Horizons ETF Trust I NCSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on June 25, 2018

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22732

HORIZONS ETF TRUST I
(Exact name of registrant as specified in charter)

c/o Horizons ETFs Management (US) LLC

1 Landmark Square, 7th Floor
Stamford, CT 06901

(Address of principal executive offices) (Zip code)

Jonathan Molchan

President/Chief Executive Officer

c/o Horizons ETFs Management (US) LLC

625 Madison Avenue, 3rd Floor

New York, New York 10022
(Name and address of agent for service)

212-205-8300

Registrant's telephone number, including area code

Date of fiscal year end: October 31

Date of reporting period: April 30, 2018

Item 1. Reports to Stockholders.

Semi-Annual Report (Unaudited)

April 30, 2018

Horizons ETF Trust I

Horizons ETF Trust I (the “Trust”), was organized as a Delaware statutory trust on May 17, 2012 and is currently comprised of four investment portfolios. These financial statements relate to the Horizons NASDAQ 100^®Covered Call ETF (“QYLD”), Horizons S&P 500^®Covered Call ETF (“HSPX”), Horizons DAX Germany ETF (“DAX”) and Horizons Cadence Hedged US Dividend Yield ETF (“USDY”) (each a “Fund” and collectively, the “Funds”). The Horizons NASDAQ 100^®Covered Call ETF and Horizons DAX Germany ETF both trade on the NASDAQ Stock Exchange, the Horizons S&P 500^®Covered Call ETF trades on the New York Stock Exchange and the Horizons Cadence Hedged US Dividend Yield ETF trades on the Cboe BZX Exchange.

NASDAQ 100^®is a registered trademark of The NASDAQ Stock Market, Inc. and has been licensed for use by Horizons ETFs Management (US) LLC and QYLD. The Fund is not sponsored, endorsed, issued, sold or promoted by NASDAQ, nor does this company make any representation regarding the advisability of investing in the Fund.

S&P 500^®is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and has been licensed for use by Horizons S&P 500^®Covered Call ETF. S&P^®, S&P 500^®, and S&P 500 Stock Covered Call™ are trademarks of S&P and have been licensed for use by Horizons ETFs Management (US) LLC.

DAX^®is a registered trademark of Deutsche Börse AG and has been licensed for use by Horizons ETFs Management (US) LLC and DAX. The Fund is not sponsored, endorsed, issued, sold or promoted by Deutsche Börse AG, nor does this company make any representation regarding the advisability of investing in the Fund.

The Horizons Cadence Hedged US Dividend Yield ETF is an actively managed fund that invests in dividend-paying companies in the Russell 1000^®Index and stocks of companies similar to those in the Russell 1000^®Index. The Fund is not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the Fund.

The financial statements contained herein are submitted for the general information of the shareholders of each Fund. This report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Foreside Fund Services, LLC, distributor.

An investment in each Fund is subject to investment risk, including the possible loss of principal amount invested. The risks associated with the Funds are detailed in the prospectus which include: stock market risk, index risk, tracking error risk, replication management risk, market price risk and trading halts risk.

Shares are bought and sold at market price (not net asset value or “NAV”), are not individually redeemable, and owners of the shares may acquire those shares from the Funds and tender those shares for redemption to the Funds in creation unit aggregations only.

TABLE OF CONTENTS

April 30, 2018

		Page(s)
Shareholder Expense Example		3
Portfolios of Investments		4
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		20
Notes to Financial Statements		24
Supplemental Information		34

Shareholder Expense Example

April 30, 2018 (Unaudited)

As a shareholder of the Funds, you incur a unitary management fee. Each Fund bears other expenses which are not covered under the unitary management fee that may vary and will affect the total level of expenses paid by the Fund, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, costs of borrowing money, including interest expenses, certain custody expenses and extraordinary expenses (such as litigation and indemnification expenses), if any. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (from November 1, 2017 to April 30, 2018).

Actual Expenses

The first line under the Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under the Fund in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/1/2017	Ending Account Value 4/30/2018	Annualized Expense Ratios During the Period 11/1/2017 to 4/30/2018	Expenses Paid During Period** 11/1/2017 to 4/30/2018
Horizons NASDAQ 100^®Covered Call ETF***
Actual	$1,000.00	$1,039.70	0.83%	$4.20
Hypothetical*	$1,000.00	$1,020.68	0.83%	$4.16
Horizons S&P 500^®Covered Call ETF
Actual	$1,000.00	$1,017.00	0.65%	$3.25
Hypothetical*	$1,000.00	$1,021.57	0.65%	$3.26
Horizons DAX Germany ETF
Actual	$1,000.00	$ 987.50	0.20%	$0.99
Hypothetical*	$1,000.00	$1,023.80	0.20%	$1.00
Horizons Cadence Hedged US Dividend Yield ETF
Actual	$1,000.00	$ 984.90	0.68%	$1.41
Hypothetical*	$1,000.00	$1,021.42	0.68%	$3.41

5% return before expenses

Expenses are calculated using the most recent expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for QYLD, HSPX and DAX. The actual dollar amount shown as expenses paid during the period for USDY are multiplied by 76/365 which is based upon the inception date of February 14, 2018.

***

Excise tax expense totaled 0.23% of average net assets for the six months ended April 30, 2018. Had this expense not been included, the ratio of expenses to average net assets would have been 0.60%.

Portfolio of Investments — Horizons NASDAQ 100^®Covered Call ETF

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks — 99.7% †
Consumer Discretionary — 22.7%
Amazon.com, Inc.*		13,266	$	20,776,281
Booking Holdings, Inc.*		1,309		2,851,002
Charter Communications, Inc. Class A*		6,520		1,768,811
Comcast Corp. Class A		126,948		3,984,898
Ctrip.com International Ltd. (a)*		12,428		508,305
DISH Network Corp.*		6,203		208,111
Dollar Tree, Inc.*		6,483		621,655
Expedia, Inc.		3,750		431,775
Hasbro, Inc.		3,416		300,915
JD.Com, Inc. (a)*		25,250		921,877
Liberty Global PLC Class A*		6,196		186,747
Liberty Global PLC Class C*		15,837		460,857
Marriott International, Inc. Class A		9,782		1,337,004
Netflix, Inc.*		11,878		3,711,400
O’Reilly Automotive, Inc.*		2,288		585,888
Qurate Retail Group, Inc.*		11,780		275,770
Ross Stores, Inc.		10,460		845,691
Sirius XM Holdings, Inc.		122,987		778,508
Starbucks Corp.		38,489		2,215,812
Tesla Motors, Inc.*		4,613		1,355,761
Twenty-First Century Fox, Inc. Class A		28,845		1,054,573
Twenty-First Century Fox, Inc. Class B		22,064		795,848
Ulta Beauty, Inc.*		1,702		427,049
Wynn Resorts Ltd.		2,803		521,890
				46,926,428

Consumer Staples — 4.1%
Costco Wholesale Corp.		12,023		2,370,455
Kraft Heinz Co.		33,359		1,880,780
Mondelez International, Inc.		40,731		1,608,875
Monster Beverage Corp.*		15,429		848,595
Walgreens Boots Alliance, Inc.		27,111		1,801,526
				8,510,231
Health Care — 9.5%
Alexion Pharmaceuticals, Inc.*		6,055		712,250
Align Technology, Inc.*		2,182		545,173
Amgen, Inc.		19,727		3,441,967
Biogen, Inc.*		5,787		1,583,323
BioMarin Pharmaceutical, Inc.*		4,792		400,180
Celgene Corp.*		20,593		1,793,650
Cerner Corp.*		9,100		530,075
DENTSPLY SIRONA, Inc.		6,384		321,370
Express Scripts Holding Co.*		15,438		1,168,657
Gilead Sciences, Inc.		35,873		2,591,107
Henry Schein, Inc.*		4,204		319,504
Hologic, Inc.*		7,662		297,209
IDEXX Laboratories, Inc.*		2,381		463,081
Illumina, Inc.*		4,018		968,057
Incyte Corp.*		5,691		352,500
Intuitive Surgical, Inc.*		3,061		1,349,227
Mylan NV*		14,793		573,377
Regeneron Pharmaceuticals, Inc.*		2,883		875,509
Shire PLC (a)		1,918		305,787
Vertex Pharmaceuticals, Inc.*		6,937		1,062,471
				19,654,474

Security Description	Shares		Fair Value
Common Stocks (continued)
Industrials — 2.1%
American Airlines Group, Inc.		12,945	$	555,729
Cintas Corp.		2,849		485,185
CSX Corp.		24,285		1,442,286
Fastenal Co.		7,914		395,621
JB Hunt Transport Services, Inc.		3,000		352,290
PACCAR, Inc.		9,669		615,625
Verisk Analytics, Inc.*		4,607		490,415
				4,337,151
Information Technology — 60.4%
Activision Blizzard, Inc.		20,768		1,377,957
Adobe Systems, Inc.*		13,454		2,981,406
Alphabet, Inc. Class A*		8,155		8,306,520
Alphabet, Inc. Class C*		9,584		9,750,091
Analog Devices, Inc.		10,230		893,590
Apple, Inc.		139,168		22,998,904
Applied Materials, Inc.		28,767		1,428,857
ASML Holding NV*		1,991		375,204
Autodesk, Inc.*		6,018		757,666
Automatic Data Processing, Inc.		12,124		1,431,602
Baidu, Inc. (a)*		7,684		1,927,916
Broadcom, Inc.		11,227		2,575,698
CA, Inc.		11,490		399,852
Cadence Design Systems, Inc.*		7,881		315,713
Check Point Software Technologies Ltd.*		4,461		430,531
Cisco Systems, Inc.		131,968		5,844,863
Citrix Systems, Inc.*		3,719		382,722
Cognizant Technology Solutions Class A		16,093		1,316,729
eBay, Inc.*		27,711		1,049,693
Electronic Arts, Inc.*		8,393		990,206
Facebook, Inc. Class A*		65,656		11,292,832
Fiserv, Inc.*		11,297		800,505
Intel Corp.		127,867		6,600,495
Intuit, Inc.		7,027		1,298,519
KLA-Tencor Corp.		4,253		432,700
Lam Research Corp.		4,449		823,332
Maxim Integrated Products, Inc.		7,694		419,323
MercadoLibre, Inc.		1,169		397,004
Microchip Technology, Inc.		6,385		534,169
Micron Technology, Inc.*		31,644		1,454,991
Microsoft Corp.		211,125		19,744,410
NetEase, Inc. (a)		2,040		524,423
NVIDIA Corp.		16,565		3,725,468
Paychex, Inc.		9,938		601,945
Paypal Holdings, Inc.*		32,849		2,450,864
QUALCOMM, Inc.		40,525		2,067,180
Seagate Technology PLC		7,785		450,674
Skyworks Solutions, Inc.		4,982		432,238
Symantec Corp.		16,797		466,789
Synopsys, Inc.*		4,193		358,543
Take-Two Interactive Software, Inc.*		3,195		318,573
Texas Instruments, Inc.		26,927		2,731,206
Western Digital Corp.		8,113		639,223
Workday, Inc.*		3,802		474,642
Xilinx, Inc.		7,011		450,387
				125,026,155

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons NASDAQ 100^®Covered Call ETF (concluded)

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Telecommunication Services — 0.9%
T-Mobile US, Inc.*		23,070	$	1,395,966
Vodafone Group PLC (a)		12,984		381,859
				1,777,825
TOTAL COMMON STOCKS
(Cost $179,203,678)			$	206,232,264

TOTAL INVESTMENTS — 99.7%
(Cost $179,203,678)				206,232,264
Other Assets in Excess of Liabilities:
Written Call Options — (0.9)%				(1,903,200	)
Other Assets — 1.2%				2,482,039
Total Other Assets in Excess
of Liabilities — 0.3%				578,839
Total Net Assets — 100.0%			$	206,811,103

Number of Contracts		Notional Value
Written Call Options — (0.9)%
(312)	NASDAQ 100^®Index,
	Strike @ $6,710, Exp 5/18/18	$	(206,093,784	)	$	(1,903,200	)
	Total Written Call Options
	(Premiums Received $4,036,392)				$	(1,903,200	)

†

All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at April 30, 2018 was $206,232,264.

Non-income producing security.

(a)

American Depositary Receipt

Glossary:

Ltd. — Private Limited Company

PLC — Public Limited Company

Sector Allocation (as of April 30, 2018)
Information Technology	60.4	%
Consumer Discretionary	22.7
Health Care	9.5
Consumer Staples	4.1
Industrials	2.1
Telecommunication Services	0.9
Total Investments	99.7
Other Assets in Excess of Liabilities	0.3
Net Assets	100.0	%

Percentages indicated are based upon net assets.

