospectus more than 90 days after the date of the receipt for the preliminary prospectus which relates to the final prospectus.

This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Fund’s final prospectus, subject to the condition that the final prospectus be filed by no later than February 12, 2017.

Yours very truly,

“Vera Nunes”

Manager, Investment Funds and

Structured Products Branch

Ontario Securities Commission