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons S&P 500^®Covered Call ETF

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks — 99.6%†
Consumer Discretionary — 12.9%
Advance Auto Parts, Inc.		148	$	16,939
Amazon.com, Inc.*		776		1,215,317
Aptiv PLC		510		43,136
AutoZone, Inc.*		60		37,471
Best Buy Co., Inc.		506		38,724
Booking Holdings, Inc.*		95		206,910
BorgWarner, Inc.		385		18,842
CarMax, Inc.*		353		22,062
Carnival Corp.		777		48,998
CBS Corp. Class B		697		34,292
Charter Communications, Inc. Class A*		385		104,447
Chipotle Mexican Grill, Inc.*		54		22,860
Comcast Corp. Class A		8,951		280,972
Darden Restaurants, Inc.		241		22,379
Discovery Communications, Inc. Class A*		295		6,977
Discovery Communications, Inc. Class C*		586		13,021
DISH Network Corp.*		434		14,561
Dollar General Corp.		500		48,265
Dollar Tree, Inc.*		461		44,205
DR Horton, Inc.		648		28,603
Expedia, Inc.		240		27,634
Foot Locker, Inc.		237		10,210
Ford Motor Co.		7,438		83,603
Gap Inc.		420		12,281
Garmin Ltd.		218		12,790
General Motors Co.		2,498		91,776
Genuine Parts Co.		284		25,083
Goodyear Tire & Rubber Co.		483		12,128
H&R Block, Inc.		399		11,032
Hanesbrands, Inc.		698		12,892
Harley-Davidson, Inc.		325		13,367
Hasbro, Inc.		217		19,116
Hilton Worldwide Holdings, Inc.		394		31,063
Home Depot, Inc.		2,245		414,876
Interpublic Group of Cos., Inc.		752		17,740
Kohl’s Corp.		328		20,375
L Brands, Inc.		479		16,722
Leggett & Platt, Inc.		252		10,219
Lennar Corp.		392		20,733
LKQ Corp.*		593		18,395
Lowe’s Cos., Inc.		1,607		132,465
Macy’s, Inc.		581		18,052
Marriott International, Inc. Class A		595		81,325
Mattel, Inc.		654		9,679
McDonald’s Corp.		1,467		245,634
MGM Resorts International		990		31,106
Michael Kors Holdings Ltd.*		289		19,773
Mohawk Industries, Inc.*		126		26,445
Netflix, Inc.*		826		258,092
Newell Brands, Inc.		939		25,945
News Corp. Class A		730		11,665
News Corp. Class B		238		3,867
NIKE, Inc. Class B		2,505		171,317
Nordstrom, Inc.		224		11,325
Norwegian Cruise Line Holdings Ltd.*		345		18,447
Omnicom Group, Inc.		443		32,631
O’Reilly Automotive, Inc.*		171		43,788
PulteGroup, Inc.		530		16,091
PVH Corp.		149		23,791

Security Description	Shares		Fair Value
Common Stocks (continued)
Consumer Discretionary (continued)
Ralph Lauren Corp.		113	$	12,413
Ross Stores, Inc.		742		59,991
Royal Caribbean Cruises Ltd.		329		35,594
Starbucks Corp.		2,751		158,375
Tapestry, Inc.		545		29,305
Target Corp.		1,044		75,794
Tiffany & Co.		200		20,566
Time Warner, Inc.		1,480		140,304
TJX Cos., Inc.		1,212		102,838
Tractor Supply Co.		245		16,660
TripAdvisor, Inc.*		210		7,858
Twenty-First Century Fox, Inc. Class A		2,004		73,266
Twenty-First Century Fox, Inc. Class B		849		30,623
Ulta Beauty, Inc.*		113		28,353
Under Armour, Inc. Class A*		358		6,358
Under Armour, Inc. Class C*		360		5,526
VF Corp.		626		50,625
Viacom, Inc. Class B		672		20,268
Walt Disney Co.		2,910		291,960
Whirlpool Corp.		145		22,468
Wyndham Worldwide Corp.		202		23,070
Wynn Resorts Ltd.		157		29,232
Yum! Brands, Inc.		659		57,399
				5,631,300
Consumer Staples — 7.2%
Altria Group, Inc.		3,653		204,970
Archer Daniels Midland Co.		1,073		48,693
Brown-Forman Corp. Class B		472		26,451
Campbell Soup Co.		374		15,252
Church & Dwight Co., Inc.		479		22,130
Clorox Co.		252		29,534
Coca-Cola Co.		7,304		315,606
Colgate-Palmolive Co.		1,677		109,391
ConAgra Brands, Inc.		799		29,619
Constellation Brands, Inc. Class A		329		76,700
Costco Wholesale Corp.		837		165,023
Coty, Inc.		904		15,684
CVS Health Corp.		1,937		135,261
Dr. Pepper Snapple Group, Inc.		347		41,626
Estee Lauder Cos., Inc. Class A		431		63,827
General Mills, Inc.		1,105		48,333
Hershey Co.		276		25,375
Hormel Foods Corp.		516		18,705
JM Smucker Co.		217		24,755
Kellogg Co.		476		28,036
Kimberly-Clark Corp.		674		69,786
Kraft Heinz Co.		1,136		64,048
Kroger Co.		1,714		43,176
McCormick & Co., Inc.		231		24,350
Molson Coors Brewing Co. Class B		357		25,433
Mondelez International, Inc.		2,869		113,325
Monster Beverage Corp.*		796		43,780
PepsiCo, Inc.		2,724		274,960
Philip Morris International, Inc.		3,066		251,412
Procter & Gamble Co.		4,852		350,994
Sysco Corp.		926		57,912
Tyson Foods, Inc. Class A		555		38,905
Walgreens Boots Alliance, Inc.		1,657		110,107
Wal-Mart Stores, Inc.		2,789		246,715
				3,159,874

Portfolio of Investments — Horizons S&P 500^®Covered Call ETF (continued)

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks (continued)
Energy — 6.2%
Anadarko Petroleum Corp.		1,068	$	71,898
Andeavor		276		38,176
Apache Corp.		727		29,771
Baker Hughes a GE Co.		816		29,466
Cabot Oil & Gas Corp.		887		21,208
Chevron Corp.		3,693		462,031
Cimarex Energy Co.		182		18,307
Concho Resources, Inc.*		289		45,434
ConocoPhillips		2,318		151,829
Devon Energy Corp.		1,005		36,512
EOG Resources, Inc.		1,098		129,751
EQT Corp.		459		23,037
Exxon Mobil Corp.		8,095		629,386
Halliburton Co.		1,656		87,751
Helmerich & Payne, Inc.		211		14,675
Hess Corp.		518		29,521
Kinder Morgan, Inc.		3,658		57,870
Marathon Oil Corp.		1,623		29,620
Marathon Petroleum Corp.		967		72,438
National Oilwell Varco, Inc.		725		28,036
Newfield Exploration Co.*		379		11,294
Noble Energy, Inc.		929		31,428
Occidental Petroleum Corp.		1,461		112,877
ONEOK, Inc.		725		43,660
Phillips 66		820		91,274
Pioneer Natural Resources Co.		331		66,713
Range Resources Corp.		437		6,052
Schlumberger Ltd.		2,649		181,615
TechnipFMC PLC		839		27,653
Valero Energy Corp.		846		93,847
Williams Cos., Inc.		1,575		40,525
				2,713,655
Financials — 14.7%
Affiliated Managers Group, Inc.		114		18,794
Aflac, Inc.		1,514		68,993
Allstate Corp.		690		67,496
American Express Co.		1,399		138,151
American International Group, Inc.		1,721		96,376
Ameriprise Financial, Inc.		293		41,082
Aon PLC		491		69,953
Arthur J. Gallagher & Co.		343		24,007
Assurant, Inc.		109		10,117
Bank of America Corp.		18,661		558,337
Bank of New York Mellon Corp.		1,967		107,221
BB&T Corp.		1,540		81,312
Berkshire Hathaway, Inc. Class B*		3,709		718,545
BlackRock, Inc. Class A		237		123,595
Brighthouse Financial, Inc.*		184		9,344
Capital One Financial Corp.		920		83,370
CBOE Holdings, Inc.		222		23,705
Charles Schwab Corp.		2,291		127,563
Chubb Ltd.		886		120,204
Cincinnati Financial Corp.		290		20,399
Citigroup, Inc.		5,041		344,149
Citizens Financial Group, Inc.		960		39,830
CME Group, Inc.		654		103,123
Comerica, Inc.		340		32,157
Discover Financial Services, Inc. Class A		711		50,659
ETRADE Financial Corp.		524		31,796

Security Description	Shares		Fair Value
Common Stocks (continued)
Financials (continued)
Everest Re Group Ltd.		81	$	18,846
Fifth Third Bancorp		1,408		46,703
Franklin Resources, Inc.		632		21,260
Goldman Sachs Group, Inc.		685		163,256
Hartford Financial Services Group, Inc.		697		37,526
Huntington Bancshares Inc.		2,073		30,908
Intercontinental Exchange, Inc.		1,122		81,300
Invesco Ltd.		774		22,423
JPMorgan Chase & Co.		6,696		728,391
KeyCorp		2,075		41,334
Leucadia National Corp.		605		14,544
Lincoln National Corp.		426		30,093
Loews Corp.		527		27,646
M&T Bank Corp.		289		52,676
Marsh & McLennan Cos., Inc.		976		79,544
MetLife, Inc.		2,023		96,436
Moody’s Corp.		322		52,228
Morgan Stanley		2,692		138,961
MSCI, Inc.		172		25,771
Nasdaq, Inc.		225		19,872
Navient Corp.		529		7,015
Northern Trust Corp.		413		44,088
People’s United Financial, Inc.		658		12,035
PNC Financial Services Group, Inc.		917		133,524
Principal Financial Group, Inc.		515		30,498
Progressive Corp.		1,110		66,922
Prudential Financial, Inc.		813		86,438
Raymond James Financial, Inc.		250		22,437
Regions Financial Corp.		2,276		42,561
S&P Global, Inc.		491		92,603
State Street Corp.		715		71,343
SunTrust Banks, Inc.		921		61,523
SVB Financial Group*		101		30,261
Synchrony Financial		1,422		47,168
T. Rowe Price Group, Inc.		461		52,471
Torchmark Corp.		210		18,215
Travelers Cos., Inc.		527		69,353
Unum Group		436		21,094
US Bancorp		3,028		152,763
Wells Fargo & Co.		8,503		441,816
Willis Towers Watson PLC		257		38,167
XL Group Ltd.		493		27,406
Zions Bancorporation		398		21,791
				6,431,488
Health Care — 13.7%
Abbott Laboratories		3,308		192,294
AbbVie, Inc.		3,123		301,526
Aetna, Inc.		631		112,981
Agilent Technologies, Inc.		619		40,693
Alexion Pharmaceuticals, Inc.*		429		50,463
Align Technology, Inc.*		143		35,729
Allergan PLC		638		98,029
AmerisourceBergen Corp.		309		27,989
Amgen, Inc.		1,272		221,939
Anthem, Inc.		506		119,411
Baxter International, Inc.		960		66,720
Becton Dickinson and Co.		511		118,486
Biogen, Inc.*		406		111,082
Boston Scientific Corp.*		2,610		74,959

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons S&P 500^®Covered Call ETF (continued)

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks (continued)
Health Care (continued)
Bristol-Myers Squibb Co.		3,121	$	162,698
Cardinal Health, Inc.		605		38,823
Celgene Corp.*		1,494		130,127
Centene Corp.*		330		35,831
Cerner Corp.*		602		35,066
Cigna Corp.		483		82,989
Cooper Cos., Inc.		95		21,727
Danaher Corp.		1,168		117,174
DaVita, Inc.*		292		18,335
DENTSPLY SIRONA, Inc.		439		22,099
Edwards Lifesciences Corp.*		405		51,581
Eli Lilly & Co.		1,845		149,574
Envision Healthcare Corp.*		236		8,772
Express Scripts Holding Co.*		1,115		84,406
Gilead Sciences, Inc.		2,484		179,419
HCA Healthcare, Inc.		554		53,040
Henry Schein, Inc.*		308		23,408
Hologic, Inc.*		539		20,908
Humana, Inc.		278		81,782
IDEXX Laboratories, Inc.*		169		32,869
Illumina, Inc.*		282		67,942
Incyte Corp.*		328		20,316
Intuitive Surgical, Inc.*		219		96,531
IQVIA Holdings, Inc.*		289		27,675
Johnson & Johnson		5,097		644,720
Laboratory Corp. of America Holdings*		200		34,150
McKesson Corp.		402		62,796
Medtronic PLC		2,576		206,415
Merck & Co., Inc.		5,104		300,472
Mettler-Toledo International, Inc.*		55		30,796
Mylan NV*		1,025		39,729
Nektar Therapeutics*		306		25,600
PerkinElmer, Inc.		216		15,846
Perrigo Co. PLC		253		19,769
Pfizer, Inc.		11,290		413,327
Quest Diagnostics, Inc.		263		26,616
Regeneron Pharmaceuticals, Inc.*		147		44,641
ResMed, Inc.		271		25,647
Stryker Corp.		612		103,685
Thermo Fisher Scientific, Inc.		764		160,707
UnitedHealth Group, Inc.		1,839		434,740
Universal Health Services, Inc. Class B		172		19,642
Varian Medical Systems, Inc.*		181		20,922
Vertex Pharmaceuticals, Inc.*		484		74,129
Waters Corp.*		156		29,392
Zimmer Biomet Holdings, Inc.		389		44,801
Zoetis, Inc.		940		78,471
				5,992,406
Industrials — 9.8%
3M Co.		1,136		220,827
Acuity Brands, Inc.		84		10,061
Alaska Air Group, Inc.		236		15,323
Allegion PLC		181		13,970
American Airlines Group, Inc.		831		35,675
AMETEK, Inc.		443		30,921
AO Smith Corp.		283		17,362
Arconic, Inc.		809		14,408
Boeing Co.		1,101		367,250
C.H. Robinson Worldwide, Inc.		273		25,124
Caterpillar, Inc.		1,128		162,838

Security Description	Shares		Fair Value
Common Stocks (continued)
Industrials (continued)
Cintas Corp.		162	$	27,589
CSX Corp.		1,740		103,339
Cummins, Inc.		305		48,757
Deere & Co.		616		83,363
Delta Air Lines, Inc.		1,271		66,372
Dover Corp.		300		27,810
Eaton Corp PLC		847		63,550
Emerson Electric Co.		1,222		81,153
Equifax, Inc.		235		26,332
Expeditors International of Washington, Inc.		344		21,968
Fastenal Co.		551		27,544
FedEx Corp.		471		116,431
Flowserve Corp.		255		11,325
Fluor Corp.		272		16,034
Fortive Corp.		582		40,920
Fortune Brands Home & Security, Inc.		295		16,134
General Dynamics Corp.		532		107,097
General Electric Co.		17,481		245,958
Honeywell International, Inc.		1,454		210,365
Huntington Ingalls Industries, Inc.		93		22,619
IHS Markit Ltd.*		694		34,096
Illinois Tool Works, Inc.		595		84,502
Ingersoll-Rand PLC		489		41,022
Jacobs Engineering Group, Inc.		235		13,651
JB Hunt Transport Services, Inc.		162		19,024
Johnson Controls International PLC		1,777		60,187
Kansas City Southern		202		21,539
L3 Technologies, Inc.		151		29,578
Lockheed Martin Corp.		480		154,003
Masco Corp.		612		23,176
Nielsen Holdings PLC		642		20,191
Norfolk Southern Corp.		551		79,052
Northrop Grumman Corp.		335		107,883
PACCAR, Inc.		670		42,659
Parker-Hannifin Corp.		255		41,978
Pentair PLC		319		21,462
Quanta Services, Inc.*		288		9,360
Raytheon Co.		557		114,152
Republic Services, Inc. Class A		438		28,330
Robert Half International, Inc.		243		14,762
Rockwell Automation, Inc.		250		41,133
Rockwell Collins, Inc.		310		41,087
Roper Technologies, Inc.		200		52,838
Snap-on, Inc.		110		15,978
Southwest Airlines Co.		1,049		55,419
Stanley Black & Decker, Inc.		293		41,486
Stericycle, Inc.*		162		9,511
Textron, Inc.		504		31,319
TransDigm Group, Inc.		93		29,813
Union Pacific Corp.		1,526		203,919
United Continental Holdings, Inc.*		495		33,432
United Parcel Service, Inc. Class B		1,316		149,366
United Rentals, Inc.*		168		25,200
United Technologies Corp.		1,442		173,256
Verisk Analytics, Inc.*		299		31,829
Waste Management, Inc.		787		63,975
WW Grainger, Inc.		106		29,823
Xylem, Inc.		349		25,442
				4,293,852

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons S&P 500^®Covered Call ETF (continued)

April 30, 2018 (Unaudited)

Security Description	Shares			Fair Value
Common Stocks (continued)
Information Technology — 24.7%
Accenture PLC		1,178		$	178,114
Activision Blizzard, Inc.		1,442			95,677
Adobe Systems, Inc.*		940			208,304
Advanced Micro Devices, Inc.*		1,531			16,657
Akamai Technologies, Inc.*		328			23,501
Alliance Data Systems Corp.		93			18,884
Alphabet, Inc. Class A*		585			595,869
Alphabet, Inc. Class C*		595			605,311
Amphenol Corp. Class A		584			48,887
Analog Devices, Inc.		706			61,669
ANSYS, Inc.*		169			27,321
Apple, Inc.		9,773			1,615,086
Applied Materials, Inc.		2,034			101,029
Autodesk, Inc.*		418			52,626
Automatic Data Processing, Inc.		849			100,250
Broadcom, Inc.		774			177,571
CA, Inc.		603			20,984
Cadence Design Systems, Inc.*		538	��		21,552
Cisco Systems, Inc.		9,209			407,867
Citrix Systems, Inc.*		275			28,300
Cognizant Technology Solutions Class A		1,127			92,211
Corning, Inc.		1,721			46,501
DXC Technology Co.		543			55,962
eBay, Inc.*		1,895			71,783
Electronic Arts, Inc.*		592			69,844
F5 Networks, Inc.*		127			20,712
Facebook, Inc. Class A*		4,511			775,892
Fidelity National Information Services, Inc.		655			62,205
Fiserv, Inc.*		806			57,113
FLIR Systems, Inc.		265			14,191
Gartner, Inc.*		178			21,590
Global Payments, Inc.		291			32,898
Harris Corp.		234			36,602
Hewlett Packard Enterprise Co.		3,127			53,315
HP, Inc.		3,179			68,317
Intel Corp.		8,716			449,920
International Business Machines Corp.		1,623			235,270
Intuit, Inc.		469			86,667
IPG Photonics Corp.*		72			15,338
Juniper Networks, Inc.		725			17,828
KLA-Tencor Corp.		304			30,929
Lam Research Corp.		310			57,369
Mastercard, Inc. Class A		1,781			317,499
Microchip Technology, Inc.		447			37,396
Micron Technology, Inc.*		2,124			97,662
Microsoft Corp.		14,953			1,398,405
Motorola Solutions, Inc.		311			34,157
NetApp, Inc.		523			34,821
NVIDIA Corp.		1,144			257,286
Oracle Corp.		5,773			263,653
Paychex, Inc.		616			37,311
Paypal Holdings, Inc.*		2,154			160,710
Qorvo, Inc.*		246			16,580
QUALCOMM, Inc.		2,810			143,338
Red Hat, Inc.*		344			56,093
salesforce.com, Inc.*		1,299			157,166
Seagate Technology PLC		550			31,839
Skyworks Solutions, Inc.		354			30,713
Symantec Corp.		1,177			32,709

Security Description	Shares		Fair Value
Common Stocks (continued)
Information Technology (continued)
Synopsys, Inc.*		293	$	25,054
Take-Two Interactive Software, Inc.*		233		23,232
TE Connectivity Ltd.		674		61,840
Texas Instruments, Inc.		1,888		191,500
Total System Services, Inc.		325		27,319
VeriSign, Inc.*		164		19,257
Visa, Inc.		3,398		431,138
Western Digital Corp.		562		44,280
Western Union Co.		882		17,419
Xerox Corp.		411		12,926
Xilinx, Inc.		476		30,578
				10,769,797
Materials — 2.9%
Air Products & Chemicals, Inc.		415		67,350
Albemarle Corp.		216		20,943
Avery Dennison Corp.		172		18,027
Ball Corp.		671		26,900
CF Industries Holdings, Inc.		448		17,383
DowDuPont, Inc.		4,547		287,552
Eastman Chemical Co.		279		28,480
Ecolab, Inc.		500		72,385
FMC Corp.		256		20,411
Freeport-McMoRan, Inc.		2,560		38,938
International Flavors & Fragrances, Inc.		154		21,754
International Paper Co.		790		40,732
LyondellBasell Industries NV Class A		620		65,553
Martin Marietta Materials, Inc.		125		24,346
Monsanto Co.		839		105,186
Mosaic Co.		669		18,030
Newmont Mining Corp.		1,018		39,997
Nucor Corp.		614		37,835
Packaging Corp of America		187		21,634
PPG Industries, Inc.		489		51,775
Praxair, Inc.		546		83,276
Sealed Air Corp.		343		15,041
Sherwin-Williams Co.		162		59,561
Vulcan Materials Co.		252		28,146
WestRock Co.		490		28,988
				1,240,223
Real Estate — 2.7%
Alexandria Real Estate Equities, Inc.		185		23,045
American Tower Corp.		818		111,543
Apartment Investment & Management Co.		304		12,342
AvalonBay Communities, Inc.		268		43,684
Boston Properties, Inc.		296		35,937
CBRE Group, Inc.*		593		26,869
Crown Castle International Corp.		781		78,779
Digital Realty Trust, Inc.		395		41,748
Duke Realty Corp.		681		18,455
Equinix, Inc.		151		63,539
Equity Residential		705		43,506
Essex Property Trust, Inc.		133		31,879
Extra Space Storage, Inc.		242		21,681
Federal Realty Investment Trust		143		16,567
GGP, Inc.		1,195		23,888
HCP, Inc.		896		20,931
Host Hotels & Resorts, Inc.		1,409		27,560
Iron Mountain, Inc.		511		17,343

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons S&P 500^®Covered Call ETF (concluded)

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks (continued)
Real Estate (continued)
Kimco Realty Corp.		810	$	11,753
Macerich Co.		212		12,215
Mid-America Apartment Communities, Inc.		217		19,847
Prologis, Inc.		1,014		65,819
Public Storage		292		58,920
Realty Income Corp.		529		26,720
Regency Centers Corp.		288		16,949
SBA Communications Corp.*		235		37,654
Simon Property Group, Inc.		598		93,491
SL Green Realty Corp.		192		18,766
UDR, Inc.		512		18,509
Ventas, Inc.		682		35,068
Vornado Realty Trust		330		22,450
Welltower, Inc.		702		37,515
Weyerhaeuser Co.		1,436		52,816
				1,187,788
Telecommunication Services — 1.9%
AT&T, Inc.		11,679		381,903
CenturyLink, Inc.		1,853		34,429
Verizon Communications, Inc.		7,894		389,569
				805,901
Utilities — 2.9%
AES Corp.		1,261		15,435
Alliant Energy Corp.		444		19,070
Ameren Corp.		467		27,375
American Electric Power Co., Inc.		942		65,921
American Water Works Co., Inc.		346		29,957
CenterPoint Energy, Inc.		824		20,872
CMS Energy Corp.		543		25,624
Consolidated Edison, Inc.		595		47,677
Dominion Energy, Inc.		1,228		81,736
DTE Energy Co.		348		36,679
Duke Energy Corp.		1,338		107,254
Edison International		623		40,819
Entergy Corp.		349		28,475
Eversource Energy		606		36,511
Exelon Corp.		1,830		72,614
FirstEnergy Corp.		853		29,343
NextEra Energy, Inc.		894		146,536
NiSource, Inc.		623		15,195
NRG Energy, Inc.		579		17,949
PG&E Corp.		977		45,040
Pinnacle West Capital Corp.		219		17,629
PPL Corp.		1,301		37,859
Public Service Enterprise Group, Inc.		966		50,377
SCANA Corp.		272		10,001
Sempra Energy		481		53,776
Southern Co.		1,905		87,859
WEC Energy Group, Inc.		602		38,697
Xcel Energy, Inc.		971		45,482
				1,251,762

TOTAL COMMON STOCKS
(Cost $34,837,511)				43,478,046

Security Description	Shares	Fair Value
TOTAL INVESTMENTS — 99.6%
(Cost $34,837,511)		$	43,478,046
Other Assets in Excess of Liabilities:
Written Call Options — (0.1)%			(48,085	)
Other Assets — 0.5%			213,710
Total Other Assets in Excess of Liabilities — 0.4%			165,625
Total Net Assets — 100.0%		$	43,643,671

†

All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at April 30, 2018 was $43,478,046.

Non-income producing security.

Glossary:

Ltd. — Private Limited Company

PLC — Public Limited Company

Number of Contracts		Notional Value			Fair Value
Written Call Options — (0.1)%
(163)	S&P 500^®Index,
	Strike @ $2,735, Exp 5/18/18	$	(43,163,215	)	$ (48,085)
	Total Written Call Options
	(Premiums Received $193,005)				$ (48,085)

Sector Allocation (as of April 30, 2018)
Information Technology	24.7	%
Financials	14.7
Health Care	13.7
Consumer Discretionary	12.9
Industrials	9.8
Consumer Staples	7.2
Energy	6.2
Materials	2.9
Utilities	2.9
Real Estate	2.7
Telecommunication Services	1.9
Total Investments	99.6
Other Assets in Excess of Liabilities	0.4
Net Assets	100.0	%

Percentages indicated are based upon net assets.

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons DAX Germany ETF

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks — 93.2%
Consumer Discretionary — 14.4%
adidas AG		3,112	$	766,645
Bayerische Motoren Werke AG		5,546		619,610
Continental AG		1,878		501,901
Daimler AG		15,409		1,219,420
				3,107,576

Consumer Staples — 0.9%
Beiersdorf AG		1,732		196,537
Financials — 16.1%
Allianz SE		7,486		1,776,894
Commerzbank AG		17,465		225,993
Deutsche Bank AG		32,981		452,907
Deutsche Boerse AG		3,300		445,154
Muenchener Rueckversicherungs-
Gesellschaft AG		2,536		582,004
				3,482,952

Health Care — 5.3%
Fresenius Medical Care AG & Co. KGaA		3,730		379,814
Fresenius SE & Co. KGaA		7,211		551,837
Merck KGaA		2,248		220,596
				1,152,247

Industrials — 12.8%
Deutsche Lufthansa AG		8,058		235,310
Deutsche Post AG		16,294		710,677
Siemens AG		14,198		1,812,146
				2,758,133

Information Technology — 11.8%
Infineon Technologies AG		19,715		506,881
SAP SE		18,371		2,051,334
				2,558,215

Materials — 22.6%
BASF SE		16,007		1,669,394
Bayer AG		14,647		1,756,904
Covestro AG		3,065		279,808
HeidelbergCement AG		2,594		254,674
Linde AG		3,082		685,340
ThyssenKrupp AG		8,606		224,591
				4,870,711

Real Estate — 1.8%
Vonovia SE		7,824		393,336

Telecommunication Services — 4.5%
Deutsche Telekom AG		55,984		980,437

Utilities — 3.0%
E.ON SE		38,867		426,012
RWE AG		8,982		215,684
				641,696

TOTAL COMMON STOCKS
(Cost $19,126,403)				20,141,840

Security Description	Shares		Fair Value
Preferred Stocks — 4.8%
Consumer Discretionary — 3.0%
Volkswagen AG (2.30%)		3,107	$	645,064
Consumer Staples — 1.8%
Henkel AG & Co. KGaA (1.70%)		3,045		387,762
TOTAL PREFERRED STOCKS
(Cost $1,085,142)				1,032,826
TOTAL INVESTMENTS — 98.0%
(Cost $20,211,545)				21,174,666
Other Assets in Excess of Liabilities - 2.0%				424,549
Total Net Assets - 100.0%			$	21,599,215

Glossary:

AG — Aktiengesellschaft is both the German and Swiss term for a stock corporation.

KGaA — Kommanditgesellschaft auf Aktien is a German corporate designation standing for partnership limited by shares.

SE — SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all Member States.

Sector Allocation (as of April 30, 2018)
Materials	22.6	%
Consumer Discretionary	17.4
Financials	16.1
Industrials	12.8
Information Technology	11.8
Health Care	5.3
Telecommunication Services	4.5
Utilities	3.0
Consumer Staples	2.7
Real Estate	1.8

Total Investments	98.0
Other Assets in Excess of Liabilities	2.0

Net Assets	100.0	%

Percentages indicated are based upon net assets.

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons Cadence Hedged US Dividend Yield ETF

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks — 99.2%
Consumer Discretionary — 12.3%
Bed Bath & Beyond, Inc.		966	$	16,866
Best Buy Co., Inc.		876		67,040
Carnival Corp.		1,629		102,725
Cinemark Holdings, Inc.		682		26,714
Comcast Corp. Class A		11,370		356,904
Darden Restaurants, Inc.		375		34,823
Dick’s Sporting Goods, Inc.		608		20,119
Dunkin’ Brands Group, Inc.		290		17,678
Extended Stay America, Inc.		567		11,102
Foot Locker, Inc.		1,289		55,530
Ford Motor Co.		15,883		178,525
Gap Inc.		747		21,842
Garmin Ltd.		355		20,828
General Motors Co.		4,165		153,022
Genuine Parts Co.		765		67,565
H&R Block, Inc.		725		20,046
Hanesbrands, Inc.		2,709		50,035
Harley-Davidson, Inc.		2,309		94,969
Hasbro, Inc.		383		33,738
Home Depot, Inc.		2,167		400,462
International Game Technology PLC		375		10,601
Interpublic Group of Cos., Inc.		6,514		153,665
Kohl’s Corp.		589		36,589
L Brands, Inc.		900		31,419
Las Vegas Sands Corp.		1,178		86,383
Leggett & Platt, Inc.		453		18,369
Macy’s, Inc.		942		29,268
McDonald’s Corp. †		2,370		396,833
Newell Brands, Inc.		2,150		59,405
Nordstrom, Inc.		450		22,752
Omnicom Group, Inc.		1,737		127,947
Penske Automotive Group, Inc.		150		6,765
Signet Jewelers Ltd.		336		13,064
Six Flags Entertainment Corp.		329		20,806
Starbucks Corp. †		6,557		377,486
Tapestry, Inc.		840		45,167
Target Corp.		2,789		202,481
TEGNA, Inc.		666		7,040
Tribune Media Co.		234		8,843
Tupperware Brands Corp.		175		7,798
Vail Resorts, Inc.		129		29,581
VF Corp.		1,833		148,235
Viacom, Inc. Class B		1,139		34,352
Whirlpool Corp.		580		89,871
Williams-Sonoma, Inc.		619		29,588
Wyndham Worldwide Corp.		527		60,189
				3,805,030

Consumer Staples — 16.3%
Altria Group, Inc. †		6,051		339,522
Archer Daniels Midland Co.		8,801		399,389
Bunge Ltd.		2,087		150,744
Campbell Soup Co.		625		25,487
Clorox Co.		445		52,154
Coca-Cola Co. †		8,688		375,408
Colgate-Palmolive Co.		3,797		247,678
ConAgra Brands, Inc.		1,237		45,855
Coty, Inc.		1,750		30,362
CVS Health Corp.		6,092		425,404

Security Description	Shares		Fair Value
Common Stocks (continued)
Consumer Staples (continued)
Flowers Foods, Inc.		562	$	12,707
General Mills, Inc.		3,489		152,609
Hershey Co.		555		51,027
Hormel Foods Corp.		1,344		48,720
JM Smucker Co.		521		59,436
Kellogg Co.		1,344		79,161
Kimberly-Clark Corp.		1,981		205,113
Kraft Heinz Co.		2,202		124,149
Molson Coors Brewing Co. Class B		536		38,185
Mondelez International, Inc. †		8,002		316,079
PepsiCo, Inc. †		3,489		352,180
Philip Morris International, Inc. †		3,800		311,600
Pinnacle Foods, Inc.		475		28,690
Procter & Gamble Co. †		4,823		348,896
Sysco Corp.		1,507		94,248
Walgreens Boots Alliance, Inc. †		4,715		313,312
Wal-Mart Stores, Inc. †		4,380		387,455
				5,015,570

Energy — 8.1%
Andeavor		526		72,756
Apache Corp.		2,315		94,799
Chevron Corp.		3,313		414,489
Exxon Mobil Corp.		5,095		396,136
Helmerich & Payne, Inc.		323		22,465
HollyFrontier Corp.		512		31,073
Kinder Morgan, Inc.		6,130		96,977
Marathon Petroleum Corp.		1,789		134,014
Murphy Oil Corp.		550		16,561
Nabors Industries Ltd.		1,350		10,274
Occidental Petroleum Corp.		3,148		243,215
Oceaneering International, Inc.		350		7,434
ONEOK, Inc.		1,277		76,901
PBF Energy, Inc.		325		12,457
Phillips 66		1,559		173,532
RPC, Inc.		171		3,080
Schlumberger Ltd.		5,882		403,270
Targa Resources Corp.		827		38,844
Valero Energy Corp.		1,615		179,152
Williams Cos., Inc.		3,255		83,751
				2,511,180

Financials — 11.7%
Aflac, Inc.		2,633		119,986
American International Group, Inc.		4,345		243,320
Ameriprise Financial, Inc.		565		79,219
Arthur J. Gallagher & Co.		472		33,035
Aspen Insurance Holdings Ltd.		190		8,066
Associated Banc-Corp		575		15,209
Assurant, Inc.		314		29,146
Axis Capital Holdings Ltd.		302		17,727
Bank of Hawaii Corp.		125		10,526
BankUnited, Inc.		325		12,873
BB&T Corp.		2,668		140,870
BGC Partners, Inc.		825		11,022
BlackRock, Inc. Class A		379		197,649
Cincinnati Financial Corp.		488		34,326
CNA Financial Corp.		100		5,046
Cullen/Frost Bankers, Inc.		162		18,541

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons Cadence Hedged US Dividend Yield ETF (continued)

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks (continued)
Financials (continued)
Eaton Vance Corp.		347	$	18,873
Federated Investors, Inc.		300		7,941
First American Financial Corp.		325		16,611
First Hawaiian, Inc.		175		4,821
First Horizon National Corp.		896		16,397
FNB Corp.		941		12,233
FNF Group		1,384		50,973
Franklin Resources, Inc.		1,250		42,050
Huntington Bancshares Inc.		5,219		77,815
Invesco Ltd.		1,579		45,744
JPMorgan Chase & Co. †		3,469		377,358
KeyCorp		5,534		110,237
Lazard Ltd.		400		21,768
Legg Mason, Inc.		473		18,778
Mercury General Corp.		125		5,716
MetLife, Inc. †		6,215		296,269
Navient Corp.		1,197		15,872
New York Community Bancorp, Inc.		1,461		17,357
Old Republic International Corp.		726		14,810
PacWest Bancorp		414		21,213
People’s United Financial, Inc.		1,088		19,900
Popular, Inc.		1,050		48,605
Principal Financial Group, Inc.		1,483		87,823
ProAssurance Corp.		162		7,663
Prudential Financial, Inc.		1,878		199,669
SunTrust Banks, Inc.		1,728		115,430
T. Rowe Price Group, Inc.		727		82,747
TCF Financial Corp.		509		12,638
Travelers Cos., Inc.		958		126,073
US Bancorp †		6,816		343,867
Validus Holdings Ltd.		193		13,080
Wells Fargo & Co. †		7,288		378,684
				3,605,576

Health Care — 11.4%
AbbVie, Inc.		4,205		405,993
Amgen, Inc.		2,250		392,580
Bristol-Myers Squibb Co.		5,092		265,446
Cardinal Health, Inc.		3,363		215,804
Eli Lilly & Co.		3,375		273,611
Gilead Sciences, Inc. †		5,153		372,201
Johnson & Johnson †		2,957		374,031
Medtronic PLC		4,839		387,749
Merck & Co., Inc.		7,041		414,503
Patterson Cos., Inc.		778		18,112
Pfizer, Inc.		10,634		389,311
				3,509,341

Industrials — 12.6%
3M Co. †		1,760		342,126
Alaska Air Group, Inc.		395		25,647
Boeing Co.		1,155		385,262
Caterpillar, Inc.		1,657		239,205
Copa Holdings SA		94		11,014
Cummins, Inc.		535		85,525
Delta Air Lines, Inc.		3,608		188,410
Eaton Corp PLC		1,507		113,070
Emerson Electric Co.		2,110		140,125
Fastenal Co.		887		44,341

Security Description	Shares		Fair Value
Common Stocks (continued)
Industrials (continued)
General Electric Co.		27,556	$	387,713
Hubbell, Inc.		229		23,784
Johnson Controls International PLC		4,643		157,258
KAR Auction Services, Inc.		419		21,784
Lockheed Martin Corp. †		760		243,838
MSC Industrial Direct Co., Inc.		170		14,695
Nielsen Holdings PLC		2,139		67,272
Norfolk Southern Corp.		881		126,397
Pentair PLC		568		38,215
Pitney Bowes, Inc.		700		7,154
Ryder System, Inc.		233		15,711
Snap-on, Inc.		192		27,888
Timken Co.		225		9,619
Union Pacific Corp. †		2,805		374,832
United Parcel Service, Inc. Class B †		3,317		376,479
United Technologies Corp. †		2,317		278,388
Waste Management, Inc.		1,277		103,807
Watsco, Inc.		106		17,747
				3,867,306

Information Technology — 10.3%
Analog Devices, Inc.		1,069		93,377
Automatic Data Processing, Inc.		1,435		169,445
Broadcom, Inc. †		1,607		368,678
CA, Inc.		970		33,756
Cisco Systems, Inc.		9,147		405,121
Corning, Inc.		3,032		81,925
Cypress Semiconductor Corp.		971		14,157
HP, Inc.		5,598		120,301
Intel Corp.		7,653		395,048
International Business Machines Corp. †		2,519		365,154
Juniper Networks, Inc.		1,252		30,787
KLA-Tencor Corp.		503		51,175
Maxim Integrated Products, Inc.		823		44,853
Paychex, Inc.		1,068		64,689
QUALCOMM, Inc. †		6,654		339,420
Sabre Corp.		725		14,964
Texas Instruments, Inc. †		3,342		338,979
Western Digital Corp.		914		72,014
Western Union Co.		6,694		132,206
Xerox Corp. *		1,075		33,809
				3,169,858

Materials — 4.2%
Air Products & Chemicals, Inc.		848		137,622
Bemis Co., Inc.		431		18,649
Cabot Corp.		225		12,569
CF Industries Holdings, Inc.		685		26,578
Domtar Corp.		183		8,034
DowDuPont, Inc.		5,980		378,175
Eastman Chemical Co.		488		49,815
Huntsman Corp.		594		17,683
International Paper Co.		1,848		95,283
LyondellBasell Industries NV Class A		1,002		105,942
Nucor Corp.		950		58,539
Olin Corp.		481		14,521
Packaging Corp of America		287		33,203
Praxair, Inc.		1,187		181,041
Reliance Steel & Aluminum Co.		216		18,991

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons Cadence Hedged US Dividend Yield ETF (continued)

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks (continued)
Materials (continued)
RPM International, Inc.		581	$	28,062
Scotts Miracle-Gro Co.		150		12,537
Sonoco Products Co.		375		19,260
WestRock Co.		1,128		66,733
				1,283,237

Real Estate — 6.7%
AGNC Investment Corp.		1,169		22,118
Alexandria Real Estate Equities, Inc.		251		31,267
American Campus Communities, Inc.		379		14,823
Annaly Capital Management, Inc.		3,420		35,465
Apartment Investment & Management Co.		444		18,026
Apple Hospitality REIT, Inc.		597		10,740
AvalonBay Communities, Inc.		395		64,385
Boston Properties, Inc.		368		44,679
Brandywine Realty Trust		485		7,813
Brixmor Property Group, Inc.		794		11,823
Camden Property Trust		236		20,154
Chimera Investment Corp.		566		9,899
Columbia Property Trust, Inc.		271		5,789
CoreCivic, Inc.		200		4,032
CoreSite Realty Corp.		75		7,808
Corporate Office Properties Trust		200		5,502
Crown Castle International Corp.		1,085		109,444
CubeSmart		513		15,103
CyrusOne, Inc.		284		15,220
DCT Industrial Trust, Inc.		259		16,983
DDR Corp.		880		6,380
Digital Realty Trust, Inc.		553		58,447
Douglas Emmett, Inc.		433		16,138
Duke Realty Corp.		876		23,740
Empire State Realty Trust, Inc.		307		5,348
EPR Properties		187		10,289
Equinix, Inc.		188		79,109
Equity LifeStyle Properties, Inc.		231		20,596
Equity Residential		888		54,798
Essex Property Trust, Inc.		177		42,425
Extra Space Storage, Inc.		305		27,325
Federal Realty Investment Trust		228		26,414
Forest City Realty Trust, Inc.		596		11,956
Gaming and Leisure Properties, Inc.		500		17,135
GGP, Inc.		1,561		31,204
HCP, Inc.		1,254		29,293
Healthcare Trust of America, Inc.		527		13,170
Highwoods Properties, Inc.		289		12,722
Hospitality Properties Trust		486		12,092
Host Hotels & Resorts, Inc.		1,731		33,858
Hudson Pacific Properties, Inc.		390		12,819
Iron Mountain, Inc.		792		26,880
JBG SMITH		204		7,521
Kilroy Realty Corp.		240		17,201
Kimco Realty Corp.		1,227		17,804
Lamar Advertising Co.		198		12,615
Liberty Property Trust		336		14,052
Life Storage, Inc.		126		11,143
Macerich Co.		400		23,048
Medical Properties Trust, Inc.		857		10,952
MFA Financial, Inc.		1,208		9,084
Mid-America Apartment Communities, Inc.		298		27,255

Security Description	Shares		Fair Value
Common Stocks (continued)
Real Estate (continued)
National Retail Properties, Inc.		431	$	16,395
Omega Healthcare Investors, Inc.		609		15,822
Outfront Media, Inc.		394		7,388
Paramount Group, Inc.		487		6,988
Park Hotels & Resorts, Inc.		446		12,836
Piedmont Office Realty Trust, Inc.		398		7,132
Prologis, Inc.		1,366		88,667
Public Storage		423		85,353
Rayonier, Inc.		267		9,930
Realty Income Corp.		803		40,560
Regency Centers Corp.		415		24,423
Retail Properties of America, Inc.		678		7,824
Senior Housing Properties Trust		669		10,416
Simon Property Group, Inc.		936		146,334
SL Green Realty Corp.		258		25,217
Spirit Realty Capital, Inc.		1,408		11,334
Starwood Property Trust, Inc.		816		17,103
STORE Capital Corp.		458		11,555
Sun Communities, Inc.		175		16,424
Tanger Factory Outlet Centers, Inc.		175		3,841
Taubman Centers, Inc.		146		8,173
UDR, Inc.		715		25,847
Ventas, Inc.		1,023		52,603
VEREIT, Inc.		2,304		15,667
Vornado Realty Trust		484		32,927
Weingarten Realty Investors		373		10,246
Welltower, Inc.		1,137		60,761
Weyerhaeuser Co.		1,810		66,572
WP Carey, Inc.		305		19,474
				2,051,698

Telecommunication Services — 2.5%
AT&T, Inc. †		10,703		349,988
Telephone & Data Systems, Inc.		550		15,032
Verizon Communications, Inc.		7,977		393,665
				758,685

Utilities — 3.1%
AES Corp.		927		11,346
Alliant Energy Corp.		300		12,885
Ameren Corp.		279		16,355
American Electric Power Co., Inc.		647		45,277
Aqua America, Inc.		250		8,787
Atmos Energy Corp.		152		13,207
Avangrid, Inc.		100		5,271
CenterPoint Energy, Inc.		641		16,237
CMS Energy Corp.		371		17,507
Consolidated Edison, Inc.		437		35,017
Dominion Energy, Inc.		1,084		72,151
DTE Energy Co.		240		25,296
Duke Energy Corp.		1,082		86,733
Edison International		540		35,381
Entergy Corp.		223		18,195
Eversource Energy		475		28,619
Exelon Corp.		1,182		46,902
FirstEnergy Corp.		528		18,163
Great Plains Energy, Inc.		257		8,412
Hawaiian Electric Industries, Inc.		129		4,475
MDU Resources Group, Inc.		251		7,071

The accompanying notes are an integral part of these financial statements.

Portfolio of Investments — Horizons Cadence Hedged US Dividend Yield ETF (concluded)

April 30, 2018 (Unaudited)

Security Description	Shares		Fair Value
Common Stocks (continued)
Utilities (continued)
National Fuel Gas Co.		125	$	6,419
NextEra Energy, Inc.		571		93,593
NiSource, Inc.		453		11,049
OGE Energy Corp.		318		10,453
Pinnacle West Capital Corp.		145		11,672
PPL Corp.		1,055		30,700
Public Service Enterprise Group, Inc.		630		32,854
SCANA Corp.		209		7,685
Sempra Energy		365		40,807
Southern Co.		1,607		74,115
UGI Corp.		242		11,710
Vectren Corp.		105		7,378
WEC Energy Group, Inc.		470		30,212
Westar Energy, Inc.		171		9,265
Xcel Energy, Inc.		691		32,367
				943,566

TOTAL COMMON STOCKS
(Cost $31,510,972)				30,521,047

Purchased Put Options — 0.0%	Notional		Contracts		Fair Value
S&P 500^®Index, Strike @ $2,550,
Exp 5/18/18	$	4,236,880		16	$	14,000

TOTAL PURCHASED PUT OPTIONS
(Cost $15,344)		14,000

TOTAL INVESTMENTS — 99.2%
(Cost $31,526,316)		30,535,047
Other Assets in Excess of Liabilities:
Written Call Options — (0.0)%		(2,790	)
Other Assets — 0.8%		246,876
Other Assets in Excess of Liabilities - 0.8%		244,086
Total Net Assets — 100.0%	$	30,779,133

†

All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at April 30, 2018 was $9,039,063.

Non-income producing security.

Glossary:

Ltd. — Private Limited Company

PLC — Public Limited Company

Number of Contracts		Notional Value			Fair Value
Written Call Options — (0.0)%
(31)	S&P 500^®Index, Strike @ 2,775,
	Exp 5/18/18	$	(8,208,955	)	$	(2,790	)
	Total Written Call Options
	(Premiums Received $15,716)				$	(2,790	)

Sector Allocation (as of April 30, 2018)
Consumer Staples	16.3	%
Industrials	12.6
Consumer Discretionary	12.3
Financials	11.7
Health Care	11.4
Information Technology	10.3
Energy	8.1
Real Estate	6.7
Materials	4.2
Utilities	3.1
Telecommunication Services	2.5
Purchased Options	0.0
Total Investments	99.2
Other Assets in Excess of Liabilities	0.8
Net Assets	100.0	%

Percentages indicated are based upon net assets.

The accompanying notes are an integral part of these financial statements.

Statements of Assets and Liabilities

April 30, 2018 (Unaudited)

	Horizons NASDAQ 100^® Covered Call ETF			Horizons S&P 500^® Covered Call ETF			Horizons DAX Germany ETF			Horizons Cadence Hedged US Dividend Yield ETF
Assets:
Investments, at cost	$	179,203,678		$	34,837,511		$	20,211,545		$	31,526,316
Investments, at value (Note 2)	$	206,232,264		$	43,478,046		$	21,174,666		$	30,535,047
Cash		4,484,263			420,336			237,967			224,592
Receivables:
Fund shares sold		—			—			—			—
Due From Related Party (Note 10)		99,686			—			101,330			—
Dividends and interest		15,036			37,077			26,484			39,385
Reclaims		—			313			66,794			—
Total Assets		210,831,249			43,935,772			21,607,241			30,799,024

Liabilities:
Payables:
Options written, at value (premiums received
$4,036,392, $193,005, $— and $15,716)		1,903,200			48,085			—			2,790
Accrued Advisory fees		100,804			23,426			3,543			17,101
Distribution Payable.		2,013,260			220,590			—			—
Accrued other expenses		2,377			—			—			—
Dividend Withholding Tax Payable		505			—			4,483			—
Total Liabilities		4,020,146			292,101			8,026			19,891
Net Assets	$	206,811,103		$	43,643,671		$	21,599,215		$	30,779,133

Net Assets Consist of:
Paid-in capital	$	202,321,995		$	37,403,780		$	20,999,141		$	31,690,620
Undistributed (accumulated) net investment income (loss)		(9,246,658	)		(1,090,767	)		185,064			128,899
Accumulated net realized gain (loss) on investments,
options written and foreign currency transactions		(15,426,012	)		(1,454,797	)		(551,808	)		(62,043	)
Net unrealized appreciation (depreciation) on investments,
options written and foreign currency translations		29,161,778			8,785,455			966,818			(978,343	)
Net Assets	$	206,811,103		$	43,643,671		$	21,599,215		$	30,779,133
Shares outstanding (unlimited number of shares of
beneficial interest authorized, without par value)		8,650,000			900,000			700,000			1,250,000
Net asset value, per share	$	23.91		$	48.49		$	30.86		$	24.62

The accompanying notes are an integral part of these financial statements.

Statements of Operations

For the Period Ended April 30, 2018 (Unaudited)

	Horizons NASDAQ 100^®Covered Call ETF			Horizons S&P 500^® Covered Call ETF			Horizons DAX Germany ETF			Horizons Cadence Hedged US Dividend Yield ETF²
Investment Income:
Dividend income¹	$	866,046		$	561,087		$	205,089		$	166,482
Expenses:
Advisory fees		541,393			187,350			45,056			41,452
Excise tax (Note 5)		207,014			—			—			—
Total Expenses		748,407			187,350			45,056			41,452
Advisory fees waived		—			—			(25,031	)		(3,869	)
Net Expenses		748,407			187,350			20,025			37,583
Net Investment Income (Loss)		117,639			373,737			185,064			128,899

Net Realized and Unrealized Gain (Loss) on:
Net Realized Gain (Loss) on:
Investments.		(582,875	)		314,712			(98,536	)		(121,972	)
Options written.		(7,991,491	)		(1,809,339	)		—			24,780
In-kind transactions		12,989,336			7,209,951			—			35,149
Foreign currency transactions		—			—			(1,521	)		—
Net Realized Gain (Loss)		4,414,970			5,715,324			(100,057	)		(62,043	)
Net Change in Unrealized Appreciation
(Depreciation) on:
Investments.		(2,389,816	)		(4,871,452	)		(533,087	)		(991,269	)
Options written.		4,384,780			347,673			—			12,926
Foreign currency translations		—			—			1,158			—
Net Change in Unrealized Appreciation
(Depreciation)		1,994,964			(4,523,779	)		(531,929	)		(978,343	)
Net Realized and Unrealized Gain (Loss)
on Investments		6,409,934			1,191,545			(631,986	)		(1,040,386	)
Net Increase (Decrease) in Net Assets
Resulting From Operations	$	6,527,573		$	1,565,282		$	(446,922	)	$	(911,487	)
Foreign tax withheld.	$	(505	)	$	—		$	(31,095	)	$	(25	)

Net of Foreign tax withheld.

Commencement of operations on February 14, 2018. The information presented is from February 14, 2018 through April 30, 2018.

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets

	Horizons NASDAQ 100^® Covered Call ETF						Horizons S&P 500^®Covered Call ETF
	For the Period Ended April 30, 2018 (Unaudited)			For the Year Ended October 31, 2017			For the Period Ended April 30, 2018 (Unaudited)			For the Period Ended October 31, 2017¹			For the Year Ended April 30, 2017
Investment Operations
Net investment income (loss)	$	117,639		$	482,596		$	373,737		$	432,293		$	929,506
Net realized gain (loss) on investments,
options written and foreign
currency transactions		4,414,970			(6,397,862	)		5,715,324			260,819			(142,244	)
Net change in unrealized appreciation
(depreciation) on investments, options
written and foreign currency translation		1,994,964			21,495,772			(4,523,779	)		3,109,570			7,748,541
Net increase (decrease) in net assets
resulting from operations		6,527,573			15,580,506			1,565,282			3,802,682			8,535,803
Distributions to Shareholders From:
Net investment income		(9,364,297	)		(7,462,456	)		(1,464,504	)		(671,990	)		(2,156,257	)
Net Realized Gain		(792,220	)		—			(1,590,888	)		—			—
Total distributions		(10,156,517	)		(7,462,456	)		(3,055,392	)		(671,990	)		(2,156,257	)
Shareholder Transactions:
Proceeds from shares sold		81,175,235			96,910,375			2,528,045			4,814,360			9,058,596
Cost of shares redeemed		(28,715,190	)		—			(20,022,760	)		(9,729,200	)		(11,484,311	)
Net increase (decrease) in net assets resulting
from shareholder transactions		52,460,045			96,910,375			(17,494,715	)		(4,914,840	)		(2,425,715	)
Net increase (decrease) in net assets		48,831,101			105,028,425			(18,984,825	)		(1,784,148	)		3,953,831
Net Assets
Beginning of period		157,980,002			52,951,577			62,628,496			64,412,644			60,458,813
End of period	$	206,811,103		$	157,980,002		$	43,643,671		$	62,628,496		$	64,412,644
Including undistributed (accumulated)
net investment income (loss) as follows:	$	(9,246,658	)	$	—		$	(1,090,767	)	$	—		$	—
Changes in Shares Outstanding:
Shares outstanding, beginning of period		6,500,000			2,400,000			1,250,000			1,352,500			1,402,500
Shares sold		3,300,000			4,100,000			50,000			100,000			200,000
Shares redeemed		(1,150,000	)		—			(400,000	)		(202,500	)²		(250,000	)
Shares outstanding, end of period		8,650,000			6,500,000			900,000			1,250,000			1,352,500

Effective October 31, 2017, the Horizons S&P 500^®Covered Call ETF changed its fiscal year end from April 30 to October 31. The information presented is from May 1, 2017 through October 31, 2017.

Includes the redemption of the Advisor’s seed capital.

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets (concluded)

	Horizons DAX Germany ETF						Horizons Cadence Hedged US Dividend Yield ETF
	For the Period Ended April 30, 2018 (Unaudited)			For the Year Ended October 31, 2017			For the Period Ended April 30, 2018 (Unaudited)¹
Investment Operations
Net investment income (loss)	$	185,064		$	236,269		$	128,899
Net realized gain (loss) on investments, options written and
foreign currency transactions		(100,057	)		71,627			(62,043	)
Net change in unrealized appreciation (depreciation) on
investments, options written and foreign currency translation		(531,929	)		3,237,538			(978,343	)
Net increase (decrease) in net assets resulting from operations		(446,922	)		3,545,434			(911,487	)
Distributions to Shareholders From:
Net investment income		—			(403,498	)		—
Return of capital		—			(18,200	)		—
Total distributions		—			(421,698	)		—
Shareholder Transactions:
Proceeds from shares sold		4,859,840			3,074,616			34,191,890
Cost of shares redeemed		—			(2,613,010	)		(2,501,270	)
Net increase (decrease) in net assets resulting from shareholder transactions		4,859,840			461,606			31,690,620
Net increase (decrease) in net assets		4,412,918			3,585,342			30,779,133
Net Assets
Beginning of period		17,186,297			13,600,955			—
End of period	$	21,599,215		$	17,186,297		$	30,779,133
Including undistributed (accumulated) net investment income (loss) as follows:	$	185,064		$	—		$	128,899
Changes in Shares Outstanding:
Shares outstanding, beginning of period		550,000			550,000			—
Shares sold		150,000			100,000			1,350,000
Shares redeemed		—			(100,000	)		(100,000	)
Shares outstanding, end of period		700,000			550,000			1,250,000

For the period February 14, 2018 (commencement of operations) through April 30, 2018.

The accompanying notes are an integral part of these financial statements.

Financial Highlights — Horizons NASDAQ 100^®Covered Call ETF

	For the Period Ended April 30, 2018 (Unaudited)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016			For the Year Ended October 31, 2015			For the Period December 12, 2013¹ Through October 31, 2014
For A Share Outstanding Throughout
the Periods Presented:
Net asset value, beginning of period	$	24.30		$	22.06		$	23.51		$	24.04		$	25.00

Investment operations:
Net investment income (loss)²		0.02			0.12			0.15			0.16			0.16
Net realized and unrealized gain (loss)
on investments and options written		0.95			3.93			0.53			1.47			1.11
Total from investment operations.		0.97			4.05			0.68			1.63			1.27

Distributions from:
Net investment income		(1.25	)		(1.81	)		(1.06	)		(1.92	)		(0.35	)
Net realized gain.		(0.11	)		—			—			—			—
Return of capital⁷		—			—			(1.07	)		(0.24	)		(1.88	)
Total distribution to shareholders.		(1.36	)		(1.81	)		(2.13	)		(2.16	)		(2.23	)
Net asset value, end of period	$	23.91		$	24.30		$	22.06		$	23.51		$	24.04
Total Return on Market Price⁸		3.96	%		18.81	%		3.38	%		7.48	%		5.91	%
Total Return on Net Asset Value³		3.97	%		19.04	%		3.32	%		7.25	%		5.11	%
Net assets, end of period
(000’s omitted)	$	206,811		$	157,980		$	52,952		$	22,337		$	12,022

Ratios/Supplemental Data:
Ratios to average net assets:
Expenses		0.83	%^4,9		0.60	%		0.60	%		0.60	%		0.60	%⁴
Net investment income (loss)		0.13	%⁴		0.53	%		0.69	%		0.67	%		0.74	%⁴
Portfolio turnover rate⁵		4	%⁶		4	%		9	%		13	%		18	%⁶

Commencement of operations.

Based on average shares outstanding.

Total Return on Net Asset Value is calculated assuming an initial investment made at the net asset value on the first day of the period, reinvestment of dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total Return on Net Asset Value calculated for a period of less than one year is not annualized.

Annualized.

Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

Not annualized.

Pursuant to Rule 19a-1 under the Investment Company Act of 1940, Notices of Sources of Distributions are posted on the Fund’s website: https://horizonsetfsus.com.

Total Return on Market Price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period, and redemption at market price on the last day of the period. Total Return on Market Price calculated for a period of less than one year is not annualized.

Includes excise tax. If this excise expense was not included, the expense ratio would have been 0.60%.

The accompanying notes are an integral part of these financial statements.

Financial Highlights — Horizons S&P 500^®Covered Call ETF

	For the Period Ended April 30, 2018 (Unaudited)			For the Period Ended October 31, 2017⁸			For the Year Ended April 30, 2017			For the Year Ended April 30, 2016			For the Year Ended April 30, 2015			For the Period June 24, 2013¹ Through April 30, 2014
For A Share Outstanding
Throughout the Period
Presented:
Net asset value, beginning
of period	$	50.10		$	47.62		$	43.11		$	45.39		$	44.85		$	40.00

Investment operations:
Net investment
income (loss)²		0.32			0.34			0.66			0.70			0.63			0.52
Net realized and unrealized
gain (loss) on investments
and options written		0.57			2.67			5.39			(0.90	)		2.03			5.66
Total from investment
operations		0.89			3.01			6.05			(0.20	)		2.66			6.18

Distributions from:
Net investment income		(1.28	)		(0.53	)		(1.54	)		(1.50	)		(0.83	)		(0.64	)
Net realized gain		(1.22	)		—			—			—			(0.63	)		(0.69	)
Return of capital⁷		—			—			—			(0.58	)		(0.66	)		—
Total distribution to
shareholders		(2.50	)		(0.53	)		(1.54	)		(2.08	)		2.12			(1.33	)
Net asset value, end of
period	$	48.49		$	50.10		$	47.62		$	43.11		$	45.39		$	44.85

Total Return on Market Price⁹		2.27	%⁶		6.24	%		14.54	%		(0.67	)%		6.47	%		15.73	%
Total Return on Net Asset Value³		1.70	%⁶		6.35	%		14.29	%		(0.29	)%		5.97	%		15.59	%
Net assets, end of period
(000’s omitted)	$	43,644		$	62,628		$	64,413		$	60,459		$	77,276		$	27,024

Ratios/Supplemental Data:
Ratios to average net assets:
Net expenses		0.65	%⁴		0.65	%⁴		0.65	%		0.65	%		0.65	%		0.65	%⁴
Net investment
income (loss)		1.30	%⁴		1.39	%⁴		1.46	%		1.61	%		1.39	%		1.37	%⁴
Portfolio turnover rate⁵		4	%⁶		8	%⁶		21	%		7	%		12	%		34	%⁶

Commencement of operations.

Based on average shares outstanding.

Annualized.

Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

Not annualized.

Pursuant to Rule 19a-1 under the Investment Company Act of 1940, Notices of Sources of Distributions are posted on the Fund’s website: https://us.horizonsetfs.com.

Effective October 31, 2017, the Horizons S&P 500^®Covered Call ETF changed its fiscal year end from April 30 to October 31. The information presented is from May 1, 2017 through October 31, 2017.

The accompanying notes are an integral part of these financial statements.

Financial Highlights — Horizons DAX Germany ETF

	For the Period Ended April 30, 2018 (Unaudited)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016			For the Year Ended October 31, 2015			For the Period October 23, 2014¹ Through October 31, 2014
For A Share Outstanding Throughout
the Periods Presented:
Net asset value, beginning
of period	$	31.25		$	24.73		$	25.82		$	25.73		$	25.00
Investment operations:
Net investment income (loss)²		0.29			0.48			0.45			0.73			(—	)³
Net realized and unrealized gain
(loss) on investments and
foreign currency translations.		(0.68	)		6.91			(1.33	)		(0.37	)		0.73
Total from investment operations		(0.39	)		7.39			(0.88	)		0.36			0.73
Distributions from:
Net investment income		—			(0.83	)		(0.21	)		(0.27	)		—
Return of capital		—			(0.04	)		—			—			—
Total distribution to shareholders		—			(0.87	)		(0.21	)		(0.27	)		—
Net asset value, end of period	$	30.86		$	31.25		$	24.73		$	25.82		$	25.73
Total Return on Market Price⁸		(2.59	)%⁷		31.52	%		(2.77	)%		0.56	%		3.00	%
Total Return on Net Asset Value⁴		(1.25	)%⁷		30.40	%		(3.41	)%		1.34	%		2.92	%
Net assets, end of period
(000’s omitted)	$	21,599		$	17,186		$	13,601		$	15,494		$	12,866
Ratios/Supplemental Data:
Ratios to average net assets:
Gross expenses		0.45	%⁵		0.45	%		0.45	%		0.45	%		0.45	%⁵
Net expenses		0.20	%⁵		0.38	%		0.45	%		0.45	%		0.45	%⁵
Net investment income (loss)		1.85	%⁵		1.74	%		1.86	%		2.70	%		(0.45	)%⁵
Portfolio turnover rate⁶		3	%⁷		9	%		14	%		9	%		0	%⁷

Commencement of operations.

Based on average shares outstanding.

Amount is less than $(0.005).

Annualized.

Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

Not annualized.

The accompanying notes are an integral part of these financial statements.

Financial Highlights — Horizons Cadence Hedged US Dividend Yield ETF

	For the Period February 14, 2018 Through April 30, 2018 (Unaudited)¹
For A Share Outstanding Throughout the Periods Presented:
Net asset value, beginning of period	$	25.00
Investment operations:
Net investment income (loss)²		0.12
Net realized and unrealized gain (loss) on investments and options written		(0.50	)
Total from investment operations		(0.38	)
Net asset value, end of period	$	24.62
Total Return on Market Price⁴		(0.34	)%⁷
Total Return on Net Asset Value³		(1.51	)%⁷
Net assets, end of period (000’s omitted)	$	30,779
Ratios/Supplemental Data:
Ratios to average net assets:
Gross expenses		0.75	%⁵
Net expenses		0.68	%⁵
Net investment income (loss)		2.33	%⁵
Portfolio turnover rate⁶		12	%⁷

Commencement of operations.

Based on average shares outstanding.

Annualized.

Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

Not annualized.

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

April 30, 2018 (Unaudited)

1. ORGANIZATION

Horizons ETF Trust I, formerly known as Recon Capital Series Trust, ETF Series Trust and Sage Quant ETF Trust (the “Trust”) was organized as a Delaware statutory trust on May 17, 2012 and is currently comprised of four investment portfolios. These financial statements relate to the Horizons NASDAQ 100^®Covered Call ETF, Horizons S&P 500^®Covered Call ETF, Horizons DAX Germany ETF and Horizons Cadence Hedged US Dividend Yield ETF (each a “Fund” and collectively, the “Funds”), which are series of the Trust. Horizons NASDAQ 100^®Covered Call ETF and Horizons DAX Germany ETF are classified as non-diversified and Horizons S&P 500^®Covered Call ETF and Horizons Cadence Hedged US Dividend Yield ETF are classified as diversified, open-end, management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds commenced operations on December 12, 2013, June 24, 2013 October 23, 2014 and February 14, 2018, respectively.

Horizons NASDAQ 100^®Covered Call ETF seeks to provide investment results that will closely correspond, before fees and expenses, generally to the price and yield performance of the CBOE NASDAQ 100^®Buy Write V2 Index (the “Buy Write Index”). The Buy Write Index measures the total return of a portfolio consisting of common stocks of the 100 companies included in the NASDAQ 100^®Index and call options systematically written on those securities through a “buy-write” or covered call strategy. A “buy-write” strategy is an investment strategy in which the Fund buys a specific basket of stocks (such as the NASDAQ 100^®Index) and sells covered call options that correspond to that basket of stocks.

The S&P 500 Covered Call ETF seeks investment results that, before fees and expenses, generally correspond to the performance of the CBOE S&P 500 2% OTM BuyWrite Index. The CBOE S&P 500 2% OTM BuyWrite Index measures the total return of a portfolio consisting of common stocks of companies included in the S&P 500 Index and call options systematically written on those securities through a “buy-write” or covered call strategy. A “buy-write” strategy is an investment strategy in which the Fund buys a specific basket of stocks (such as the S&P 500 Index) and sells covered call options that correspond to that basket of stocks.

Horizons DAX Germany ETF seeks to provide investment results using a passive or indexing investment approach that will closely correspond, before fees and expenses, generally to the price and yield performance of the DAX^®Index (“DAX^®Index”). The DAX^®Index tracks the segment of the largest and most actively traded companies — known as blue chips — on the German equities market. It contains the shares of the 30 largest German companies in terms of liquidity and market capitalization admitted to the Frankfurt Stock Exchange in the Prime Standard segment. The 30 stocks contained in the Index represents about 80% of the market capitalization listed in Germany.

Horizons Cadence Hedged US Dividend Yield ETF seeks to provide investment results using an actively managed investment approach that will invest in dividend-paying companies in the Russell 1000^®Index and stocks of companies similar to those in the Russell 1000^®Index. The Fund uses a rules-based approach that ranks the stocks in this universe based on dividend-paying criteria and financial quality characteristics such as the company’s history in meeting earnings and dividend targets and earnings quality. The Fund has the ability to buy and sell call and put options on an index which is the most correlated to the Fund’s underlying equity holdings. The options overlay seeks to potentially provide a measure of downside protection and an additional component to the Fund’s risk management. The options overlay are actively managed by the Adviser and adapt to both changing market environments and shifts in the underlying equity holdings of the Fund.

Effective as of the close of business June 13, 2018, Troy M. Cates and Garrett K. Paolella each no longer serve as a Portfolio Manager to the Funds. Jonathan Molchan continues as the Portfolio Manager for each Fund. Also effective as of the close of business June 13, 2018, Jonathan Molchan was appointed the Principal Executive Officer of the Horizons ETF Trust I and Thomas Calabria was appointed the Secretary of the Horizons ETF Trust I.

2. SIGNIFICANT ACCOUNTING POLICIES

The Funds follow the accounting and reporting guidelines issued in Topic 946, “Financial Services — Investment Companies,” by the Financial Accounting Standards Board (“FASB”).

Use of Estimates

These financial statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds.

Securities Valuation

Security holdings traded on a national securities exchange are valued based on their last sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Securities regularly traded in an over-the-counter market are valued

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

at the latest quoted sale price in such market or in the case of the NASDAQ, at the NASDAQ Official Closing Price. If there has been no sale or official closing price for a particular security on a particular day, one of the factors that a Fund will use to estimate the market price of that security is the midpoint of the bid/ask price of that security. If market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued at fair value as determined in good faith using procedures adopted by the Trust’s Board of Trustees (the “Board”). Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market value.

Purchased and written options contracts listed on exchanges are valued at their reported mean of bid and ask quotations; over-the-counter derivative contracts are fair valued using price evaluations provided by an independent pricing service.

Fair Value Measurement

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Funds categorize their fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Funds’ assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels and methodology are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

•

Level 1—Valuations based on quoted prices for identical investments in active markets that the Funds have the ability to access at the measurements date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

•

Level 2—Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risks, etc.).

•

Level 3—Valuations based on significant unobservable inputs (including the Funds’ own assumptions and judgment in determining the fair value of investments).

The following summarizes inputs used as of April 30, 2018 in valuing the Funds’ assets and liabilities carried at fair value:

Horizons NASDAQ 100^®Covered Call ETF

Assets†	Level 1		Level 2			Level 3		Total
Common Stocks	$	206,232,264	$	—		$	—	$	206,232,264
Other Financial Instruments:
Options Written*		—		(1,903,200	)		—		(1,903,200	)
Total	$	206,232,264	$	(1,903,200	)	$	—	$	204,329,064

Horizons S&P 500^®Covered Call ETF

Assets†	Level 1		Level 2			Level 3		Total
Common Stocks	$	43,478,046	$	—		$	—	$	43,478,046
Other Financial Instruments:
Options Written*		—		(48,085	)		—		(48,085	)
Total	$	43,478,046	$	(48,085	)	$	—	$	43,429,961

Horizons DAX Germany ETF

Assets†	Level 1		Level 2		Level 3		Total
Common Stocks	$	20,141,840	$	—	$	—	$	20,141,840
Preferred Stocks		1,032,826		—		—		1,032,826
Total	$	21,174,666	$	—	$	—	$	21,174,666

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

Horizons Cadence Hedged US Dividend Yield ETF

Assets †	Level 1		Level 2			Level 3		Total
Common Stocks	$	30,521,047	$	—		$	—	$	30,521,047
Other Financial Instruments:
Options Purchased*		—		14,000			—		14,000
Options Written*		—		(2,790	)		—		(2,790	)
Total	$	30,521,047	$	11,210		$	—	$	30,532,257

†

See the Portfolio of Investments for breakdown by sector.

Purchased and written options contracts listed on exchanges are valued at their reported mean of bid and ask quotations.

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are Level 3 investments at the end of the period. It is the Trust’s policy to recognize transfers into and out of all levels at the beginning of the reporting period. There were no transfers between levels during the reporting period.

Indemnification

In the normal course of business, the Funds may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may not be made against each Fund that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Cash and Cash Equivalents

Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market fund. Cash and cash equivalents are carried at cost which approximates fair value.

Concentration of Risk

The Funds place cash and cash equivalents with financial institutions and, at times, cash held in money market accounts may exceed the Federal Deposit Insurance Corporation insured limit.

Investment Valuation

The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading. NAV per share is calculated by dividing each Fund’s net assets by the number of Fund shares outstanding. The price used to calculate Market Price returns is determined by using the closing price and does not represent returns an investor would receive if shares were traded at other times.

Security Transactions

Security transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the specific identification method of cost relief.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the period. Accordingly, such foreign currency gains/(losses) are included in the reported net realized and unrealized gains/(losses) on investment transactions.

The Funds may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdiction in which the Funds invest.

Reported realized foreign currency gains or losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end.

Investment Income and Expenses

Dividend income is recognized on the ex-dividend date. The Funds distribute all or substantially all of their net investment income to shareholders in the form of dividends. Expenses are recognized on the accrual basis.

Distributions to Shareholders

Horizons NASDAQ 100^®Covered Call ETF and Horizons S&P 500^®Covered Call ETF distribute a monthly dividend of net investment company taxable income calculated during each monthly dividend calculation period. If, for any monthly distribution, net investment company taxable income (which term includes net short-term capital gains from option activity, etc.), if any, is less than the amount of the distribution, then the difference will generally be a tax-free return of capital distributed from the Funds’ assets. Horizons DAX Germany ETF and Horizons Cadence Hedged US Dividend Yield ETF expect to declare and distribute all of their net investment income, if any, to shareholders as dividends at least semi-annually. The Funds make distributions of remaining net realized capital gains, if any, annually. The Funds may also make distributions at other times in order to improve index tracking or to maintain their eligibility for treatment as a regulated investment company under the Code and to avoid the imposition of excise taxes. A distribution may also include return of capital, although the Funds intend to take appropriate measures to minimize the return of capital in all events in a manner consistent with the provisions of the 1940 Act.

3. INVESTMENT MANAGEMENT AND OTHER AGREEMENTS

Investment Advisory Agreement

The Trust has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with Horizons ETFs Management (US) LLC (the “Adviser”), on behalf of the Funds. Pursuant to the Advisory Agreement, the Adviser has overall responsibility for the management and investment of the Funds’ securities portfolios. The Adviser is wholly-owned by Horizons ETFs Management (USA) LLC, which is deemed to be indirectly controlled by Hyeon Joo Park through his majority ownership of the ultimate parent of Horizons ETFs Management (USA) LLC. For its services, Horizons NASDAQ 100^®Covered Call ETF, Horizons S&P 500^®Covered Call ETF, Horizons DAX Germany ETF and Horizons Cadence Hedged US Dividend ETF pay the Adviser an annual rate of 0.60%, 0.65%, 0.45% and 0.75% respectively of each Fund’s average daily net assets. Such fee, an all-in fee, is accrued daily and paid monthly. It pays for substantially all expenses of the Funds, including the cost of transfer agency, trustees, custody, fund administration, legal, audit, printing and certain administrative, distribution and investment advisory services. The types of Fund expenses that the Adviser is not obligated to pay under the Advisory Agreement are as follows: taxes and governmental fees; brokerage fees, commissions and other portfolio transaction expenses; costs of borrowing money (including interest expenses); extraordinary expenses (including expenses incurred in connection with litigation, proceedings, other claims and the legal obligations of the Fund to indemnify the Trust’s trustees, officers, employees, shareholders, distributors, and agents with respect thereto); organizational and offering expenses of the Trust and each Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles); and costs and/or fees, including legal fees, incident to meetings of the Trust’s shareholders, the preparation, printing and distribution of Fund product descriptions for distribution to shareholders or authorized participants, notices and proxy statements and reports of the Trust to its shareholders, the filing of reports with regulatory bodies, the maintenance of the Trust’s existence and qualification to do business, and the expenses of issuing, redeeming, registering and qualifying for sale, Fund shares with federal and state securities authorities. The advisory fees paid by Horizons NASDAQ 100^®Covered Call ETF, Horizons S&P 500^®Covered Call ETF, Horizons DAX Germany ETF and Horizons Cadence Hedged US Dividend Yield ETF for the period ended April 30, 2018 were $541,393, $187,350, $45,056 and $41,452, respectively.

Effective August 1, 2017, the Adviser, has contractually agreed to waive a portion of its management fee, which is 0.45% of the average daily net assets of the Horizons DAX Germany ETF, and/or reimburse fees or expenses to 0.20% of the average daily net assets until July 31, 2018. The advisory fees waived for the period ended April 30, 2018 for the Horizons DAX Germany ETF were $25,031.

Effective since inception, the Adviser, has contractually agreed to waive a portion of its management fee, which is 0.75% of the average daily net assets of the Horizons Cadence Hedged US Dividend Yield ETF, and/or reimburse fees or expenses to 0.68% of the average daily net assets until February 28, 2019. The advisory fees waived for the period ended April 30, 2018 for the Horizons Cadence Hedged US Dividend Yield ETF were $3,869.

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

Distribution Agreement

Foreside Fund Services, LLC (the “Distributor”) serves as the Funds’ Distributor. The Distributor will not distribute shares in less than Creation Units, as defined in Note 4, and does not maintain a secondary market in shares. The shares are traded in the secondary market.

The Board has adopted a distribution and service plan, where the Funds are authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders. No distribution fees are currently paid by the Funds and there are no current plans to impose the fees.

Administrator, Custodian, Accounting Agent and Transfer Agent Agreements

U.S. Bancorp Fund Services, LLC (“USBFS”) (in each capacity, the “Administrator”, “Accounting Agent” or “Transfer Agent”) serves as the Funds’ Administrator, Accounting Agent and Transfer Agent pursuant to the fund administration and accounting agreements. U.S. Bank N.A. (the “Custodian”), an affiliate of USBFS, serves as the Funds’ custodian pursuant to the custody agreement.

Independent Trustees

The Independent Trustees of the Trust receive, in total, annual Trustee fees of $62,000. Independent Trustees are also reimbursed for expenses they incur relating to their services as Trustees by the Adviser.

4. CREATION AND REDEMPTION TRANSACTIONS

The Funds issue and redeem shares on a continuous basis at NAV in groups of 50,000 shares called “Creation Units.” Creation Units of the Funds are issued and redeemed generally in exchange for specified securities held by the Funds generally included in the Index and a specified cash payment. The Trust reserves the right to permit or require a “cash” option for creations and redemptions of shares. In each instance of such cash creations or redemptions, the Trust may impose transaction fees based on transaction expenses related to the particular exchange that will be higher than the transaction fees associated with in-kind purchase or redemptions.

Only “Authorized Participants” who have entered into contractual arrangements with the Distributor may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a participant agreement with the Distributor.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

5. FEDERAL INCOME TAX

The Funds intend to qualify as regulated investment companies by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended, by distributing substantially all of their net investment income and net realized gains to shareholders. Dividends and/or distributions, if any, are paid to shareholders invested in the Funds on the applicable record date, at least annually. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification.

Although each Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the Code. The Funds’ policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any as income tax expense on its Statement of Operations.

Each Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for the one-year period ending on October 31 of that year, subject to an increase for any shortfall in the prior year’s distribution. In order to qualify as a regulated investment company, and avoid being subject to federal income or excise taxes at the fund level, each Fund intends to distribute substantially all of its net investment income and net realized capital gains within each calendar year as well as on a fiscal year basis (if the fiscal year is other than the calendar year), and intends to comply with other tax rules applicable to regulated investment companies. During the period ended April 30, 2018, the Horizons NASDAQ 100® Covered Call ETF

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

did not distribute all of its required distribution by the excise tax deadline of December 31, 2017 and therefore incurred an Excise Tax of $207,014 on January 1, 2018, which is reflected in the Statement of Operations.

Management of the Funds is required to analyze all open tax years (2014 – 2017), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of April 30, 2018, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

At April 30, 2018, the cost of investments and options written, if applicable, on a tax basis was as follows:

Funds	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Horizons NASDAQ 100 Covered Call ETF ^	$	175,167,286	$	33,593,401	$	(4,431,623	)	$	29,161,778
Horizons S&P 500^®Covered Call ETF ^		34,644,506		11,086,535		(2,301,080	)		8,785,455
Horizons DAX Germany ETF ^		20,211,545		2,718,181		(1,751,362	)		966,819
Horizons Cadence Hedged US Dividend Yield ETF ^		31,510,600		615,497		(1,593,840	)		(978,343	)

Because tax adjustments are calculated annually at the end of the Funds' fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year's federal tax income tax information, please refer to the Notes to Financial Statements section in the Funds' most recent annual report.

At October 31, 2017, the components of undistributed or accumulated earnings/losses on a tax-basis were as follows:

Funds	Undistributed Net Investment Income (Loss)		Accumulated Capital and Other Gains (Losses)			Net Unrealized Appreciation (Depreciation)		Total Earnings (Losses)
Horizons NASDAQ 100^®Covered Call ETF	$	7,325,879	$	792,173		$	—	$	8,118,052
Horizons S&P 500^®Covered Call ETF		183,126		1,590,396			5,956,479		7,730,001
Horizons DAX Germany ETF		—		(404,245	)		1,451,241		1,046,996

The differences between book and tax basis components of net assets are primarily attributable to appreciation (depreciation) of investments or a mixed straddle adjustment and non-taxable distribution from regulated investment companies.

The tax character of distributions paid were as follows:

	Period Ended April 30, 2018*						Period Ended October 31, 2017
Funds	Ordinary Income		Long-Term Capital		Return of Capital		Ordinary Income		Long-Term Capital		Return of Capital
Horizons NASDAQ 100 Covered Call ETF	$	9,364,297	$	792,220	$	—	$	7,462,456	$	—	$	—
Horizons S&P 500^®Covered Call ETF**		1,464,504		1,590,888		—		671,990		—		—
Horizons DAX Germany ETF		—		—		—		403,498		—		18,200
Horizons Cadence Hedged
US Dividend Yield ETF		—		—		—		—		—		—

The amount and character of tax-basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

For the year ended April 30, 2017, the Horizons S&P 500^®Covered Call ETF’s tax character of distributions were $2,156,257 from Ordinary Income.

The capital loss carryover for each fund as of the year or period ended October 31, 2017 were as follows:

	Capital Loss Carryover
Funds	Short Term		Long Term
Horizons NASDAQ 100^®Covered Call ETF	$	—	$	—
Horizons S&P 500^®Covered Call ETF		—		—
Horizons DAX Germany ETF		235,212		169,033

At October 31, 2017, the Funds did not have any Late-Year ordinary losses.

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

At October 31, 2017, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:

Funds	Undistributed (Accumulated) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid-in Capital
Horizons NASDAQ 100^®Covered Call ETF	$	6,979,860		$	(6,979,860	)	$	—
Horizons S&P 500^®Covered Call ETF		239,697			(245,550	)		5,853
Horizons DAX Germany ETF		(8,512	)		(108,405	)		116,917

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended April 30, 2018:

	Purchases		Sales
Horizons NASDAQ 100^®Covered Call ETF	$	7,213,844	$	23,819,607
Horizons S&P^®500 Covered Call ETF		2,146,114		7,401,288
Horizons DAX Germany ETF		666,754		669,722
Horizons Cadence Hedged US Dividend Yield ETF		3,517,063		3,351,957

	Purchases		Sales
Horizons NASDAQ 100^®Covered Call ETF	$	80,784,951	$	28,335,732
Horizons S&P^®500 Covered Call ETF		2,519,658		19,682,727
Horizons DAX Germany ETF		4,854,287		—
Horizons Cadence Hedged US Dividend Yield ETF		33,893,765		2,481,497

Purchases and sales of in-kind transactions for the period ended April 30, 2018:

7. DERIVATIVE FINANCIAL INSTRUMENTS

Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which a Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund makes an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investments and gain or loss on written options is presented separately as net realized gain or loss on options written when financial statements are present. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

Risks may arise from an imperfect correlation between the change in market value of the securities held and the prices of options relating to the securities purchased or sold and from possible lack of a liquid secondary market for an option. The maximum exposure to loss for any purchased option is limited to the premium initially paid for the option. Written uncovered call options subject a Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Put options written expose a Fund to risk of loss if the value of the security declines below the strike price.

Horizons NASDAQ 100^®Covered Call ETF, Horizons S&P 500^®Covered Call ETF and Horizons Cadence Hedged US Dividend Yield ETF may write covered call and put options on portfolio securities and other financial instruments. By writing a covered call option, the Funds, in exchange for the premium, forego the opportunity for capital appreciation above the strike price should the market of the price of the underlying security increase. Conversely, by writing a put option, the Funds, in exchange for the premium, accept the risk of having to purchase a security at a strike price that is above the current price. When the written option expires, is terminated or is sold, the Funds will record a gain or loss.

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

Horizons NASDAQ 100^®Covered Call ETF invests in derivatives in the form of call options as part of its investment strategy to track the performance of the CBOE NASDAQ 100^®Buy Write V2 Index (the “Buy Write NASDAQ V2 Index”). The type of derivatives used by the Horizons NASDAQ 100^®Covered Call ETF are call options on the NASDAQ 100^®Index. Consistent with its investment strategy, the Horizons NASDAQ 100^®Covered Call ETF wrote (sold) a succession of one-month call options on the Buy Write NASDAQ V2 Index and covered such options by holding the securities underlying the options written. The use of the call options helps the Horizons NASDAQ 100^®Covered Call ETF track the performance of the Buy Write NASDAQ V2 Index.

Horizons S&P 500^®Covered Call ETF invests in derivatives in the form of call options as part of its investment strategy to track the performance of the CBOE S&P 500 2% OTM Buy Write Index (the “Buy Write S&P 500 V2 Index”). The type of derivatives used by the Horizons S&P 500^®Covered Call ETF are call options on the S&P 500^®Index. Consistent with its investment strategy, the Horizons S&P 500^®Covered Call ETF wrote (sold) a succession of one-month call options on the Buy Write S&P 500 V2 Index and covered such options by holding the securities underlying the options written. The use of the call options helps the Horizons S&P 500^®Covered Call ETF track the performance of the Buy Write S&P 500 V2 Index.

Horizons Cadence Hedged US Dividend Yield ETF has the ability to buy and write call and put options on indexes such as the Russell 1000^®Index, the Russell 2000^®Index and the S&P 500^®Index which are the most correlated to the Horizons Cadence Hedged US Dividend Yield ETF’s underlying equity holdings. The options overlay seeks to potentially provide a measure of downside protection and an additional component to the Fund’s risk management. The options overlay will be actively managed by the Adviser and will adapt to both changing market environments and shifts in the underlying equity holdings of the Fund.

Transactions in derivative instruments reflected on the Statements of Assets and Liabilities and Statements of Operations at April 30, 2018, are:

	Equity Risk
	Assets (Investments, at value)			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)
Horizons Cadence Hedged US Dividend Yield ETF	$	14,000		$	(20,577	)	$	(1,344	)

	Equity Risk
	Liabilities (Options Written, at value)			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)
Horizons NASDAQ 100^®Covered Call ETF	$	(1,903,200	)	$	(7,991,491	)	$	4,384,780
Horizons S&P 500^®Covered Call ETF		(48,085	)		(1,809,339	)		347,673
Horizons Cadence Hedged US Dividend Yield ETF		(2,790	)		24,780			12,926

For the period ended April 30, 2018 (and since inception through April 30, 2018 for the Horizons Cadence Hedged US Dividend Yield ETF) the monthly average fair value of the purchased options contracts held by the Horizons Cadence Hedged US Dividend Yield ETF was $22,883. The monthly average fair value of the written options contracts held by the Horizons NASDAQ 100^®Covered Call ETF Horizons S&P 500^®Covered Call ETF and Horizons Cadence Hedged US Dividend Yield ETF were $2,639,624, $308,522 and $1,822, respectively.

8. PRINCIPAL RISKS

Each Fund is subject to the principal risks described below, some or all of these risks may adversely affect each Fund’s NAV, yield, total return and ability to meet its investment objective. As with any investment, an investment in the Funds could result in a loss or the performance of the Funds could be inferior to that of other investments.

Foreign Security Risk

Certain of the Funds invest directly or indirectly in the securities of non-U.S. issuers, which involves risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability.

Risks Related to Investing in Germany

Germany is a significant exporter to its major trading partners, which are other Western European developed nations and the United States. Therefore, Germany’s economy is dependent on the economies of these other countries. As such, reductions by these countries in spending on German exports could adversely impact the German economy. Many of these Western European developed nations,

Notes to Financial Statements (continued)

April 30, 2018 (Unaudited)

including Germany, are member states of the European Union (“EU”) and Economic and Monetary Union of the EU (“EMU”). As a result, these member states are dependent upon one another economically and politically.

During the most recent financial crisis, the German economy, along with certain other EU economies, experienced a significant economic slowdown. Recently, new concerns emerged in relation to the economic health of the EU. These concerns have led to tremendous downward pressure on certain financial institutions, including German financial services companies. During the recent European debt crisis, Germany played a key role in stabilizing the euro. However, such efforts may prove unsuccessful, and any ongoing crisis may continue to significantly affect the economies of every country in Europe, including Germany.

Structural Risk

Germany is subject to risks of social unrest and heavy governmental control, either of which may adversely affect investments in Germany.

Heavy Governmental Control and Regulation

Heavy regulation of labor and product markets is pervasive in Germany. These regulations may at times stifle German economic growth or cause prolonged periods of recession.

Equity Risk

The Funds invest in equity securities. Equity risk is the risk that the value of the securities that the Funds hold will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities the Funds hold participate or factors relating to specific companies in which the Funds invest.

Index Tracking Risk

While the Funds seek to achieve a high degree of correlation with the Indices, each Fund’s return may not match the returns of the respective Indices due to, among other reasons, operating expenses, transaction costs, cash flows, and operational inefficiencies. For example, a Fund incurs operating expenses not applicable to an Index and incurs costs when buying and selling securities, particularly where a Fund must rebalance its securities holdings to reflect changes in the composition of an Index. Because these and other costs are not factored into the return of an Index, the Funds’ returns may deviate significantly from the return of the Indices.

The Horizons NASDAQ 100^®Covered Call ETF and Horizons S&P 500^®Covered Call ETF may be unable to write options at the times or at the prices that the Indices expects such options to be written. Because these and other costs are not factored into the return of the Indices, the Funds’ return may deviate significantly from the return of the Index.

Counterparty Risk

The Horizons NASDAQ 100^®Covered Call ETF and Horizons S&P 500^®Covered Call ETF are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds’ financial statements. Financial assets, which potentially expose the Fund to counterparty risk, consist principally of cash due from counterparties and investments. The Adviser seeks to minimize the Funds’ counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

Political and Social Risk

Certain sectors and regions of Germany have experienced high unemployment and labor and social unrest. These issues may cause downturns in the German markets or the German industries or sectors in which the Horizons DAX Germany ETF invests.

Currency Risk

Because the Funds’ NAVs are determined in U.S. dollars, each Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Currency exchange rates can be very volatile and can change quickly and unpredictably. Therefore, the value of an investment in the Funds may also go up or down quickly and unpredictably and investors may lose money.

Non-U.S. Securities Risk

Investments in the securities of non-U.S. issuers are subject to the risks of investing in the markets where such issuers are located, including heightened risks of inflation or nationalization and market fluctuations caused by economic and political developments.

Notes to Financial Statements (concluded)

April 30, 2018 (Unaudited)

Passive Management Risk

Because the Funds are not “actively” managed, unless a security is removed from an Index, the Funds generally would not sell the security. Therefore, the Funds may underperform funds that actively shift their portfolio assets to take advantage of market opportunities or to move to defensive positions to lessen the impact of a market decline or a decline in the value of one or more issuers.

Non-Diversified Risk

Horizons NASDAQ 100^®Covered Call ETF and Horizons DAX Germany ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. This may increase each Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on each Fund’s performance.

Because Horizons NASDAQ 100^®Covered Call ETF and Horizons DAX Germany ETF are non-diversified under the 1940 Act and may invest in a smaller number of issuers or a larger proportion of its assets may be invested in a single issuer, the gains and losses on a single investment may have a greater impact on each Fund’s NAV and may make each Fund more volatile than more diversified funds.

Active Management Risk.

Horizons Cadence Hedged US Dividend Yield ETF is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences.

9. SUBSEQUENT EVENTS

The Funds have evaluated subsequent events through the date of issuance of this report and has determined that there are no other material events that would require disclosure.

10. DUE FROM RELATED PARTY

During the year ended October 31, 2016, the Horizons NASDAQ 100^®Covered Call ETF and the Horizons DAX Germany ETF terminated their administrator and hired US Bancorp Fund Services (“US Bank”) to be their new administrator. During the conversion to US Bank, the prior administrator seized cash from the Funds’ custody accounts as a result of a fee dispute. The Funds are taking appropriate steps to recover these amounts from the prior administrator. As these amounts relate to disputed Fund expenses, the prior Advisor has agreed to reimburse each Fund for those amounts should the Funds be unsuccessful in their attempt to recover them from the prior administrator.

Supplemental Information

April 30, 2018 (Unaudited)

INFORMATION ABOUT PORTFOLIO HOLDINGS

The Funds file complete schedules of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Form N-Q. The Funds’ Form N-Q is available without charge, upon request, by calling toll-free at 1-855-496-3837. Furthermore, you may obtain the Form N-Q on the SEC’s website at www.sec.gov. The Funds’ portfolio holdings are posted daily on the Funds’ website at https://horizonsetfsus.com.

INFORMATION ABOUT PROXY VOTING

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at 1-855-496-3837, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at https://horizonsetfsus.com.

Information regarding how the Funds voted proxies relating to portfolio securities during the period ended June 30 is available by calling toll-free at 1-855-496-3837 or by accessing the SEC’s website at www.sec.gov.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to their daily net asset value (NAV) is available, without charge, on the Funds’ website at https://horizonsetfsus.com.

PRIVACY POLICY

The Funds collect non-public information about you from the following sources:

•

Information we receive about you on applications or other forms;

•

Information you give us orally; and

•

Information about your transactions with us or others.

The Funds do not disclose any non-public personal information about its customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. The Funds may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. The Funds will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. The Funds maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your non-public information with the same high degree of confidentially.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared by those entities with unaffiliated third parties.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable since no such divestments during the period covered.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

The registrant did not directly engage in securities lending activities during the period reported on this Form N-CSR.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	HORIZONS ETF TRUST I

By (Signature and Title)	/s/ Jonathan Molchan
	Jonathan Molchan,
	President/Chief Executive Officer
	(Principal Executive Officer)

Date June 25, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Jonathan Molchan
	Jonathan Molchan,
	President/Chief Executive Officer
	(Principal Executive Officer)

Date June 25, 2018

By (Signature and Title)	/s/ Christopher W. Roleke
	Christopher W. Roleke,
	Treasurer (Principal Financial Officer)

Date June 25, 2018

Horizons ETF Trust I Inactive N-CSRSCertified semi-annual shareholder report (management investment company)